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Cooper Tire Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Acquisition [Line Items] |
Calculation of Merger Consideration | The following table sets forth cumulative measurement period changes from the Closing Date to the second quarter of 2022 when our purchase accounting was finalized, as well as the final and initial allocation of the Merger Consideration to the estimated fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of Cooper Tire, with the excess recorded to Goodwill as of the Closing Date:
(In millions) |  | Final Purchase Price Allocation |  |  | Cumulative Measurement Period Changes |  |  | Initial Purchase Price Allocation |
Cash and Cash Equivalents |  | $ | 231 |  |  | $ | — |  |  | $ | 231 |
Accounts Receivable |  |  | 538 |  |  |  | (83 | ) |  |  | 621 |
Inventories |  |  | 708 |  |  |  | 15 |  |  |  | 693 |
Property, Plant and Equipment |  |  | 1,346 |  |  |  | (26 | ) |  |  | 1,372 |
Goodwill |  |  | 633 |  |  |  | 158 |  |  |  | 475 |
Intangible Assets |  |  | 926 |  |  |  | (160 | ) |  |  | 1,086 |
Other Assets |  |  | 360 |  |  |  | (2 | ) |  |  | 362 |
|  |  | 4,742 |  |  |  | (98 | ) |  |  | 4,840 |
Accounts Payable — Trade |  |  | 384 |  |  |  | (80 | ) |  |  | 464 |
Compensation and Benefits |  |  | 356 |  |  |  | (30 | ) |  |  | 386 |
Debt, Finance Leases and Notes Payable and Overdrafts |  |  | 151 |  |  |  | — |  |  |  | 151 |
Deferred Tax Liabilities, net |  |  | 292 |  |  |  | (55 | ) |  |  | 347 |
Other Liabilities |  |  | 441 |  |  |  | 67 |  |  |  | 374 |
Minority Equity |  |  | 21 |  |  |  | — |  |  |  | 21 |
|  |  | 1,645 |  |  |  | (98 | ) |  |  | 1,743 |
Merger Consideration |  | $ | 3,097 |  |  | $ | — |  |  | $ | 3,097 |
Cooper Tire [Member] |
Business Acquisition [Line Items] |
Schedule of Identifiable Tangible and Intangible Assets Acquired and Liabilities Assumed | The estimated fair values of the identifiable intangible assets acquired, their weighted average estimated useful lives and the related valuation methodology are as follows:
(In millions, except years) |  | Final Fair Value |  |  | Cumulative Measurement Period Changes |  |  | Initial Fair Value |  |  | Weighted Average Useful Lives |  | Valuation Methodology
Trade names (indefinite-lived) |  | $ | 560 |  |  | $ | 250 |  |  | $ | 310 |  |  | N/A |  | Relief-from-royalty
Trade names (definite-lived) |  |  | 10 |  |  |  | (30 | ) |  |  | 40 |  |  | 14 years |  | Relief-from-royalty
Customer relationships |  |  | 350 |  |  |  | (380 | ) |  |  | 730 |  |  | 12 years |  | Multi-period excess earnings
Non-compete and other |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  | 2 years |  | Discounted cash flow
|  | $ | 926 |  |  | $ | (160 | ) |  | $ | 1,086 |  |  |  |  |
Schedule of Pro Forma Financial Information | The following table summarizes, on a pro forma basis, the combined results of operations of Goodyear and Cooper Tire for the years ended December 31, 2021 and 2020 as though the acquisition and the related financing had occurred as of January 1, 2020. The pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition of Cooper Tire occurred on January 1, 2020, nor are they indicative of future consolidated operating results.
|  | Year Ended December 31, |
(In millions) |  | 2021 |  |  | 2020 |
Net Sales |  | $ | 18,732 |  |  | $ | 14,902 |
Income (Loss) before Income Taxes |  |  | 791 |  |  |  | (1,281 | )
Goodyear Net Income (Loss) |  |  | 974 |  |  |  | (1,369 | )

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