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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2023~~2024

Commission File Number: 1-1927

THE GOODYEAR TIRE & RUBBER COMPANY

(Exact name of registrant as specified in its charter)


Ohio		34-0253240
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

200 Innovation Way, Akron, Ohio		44316-0001
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (330) 796-2121

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, Without Par Value	GT	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:


		None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.


		Yes	☑	No	☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.


		Yes	☐	No	☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


		Yes	☑	No	☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


		Yes	☑	No	☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

    Large Accelerated Filer

    ☑

    Accelerated Filer

    ☐

    Non-accelerated Filer
 
    ☐

    Smaller Reporting Company

    ☐

    Emerging Growth Company

    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).


		Yes	☐	No	☑

The aggregate market value of the common stock held by nonaffiliates of the registrant, computed by reference to the last sales price of such common stock as of the closing of trading on June 3028, ~~2023~~2024, was approximately $3.92 billion.

Shares of Common Stock, Without Par Value, outstanding at January 31, ~~2024~~2025:

~~283~~284,~~954~~974,~~995~~263

DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the Company’s Proxy Statement for the Annual Meeting of Shareholders to be held on April 814, ~~2024~~2025 are incorporated by reference in Part III.

Table of Contents

THE GOODYEAR TIRE & RUBBER COMPANY

Annual Report on Form 10-K

For the Fiscal Year Ended December 31, ~~2023~~2024

Table of Contents

Item Number		Page Number
	PART I
1	Business	1
1A	Risk Factors	11
1B	Unresolved Staff Comments	2122
1C	Cybersecurity	2122
2	Properties	2324
3	Legal Proceedings	2425
	PART II
5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	2526
7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2627
7A	Quantitative and Qualitative Disclosures About Market Risk	5354
8	Financial Statements	5455
9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~115~~116
9A	Controls and Procedures	~~115~~116
9B	Other Information	~~115~~116
	PART III
10	Directors, Executive Officers and Corporate Governance	~~116~~117
11	Executive Compensation	~~116~~117
12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~116~~117
13	Certain Relationships and Related Transactions, and Director Independence	~~116~~117
14	Principal Accountant Fees and Services	~~116~~117
	PART IV
15	Exhibits and Financial Statement Schedules	~~117~~118
16	Form 10-K Summary	~~117~~118
Index to Financial Statement Schedules		FS-1
Index of Exhibits		X-1
Signatures		S-1

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PART I.

ITEM 1. BUSINESS.

BUSINESS OF GOODYEAR

The Goodyear Tire & Rubber Company (the “Company”) is an Ohio corporation organized in 1898. Its principal offices are located at 200 Innovation Way, Akron, Ohio 44316-0001. Its telephone number is (330) 796-2121. The terms “Goodyear,” “Company” and “we,” “us” or “our” wherever used herein refer to the Company together with all of its consolidated U.S. and foreign subsidiary companies, unless the context indicates to the contrary.

We are one of the world’s leading manufacturers of tires, engaging in operations in most regions of the world. In ~~2023~~2024, our net sales were $2018,~~066~~878 million and Goodyear net ~~loss~~income was $~~689~~70 million. We develop, manufacture, distribute and sell tires for most applications. We also manufacture and sell rubber-related chemicals for various applications. We are one of the world’s largest operators of commercial truck service and tire retreading centers. We operate approximately ~~950~~800 retail outlets where we offer our products for sale to consumer and commercial customers and provide repair and other services. We manufacture our products in 5553 manufacturing facilities in 2220 countries, including the United States, and we have marketing operations in almost every country around the world. We employ approximately 7168,000 full-time and temporary associates worldwide.

AVAILABLE INFORMATION

We make available free of charge on our website, http://www.goodyear.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after we file or furnish such reports to the Securities and Exchange Commission (the “SEC”). Our reports filed with the SEC may be found on the SEC's website at http://www.sec.gov. The information on our website and the SEC's website is not incorporated by reference in or considered to be a part of this Annual Report on Form 10-K.

DESCRIPTION OF GOODYEAR’S BUSINESS

On June 7, 2021 (the "Closing Date"), we completed our acquisition of Cooper Tire & Rubber Company ("Cooper Tire") for cash and stock consideration totaling approximately $3.1 billion. Cooper Tire’s results of operations have been included in our consolidated financial statements since the Closing Date.

On November 15, 2023, following a comprehensive evaluation by the Strategic and Operational Review Committee of the Board of Directors, we announced a transformation plan, known as “Goodyear Forward,” that is intended to optimize our portfolio, deliver significant margin expansion and reduce leverage in order to drive sustainable, long-term shareholder value creation.

Goodyear Forward’s goals are to deliver: (1) gross proceeds in excess of $2 billion from portfolio optimization by pursuing strategic alternatives for our chemical business, the Dunlop brand and our off-the-road ("OTR") tire business, (2) cost reduction actions driving an annual, run-rate benefit of approximately $1.3 billion by the end of 2025, (3) top line actions driving an annual, run-rate benefit of approximately $~~300~~200 million by the end of 2025, (4) segment operating income margin doubling to 10% by the end of 2025, and (5) improved leverage by the end of 2025.

On January 7, 2025, we entered into a Purchase Agreement (the “Dunlop Purchase Agreement”) with Sumitomo Rubber Industries, Ltd. (“SRI”) relating to the sale of the Dunlop brand in Europe, North America and Oceania for consumer, commercial and other specialty tires, together with certain associated intellectual property and other intangible assets, for a purchase price of $526 million. SRI will also pay us an up-front transition support fee of $105 million for our support in transitioning the Dunlop brand, related intellectual property and Dunlop customers to SRI. SRI will also acquire our existing Dunlop tire inventory. The Dunlop Purchase Agreement also contemplates entering into a number of ancillary agreements, including (a) a transition license agreement, pursuant to which we will continue to manufacture, sell and distribute Dunlop-branded consumer tires in Europe for an initial period from the closing of the transaction until December 31, 2025, which may be extended to December 31, 2026, and during which we will pay SRI a royalty on such Dunlop sales but will otherwise retain all profits therefrom; (b) a transition offtake agreement, pursuant to which we will sell to SRI certain Dunlop-branded consumer tire products for a period of up to five years, commencing after termination or expiration of the transition license agreement, subject to the terms and conditions set forth therein; and (c) we will license back the Dunlop brand from SRI for commercial tires in Europe on a long-term basis, subject to a royalty on sales. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals.

On February 3, 2025, we completed the sale of our OTR tire business to The Yokohama Rubber Company, Limited (“Yokohama”) pursuant to the terms of the Share and Asset Purchase Agreement, dated as of July 22, 2024 (the “OTR Purchase Agreement”). Pursuant to the OTR Purchase Agreement, Yokohama acquired the Company’s OTR business for a purchase price of $905 million in cash, subject to certain adjustments set forth in the OTR Purchase Agreement. In conjunction with the sale of the OTR business, we entered into several ancillary agreements, including a product supply agreement, pursuant to which we will supply to Yokohama certain OTR tires for an initial period of up to 5 years, subject to the terms and conditions set forth therein, including an exit and asset relocation plan to be mutually agreed upon by the parties pursuant to which,

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beginning no earlier than the 2nd anniversary of closing of the transaction, the production of those OTR tires will transition to Yokohama’s facilities.

GENERAL INFORMATION REGARDING OUR SEGMENTS

For the year ended December 31, ~~2023~~2024, we operated our business through three operating segments representing our regional tire businesses: Americas; Europe, Middle East and Africa (“EMEA”); and Asia Pacific.

Our principal business is the development, manufacture, distribution and sale of tires and related products and services worldwide. We manufacture and sell numerous lines of rubber tires for:

•

automobiles

•

trucks

•

buses

•

aircraft

•

motorcycles

•

earthmoving and mining equipment

•

farm implements

•

industrial equipment, and

•

various other applications.

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In each case, our tires are offered for sale to vehicle manufacturers for mounting as original equipment (“OE”) and for replacement worldwide. We manufacture and sell tires under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon and Remington brands and various “house” brands, and the private-label brands of certain customers. In certain geographic areas we also:

•

retread truck, aviation and ~~off-the-road ("~~OTR") tires,

•

manufacture and sell tread rubber and other tire retreading materials,

•

sell chemical products, and/or

•

provide automotive and commercial repair services and miscellaneous other products and services.

Our principal products are new tires for most applications. Approximately 8685% of our sales in ~~2023,~~2024 and 86% in ~~2022~~2023 and ~~85%~~2022 ~~in 2021~~ were for tire units. Sales of chemical products to unaffiliated customers were 23% of our consolidated sales in 2024, 2% in 2023 and 3% in 2022 ~~and 2021~~ (45%, 54% and 65% of Americas total sales in ~~2023~~2024, ~~2022~~2023 and ~~2021~~2022, respectively). The percentages of each segment’s sales attributable to tire units during the periods indicated were:

	Year Ended December 31,
Tire Unit Sales	~~2023~~2024			~~2022~~2023			~~2021~~2022
Americas		8482	%		84	%		8284	%
Europe, Middle East and Africa		8887			88			8988
Asia Pacific		95			9495			9394

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.

Goodyear does not include motorcycle, aviation or race tires in reported tire unit sales.

Tire unit sales for each segment during the periods indicated were:

GOODYEAR’S ANNUAL TIRE UNIT SALES — SEGMENT

	Year Ended December 31,
(In millions of tires)	~~2023~~2024		~~2022~~2023		~~2021~~2022
Americas		8781.36		9587.03		8595.90
Europe, Middle East and Africa		4948.9		5549.19		5255.71
Asia Pacific		36.1		3436.41		3034.74
Goodyear worldwide tire units		~~173~~166.36		~~184~~173.53		~~169~~184.35

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Our replacement and OE tire unit sales during the periods indicated were:

GOODYEAR’S ANNUAL TIRE UNIT SALES — REPLACEMENT AND OE

Year Ended December 31,

(In millions of tires)

~~2023~~2024

~~2022~~2023

~~2021~~2022

Replacement tire units

~~130~~120.27

~~143~~130.92

~~134~~143.19

OE tire units

4345.19

4043.61

3540.26

Goodyear worldwide tire units

~~173~~166.36

~~184~~173.53

~~169~~184.35

New tires are sold under highly competitive conditions throughout the world. On a worldwide basis, we have two major competitors: Bridgestone (based in Japan) and Michelin (based in France). Other significant competitors include Continental, Hankook, Kumho, Nexen, Pirelli, Sumitomo, Toyo, Yokohama and various regional tire manufacturers.

We compete with other tire manufacturers on the basis of product design, performance, price and terms, reputation, warranty terms, customer service and consumer convenience. Goodyear, Cooper, Dunlop and Mickey Thompson branded tires enjoy a high recognition factor and have a reputation for performance and product design. The Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Avon and Remington brands and various house brand tire lines offered by us, and tires manufactured and sold by us to private brand customers, compete primarily on the basis of value and price.

We do not consider our tire businesses to be seasonal to any significant degree.

AMERICAS

Americas, our largest segment in terms of revenue, develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets, primarily through intersegment sales. Americas manufactures tires in eight plants in the United States, two plants in Canada, two plants in Mexico and ~~six~~four plants in Brazil, Chile, Colombia, ~~Mexico~~ and Peru.

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Americas manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft, and various other applications.

Goodyear brand radial passenger tire lines sold throughout Americas include the Assurance family of product lines for the premium and mid-tier passenger and cross-over utility segments; the Eagle ~~and EfficientGrip~~ Performance ~~families~~family of product lines for the high-performance segment; the Wrangler family of product lines for the sport utility vehicle and light truck segments; as well as the WinterCommand and Ultra Grip family of winter tires. Cooper brand radial passenger tire lines sold throughout Americas include those sold under the ~~Mastercraft~~Cooper and Mastercraft brands. We also offer Mickey Thompson ~~brands.~~brand radial tire lines, including the Baja family of product lines and Street Comp for the light truck, off-road and performance enthusiast segments; Additionally, we offer Dunlop brand radial tire lines, including the Signature and SP Sport family for the passenger and performance segments; Grandtrek tires for the cross-over and sport utility vehicle and light truck segments; and SP Winter, ~~Winter~~ Maxx ~~and Grandtrek~~ tires for the winter tire segment. Americas also manufactures and sells several lines of Kelly brand radial tires for passenger cars and light trucks including the Kelly Edge ~~A/S~~Touring Plus, Edge HPSport and ~~Edge~~Safari AT. Our Americas commercial business provides commercial truck tires, retreads, services and business solutions to trucking fleets. Cooper brand commercial tires sold throughout Americas include those sold under the Roadmaster brand. Americas also:

•

manufactures tread rubber and other tire retreading materials for trucks, heavy equipment and aviation,

•

retreads truck, aviation and OTR tires, primarily as a service to its commercial customers,

•

sells products and installation services online through our websites, www.goodyear.com for consumer tires and www.goodyeartrucktires.com for commercial tires,

•

provides automotive maintenance and repair services at approximately ~~555~~510 Company-owned retail outlets primarily under the Goodyear or Just Tires names,

•

provides trucking fleets with new tires, retreads, mechanical service, preventative maintenance and roadside assistance from approximately 230 Company-owned locations, primarily Goodyear Commercial Tire & Service Centers,

•

sells automotive repair and maintenance items, automotive equipment and accessories and other items to dealers and consumers,

•

sells chemical products and natural rubber to Goodyear’s other business segments and to unaffiliated customers, and

•

provides miscellaneous other products and services.

In ~~2023~~2024, Americas launched several new consumer tires under the Goodyear, Cooper, Kelly and ~~Cooper~~Mastercraft brands, including the Goodyear ~~Wrangler~~Assurance ~~DuraTrac~~WeatherReady RT2, the Goodyear ~~Wrangler~~ElectricDrive ~~Boulder MT~~2, the Goodyear ~~EcoReady~~Ultra Grip Performance 3, the Cooper ~~ProControl~~Discoverer Stronghold AT, the ~~Cooper~~Kelly ~~Cobra~~Safari ~~Instinct~~AT and the ~~Cooper~~Mastercraft ~~Discover Road+Trail AT~~Avenger. Americas' commercial business launched new tires under the Goodyear RangeMax line, providing a regional drive tire for emerging commercial electric vehicles and new premium retread products under the Fuel Max, ArmorMax and UrbanMax lines for both regional and extreme mixed service customers. Americas also launched new tires under the Cooper WorkSeries and SevereSeries lines for regional and mixed service commercial customers.

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premium retread products under the Fuel Max, ArmorMax and UrbanMax lines for both regional and extreme mixed service customers. Americas also launched new tires under the Cooper WorkSeries and SevereSeries lines for regional and mixed service commercial customers.

Markets and Other Information

Tire unit sales to replacement and OE customers served by Americas during the periods indicated were:

AMERICAS UNIT SALES — REPLACEMENT AND OE

	Year Ended December 31,
(In millions of tires)	~~2023~~2024		~~2022~~2023		~~2021~~2022
Replacement tire units		7366.26		8073.52		7280.65
OE tire units		1415.10		14.51		1314.35
Total tire units		8781.36		9587.03		8595.90

Americas is a major supplier of tires to most manufacturers of automobiles, trucks, buses, aircraft, and earthmoving, mining and industrial equipment that have production facilities located in the Americas.

Americas' primary competitors are Bridgestone and Michelin. Other significant competitors include Continental, Nexen, Pirelli, and imports from other regions, primarily Asia.

The principal channel for the sale of Goodyear and Cooper brand tires in Americas is a large network of independent dealers. Goodyear, Cooper, Dunlop, Kelly and Mastercraft brand tires are also sold to numerous national and regional retailers, in Goodyear Company-owned stores in the United States, and through the wholesale channel, including through TireHub, LLC ("TireHub"), our national wholesale tire distributor in the United States, and a network of aligned U.S. regional wholesale tire distributors.

Our products sold in the United States are subject to Federal Motor Vehicle Safety Standards (“FMVSS”) promulgated and enforced by the National Highway Traffic Safety Administration (“NHTSA”), which has established various standards and regulations applicable to tires sold in the United States and tires sold in a foreign country that are identical or substantially similar to tires sold in the United States. NHTSA has the authority to order the recall of automotive products, including tires, having a defect related to motor vehicle safety or that do not comply with a motor vehicle safety standard. In addition, the Transportation Recall Enhancement, Accountability, and Documentation Act (the “TREAD Act”) imposes numerous reporting requirements with respect to the early warning reporting of warranty claims, property damage claims, and bodily injury and fatality claims. The FMVSS also require tire manufacturers to comply with rigorous tire testing standards. Compliance with these regulations has increased the cost of producing and distributing tires in the United States.

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regulations applicable to tires sold in the United States and tires sold in a foreign country that are identical or substantially similar to tires sold in the United States. NHTSA has the authority to order the recall of automotive products, including tires, having a defect related to motor vehicle safety or that do not comply with a motor vehicle safety standard. In addition, the Transportation Recall Enhancement, Accountability, and Documentation Act (the “TREAD Act”) imposes numerous reporting requirements with respect to the early warning reporting of warranty claims, property damage claims, and bodily injury and fatality claims. The FMVSS also require tire manufacturers to comply with rigorous tire testing standards. Compliance with these regulations has increased the cost of producing and distributing tires in the United States.

EUROPE, MIDDLE EAST AND AFRICA

Europe, Middle East and Africa, our second largest segment in terms of revenue, develops, manufactures, distributes and sells tires for automobiles, trucks, buses, aircraft, motorcycles, and earthmoving, mining and industrial equipment throughout Europe, the Middle East and Africa under the Goodyear, Dunlop, Debica, Sava, Fulda, Cooper and Avon brands and other house brands, and sells tires to various export markets, primarily through intersegment sales. EMEA manufactures tires in fifteen plants in France, Germany, Luxembourg, Poland, Serbia, Slovenia, South Africa and Turkey. EMEA also:

•

sells aviation tires and manufactures and sells retreaded aviation tires,

•

provides various retreading and related services for truck and OTR tires, primarily for its commercial truck tire customers,

•

offers automotive repair services at Company-owned retail outlets, and

•

provides miscellaneous other products and services.

In ~~2023~~2024, EMEA launched a number of new consumer tires under the Goodyear, Dunlop, Debica, Sava, Avon and Fulda brands, including the Goodyear ~~Ultra~~Eagle ~~Grip~~F1 ~~Performance~~Asymmetric 36 for the ~~winter~~summer ~~high-performance~~SUV ~~segment~~and EV segments, the Goodyear ~~Efficient~~Eagle ~~Grip~~Sport ~~Compact~~2 SUV and the Eagle Sport 2 UHP for the summer high-performance segment in emerging markets and the ~~Goodyear~~Dunlop ~~Ultra~~All ~~Grip~~Season ~~Ice~~2 3 for the ~~Nordic~~all-season ~~ice~~ segment. EMEA also enhanced its commercial tire portfolio in ~~all~~premium ~~product~~and ~~tiers.~~quality ~~The~~segments, ~~Goodyear~~including ~~UrbanMax~~the ~~Commuter~~introduction ~~has~~of ~~been introduced to address~~ the ~~inter-city~~Goodyear ~~people~~EQMAX ~~mobility~~and ~~segment,~~EQMAX ~~while~~ULTRA ~~the~~tire ~~Goodyear FuelMax Endurance~~ range, ~~providing~~a ~~better~~more ~~fuel~~sustainable ~~efficiency~~truck ~~and~~tire ~~lower~~that ~~CO2~~is ~~emissions~~intended ~~across~~to ~~more~~meet ~~applications,~~the ~~has~~evolving ~~been~~demands ~~further~~of ~~extended~~the totransportation ~~additional sizes~~industry.

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Markets and Other Information

Tire unit sales to replacement and OE customers served by EMEA during the periods indicated were:

EUROPE, MIDDLE EAST AND AFRICA UNIT SALES — REPLACEMENT AND OE

	Year Ended December 31,
(In millions of tires)	~~2023~~2024		~~2022~~2023		~~2021~~2022
Replacement tire units		36.80		4336.08		4143.70
OE tire units		1312.19		1213.1		1112.01
Total tire units		4948.9		5549.19		5255.71

EMEA is a significant supplier of tires to most vehicle manufacturers across the region.

EMEA’s primary competitors are Michelin, Bridgestone, Continental, Pirelli, several regional and local tire producers, and imports from other regions, primarily Asia.

Goodyear and Dunlop brand tires are sold for replacement in EMEA through various channels of distribution, principally independent multi-brand tire dealers. In some areas, Goodyear brand tires, as well as Dunlop, Debica, Sava, Fulda, Cooper and Avon brand tires, are distributed through independent dealers, regional distributors and retail outlets, of which approximately 40 are owned by Goodyear.

Our European operations are subject to regulation by the European Union. The Tire Safety Regulation sets performance standards that tires for passenger cars and light and commercial trucks need to meet for rolling resistance, wet grip braking (passenger car tires only) and noise in order to be sold in the European Union. The Tire Labeling Regulation applies to all passenger car, light truck and commercial truck tires and requires that consumers be informed about the tire's fuel efficiency, wet grip and noise characteristics.

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ASIA PACIFIC

Our Asia Pacific segment develops, manufactures, distributes and sells tires for automobiles, trucks, buses, aircraft, farm, and earthmoving, mining and industrial equipment throughout the Asia Pacific region, and sells tires to various export markets, primarily through intersegment sales. Asia Pacific manufactures tires in ~~nine~~seven plants in China, India, Indonesia, ~~Japan, Malaysia~~ and Thailand. Asia Pacific also:

•

retreads truck tires and aviation tires,

•

manufactures tread rubber and other tire retreading materials for aviation tires,

•

provides automotive maintenance and repair services atthrough ~~Company-owned~~a network of licensed and franchised retail ~~outlets~~stores, and

•

provides miscellaneous other products and services.

In ~~2023~~2024, Asia Pacific released new consumer tires under the Goodyear, ~~brand~~Mickey ~~for~~Thompson ~~the premium on~~ and ~~off~~Cooper ~~road market segment~~brands, including the Goodyear Wrangler ~~DuraTrac~~Boulder RTMT, the Goodyear ~~Eagle~~ElectricDrive F1with ~~Asymmetric~~Sustainable 6Materials, ~~for~~ the ~~ultra-high~~Mickey ~~performance~~Thompson ~~segment~~Baja Boss A/T, Baja Legend EXP and Baja Legend MTZ, and the ~~Goodyear~~Cooper ~~Assurance~~Discoverer ~~MaxGuard~~RoadTrail AT. Asia Pacific also released new commercial tires for ~~mainstream~~its ~~passenger~~Goodyear ~~vehicles~~Kmax, Urbanmax and Offroad tire lines.

Markets and Other Information

Tire unit sales to replacement and OE customers served by Asia Pacific during the periods indicated were:

ASIA PACIFIC UNIT SALES — REPLACEMENT AND OE

	Year Ended December 31,
(In millions of tires)	~~2023~~2024		~~2022~~2023		~~2021~~2022
Replacement tire units		2018.21		20.42		1920.84
OE tire units		1518.90		1415.09		1014.90
Total tire units		36.1		3436.41		3034.74

Asia Pacific’s major competitors are Bridgestone and Michelin along with many other global brands present in different parts of the region, including Continental, Dunlop, Hankook and a large number of regional and local tire producers.

Asia Pacific sells primarily Goodyear and Cooper brand tires throughout the region and also sells the Dunlop brand in Australia and New Zealand. Other brands of tires, such as Remington, Kelly and Mastercraft, are sold in smaller quantities. Tires are sold through a network of licensed and franchised retail stores and multi-brand retailers through a network of wholesale dealers as well as through an increasing number of on-line outlets. In Australia, we also operate a network of approximately 100 retail stores, primarily under the Beaurepaires brand. During 2023, we approved a rationalization plan in Asia Pacific to improve profitability in our Australia and New Zealand operations which is expected to lead to the sale or exit of these retail and fleet store locations.

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GENERAL BUSINESS INFORMATION

Sources and Availability of Raw Materials

The principal raw materials used by Goodyear are synthetic and natural rubber. Synthetic rubber accounted for approximately 50% of all rubber consumed by us in ~~2023~~2024. Our plants located in Beaumont and Houston, Texas supply a major portion of our global synthetic rubber requirements. We purchase all of our requirements for natural rubber in the world market.

Other important raw materials and components we use are carbon black, steel cord, fabrics and petrochemical-based commodities. Substantially all of these raw materials and components are purchased from independent suppliers, except for certain chemicals we manufacture. We purchase most raw materials and components in significant quantities from several suppliers, except in those instances where only one or a few qualified sources are available. ~~The~~Raw ~~inflationary~~material ~~cost~~costs ~~pressures~~were onlower ~~raw~~in ~~materials~~2024 ~~that~~as wecompared ~~experienced~~to in2023; ~~2022~~however, ~~and~~were higher in the ~~first~~fourth ~~half~~quarter of ~~2023~~2024 ~~eased~~as incompared to the ~~second~~fourth ~~half~~quarter of 2023. We anticipate the continued availability of raw materials and components we will require during ~~2024~~2025, subject to spot shortages and unexpected disruptions caused by natural disasters, such as hurricanes, or other events.

Substantial quantities of fuel and other petrochemical-based commodities are used in the production of tires, synthetic rubber and other products. Supplies of such fuels and commodities have been and are expected to continue to be available to us in quantities sufficient to satisfy our anticipated requirements, subject to spot shortages.

Human Capital Management

At December 31, ~~2023~~2024, we employed approximately 7168,000 full-time and temporary associates throughout the world, including approximately 3938,~~700~~000 associates covered under collective bargaining agreements. Approximately 5,~~300~~100 of our associates in the United States are covered by a master collective bargaining agreement between Goodyear and the United Steelworkers ("USW"), which expires in July 2026. Approximately 2,000 of our associates at our Texarkana and Findlay plants in the United States are covered by separate collective bargaining agreements with the USW, which expire in October 2028. In addition, approximately 800 of our associates in the United States are covered by other contracts with the USW and various other unions. Approximately 22,000 of our associates outside of the United States are covered by union contracts that currently have expired or that will expire in 2025, primarily in Germany, Poland, Brazil, Mexico, China, Slovenia, Turkey, Chile, Serbia and India. Unions represent a major portion of our associates in the United States and Europe.

5Engaging and enabling our associates to realize their full potential is one of our core strategies. This starts with attracting top talent and is followed by fostering inclusion, promoting engagement, offering opportunities for skill and career development, supporting health and wellness, providing a safe and healthy workplace, making a positive impact in our communities, and expecting our associates to know and comply with our compliance and ethics policies.

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United States are covered by a master collective bargaining agreement between Goodyear and the United Steelworkers ("USW"), which expires in July 2026. Approximately 2,200 of our associates at our Texarkana and Findlay plants in the United States are covered by separate collective bargaining agreements with the USW, which expire in June 2024. In addition, approximately 800 of our associates in the United States are covered by other contracts with the USW and various other unions. Approximately 20,000 of our associates outside of the United States are covered by union contracts that currently have expired or that will expire in 2024, primarily in Luxembourg, Poland, Brazil, Mexico, China, Slovenia, Turkey, India and Serbia. Unions represent a major portion of our associates in the United States and Europe.

We continue to experience increased labor-related costs and manufacturing inefficiencies associated with the ongoing tight labor supply, particularly in the U.S. To address this issue, we have accelerated hiring as necessary, increased training capacity and started to adjust future investment plans to consider not just the cost, but also the availability of qualified workers.

Engaging and enabling our associates to realize their full potential is one of our core strategies. This starts with attracting top diverse talent and is followed by fostering inclusion, promoting equity through global inclusive leader training, offering opportunities for skill and career development, supporting health and wellness, providing a safe and healthy workplace, making a positive impact in our communities, and expecting our associates to know and comply with our compliance and ethics policies.

Talent Management — Our associates are the driving force behind our success. They underpin every aspect of our strategy and help us deliver value to our customers, shareholders and communities. We provide integrated talent management and learning solutions aimed at enabling our associates to reach their full personal and professional potential at Goodyear. We are guided by our talent strategy which focuses on talent attraction, talent development and talent engagement and retention. An example of how we attract talent is through campus recruiting into our intern and job rotational programs utilized by several of our functional teams. We offer a number of tools for talent development including the Goodyear Learning Center, which is our in-house collection of online courses available to all associates. In our manufacturing plants, one of the pillars of our plant optimization efforts is Continuous Skills Development, which focuses on developing problem-solving and decision-making skills.

~~Diversity~~Engagement and Inclusion — AAn ~~diverse~~engaged and inclusive workforce is critical to our long-term success. Embracing and valuing differences allows us to attract top talent, improve associate satisfaction and engagement, foster innovation, and meld varying experiences and perspectives to drive enhanced customer service, business creativity and decision-making. Our goal is to create a work environment where people have a real sense of belonging and are able to thrive. Our commitment is reflected in the policies that govern our workforce, such as our Business Conduct Manual and Global Zero Tolerance policy and is evidenced in our recruiting strategies, succession planning, ~~diversity and inclusion~~ training and Employee Resource Groups (“ERGs”), which are key to our inclusion efforts. Our ERGs provide all associates access to coaching, mentoring and professional development, and include ADAPT (Abled and Disabled Associates Partnering Together), Goodyear Asia India Middle East (AIM), Goodyear Black Network, Goodyear Veterans Association, Goodyear Women’s Network, Goodyear Pride Network, HOLA (Hispanic/Latino) and Next Generation Leaders.

Health and Wellness — Our wellness initiatives take a holistic view of associate health, including physical, emotional, financial and social health, to enable our associates to thrive and bring their best selves to work each day. Goodyear strives to be at the forefront of corporate wellness, and that goal is the driver behind our “GoodLife” wellness program, which fosters a culture of wellness for all Goodyear associates and their families. To meet the needs of our diverse workforce and their dependents, we offer varying robust benefits packages for our full-time and part-time associates globally.

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wellness for all Goodyear associates and their families. To meet the needs of our diverse workforce and their dependents, we offer varying robust benefits packages for our full-time and part-time associates globally.

Workforce Safety and Wellness — Our vision is to have the safest operations in the world. We have established a goal of eliminating all serious injuries and fatalities in our workplace. To reduce the risk of serious injuries we invest in systems that enable us to receive reliable and structured data to enable decision making. We also work to improve our industrial hygiene to prevent work-related illness from noise and the substances used in the manufacturing process and we focus on ergonomics using a six-step problem-solving process to reduce injuries and maximize workplace performance.

Community Engagement — Collaborating with community organizations energizes our associates and helps us build a better future. Our global strategy and efforts are an extension of our business and are aimed at safe mobility, inspiring students to reach their full potential and reducing our environmental impacts. We encourage our associates to participate in our Global Week of Volunteering.

Compliance and Ethics — To “Act with Integrity” is a core component of our global strategy. Each associate is responsible for acting with honesty, integrity and respect every day and everywhere we do business. Our Business Conduct Manual guides our Board of Directors, executive team and all associates globally. We require our global salaried associates to complete training annually on our Business Conduct Manual and periodically on subjects such as workplace respect (including discrimination and harassment), financial integrity, privacy and data protection, competition law, anti-corruption and anti-bribery, and being a compliance leader.

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Patents and Trademarks

We own approximately 1,~~700~~600 product, process and equipment patents issued by the United States Patent Office and approximately 4,~~400~~100 patents issued or granted in other countries around the world. We have approximately ~~400~~300 applications for United States patents pending and approximately 600 patent applications on file in other countries around the world. While such patents and patent applications as a group are important, we do not consider any patent or patent application to be of such importance that the loss or expiration thereof would materially affect Goodyear or any business segment.

We own, control or use approximately 1,~~600~~500 different trademarks, including several using the word “Goodyear,” the word “Dunlop” or the word “Cooper.” Approximately 9,~~200~~100 registrations and 300 pending applications worldwide protect these trademarks. While such trademarks as a group are important, the only trademarks we consider material to our business, or to the business of any of our segments, are those using the word “Goodyear” or the word “Cooper,” and with respect to certain of our international business segments, those using the word “Dunlop.” We believe our trademarks are valid and most are of unlimited duration as long as they are adequately protected and appropriately used.

Compliance with Government Regulations

We are subject to extensive regulation under environmental and occupational safety and health laws and regulations worldwide. These laws and regulations relate to, among other things, air emissions, discharges to surface and underground waters, the generation, handling, storage, transportation and disposal of waste materials and hazardous substances, and workplace safety and health. We have several continuing programs designed to ensure compliance with foreign, federal, state and local environmental and occupational safety and health laws and regulations. We expect capital expenditures for pollution control facilities and occupational safety and health projects to be approximately $8050 million inand ~~both~~$45 ~~2024~~million ~~and~~in 2025 and 2026, respectively.

We also incur ongoing expenses to maintain and operate our pollution control facilities and conduct our other environmental activities, including the control and disposal of hazardous substances. These expenditures are expected to be sufficient to comply with existing environmental laws and regulations and are not expected to have a material adverse effect on our competitive position. In the future, we may incur increased costs and additional charges associated with environmental compliance and cleanup projects necessitated by the identification of new waste sites, the impact of new environmental laws and regulatory standards, or the availability of new technologies. Compliance with foreign, federal, state and local environmental laws and regulations in the future may require a material increase in our capital expenditures and could adversely affect our earnings and competitive position.

Refer to “Description of Goodyear’s Business – Americas” and “Description of Goodyear’s Business – Europe, Middle East and Africa” included in this Item 1, “Business” for information regarding compliance with government regulations in each of those segments.

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Climate Change and Sustainability

We are committed to reaching net-zero greenhouse gas (GHG) emissions across our value chain by 2050 from a 2019 base year. In addition, we are committed to reducing absolute Scope 1 and 2 GHG emissions by 46% by 2030 from a 2019 base year, and absolute Scope 3 GHG emissions from purchased goods and services, fuel and energy-related activities and upstream transportation by 28% within the same timeframe. InOur ~~2023, our~~ science-based near-term and net-zero GHG reduction targets were validated by the Science Based Targets initiative (SBTi) in 2023.

