<SEC-DOCUMENT>0001193125-23-249941.txt : 20231220
<SEC-HEADER>0001193125-23-249941.hdr.sgml : 20231220
<ACCEPTANCE-DATETIME>20231003161658
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-249941
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOODYEAR TIRE & RUBBER CO /OH/
		CENTRAL INDEX KEY:			0000042582
		STANDARD INDUSTRIAL CLASSIFICATION:	TIRES AND INNER TUBES [3011]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				340253240
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 INNOVATION WAY
		CITY:			AKRON
		STATE:			OH
		ZIP:			44316
		BUSINESS PHONE:		330-796-2121

	MAIL ADDRESS:	
		STREET 1:		200 INNOVATION WAY
		CITY:			AKRON
		STATE:			OH
		ZIP:			44316
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE GOODYEAR TIRE&nbsp;&amp; RUBBER COMPANY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Akron, Ohio 44316-0001 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">October&nbsp;3, 2023 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Beverly Singleton </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office
of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549-7010 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Goodyear Tire&nbsp;&amp; Rubber Company </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Filed February&nbsp;13, 2023 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarterly Period Ended June&nbsp;30, 2023 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Filed August&nbsp;3, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">File
<FONT STYLE="white-space:nowrap">No.&nbsp;001-01927</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Singleton: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This letter is in response to the letter, dated September&nbsp;19, 2023 (the &#147;Comment Letter&#148;), from the Division of Corporation
Finance, Office of Manufacturing, of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;), to Ms.&nbsp;Christina&nbsp;L. Zamarro, Executive Vice President and Chief Financial Officer of The Goodyear Tire&nbsp;&amp; Rubber Company
(&#147;Goodyear,&#148; the &#147;Company&#148; and &#147;we,&#148; &#147;us&#148; or &#147;our&#148;), with respect to the above-referenced filings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For the convenience of the Commission staff, we have repeated your comment in italics before our response. The Company respectfully submits
the following information in response to the Comment Letter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarterly Period Ended
June&nbsp;30, 2023 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Consolidated Financial Statements, page 7 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note in your recent <FONT STYLE="white-space:nowrap">10-K</FONT> disclosures that at October&nbsp;31,
2022, after considering the results of your most recent quantitative annual testing for each reporting unit and indefinite-lived intangible asset, results of valuations related to the acquisition of Cooper Tire, the capital markets environment,
macroeconomic conditions, tire industry competition and trends, our results of operations, and other factors, you concluded that it was not more likely than not that the fair values of your reporting units or indefinite-lived intangible assets were
less than their respective carrying values and, therefore, did not perform a quantitative analysis. We further note in your <FONT STYLE="white-space:nowrap">10-Q</FONT> for the period ended June&nbsp;30, 2023, we note that your results of operations
during the second [quarter] and first six months of 2023 reflected a </I></P></TD></TR></TABLE>
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difficult macroeconomic environment including a softening industry demand, lower volumes, inflationary impacts as well as other factors and that your net book value currently exceeds your market
capitalization. However, we noted no revisions to your disclosures related to goodwill under critical accounting estimates in MD&amp;A in subsequent quarterly filings that address these factors. Please revise future filings to address if and how
these factors impacted your determination to test goodwill for impairment as of an interim date and, if not, explain why not. Please also revise future filings to explain if and how you consider market capitalization in determining the estimated
fair values of reporting units. Refer to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-35-3C,</FONT></FONT></FONT> ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">350-20-35-22</FONT></FONT></FONT> to 24 and ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-35-30.</FONT></FONT></FONT> </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company will update its disclosure of &#147;Critical Accounting Policies &#150; Goodwill and Intangible Assets&#148; in Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations in its Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period ending September&nbsp;30, 2023 and in subsequent periodic filings, if appropriate, as follows:
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&#147;CRITICAL ACCOUNTING POLICIES </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Goodwill and
Intangible Assets.</I> 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 useful lives are amortized over their useful lives,
and reviewed for impairment whenever events or circumstances warrant such a review. Goodwill and intangible assets would be written down to fair value if considered impaired. Goodwill and Intangible Assets totaled [$1,018] million and [$983]
million, respectively, at [June 30, 2023]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwill and intangible assets with indefinite useful lives are not amortized but are assessed for impairment
annually on October 31<SUP STYLE="font-size:75%; vertical-align:top">st</SUP> 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 quarters 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 quarters, 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, an event that is expected to continue to affect us, and our historical price volatility. We also consider these factors compared to the results of our most recent quantitative goodwill impairment assessment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 using the discounted cash flows of a
reporting unit and using discounted cash flows following a relief-from-royalty method for indefinite-lived intangible assets. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily
on pricing, raw material costs, market share and general economic conditions. Cash flows are discounted using our weighted average cost of capital. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At [June 30, 2023], after evaluating macroeconomic conditions, our market capitalization and our results of
operations, we concluded that it was not more likely than not that the fair values of our goodwill or indefinite-lived intangible assets were less than their respective carrying values and, therefore, did not have any impairment.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;*&#8195;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Please direct
any questions, comments or advice of the Commission staff to the undersigned at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">330-796-0228.</FONT></FONT> </P>
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<TD VALIGN="top" COLSPAN="3">Respectfully submitted,</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">The Goodyear Tire&nbsp;&amp; Rubber Company</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Margaret V. Snyder</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Margaret V. Snyder</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President and Controller</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Melissa Gilmore, U.S. Securities and Exchange Commission </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Christina L. Zamarro, The Goodyear Tire&nbsp;&amp; Rubber Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Daniel T. Young, The Goodyear Tire&nbsp;&amp; Rubber Company </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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