Climate considerations continue to drive change in the transportation sector. Advanced forms of mobility—such as fleets, autonomous, connected, electric and sustainable vehicles—are transforming the tire industry and have the potential to make driving safer and more sustainable. Companies in the transportation sector are setting ambitious climate goals that require the support of the entire supply chain to achieve.

~~Additionally, we have established a robust process that uses internal and external insights to identify, assess and report climate-related risks and opportunities.~~ The move to a low-carbon economy creates growth opportunities within the tire industry that we are ~~well~~ positioned to leverage through our continued innovation. We have a proven track record of producing tires for electric and autonomous vehicles, developing tires and rubber compounds that contribute to reduced GHG emissions by lowering rolling resistance and reducing tire weight, and providing fleet solution services that promote fuel efficiency. We maintain strong relationships with our supply chain partners which, coupled with our global scale, can be leveraged to either avoid or minimize climate-related supply chain disruptions. 

~~Climate change poses risks that could adversely impact our operations~~Additionally, ~~including~~we ~~risks~~have ~~related~~established toa ~~our~~robust ~~plans~~process tothat ~~continue~~uses tointernal ~~develop~~ and ~~supply~~external ~~the~~insights ~~types~~to ~~of products~~identify, ~~services~~assess and ~~technologies~~report ~~requested~~climate-related byrisks ~~consumers~~and opportunities. Such risks ~~also~~ include an increase in severe weather events that could temporarily disrupt our operations, or supply chain or the operations of our customers and the cost of compliance associated with increased climate-related regulations globally, including increased disclosure obligations or being subject to carbon taxes or similar mechanisms in the European Union or the emergence of such programs in other countries. Refer to Item 1A. “"Risk Factors”" for a discussion of these and our other risk factors. 

Federal, state, local and foreign governments and regulatory agencies continue to consider various options and measures to control GHG emissions in response to climate change. We strive to comply with all applicable laws and regulations, carefully monitor, track and collect our energy usage and GHG emissions, and set company-wide and facility-specific goals to reduce our operational impacts. As part of our commitment to reduce our operational impact, we continue to focus on reducing energy consumption and emissions in our factories and utilizing renewable energy sources. Goodyear has committed to using 100% renewable electricity in all manufacturing facilities by 2030 and 100% renewable energy in all manufacturing facilities by 2040.

We continue to focus on the resiliency of our supply chain and business by developing ~~alternative,~~ sustainable material sources and increasing our use of sustainable materials that deliver product performance while meeting our high standards of quality and safety. We also select suppliers that uphold fair working conditions, use sustainable harvesting practices and share our values. Our technology teams work to investigate and incorporate new technologies and materials, including renewable and recycled materials, into our products. Sustainable materials refers to a bio-based (defined as material of biological origin); renewable; or recycled (defined as material that has been reprocessed from recovered or reclaimed material); or one produced using or contributing to other practices designed to promote resource conservation and/or emissions reductions, including ISCC PLUS mass-balance (defined as a certification verifying our capability to track the amount and sustainability characteristics of circular and/or bio-based material in the value chain and attribute it based on verifiable bookkeeping).

In ~~late~~early ~~2023~~2024, we introduced the ~~EcoReady~~ElectricDrive 2, aan ~~commercially~~all-season ~~available~~EV ~~consumer~~ tire with 50% sustainable materials by weight, improved rolling resistance and long-lasting tread life to maximize performance in the United States. In September, we unveiled the EQMAX and EQMAX ULTRA, made with 70up to 55% sustainable materials in EMEA. ~~This~~And, ~~tire~~in isNovember ~~engineered~~2024, ~~with~~we ~~soybean~~introduced ~~oil~~the toElectric ~~reduce~~Drive ~~petroleum~~Sustainable-~~based~~Material ~~oil~~Tire, ~~high-quality~~a ~~rice~~summer ~~husk~~EV ~~ash~~tire ~~silica~~with tomore ~~help~~than ~~reduce~~70% ~~waste~~sustainable ~~going~~materials by weight, engineered to ~~landfill~~provide superior grip and ~~sustainably~~quietness ~~sourced~~for ~~natural~~EV ~~rubber~~owners, to the Chinese market. Goodyear has a goal to introduce the industry’'s first 100% sustainable material tire by 2030.

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INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Set forth below are: (1) the names and ages of all executive officers of the Company at February 1314, ~~2024~~2025, (2) all positions with the Company presently held by each such person, and (3) the positions held by, and principal areas of responsibility of, each such person during the last five years.

Name	Position(s) Held	Age
Mark W. Stewart	Chief Executive Officer and President	5657
Mr. Stewart was named Chief Executive Officer and President on January 29, 2024. He is the principal executive officer of the Company. Mr. Stewart joined Goodyear from Stellantis N.V., a leading global automaker and provider of innovative mobility solutions, where he served as Chief Operating Officer of North America and a member of the Group Executive Council from December 2018 to January 2024.
Darren R. Wells	Executive Vice President and Chief Administrative Officer	58
Christina L. Zamarro	Executive Vice President and Chief Financial Officer	53
Mr. Wells was named Executive Vice President and Chief Administrative Officer on January 1, 2023. Mr. Wells served as Goodyear’s Executive Vice President and Chief Financial Officer from September 2018 to December 31, 2022. Mr. Wells has announced his retirement effective February 29, 2024.
Ms. Zamarro was named Executive Vice President and Chief Financial Officer on January 1, 2023. She is Goodyear’s principal financial officer. Ms. Zamarro joined Goodyear in 2007 and has served as Vice President, FP&A and Investor Relations (April 2018 to April 2020) and Vice President, Finance and Treasurer (May 2020 to December 31, 2022).
Christina L. Zamarro	Executive Vice President and Chief Financial Officer	52
Ryan Waldron	President, Americas	52
Ms. Zamarro was named Executive Vice President and Chief Financial Officer on January 1, 2023. She is Goodyear’s principal financial officer. Ms. Zamarro joined Goodyear in 2007 and has served as Vice President, FP&A and Investor Relations (April 2018 to April 2020) and Vice President, Finance and Treasurer (May 2020 to December 31, 2022).
Mr. Waldron was named President, Americas on April 19, 2024. He is the executive officer responsible for Goodyear's operations in North, Central and South America. Mr. Waldron joined Goodyear in 2003 and has served as Vice President, Global Off-Highway and Chemical Operations (January 2020 to April 2023) and President, North America Consumer (April 2023 to April 2024).
Stephen R. McClellan	President, Americas	58
Christopher R. Delaney	President, Europe, Middle East and Africa	63
Mr. McClellan was named President, Americas in January 2016. He is the executive officer responsible for Goodyear's operations in North, Central and South America. Mr. McClellan joined Goodyear in 1988. Mr. McClellan has announced his retirement effective April 1, 2024.
Mr. Delaney was named President, Europe, Middle East and Africa in September 2017. He is the executive officer responsible for Goodyear’s operations in Europe, the Middle East and Africa. Mr. Delaney joined Goodyear in 2015.
Christopher R. Delaney	President, Europe, Middle East and Africa	62
Nathaniel Madarang	President, Asia Pacific	54
Mr. Delaney was named President, Europe, Middle East and Africa in September 2017. He is the executive officer responsible for Goodyear’s operations in Europe, the Middle East and Africa. Mr. Delaney joined Goodyear in 2015.
Mr. Madarang was named President, Asia Pacific in March 2021. He is the executive officer responsible for Goodyear’s operations in Asia, Australia, New Zealand and the Western Pacific. Mr. Madarang joined Goodyear in 2008 and has served as Managing Director, China (October 2019 to February 2021).
Nathaniel Madarang	President, Asia Pacific	53
Laura P. Duda	Senior Vice President and Chief Communications Officer	55
Mr. Madarang was named President, Asia Pacific in March 2021. He is the executive officer responsible for Goodyear’s operations in Asia, Australia, New Zealand and the Western Pacific. Mr. Madarang joined Goodyear in 2008 and has served as Vice President, Finance, Asia Pacific (July 2018 to September 2019) and Managing Director, China (October 2019 to February 2021).
Ms. Duda was named Senior Vice President and Chief Communications Officer in January 2019. She is the executive officer responsible for Goodyear’s communications activities worldwide. Ms. Duda joined Goodyear in 2016.
Laura P. Duda	Senior Vice President and Chief Communications Officer	54
Nicole Gray	Senior Vice President and Chief Human Resources Officer	47
Ms. Duda was named Senior Vice President and Chief Communications Officer in January 2019. She is the executive officer responsible for Goodyear’s communications activities worldwide. Ms. Duda joined Goodyear in 2016.
Ms. Gray was named Senior Vice President and Chief Human Resources Officer on July 1, 2024. She is the executive officer responsible for Goodyear’s global human resources activities. Ms. Gray joined Goodyear in 2016 and has served as Senior Legal Counsel, Employment & Labor Law (December 2016 to July 2020), Senior Director, Human Resources – Corporate Functions (April 2019 to February 2021), Vice President, Human Resources – Global Corporate Functions (March 2021 to January 2023), and Vice President, Human Resources – Global Corporate Functions & Strategic Business Initiatives (February 2023 to June 2024).
Christopher P. Helsel	Senior Vice President, ~~Global Operations~~ and Chief Technology Officer	5859
Mr. Helsel was named Senior Vice President, Global Operations and Chief Technology Officer in March 2021. He is the executive officer responsible for Goodyear’s global operations and research and development activities. Mr. Helsel joined Goodyear in 1996 and has served as Vice President and Chief Technology Officer (September 2017 to February 2019) and Senior Vice President and Chief Technology Officer (February 2019 to February 2021).
Mr. Helsel was named Senior Vice President and Chief Technology Officer on January 13, 2025. He is the executive officer responsible for Goodyear’s product design and research and development activities. Mr. Helsel joined Goodyear in 1996 and has served as Senior Vice President and Chief Technology Officer (February 2019 to February 2021) and Senior Vice President, Global Operations and Chief Technology Officer (March 2021 to January 12, 2025).
David E. Phillips	Senior Vice President and General Counsel	48
Don Metzelaar	Senior Vice President, Global Manufacturing and Supply Chain	54
Mr. Phillips was named Senior Vice President and General Counsel in June 2019. He is Goodyear's chief legal officer. Mr. Phillips joined Goodyear in 2011 and has served as Associate General Counsel, Americas (September 2016 to June 2019).
Mr. Metzelaar joined Goodyear and was named Senior Vice President, Global Manufacturing and Supply Chain, on January 13, 2025. He is the executive officer responsible for Goodyear’s global manufacturing and supply chain activities. Prior to joining Goodyear, Mr. Metzelaar was employed by several global industrial manufacturers, including as Vice President, Global Supply Chain Strategy & Transformation at Honeywell International Inc. (May 2019 to January 2021), Vice President, Integrated Supply Chain, Manufacturing & Quality at Whirlpool Corporation (January 2021 to August 2023), and Global Vice President and Chief Manufacturing Officer at Johnson Controls International plc (August 2023 to January 2025).

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Name	Position(s) Held	Age
Gary S. VanderLind	Senior Vice President and Chief Human Resources Officer	61
David E. Phillips	Senior Vice President and General Counsel	49
Mr. VanderLind was named Senior Vice President and Chief Human Resources Officer in February 2019. He is the executive officer responsible for Goodyear’s global human resources activities. Mr. VanderLind joined Goodyear in 1985 and has served as Vice President, Human Resources - Americas (September 2016 to January 2019).
Mr. Phillips was named Senior Vice President and General Counsel in June 2019. He is Goodyear's chief legal officer. Mr. Phillips joined Goodyear in 2011.
Margaret V. Snyder	Vice President and Controller	3940
Ms. Snyder was named Vice President and Controller on March 31, 2023. She is Goodyear's principal accounting officer. Ms. Snyder joined Goodyear in 2020 and has served as Director, Corporate Accounting and Financial Reporting (April 2020 to November 2022) and Controller, Latin America (December 2022 to March 2023). Prior to joining Goodyear, Ms. Snyder was Senior Manager, Accounting & Auditing, at Ernst & Young LLP from October 2015 to April 2020.
Ms. Snyder was named Vice President and Controller in March 2023. She is Goodyear's principal accounting officer. Ms. Snyder joined Goodyear in 2020 and has served as Director, Corporate Accounting and Financial Reporting (April 2020 to November 2022) and Controller, Latin America (December 2022 to March 2023). Prior to joining Goodyear, Ms. Snyder was Senior Manager, Accounting & Auditing, at Ernst & Young LLP from October 2015 to April 2020.

No family relationship exists between any of the above executive officers or between the executive officers and any director of the Company.

Each executive officer is elected by the Board of Directors of the Company at its annual meeting to a term of one year or until his or her successor is duly elected. In those instances where the person is elected at other than an annual meeting, such person’s term will expire at the next annual meeting.

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ITEM 1A. RISK FACTORS.

You should carefully consider the risks described below and other information contained in this Annual Report on Form 10-K when considering an investment decision with respect to our securities. Additional risks and uncertainties not presently known to us, or that we currently deem immaterial, may also impair our business operations. Any of the events discussed in the risk factors below may occur. If they do, our business, results of operations, financial condition or liquidity could be materially adversely affected. In such an instance, the trading price of our securities could decline, and you might lose all or part of your investment.

Risks Related to Strategic Initiatives and Operations

If we do not successfully implement the Goodyear Forward plan and our other strategic initiatives, our operating results, financial condition and liquidity may be materially adversely affected.

On November 15, 2023, we announced a transformation plan, known as “Goodyear Forward,” that is intended to optimize our portfolio, deliver significant margin expansion and reduce leverage in order to drive sustainable and substantial shareholder value creation. We believe that the Goodyear Forward plan has ambitious, but achievable, goals. However, the successful implementation of the Goodyear Forward plan may face material challenges, including the ability of management and our employees to focus on implementing the Goodyear Forward plan as well as attending to our ongoing business; retaining key management and other employees; the possibility of faulty assumptions underlying the specific initiatives and goals included within the Goodyear Forward plan and the associated costs of implementing the plan; as well as potential unknown or unforeseen challenges, expenses or delays in implementing the Goodyear Forward plan. As a result, we cannot assure you that we will be able to successfully implement the cost reduction or top line actions in the Goodyear Forward plan or to realize or sustain the anticipated run-rate benefits within the time frames set out in the Goodyear Forward plan or at all.

In addition, our ability to successfully market and sell our chemical business, ~~the Dunlop brand and our OTR tire business~~ is subject to prevailing general and industry-specific economic conditions and certain financial, business and other factors beyond our control. We cannot assure you that we will be able to sell ~~these~~this ~~assets~~business ~~or operations~~ within the time frames set out in the Goodyear Forward plan or at all or, even if we were able to take such ~~actions~~action, that we could do so at ~~prices~~a price and on terms that are acceptable to us.

If we are unable to successfully implement the actions set forth in the Goodyear Forward plan or other strategic initiatives, we may not be able to improve our operating results, including our operating margin, generate additional cash flow, or reduce our debt levels and leverage.

We believe that our manufacturing footprint is less cost-competitive than that of our principal competitors. To ~~begin to~~ address this competitive disadvantage, we are closing several high-cost manufacturing facilities and curtailing production of tires for declining, less profitable segments of the tire market. We are also undertaking significant capital investments in building, expanding and modernizing certain manufacturing facilities around the world to strengthen the competitiveness of our manufacturing footprint and increase production of premium, large-rim diameter consumer tires. In addition, plant closures, construction and modernization may temporarily disrupt our manufacturing operations and lead to temporary increases in our costs. The failure to implement successfully this or our other important strategic initiatives may materially adversely affect our operating results, financial condition and liquidity.

We are pursuing other important strategic initiatives, such as our innovation excellence, sales and marketing excellence and operational excellence initiatives. Our innovation excellence initiatives are designed to create leading technologies, products and services that anticipate the mobility and sustainability needs of consumers and fleets. Our sales and marketing excellence initiatives are intended to capture the value of our brands and grow our market share, helping our customers win in their markets and ensuring we are the preferred choice of consumers. Our operational excellence initiatives are aimed at improving our safety, quality and efficiency and creating an advantaged supply chain that delivers the right tire, to the right place, at the right time, at the right cost. If we fail to execute these initiatives successfully or if the assumptions used in developing the initiatives vary significantly from actual conditions, we may fail to achieve our financial goals.

Our performance is also dependent on our ability to improve the volume and mix of higher margin tires we sell in our targeted market segments. In order to do so, we must be successful in developing, producing, marketing and selling products that consumers desire and that offer higher margins to us. Shifts in consumer demand away from higher margin tires could materially adversely affect our business. We have been capacity constrained from time to time with respect to the production of certain higher margin tires, particularly in the United States. When faced with these constraints, we try to alleviate them by utilizing our global manufacturing footprint to meet the demand for our tires and by adding manufacturing capacity. However, in spite of these initiatives, we may not be able to meet all of the demand for certain of our higher margin tires, which could harm our competitive position and limit our growth.

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in spite of these initiatives, we may not be able to meet all of the demand for certain of our higher margin tires, which could harm our competitive position and limit our growth.

We cannot assure you that our strategic initiatives will be successful. If not, we may not be able to achieve or sustain future profitability, which would impair our ability to meet our debt and other obligations and would otherwise negatively affect our operating results, financial condition and liquidity.

The consummation of the sale of the Dunlop brand to Sumitomo Rubber Industries, Ltd. is subject to closing conditions, some or all of which may not be satisfied, or completed on a timely basis, if at all. Failure to complete the sale in a timely manner or at all could have adverse effects on us.

On January 7, 2025, Goodyear and SRI entered into the Dunlop Purchase Agreement relating to the sale of the Dunlop brand for consumer, commercial and other specialty tires, together with certain associated intellectual property, other intangible assets and inventory (the “Transaction”).

The Transaction is subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals; the absence of any judgments or orders enjoining or otherwise prohibiting the Transaction; the accuracy of the representations and warranties of the other party; the compliance by each party with its covenants in all material respects; and the absence of a material adverse effect with respect to the Dunlop business operated by us.

The Dunlop Purchase Agreement contains customary termination rights, including if the closing of the Transaction (the “Closing”) has not occurred on or prior to October 7, 2025 (as it may be extended, the “Outside Date”), subject to certain rights of each party to extend the Outside Date if certain regulatory conditions to Closing have not been satisfied.

Although it is not a condition to Closing, the sale of the Dunlop brand will require a waiver or an amendment of our European revolving credit facility. We cannot assure you that such waiver or amendment, or alternative financing, can be obtained, or if obtained, will be on terms acceptable to us.

If the Closing does not occur, our operating results, financial condition and liquidity may be materially adversely affected. Without realizing any of the benefits of having completed the Transaction, we will be subject to a number of risks, including the following:

•

the market price of Goodyear common stock could decline to the extent that the current market price reflects a market assumption that the Transaction will be completed;

•

if the Dunlop Purchase Agreement is terminated and we seek another buyer for the Dunlop brand, our shareholders cannot be certain that we will be able to find a party willing to enter into a transaction on terms equivalent to or more attractive than the terms of the Dunlop Purchase Agreement;

•

time and resources committed by our management to matters relating to the Transaction could otherwise have been devoted to pursuing other beneficial opportunities for us;

•

we may experience negative reactions from the financial markets or from our customers, suppliers or employees;

•

we will be required to pay our costs relating to the Transaction, such as legal, accounting and financial advisory fees, whether or not the Transaction is completed; and

•

litigation related to any failure to complete the Transaction or related to any enforcement proceeding commenced against us to perform our obligations pursuant to the Dunlop Purchase Agreement.

Similarly, delays in the completion of the Transaction could, among other things, result in additional transaction costs, loss of revenue or other negative effects associated with uncertainty about completion of the Transaction.

The sales of our OTR tire business and the Dunlop brand may disrupt our current and future plans or operations.

The ancillary agreements for the sale of the OTR tire business include a product supply agreement and a transition services agreement, and the ancillary agreements for the sale of the Dunlop brand include a transition license agreement, a transition offtake agreement and a commercial truck tire license from SRI to us. As a result, we will have significant continuing obligations to the respective purchasers of these businesses.

There can be no assurance that we will be able to successfully separate these businesses or otherwise fully realize the expected benefits of these asset sales. Difficulties in separating the businesses may result in us performing differently than expected, in operational challenges or in unabsorbed overhead and other costs, especially during the implementation of the wind-down periods contemplated by the OTR product supply agreement and the Dunlop transition offtake agreement. The separation of the businesses may result in material challenges, including the diversion of management’s attention from ongoing business concerns; retaining key management and other employees; retaining or attracting business and operational relationships, including retaining Goodyear brand consumer tire customers in EMEA; the possibility of faulty assumptions underlying expectations regarding the benefits from the ancillary agreements, the separation process and associated expenses; separating

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corporate and administrative infrastructures, including information technology, manufacturing and other systems; coordinating these activities in geographically dispersed locations; as well as potential unknown liabilities or unforeseen expenses relating to the ancillary agreements, the business separations or any delays in separation activities.

We face significant global competition and our market share could decline.

New tires are sold under highly competitive conditions throughout the world. We compete with other tire manufacturers on the basis of product design, performance, price and terms, reputation, warranty terms, customer service and consumer convenience. On a worldwide basis, we have two major competitors, Bridgestone (based in Japan) and Michelin (based in France), that have large shares of the markets of the countries in which they are based and are aggressively seeking to maintain or improve their worldwide market share. Other significant competitors include Continental, Hankook, Kumho, Nexen, Pirelli, Sumitomo, Toyo, Yokohama and various regional tire manufacturers. Our competitors produce significant numbers of tires in low-cost countries, and have announced plans to further increase their production capacity in countries around the globe. Increasingly, our competitors are making decisions on where to produce tires based not only on production cost, but in combination with total delivery cost, supply chain reliability and sustainability considerations. These increases in production capacity may result in even greater competition in the United States and elsewhere.

Our ability to compete successfully will depend, in significant part, on our ability to continue to innovate and manufacture the types of tires demanded by consumers, and to reduce costs by such means as reducing excess and high-cost capacity, leveraging global purchasing, improving productivity, eliminating redundancies and increasing production at low-cost supply sources. If we are unable to compete successfully, our market share may decline, materially adversely affecting our results of operations and financial condition.

In addition, the automotive industry may experience significant changes due to the introduction of new technologies, such as electric and autonomous vehicles, or new services, business models or methods of travel, such as ride sharing. As the automotive industry evolves, we may need to provide a wider range of products and services to remain competitive, including products that we do not currently have the capability to manufacture or services that we do not currently offer. The demand for our products may also decline if automotive production declines and/or total vehicle miles traveled declines, including as a result of increasing fuel costs. If we do not accurately predict, prepare for and respond to market developments, technological innovations and changing customer and consumer needs and preferences, our results of operations and financial condition could be materially adversely affected.

Our capital expenditures may not be adequate to maintain our competitive position and may not be implemented in a timely or cost-effective manner.

Our capital expenditures are limited by our liquidity and capital resources and by the need to pay our other expenses and to maintain adequate cash reserves and borrowing capacity to meet unexpected demands that may arise. We believe that our ratio of capital expenditures to sales is lower than the comparable ratio for our principal competitors.

Productivity improvements and manufacturing cost improvements may be required to offset potential increases in labor and raw material costs, including inflationary increases, and competitive price pressures. In addition, as part of our strategy to reduce high-cost and excess manufacturing capacity and to increase our capacity to produce higher margin tires, we may need to modernize or expand our facilities. We may also need to make additional capital expenditures in order to achieve our global climate ambition and related goals. We are currently undertaking significant construction, expansion and modernization projects globally.

We may not have sufficient resources to implement planned capital expenditures with minimal disruption to our existing manufacturing operations, or within desired time frames and budgets. Any disruption to our operations, delay in implementing capital improvements or unexpected costs may materially adversely affect our business and results of operations.

If we are unable to make sufficient capital expenditures, or to maximize the efficiency of the capital expenditures we do make, we may be unable to achieve productivity improvements, which may harm our competitive position, to manufacture the products necessary to compete successfully in our targeted market segments, or to achieve our global climate ambition and related goals. In addition, plant construction and modernization may temporarily disrupt our manufacturing operations and lead to temporary increases in our costs.

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A prolonged economic downturn or economic uncertainty could adversely affect our business and results of operations.

Deterioration of global or regional economic conditions, including recession, financial instability, inflation, labor shortages or energy availability and costs (including fuel surcharges), could negatively impact our business and our results of operations. A prolonged economic downturn can adversely affect OE production levels and consumer spending habits on replacement tires, resulting in lower-than-expected net sales. Inflation, which has risen significantly, has and may continue to increase our operational costs, including labor, transportation and energy costs, and continued increases in interest rates in response to concerns about inflation may have the effect of further increasing economic uncertainty or creating recessionary economic conditions. As a result, instability and weakness of the U.S. and global economies, including due to recession, inflation, high unemployment, disruptions to financial markets, geopolitical events and public health crises, and the corresponding negative effects on consumer spending, may materially negatively affect our business and results of operations, including impairment charges relating to goodwill, intangible assets, investments and other long-lived assets.

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resulting in lower-than-expected net sales. Inflation, which has risen significantly in recent years, has and may continue to increase our operational costs, including labor, transportation and energy costs, and increases in interest rates in response to concerns about inflation may have the effect of further increasing economic uncertainty or creating recessionary economic conditions. As a result, instability and weakness of the U.S. and global economies, including due to recession, inflation, high unemployment, disruptions to financial markets, geopolitical events and public health crises, and the corresponding negative effects on consumer spending, may materially negatively affect our business and results of operations, including impairment charges relating to goodwill, intangible assets, investments and other long-lived assets.

Raw material, energy and transportation costs may materially adversely affect our operating results and financial condition.

Raw material, energy and transportation costs can be volatile. Inflationary cost pressures, among other factors, may cause increases in the prices of natural and synthetic rubber, carbon black and petrochemical-based commodities. Market conditions, including actions by competitors, or contractual obligations may prevent us from passing any such increased costs on to our customers through timely price increases. Additionally, increased demand for consumer products and supply chain disruptions as a result of global events, including disruptions to transportation routes, port congestion and container shortages, has led to inflationary cost pressures on transportation. Higher raw material, energy and transportation costs around the world may offset our efforts to reduce our cost structure. High demand for and/or limited availability of raw materials and other energy sources could result in declining margins and operating results and adversely affect our financial condition. The volatility of raw material costs may cause our margins, operating results and liquidity to fluctuate. In addition, lower raw material costs may put downward pressure on the price of tires, which could ultimately reduce our margins and adversely affect our results of operations. If the Company is unable to obtain adequate sources of raw materials, energy or transportation, its operations could be interrupted. In addition, fluctuations in the price of gasoline for consumers can affect driving and purchasing habits and impact demand for tires.

If we fail to extend or renegotiate significant collective bargaining contracts with our labor unions as they expire from time to time, or if our unionized employees were to engage in a strike or other work stoppage or interruption, our business, results of operations, financial condition and liquidity could be materially adversely affected.

We are a party to collective bargaining contracts with our labor unions, which represent a significant number of our employees, including our collective bargaining agreements with the USW. Our primary collective bargaining agreement with the USW, which covers approximately 5,~~300~~100 of our associates in the United States at December 31, ~~2023~~2024, expires in July 2026. Approximately 2,~~200~~000 of our associates at our Texarkana and Findlay plants in the United States at December 31, ~~2023~~2024 are covered by separate collective bargaining agreements with the USW, which expire in ~~June~~October ~~2024~~2028. In addition, approximately 2022,000 of our associates outside of the United States are covered by union contracts that have expired or are expiring in ~~2024~~2025, primarily in ~~Luxembourg~~Germany, Poland, Brazil, Mexico, China, Slovenia, Turkey, ~~India~~Chile, Serbia and ~~Serbia~~India. Although we believe that our relations with our associates are satisfactory, no assurance can be given that we will be able to successfully extend or renegotiate our collective bargaining agreements as they expire from time to time. If we fail to extend or renegotiate our collective bargaining agreements, if disputes with our unions arise, or if our unionized workers engage in a strike or other work stoppage or interruption, we could experience a significant disruption of, or inefficiencies in, our operations or incur higher labor costs, which could have a material adverse effect on our business, results of operations, financial condition and liquidity.

Our international operations have certain risks that may materially adversely affect our operating results, financial condition and liquidity.

We have manufacturing and distribution facilities throughout the world. Our international operations are subject to certain inherent risks, including:

•

exposure to local economic conditions;

•

adverse foreign currency fluctuations;

•

adverse currency exchange controls;

•

withholding taxes and restrictions on the withdrawal of foreign investment and earnings;

•

tax policies and regulations;

•

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labor regulations;

•

tariffs;

•

government price and profit margin controls;

•

expropriations of property;

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•

adverse changes in the diplomatic relations of foreign countries with the United States;

•

the potential instability of foreign governments;

•

hostility from local populations and insurrections or armed conflicts;

•

risks of renegotiation or modification of existing agreements with governmental authorities;

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export and import restrictions; and

•

other changes in laws or government policies.

The likelihood of such occurrences and their potential effect on us vary from country to country and are unpredictable. Certain regions, including Latin America, Asia, Eastern Europe, the Middle East and Africa, are inherently more economically and politically volatile and, as a result, our business units that operate in these regions could be subject to significant fluctuations in sales and operating income from quarter to quarter. Because a significant percentage of our operating income in recent years has come from these regions, adverse fluctuations in the operating results in these regions could have a significant impact on our results of operations in future periods.

In addition, compliance with complex foreign and U.S. laws and regulations that apply to our international operations increases our cost of doing business in international jurisdictions. These numerous and sometimes conflicting laws and regulations include import and export laws, anti-competition laws, anti-corruption laws, such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and other local laws prohibiting corrupt payments to governmental officials, data privacy laws such as the GDPR, labor laws, tax laws, and accounting, internal control and disclosure requirements. Violations of these laws and regulations could result in civil and criminal fines, penalties and sanctions against us, our officers or our employees, prohibitions on the conduct of our business and on our ability to offer our products and services in one or more countries, and could also materially affect our reputation, business and results of operations. In certain foreign jurisdictions, there is a higher risk of fraud or corruption and greater difficulty in maintaining effective internal controls and compliance programs. Although we have implemented policies and procedures designed to promote compliance with applicable laws and regulations, there can be no assurance that our employees, contractors or agents will not violate our policies or applicable laws and regulations.

Russia’s invasion of Ukraine and the resulting government sanctions could result in significant macroeconomic consequences, including increased inflationary pressures, market volatility, economic restrictions and business disruptions, which could negatively impact our business, financial condition and results of operations.

We suspended all shipments of tires to Russia during the first quarter of 2022 and discontinued our Russian operations in January 2023. The war between Russia and Ukraine has not had and is not expected to have a direct material impact on our financial results. Nonetheless, the ongoing conflict has aggravated already challenging macroeconomic trends, including global supply chain disruptions, higher costs for certain raw materials and higher energy and transportation costs. The conflict has led to increases in the cost of energy and the potential for energy shortages, especially in Europe. We have taken steps to offset the increased cost, but we cannot predict the degree to or the time period over which energy costs will increase.

In response to Russia’s invasion in Ukraine, a number of countries, including the United States, the United Kingdom and members of the European Union, have implemented economic sanctions on Russia and certain Russian enterprises and individuals. The conflict could result in further sanctions and embargoes, regional instability and potential retaliatory action by the Russian government, including cyber-attacks. While we continue to take actions to ensure the safety of our associates and the continuity of our business operations, the extent of the conflict’s impact on the global economy cannot be predicted, particularly if the conflict were to intensify or expand.

Financial difficulties, work stoppages, supply disruptions or economic conditions affecting our major customers, dealers or suppliers could harm our business.

Automotive vehicle production and global tire industry demand continues to be difficult to predict. Although sales to our OE customers accounted for approximately 1718% of our net sales in ~~2023~~2024, demand for our products by OE customers and production levels at our facilities are impacted by automotive vehicle production. Automotive production and sales are highly cyclical and sensitive to general economic conditions and other factors, such as credit availability, interest rates, fuel prices, and consumer preference and confidence. Economic declines that result in a significant reduction in automotive production would have an adverse effect on our sales to OE customers. We may experience future declines in sales volume due to declines in new vehicle production and sales, the performance, discontinuation or sale of certain OE brands, platforms or programs, increased competition, or weakness in the demand for replacement tires, which could result in us incurring under-absorbed fixed costs at our production facilities or slowing the rate at which we are able to recover those costs. At various times, some regions around the world may be more particularly impacted by these factors than other regions.

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sensitive to general economic conditions and other factors, such as credit availability, interest rates, fuel prices, and consumer preference and confidence. Economic declines that result in a significant reduction in automotive production would have an adverse effect on our sales to OE customers. We may experience future declines in sales volume due to declines in new vehicle production and sales, the performance, discontinuation or sale of certain OE brands, platforms or programs, increased competition, or weakness in the demand for replacement tires, which could result in us incurring under-absorbed fixed costs at our production facilities or slowing the rate at which we are able to recover those costs. At various times, some regions around the world may be more particularly impacted by these factors than other regions.

Automotive production can also be affected by labor relation issues or shortages, financial difficulties or supply disruptions. Our OE customers could experience production disruptions resulting from their own or supplier labor, financial or supply difficulties. Such events may cause an OE customer to reduce or suspend vehicle production. Other customers, such as dealers, retailers or distributors, may experience similar disruptions to their operations. As a result, a customer could halt or significantly reduce purchases of our products, which would harm our results of operations, financial condition and liquidity. We cannot predict when customers will decide to increase or decrease inventory levels or whether new inventory levels will approximate historical inventory levels. Uncertainty and other unexpected fluctuations could have a material adverse effect on our business and financial condition.

Our suppliers could also experience production disruptions due to labor, financial, supply or transportation difficulties, or new environmental laws or stricter enforcement of existing environmental laws. Any such production disruptions may result in the unexpected closure of our suppliers' facilities or increases in the cost of our raw materials, which would adversely affect our results of operations and financial condition.

In addition, the bankruptcy, restructuring or consolidation of one or more of our major customers, dealers or suppliers could result in the write-off of accounts receivable, a reduction in purchases of our products or a supply disruption to our facilities, which could negatively affect our results of operations, financial condition and liquidity.

If we are unable to attract and retain key personnel our business could be materially adversely affected.

Our business substantially depends on the continued service of key members of our management. The loss of the services of a significant number of members of our management could have a material adverse effect on our business. Our future success will also depend on our ability to attract and retain highly skilled personnel, such as engineering, marketing and senior management professionals. Competition for these employees is intense, and we could experience difficulty from time to time in hiring and retaining the personnel necessary to support our business. Our ability to attract and retain employees may also be hampered by downturns in the automotive and tire industries, which could result in reduced payments under our incentive compensation plans, as well as by greater competition due to the increase in use of remote working environments. If we do not succeed in retaining our current employees and attracting new high quality employees, our business could be materially adversely affected.

Increasing competition for highly skilled and talented workers, as well as labor shortages, could adversely affect our business.

A number of factors may adversely affect the labor force available to us or increase labor costs, including high employment levels and government regulations. Although we have not experienced any material labor shortages to date, we have observed an increasingly competitive labor market. The increasing competition for highly skilled and talented employees has resulted, and could in the future result, in higher compensation costs and could result in difficulties in maintaining a capable workforce. If we are unable to hire and retain employees capable of performing at a high-level, or if mitigation measures we may take to respond to a decrease in labor availability, such as overtime and third-party outsourcing, have unintended negative effects, our business could be adversely affected. A sustained labor shortage, lack of skilled labor, increased turnover or labor cost inflation as a result of general macroeconomic factors could lead to increased costs, such as increased overtime to meet demand and increased wage rates to attract and retain employees, which could negatively affect our ability to efficiently operate our manufacturing and distribution facilities and overall business and have other adverse effects on our results of operations and financial condition.

We have substantial fixed costs and, as a result, our operating income fluctuates disproportionately with changes in our net sales.

We operate with significant operating and financial leverage. Significant portions of our manufacturing, selling, administrative and general expenses are fixed costs that neither increase nor decrease proportionately with sales. In addition, a significant portion of our interest expense is fixed. There can be no assurance that we would be able to reduce our fixed costs proportionately in response to a decline in our net sales and therefore our competitiveness could be significantly impacted. As a result, a decline in our net sales could result in a higher percentage decline in our income from operations and net income.

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Environmental issues, including climate change, or legal, regulatory or market measures to address environmental issues, may negatively affect our business and operations and cause us to incur significant costs.

Our manufacturing and distribution facilities are subject to numerous federal, state, local and foreign laws and regulations designed to protect the environment, including increased government regulations to limit carbon dioxide and other greenhouse gas emissions as a result of concern over climate change, and we expect that additional requirements with respect to environmental matters, including reporting requirements, will be imposed on us in the future. In addition, we have contractual ~~indemnification obligations for environmental remediation costs and liabilities that may arise relating to certain divested operations.~~

There is also growing concern that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. In the event that issues related to such climate change have a negative effect on our business, we may be subjected to decreased availability or less favorable pricing for certain raw materials, including natural rubber. Natural disasters and extreme weather conditions may also disrupt the productivity of our facilities, our supply chain or the operations of our customers. If the frequency or severity of extreme weather and natural disasters increases over time, we may experience a greater number of losses at certain of our facilities. Such losses could lead to an increase in the deductibles or cost of insurance for those facilities, a reduction of insurance available to us, or the unavailability of insurance on terms that are acceptable to us.16

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indemnification obligations for environmental remediation costs and liabilities that may arise relating to certain divested operations.

There is also growing concern that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. In the event that issues related to such climate change have a negative effect on our business, we may be subjected to decreased availability or less favorable pricing for certain raw materials, including natural rubber. Natural disasters and extreme weather conditions may also disrupt the productivity of our facilities, our supply chain or the operations of our customers. If the frequency or severity of extreme weather and natural disasters increases over time, we may experience a greater number of losses at certain of our facilities. Such losses could lead to further increases in the deductibles or cost of insurance for those facilities, a reduction of insurance available to us, or the unavailability of insurance on terms that are acceptable to us.

Our manufacturing facilities may become subject to further limitations on the emission of greenhouse gases due to public policy concerns regarding climate change issues or other environmental or health and safety concerns. While the form of any additional regulations cannot be predicted, a “cap-and-trade” system similar to the one adopted in the European Union could be adopted in the United States. Any such “cap-and-trade” system (including the system currently in place in the European Union) or other limitations imposed on the emission of greenhouse gases could require us to increase our capital expenditures, use our cash to acquire emission credits or restructure our manufacturing operations, which could have a material adverse effect on our operating results, financial condition and liquidity.

Material future expenditures may be necessary if compliance standards change, if material unknown conditions that require remediation are discovered, or if required remediation of known conditions becomes more extensive than expected. If we fail to comply with present and future environmental laws and regulations, we could be subject to future liabilities or the suspension of production, which could harm our business or results of operations. Environmental laws could also restrict our ability to expand our facilities or could require us to acquire costly equipment or to incur other significant expenses in connection with our manufacturing processes.

Risks Related to Our Capital Structure

Our long-term ability to meet our obligations, to repay maturing indebtedness or to implement strategic initiatives may be dependent on our ability to access capital markets in the future and to improve our operating results.

The adequacy of our liquidity depends on our ability to achieve an appropriate combination of operating improvements, financing from third parties and access to capital markets. We may need to undertake additional financing actions in the capital markets in order to ensure that our future liquidity requirements are addressed or to implement strategic initiatives. These actions may include the issuance of additional debt or equity, or the factoring of our accounts receivable.

Our access to the capital markets cannot be assured and is dependent on, among other things, the ability and willingness of financial institutions to extend credit on terms that are acceptable to us or our suppliers, or to honor future draws on our existing lines of credit, and the degree of success we have in implementing our strategic initiatives. We have continued our use of supplier financing programs and the factoring of our accounts receivable in order to improve our working capital efficiency and reduce our costs. If these programs become unavailable or less attractive to us or our suppliers, our liquidity could be adversely affected.

Future liquidity requirements, or our inability to access cash deposits or make draws on our lines of credit, also may make it necessary for us to incur additional debt. A substantial portion of our assets is subject to liens securing our indebtedness. As a result, we are limited in our ability to pledge our remaining assets as security for additional secured indebtedness.

Our inability to access the capital markets or incur additional debt in the future could have a material adverse effect on our liquidity and operations, and could require us to consider further measures, including deferring planned capital expenditures, reducing discretionary spending, selling additional assets and restructuring existing debt.

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We have a substantial amount of debt, which could restrict our growth, place us at a competitive disadvantage or otherwise materially adversely affect our financial health.

We have a substantial amount of debt. As of December 31, ~~2023~~2024, our debt (including finance leases) on a consolidated basis was approximately $7.68 billion. Our substantial amount of debt and other obligations could have important consequences. For example, it could:

•

make it more difficult for us to satisfy our obligations;

•

impair our ability to obtain financing in the future for working capital, capital expenditures, research and development, acquisitions or general corporate requirements;

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•

increase our vulnerability to adverse economic and industry conditions;

•

limit our ability to use cash flows from operating activities in other areas of our business or to return cash to shareholders because we would need to dedicate a substantial portion of these funds for payments on our indebtedness;

•

limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and

•

place us at a competitive disadvantage compared to our competitors.

The agreements governing our debt, including our credit agreements, limit, but do not prohibit, us from incurring additional debt and we may incur a significant amount of additional debt in the future, including additional secured debt. If new debt is added to our current debt levels, our ability to satisfy our debt obligations may become more limited.

Our ability to make scheduled payments on, or to refinance, our debt and other obligations will depend on our financial and operating performance, which, in turn, is subject to our ability to implement our strategic initiatives, prevailing economic conditions and certain financial, business and other factors beyond our control. If our cash flow and capital resources are insufficient to fund our debt service and other obligations, we may be forced to reduce or delay expansion plans and capital expenditures, sell material assets or operations, obtain additional capital or restructure our debt. We cannot assure you that our operating performance, cash flow and capital resources will be sufficient to pay our debt obligations when they become due. We cannot assure you that we would be able to dispose of material assets or operations, obtain additional capital or restructure our debt or other obligations if necessary or, even if we were able to take such actions, that we could do so on terms that are acceptable to us.

Any failure to be in compliance with any material provision or covenant of our debt instruments, or a material reduction in the borrowing base under our revolving credit facility, could have a material adverse effect on our liquidity and operations.

The agreements governing our secured credit facilities, senior unsecured notes and our other outstanding indebtedness impose significant operating and financial restrictions on us. These restrictions may affect our ability to operate our business or implement strategic initiatives, such as the Goodyear Forward plan, and may limit our ability to take advantage of potential business opportunities as they arise. These restrictions limit our ability to, among other things:

•

incur additional debt or issue redeemable preferred stock;

•

pay dividends, repurchase shares or make certain other restricted payments or investments;

•

incur liens;

•

sell assets;

•

incur restrictions on the ability of our subsidiaries to pay dividends or to make other payments to us;

•

enter into affiliate transactions;

•

engage in sale/leaseback transactions; and

•

engage in certain mergers or consolidations or transfers of substantially all of our assets.

~~Certain~~Availability ofunder ~~the~~our ~~strategic~~first ~~alternatives~~lien ~~that~~revolving wecredit ~~may~~facility ~~pursue~~is ~~for~~subject ~~our~~to ~~chemical~~a ~~business~~borrowing base, ~~the~~which ~~Dunlop~~is ~~brand~~based oron ~~our~~eligible ~~OTR~~accounts ~~tire~~receivable ~~business~~and ~~may~~inventory, ~~depending~~the onvalue of our principal trademarks, the ~~terms~~value of ~~any~~eligible ~~particular~~machinery ~~transaction~~and equipment, ~~require~~and acertain ~~waiver~~cash orin an ~~amendment~~amount not to exceed $275 million. To the extent that our eligible accounts receivable and inventory and other components of the borrowing base decline in value, our ~~credit~~borrowing ~~facilities.~~base Wewill ~~cannot~~decrease ~~assure~~and ~~you~~the availability under that wefacility ~~will~~may bedecrease ~~able~~below toits ~~obtain~~stated ~~waivers~~amount. ~~from~~In ~~our~~addition, ~~lenders~~if orat ~~amend~~any time the ~~relevant~~amount ~~covenants~~of inoutstanding ~~our~~borrowings and letters of credit ~~facilities~~under that facility exceeds the borrowing base, we are required to prepay borrowings and/or cash collateralize letters of credit sufficient to eliminate the excess.

Availability under our first lien revolving credit facility is subject to a borrowing base, which is based on eligible accounts receivable and inventory, the value of our principal trademarks, the value of eligible machinery and equipment, and certain cash in an amount not to exceed $275 million. To the extent that our eligible accounts receivable and inventory and other components of the borrowing base decline in value, our borrowing base will decrease and the availability under that facility

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may decrease below its stated amount. In addition, if at any time the amount of outstanding borrowings and letters of credit under that facility exceeds the borrowing base, we are required to prepay borrowings and/or cash collateralize letters of credit sufficient to eliminate the excess.

Our ability to comply with these covenants or to maintain our borrowing base may be affected by events beyond our control, including deteriorating economic conditions, and these events could require us to seek waivers or amendments of covenants or alternative sources of financing or to reduce expenditures. We cannot assure you that such waivers, amendments or alternative financing could be obtained, or if obtained, would be on terms acceptable to us.

A breach of any of the covenants or restrictions contained in any of our existing or future financing agreements, including the financial covenants in our secured credit facilities, could result in an event of default under those agreements. Such a default could allow the lenders under our financing agreements, if the agreements so provide, to discontinue lending, to accelerate the related debt as well as any other debt to which a cross-acceleration or cross-default provision applies, and/or to declare all borrowings outstanding thereunder to be due and payable. In addition, the lenders could terminate any commitments they have to provide us with further funds. If any of these events occur, we cannot assure you that we will have sufficient funds available to pay in full the total amount of obligations that become due as a result of any such acceleration, or that we will be able to find additional or alternative financing to refinance any such accelerated obligations. Even if we obtain additional or alternative financing, we cannot assure you that it would be on terms that would be acceptable to us.

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to pay in full the total amount of obligations that become due as a result of any such acceleration, or that we will be able to find additional or alternative financing to refinance any such accelerated obligations. Even if we obtain additional or alternative financing, we cannot assure you that it would be on terms that would be acceptable to us.

We cannot assure you that we will be able to remain in compliance with the covenants to which we are subject in the future and, if we fail to do so, that we will be able to obtain waivers from our lenders or amend the covenants.

Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.

Certain of our borrowings are at variable rates of interest and expose us to interest rate risk. If interest rates increase, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed remained the same, which would require us to use more of our available cash to service our indebtedness. There can also be no assurance that we will be able to enter into swap agreements or other hedging arrangements in the future if we desire to do so, or that any existing or future hedging arrangements will offset increases in interest rates. As of December 31, ~~2023~~2024, we had approximately $1.59 billion of variable rate debt outstanding.

Risks Related to Information Technology and Intellectual Property

We may be adversely affected by any disruption in, or failure of, our information technology systems.

We rely upon the capacity, reliability and security of our information technology ("IT") systems across all of our major business functions, including our research and development, manufacturing, retail, financial and administrative functions. We also face the challenge of supporting our older systems and implementing upgrades when necessary. Our security measures are focused on the prevention, detection and remediation of damage from computer viruses, unauthorized access, cyber-attack, natural disasters and other similar disruptions. We may incur significant costs in order to implement the security measures that we feel are necessary to protect our IT systems. However, our IT systems may remain vulnerable to damage despite our implementation of security measures that we deem to be appropriate. In addition, we are also dependent on third parties to provide important IT services relating to, among other things, human resources, electronic communications and certain finance functions.

We collect and store sensitive data, including intellectual property, proprietary business information and the proprietary business information of our customers and suppliers, as well as personally identifiable information of our customers and associates, in data centers and on IT networks.

Additionally, we are subject to privacy, data protection, and information security laws and regulations (“Data Protection Laws”) in the United States and in jurisdictions around the globe that restrict the use, disclosure, transfer and processing of personal data. For example, we are subject to the GDPR, the California Consumer Privacy Act (“CCPA”), and the Brazilian Lei Geral de Proteção de Dados. Costs to comply with these Data Protection Laws are significant and the failure to comply with these laws could result in material legal exposure and business impact. The GDPR, for example, imposes onerous accountability obligations on companies, with penalties for non-compliance of up to the greater of €20 million or four percent of annual global revenue. The GDPR, and other Data Protection Laws, also grant corrective powers to supervisory authorities, including the ability to impose a limit on processing personal data or to order companies to cease operations.

The Data Protection Laws are part of an evolving global data protection landscape in which the number, complexity, requirements and consequences of non-compliance with these laws are increasing. This landscape includes legislative proposals recently adopted or currently pending in the United States, at both the federal and state levels, as well as in other jurisdictions, implementing new or additional requirements for data protection that could further increase compliance costs and the cost and complexity of delivering our products and services, and could significantly affect our business.

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implementing new or additional requirements for data protection that could further increase compliance costs, the cost and complexity of delivering our products and services, and significantly affect our business.

Any system failure, accident or security breach involving our or our third party's IT systems could result in disruptions to our operations. A breach in the security of our IT systems could include the theft of our intellectual property or trade secrets, negatively impact our manufacturing or retail operations, or result in the compromise of personal information of our employees, customers or suppliers. While we have, from time to time, experienced system failures, accidents and security and privacy breaches involving our IT systems, these incidents have not had a material impact on our operations, and we are not aware of any resulting theft, loss or disclosure of, or damage to, material data or confidential information. To the extent that any system failure, accident or security or privacy breach results in material disruptions to our operations or the theft, loss or disclosure of, or damage to, material data or confidential information, our reputation, business, results of operations and financial condition could be materially adversely affected.

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We may not be able to protect our intellectual property rights adequately.

Our success depends in part upon our ability to use and protect our proprietary technology and other intellectual property, which generally covers various aspects of the design and manufacture of our products and processes. We own and use tradenames and trademarks worldwide. We rely upon a combination of trade secrets, confidentiality policies, nondisclosure and other contractual arrangements and patent, copyright and trademark laws to protect our intellectual property rights. The steps we take in this regard may not be adequate to protect our intellectual property or to prevent or deter challenges or infringement or other violations of our intellectual property, and we may not be able to detect unauthorized use or take appropriate and timely steps to enforce our intellectual property rights.

In addition, the laws of some countries may not protect and enforce our intellectual property rights to the same extent as the laws of the U.S. Further, while we believe we have rights to use all of the intellectual property we use, if we are found to infringe on the rights of others, we could be adversely impacted.

Damage to our brand and reputation could have an adverse effect on our business.

Our well-known and trusted brand names are a key competitive advantage. We believe that our future success depends, in part, on preserving, enhancing, and leveraging the value of our brands and executing our brand strategies, which are designed to drive end-user demand for our products. A decline in the reputation of one or more of our brands as a result of deficiencies or defects in the design or manufacture of our products, or from legal proceedings, product recalls or warranty claims resulting from such deficiencies or defects, may harm our reputation, reduce demand for our products and adversely affect our business.

Risks Related to Litigation, Laws and Regulations

We could be negatively impacted by changes in tariffs, trade agreements or other trade restrictions on imported tires, raw materials and other goods or equipment.

The imposition of new tariffs, changes in existing tariff rates, changes in or the repeal of trade agreements or other trade restrictions, such as those the United States is considering with respect to Canada and Mexico, may reduce our flexibility to utilize our global manufacturing footprint to meet demand for our tires around the world. In addition, the imposition of tariffs in the United States may result in the tires subject to such tariffs being diverted to other regions of the world, such as Europe, Latin America or Asia, or in retaliatory tariffs or other actions by affected countries. Broad-based tariffs and other trade restrictions could also increase costs for our suppliers who may increase prices to us. Finally, tariffs and other trade restrictions may weaken the economies of key markets for us, such as China, resulting in lower economic growth rates and weakened demand for our products and services. These factors, individually or together, could materially adversely affect our results of operations, financial condition and liquidity.

We may incur significant costs in connection with our contingent liabilities and tax matters.

We have significant reserves for contingent liabilities and tax matters. The major categories of our contingent liabilities include workers' compensation and other employment-related claims, product liability and other tort claims, including asbestos claims, and environmental matters. Our recorded liabilities and estimates of reasonably possible losses for our contingent liabilities 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 that 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.

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The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations, including with respect to transfer pricing. 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.

If we wish to appeal any future adverse judgment in any of these proceedings, we may be required to post an appeal bond with the relevant court. If we were subject to a significant adverse judgment or experienced an interruption or reduction in the availability of bonding capacity, we may be required to provide letters of credit or post cash collateral, which may have a material adverse effect on our liquidity.

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We have significant deferred tax assets. We must generate sufficient earnings of the appropriate character in order to utilize our deferred tax assets. If our earnings remain flat or decline over an extended period of time, we may not be able to utilize our deferred tax assets and we may need to record a valuation allowance against them that could materially adversely affect our results of operations in the period in which the valuation allowance is recorded.

For further information regarding our contingent liabilities and tax matters, refer to Notes to the Consolidated Financial Statements No. 2019, Commitments and Contingent Liabilities, and No. 76, Income Taxes. For further information regarding our accounting policies with respect to certain of our contingent liabilities and uncertain income tax positions, refer to “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies.”

We are subject to extensive government regulations that may materially adversely affect our operating results.

We are subject to regulation by the Department of Transportation through NHTSA, which has established various standards and regulations applicable to tires sold in the United States and tires sold in a foreign country that are identical or substantially similar to tires sold in the United States. NHTSA has the authority to order the recall of automotive products, including tires, having safety-related defects or that do not comply with a motor vehicle safety standard, and, in some cases, to assess penalties.

The TREAD Act imposes numerous requirements with respect to the early warning reporting of warranty claims, property damage claims, and bodily injury and fatality claims and also requires tire manufacturers, among other things, to comply with revised and more rigorous tire testing standards. Compliance with the TREAD Act regulations has increased the cost of producing and distributing tires in the United States. We have been subject to recalls in the past and it is possible that a recall of our tires, including under the TREAD Act or in other countries under similar regulations, could occur in the future. A substantial recall or related penalties could have a material adverse effect on our reputation, operating results and financial condition.

In addition, pursuant to the Energy Independence and Security Act of 2007, NHTSA may establish a national tire fuel efficiency consumer information program. If a related rule-making process is completed, certain tires sold in the United States would be required to be rated for rolling resistance, traction and tread wear. While the federal law preempts state tire fuel efficiency laws adopted after January 1, 2006, we may become subject to additional tire fuel efficiency legislation, either in the United States or other countries.

Our European operations are subject to regulation by the European Union. Two regulations, the Tire Safety Regulation and the Tire Labeling Regulation, applicable to tires sold in the European Union have been adopted. The Tire Safety Regulation sets performance standards that tires for cars and light and commercial trucks need to meet for rolling resistance, wet grip braking (passenger car tires only) and noise in order to be sold in the European Union. The Tire Labeling Regulation applies to all passenger car, light truck and commercial truck tires and requires that consumers be informed about the tire's fuel efficiency, wet grip and noise characteristics. Other countries, such as Brazil, have also adopted tire labeling regulations, and additional countries may also introduce similar regulations in the future.

Tires produced or sold in Europe also have to comply with various other standards, including environmental laws such as REACH (Registration, Evaluation, Authorisation and Restriction of Chemical Substances), which regulates the use of chemicals in the European Union. For example, REACH prohibits the use of highly aromatic oils in tires, which were used as compounding components to improve certain performance characteristics.

These U.S. and European regulations, rules adopted to implement these regulations, or other similar regulations that may be adopted in the United States, Europe or elsewhere in the future may require us to alter or increase our capital spending and research and development plans or cease the production of certain tires, which could have a material adverse effect on our operating results.

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Laws and regulations governing environmental and occupational safety and health are complicated, change frequently and have tended to become stricter over time. As a manufacturing company, we are subject to these laws and regulations both inside and outside the United States. We may not be in complete compliance with such laws and regulations at all times. Our costs or liabilities relating to them may be more than the amount we have reserved, and that difference may be material.

Compliance with the laws and regulations described above or any of the myriad of applicable foreign, federal, state and local laws and regulations currently in effect or that may be adopted in the future could materially adversely affect our competitive position, operating results, financial condition and liquidity.

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General Risk Factors

We have foreign currency translation and transaction risks that may materially adversely affect our operating results, financial condition and liquidity.

The financial position and results of operations of many of our international subsidiaries are initially recorded in various foreign currencies and then translated into U.S. dollars at the applicable exchange rate for inclusion in our financial statements. The strengthening of the U.S. dollar against these foreign currencies ordinarily has a negative impact on our reported sales and operating margin (and conversely, the weakening of the U.S. dollar against these foreign currencies has a positive impact). For the year ended December 31, ~~2023~~2024, foreign currency translation unfavorably affected sales by $~~169~~192 million and unfavorably affected segment operating income by $2316 million compared to the year ended December 31, ~~2022~~2023. The volatility of currency exchange rates may materially adversely affect our operating results. For the year ended December 31, ~~2023~~2024, net foreign currency exchange losses were $879 million.

We may be impacted by economic and supply disruptions associated with events beyond our control, such as war, including the current conflicts between Russia and Ukraine and ~~between~~in ~~Israel~~the ~~and~~Middle ~~Hamas~~East, acts of terror, political unrest, public health concerns, labor disputes or natural disasters.

We manage businesses and facilities worldwide. Our facilities and operations, and the facilities and operations of our suppliers and customers, could be disrupted by events beyond our control, such as war, acts of terror, political unrest, public health concerns, labor disputes, or severe weather conditions or natural disasters. In addition, our operations could be adversely affected as a result of other disruptions at our facilities due to fire, electrical blackouts, power losses, telecommunications failures or other similar effects. Any such disruption could cause delays in the production and distribution of our products and the loss of sales and customers. We may not be insured against all such potential losses and, if insured, the insurance proceeds that we receive may not adequately compensate us for all of our losses. Such losses could lead to anfurther ~~increase~~increases in the deductibles or cost of insurance for those facilities, a reduction of insurance available to us, or the unavailability of insurance on terms that are acceptable to us.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

None.

ITEM 1C. CYBERSECURITY.

Management is responsible for identifying, monitoring and mitigating the material risks facing the Company, including cybersecurity risks. The Board of Directors oversees management’s processes related to those risks. The Audit Committee of the Board of Directors is responsible for overseeing the risks associated with information technology and cybersecurity threats, and reports on its activities to the full Board following each committee meeting.

The Audit Committee exercises its risk oversight function by carefully evaluating information and cybersecurity reports they receive from management; assessing the priorities and roadmap of the cybersecurity program; and making inquiries of management with respect to areas of particular interest to the Board. Senior leadership, including our chief ~~information~~digital officer (“~~CIO~~CDO”) and our chief information security officer, periodically briefs the Audit Committee on our cybersecurity and information security programs and reviews relevant cybersecurity incidents.

Our global information technology organization, led by our ~~CIO~~CDO, is responsible for our overall information security strategy, policies, operations and threat detection and response. Our current ~~CIO~~CDO has more than two decades of experience in ~~positions of increasing authority at~~ the ~~Company~~automotive industry. The global information technology organization manages and maintains the cybersecurity program with the goal of preventing, detecting and remediating incidents, and works to increase our system resilience to minimize the business impact should an incident occur. Our cybersecurity program is informed by multiple, overlapping cybersecurity frameworks. These include the National Institute of Standards and Technology Cyber Security Framework (NIST-CSF).; ~~Consistent~~Cybersecurity ~~with~~Maturity ~~that~~Model ~~framework~~Certification (CMMC); Control Objectives for Information and Related Technology (COBIT); International Organization for Standardization (ISO, ~~our~~specifically 27001); and Trusted Information Security Assessment Exchange (TISAX). Our cybersecurity program ~~addresses~~has ~~the~~achieved ~~need~~TISAX certification, or “labeling” for its demonstrated ability to identify, protect, detect, respond and recover from cyber risks. The “labeling” process ~~includes~~requires ~~notification~~independent, ofthird-party ~~potentially~~auditors ~~significant incidents~~ to ~~the~~test ~~Cybersecurity~~and ~~Disclosure~~confirm ~~Committee~~the ~~and~~controls ~~the~~we ~~Audit~~have ~~Committee~~implemented.

21The program includes escalation and notification of potentially significant incidents to the Cybersecurity Disclosure Committee and the Audit Committee of the Board, as appropriate. Our Cybersecurity Disclosure Committee is comprised of senior leadership across multiple functional areas and is responsible for reviewing and evaluating potentially significant cybersecurity incidents and for determining whether any notification or disclosure is required under applicable laws, including the federal securities laws. In 2024, We have developed an AI Governance Council to address the cybersecurity, data privacy and data

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management of ~~the~~emerging ~~Board, as appropriate~~technologies. ~~Our~~The ~~Cybersecurity~~Council ~~Disclosure Committee~~ is ~~comprised~~a ofmultidisciplinary ~~senior~~group ~~leadership~~with ~~across~~representatives ~~multiple~~from ~~functional~~the ~~areas~~human ~~and~~resources, isinformation ~~responsible~~technology, ~~for~~law, ~~reviewing~~compliance and ~~evaluating~~ethics, ~~potentially~~privacy, ~~significant~~and ~~cybersecurity~~research ~~incidents~~ and ~~for~~development ~~determining whether any notification or disclosure is required under applicable laws~~functions.

Third-party ~~parties~~specialists are also incorporated into our approach to cybersecurity. We engage third-party services to conduct evaluations of our security controls, whether through penetration testing, independent audits, cybersecurity maturity assessments or consulting on best practices to address current and new challenges. These evaluations include testing both the design and operational effectiveness of security controls.

We recognize a cybersecurity incident experienced by a supplier or joint venture partner could materially impact us. We assess third -party cybersecurity controls as part of our third -party IT risk due diligence and engage in cybersecurity consultant-led solution design reviews when integrating new tools or third parties. We contractually require third parties to report cybersecurity incidents to us so we can assess the impact of the incident and any necessary regulatory reporting obligations that may be required.

Notwithstanding our risk management efforts related to cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material or other adverse effect on us. See Item 1A. “Risk Factors” for a discussion of our information technology and cybersecurity risks.

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ITEM 2. PROPERTIES.

We manufacture our products in 5553 manufacturing facilities located around the world, including 18 plants in the United States.

AMERICAS MANUFACTURING FACILITIES. Americas owns or leases and operates 28 manufacturing facilities in 7 countries, including:

•

16 tire plants,

•

4 chemical plants,

•

3 tire manufacturing equipment plants,

•

2 tire retread plants,

•

2 aviation retread plants, and

•

1 mix plant.

EUROPE, MIDDLE EAST AND AFRICA MANUFACTURING FACILITIES. EMEA owns or leases and operates 17 manufacturing facilities in 9 countries, including:

•

15 tire plants,

•

1 tire retread plant, and

•

1 aviation retread plant.

ASIA PACIFIC MANUFACTURING FACILITIES. Asia Pacific owns and operates 108 manufacturing facilities in 64 countries, including 97 tire plants and 1 aviation retread plant.

PLANT UTILIZATION. Our worldwide tire capacity utilization rate was approximately 8183% during ~~2023~~2024 compared to approximately 8981% in ~~2022~~2023 and 8789% in ~~2021~~2022. Our utilization rate can vary significantly between product lines, depending on the complexity of the tires, and between consumer and commercial tires, and can also vary between business segments. The reported capacity utilization is an overall average for the Company. In addition to the impact of a storm on production at our tire manufacturing facility in Tupelo, Mississippi ("Tupelo") in 2023, we reduced utilization in 2023 and 2024 to address softening industry demand and prevent the buildup of excess inventory.

OTHER FACILITIES. We also own and operate three research and development facilities and technical centers, ~~three~~two development centers, one innovation lab, and seven tire proving grounds. We lease our Corporate and Americas headquarters and our research and development facility and technical center in Akron, Ohio. We operate approximately ~~950~~800 retail outlets for the sale of our tires to consumer and commercial customers, approximately 4035 tire retreading facilities and approximately ~~300~~350 warehouse distribution facilities. Substantially all of these facilities are leased. We do not consider any one of these leased properties to be material to our operations. For additional information regarding leased properties, refer to Notes to the Consolidated Financial Statements No. 1413, Property, Plant and Equipment, and No. 1514, Leases. Certain of our manufacturing facilities are mortgaged as collateral for our secured credit facilities. Refer to Note to the Consolidated Financial Statements No. 1615, Financing Arrangements and Derivative Financial Instruments.

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ITEM 3. LEGAL PROCEEDINGS.

Asbestos Litigation

We are currently one of numerous defendants in legal proceedings in certain state and federal courts involving approximately 35,~~800~~400 claimants at December 31, ~~2023~~2024 relating to their alleged exposure to materials containing asbestos in products allegedly manufactured by us or asbestos materials present at our facilities. We manufactured, among other things, rubber coated asbestos sheet gasket materials from 1914 through 1973 and aircraft brake assemblies containing asbestos materials prior to 1987. Some of the claimants are independent contractors or their employees who allege exposure to asbestos while working at certain of our facilities. It is expected that in a substantial portion of these cases there will be no evidence of exposure to a Goodyear manufactured product containing asbestos or asbestos in our facilities. The amount expended by us and our insurers on defense and claim resolution was $1514 million during ~~2023~~2024. The plaintiffs in the pending cases allege that they were exposed to asbestos and, as a result of such exposure, suffer from various respiratory diseases, including in some cases mesothelioma and lung cancer. The plaintiffs are seeking unspecified actual and punitive damages and other relief. For additional information on asbestos litigation, refer to Note to the Consolidated Financial Statements No. 2019, Commitments and Contingent Liabilities.

European Commission Antitrust Investigation

On January 30, 2024, the European Commission carried out unannounced inspections at the premises of companies active in the tire industry in several Member States in the European Union in connection with an investigation into potential violations of European Union antitrust rules with respect to new replacement tires for passenger cars, vans, trucks and busses sold in the European Economic Area. ~~Goodyear~~We ~~was~~were one of the companies that was inspected. We are cooperating with the European Commission’s investigation.

In addition, ~~several~~a number of civil lawsuits have been subsequently filed in the United States and elsewhere against companies active in the tire industry, including ~~the Company~~us, alleging violations of antitrust laws with respect to new replacement tires for passenger cars, vans, trucks and busses sold in the relevant jurisdictions, and similar additional lawsuits could be brought against us in the future. The U.S. lawsuits have been transferred to a multidistrict litigation in the U.S. District Court for the Northern District of Ohio. We intend to defend these lawsuits, the ultimate outcome of which cannot be predicted at this time.

Other Matters

In addition to the legal proceedings described above, various other legal actions, indirect tax assessments, claims and governmental investigations and proceedings covering a wide range of matters are pending against us, including claims and proceedings relating to several waste disposal sites that have been identified by the United States Environmental Protection Agency and similar agencies of various states for remedial investigation and cleanup, which sites were allegedly used by us in the past for the disposal of industrial waste materials. Based on available information, we do not consider any such action, assessment, claim, investigation or proceeding to be material, within the meaning of that term as used in Item 103 of Regulation S-K and the instructions thereto. For additional information regarding our legal proceedings, refer to Note to the Consolidated Financial Statements No. 2019, Commitments and Contingent Liabilities.

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PART II.

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

The principal market for our common stock is the Nasdaq Global Select Market (Stock Exchange Symbol: GT). At December 31, ~~2023~~2024, there were 109,~~337~~120 holders of record of the ~~283~~284,~~786~~974,263 shares of our common stock then outstanding.

Set forth in the table below is certain information regarding the number of shares of our common stock that were subject to outstanding stock options or other compensation plan awards at December 31, ~~2023~~2024.

Plan Category	Number of Shares to beIssued upon Exercise ofOutstanding Options,Warrants and Rights		Weighted AverageExercise Price ofOutstanding Options,Warrants and Rights		Number of SharesRemaining Available forFuture Issuance underEquity CompensationPlans (Excluding SharesReflected in Column (a))
	(a)
Equity compensation plans approved by shareholders		53,~~064~~837,~~815~~588	$	1716.7400		1812,~~710~~991,~~713~~397	(1)
Equity compensation plans not approved by shareholders		—		—		—
Total		53,~~064~~837,~~815~~588	$	1716.7400		1812,~~710~~991,~~713~~397

(1)

Under our equity compensation plans, up to a maximum of 1,~~718~~815,~~593~~533 performance shares in respect of performance periods ending on or subsequent to December 31, ~~2023~~2024, 103,492 shares of restricted stock and 12,~~402~~579,~~131~~631 restricted stock units have been awarded. In addition, up to ~~593~~516 shares of common stock may be issued in respect of the deferred payout of awards made under our equity compensation plans. The number of performance shares indicated assumes the maximum possible payout that may be earned during the relevant performance periods.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

All per share amounts are diluted and refer to Goodyear net income.

OVERVIEW

The Goodyear Tire & Rubber Company is one of the world’s leading manufacturers of tires, with one of the most recognizable brand names in the world and operations in most regions of the world. We have a broad global footprint with 5553 manufacturing facilities in 2220 countries, including the United States. We operate our business through three operating segments representing our regional tire businesses: Americas; ~~Europe, Middle East and Africa ("~~EMEA"); and Asia Pacific.

This management's discussion and analysis provides comparisons of material changes in the consolidated financial statements for the years ended December 31, ~~2023~~2024 and ~~2022~~2023. For a comparison of the years ended December 31, ~~2022~~2023 and ~~2021~~2022, refer to Management's Discussion and Analysis of Financial Condition and Results of Operations included in our annual report on Form 10-K for the year ended December 31, ~~2022~~2023.

~~On November 15, 2023, we announced a transformation plan,~~ Goodyear Forward, that is intended to optimize our portfolio of products, deliver segment margin expansion and reduce our leverage in order to drive sustainable, long-term shareholder value creation. Optimization of our portfolio consists of a strategic review of three major asset groups: our chemical operations which produces synthetic rubber and other chemical products from four plants in our Americas segment, the Dunlop brand for which we own rights in certain markets throughout the world, but is primarily used in our EMEA segment, and our off-the-road tire product operations. Our plans for margin expansion include brand optimization and tiering to capitalize on premium tire pricing and volume and a reduction of our overall exposure related to lower-tiered products either through margin expansion or product line rationalization. Our plans for margin expansion also include a reduction of our cost structure by $1 billion, including actions related to our manufacturing footprint, plant optimization, further improvement of our purchasing leverage, reduction of Selling Administrative and General expenses (“SAG”) and improvements in our supply chain planning and logistics. We anticipate the accumulated benefit of these actions will improve our segment operating margin to 10% by the end of 2025.

AsOn ~~part~~November of15, ~~the~~2023, ~~Goodyear~~we ~~Forward~~announced a transformation plan, onGoodyear ~~November 15~~Forward, ~~2023~~that is intended to optimize our portfolio of products, wedeliver ~~approved~~segment aoperating ~~rationalization~~margin ~~plan~~expansion and reduce our leverage in ~~EMEA~~order to ~~permanently~~drive ~~close~~sustainable, long-term shareholder value creation. Optimization of our ~~Fulda,~~portfolio ~~Germany~~consisted ~~tire~~of ~~manufacturing~~a ~~facility~~strategic ~~(“Fulda”)~~review of three major asset groups: our chemical operations which produces synthetic rubber and other chemical products in our ~~Fürstenwalde~~Americas segment, ~~Germany~~the ~~tire~~Dunlop ~~manufacturing~~brand ~~facility~~for ~~(“Fürstenwalde”).~~which ~~This~~we ~~plan~~own ~~amends~~rights ~~and~~in ~~replaces~~certain markets throughout the ~~plan~~world, ~~that~~but ~~was~~is ~~previously~~primarily ~~approved~~used onin ~~May~~our 31EMEA segment, ~~2023~~and our global OTR tire business. Our plans for margin expansion include brand optimization and tiering to ~~permanently~~capitalize ~~reduce~~on ~~production~~premium attire ~~Fulda~~pricing byand volume and a reduction of our overall exposure related to lower-tiered products either through margin expansion or product line rationalization, resulting in an expected annual run-rate benefit of approximately ~~50%~~$200 million by the end of 2025. ~~The~~Our ~~proposed~~plans ~~actions~~for ~~would~~margin ~~lead~~expansion toalso include a reduction of our cost structure by approximately $1.3 billion by the end of 2025,~~750~~ ~~positions~~including atactions ~~Fulda~~related ~~and~~to ~~Fürstenwalde.~~our Wemanufacturing ~~expect~~footprint, ~~the~~plant ~~closure~~optimization, further improvement of ~~Fulda~~our ~~will~~purchasing beleverage, ~~substantially~~reduction ~~complete~~of Selling, Administrative and General expenses (“SAG”) and improvements in ~~2025~~our supply chain planning and logistics. We anticipate the ~~closure~~accumulated benefit of ~~Fürstenwalde~~these actions will beimprove ~~substantially~~our ~~complete~~segment operating margin to approximately 10% by the end of ~~2027~~2025. ~~Relevant~~During ~~portions~~the ofyear ended December 31, 2024, the Goodyear Forward plan ~~remain~~provided ~~subject~~$480 tomillion ~~consultation~~in ~~with~~benefits ~~employee~~to ~~representative~~segment ~~bodies~~operating income.

~~Additionally~~On January 7, as2025, ~~part~~we entered into the Dunlop Purchase Agreement with SRI relating to the sale of ~~our~~the ~~transformation~~Dunlop ~~efforts~~brand in Europe, onNorth ~~September~~America 5and Oceania for consumer, ~~2023~~commercial and other specialty tires, wetogether ~~approved~~with acertain ~~rationalization~~associated intellectual property and ~~workforce~~other ~~reorganization~~intangible ~~plan~~assets, for a purchase price of $526 million. SRI will also pay us an up-front transition support fee of $105 million for our support in ~~EMEA~~transitioning the Dunlop brand, related intellectual property and Dunlop customers to ~~improve~~SRI. SRI will also acquire our ~~cost~~existing ~~structure~~Dunlop tire inventory. The ~~proposed~~Dunlop ~~actions~~Purchase ~~would~~Agreement ~~lead~~also tocontemplates entering into a ~~reduction~~number of ~~approximately~~ancillary 1agreements,~~200~~ ~~positions~~including ~~across~~(a) ~~multiple~~a ~~countries~~transition ~~within~~license ~~EMEA~~agreement, ~~while~~pursuant ~~also~~to ~~creating~~which ~~approximately~~we ~~500~~will ~~new~~continue ~~roles~~to ~~principally~~manufacture, insell ~~our~~and ~~existing~~distribute ~~shared~~Dunlop-branded ~~services~~consumer ~~organization~~tires in ~~Romania,~~Europe ~~resulting~~for in an ~~overall~~initial ~~net~~period ~~reduction~~from the closing of ~~approximately~~the ~~700~~transaction ~~positions.~~until InDecember 31, 2025, which may be extended to December 31, 2026, and during which we will pay SRI a royalty on such Dunlop sales but will otherwise retain all profits therefrom; (b) a transition offtake agreement, pursuant to which we will sell to SRI certain ~~countries~~Dunlop-branded consumer tire products for a period of up to five years, ~~relevant~~commencing ~~portions~~after termination or expiration of the ~~plan~~transition ~~remain~~license agreement, subject to ~~consultation~~the ~~with~~terms ~~employee~~and ~~representative~~conditions ~~bodies.~~set Weforth ~~expect~~therein; ~~these~~and ~~actions~~(c) we will belicense ~~substantially~~back ~~complete~~the Dunlop brand from SRI for commercial tires in ~~2025~~Europe on a long-term basis, subject to a royalty on sales. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals.

WeOn ~~anticipate~~February 3, 2025, we completed the ~~closure~~sale of ~~Fulda~~our ~~and~~OTR ~~Fürstenwalde~~tire ~~and~~business to Yokohama pursuant to the ~~rationalization~~terms ~~and~~of ~~workforce~~the ~~reorganization~~OTR ~~plan~~Purchase ~~will~~Agreement. ~~improve~~Pursuant ~~EMEA’s~~to ~~segment~~the ~~operating~~OTR ~~income~~Purchase byAgreement, ~~achieving~~Yokohama ~~annual~~acquired ~~run~~the ~~rate~~Company’s ~~savings~~OTR ofbusiness ~~approximately~~for a purchase price of $~~160~~905 million byin cash, subject to certain adjustments set forth in the ~~end~~OTR Purchase Agreement. In conjunction with the sale of ~~2025~~the ~~and~~OTR business, we entered into several ancillary agreements, including a ~~full~~product ~~run~~supply ~~rate~~agreement, ~~savings~~pursuant to which we will supply to Yokohama certain OTR tires for an initial period of ~~approximately~~up ~~$220~~to ~~million~~5 years, subject to the terms and conditions set forth therein, including an exit and asset relocation plan to be mutually agreed upon by the ~~end~~parties pursuant to which, beginning no earlier than the 2nd anniversary of ~~2027.~~closing of the transaction, the production of those OTR tires will transition to Yokohama’s facilities.

Results of Operations

~~During~~Our ~~2023, our operating~~ results ~~reflected~~for ~~the~~2024 ~~impact~~include ofa ~~the~~3.9% ~~ongoing~~decrease ~~effects of inflation and increases~~ in ~~interest rates on the global economy. While global~~ tire ~~industry~~unit ~~demand~~shipments ~~remains~~compared ~~below~~to ~~2019,~~2023 ~~the~~due ~~weakness~~to inlower ~~the~~global replacement ~~market~~tire ~~we experienced during the first half of 2023 improved during the second half of the year. Industry volumes grew in several of our markets~~volume, ~~including~~partially ~~the~~offset ~~U.S.,~~by ~~where~~growth ~~industry volume increased during the second half of the year. We saw continued improvement~~ in ~~demand from our~~ OE. ~~customers~~In ~~throughout 2023~~2024, ~~including~~we ~~growth~~experienced inapproximately ~~China.~~$220 ~~These~~million ~~trends can be seen in our operating results as operating margins improved for each~~ of ~~our~~inflationary ~~segments~~cost ~~during the second half of 2023, exceeding the margins achieved during the second half of 2022~~pressures.

~~The~~Net ~~inflationary~~sales ~~cost~~were ~~pressures~~$18,878 wemillion ~~experienced~~ in ~~the~~2024, ~~first~~compared ~~half~~to of$20,066 ~~2023~~million ~~eased~~ in ~~the~~2023. ~~second~~Net ~~half~~sales asdecreased ~~decreases~~ in ~~raw~~2024 ~~material~~due ~~and transportation costs offset inflation. However, cost pressures remain on wages and benefits as we continue~~ to ~~experience~~lower ~~increased~~tire ~~labor-related~~volume ~~costs and manufacturing inefficiencies associated with the ongoing tight labor supply, particularly~~ in ~~the~~Americas ~~U.S.~~and ~~Additionally~~EMEA, ~~energy~~global ~~costs~~declines ~~remain~~in ~~elevated~~price inand ~~EMEA,~~product ~~driven~~mix byand the ~~indirect~~negative ~~impacts~~impact of ~~the~~changes ~~war~~ in ~~Ukraine.~~foreign

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During the second quarter of 2023, a severe storm in the U.S. significantly damaged and caused the temporary shut-down of our tire manufacturing facility and adjacent warehouse in Tupelo, Mississippi. The damage to Tupelo was significant; however, we were able to restart production earlier than expected and returned to full production in the beginning of the third quarter. We estimate the negative impact of the Tupelo storm on sales in Americas for 2023 was $110 million. We estimate that the negative impact on our earnings for 2023 was $69 million ($56 million after-tax and minority). The negative impact on our earnings for 2023 included $55 million in Americas segment operating income and $14 million of corporate expense for an insurance deductible.

During the third quarter of 2023, a fire significantly damaged a portion of the tire curing area and caused the temporary shutdown of our tire manufacturing facility in Debica, Poland (“Debica”). Tire production at Debica resumed in August at approximately 55% of capacity and is currently at approximately 70% of capacity. We estimate the negative impact on our earnings during 2023 was approximately $28 million ($24 million after-tax and minority), including $10 million of corporate expense for an insurance deductible and an $18 million impact on EMEA’s segment operating income, primarily comprised of fixed costs incurred during the plant shutdown and subsequent ramp-up. There was no significant impact from lost sales during 2023 as a result of leveraging existing inventory and increasing production at other facilities.

We maintain third-party insurance coverage for property damage, repair expenses and business interruption, subject to a $15 million deductible for each of the events at Tupelo and Debica. While we expect to be reimbursed for a significant portion of our business interruption impacts for Tupelo and Debica by our third-party insurance coverage, consistent with past practice, we will record a receivable related to the business interruption once the claim is substantially complete.

During 2023, in order to address softening industry demand and prevent the buildup of excess inventory, we reduced production at many of our tire manufacturing facilities, resulting in a reduction of 14.2 million units compared to production in 2022, primarily in Americas and EMEA. Decisions to change production levels in the future will be based on an evaluation of market demand signals and inventory and supply levels, as well as the availability of sufficient qualified labor.

Our results for 2023 include a 6.1% decrease in tire unit shipments compared to 2022, primarily due to lower global replacement tire volume, partially offset by growth in OE, primarily in Asia Pacific and EMEA. In 2023, we realized approximately $394 million of additional costs related to inflation and other cost pressures.

Net sales were $20,066 million in 2023, compared to $20,805 million in 2022. Net sales decreased in 2023 due to lower tire volume, primarily in Americas and EMEA, partially offset by higher tire volume in Asia Pacific, unfavorable foreign currency translation, driven by the strengthening of the U.S. dollar, a decrease in sales in other tire-related businesses, primarily related to a decrease in third-party chemical sales in Americas and retread sales in EMEA, partially offset by higher global aviation sales and growth in EMEA's Fleet Solutions, and the negative impact of the Tupelo storm on sales. These decreases were partially offset by global improvements in price and product mix.

Goodyear net loss in 2023 was $689 million, or $2.42 per share, compared to net income of $202 million, or $0.71 per share, in 2022. The change in Goodyear net income (loss) was primarily due to higher rationalization charges, lower segment operating income, a non-cash goodwill impairment charge, higher interest expense and higher other expense. These decreases were partially offset by lower U.S. and Foreign Tax Expense driven by the pre-tax loss.

Our total segment operating income for 2023 was $968 million, compared to $1,276 million in 2022. The $308 million decrease was primarily due to increased conversion costs of $599 million driven by the effect of decreased tire production on fixed cost absorption, inflation and higher energy costs, lower tire volume of $250 million, primarily in Americas and EMEA, a $55 million negative impact due to the Tupelo storm, an increase in SAG of $30 million, unfavorable foreign currency translation of $23 million driven by the strengthening of the U.S. dollar, and an $18 million negative impact due to the Debica fire. These decreases were partially offset by global improvements in price and product mix of $579 million, lower raw material costs of $67 million, and lower research and development costs of $25 million. Refer to "Results of Operations — Segment Information" for additional information.

Liquidity

At December 31, 2023, we had $902 million of Cash and Cash Equivalents as well as $4,247 million of unused availability under our various credit agreements, compared to $1,227 million and $4,035 million, respectively, at December 31, 2022. The decrease in cash and cash equivalents of $325 million was primarily due to capital expenditures of $1,050 million, net debt repayment of $343 million and loans to TireHub, LLC of $79 million, partially offset by cash provided by operating activities of $1,032 million and cash proceeds from asset sales of $115 million, primarily related to sale and leaseback transactions in Americas. Cash provided by operating activities reflects the net loss for the period of $687 million, which includes non-cash charges for depreciation and amortization of $1,001 million, non-cash rationalization charges of $502 million and a non-cash goodwill impairment charge of $230 million, partially offset by a non-cash gain on asset sales of $104 million, primarily related to the Americas sale and leaseback transactions. Operating activities also includes cash provided by working capital of $299

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exchange ~~million~~rates globally, driven by the strengthening of the U.S. dollar. These decreases were partially offset by ~~rationalization~~the ~~payments~~negative ofimpact ~~$99~~on ~~million~~sales ~~and~~in ~~pension~~2023 ~~contributions~~caused ofby ~~$54~~a ~~million~~severe storm in the U.S. ~~Refer~~that tosignificantly ~~"Liquidity~~damaged our tire manufacturing facility and ~~Capital~~adjacent ~~Resources~~warehouse in Tupelo, Mississippi (the "Tupelo ~~for~~storm") ~~additional~~and ~~information~~an increase in sales in other tire-related businesses, primarily due to Fleet Solutions in EMEA and higher third-party chemical sales in Americas.

Goodyear net income in 2024 was $70 million, or $0.24 per share, compared to a net loss of $689 million, or $2.42 per share, in 2023. The change in Goodyear net income (loss) was primarily due to lower rationalization charges, higher segment operating income, lower impairment charges and lower other expense. These increases were partially offset by higher U.S. and Foreign Tax Expense.

Our total segment operating income for 2024 was $1,318 million, compared to $968 million in 2023. The $350 million increase was primarily due to benefits from the Goodyear Forward plan of $480 million, lower raw material costs of $289 million, a benefit of $92 million from insurance proceeds for business interruptions and property damage resulting from storm damage events in prior years, $55 million related to the 2023 negative impact of the Tupelo storm, a benefit from insurance recoveries of $50 million related to a fire in the third quarter of 2023 that significantly damaged and caused a temporary shutdown of our tire manufacturing facility in Debica, Poland ("Debica"), partially offset by the continued impact of the fire on Debica fixed costs incurred during ramp-up of $20 million, lower transportation costs of $35 million, a favorable tax item in Brazil of $8 million and a decrease in SAG of $28 million. These decreases were partially offset by increased conversion costs of $318 million, driven by inflation, declines in price and product mix of $203 million, primarily in Americas and EMEA and lower tire volume of $185 million, primarily in Americas and EMEA. Refer to "Results of Operations — Segment Information" for additional information.

Liquidity

At December 31, 2024, we had $810 million of Cash and Cash Equivalents as well as $3,555 million of unused availability under our various credit agreements, compared to $902 million and $4,247 million, respectively, at December 31, 2023. The decrease in cash and cash equivalents of $92 million was primarily due to capital expenditures of $1,188 million, partially offset by cash provided by operating activities of $698 million, net borrowings of $264 million, cash proceeds from asset sales of $115 million and insurance recoveries for damaged property, plant and equipment of $62 million. Cash provided by operating activities reflects the net income for the period of $60 million, which includes non-cash charges for depreciation and amortization of $1,049 million, a non-cash impairment charge of $125 million, non-cash rationalization charges of $86 million, a non-cash gain on asset sales of $93 million, primarily related to the sale of a distribution center in Germany, and a non-cash gain on insurance recoveries of $75 million. Operating activities also include rationalization payments of $198 million, cash used for working capital of $82 million and pension contributions and direct payments of $69 million. Net cash provided by financing activities was $225 million, primarily due to net borrowings of $264 million. Refer to "Liquidity and Capital Resources" for additional information.

Outlook

In ~~November~~the ~~2023~~first quarter of 2025, we ~~announced~~expect aour ~~transformation~~unit ~~plan,~~volume ~~Goodyear~~will ~~Forward~~decline, driven by relatively high third-party channel inventories related to ~~optimize~~pre-buy ~~our~~of ~~portfolio,~~low-end ~~deliver~~imported ~~significant~~consumer ~~margin~~replacement ~~expansion~~products ~~and~~in ~~reduce~~the ~~leverage~~U.S. toand ~~drive~~lower ~~substantial~~consumer ~~shareholder~~and ~~value~~commercial ~~creation~~OE production globally. ~~During~~We ~~2023,~~expect weour ~~began~~global ~~laying~~tire unit volume in the ~~foundation~~first quarter of 2025 to ~~drive~~be lower compared to the ~~execution~~first quarter of ~~that~~2024 ~~plan~~by approximately 2% to 3%. We also expect ~~this~~unabsorbed ~~plan~~overhead to ~~benefit~~be ~~segment~~approximately ~~operating~~$25 ~~income~~million byhigher ~~approximately~~in ~~$350~~the ~~million~~first quarter of 2025 compared to the first quarter of 2024 due to lower production in the fourth quarter of 2024.

InAs ~~the~~we ~~first~~continue ~~quarter~~to ofmake ~~2024~~progress on our Goodyear Forward transformation plan, we expect ~~our~~first ~~tire~~quarter ~~volume~~benefits ~~will~~from bethe ~~down~~program ~~slightly,~~of ~~driven~~approximately by$200 ~~consumer~~million and ~~commercial~~full ~~replacement~~year benefits of approximately $750 million in ~~Americas~~segment ~~and~~operating ~~EMEA~~income in 2025. ~~This~~The ~~volume~~expected ~~decrease~~impact ~~will~~of bethe ~~partially~~sale ~~offset~~of bythe ~~growth~~OTR intire ~~Asia~~business ~~Pacific~~on ~~replacement~~our ~~and~~segment OEoperating ~~volume~~income, ~~driven~~inclusive byof stranded costs, is approximately $20 million and $80 million for the ~~continued~~first ~~benefits~~quarter ofand ~~new~~full OEyear ~~fitment~~of ~~wins.~~2025, respectively.

We expect ~~our~~approximately ~~raw~~$175 ~~material~~million ~~costs~~of toraw bematerial ~~lower~~headwinds ~~by approximately $245 million~~ in the first quarter of ~~2024~~2025 compared to the first quarter of ~~2023~~2024. WeThese ~~anticipate~~headwinds ~~price~~are ~~and~~expected ~~product~~to ~~mix, when netted with the lower raw material costs, will~~ be apartially ~~benefit~~offset ofby approximately $~~115~~65 million ~~in the first quarter~~ of ~~2024.~~favorable ~~Price~~price and product mix ~~are~~driven ~~expected~~by topreviously ~~reflect~~implemented ~~lower~~pricing ~~selling~~actions ~~prices to customers with contractual raw material index adjustments~~ and ~~the~~customer ~~continuing~~contracts ~~negative~~indexed ~~impact~~to ofchanges ~~lower~~in ~~commercial~~raw ~~tire volume~~materials. Natural and synthetic rubber prices and other commodity prices historically have been volatile, and our raw material costs could change based on future cost fluctuations and changes in foreign exchange rates. We continue to focus on price and product mix, to substitute lower cost materials where possible, to work to identify additional substitution opportunities, to reduce the amount of material required in each tire, and to pursue alternative raw materials to minimize the impact of higher raw material costs.

~~Additionally, we expect cost pressures to persist in the first quarter of 2024.~~ We expect ~~the negative impact on segment operating income from~~ non-raw material inflation and other costs, ~~will~~net of other expected cost improvements, to be approximately $2575 million ~~compared~~higher ~~with~~in the first quarter of ~~2023.~~2025 ~~Separate~~when ~~from~~compared with the ~~impact of inflation on our~~ first quarter ~~2024 results, we expect savings~~ of ~~approximately $50 million from initiatives underway as part of our Goodyear Forward plan~~2024. We ~~also~~continue ~~expect~~to ~~the~~focus ~~lower~~on ~~production~~actions ~~levels~~to inoffset ~~the~~costs ~~fourth~~other ~~quarter~~than ofraw ~~2023~~materials asthrough acost ~~result~~savings ofinitiatives, ~~the~~including ~~fire~~initiatives inrelated ~~Debica~~to ~~will~~the ~~negatively~~Goodyear ~~impact~~Forward ~~our~~plan, ~~EMEA~~rationalization ~~segment~~actions ~~operating~~and ~~results~~improvements ~~by approximately $15 million~~ in ~~the~~price ~~first~~and ~~quarter~~product ~~of 2024~~mix.

We continue to focus on actions to offset costs other than raw materials through cost savings initiatives, including initiatives related to the Goodyear Forward plan, rationalization actions, and improvements in price and product mix. For the full year of 2024, we anticipate incurring approximately $100 million of advisory, legal and consulting fees and other costs associated with asset sales in connection with our Goodyear Forward plan.

For the full year of 2024, we expect working capital to be flat as compared to 2023. We anticipate our capital expenditures will be $1.2 billion to $1.3 billion, excluding repairs related to the Tupelo tornado and the Debica fire, which we expect to be funded by insurance claim recoveries. We anticipate our cash flows will include rationalization payments of approximately $300 million, as we continue to implement elements of our Goodyear Forward plan and improve our cost structure.

Refer to "Item 1A. Risk Factors" for a discussion of the factors that may impact our business, results of operations, financial condition or liquidity and "Forward-Looking Information — Safe Harbor Statement" for a discussion of our use of forward-looking statements.

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For the full year of 2025, we expect working capital to be a $100 million to $150 million source of operating cash flows. We anticipate our capital expenditures to be approximately $950 million. We anticipate our cash flows will include rationalization payments of approximately $400 million, as we continue to implement elements of our Goodyear Forward plan to improve our cost structure.

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RESULTS OF OPERATIONS — CONSOLIDATED

Goodyear net ~~loss~~income in ~~2023~~2024 was $~~689~~70 million, or $20.4224 per share, compared to a net ~~income~~loss of $~~202~~689 million, or $02.7142 per share, in ~~2022~~2023. The change in Goodyear net income (loss) was primarily due to ~~higher~~lower rationalization charges, ~~lower~~higher segment operating income, alower ~~non-cash goodwill~~ impairment ~~charge,~~charges ~~higher interest expense~~ and ~~higher~~lower other expense. These ~~decreases~~increases were partially offset by ~~lower~~higher U.S. and Foreign Tax Expense ~~driven by the pre-tax loss~~.

Net Sales

Net sales in ~~2023~~2024 of $2018,~~066~~878 million decreased $~~739~~1,188 million, or 35.69%, compared to $20,~~805~~066 million in ~~2022~~2023, ~~primarily~~ due to lower tire volume of $~~1,053~~900 million, ~~representing~~primarily ~~lower tire volume~~ in Americas and EMEA, ~~partially~~global ~~offset~~declines byin ~~higher~~price ~~tire~~and ~~volume~~product inmix ~~Asia~~of ~~Pacific,~~$349 ~~unfavorable~~million and the negative impact of changes in foreign ~~currency~~exchange ~~translation~~rates globally of $~~169~~192 million, driven by the strengthening of the U.S. dollar, apartially ~~decrease~~offset inby ~~sales~~the inunfavorable ~~other~~impact ~~tire-related businesses~~ of ~~$110~~the ~~million,~~Tupelo ~~primarily~~storm ~~due~~on tosales ~~a decrease~~ in ~~third-party~~2023 ~~chemical~~of ~~sales~~$110 inmillion ~~Americas~~ and ~~lower~~an ~~retread~~increase ~~sales~~ in ~~EMEA, partially offset by higher global aviation~~ sales ~~and growth~~ in ~~EMEA's~~other ~~Fleet~~tire-related ~~Solutions,~~businesses ~~and the unfavorable impact~~ of ~~the Tupelo storm of~~ $~~110~~91 million., ~~These~~primarily ~~decreases~~due ~~were~~to ~~partially~~Fleet ~~offset~~Solutions ~~by global improvements~~ in ~~price~~EMEA and ~~product~~higher ~~mix~~third-party ofchemical ~~$696~~sales ~~million~~in Americas. Goodyear worldwide tire unit net sales were $1715,~~288~~993 million and $17,~~886~~288 million in ~~2023~~2024 and ~~2022~~2023, respectively. Consumer and commercial net sales were $12,~~894~~303 million and $3,~~731~~247 million in ~~2023~~2024, respectively. Consumer and commercial net sales were $1312,~~163~~894 million and $43,~~205~~731 million in ~~2022~~2023, respectively.

The following table presents our tire unit sales for the periods indicated:

	Year Ended December 31,
(In millions of tires)	~~2023~~2024		~~2022~~2023		% Change
Replacement Units
United States		5852.18		6258.31		(69.71	)%
International		7267.19		8172.61		(115.68	)%
Total		~~130~~120.27		~~143~~130.92		(97.53	)%
OE Units
United States		9.46		109.34		(82.71	)%
International		3336.73		3033.37		117.27	%
Total		4345.19		4043.61		6.3	%
Goodyear worldwide tire units		~~173~~166.36		~~184~~173.53		(63.19	)%

The decrease in worldwide tire unit sales of 116.27 million units, or 63.19%, compared to ~~2022~~2023, included a decrease of 139.75 million replacement tire units, or 97.53%, reflecting decreases in each region. OE tire units increased by 2.58 million units, or 6.3%, reflecting ~~share~~an ~~gains~~increase ~~from~~in ~~new~~EV OE fitments in Asia Pacific ~~and EMEA and continued recovery of OE vehicle production in 2023~~. Consumer and commercial unit sales in ~~2023~~2024 were ~~159~~154.40 million and 1210.19 million, respectively. Consumer and commercial unit sales in ~~2022~~2023 were ~~169~~159.04 million and 1312.61 million, respectively.

Cost of Goods Sold

Cost of Goods Sold ("CGS") was $1615,~~557~~176 million in ~~2023~~2024, decreasing $~~396~~1,381 million, or 28.3%, from $16,~~953~~557 million in ~~2022~~2023. CGS was 8280.54% of sales in ~~2023~~2024 compared to 8182.5% of sales in ~~2022~~2023. CGS in ~~2023~~2024 decreased primarily due to lower tire volume of $~~803~~715 million, ~~lower~~savings ~~costs~~related into ~~other~~the ~~tire-related~~Goodyear ~~businesses~~Forward plan of $~~136~~335 million, ~~driven~~lower byraw amaterial ~~decrease~~costs inof ~~third-party~~$289 ~~chemical sales in Americas~~million, foreign currency translation of $~~129~~154 million, driven by the strengthening of the U.S. dollar, lower ~~raw~~costs ~~material~~related ~~costs~~to product mix of $67146 million globally, ~~primarily~~a inbenefit ~~Americas,~~of a$92 million ($5569 million ~~net~~after-tax ~~reduction~~and asminority) afrom ~~result~~insurance ofproceeds ~~the~~for ~~Tupelo~~property ~~storm,~~damage and business interruptions resulting from storm damage events in Americas in prior years, a benefit of $526 million ($417 million after-tax and minority) ~~reversal~~from ofinsurance arecoveries ~~portion~~related ofto the ~~estimated~~fire ~~cleanup~~at our Debica, Poland tire manufacturing facility, net of fixed costs ~~associated~~incurred ~~with~~during the ~~permanent~~ramp-up ~~closure~~ of ~~Gadsden~~the facility, and a favorable $8 million ($6 million after-tax and minority) tax item in Brazil. These decreases were partially offset by higher conversion costs of $~~599~~318 million, driven by inflation and the effect of ~~decreased~~lower tire production on fixed cost absorption, ~~inflation~~an ~~and~~increase ~~higher~~in ~~energy~~accelerated ~~costs,~~depreciation ~~higher~~and ~~costs~~asset ~~related~~write-offs ~~to product mix~~ of $~~117~~70 million, primarily inrelated ~~Americas,~~to anthe ~~increase~~announced plant closures in ~~accelerated~~Asia ~~depreciation~~Pacific and ~~asset~~EMEA, ~~write~~higher costs in other tire-~~offs~~related business of $3764 million, ~~primarily~~driven ~~for~~by ~~rationalization~~Fleet ~~activities~~Solutions in EMEA and higher third-party chemical sales in Americas, and a $73 million ($53 million after-tax and minority) ~~estimated cleanup~~ charge ~~associated~~related ~~with~~to a ~~previously~~flood ~~closed~~in ~~Goodyear~~South ~~location~~Africa.

CGS in 2024 and 2023 included pension expense of $15 million ~~compared to $22 million in 2022~~. CGS in 2023 also included the favorable impact of a successful legal claim of $3 million ($3 million after-tax and minority) related to a 2005 warehouse fire in Spain. ~~CGS in 2022 also included a gain of $7 million ($6 million after-tax and minority) in Americas related to insurance recoveries.~~

Selling, Administrative and General Expense

SAG was $2,~~814~~782 million in ~~2023~~2024, ~~increasing~~decreasing $1632 million, or 01.61%, from $2,~~798~~814 million in ~~2022~~2023. SAG was 14.07% of sales in ~~2023~~2024 compared to 1314.40% of sales in ~~2022~~2023. SAG ~~increased~~decreased primarily due to ~~the~~lower ~~impact~~wages and benefits of ~~inflation~~$92 onmillion ~~costs~~driven by Goodyear Forward savings and lower incentive compensation, lower advertising costs of $3526 million (and lower foreign currency translation of $2622 million. ~~after~~These decreases were partially offset by higher asset write-~~tax~~offs, accelerated depreciation and ~~minority)~~accelerated lease costs of $40 million. SAG in 2024 also included costs related to the Goodyear Forward plan, ~~primarily consisting~~ of ~~advisory,~~$105 ~~legal and~~

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~~consulting~~million ~~fees incurred to support development and execution of the plan, including costs associated with planned asset sales. These increases were partially offset by lower advertising costs of~~ ($2880 million, ~~lower~~after-tax ~~accelerated depreciation~~ and ~~asset~~minority) ~~write-off~~compared ~~charges~~to of $2835 million, ~~foreign currency translation of~~ ($1726 million, ~~primarily~~after-tax ~~in EMEA~~ and ~~Asia~~minority) ~~Pacific~~in 2023, ~~driven~~primarily byconsisting ~~the strengthening~~ of ~~the U.S. dollar~~advisory, ~~and~~legal ~~recoveries of previously written-off accounts receivable~~ and ~~other~~consulting ~~assets~~fees ~~related~~incurred to ~~our~~support ~~exited~~development ~~business~~and inexecution ~~Russia~~ of ~~$10~~the ~~million.~~plan, ~~SAG~~including incosts ~~2023~~associated ~~included~~with ~~pension~~planned ~~expense~~asset ~~of $11 million compared to $15 million in 2022~~sales. ~~SAG in 2023 included incremental savings from rationalization plans of $50 million compared to $12 million in 2022.~~

~~CGS and~~ SAG in 2024 and 2023 included ~~$46~~pension ~~million~~expense (of $4211 million. ~~after-tax~~SAG ~~and~~in ~~minority)~~2024 ofincluded ~~accelerated~~incremental ~~depreciation~~savings ~~and~~from ~~asset~~rationalization ~~write-offs~~plans ~~and~~of $1046 million ~~($10~~compared ~~million after-tax and minority) of recoveries of previously written-off accounts receivable and other assets related~~ to ~~our~~$50 ~~exited~~million ~~business~~ in ~~Russia, respectively, which related to rationalization activities~~2023.

CGS and SAG in ~~2022~~2024 included $9146 million ~~and~~ ($28126 million, ~~respectively,~~after-tax and minority) of asset write-offs, accelerated depreciation and ~~asset~~accelerated ~~write-offs~~lease charges, primarily related to plant closures in Asia Pacific and EMEA, closure of ~~which~~a ~~$30~~development ~~million~~center ~~($27~~in ~~million~~the ~~after-tax~~U.S. and ~~minority)~~the ~~related~~exit toof ~~rationalization~~our ~~activities~~retail operations in Australia and New Zealand.

CGS and SAG in 2023 included $46 million ($42 million after-tax and minority) of accelerated depreciation and asset write-offs and $10 million ($10 million after-tax and minority) of recoveries of previously written-off accounts receivable and other assets related to our exited business in Russia, which related to rationalization activities.

Rationalizations

We recorded net rationalization charges of $86 million ($72 million after-tax and minority) in 2024. Net rationalization charges include $52 million related to the proposed plan to close our tire manufacturing facilities in Fulda and Fürstenwalde, Germany, $15 million related to the workforce reorganization plan in EMEA, $15 million related to the opening of a shared service center in Costa Rica, the exit of certain Commercial Tire and Service Center locations and global SAG, $12 million related to the closure of our tire manufacturing facility in Malaysia, $11 million related to the closure of our tire manufacturing facility in Melksham, United Kingdom, $4 million related to the closure of certain retail and warehouse locations in Americas, $3 million related to the permanent closure of our Gadsden, Alabama tire manufacturing facility, $3 million related to the global rationalization and workforce reorganization plan and $3 million related to the plan to streamline our EMEA distribution network. These charges were partially offset by reversals of $45 million, primarily related to voluntary attrition in our workforce reorganization plan in EMEA.

We recorded net rationalization charges of $502 million ($436 million after-tax and minority) in 2023. Net rationalization charges include $250 million related to the proposed plan to close Fulda and Fürstenwalde, $166 million for the proposed rationalization and workforce reorganization plan in EMEA, $21 million for the plan to improve profitability in our Australia and New Zealand operations, and $18 million related to the plan to streamline our EMEA distribution network.

WeUpon ~~recorded~~completion ~~net rationalization charges~~ of ~~$129~~new ~~million~~plans ~~($120~~initiated ~~million after-tax and minority)~~ in ~~2022.~~2024, ~~Net~~we ~~rationalization~~estimate ~~charges~~that ~~include~~annual ~~$37~~segment ~~million~~operating ~~for~~income ~~the~~will ~~plan~~improve ~~primarily~~by toapproximately ~~reduce salaried staff globally,~~ $3470 million ~~for~~(approximately ~~the plan to close Cooper Tire's Melksham, United Kingdom facility,~~ $2440 million ~~for a plan to reduce duplicative global~~ SAG ~~headcount~~ and ~~close~~approximately ~~redundant warehouse locations in Americas as part of the integration of Cooper Tire,~~ $1630 million ~~related~~CGS). toThe ~~the~~savings ~~permanent~~realized ~~closure~~in of2024 ~~our~~from ~~tire~~rationalization ~~manufacturing~~plans ~~facility~~totaled inapproximately ~~Gadsden, Alabama, and~~ $1460 million ~~related~~(primarily ~~to the exit of our retail operations in South Africa~~SAG).

~~Upon~~For ~~completion~~further ~~of new plans initiated in 2023~~information, werefer ~~estimate~~to ~~that~~Note ~~annual~~to ~~segment~~the ~~operating~~Consolidated ~~income~~Financial ~~will~~Statements ~~improve by approximately $320 million (approximately $200 million SAG and approximately $120 million CGS)~~No. ~~The~~3, ~~savings~~Costs ~~realized~~Associated inwith ~~2023~~Rationalization ~~from rationalization plans totaled approximately $50 million (primarily SAG)~~Programs.

~~For~~Goodwill ~~further~~and ~~information,~~Intangible ~~refer~~Asset ~~to Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs.~~Impairment

During 2024, we recorded a non-cash impairment charge of $125 million ($94 million after-tax and minority) primarily related to our lower tier indefinite-lived intangible assets related to the acquisition of Cooper Tire as a result of increased competition from lower tier imports in the market. During 2023, we recorded a non-cash impairment charge of $230 million ($216 million after-tax and minority) to write off all of the goodwill of our EMEA reporting unit. For further information, refer to "Critical Accounting Policies - Goodwill ~~Impairment~~and Intangible Assets" and Notes to the Consolidated Financial Statements No. 11, Goodwill and Intangible Assets, in this Form 10-K.

During 2023, we recorded a non-cash impairment charge of $230 million ($216 million after-tax and minority) to write off all of the goodwill of our EMEA reporting unit. For further information, refer to "Critical Accounting Policies - Goodwill and Intangible Assets" and Notes to the Consolidated Financial Statements No. 12, Goodwill and Intangible Assets, in this Form 10-K.

Interest Expense

Interest expense was $~~532~~522 million in ~~2023~~2024, ~~increasing~~decreasing $8110 million from $~~451~~532 million in ~~2022~~2023. The ~~increase~~decrease was primarily due to aan ~~higher~~increase ~~average~~in ~~debt~~capitalized ~~balance~~interest of $~~8,561~~9 million ~~in 2023 compared to $8,266 million in 2022 and a higher average interest rate of 6~~.~~21% in 2023 compared to 5.46% in 2022.~~

Other (Income) Expense

Other (Income) Expense was $~~108~~32 million and $75108 million of expense in ~~2023~~2024 and ~~2022~~2023, respectively. The $3376 million ~~increase~~decrease in expense was primarily due to a $7578 million net ~~increase~~decrease in foreign currency exchange losses, ~~primarily~~driven ~~due~~by tofluctuations ~~the~~in ~~weakening of~~ the Argentine peso, ~~partially~~and ~~offset~~the byTurkish anlira, ~~increase~~a innet ~~interest~~decrease ~~income~~in ofnon-service ~~$50~~related ~~million,~~pension ~~primarily~~and inother ~~Argentina,~~postretirement ~~and~~benefits acost of $1949 million ~~increase~~primarily indue ~~fees related~~ to ~~accounts~~settlement ~~receivable~~credits ~~factoring~~of ~~programs~~$3 ~~driven~~million by($2 ~~higher~~million ~~interest~~after-tax ~~rates.~~and ~~Additionally,~~minority) ~~the~~in ~~change~~2024 incompared ~~Other~~to ~~(Income)~~pension ~~Expense~~settlement ~~reflects~~charges of $3140 million ($2430 million after-tax and minority) ~~of expense~~ in 2023. ~~for~~Additionally, ~~non-indemnified~~the ~~costs~~change ~~for~~in ~~product~~Other ~~liability~~(Income) ~~claims~~Expense ~~related~~reflects ~~to products manufactured by a formerly consolidated joint venture entity and~~ net gains on asset and other sales ~~in 2023~~ of $9485 million ($6960 million after-tax and minority), primarily related to the sale ~~and~~of ~~leaseback~~distribution ~~transactions~~centers in EMEA and Americas, compared to a net gain on asset and other sales of $~~115~~94 million ($8769 million after-tax and minority) in ~~2022~~2023, primarily related to a sale and leaseback transaction in Americas. ~~These~~Other ~~increases~~(Income) ~~were~~Expense ~~partially offset by a net decrease~~ in ~~non-service~~2024 ~~related~~had ~~pension and other postretirement benefits cost of $30 million primarily due to~~ lower ~~pension~~interest ~~settlement~~income ~~charges~~ of $~~40 million ($~~30 million ~~after-tax and minority) in 2023~~ compared to ~~pension~~2023 ~~settlement charges of $124 million ($93 million after-tax~~ and ~~minority)~~lower inroyalty ~~2022, partially offset by an increase in net periodic cost due to higher interest rates, and $5 million ($5 million after-tax and minority) of~~ income ~~for the write-off~~ of ~~accumulated foreign currency translation related to our exited business in Russia. Other (Income) Expense in 2023 includes~~ $119 million ~~($8~~compared ~~million after-tax and minority) of income related~~ to a2023.

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~~favorable~~Other ~~court~~(Income) ~~decision~~Expense ~~setting~~in ~~aside~~2024 aalso ~~previous~~includes ~~unfavorable~~transaction ~~verdict~~costs onof ~~intellectual~~$19 ~~property~~million ($14 million after-tax and minority) related ~~legal~~to ~~claims.~~the ~~The~~anticipated ~~impact~~sale of ~~that~~the ~~verdict~~OTR business and ~~other~~a ~~fees~~favorable $2 million ($1 million after-tax and minority) tax item in ~~2022~~Brazil. Other (Income) Expense in 2023 included $31 million ($24 million after-tax and minority) of expense in 2023 for non-indemnified costs for product liability claims related to ~~these~~products ~~claims~~manufactured ~~was~~by a formerly consolidated joint venture entity, $1511 million ($8 million after-tax and minority) of ~~expense~~income related to a favorable court decision setting aside a previous unfavorable verdict on intellectual property-related legal claims and $5 million ($115 million after-tax and minority). of income for the write-off of accumulated foreign currency translation related to our exited business in Russia.

For further information, refer to Note to the Consolidated Financial Statements No. 65, Other (Income) Expense.

Income Taxes

Income tax expense in 2024 was $95 million on income before income taxes of $155 million. In 2024, income tax expense includes a net discrete tax benefit totaling $2 million ($2 million after minority interest).

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 ($10 million after minority interest), primarily related to additional prior year withholding tax creditable in the U.S. as a result of a tax law change.

~~Income~~The ~~tax~~difference ~~expense~~between inour ~~2022~~effective ~~was~~tax ~~$190~~rate ~~million~~and onthe ~~income~~U.S. ~~before~~statutory ~~income~~rate ~~taxes~~ of ~~$399~~21% ~~million.~~for Inboth ~~2022,~~2024 ~~income~~and ~~tax~~2023 ~~expense~~primarily ~~includes~~relates ~~net~~to ~~discrete~~losses ~~tax~~in ~~expense~~certain ~~totaling~~foreign ~~$23~~jurisdictions ~~million~~in ~~($23~~which ~~million~~no ~~after~~tax ~~minority~~benefits ~~interest)~~are recorded, ~~including~~income ain ~~charge~~certain offoreign ~~$14~~jurisdictions ~~million~~taxed toat ~~write~~rates ~~off~~higher ~~deferred~~than ~~tax assets related to tax loss carryforwards in~~ the U.KS. ~~and~~statutory ~~a charge of $11 million to establish a full valuation allowance on our net deferred tax assets in Russia~~rate, ~~partially~~and ~~offset~~the bydiscrete aitems ~~net~~described ~~benefit of $2 million for various other items~~above.

The ~~difference~~Organisation ~~between~~for ~~our~~Economic ~~effective~~Co-operation ~~tax~~and ~~rate~~Development ~~and~~("OECD") have published the ~~U.S.~~Pillar ~~statutory~~Two ~~rate~~model rules which adopt a global corporate minimum tax of 2115% for ~~both~~multinational ~~2023~~enterprises ~~and~~with ~~2022~~average ~~primarily~~revenue ~~relates~~in toexcess ~~losses~~of in€750 ~~certain~~million. ~~foreign~~Certain jurisdictions in which nowe ~~tax~~operate ~~benefits~~enacted ~~are~~legislation ~~recorded~~consistent with one or more of the OECD Pillar Two model rules effective in 2024. The model rules include minimum domestic top-up taxes, income ininclusion ~~certain~~rules ~~foreign~~and ~~jurisdictions~~undertaxed ~~taxed~~profit atrules, ~~rates~~all ~~higher~~aimed ~~than~~to ~~the~~ensure Uthat multinational corporations pay a minimum effective corporate tax rate of 15% in each jurisdiction in which they operate.S. ~~statutory~~The Pillar Two model rules did not materially impact our annual effective tax rate in 2024. However, ~~and~~we are continuing to evaluate the ~~discrete~~Pillar ~~items~~Two ~~described~~model ~~above~~rules and related legislation and their potential impact on future periods.

At December 31, ~~2023~~2024 and December 31, ~~2022~~2023, we had approximately $1.23 billion and $1.12 billion of U.S. federal, state and local net deferred tax assets, respectively, inclusive of valuation allowances totaling $2226 million and $2622 million, respectively, in each period, ~~respectively,~~ primarily for state tax loss carryforwards with limited lives. As of December 31, ~~2023~~2024, approximately $1.01 billion of these U.S. net deferred tax assets ~~have~~had unlimited lives and approximately $200 million ~~have~~had limited lives, including $2224 million of foreign tax credits, and the majority do not start to expire until ~~2031~~2030. As of December 31, ~~2022~~2023, approximately $~~700~~1.0 ~~million~~billion of these U.S. net deferred tax assets had unlimited lives and approximately $~~400~~200 million had limited lives, including $~~230~~22 million of foreign tax credits, and ~~had~~the ~~expiration~~majority ~~dates~~do ~~between~~not ~~2023~~start ~~and~~to ~~2042~~expire until 2030. In the U.S., ~~as of December 31, 2023,~~ we ~~emerged~~have ~~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~~year period ended December 31, ~~2023~~2024 is primarily adriven ~~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~~non-recurring ~~sales~~items ~~volumes~~such ~~due~~as torationalization ~~commercial~~charges, ~~replacement~~pension ~~tire~~curtailments ~~channel~~and ~~destocking~~settlements, ~~reduced~~one-time ~~consumer~~costs ~~industry~~associated ~~demand~~with ~~and~~ the ~~Tupelo~~Goodyear ~~storm.~~Forward ~~However~~plan, ~~our second half of 2023 showed improvement~~ and ~~profitability~~intangible inasset ~~our U~~impairments.~~S. operating results.~~

In assessing our ability to utilize our net deferred tax assets, we primarily considered objectively verifiable information, including the improvement inof our U.S. operating results during ~~the~~2024 ~~second half of 2023~~ as a result of ~~improved tire volume and~~ lower raw material and transportation costs ~~compared~~and tobenefits from the ~~first~~Goodyear ~~half~~Forward ofplan compared to 2023 as well as non-deductible interest and future royalty income from foreign subsidiaries. In addition, we ~~consider~~considered 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~~for the ~~second~~year ~~half~~ended ofDecember 31, 2024 compared to the year ended December 31, 2023, ~~and~~as well as forecasts of future profitability, provide us sufficient positive evidence to conclude that it is more likely than not that, at December 31, ~~2023~~2024, our U.S. net deferred tax assets will be fully utilized. However, macroeconomic factors such as raw material, transportation, potential tariff, 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.

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For further information regarding income taxes and the realizability of our deferred tax assets, refer to "Critical Accounting Policies" and Note to the Consolidated Financial Statements No. 7, Income Taxes.

Minority Shareholders’ Net Income

Minority shareholders’ net income was $2 million in 2023, compared to $7 million in 2022.

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At December 31, 2024 and December 31, 2023, we also had approximately $1.5 billion of foreign net deferred tax assets and related valuation allowances of approximately $1.2 billion. 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.

Minority Shareholders’ Net Income (Loss)

Minority shareholders’ net loss was $10 million in 2024, primarily due to the closure of our Malaysia tire manufacturing facility, compared to net income of $2 million in 2023.

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RESULTS OF OPERATIONS — SEGMENT INFORMATION

Segment information reflects our strategic business units ("SBUs"), which are organized to meet customer requirements and global competition and are segmented on a regional basis.

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-off 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.

Total segment operating income in ~~2023~~2024 was $~~968~~1,318 million, aan ~~decrease~~increase of $~~308~~350 million, or 2436.12%, from $~~1,276~~968 million in ~~2022~~2023. Total segment operating margin (segment operating income divided by segment sales) in ~~2023~~2024 was 47.80% compared to 64.18% in ~~2022~~2023.

Management believes that total segment operating income is useful because it represents the aggregate value of income created by our SBUs and excludes items not directly related to the SBUs for performance evaluation purposes. Total segment operating income is the sum of the individual SBUs’ segment operating income. Refer to Note to the Consolidated Financial Statements No. 98, Business Segments, for further information and for a reconciliation of total segment operating income to Income (Loss) before Income Taxes.

Americas

	Year Ended December 31,
(In millions)	~~2023~~2024			~~2022~~2023			~~2021~~2022
Tire Units		8781.36			9587.03			8595.90
Net Sales	$	11,~~993~~033		$	1211,~~766~~993		$	1012,~~051~~766
Operating Income		~~749~~933			~~1,094~~749			~~914~~1,094
Operating Margin		68.25	%		8.6.2	%		98.16	%

Americas unit sales in ~~2023~~2024 decreased 75.7 million units, or 86.06%, to 8781.36 million units. Replacement tire volume decreased 76.36 million units, or 9.10%, primarily due to a decrease in our consumer business, driven by increased competitiveness in the U.S. ~~market,~~from the ~~impact~~lower oftier ~~the~~market ~~Tupelo storm,~~ and ~~lower~~the ~~share~~transitory inimpact ~~Mexico~~from ~~and~~distribution ~~Brazil~~changes asin aLatin ~~result of increased imports~~America. OE tire volume ~~decreased~~increased 0.49 million units, or 25.39%, primarily due to our ~~commercial~~consumer business, ~~driven by reduced industry demand~~ in the U.S. and Brazil.

Net sales in ~~2023~~2024 were $11,~~993~~033 million, decreasing $~~773~~960 million, or 68.10%, from $1211,~~766~~993 million in ~~2022~~2023. The decrease in net sales was primarily due to lower tire volume of $~~705~~821 million, ~~decreased~~and ~~sales~~unfavorable inprice ~~other~~and ~~tire-related~~product ~~businesses~~mix of $~~114~~303 million,. ~~primarily~~These ~~due~~decreases towere ~~lower third-party chemical sales,~~ partially offset by ~~higher~~$110 ~~aviation~~million ~~and~~of ~~retail~~ sales, ~~and~~lost ~~the~~during ~~unfavorable~~2023 ~~impact~~due ofto the Tupelo storm, ofincreased ~~$110~~sales ~~million. These decreases were partially offset by improvements~~ in ~~price~~other ~~and~~tire-related ~~product~~businesses ~~mix~~ of $~~121~~64 million, ~~driven~~primarily bydue ~~price~~to ~~increases,~~retail and ~~favorable~~chemical, ~~foreign~~and ~~currency~~a ~~translation of~~ $3252 million, ~~primarily~~benefit related to ~~strengthening of~~ the ~~Mexican~~Goodyear ~~peso~~Forward ~~and the Brazilian real, partially offset by weakening in the Canadian dollar~~plan.

Operating income in ~~2023~~2024 was $~~749~~933 million, ~~decreasing~~increasing $~~345~~184 million, or 3124.56%, from $~~1,094~~749 million in ~~2022~~2023. The ~~decrease~~increase in operating income was due to ~~higher~~a ~~conversion~~$315 million benefit related to the Goodyear Forward plan, lower raw material costs of $~~327~~174 million, ~~driven~~a bybenefit ~~the effect~~ of ~~decreased~~$92 ~~tire~~million ~~production~~from oninsurance ~~fixed~~proceeds ~~cost~~for ~~absorption~~business interruptions and ~~inflation~~property damage resulting from storm damage events in prior years, lower transportation and imported tire ~~volume~~costs of $~~171~~85 million, ~~and a~~ $55 million ~~negative~~related ~~impact~~to asthe a2023 ~~result~~negative impact of the Tupelo storm., ~~These decreases were partially offset by~~ lower ~~raw~~SAG ~~material costs~~ of $~~154~~39 million, ~~higher~~and increased earnings in other tire-related businesses of $2838 million, primarily due to ~~higher~~retail ~~aviation~~and ~~sales,~~chemical. These increases were partially offset by ~~lower~~unfavorable ~~third-party~~price ~~chemical~~and ~~sales~~product mix of $259 million, ~~lower~~higher ~~SAG~~conversion costs of $11179 million, ~~and~~driven ~~improvements~~by ininflation ~~price~~ and ~~product~~the ~~mix~~effect of $6lower ~~million.~~tire ~~SAG~~production ~~includes~~on ~~incremental~~fixed ~~savings~~cost ~~from~~absorption, ~~rationalization~~and ~~plans~~lower tire volume of $36172 million. Operating income infor ~~2022~~2024 includes aincremental ~~gain~~savings offrom $7rationalization ~~million~~plans ~~related~~of to$42 ~~insurance recoveries from a plant fire~~million.

Operating income in ~~2023~~2024 excluded ~~net~~an ~~gains~~intangible on asset ~~sales~~impairment of $~~104~~125 million, ~~primarily~~net ~~related~~rationalization tocharges ~~sale~~of ~~and~~$23 ~~leaseback~~million, ~~transactions~~asset write-offs, ~~net~~accelerated ~~rationalization~~depreciation ~~charges~~and accelerated lease costs of $1914 million, and ~~accelerated~~net ~~depreciation~~gains ~~and~~on asset ~~write-offs~~sales of $1913 million. Operating income in ~~2022~~2023 excluded net gains on asset sales of $~~122~~104 million, primarily related to a sale and leaseback ~~transaction~~transactions, ~~and~~net arationalization ~~sale~~charges ~~and exit~~ of ~~certain~~$19 ~~retail locations~~million, and ~~net~~accelerated ~~rationalization~~depreciation ~~charges~~and asset write-offs of $3219 million.

Americas' results are highly dependent upon the United States, which accounted for 8384% of Americas' net sales in ~~2023~~2024 and 8483% in ~~2022~~2023. Results of operations in the United States are expected to continue to have a significant impact on Americas' future performance.

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Europe, Middle East and Africa

	Year Ended December 31,
(In millions)	~~2023~~2024			~~2022~~2023			~~2021~~2022
Tire Units		4948.9			5549.19			5255.71
Net Sales	$	5,~~606~~425		$	5,~~645~~606		$	5,~~243~~645
Operating Income		17108			6117			~~239~~61
Operating Margin		02.30	%		10.13	%		41.61	%

Europe, Middle East and Africa unit sales in ~~2023~~2024 decreased 51.20 million units, or 92.50%, to 4948.9 million units. Replacement tire volume decreased 60.28 million units, or 142.41%, primarily in our consumer business, reflecting the impacts of ~~continued~~competitiveness ~~industry~~from ~~declines~~the lower tier market, and lower tire volume, particularly in Turkey. OE tire volume ~~increased~~decreased 1.0.2 million units, or 71.96%, ~~reflecting~~primarily ~~stabilization~~in ofour OEcommercial business, driven by lower vehicle production.

Net sales in ~~2023~~2024 were $5,~~606~~425 million, decreasing $39181 million, or 03.72%, from $5,~~645~~606 million in ~~2022~~2023. The decrease in net sales was primarily driven by ~~lower~~the ~~tire~~negative ~~volume~~impact of ~~$458~~changes ~~million~~in ~~and unfavorable~~ foreign ~~currency~~exchange ~~translation~~rates of $97101 million, driven by a weaker Turkish lira ~~and South African rand~~, partially offset by a stronger euro, ~~and~~ Polish zloty. ~~These~~and ~~decreases~~British ~~were~~pound, ~~partially~~lower ~~offset~~tire byvolume ~~improvements~~of in$86 million, and unfavorable price and product mix of $~~501~~19 million,. ~~driven~~These bydecreases ~~price~~were ~~increases,~~partially ~~and~~offset by higher sales in other tire-related businesses of $1424 million, primarily due to growth in Fleet Solutions~~, partially offset by lower retread and retail sales~~.

Operating income in ~~2023~~2024 was $17108 million, ~~decreasing~~increasing $4491 million, or 72535.13%, from $6117 million in ~~2022~~2023. The ~~decrease~~increase in operating income was primarily due to ~~higher~~lower ~~conversion~~raw material costs of $~~261~~132 million, ~~driven by inflation, the effect of decreased tire production on fixed cost absorption~~ and ~~higher~~benefits ~~energy~~related ~~costs,~~to ~~lower~~the ~~tire~~Goodyear ~~volume~~Forward ofplan ~~$100 million, higher SAG~~ of $42121 million,. ~~primarily~~These ~~due~~improvements towere ~~inflation~~partially ~~and~~offset ~~higher~~by ~~consulting costs,~~ higher ~~transportation~~conversion costs of $29147 million, ~~unfavorable~~driven ~~foreign~~by ~~currency~~the ~~translation~~effect of ~~$18~~decreased ~~million,~~tire ~~$18~~production ~~million~~on asfixed acost ~~result~~absorption ofand ~~the Debica fire~~inflation, and lower ~~earnings in other~~ tire~~-related~~ ~~businesses~~volume of $615 million~~, primarily due to lower Fleet Solutions earnings~~. ~~These~~Operating ~~decreases~~income ~~were~~in ~~partially~~2024 ~~offset~~includes byincremental ~~improvements~~SAG ~~in price~~ and ~~product~~CGS ~~mix~~savings offrom ~~$496~~rationalization ~~million,~~plans ~~which more than offset higher raw material costs~~ of $7810 million, and ~~lower research and development costs of~~ $128 million., ~~SAG for 2023 includes incremental savings from rationalization plans of $15 million~~respectively.

Operating income in ~~2023~~2024 excluded a ~~non-cash~~$79 ~~goodwill~~million ~~impairment~~gain ~~charge~~on ofasset ~~$230 million~~sales, ~~net~~accelerated ~~rationalization~~depreciation and accelerated lease charges of $~~409~~68 million, ~~accelerated~~and ~~depreciation~~net rationalization charges of $2736 million. ~~and~~Operating ~~recoveries~~income ofin ~~previously~~2023 ~~written-off~~excluded ~~accounts~~net ~~receivable~~rationalization ~~and~~charges ~~other assets~~ of $10409 million, ina ~~Russia.~~non-cash ~~Operating~~goodwill ~~income~~impairment incharge ~~2022~~of ~~excluded~~$230 ~~net~~million, ~~rationalization~~accelerated ~~charges~~depreciation of $9227 million and ~~accelerated~~recoveries ~~depreciation~~of previously written-off accounts receivable and ~~asset~~other ~~write-offs~~assets of $2010 million in Russia.

EMEA’s results are highly dependent upon Germany, which accounted for 17% and 15% of EMEA’s net sales in both ~~2023~~2024 and ~~2022~~2023, respectively. Results of operations in Germany are expected to continue to have a significant impact on EMEA’s future performance.

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Asia Pacific

	Year Ended December 31,
(In millions)	~~2023~~2024			~~2022~~2023			~~2021~~2022
Tire Units		36.1			3436.41			3034.74
Net Sales	$	2,~~467~~420		$	2,~~394~~467		$	2,~~184~~394
Operating Income		~~202~~277			~~121~~202			~~135~~121
Operating Margin		811.24	%		58.12	%		65.21	%

Asia Pacific unit sales inwere ~~2023~~flat ~~increased~~in 12024.7 ~~million units, or 4.9%, to 36.1 million units.~~ OE tire volume increased 12.91 million units, or 13.82%, primarily ~~driven~~due byto ~~new~~an increase in consumer EV fitments in China ~~and India~~. Replacement tire volume decreased 0.2.1 million units, or 110.24%, ~~primarily~~due into ~~our~~the ~~consumer~~impact ~~business,~~of ~~driven~~the byAustralia ~~decreased~~transformation ~~demand~~and softness in consumer replacement in most of our markets~~, partially offset by recovery in China~~.

Net sales in ~~2023~~2024 were $2,~~467~~420 million, ~~increasing~~decreasing $7347 million, or 31.09%, from $2,~~394~~467 million in ~~2022~~2023. ~~Net~~The decrease in net sales ~~increased~~was ~~due~~primarily todriven ~~higher~~by ~~tire~~the ~~volume~~negative impact of changes in foreign exchange rates of $~~110~~30 million ~~and~~due ~~improvements~~to inthe strengthening of the U.S. dollar and unfavorable price and product mix of $7427 million, driven by ~~price~~the ~~increases.~~Australia ~~These~~transformation, ~~increases were~~ partially offset by ~~unfavorable~~higher ~~foreign~~sales ~~currency~~in ~~translation~~other ~~of $104 million, primarily~~ tire-related tobusinesses ~~the strengthening~~ of ~~the~~$3 Umillion.~~S. dollar.~~

Operating income in ~~2023~~2024 was $~~202~~277 million, increasing $8175 million, or 6637.91%, from $~~121~~202 million in ~~2022~~2023. The increase in operating income was primarily due to ~~improvements~~favorable in price and product mix of $7751 million and ~~higher~~a ~~tire~~benefit ~~volume~~related to the Goodyear Forward plan of $2144 million,. These increases were partially offset by higher raw material costs of $917 million and unfavorable foreign currency translation of $94 million ~~related to the strengthening of the U~~.~~S. dollar.~~

Operating income in 2024 excluded asset write-offs, accelerated depreciation and accelerated lease charges of $44 million, net rationalization charges of $13 million, and net gains on asset sales of $1 million. Operating income in 2023 excluded net rationalization charges of $25 million.

Asia Pacific’s results are highly dependent upon China, Australia and ~~Australia~~India. China accounted for 3338% and 2933% of Asia Pacific’s net sales in ~~2023~~2024 and ~~2022~~2023, respectively. India accounted for 17% of Asia Pacific’s net sales for both 2024 and 2023. Australia accounted for 2117% and 2421% of Asia Pacific’s net sales in ~~2023~~2024 and ~~2022~~2023, respectively. Results of operations in China and ~~Australia~~India are expected to ~~continue to~~ have a significant impact on Asia Pacific's future performance.

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LIQUIDITY AND CAPITAL RESOURCES

Overview

Our primary sources of liquidity are cash generated from our operating and financing activities. Our cash flows from operating activities are driven primarily by our operating results and changes in our working capital requirements and our cash flows from financing activities are dependent upon our ability to access credit or other capital.

At December 31, ~~2023~~2024, we had $~~902~~810 million of Cash and Cash Equivalents, compared to $~~1,227~~902 million at December 31, ~~2022~~2023. The decrease in cash and cash equivalents of $~~325~~92 million was primarily due to capital expenditures of $1,~~050~~188 million, ~~net debt repayment of $343 million and loans to TireHub, LLC of $79 million,~~ partially offset by cash provided by operating activities of $~~1,032~~698 million, ~~and~~net borrowings of $264 million, cash proceeds from asset sales of $115 million, ~~primarily~~and ~~related~~insurance torecoveries ~~the~~for ~~sale~~damaged property, plant and ~~leaseback~~equipment ~~transactions~~of in$62 ~~Americas~~million. Cash provided by operating activities reflects ~~the~~ net ~~loss~~income for the period of $~~687~~60 million, which includes non-cash charges for depreciation and amortization of $1,~~001~~049 million, a non-cash ~~rationalization~~impairment ~~charges~~charge of $~~502~~125 million, a non-cash ~~goodwill~~rationalization ~~impairment~~charges ~~charge~~ of $~~230~~86 million, ~~and~~ a non-cash gain on asset sales of $~~104~~93 million, primarily related to the ~~Americas~~ sale of a distribution center in Germany, and ~~leaseback~~a ~~transactions~~non-cash gain on insurance recoveries of $75 million. Operating activities also include ~~cash~~rationalization ~~provided~~payments ~~by working capital~~ of $~~299~~198 million, ~~partially~~cash ~~offset~~used byfor ~~rationalization~~working ~~payments~~capital of $9982 million and pension contributions and direct payments of $5469 million.

At December 31, ~~2023~~2024 and ~~2022~~2023, we had $43,~~247~~555 million and $4,~~035~~247 million, respectively, of unused availability under our various credit agreements. The table below provides unused availability by our significant credit facilities as of December 31:

(In millions)	~~2023~~2024		~~2022~~2023
First lien revolving credit facility	$	2,~~241~~049	$	2,~~747~~241
European revolving credit facility		~~884~~832		~~480~~884
Chinese credit facilities		~~657~~500		~~516~~657
Mexican credit facility		~~116~~—		—116
Other foreign and domestic debt		~~349~~174		~~292~~349
	$	43,~~247~~555	$	4,~~035~~247

We expect our ~~2024~~2025 cash flow needs to include capital expenditures of ~~$1.2~~approximately ~~billion to~~ $~~1.3~~950 ~~billion~~million. We also expect interest expense to be $~~520~~450 million to $~~540~~475 million; rationalization payments to be approximately $~~300~~400 million; income tax payments to be approximately $200 million, excluding one-time items; and contributions to our funded pension plans to be $25 million to $50 million. We expect working capital to be ~~flat~~a source of cash of $100 million to $150 million as compared to ~~2023~~2024.

We actively monitor our liquidity and intend to operate our business in a way that allows us to address our cash flow needs with our existing cash and available credit if they cannot be funded by cash generated from operating or other financing activities. We believe that our liquidity position is adequate to fund our operating and investing needs and debt maturities for the next twelve months and to provide us with the ability to respond to further changes in the business environment.

Our ability to service debt and operational requirements is also dependent, in part, on the ability of our subsidiaries to make distributions of cash to various other entities in our consolidated group, whether in the form of dividends, loans or otherwise. In certain countries where we operate, such as China, South Africa, Serbia and Argentina, transfers of funds into or out of such countries by way of dividends, loans, advances or payments to third-party or affiliated suppliers are generally or periodically subject to certain requirements, such as obtaining approval from the foreign government and/or currency exchange board before net assets can be transferred out of the country. In addition, certain of our credit agreements and other debt instruments limit the ability of foreign subsidiaries to make distributions of cash. Thus, we would have to repay and/or amend these credit agreements and other debt instruments in order to use this cash to service our consolidated debt. Because of the inherent uncertainty of satisfactorily meeting these requirements or limitations, we do not consider the net assets of our subsidiaries, including our Chinese, South African, Serbian and Argentinian subsidiaries, which are subject to such requirements or limitations to be integral to our liquidity or our ability to service our debt and operational requirements. At December 31, ~~2023~~2024, approximately $~~875~~790 million of net assets, including approximately $~~194~~182 million of cash and cash equivalents, were subject to such requirements. The requirements we must comply with to transfer funds out of China, South Africa, Serbia and Argentina have not adversely impacted our ability to make transfers out of those countries.

Cash Position

At December 31, ~~2023~~2024, significant concentrations of cash and cash equivalents held by our international subsidiaries included the following amounts:

•

$~~297~~242 million or 3330% in ~~EMEA~~Asia Pacific, primarily ~~France~~China, ~~England~~Australia and ~~Poland~~India ($~~361~~244 million or 2927% at December 31, ~~2022~~2023),

•

$~~244~~199 million or 2725% in ~~Asia Pacific~~Americas, primarily ~~China~~Brazil, ~~India~~Chile and ~~Australia~~Mexico ($~~301~~237 million or 2526% at December 31, ~~2022~~2023), and

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•

$~~237~~193 million or 2624% in ~~Americas~~EMEA, primarily ~~Brazil,~~Turkey ~~Mexico~~ and ~~Argentina~~Ukraine ($~~316~~297 million or 2633% at December 31, ~~2022~~2023).

We have deposited our cash and cash equivalents and entered into various credit agreements and derivative contracts with financial institutions that we considered to be substantial and creditworthy at the time of such transactions. We seek to control our exposure to these financial institutions by diversifying our deposits, credit agreements and derivative contracts across multiple financial institutions, by setting deposit and counterparty credit limits based on long term credit ratings and other indicators of credit risk such as credit default swap spreads and default probabilities, and by monitoring the financial strength of these financial institutions on a regular basis. We also enter into master netting agreements with counterparties when possible. By controlling and monitoring exposure to financial institutions in this manner, we believe that we effectively manage the risk of loss due to nonperformance by a financial institution. However, we cannot provide assurance that we will not experience losses or delays in accessing our deposits or lines of credit due to the nonperformance of a financial institution. Our inability to access our cash deposits or make draws on our lines of credit, or the inability of a counterparty to fulfill its contractual obligations to us, could have a material adverse effect on our liquidity, financial condition or results of operations in the period in which it occurs.

Operating Activities

Net cash provided by operating activities was $~~1,032~~698 million in ~~2023~~2024, ~~increasing~~decreasing $~~511~~334 million compared to net cash provided by operating activities of $~~521~~1,032 million in ~~2022~~2023.

The ~~increase~~decrease in ~~net~~ cash provided by operating activities reflects a net increase in cash ~~provided~~used byfor working capital of $~~988~~381 million, ~~partially~~year-over-year ~~offset~~changes byin ~~lower~~balance ~~earnings~~sheet accounts for Other Current Liabilities and Other Assets and Liabilities totaling $171 million and an increase in ~~our~~rationalization ~~SBUs~~payments of $~~308~~99 million, ~~and~~partially offset by higher ~~cash~~earnings ~~taxes~~in our SBUs of $26350 million.

The net increase in cash ~~provided~~used byfor working capital reflects an increase in cash ~~provided~~used byfor Inventory of $1,~~950~~030 million, ~~and~~partially ~~Accounts~~offset ~~Receivable~~by ofa ~~$274~~decrease ~~million~~in ~~and~~ cash used ~~for~~by Accounts Payable - Trade of $~~1,236~~463 million. ~~These~~and ~~changes~~an ~~were~~increase ~~driven~~in bycash ~~the~~provided ~~decision~~by toAccounts ~~reduce~~Receivable ~~inventory~~of ~~during~~$186 ~~2023 to address industry demand trends~~million.

Investing Activities

Net cash used for investing activities was $1,~~035~~005 million in ~~2023~~2024, compared to $~~914~~1,035 million in ~~2022~~2023. The $~~121~~30 million ~~increase~~decrease in cash used for investing activities primarily relates to an increase in proceeds from asset dispositions of $99 million, insurance recoveries of $62 million for the replacement of equipment damaged in the Debica fire and building damage in Tupelo and a net ~~increase~~decrease in loans to TireHub of $6356 million, ~~and~~partially aoffset ~~net~~by a decrease in ~~cash~~proceeds ~~received~~ from ~~asset~~ sale and leaseback transactions of $4583 million. ~~Capital~~In addition, capital expenditures were $1,~~050~~188 million in ~~2023~~2024, ~~decreasing~~increasing $11138 million, compared to $1,~~061~~050 million in ~~2022~~2023. Beyond expenditures required to sustain our facilities, capital expenditures in ~~2023~~2024 and ~~2022~~2023 primarily related to the modernization and expansion of tire manufacturing facilities around the world.

Financing Activities

Net cash ~~used~~provided ~~for~~by financing activities was $~~333~~225 million in ~~2023~~2024, compared to cash ~~provided~~used byfor financing activities of $~~575~~333 million in ~~2022~~2023. The $~~908~~558 million increase in cash ~~used~~provided by financing activities reflects ~~lower~~higher net borrowings due to ~~utilization~~lower of cash flows from operations ~~and cash on hand at the beginning of 2023 to fund increased cash for investing activities and to reduce our overall debt balance~~.

Credit Sources

In aggregate, we had total credit arrangements of $11,~~743~~223 million available at December 31, ~~2023~~2024, of which $43,~~247~~555 million were unused, compared to $11,~~806~~743 million available at December 31, ~~2022~~2023, of which $4,~~035~~247 million were unused. At December 31, ~~2023~~2024, we had long term credit arrangements totaling $10,~~983~~352 million, of which $3,~~867~~263 million were unused, compared to $10,~~925~~983 million and $3,~~566~~867 million, respectively, at December 31, ~~2022~~2023. At December 31, ~~2023~~2024, we had short term committed and uncommitted credit arrangements totaling $~~760~~871 million, of which $~~380~~292 million were unused, compared to $~~881~~760 million and $~~469~~380 million, respectively, at December 31, ~~2022~~2023. The continued availability of the short term uncommitted arrangements is at the discretion of the relevant lender and may be terminated at any time.

Outstanding Notes

At December 31, ~~2023~~2024, we had $5,~~571~~240 million of outstanding notes, compared to $5,~~560~~571 million at December 31, ~~2022~~2023.

$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. 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.

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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~~2024, our borrowing base, ~~and therefore our availability, under this facility~~ was ~~$123~~above ~~million below~~ the facility's stated amount of $2.75 billion.

At December 31, ~~2023~~2024, we had $~~385~~700 million of borrowings and $1 million of letters of credit issued under the revolving credit facility. At December 31, ~~2022~~2023, we had no$385 million of borrowings and $31 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 Goodyear Europe B.V. ("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.

At December 31, 2024 and 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.

Each of our first lien revolving credit facility and our European revolving credit facility have 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 under the first lien facility and December 31, 2021 under the European 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 2019, ~~2022~~2023 through October 1816, ~~2023~~2024, the designated maximum amount of the facility was €300 million. For the period from October 1917, ~~2023~~2024 through October 16, ~~2024~~2025, 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~~2025.

At December 31, ~~2023~~2024, the amounts available and utilized under this program totaled $~~244~~227 million (€~~221~~218 million). At December 31, ~~2022~~2023, the amounts available and utilized under this program totaled $~~267~~244 million (€~~250~~221 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~~2024, the gross amount of receivables sold was $~~693~~773 million, compared to $~~744~~693 million at December 31, ~~2022~~2023.

Letters of Credit

At December 31, ~~2023~~2024, we had $~~223~~211 million in letters of credit issued under bilateral letter of credit agreements and other foreign credit facilities.

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Supplier Financing

We have entered into payment processing agreements with several financial institutions. Under these agreements, the financial institutions act as our paying agents with respect to accounts payable due to our suppliers. These agreements also allow our suppliers to sell their receivables to the financial institutions at the sole discretion of both the supplier and the financial institution on terms that are negotiated between 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 these programs. Agreements for such supplier financing programs totaled up to $892 million and $920 million at December 31, 2023 and 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.39

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We have entered into payment processing agreements with several financial institutions. Under these agreements, the financial institutions act as our paying agents with respect to accounts payable due to our suppliers. These agreements also allow our suppliers to sell their receivables to the financial institutions at the sole discretion of both the supplier and the financial institution on terms that are negotiated between 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 these programs. Agreements for such supplier financing programs totaled up to $775 million and $892 million at December 31, 2024 and 2023, respectively. The amounts confirmed to the financial institutions were $604 million and $580 million at December 31, 2024 and December 31, 2023, 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.

Further Information

For a further description of the terms of our outstanding notes, first lien revolving credit facility, European revolving credit facility and pan-European accounts receivable securitization facility, refer to Note to the Consolidated Financial Statements No. 1615, Financing Arrangements and Derivative Financial Instruments.

Covenant Compliance

Our first lien revolving credit facility and some of the indentures governing our notes contain certain covenants that, among other things, limit our ability to incur additional debt or issue redeemable preferred stock, pay dividends, repurchase shares or make certain other restricted payments or investments, incur liens, sell assets, incur restrictions on the ability of our subsidiaries to pay dividends or to make other payments to us, enter into affiliate transactions, engage in sale and leaseback transactions, and consolidate, merge, sell or otherwise dispose of all or substantially all of our assets. These covenants are subject to significant exceptions and qualifications. Our first lien revolving credit facility and the indentures governing our notes also have customary defaults, including cross-defaults to material indebtedness of Goodyear and its subsidiaries.

We have an additional financial covenant in our first lien revolving credit facility that is currently not applicable. We become subject to that financial covenant when the aggregate amount of our Parent Company (The Goodyear Tire & Rubber Company) and guarantor subsidiaries cash and cash equivalents (“Available Cash”) plus our availability under our first lien revolving credit facility is less than $275 million. If this were to occur, our ratio of EBITDA to Consolidated Interest Expense may not be less than 2.0 to 1.0 for the most recent period of four consecutive fiscal quarters. As of December 31, ~~2023~~2024, our unused availability under this facility of $2,~~241~~049 million plus our Available Cash of $~~121~~168 million totaled $2,~~362~~217 million, which is in excess of $275 million.

In addition, our European revolving credit facility contains non-financial covenants similar to the non-financial covenants in our first lien revolving credit facility that are described above, similar non-financial covenants specifically applicable to GEBV and its subsidiaries, and a financial covenant applicable only to GEBV and its subsidiaries. This financial covenant provides that we are not permitted to allow GEBV’s ratio of Consolidated Net GEBV Indebtedness to Consolidated GEBV EBITDA for a period of four consecutive fiscal quarters to be greater than 3.0 to 1.0 at the end of any fiscal quarter. Consolidated Net GEBV Indebtedness is determined net of the sum of cash and cash equivalents in excess of $100 million held by GEBV and its subsidiaries, cash and cash equivalents in excess of $150 million held by the Parent Company and its U.S. subsidiaries, and availability under our first lien revolving credit facility if the ratio of EBITDA to Consolidated Interest Expense described above is not applicable and the conditions to borrowing under the first lien revolving credit facility are met. Consolidated Net GEBV Indebtedness also excludes loans from other consolidated Goodyear entities. This financial covenant is also included in our pan-European accounts receivable securitization facility. At December 31, ~~2023~~2024, we were in compliance with this financial covenant.

Our credit facilities also state that we may only incur additional debt or make restricted payments that are not otherwise expressly permitted if, after giving effect to the debt incurrence or the restricted payment, our ratio of EBITDA to Consolidated Interest Expense for the prior four fiscal quarters would exceed 2.0 to 1.0. Certain of our senior note indentures have substantially similar limitations on incurring debt and making restricted payments. Our credit facilities and indentures also permit the incurrence of additional debt through other provisions in those agreements without regard to our ability to satisfy the ratio-based incurrence test described above. We believe that these other provisions provide us with sufficient flexibility to incur additional debt necessary to meet our operating, investing and financing needs without regard to our ability to satisfy the ratio-based incurrence test.

Covenants could change based upon a refinancing or amendment of an existing facility, or additional covenants may be added in connection with the incurrence of new debt.

39As of December 31, 2024, we were in compliance with the currently applicable material covenants imposed by our principal credit facilities and indentures.

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As of December 31, 2023, we were in compliance with the currently applicable material covenants imposed by our principal credit facilities and indentures.

The terms “Available Cash,” “EBITDA,” “Consolidated Interest Expense,” “Consolidated Net GEBV Indebtedness” and “Consolidated GEBV EBITDA” have the meanings given them in the respective credit facilities.

Potential Future Financings

On July 22, 2024, we entered into a commitment letter (the “Commitment Letter”) to provide us a 364-day senior unsecured committed credit facility in an aggregate principal amount not to exceed $500 million (the “Committed Credit Facility”). If drawn, borrowings under the Committed Credit Facility would be required to be used solely to redeem our remaining outstanding 9.5% Senior Notes due 2025 (the “9.5% Notes”). On February 3, 2025, following the closing of the sale of our OTR tire business to Yokohama, the commitments under the Commitment Letter for the Committed Credit Facility were reduced to zero and the Commitment Letter was terminated in accordance with its terms. On February 4, 2025, we called for redemption in full of the 9.5% Notes on February 19, 2025 (the “Redemption Date”) at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest to the Redemption Date.

In addition to the financing activities described above, we may seek to undertake additional financing actions which could include restructuring bank debt or capital markets transactions, possibly including the issuance of additional debt or equity. Given the inherent uncertainty of market conditions, access to the capital markets cannot be assured.

Our future liquidity requirements may make it necessary for us to incur additional debt. However, a substantial portion of our assets are already subject to liens securing our indebtedness. As a result, we are limited in our ability to pledge our remaining assets as security for additional secured indebtedness. In addition, no assurance can be given as to our ability to raise additional unsecured debt.

Dividends and Common Stock Repurchase Program

Under our primary credit facilities and some of our note indentures, we are permitted to pay dividends on and repurchase our capital stock (which constitute restricted payments) as long as no default will have occurred and be continuing, additional indebtedness can be incurred under the credit facilities or indentures following the payment, and certain financial tests are satisfied.

No cash dividends were paid on our common stock in ~~2023~~2024, ~~2022~~2023 or ~~2021~~2022.

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~~2024, ~~2022~~2023 and ~~2021~~2022, we did not repurchase any shares from our employees.

The restrictions imposed by our credit facilities and indentures are not expected to affect our ability to pay dividends or repurchase our capital stock in the future.

Asset Dispositions

~~The~~Historically, the restrictions on asset sales and sale and leaseback transactions imposed by our material indebtedness have not affected our ability to divest non-core businesses or assets. Although it is not a condition to closing, the sale of the Dunlop brand will require a waiver or an amendment of our European revolving credit facility. We may undertake additional asset sales and sale and leaseback transactions in the future. The restrictions imposed by our material indebtedness may require us to seek further waivers or amendments of covenants or alternative sources of financing to proceed with future transactions. We cannot assure you that such waivers, amendments or alternative financing could be obtained, or if obtained, would be on terms acceptable to us.

Supplemental Guarantor Financial Information

Certain of our subsidiaries, which are listed on Exhibit 22.1 to this Annual Report on Form 10-K and are generally holding or operating companies, have guaranteed our obligations under the $~~800~~500 million outstanding principal amount of 9.5% senior notes due 2025, the $900 million outstanding principal amount of 5% senior notes due 2026, the $700 million outstanding principal amount of 4.875% senior notes due 2027, the $850 million outstanding principal amount of 5% senior notes due 2029, the $550 million outstanding principal amount of 5.25% senior notes due April 2031, the $600 million outstanding principal amount of 5.25% senior notes due July 2031 and the $450 million outstanding principal amount of 5.625% senior notes due 2033 (collectively, the “Notes”).

The Notes have been issued by The Goodyear Tire & Rubber Company (the “Parent Company”) and are its senior unsecured obligations. The Notes rank equally in right of payment with all of our existing and future senior unsecured obligations and senior to any of our future subordinated indebtedness. The Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the assets securing that indebtedness. The Notes are fully and unconditionally guaranteed on a joint and several basis by each of our wholly-owned U.S. and Canadian subsidiaries that also guarantee our obligations under our first lien revolving credit facility (such guarantees, the “Guarantees”; and, such guaranteeing subsidiaries, the “Subsidiary Guarantors”). The Guarantees are senior unsecured obligations of the Subsidiary Guarantors and rank equally in right of payment with all existing and future senior unsecured obligations of our Subsidiary Guarantors. The Guarantees are effectively subordinated to existing and future secured indebtedness of the Subsidiary Guarantors to the extent of the assets securing that indebtedness.

The Notes are structurally subordinated to all of the existing and future debt and other liabilities, including trade payables, of our subsidiaries that do not guarantee the Notes (the “Non-Guarantor Subsidiaries”). The Non-Guarantor Subsidiaries will have no obligation, contingent or otherwise, to pay amounts due under the Notes or to make funds available to pay those amounts. Certain Non-Guarantor Subsidiaries are limited in their ability to remit funds to us by means of dividends, advances or loans 41

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~~due~~payment towith ~~required~~all ~~foreign~~existing ~~government~~ and~~/or~~ ~~currency~~future ~~exchange~~senior ~~board~~unsecured ~~approvals~~obligations orof ~~limitations~~our inSubsidiary ~~credit~~Guarantors. ~~agreements~~The orGuarantees ~~other~~are ~~debt~~effectively ~~instruments~~subordinated to existing and future secured indebtedness of ~~those~~the ~~subsidiaries~~Subsidiary Guarantors to the extent of the assets securing that indebtedness.

The Subsidiary Guarantors, as primary obligors and not merely as sureties, jointly and severally irrevocably and unconditionally guarantee on a senior unsecured basis the performance and full and punctual payment when due of all obligations of the Parent Company under the Notes and the related indentures, whether for payment of principal of or interest on the Notes, expenses, indemnification or otherwise. The Guarantees of the Subsidiary Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions.

Although the Guarantees provide the holders of Notes with a direct unsecured claim against the assets of the Subsidiary Guarantors, under U.S. federal bankruptcy law and comparable provisions of U.S. state fraudulent transfer laws, in certain circumstances a court could cancel a Guarantee and order the return of any payments made thereunder to the Subsidiary Guarantor or to a fund for the benefit of its creditors.

A court might take these actions if it found, among other things, that when the Subsidiary Guarantors incurred the debt evidenced by their Guarantee (i) they received less than reasonably equivalent value or fair consideration for the incurrence of the debt and (ii) any one of the following conditions was satisfied:

•

the Subsidiary Guarantor was insolvent or rendered insolvent by reason of the incurrence;

•

the Subsidiary Guarantor was engaged in a business or transaction for which its remaining assets constituted unreasonably small capital; or

•

the Subsidiary Guarantor intended to incur, or believed (or reasonably should have believed) that it would incur, debts beyond its ability to pay as those debts matured.

In applying the above factors, a court would likely find that a Subsidiary Guarantor did not receive fair consideration or reasonably equivalent value for its Guarantee, except to the extent that it benefited directly or indirectly from the issuance of the Notes. The determination of whether a guarantor was or was not rendered “insolvent” when it entered into its guarantee will vary depending on the law of the jurisdiction being applied. Generally, an entity would be considered insolvent if the sum of its debts (including contingent or unliquidated debts) is greater than all of its assets at a fair valuation or if the present fair salable value of its assets is less than the amount that will be required to pay its probable liability on its existing debts, including contingent or unliquidated debts, as they mature.

Under Canadian federal bankruptcy and insolvency laws and comparable provincial laws on preferences, fraudulent conveyances or other challengeable or voidable transactions, the Guarantees could be challenged as a preference, fraudulent conveyance, transfer at undervalue or other challengeable or voidable transaction. The test to be applied varies among the different pieces of legislation, but as a general matter these types of challenges may arise in circumstances where:

•

such action was intended to defeat, hinder, delay, defraud or prejudice creditors or others;

•

such action was taken within a specified period of time prior to the commencement of proceedings under Canadian bankruptcy, insolvency or restructuring legislation in respect of a Subsidiary Guarantor, the consideration received by the Subsidiary Guarantor was conspicuously less than the fair market value of the consideration given, and the Subsidiary Guarantor was insolvent or rendered insolvent by such action and (in some circumstances, or) such action was intended to defraud, defeat or delay a creditor;

•

such action was taken within a specified period of time prior to the commencement of proceedings under Canadian bankruptcy, insolvency or restructuring legislation in respect of a Subsidiary Guarantor and such action was taken, or is deemed to have been taken, with a view to giving a creditor a preference over other creditors or, in some circumstances, had the effect of giving a creditor a preference over other creditors; or

•

a Subsidiary Guarantor is found to have acted in a manner that was oppressive, unfairly prejudicial to or unfairly disregarded the interests of any shareholder, creditor, director, officer or other interested party.

In addition, in certain insolvency proceedings a Canadian court may subordinate claims in respect of the Guarantees to other claims against a Subsidiary Guarantor under the principle of equitable subordination if the court determines that (1) the holder of Notes engaged in some type of inequitable or improper conduct, (2) the inequitable or improper conduct resulted in injury to other creditors or conferred an unfair advantage upon the holder of Notes and (3) equitable subordination is not inconsistent with the provisions of the relevant solvency statute.

~~If a court canceled a Guarantee, the holders of Notes would no longer have a claim against that Subsidiary Guarantor or its assets.~~42

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of Notes engaged in some type of inequitable or improper conduct, (2) the inequitable or improper conduct resulted in injury to other creditors or conferred an unfair advantage upon the holder of Notes and (3) equitable subordination is not inconsistent with the provisions of the relevant solvency statute.

If a court canceled a Guarantee, the holders of Notes would no longer have a claim against that Subsidiary Guarantor or its assets.

Each Guarantee is limited, by its terms, to an amount not to exceed the maximum amount that can be guaranteed by the applicable Subsidiary Guarantor without rendering the Guarantee, as it relates to that Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

Each Subsidiary Guarantor is a consolidated subsidiary of the Parent Company at the date of the balance sheet presented. The following tables present summarized financial information for the Parent Company and the Subsidiary Guarantors on a combined basis after elimination of (i) intercompany transactions and balances among the Parent Company and the Subsidiary Guarantors and (ii) equity in earnings from and investments in any Non-Guarantor Subsidiary.

	Summarized Balance Sheet
(In millions)	December 31,~~2023~~2024
Total Current Assets(1)	$	65,~~276~~621
Total Non-Current Assets		8,~~669~~606
Total Current Liabilities	$	3,~~615~~420
Total Non-Current Liabilities		87,~~675~~932

(1)

Includes receivables due from Non-Guarantor Subsidiaries of $21,~~214~~824 million as of December 31, ~~2023~~2024.

	Summarized Statement of Operations
(In millions)	Year EndedDecember 31, ~~2023~~2024
Net Sales	$	1110,~~166~~402
Cost of Goods Sold		98,~~355~~427
Selling, Administrative and General Expense		1,~~524~~495
Rationalizations		67
Intangible Asset Impairment		125
Interest Expense		418
Rationalizations		27
Other (Income) Expense		(106	)
Interest Expense		482
Loss before Income Taxes(2)	$	(92	)
Other (Income) Expense		(169	)
Net Loss	$	(31	)
Income before Income Taxes(2)	$	15
Goodyear Net Loss	$	(31	)
Net Income	$	26
Goodyear Net Income	$	26

(2)

Includes income from intercompany transactions with Non-Guarantor Subsidiaries of $~~711~~659 million for the year ended December 31, ~~2023~~2024, primarily from royalties, dividends, interest and intercompany product sales.

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COMMITMENTS AND CONTINGENT LIABILITIES

Contractual Obligations

The following table presents our contractual obligations and commitments to make future payments as of December 31, ~~2023~~2024:

(In millions)	Total		~~2024~~2025		~~2025~~2026		~~2026~~2027		~~2027~~2028		~~2028~~2029		~~Beyond2028~~Beyond2029
Debt Obligations(1)	$	7,~~381~~545	$	~~784~~1,395	$	1,~~081~~905	$	1,~~296~~130	$	~~1,072~~662	$	~~694~~852	$	21,~~454~~601
Finance Lease Obligations(2)		~~268~~261		8		8		87		67		79		~~231~~222
Interest Payments(3)		21,~~051~~664		~~416~~349		~~320~~258		~~244~~206		~~195~~167		~~166~~148		~~710~~536
Operating Lease Obligations(4)		1,~~334~~297		~~260~~261		~~221~~223		~~183~~184		~~147~~138		~~110~~107		~~413~~384
Pension Benefits(5)		~~355~~350		7095		8565		7060		6560		6570	NA
Other Postretirement Benefits(6)		~~225~~192		2422		2321		2320		2319		2319		~~109~~91
Workers’ Compensation(7)		~~214~~199		3631		2024		15		1211		109		~~121~~109
Binding Commitments(8)		2,~~789~~569		1,~~641~~501		~~476~~506		~~305~~253		~~168~~232		~~146~~20		5357
Uncertain Income Tax Positions(9)		1025		34		79		—4		—3		—3		—2
	$	14,~~627~~102	$	3,~~242~~666	$	23,~~241~~019	$	21,~~144~~879	$	1,~~688~~299	$	1,~~221~~237	$	43,~~091~~002

(1)

Debt obligations include Notes Payable and Overdrafts, and excludes the impact of deferred financing fees, unamortized discounts, and a fair value step-up related to the Cooper Tire acquisition.

(2)

The minimum lease payments for finance lease obligations are $~~755~~727 million.

(3)

These amounts represent future interest payments related to our existing debt obligations and finance leases based on fixed and variable interest rates specified in the associated debt and lease agreements. The amounts provided relate only to existing debt obligations and do not assume the refinancing or replacement of such debt or future changes in variable interest rates.

(4)

Operating lease obligations have not been reduced by minimum sublease rentals of $87 million, $84 million, $53 million, $32 million, $21 million and $31 million in each of the periods above, respectively, for a total of $2918 million. Payments, net of minimum sublease rentals, total $1,~~305~~279 million. The present value of the net operating lease payments, including sublease rentals, is $~~1,001~~989 million. The operating leases relate to, among other things, real estate, vehicles, data processing equipment and miscellaneous other assets. No asset is leased from any related party.

(5)

The obligation related to pension benefits is actuarially determined and is reflective of obligations as of December 31, ~~2023~~2024. Although subject to change, the amounts set forth in the table represent the mid-point of the range of our expected contributions for funded U.S. and non-U.S. pension plans, plus expected cash funding of direct participant payments to our U.S. and non-U.S. pension plans.

We made significant contributions to fully fund our U.S. pension plans in 2013 and 2014. We have no minimum funding requirements for our funded U.S. pension plans under ~~current~~the ~~ERISA~~Employee ~~law~~Retirement Income Security Act of 1974 ("ERISA") or the provisions of our USW collective bargaining agreement, including a provision which requires us to maintain an annual ERISA funded status for the Goodyear ~~hourly~~ U.S. hourly pension plan of at least 97%.

Future U.S. pension contributions will be affected by our ability to offset changes in future interest rates with returns from our asset portfolios and any changes to ERISA ~~law~~. For further information on the U.S. pension investment strategy, refer to Note to the Consolidated Financial Statements No. 1817, Pension, Other Postretirement Benefits and Savings Plans.

Future non-U.S. contributions are affected by factors such as:

•

future interest rate levels,

•

the amount and timing of asset returns, and

•

how contributions in excess of the minimum requirements could impact the amount and timing of future contributions.

(6)

The payments presented above are expected payments for the next 10 years. The payments for other postretirement benefits reflect the estimated benefit payments of the plans using the provisions currently in effect. Under the relevant summary plan descriptions or plan documents, we have the right to modify or terminate the plans. The obligation related to other postretirement benefits is actuarially determined on an annual basis.

(7)

The payments for workers’ compensation obligations are based upon recent historical payment patterns on claims. The present value of anticipated claims payments for workers’ compensation is $~~167~~158 million.

(8)

Binding commitments are for raw materials, capital expenditures, utilities, and various other types of contracts. The obligations to purchase raw materials include supply contracts at both fixed and variable prices. Those with variable prices are based on index rates for those commodities at December 31, ~~2023~~2024.

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(9)

These amounts primarily represent expected payments with interest for uncertain income tax positions as of December 31, ~~2023~~2024. We have reflected them in the period in which we believe they will be ultimately settled based upon our experience with these matters.

Additional other long term liabilities include items such as general and product liabilities, environmental liabilities and miscellaneous other long term liabilities. These other liabilities are not contractual obligations by nature. We cannot, with any degree of reliability, determine the years in which these liabilities might ultimately be settled. Accordingly, these other long term liabilities are not included in the above table.

In addition, pursuant to certain long term agreements, 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. These contingent contractual obligations, the amounts of which cannot be estimated, are not included in the table above.

We do not engage in the trading of commodity contracts or any related derivative contracts. We generally purchase raw materials and energy through short term, intermediate and long term supply contracts at fixed prices or at formula prices related to market prices or negotiated prices. We may, however, from time to time, enter into contracts to hedge our energy costs.

We have an agreement to provide a revolving loan commitment to TireHub, LLC. During the first quarter of up2024, tothe revolving loan commitment increased from $100 million to $130 million. At December 31, ~~2023~~2024, $96119 million was drawn on this commitment, which includes $2 million of interest.

Off-Balance Sheet Arrangements

An off-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has:

•

made guarantees,

•

retained or held a contingent interest in transferred assets,

•

undertaken an obligation under certain derivative instruments, or

•

undertaken any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to the company, or that engages in leasing, hedging or research and development arrangements with the company.

We have entered into certain arrangements under which we have provided guarantees that are off-balance sheet arrangements. Those guarantees totaled $3129 million at December 31, ~~2023~~2024. For further information about our guarantees, refer to Note to the Consolidated Financial Statements No. 2019, Commitments and Contingent Liabilities.

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CRITICAL ACCOUNTING POLICIES

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 financial statements. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may alter such estimates and affect our results of operations and financial position in future periods. Our critical accounting policies relate to:

•

goodwill and intangible assets,

•

general and product liability and other litigation,

•

workers’ compensation,

•

deferred tax asset valuation allowances and uncertain income tax positions, and

•

pensions and other postretirement benefits.

Goodwill and Intangible Assets. Goodwill and indefinite-lived intangible assets are tested for impairment annually or more frequently if an indicator of impairment is present. Intangible assets with finite lives are amortized over their useful lives and are reviewed for impairment whenever events or circumstances warrant such review. Goodwill and intangible assets are written down to fair value if considered impaired. Goodwill and Intangible Assets totaled $~~781~~756 million and $~~969~~805 million, respectively, at December 31, ~~2023~~2024, compared to $~~1,014~~781 million and $~~1,004~~969 million, respectively, at December 31, ~~2022~~2023. At December 31, ~~2023~~2024, the goodwill associated with reporting units in our Americas and Asia Pacific segments was $~~724~~715 million and $5741 million~~, respectively~~. ~~Goodwill totaling $230 million previously associated with our EMEA reporting unit was fully impaired during the fourth quarter of 2023.~~

Goodwill and intangible assets with indefinite useful lives are not amortized but are assessed for impairment annually on October 31st 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 asset to its carrying value. In addition to the annual assessment, impairment evaluation is considered during interim periods when events occur or circumstances change that would more likely than not reduce the fair value of the asset below its carrying value. During our annual impairment assessment and in subsequent interim periods, we review events that occur or circumstances that change, including the macroeconomic environment, our business performance and our market capitalization, to determine if a quantitative impairment assessment is necessary. We review our business performance and the macroeconomic environment against our recent expectations and evaluate book value compared to market capitalization, including fluctuations in our stock price, to determine if this could be an indicator of potential impairment. Consideration is given as to whether a fluctuation in our stock price is a result of current market conditions, due to a transitory event or an event that is expected to continue to affect us, or is consistent with our historical stock price volatility. We also consider these factors compared to the results of our most recent quantitative goodwill impairment assessment.

Under the qualitative assessment, we assess whether it is more likely than not (defined as a likelihood of more than 50%) that the fair value of our goodwill or indefinite-lived intangible assets is less than the respective carrying values. If it is more likely than not that an impairment exists, then a quantitative impairment assessment is performed. If under the quantitative assessment the fair value is less than the carrying value, an impairment loss will be recorded for the difference between the carrying value and the fair value. Under the quantitative assessment, we estimate the fair value of goodwill ~~of a reporting unit~~ using athe ~~combined~~ discounted cash flows ~~and~~of ~~market~~a ~~approach~~reporting unit. For indefinite-lived intangible assets we estimate the fair value using discounted cash flows following a relief-from-royalty method utilizing a market-based royalty rate. Forecasts of future cash flows are based on our best estimate of projected revenue and projected operating margin, based primarily on sales and production volume, pricing, raw material costs, market share, industry outlook, general economic conditions, and certain strategic actions we plan to implement. Cash flows are discounted using our weighted average cost of capital. Under the market approach, market multiples are derived from market prices of stocks of companies that are in the tire or similar manufacturing industry. The appropriate multiple is applied to the forecasted revenues and earnings before interest, taxes, depreciation and amortization of the reporting unit to obtain an estimated fair value.

AsDuring ~~part~~the third quarter of ~~our~~2024, ~~annual~~we ~~impairment~~experienced ~~analysis~~a decline in our market capitalization as a result of ~~October~~a ~~31,~~decrease ~~2023,~~in weour ~~completed~~stock aprice. ~~quantitative~~Our ~~impairment~~stock ~~analysis~~price athas ~~our~~a ~~North~~history ~~America~~of volatility, ~~Asia~~however, ~~Pacific~~given ~~and~~the ~~EMEA~~decrease ~~reporting~~was ~~units~~sustained tothroughout ~~determine~~the ifquarter, ~~their~~we ~~fair~~viewed ~~values~~this ~~were~~event ~~less~~as ~~than~~a ~~their~~triggering ~~carrying~~event ~~amounts.~~and ~~Based~~performed ona ~~the~~ quantitative ~~test,~~analysis of the fair ~~values~~value of the North America ~~and~~reporting ~~Asia~~unit ~~Pacific~~in ~~reporting~~our ~~units~~Americas ~~substantially~~segment as of September 30, 2024 which resulted in an estimated fair value that exceeded ~~their~~its carrying ~~values.~~value, including goodwill.

As ~~previously~~part ~~disclosed,~~of ~~during~~our ~~the~~annual ~~third~~impairment ~~quarter~~analysis as of ~~2023~~October 31, 2024, we ~~reduced~~completed ~~the~~a ~~near-term~~quantitative ~~and~~impairment ~~long-term~~analysis ~~outlook~~ of our ~~EMEA~~North ~~segment~~America ~~based on recent business performance~~ and ~~the~~Asia ~~industry~~Pacific ~~outlook.~~reporting Asunits ato ~~result,~~determine weif ~~performed~~their afair ~~quantitative~~values ~~analysis~~were asless ofthan ~~September~~their ~~30,~~carrying ~~2023~~amounts. ofBased on the ~~fair~~quantitative ~~value~~test, of the ~~EMEA~~North America reporting unit ~~which~~had ~~resulted in~~ an estimated fair value that exceeded its carrying value, including goodwill~~. During the fourth quarter of 2023~~, ~~the~~by ~~industry~~approximately ~~continued~~11% ~~to decline, which resulted in a further reduction in our near-term~~ and ~~long-term outlook to include~~ the ~~updated~~Asia ~~industry~~Pacific ~~outlook~~reporting ~~and~~unit ~~additional~~substantially ~~strategic~~exceeded ~~actions~~its carrying value.

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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.

We determined the estimated fair value for the reporting units based on 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 market multiples. Our forecast of future cash flows is based on our best estimate of projected revenue and projected operating margin, based primarily on pricing, raw material costs, market share, industry outlook, general economic conditions and strategic actions to improve our operating margin. The fair value of the reporting unit’s goodwill is sensitive to differences between estimated and actual cash flows, including changes in the projected revenue, projected operating margin, discount rate and the selection of market multiples used to evaluate the fair value of the reporting unit. Although we believe our estimate of fair value is reasonable, the reporting unit’s future financial performance is dependent on our ability to execute our business plan and to successfully implement certain strategic actions which we expect will improve our long-term operating margin. Future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill, including discount 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 impairment charges that could adversely affect our results of operations.

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. Based on the results of the quantitative impairment assessments, 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 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. The fair value of the indefinite-lived intangible assets is sensitive to differences between estimated and actual revenue, including changes in the discount rate and royalty rate used to evaluate the fair value of these assets. We identified $530 million of indefinite-lived intangibles assets related to the recent Cooper Tire acquisition, for which the fair value exceeds the carrying value by approximately 5% and therefore, no impairment was required. For these indefinite-lived intangible assets a 50 basis point increase in our discount rate assumptions or 50 basis point decrease in projected revenue would not have resulted in an impairment and a 25 basis point decrease in our royalty rate assumptions would result in a carrying value which exceeds fair value by approximately 5%. Although we believe our estimate of fair value is reasonable, the indefinite-lived intangible asset performance is dependent on our ability to execute our business plan. If our future financial performance falls below our expectations, there are adverse revisions to significant assumptions, including projected revenues, discount rates or royalty rates, this could be indicative that the fair values of these indefinite-lived intangible assets has declined below their carrying values, and therefore we may need to record a material, non-cash impairment charge in a future period.

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.

General and Product Liability and Other Litigation. We have recorded liabilities for both asserted and unasserted claims totaling $438 million, including related legal fees expected to be incurred, for potential product liability and other tort claims, including asbestos claims, at December 31, 2023. General and product liability and other litigation liabilities are recorded based on management’s assessment that a loss arising from these matters is probable. If the loss can be reasonably estimated, we record the amount of the estimated loss. If the loss is estimated within a range and no point within the range is more probable than another, we record the minimum amount in the range. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Loss ranges are based upon the specific facts of each claim or class of claims and are determined after review by counsel. Court rulings on our cases or similar cases may impact our assessment of the probability and our estimate of the loss, which may have an impact on our reported results of operations, financial position and liquidity. We record receivables for insurance recoveries related to our litigation claims when it is probable that we will receive reimbursement from the insurer. Specifically, we are a defendant in numerous lawsuits alleging various asbestos-related personal injuries purported to result from alleged exposure to asbestos in certain products previously manufactured by us or present in certain of our facilities. Typically, these lawsuits have been brought against multiple defendants in federal and state courts.

We periodically, and at least annually, update, using actuarial analyses, 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. 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 changed circumstances arising in the future may result in an increase in the recorded obligation, and that increase may be significant. We had recorded gross liabilities for

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~~both~~The ~~asserted~~following ~~and~~table ~~unasserted~~highlights ~~asbestos~~the ~~claims,~~sensitivities ~~inclusive~~ of ~~defense~~the ~~costs,~~North ~~totaling~~America ~~$120~~reporting ~~million~~unit's ~~and~~goodwill ~~$125~~as ~~million,~~of ~~respectively,~~October ~~at December~~ 31, ~~2023 and December 31, 2022.~~ 2024:



	North America Reporting Unit Goodwill
Assumption:
Approximate percentage by which the fair value exceeds the carrying value based on annual impairment test		11	%
Approximate percentage by which the fair value exceeds the carrying value if the discount rate were to increase by 0.5%		6	%
Approximate percentage by which the fair value exceeds the carrying value if the projected operating margin were to decrease by 0.5%		10	%
Approximate percentage by which the fair value exceeds the carrying value if the projected revenue were to decrease by 0.5%		10	%

We determined the estimated fair value for the reporting units based on discounted cash flow projections. The most critical assumptions used in the calculation of the fair value of each reporting unit are the projected revenue, projected operating margin and discount rate. Our forecast of future cash flows is based on our best estimate of projected revenue and projected operating margin, based primarily on pricing, raw material costs, market share, industry outlook, general economic conditions and strategic actions to improve our operating margin. The fair value of the reporting unit’s goodwill is sensitive to differences between estimated and actual cash flows, including changes in the projected revenue, projected operating margin and discount rate used to evaluate the fair value of the reporting unit. Although we believe our estimate of fair value is reasonable, if a reporting unit’s future financial performance falls below our expectations, there are adverse revisions to significant assumptions, or our market capitalization declines further or does not improve from the strategic actions we are implementing, this could be indicative that the fair values of each of our reporting units has declined below their carrying values, and therefore we may need to record a material, non-cash goodwill impairment charge in a future period.

In the third quarter of 2024, we experienced a decline in volumes primarily in our lower tier indefinite-lived intangible assets related to the acquisition of Cooper Tire as a result of increased competition from lower tier imports in the market. We viewed this event as a triggering event and performed a quantitative analysis of the fair value of our indefinite-lived intangible assets related to the acquisition of Cooper Tire as of September 30, 2024. Based on the results of the quantitative impairment assessments, the fair value of the intangible assets was less than the carrying value, resulting in a non-cash impairment charge of $125 million during the third quarter of 2024.

As part of our annual impairment analysis as of October 31, 2024, we completed a quantitative impairment analysis of our indefinite-lived intangible assets to determine if their fair values were less than their carrying amounts. Based on the results of the quantitative impairment assessments, 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 $435 million of indefinite-lived intangible assets related to the Cooper Tire acquisition for which the estimated fair values approximated their respective carrying values. 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. The fair value of the indefinite-lived intangible assets is sensitive to differences between estimated and actual revenue, including changes in the discount rate and royalty rate used to evaluate the fair value of these assets. Although we believe our estimate of fair value is reasonable, the indefinite-lived intangible asset performance is dependent on our ability to execute our business plan. If our future financial performance falls below our expectations, or there are adverse revisions to significant assumptions, including projected revenues, discount rates or royalty rates, this could be indicative that the fair values of these indefinite-lived intangible assets has declined below their carrying values, and therefore we may need to record a material, non-cash impairment charge in a future period.

We assessed the period from October 31, 2024 to December 31, 2024 and determined there were no factors that caused us to change our conclusions.

For further information on goodwill and intangible assets, refer to Note to the Consolidated Financial Statements No. 11, Goodwill and Intangible Assets.

General and Product Liability and Other Litigation. We have recorded liabilities for both asserted and unasserted claims totaling $406 million and $438 million, including related legal fees expected to be incurred, for potential product liability and other tort claims, including asbestos claims, at December 31, 2024 and December 31, 2023, respectively. General and product liability and other litigation liabilities are recorded based on management’s assessment that a loss arising from these matters is probable. If the loss can be reasonably estimated, we record the amount of the estimated loss. If the loss is estimated within a range and no point within the range is more probable than another, we record the minimum amount in the range. As additional

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information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Loss ranges are based upon the specific facts of each claim or class of claims and are determined after review by counsel. Court rulings on our cases or similar cases may impact our assessment of the probability and our estimate of the loss, which may have an impact on our reported results of operations, financial position and liquidity. We record receivables for insurance recoveries related to our litigation claims when it is probable that we will receive reimbursement from the insurer. Specifically, we are a defendant in numerous lawsuits alleging various asbestos-related personal injuries purported to result from alleged exposure to asbestos in certain products previously manufactured by us or present in certain of our facilities. Typically, these lawsuits have been brought against multiple defendants in federal and state courts.

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. 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. This determination is based on consultation with our outside legal counsel and takes into consideration agreements with certain of our insurance carriers, the financial viability and legal obligations of our insurance carriers, and other relevant factors.

As of December 31, ~~2023~~2024 and December 31, ~~2022~~2023, we recorded a receivable related to asbestos claims of $6663 million and $7066 million, respectively, and we expect that approximately 55% of asbestos claim related losses would be recoverable through insurance through the period covered by the estimated liability. Of this amount, $11 million and $10 million was included in Current Assets as part of Accounts Receivable at December 31, 2024 and December 31, 2023, 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. Although we believe these amounts are collectible under primary and certain excess policies today, future disputes with insurers could result in significant charges to operations.

Workers’ Compensation. We have recorded liabilities, on a discounted basis, of $~~167~~158 million and $~~187~~167 million for anticipated costs related to U.S. workers’ compensation claims at December 31, ~~2023~~2024 and December 31, ~~2022~~2023, 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. The liability is discounted using the risk-free rate of return.

For further information on general and product liability and other litigation and workers’ compensation, refer to Note to the Consolidated Financial Statements No. 2019, Commitments and Contingent Liabilities.

Deferred Tax Asset Valuation Allowances and Uncertain Income Tax Positions. At December 31, ~~2023~~2024 and December 31, ~~2022~~2023, our valuation allowances on certain of our U.S. federal, state and local net deferred tax assets totaled $2226 million and $2622 million, respectively, and our valuation allowances on our foreign net deferred tax assets totaled approximately $1.2 billion ~~and $1~~.~~0 billion, respectively.~~

We record a reduction to the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not such assets will not be realized. The valuation of deferred tax assets requires judgment in assessing future profitability by year, including the impact of tax planning strategies, relative to the expiration dates, if any, of the assets.

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~~information. 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.48

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InAt ~~assessing~~December ~~our~~31, ~~ability~~2024 toand ~~utilize~~December ~~our~~31, ~~net deferred tax assets~~2023, we ~~primarily~~had ~~considered~~approximately ~~objectively~~$1.3 ~~verifiable~~billion ~~information,~~and ~~including~~$1.2 ~~the~~billion ~~improvement~~of ~~in our~~ U.S. ~~operating~~federal, ~~results~~state ~~during~~and ~~the~~local ~~second~~net ~~half~~deferred oftax ~~2023~~assets, asrespectively, ainclusive ~~result~~ of ~~improved~~valuation ~~tire~~allowances ~~volume~~totaling ~~and~~$26 ~~lower~~million ~~raw material~~ and ~~transportation~~$22 ~~costs~~million, ~~compared~~respectively, toin ~~the~~each ~~first~~period, ~~half~~primarily offor ~~2023.~~state Intax ~~addition,~~loss wecarryforwards ~~consider~~with ~~our~~limited ~~current~~lives. ~~forecasts~~As of ~~future~~December ~~profitability~~31, in2024, ~~assessing~~approximately ~~our~~$1.1 ~~ability~~billion toof ~~realize~~these ~~our~~U.S. net deferred tax assets ashad ~~well~~unlimited aslives ~~the~~and ~~impact~~approximately of$200 ~~tax~~million ~~planning~~had ~~strategies.~~limited ~~These~~lives, ~~forecasts~~including ~~include~~$24 ~~the~~million ~~impact~~ of ~~recent~~foreign ~~trends~~tax credits, and ~~various~~the ~~macroeconomic~~majority ~~factors~~do ~~such~~not asstart ~~the~~to ~~impact~~expire until 2030. As of ~~raw~~December ~~material~~31, ~~transportation~~2023, ~~labor~~approximately ~~and~~$1.0 ~~energy~~billion ~~costs~~of onthese ~~our profitability~~U.S. ~~Our~~net deferred tax ~~planning~~assets ~~strategies~~had ~~include~~unlimited ~~accelerating~~lives ~~income~~and onapproximately ~~cross~~$200 ~~border~~million ~~transactions~~had limited lives, including ~~sales~~$22 million of ~~inventory~~foreign ortax ~~raw~~credits, ~~materials~~and the majority do not start to ~~our~~expire ~~subsidiaries,~~until ~~reducing~~2030. In the U.S., ~~interest~~we ~~expense~~have ~~by,~~a ~~for~~cumulative ~~example,~~loss ~~reducing~~for ~~intercompany~~the ~~loans~~three-year ~~through~~period ~~repatriating~~ended ~~current~~December ~~year~~31, ~~earnings~~2024 ofprimarily ~~foreign~~driven ~~subsidiaries,~~by ~~repatriation~~non-recurring ofitems ~~certain~~such ~~foreign~~as ~~royalty~~rationalization ~~income~~charges, ~~and~~pension ~~other~~curtailments ~~financing~~and ~~transactions~~settlements, ~~all~~one-time ofcosts ~~which~~associated ~~would~~with ~~increase~~the ~~our~~Goodyear ~~domestic~~Forward ~~profitability~~plan, and intangible asset impairments.

WeIn ~~believe~~assessing our ~~improvement~~ability into ~~U.S.~~utilize ~~operating~~our ~~results~~net ~~during~~deferred ~~the~~tax ~~second~~assets, ~~half~~we ofprimarily ~~2023~~considered ~~and~~objectively ~~forecasts~~verifiable ofinformation, ~~future~~including ~~profitability~~the ~~provide~~improvement usof ~~sufficient~~our ~~positive~~U.S. ~~evidence~~operating toresults ~~conclude~~during ~~that~~2024 itas isa ~~more~~result ~~likely~~of ~~than~~lower ~~not~~raw ~~that,~~material atand ~~December~~transportation ~~31,~~costs ~~2023,~~and ~~our~~benefits ~~U.S.~~from ~~net~~the ~~deferred~~Goodyear ~~tax~~Forward ~~assets~~plan ~~will~~compared beto ~~fully~~2023 ~~utilized.~~as ~~However,~~well ~~macroeconomic~~as ~~factors~~non-deductible ~~such~~interest asand ~~raw~~future ~~material,~~royalty ~~transportation,~~income ~~labor~~from ~~and~~foreign ~~energy~~subsidiaries. ~~costs~~In ~~possess~~addition, awe ~~high~~considered ~~degree~~our ofcurrent ~~volatility~~forecasts ~~and~~of ~~can~~future ~~significantly~~profitability ~~impact~~in assessing our ~~profitability.~~ability Into ~~addition,~~realize ~~certain~~our deferred tax ~~provisions,~~assets ~~such~~as well as the ~~annual~~impact ~~interest~~of ~~expense~~tax ~~limitation~~planning ~~under~~strategies. ~~Section~~These ~~163(j)~~forecasts ofinclude the ~~Internal~~impact ~~Revenue Code~~ of ~~1986,~~recent iftrends ~~amended,~~and ~~could~~various ~~impact~~macroeconomic ~~our~~factors ~~analysis~~such ofas the ~~realizability~~impact of ~~our~~raw ~~U.S.~~material, ~~deferred~~transportation, ~~tax~~labor ~~assets.~~and Ifenergy costs on our Uprofitability.S. ~~operating~~Our ~~results~~tax ~~significantly~~planning ~~decline~~strategies ininclude ~~the~~accelerating ~~future,~~income weon ~~may~~cross ~~need~~border totransactions, ~~record~~including asales ~~valuation~~of ~~allowance~~inventory ~~which~~or ~~could~~raw ~~adversely~~materials ~~impact~~to our ~~operating~~subsidiaries, ~~results~~reducing U.S. Asinterest ~~such~~expense by, wefor ~~will~~example, ~~closely~~reducing ~~monitor~~intercompany ~~our~~loans ~~U.S.~~through ~~operations~~repatriating ascurrent ~~well~~year asearnings ~~any~~of ~~tax~~foreign ~~law~~subsidiaries, ~~changes~~repatriation toof ~~assess~~certain ~~the~~foreign ~~realizability~~royalty income, and other financing transactions, all of ~~our~~which ~~U.S.~~would ~~deferred~~increase ~~tax~~our ~~assets~~domestic profitability.

AtWe ~~December~~believe ~~31,~~our ~~2023~~improvement ~~and~~in ~~December~~U.S. ~~31,~~operating ~~2022,~~results wefor ~~also~~the ~~had~~year ~~approximately~~ended ~~$1.5~~December ~~billion~~31, ~~and~~2024 ~~$1.2~~compared ~~billion~~to ofthe ~~foreign~~year ~~net~~ended ~~deferred~~December ~~tax assets~~31, ~~respectively~~2023, ~~and~~as ~~related~~well ~~valuation~~as ~~allowances~~forecasts of ~~approximately~~future ~~$1.2~~profitability, ~~billion~~provide ~~and~~us ~~$1.0~~sufficient ~~billion,~~positive ~~respectively.~~evidence ~~Our~~to ~~losses~~conclude inthat ~~various~~it ~~foreign~~is ~~taxing~~more ~~jurisdictions~~likely inthan ~~recent~~not ~~periods~~that, ~~represented~~at ~~sufficient~~December ~~negative~~31, ~~evidence~~2024, toour ~~require~~U.S. usnet todeferred ~~maintain~~tax aassets ~~full~~will ~~valuation~~be ~~allowance~~fully ~~against~~utilized. ~~certain~~However, ofmacroeconomic ~~these~~factors ~~net~~such ~~foreign~~as ~~deferred~~raw ~~tax~~material, ~~assets.~~transportation, ~~Most~~potential ~~notably~~tariff, inlabor ~~Luxembourg,~~and weenergy ~~maintain~~costs possess a ~~valuation~~high ~~allowance~~degree of ~~approximately~~volatility ~~$1.0~~and ~~billion~~can onsignificantly ~~all~~impact of our ~~net~~profitability. ~~deferred~~In addition, certain tax ~~assets.~~provisions, ~~Each~~such ~~reporting~~as ~~period,~~the weannual ~~assess~~interest ~~available~~expense ~~positive~~limitation ~~and~~under ~~negative~~Section ~~evidence~~163(j) ~~and~~of ~~estimate~~the Internal Revenue Code of 1986, if ~~sufficient~~amended, ~~future~~could ~~taxable~~impact ~~income~~our ~~will~~analysis beof ~~generated~~the torealizability ~~utilize~~of ~~these~~our ~~existing~~U.S. deferred tax assets. WeIf doour ~~not~~U.S. ~~believe~~operating ~~that~~results ~~sufficient~~significantly ~~positive~~decline ~~evidence~~in ~~required~~the future, we may need to ~~release~~record a valuation ~~allowances~~allowance onwhich ~~our~~could ~~foreign~~adversely ~~deferred~~impact ~~tax~~our ~~assets~~operating ~~having~~results. aAs ~~significant~~such, ~~impact~~we onwill closely monitor our ~~financial~~U.S. ~~position~~operations oras ~~results~~well ofas ~~operations~~any ~~will~~tax ~~exist~~law ~~within~~changes to assess the ~~next~~realizability ~~twelve~~of ~~months~~our U.S. deferred tax assets.

We recognize the effects of changes in tax rates and laws on deferred tax balances in the period in which legislation is enacted. We remeasure existing deferred tax assets and liabilities considering the tax rates at which they will be realized. We also consider the effects of enacted tax laws in our analysis of the need for valuation allowances.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations, including those for transfer pricing. 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, resulting in an increase in our effective tax rate in the period of resolution. To reduce our risk of an unfavorable transfer price settlement, we apply consistent transfer pricing policies and practices globally, support pricing with economic studies and seek advance pricing agreements and joint audits to the extent possible. 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. We report interest and penalties related to uncertain income tax positions as income tax expense.

~~For additional information regarding uncertain income tax positions and tax valuation allowances, refer to Note to the Consolidated Financial Statements No. 7, Income Taxes.~~49

~~Pensions~~Table ~~and Other Postretirement Benefits. We have recorded liabilities for pensions~~ of $181 million and $94 million and other postretirement benefits of $287 million and $292 million, respectively, at December 31, 2023 and December 31, 2022. Our recorded liabilities and net periodic costs for pensions and other postretirement benefits are based on a number of assumptions, including:Contents

For additional information regarding uncertain income tax positions and tax valuation allowances, refer to Note to the Consolidated Financial Statements No. 6, Income Taxes.

Pensions and Other Postretirement Benefits. We have recorded liabilities for pensions of $138 million and $181 million and other postretirement benefits of $232 million and $287 million, respectively, at December 31, 2024 and December 31, 2023. Our recorded liabilities and net periodic costs for pensions and other postretirement benefits are based on a number of assumptions, including:

•

life expectancies,

•

retirement rates,

•

discount rates,

•

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long term rates of return on plan assets,

•

inflation rates,

•

future health care costs, and

•

maximum company-covered benefit costs.

Certain of these assumptions are determined with the assistance of independent actuaries. Assumptions about life expectancies, retirement rates, future compensation levels and future health care costs are based on past experience and anticipated future trends. The discount rate for our U.S. plans is based on a yield curve derived from a portfolio of corporate bonds from issuers rated AA or higher by established rating agencies as of December 31 and is reviewed annually. Our expected benefit payment cash flows are discounted based on spot rates developed from the yield curve. The mortality assumption for our U.S. plans is based on actual historical experience or published actuarial tables, an assumed long term rate of future improvement based on published actuarial tables, and current government regulations related to lump sum payment factors. The long term rate of return on U.S. plan assets is based on estimates of future long term rates of return similar to the target allocation of substantially all fixed income securities. Actual U.S. pension fund asset allocations are reviewed on a monthly basis and the pension fund is rebalanced to target ranges on an as-needed basis. These assumptions are reviewed regularly and revised when appropriate. Changes in one or more of them may affect the amount of our recorded liabilities and net periodic costs for these benefits. Other assumptions involving demographic factors such as retirement age and turnover are evaluated periodically and are updated to reflect our experience and expectations for the future. If actual experience differs from expectations, our financial position, results of operations and liquidity in future periods may be affected.

The weighted average discount rate used in estimating the total liability for our U.S. pension and other postretirement benefit plans was 5.1255% and 5.1662%, respectively, at December 31, ~~2023~~2024, compared to 5.4512% and 5.5116%, respectively, at December 31, ~~2022~~2023. The ~~decrease~~increase in the discount rate at December 31, ~~2023~~2024 was due primarily to ~~lower~~higher yields on highly rated corporate bonds. Interest cost included in our U.S. net periodic pension cost was $~~195~~174 million in ~~2023~~2024, compared to $~~133~~195 million in ~~2022 and $94 million in 2021~~2023. Interest cost included in our ~~worldwide~~global net periodic other postretirement benefits cost was $1615 million in ~~2023~~2024, compared to $1216 million in ~~2022 and $9 million in 2021~~2023.

The following table presents the sensitivity of our U.S. projected pension benefit obligation and accumulated other postretirement benefits obligation to the indicated increase/decrease in the discount rate:

		+ / − Change at December 31, 2023
		+ / − Change at December 31, 2024
(Dollars in millions)	Change	PBO/ABO		Annual Expense
Assumption:
Pensions	+/- 0.5%	$	~~153~~133	$	—1
Other Postretirement Benefits	+/- 0.5%		86		1

Changes in general interest rates and corporate (AA or better) credit spreads impact our discount rate and thereby our U.S. pension benefit obligation. Our U.S. pension plans are invested in a portfolio of substantially all fixed income securities designed to offset the impact of future discount rate movements on liabilities for these plans. If corporate (AA or better) interest rates increase or decrease in parallel (i.e., across all maturities), the investment portfolio described above is designed to mitigate a substantial portion of the expected change in our U.S. pension benefit obligation. For example, if corporate (AA or better) interest rates increased or decreased by 0.5%, the investment portfolio described above would be expected to mitigate approximately 95% of the expected change in our U.S. pension benefit obligation.

At December 31, ~~2023~~2024, our net actuarial loss included in Accumulated Other Comprehensive Loss ("AOCL") related to global pension plans was $2,~~268~~182 million, $1,~~744~~690 million of which related to our U.S. pension plans. The net actuarial loss included in AOCL related to our U.S. pension plans continues to decrease and is primarily due to declines in U.S. discount rates and plan asset losses that occurred prior to the funding and investment de-risking actions we undertook in 2013 and 2014, which were designed to mitigate further actuarial losses of a similar nature. For purposes of determining our 2023 U.S. pension total benefits cost, we recognized $132 million of the net actuarial losses in 2023. We will recognize approximately $100 million of net actuarial losses in 2024 U.S. net periodic pension cost. If our future experience is consistent with our assumptions as of December 31, 2023, actuarial loss recognition over the next few years will remain at an amount near that to be recognized in 2024 before it begins to gradually decline. In addition, if annual lump sum payments from a pension plan exceed annual service and interest cost for that plan, accelerated recognition of net actuarial losses will be required through a settlement in total benefits cost.

The actual rate of return on our U.S. pension fund was 7.90%, (17.00%) and 1.80% in 2023, 2022 and 2021, respectively, as compared to the expected rate of 6.27%, 4.23% and 3.74% in 2023, 2022 and 2021, respectively. We use the fair value of our pension assets in the calculation of pension expense for all of our U.S. pension plans.

The weighted average amortization period for our U.S. pension plans is approximately 15 years.

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Service cost of pension plans was recorded in CGS, as part of the cost of inventory sold during the period, or SAG in our Consolidated Statements of Operations, based on the specific roles (i.e., manufacturing vs. non-manufacturing) of employee groups covered by each of our pension plans. In 2023, 2022 and 2021, the amount of service cost included in CGS and SAG is approximately equal. Non-service related net periodic pension costs were recorded in Other (Income) Expense.

Globally, we expect our 2024 net periodic pension cost to be $120 million to $140 million, including approximately $30 million of service cost, compared to $122 million in 2023, which included $26 million of service cost.

The net actuarial gain of $85 million included in AOCL for our worldwide other postretirement benefit plans as of December 31, 2023 is a result of past increases in discount rates. For purposes of determining 2023 worldwide net periodic other postretirement benefits cost, we recognized $9 million of net actuarial gains in 2023. We will recognize approximately $9 million of net actuarial gains in 2024. If our future experience is consistent with our assumptions as of December 31, 2023, actuarial gain recognition over the next few years will remain at an amount near that to be recognized in 2024.

For further information on pensions and other postretirement benefits, refer to Note to the Consolidated Financial Statements No. 18, Pension, Other Postretirement Benefits and Savings Plans.

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designed to mitigate further actuarial losses of a similar nature. For purposes of determining our 2024 U.S. pension total benefits cost, we recognized $94 million of the net actuarial losses in 2024. We will recognize approximately $100 million of net actuarial losses in 2025 U.S. net periodic pension cost. If our future experience is consistent with our assumptions as of December 31, 2024, actuarial loss recognition over the next few years will remain at an amount near that to be recognized in 2025 before it begins to gradually decline. In addition, if annual lump sum payments from a pension plan exceed annual service and interest cost for that plan, accelerated recognition of net actuarial losses will be required through a settlement in total benefits cost.

The actual rate of return on our U.S. pension fund was 1.70%, 7.90% and (17.00)% in 2024, 2023 and 2022, respectively, as compared to the expected rate of 5.95%, 6.27% and 4.23% in 2024, 2023 and 2022, respectively. We use the fair value of our pension assets in the calculation of pension expense for all of our U.S. pension plans.

The weighted average amortization period for our U.S. pension plans is approximately 14 years.

Service cost of pension plans was recorded in CGS, as part of the cost of inventory sold during the period, or SAG in our Consolidated Statements of Operations, based on the specific roles (i.e., manufacturing vs. non-manufacturing) of employee groups covered by each of our pension plans. In 2024, 2023 and 2022, the amount of service cost included in CGS and SAG is approximately equal. Non-service related net periodic pension costs were recorded in Other (Income) Expense.

Globally, we expect our 2025 net periodic pension cost to be $100 million to $120 million, including approximately $20 million of service cost, compared to $125 million in 2024, which included $26 million of service cost.

The net actuarial gain of $86 million included in AOCL for our global other postretirement benefit plans as of December 31, 2024 is a result of past increases in discount rates. For purposes of determining 2024 global net periodic other postretirement benefits cost, we recognized $9 million of net actuarial gains in 2024. We will recognize approximately $8 million of net actuarial gains in 2025. If our future experience is consistent with our assumptions as of December 31, 2024, actuarial gain recognition over the next few years will remain at an amount near that to be recognized in 2025.

For further information on pensions and other postretirement benefits, refer to Note to the Consolidated Financial Statements No. 17, Pension, Other Postretirement Benefits and Savings Plans.

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FORWARD-LOOKING INFORMATION — SAFE HARBOR STATEMENT

Certain information in this Annual Report on Form 10-K (other than historical data and information) may constitute forward-looking statements regarding events and trends that may affect our future operating results and financial position. The words “estimate,” “expect,” “intend” and “project,” as well as other words or expressions of similar meaning, are intended to identify forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K. Such statements are based on current expectations and assumptions, are inherently uncertain, are subject to risks and should be viewed with caution. Actual results and experience may differ materially from the forward-looking statements as a result of many factors, including:

•

if we do not successfully implement the Goodyear Forward plan and our other strategic initiatives, including the sales of our OTR tire business, the Dunlop brand and our chemical businesses, our operating results, financial condition and liquidity may be materially adversely affected;

•

we may not be able to consummate the sale of the Dunlop brand on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy other conditions to closing;

•

we face significant global competition and our market share could decline;

•

raw material cost increases may materially adversely affect our operating results and financial condition;

•

we ~~are~~have ~~experiencing~~experienced inflationary cost pressures, including with respect to wages, benefits, ~~transportation~~ and energy costs, that may materially adversely affect our operating results and financial condition;

•

delays or disruptions in our supply chain or in the provision of services, including utilities, to us could result in increased costs or disruptions in our operations;

•

a prolonged economic downturn or economic uncertainty could adversely affect our business and results of operations;

•

deteriorating economic conditions in any of our major markets, or an inability to access capital markets or third-party financing when necessary, may materially adversely affect our operating results, financial condition and liquidity;

•

if we experience a labor strike, work stoppage, labor shortage or other similar event at the Company or its joint ventures, our business, results of operations, financial condition and liquidity could be materially adversely affected;

•

financial difficulties, work stoppages, labor shortages, supply disruptions or economic conditions affecting our major OE customers, dealers or suppliers could harm our business;

•

our capital expenditures may not be adequate to maintain our competitive position and may not be implemented in a timely or cost-effective manner;

•

changes to tariffs, trade agreements or trade restrictions may materially adversely affect our operating results;

•

our international operations have certain risks that may materially adversely affect our operating results, financial condition and liquidity;

•

we have foreign currency translation and transaction risks that may materially adversely affect our operating results, financial condition and liquidity;

•

our long-term ability to meet our obligations, to repay maturing indebtedness or to implement strategic initiatives may be dependent on our ability to access capital markets in the future and to improve our operating results;

•

we have a substantial amount of debt, which could restrict our growth, place us at a competitive disadvantage or otherwise materially adversely affect our financial health;

•

any failure to be in compliance with any material provision or covenant of our debt instruments, or a material reduction in the borrowing base under our first lien revolving credit facility, could have a material adverse effect on our liquidity and operations;

•

our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly;

•

we have substantial fixed costs and, as a result, our operating income fluctuates disproportionately with changes in our net sales;

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•

we may incur significant costs in connection with our contingent liabilities and tax matters;

•

our reserves for contingent liabilities and our recorded insurance assets are subject to various uncertainties, the outcome of which may result in our actual costs being significantly higher than the amounts recorded;

•

environmental issues, including climate change, or legal, regulatory or market measures to address environmental issues, may negatively affect our business and operations and cause us to incur significant costs;

•

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we are subject to extensive government regulations that may materially adversely affect our operating results;

•

we may be adversely affected by any disruption in, or failure of, our information technology systems due to computer viruses, unauthorized access, cyber-attack, natural disasters or other similar disruptions;

•

we may not be able to protect our intellectual property rights adequately;

•

if we are unable to attract and retain key personnel, our business could be materially adversely affected; and

•

we may be impacted by economic and supply disruptions associated with events beyond our control, such as war, including the current conflicts between Russia and Ukraine and ~~between~~in ~~Israel~~the ~~and~~Middle ~~Hamas~~East, acts of terror, political unrest, public health concerns, labor disputes or natural disasters.

It is not possible to foresee or identify all such factors. We will not revise or update any forward-looking statement or disclose any facts, events or circumstances that occur after the date hereof that may affect the accuracy of any forward-looking statement.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

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.

Commodity Price Risk

The raw materials costs to which our operations are principally exposed include the cost of natural rubber, synthetic rubber, carbon black, fabrics, steel cord and other petrochemical-based commodities. Approximately two-thirds of our raw materials are petroleum-based, the cost of which may be affected by fluctuations in the price of oil. We currently do not hedge commodity prices. We do, however, use various strategies to partially offset cost increases for raw materials, including centralizing purchases of raw materials through our global procurement organization in an effort to leverage our purchasing power, expanding our capabilities to substitute lower cost raw materials, and reducing the amount of material required in each tire.

Interest Rate Risk

We continuously monitor our fixed and floating rate debt mix. Within defined limitations, we manage the mix using refinancing. At December 31, ~~2023~~2024, 2025% of our debt was at variable interest rates averaging 89.0923% compared to 2120% at an average rate of 58.9409% at December 31, ~~2022~~2023.

The following table presents information about long term fixed rate debt, excluding finance leases, at December 31:

(In millions)	~~2023~~2024		~~2022~~2023
Carrying amount — liability	$	5,~~720~~367	$	5,~~766~~720
Fair value — liability		5,~~488~~076		5,~~198~~488
Pro forma fair value — liability		5,~~684~~234		5,~~413~~684

The pro forma information assumes an 100 basis point decrease in market interest rates at December 31 of each year, and reflects the estimated fair value of fixed rate debt outstanding at that date under that assumption. The sensitivity of our fixed rate debt to changes in interest rates was determined using current market pricing models.

Foreign Currency Exchange Risk

We enter into foreign currency contracts in order to reduce the impact of changes in foreign exchange rates on our consolidated results of operations and future foreign currency-denominated cash flows. These contracts 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 foreign currency derivative information at December 31:

(In millions)	~~2023~~2024			~~2022~~2023
Fair value — asset (liability)	$	~~(27~~25	)	$	(827	)
Pro forma decrease in fair value		(~~174~~173	)		(~~108~~174	)
Contract maturities	101/2425-1112/2425			1/2324-1211/2324

The pro forma decrease in fair value assumes a 10% adverse change in underlying foreign exchange rates at December 31 of each year, and reflects the estimated change in the fair value of contracts outstanding at that date under that assumption. The sensitivity of our foreign currency positions to changes in exchange rates was determined using current market pricing models.

Fair values are recognized on the Consolidated Balance Sheets at December 31 as follows:

(In millions)	~~2023~~2024			~~2022~~2023
Current asset (liability):
Accounts receivable	$	228		$	52
Other current liabilities		(293	)		(1329	)

For further information on foreign currency contracts, refer to Note to the Consolidated Financial Statements No. 1615, Financing Arrangements and Derivative Financial Instruments.

Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” for a discussion of our management of counterparty risk.

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ITEM 8. FINANCIAL STATEMENTS.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

			Page
Management's Report on Internal Control over Financial Reporting			5556
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			5657
Consolidated Financial Statements of The Goodyear Tire & Rubber Company:
	Consolidated Statements of Operations for each of the three years ended December 31, 2023, 2022 and 2021		59
	Consolidated Statements of Operations for each of the three years ended December 31, 2024, 2023 and 2022		60
	Consolidated Statements of Comprehensive Income (Loss) for each of the three years ended December 31, 2023, 2022 and 2021		60
	Consolidated Statements of Comprehensive Income (Loss) for each of the three years ended December 31, 2024, 2023 and 2022		61
	Consolidated Balance Sheets at December 31, 2023 and December 31, 2022		61
	Consolidated Balance Sheets at December 31, 2024 and December 31, 2023		62
	Consolidated Statements of Shareholders’ Equity for each of the three years ended December 31, 2023, 2022 and 2021		62
	Consolidated Statements of Shareholders’ Equity for each of the three years ended December 31, 2024, 2023 and 2022		63
	Consolidated Statements of Cash Flows for each of the three years ended December 31, 2023, 2022 and 2021		65
	Consolidated Statements of Cash Flows for each of the three years ended December 31, 2024, 2023 and 2022		66
	Notes to Consolidated Financial Statements		6667
Financial Statement Schedule:
	The following consolidated financial statement schedule of The Goodyear Tire & Rubber Company is filed as part of this Annual Report on Form 10-K and should be read in conjunction with the Consolidated Financial Statements of The Goodyear Tire & Rubber Company:
		Schedule II – Valuation and Qualifying Accounts for each of the three years ended December 31, 2023, 2022 and 2021	FS-2
		Schedule II – Valuation and Qualifying Accounts for each of the three years ended December 31, 2024, 2023 and 2022	FS-2

Schedules not listed above have been omitted since they are not applicable or are not required, or the information required to be set forth therein is included in the Consolidated Financial Statements or Notes thereto.

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MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined under Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934, as amended.

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s consolidated financial statements for external purposes in accordance with generally accepted accounting principles.

Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of the consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with appropriate authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an assessment of the Company’s internal control over financial reporting as of December 31, ~~2023~~2024 using the framework specified in Internal Control — Integrated Framework (2013), published by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such assessment, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, ~~2023~~2024.

The effectiveness of the Company’s internal control over financial reporting as of December 31, ~~2023~~2024 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is presented in this Annual Report on Form 10-K.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of The Goodyear Tire & Rubber Company

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the consolidated financial statements, including the related notes and financial statement schedule, of The Goodyear Tire & Rubber Company and its subsidiaries (the “"Company”") as listed in the index appearing under Item 8 (collectively referred to as the “"consolidated financial statements”"). We also have audited the Company’'s internal control over financial reporting as of December 31, ~~2023~~2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, ~~2023~~2024 and ~~2022~~2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2023~~2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2023~~2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or

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complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Income Taxes - Valuation of U.S. Deferred Tax Assets

As described in Note 76 to the consolidated financial statements, as of December 31, ~~2023~~2024, the Company has approximately $1.23 billion of U.S. federal, state and local net deferred tax assets, inclusive of valuation allowances totaling $2226 million primarily for state tax loss carryforwards with limited lives. Approximately $200 million of these U.S. net deferred tax assets have limited lives and the majority of the limited lived deferred tax assets do not start to expire until ~~2031~~2030. A valuation allowance is not required to the extent that, in management’s judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not the Company’s deferred tax assets will be realized. As disclosed by management, the valuation of deferred tax assets requires judgment in assessing future profitability, including the impact of tax planning strategies, relative to the expiration dates, if any, of the assets. In the U.S., the Company’s has a cumulative ~~income~~loss for the three-~~years~~year period ended December 31, ~~2023 is primarily a result of gains from other comprehensive income rather than consistently profitable U~~2024.S. ~~operating results.~~ In assessing the Company’s ability to utilize its net deferred tax assets, management primarily considered other objectively verifiable information, including the Company’s improvement in its U.S. operating results during ~~the~~2024 ~~second half of 2023~~ as a result of ~~improved tire volume and~~ lower raw material and transportation costs ~~compared~~and tobenefits from the ~~first~~Goodyear ~~half~~Forward ofplan compared to 2023 as well as non-deductible interest and future royalty income from foreign subsidiaries. Management determined there was sufficient positive evidence to conclude it is more likely than not that, as of December 31, ~~2023~~2024, the U.S. net deferred tax assets will be fully utilized.

The principal considerations for our determination that performing procedures relating to the valuation of U.S. deferred tax assets is a critical audit matter are (i) the significant judgment by management in determining whether the U.S. deferred tax assets are more likely than not to be realized in the future and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence relating to management’s assessment of the realizability of U.S. deferred tax assets.

Interim Goodwill and Indefinite-Lived Intangible Asset Impairment ~~Assessment~~Assessments – ~~EMEA~~North America Reporting Unit and a Certain Indefinite-Lived Intangible Asset

As described in Notes 1 and 1211 to the consolidated financial statements, the Company’s goodwill ~~balance~~and ~~was~~indefinite-lived intangible assets balances were $~~781~~756 million and $549 million, respectively, as of December 31, ~~2023~~2024, of which a majority of the goodwill balance relates to the North America reporting unit and a majority of the indefinite-lived intangible assets balance relates to a certain indefinite-lived intangible asset. As disclosed by management, goodwill isand intangible assets with indefinite useful lives are assessed for impairment annually on October 31st 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 asset to its carrying value. In addition to the annual assessment, impairment evaluation is considered during interim periods when events occur or circumstances change that would more likely than not reduce the fair value of the asset below its carrying value. During the third quarter of ~~2023~~2024, ~~management reduced~~ the ~~near-term~~Company ~~and~~experienced ~~long-term~~a ~~outlook~~decline ofin ~~the~~market ~~Europe,~~capitalization. ~~Middle~~Management ~~East~~viewed ~~and~~this ~~Africa~~as ~~(EMEA)~~a ~~segment~~triggering ~~based~~event ~~on recent business performance~~ and ~~the industry outlook. As a result, management~~ performed a quantitative analysis as of ~~September 30, 2023 of~~ the fair value of the ~~EMEA~~North America reporting unit, which resulted in an estimated fair value that exceeded its carrying value, including goodwill. ~~During~~Additionally, during the ~~fourth~~third quarter of ~~2023~~2024, the ~~industry~~Company ~~continued~~experienced toa decline, ~~which resulted~~ in avolumes ~~further~~primarily ~~reduction~~ in ~~the~~certain ~~near~~indefinite-~~term~~lived ~~and~~intangible ~~long-term~~assets ~~outlook~~ related to ~~include~~ the ~~updated~~acquisition ~~industry~~of ~~outlook~~Cooper Tire. AsManagement aviewed ~~result,~~this ~~the~~as ~~fair~~a ~~value~~triggering ofevent ~~the~~and ~~EMEA~~performed ~~reporting~~a ~~unit~~quantitative asanalysis of ~~October~~the ~~31,~~fair ~~2023~~value ~~was~~of ~~less~~certain ~~than~~indefinite-lived ~~its~~intangible ~~carrying~~assets, ~~value~~which ~~resulting~~resulted in a non-cash impairment charge of $~~230~~125 million. ~~which~~The ~~represented~~fair avalue ~~full impairment~~ of the ~~goodwill~~North ~~previously~~America ~~allocated to the EMEA~~ reporting unit. ~~Fair value~~ was estimated by management based on ~~the~~ discounted cash flow projections, and ~~market~~the ~~values for comparable businesses. The~~ most critical assumptions used in the calculation of the fair value of ~~each~~the North America reporting unit are the projected revenue, projected operating margin, and discount rate. The fair value of certain indefinite-lived intangible assets was estimated by management using the relief-from-royalty method, and the ~~selection~~most critical assumptions used in the calculation of the ~~market~~fair ~~multiples~~value of certain indefinite-lived intangible assets are the projected revenue, discount rate, and royalty rate.

The principal considerations for our determination that performing procedures relating to the interim goodwill impairment assessment of the EMEA reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the EMEA reporting unit; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to the projected revenue, projected operating margin, and discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.58

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~~Addressing~~The ~~the~~principal ~~matter~~considerations ~~involved~~for ~~performing procedures and evaluating audit evidence in connection with forming~~ our ~~overall~~determination ~~opinion~~that onperforming ~~the consolidated financial statements. These~~ procedures ~~included testing the effectiveness of controls~~ relating to ~~management’s~~the interim goodwill ~~impairment~~and ~~assessment,~~indefinite-lived ~~including~~intangible ~~controls~~asset ~~over~~impairment ~~the~~assessments ~~valuation~~ of the ~~EMEA~~North America reporting unit. ~~These~~and ~~procedures~~a ~~also~~certain ~~included,~~indefinite-lived ~~among~~intangible ~~others~~asset is a critical audit matter are (i) ~~testing~~the ~~management’s~~significant ~~process~~judgment ~~for~~by management when developing the fair value ~~estimate~~estimates of the ~~EMEA~~North America reporting unit; ~~(ii)~~and ~~evaluating~~a ~~the~~certain ~~appropriateness~~indefinite-lived ofintangible ~~the discounted cash flow model used by management~~asset; (~~iii~~ii) ~~testing~~a ~~the~~high ~~completeness~~degree ~~and~~of ~~accuracy~~auditor ofjudgment, ~~underlying~~subjectivity, ~~data~~and ~~used~~effort in ~~the~~performing ~~discounted~~procedures ~~cash flow model;~~ and ~~(iv)~~ evaluating ~~the~~management’s ~~reasonableness of the~~ significant assumptions ~~used by management~~ related to (a) the projected revenue, projected operating margin, and discount rate. ~~Evaluating~~for ~~management’s~~the ~~assumptions~~North ~~related~~America toreporting ~~the~~unit, ~~projected revenue~~ and ~~projected operating margin involved evaluating whether the assumptions used by management were reasonable considering~~ (ib) the ~~current~~projected ~~and~~revenue, ~~past~~discount ~~performance~~rate, ofand ~~the~~royalty ~~EMEA~~rate ~~reporting~~for ~~unit;~~a ~~(ii)~~certain ~~the~~indefinite-lived ~~consistency~~intangible ~~with external market and industry data~~asset; and (iii) ~~whether~~ the ~~assumptions~~audit ~~were~~effort ~~consistent~~involved ~~with~~the ~~evidence~~use ~~obtained in other areas~~ of ~~the~~professionals ~~audit. Professionals~~ with specialized skill and knowledge ~~were used to assist in evaluating (i) the appropriateness of the discounted cash flow model and (ii) the reasonableness of the discount rate assumption~~.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s interim impairment assessments, including controls over the valuation of the North America reporting unit and a certain indefinite-lived intangible asset. These procedures also included, among others (i) testing management’s process for developing the fair value estimates of the North America reporting unit and a certain indefinite-lived intangible asset; (ii) evaluating the appropriateness of the discounted cash flow model and relief-from-royalty method used by management; (iii) testing the completeness and accuracy of underlying data used in the valuation methods; and (iv) evaluating the reasonableness of the significant assumptions used by management related to (a) the projected revenue, projected operating margin, and discount rate for the North America reporting unit, and (b) the projected revenue, discount rate, and royalty rate for a certain indefinite-lived intangible asset. Evaluating management’s assumptions related to the projected revenue and projected operating margin for the North America reporting unit and the projected revenue for a certain indefinite-lived intangible asset involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the Company’s business; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the discounted cash flow model and relief-from-royalty method and (ii) the reasonableness of the discount rate assumption for the North America reporting unit and the discount rate and royalty rate assumptions for a certain indefinite-lived intangible asset.

/s/ PricewaterhouseCoopers LLP

Cleveland, Ohio

February 1314, ~~2024~~2025

We have served as the Company’s auditor since 1898.

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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31,
(In millions, except per share amounts)	~~2023~~2024			~~2022~~2023			~~2021~~2022
Net Sales (Note 3)	$	20,066		$	20,805		$	17,478
Net Sales (Note 2)	$	18,878		$	20,066		$	20,805
Cost of Goods Sold		1615,~~557~~176			16,~~953~~557			1316,~~692~~953
Selling, Administrative and General Expense		2,~~814~~782			2,~~798~~814			2,~~699~~798
Goodwill Impairment (Note 12)		230			—			—
Goodwill and Intangible Asset Impairment (Note 11)		125			230			—
Rationalizations (Note 4)		502			129			93
Rationalizations (Note 3)		86			502			129
Interest Expense (Note 5)		532			451			387
Interest Expense (Note 4)		522			532			451
Other (Income) Expense (Note 6)		108			75			94
Other (Income) Expense (Note 5)		32			108			75
Income (Loss) before Income Taxes		~~(677~~155	)		~~399~~(677	)		~~513~~399
United States and Foreign Tax Expense (Benefit) (Note 7)		10			190			(267	)
United States and Foreign Tax Expense (Note 6)		95			10			190
Net Income (Loss)		~~(687~~60	)		~~209~~(687	)		~~780~~209
Less: Minority Shareholders’ Net Income		2			7			16
Less: Minority Shareholders’ Net Income (Loss)		(10	)		2			7
Goodyear Net Income (Loss)	$	~~(689~~70	)	$	~~202~~(689	)	$	~~764~~202
Goodyear Net Income (Loss) — Per Share of Common Stock
Basic	$	(20.4224	)	$	0(2.7142	)	$	20.9271
Weighted Average Shares Outstanding (Note 8)		285			284			261
Weighted Average Shares Outstanding (Note 7)		287			285			284
Diluted	$	(20.4224	)	$	0(2.7142	)	$	20.8971
Weighted Average Shares Outstanding (Note 8)		285			286			264
Weighted Average Shares Outstanding (Note 7)		288			285			286

The accompanying notes are an integral part of these consolidated financial statements.

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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Year Ended December 31,
(In millions)	~~2023~~2024			~~2022~~2023			~~2021~~2022
Net Income (Loss)	$	~~(687~~60	)	$	~~209~~(687	)	$	~~780~~209
Other Comprehensive Income (Loss):
Foreign currency translation, net of tax of $2 in 2023 (($9) in 2022, ($4) in 2021)		54			(275	)		(139	)
Foreign currency translation, net of tax of ($7) in 2024 ($2 in 2023, ($9) in 2022)		(95	)		54			(275	)
Unrealized gains (losses) from securities, net of tax of $0 in 2023 ($0 in 2022, $0 in 2021)		—			1			—
Unrealized gains from securities, net of tax of $0 in 2024 ($0 in 2023, $0 in 2022)		—			—			1
Defined benefit plans:
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $26 in 2023 ($31 in 2022, $34 in 2021)		80			94			105
Amortization of prior service cost and unrecognized gains and losses included in total benefit cost, net of tax of $27 in 2024 ($26 in 2023, $31 in 2022)		81			80			94
Decrease/(increase) in net actuarial losses, net of tax of ($36) in 2023 ($48 in 2022 and 2021)		(125	)		162			153
Decrease/(increase) in net actuarial losses, net of tax of $0 in 2024 (($36) in 2023, $48 in 2022)		(16	)		(125	)		162
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
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures, net of tax of ($1) in 2024 ($11 in 2023, $30 in 2022)		(2	)		36			94
Prior service credit (cost) from plan amendments, net of tax of $0 in 2023 (($2) in 2022, $0 in 2021)		—			(3	)		1
Prior service credit (cost) from plan amendments, net of tax of $8 in 2024 ($0 in 2023, ($2) in 2022)		23			—			(3	)
Deferred derivative gains (losses), net of tax of $0 in 2023 ($0 in 2022, $0 in 2021)		(5	)		—			1
Deferred derivative losses, net of tax of $0 in 2024 ($0 in 2023, $0 in 2022)		—			(5	)		—
Reclassification adjustment for amounts recognized in income, net of tax of $0 in 2023 ($0 in 2022, $0 in 2021)		4			(2	)		(2	)
Reclassification adjustment for amounts recognized in income, net of tax of $0 in 2024 ($0 in 2023, $0 in 2022)		(1	)		4			(2	)
Other Comprehensive Income (Loss)		44(10	)		7144			~~152~~71
Comprehensive Income (Loss)		~~(643~~50	)		~~280~~(643	)		~~932~~280
Less: Comprehensive Income (Loss) Attributable to Minority Shareholders		6(11	)		~~(10~~6	)		(410	)
Goodyear Comprehensive Income (Loss)	$	~~(649~~61	)	$	~~290~~(649	)	$	~~936~~290

The accompanying notes are an integral part of these consolidated financial statements.

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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	December 31,
(In millions, except share data)	~~2023~~2024			~~2022~~2023
Assets:
Current Assets:
Cash and Cash Equivalents (Note 1)	$	~~902~~810		$	~~1,227~~902
Accounts Receivable (Note 10)		2,731			2,610
Accounts Receivable (Note 9)		2,482			2,731
Inventories (Note 11)		3,698			4,571
Inventories (Note 10)		3,597			3,698
Prepaid Expenses and Other Current Assets		319			257
Assets Held for Sale (Note 1)		466			—
Total Current Assets		7,650			8,665
Prepaid Expenses and Other Current Assets		277			319
Goodwill (Note 12)		781			1,014
Total Current Assets		7,632			7,650
Intangible Assets (Note 12)		969			1,004
Goodwill (Note 11)		756			781
Deferred Income Taxes (Note 7)		1,630			1,443
Intangible Assets (Note 11)		805			969
Other Assets (Note 13)		1,075			1,035
Deferred Income Taxes (Note 6)		1,686			1,630
Operating Lease Right-of-Use Assets (Note 15)		985			976
Other Assets (Note 12)		1,052			1,075
Property, Plant and Equipment (Note 14)		8,492			8,294
Operating Lease Right-of-Use Assets (Note 14)		951			985
Total Assets	$	21,582		$	22,431
Property, Plant and Equipment (Note 13)		8,082			8,492
Total Assets	$	20,964		$	21,582
Liabilities:
Current Liabilities:
Accounts Payable — Trade	$	4,~~326~~052		$	4,~~803~~326
Compensation and Benefits (Notes 18 and 19)		663			643
Compensation and Benefits (Notes 17 and 18)		606			663
Other Current Liabilities		1,~~165~~089			~~872~~1,165
Notes Payable and Overdrafts (Note 16)		344			395
Notes Payable and Overdrafts (Note 15)		558			344
Operating Lease Liabilities due Within One Year (Note 15)		200			199
Operating Lease Liabilities due Within One Year (Note 14)		200			200
Long Term Debt and Finance Leases due Within One Year (Notes 15 and 16)		449			228
Long Term Debt and Finance Leases due Within One Year (Notes 14 and 15)		832			449
Total Current Liabilities		7,~~147~~337			7,~~140~~147
Operating Lease Liabilities (Note 15)		825			821
Operating Lease Liabilities (Note 14)		804			825
Long Term Debt and Finance Leases (Notes 15 and 16)		6,831			7,267
Long Term Debt and Finance Leases (Notes 14 and 15)		6,392			6,831
Compensation and Benefits (Notes 18 and 19)		974			998
Compensation and Benefits (Notes 17 and 18)		789			974
Deferred Income Taxes (Note 7)		83			134
Deferred Income Taxes (Note 6)		108			83
Other Long Term Liabilities		~~885~~628			~~605~~885
Total Liabilities		16,~~745~~058			16,~~965~~745
Commitments and Contingent Liabilities (Note 20)
Commitments and Contingent Liabilities (Note 19)
Shareholders’ Equity:
Goodyear Shareholders’ Equity:
Common Stock, no par value:
Authorized, 450 million shares, Outstanding shares — 284 million (283 million in 2022)		284			283
Authorized, 450 million shares, Outstanding shares — 285 million (284 million in 2023)		285			284
Capital Surplus		3,~~133~~159			3,~~117~~133
Retained Earnings		5,~~086~~156			5,~~775~~086
Accumulated Other Comprehensive Loss (Note 22)		(3,835	)		(3,875	)
Accumulated Other Comprehensive Loss (Note 21)		(3,844	)		(3,835	)
Goodyear Shareholders’ Equity		4,~~668~~756			54,~~300~~668
Minority Shareholders’ Equity — Nonredeemable		~~169~~150			~~166~~169
Total Shareholders’ Equity		4,~~837~~906			54,~~466~~837
Total Liabilities and Shareholders’ Equity	$	2120,~~582~~964		$	2221,~~431~~582

The accompanying notes are an integral part of these consolidated financial statements.

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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

									Accumulated					Minority
									Other			Goodyear		Shareholders'			Total
	Common Stock				Capital		Retained		Comprehensive			Shareholders'		Equity — Non-			Shareholders'
(Dollars in millions, except per share amounts)	Shares		Amount		Surplus		Earnings		Loss			Equity		Redeemable			Equity
Balance at December 31, 2020
(after deducting 45,243,329 common treasury shares)		233,220,098	$	233	$	2,171	$	4,809	$	(4,135	)	$	3,078	$	181		$	3,259
Net income								764					764		16			780
Other comprehensive income (loss)										172			172		(20	)		152
Total comprehensive income (loss)													936		(4	)		932
Common stock issued		45,824,480		46		892							938					938
Stock-based compensation plans						26							26					26
Dividends declared															(13	)		(13	)
Common stock issued from treasury		2,748,645		3		18							21					21
Acquisition of Cooper Tire's minority interests															21			21
Balance at December 31, 2021
(after deducting 42,494,684 common treasury shares)		281,793,223	$	282	$	3,107	$	5,573	$	(3,963	)	$	4,999	$	185		$	5,184

There were no dividends declared or paid for the year ended December 31, 2021.

The accompanying notes are an integral part of these consolidated financial statements.

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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY ~~— (Continued)~~


										Accumulated						Minority
										Other			Goodyear			Shareholders'			Total
	Common Stock				Capital			Retained		Comprehensive			Shareholders'			Equity — Non-			Shareholders'
(Dollars in millions, except per share amounts)	Shares		Amount		Surplus			Earnings		Loss			Equity			Redeemable			Equity
Balance at December 31, 2021
(after deducting 42,494,684 common treasury shares)		281,793,223	$	282	$	3,107		$	5,573	$	(3,963	)	$	4,999		$	185		$	5,184
Net income									202					202			7			209
Other comprehensive income (loss)											88			88			(17	)		71
Total comprehensive income (loss)														290			(10	)		280
Stock-based compensation plans						17								17						17
Dividends declared																	(9	)		(9	)
Common stock issued from treasury		1,103,129		1		(7	)							(6	)					(6	)
Balance at December 31, 2022
(after deducting 41,391,555 common treasury shares)		282,896,352	$	283	$	3,117		$	5,775	$	(3,875	)	$	5,300		$	166		$	5,466

There were no dividends declared or paid for the year ended December 31, 2022.

The accompanying notes are an integral part of these consolidated financial statements.

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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY — (Continued)

											Accumulated						Minority
											Other			Goodyear			Shareholders'			Total
	Common Stock				Capital			Retained			Comprehensive			Shareholders'			Equity — Non-			Shareholders'
(Dollars in millions, except per share amounts)	Shares		Amount		Surplus			Earnings			Loss			Equity			Redeemable			Equity
Balance at December 31, 2022
(after deducting 41,391,555 common treasury shares)		282,896,352	$	283	$	3,117		$	5,775		$	(3,875	)	$	5,300		$	166		$	5,466
Net income									(689	)					(689	)		2			(687	)
Other comprehensive income (loss)												40			40			4			44
Total comprehensive income (loss)															(649	)		6			(643	)
Stock-based compensation plans						17									17						17
Dividends declared																		(3	)		(3	)
Common stock issued from treasury		889,911		1		(1	)								—						—
Balance at December 31, 2023
(after deducting 40,501,644 common treasury shares)		283,786,263	$	284	$	3,133		$	5,086		$	(3,835	)	$	4,668		$	169		$	4,837

There were no dividends declared or paid for the year ended December 31, 2023.

The accompanying notes are an integral part of these consolidated financial statements.

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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ~~CASH~~SHAREHOLDERS’ ~~FLOWS~~EQUITY — (Continued)

	Year Ended December 31,
												Accumulated						Minority
(In millions)	2023			2022			2021
												Other			Goodyear			Shareholders'			Total
Cash Flows from Operating Activities:
	Common Stock						Capital			Retained		Comprehensive			Shareholders'			Equity — Non-			Shareholders'
Net Income (Loss)	$	(687	)	$	209		$	780
(Dollars in millions, except per share amounts)	Shares			Amount			Surplus			Earnings		Loss			Equity			Redeemable			Equity
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:
Balance at December 31, 2023
Depreciation and Amortization		1,001			964			883
(after deducting 40,501,644 common treasury shares)		283,786,263		$	284		$	3,133		$	5,086	$	(3,835	)	$	4,668		$	169		$	4,837
Amortization and Write-Off of Debt Issuance Costs		15			15			14
Net income											70					70			(10	)		60
Amortization of Inventory Fair Value Adjustment Related to the Cooper Tire Acquisition (Note 2)		—			—			110
Other comprehensive income (loss)													(9	)		(9	)		(1	)		(10	)
Transaction and Other Costs Related to the Cooper Tire Acquisition (Note 2)		—			—			56
Total comprehensive income (loss)																61			(11	)		50
Cash Payments for Transaction and Other Costs Related to the Cooper Tire Acquisition		—			(2	)		(42	)
Stock-based compensation plans								30								30						30
Goodwill Impairment (Note 12)		230			—			—
Dividends declared																			(8	)		(8	)
Provision for Deferred Income Taxes (Note 7)		(230	)		28			(471	)
Common stock issued from treasury		1,188,000			1			(4	)							(3	)					(3	)
Net Pension Curtailments and Settlements (Note 18)		40			124			43
Balance at December 31, 2024
Net Rationalization Charges (Note 4)		502			129			93
(after deducting 39,313,644 common treasury shares)		284,974,263		$	285		$	3,159		$	5,156	$	(3,844	)	$	4,756		$	150		$	4,906
Rationalization Payments		(99	)		(95	)		(197	)
Net (Gains) Losses on Asset Sales (Note 6)		(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)		—			—			(1,856	)
Capital Expenditures		(1,050	)		(1,061	)		(981	)
Cash Proceeds from Sale and Leaseback Transactions (Note 6)		99			108			—
Asset Dispositions		16			52			14
Short Term Securities Acquired		(97	)		(75	)		(118	)
Short Term Securities Redeemed		94			107			125
Long Term Securities Acquired		(11	)		—			—
Long Term Securities Redeemed		6			—			—
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

There were no dividends declared or paid for the year ended December 31, 2024.

The accompanying notes are an integral part of these consolidated financial statements.

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THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
(In millions)	2024			2023			2022
Cash Flows from Operating Activities:
Net Income (Loss)	$	60		$	(687	)	$	209
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:
Depreciation and Amortization		1,049			1,001			964
Amortization and Write-Off of Debt Issuance Costs		14			15			15
Goodwill and Intangible Asset Impairment (Note 11)		125			230			—
Cash Payments for Transaction and Other Costs Related to the Cooper Tire Acquisition		—			—			(2	)
Provision for Deferred Income Taxes (Note 6)		(65	)		(230	)		28
Net Pension Curtailments and Settlements (Note 17)		(3	)		40			124
Net Rationalization Charges (Note 3)		86			502			129
Rationalization Payments		(198	)		(99	)		(95	)
Net (Gains) Losses on Asset Sales (Note 5)		(93	)		(104	)		(122	)
Gain on Insurance Recoveries for Damaged Property, Plant and Equipment		(75	)		—			—
Operating Lease Expense (Note 14)		326			302			300
Operating Lease Payments (Note 14)		(277	)		(278	)		(276	)
Pension Contributions and Direct Payments		(69	)		(54	)		(60	)
Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions:
Accounts Receivable		127			(59	)		(333	)
Inventories		(122	)		908			(1,042	)
Accounts Payable — Trade		(87	)		(550	)		686
Compensation and Benefits		24			48			(107	)
Other Current Liabilities		(151	)		158			(1	)
Other Assets and Liabilities		27			(111	)		104
Total Cash Flows from Operating Activities		698			1,032			521
Cash Flows from Investing Activities:
Capital Expenditures		(1,188	)		(1,050	)		(1,061	)
Insurance Recoveries for Damaged Property, Plant and Equipment		62			—			—
Cash Proceeds from Sale and Leaseback Transactions (Note 5)		16			99			108
Asset Dispositions		115			16			52
Short Term Securities Acquired		—			(97	)		(75	)
Short Term Securities Redeemed		2			94			107
Long Term Securities Acquired		—			(11	)		—
Long Term Securities Redeemed		4			6			—
Notes Receivable		(23	)		(79	)		(16	)
Other Transactions		7			(13	)		(29	)
Total Cash Flows from Investing Activities		(1,005	)		(1,035	)		(914	)
Cash Flows from Financing Activities:
Short Term Debt and Overdrafts Incurred		1,326			954			1,321
Short Term Debt and Overdrafts Paid

Filing Compare · GOODYEAR TIRE & RUBBER CO /OH/