Subsequent Events	12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 22. Subsequent Events Sale of Dunlop Brand On January 7, 2025, we entered into a Purchase Agreement (the “Dunlop Purchase Agreement”) with Sumitomo Rubber Industries, Ltd. 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. Rationalizations On January 30, 2025, we approved a plan to reduce our production capacity at our Danville, Virginia tire manufacturing facility. We expect to substantially complete this rationalization plan by the end of 2025 and estimate the total pre-tax charges associated with this action to be between $130 million and $140 million, of which $80 million to $90 million is expected to be cash charges primarily for associate-related and other exit costs and the remaining costs are expected to be non-cash charges primarily for accelerated depreciation, pension curtailment and other asset-related charges. We expect to record approximately $100 million of pre-tax charges in the first quarter of 2025 and approximately $40 million of pre-tax charges during the remainder of 2025. Off-the-Road ("OTR") Tire Business Divestiture 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, beginning no earlier than the 2nd anniversary of closing of the transaction, the production of those OTR tires will transition to Yokohama’s facilities. The divestiture of our OTR tire business does not represent a strategic shift that will have a major effect on our operations and financial results, and therefore does not qualify for reporting as a discontinued operation. Since entering into the OTR Purchase Agreement on July 22, 2024, we have classified the assets and liabilities of the OTR tire business as held for sale, which have been measured at carrying value. At December 31, 2024, assets classified as held for sale of $466 million were included within Assets Held for Sale and liabilities of $51 million were included in Other Current Liabilities in the Consolidated Balance Sheets. As a result of the transaction, considering the receipt of the purchase price, amount allocated to deferred revenue and transaction costs and based upon the net assets of the OTR tire business as of December 31, 2024, we estimate we will record a pre-tax gain of approximately $275 million during the first quarter of 2025. We intend to use the net proceeds received from the transaction to repay certain debt obligations, including the remaining $500 million outstanding principal amount of our 9.5% Notes.

Subsequent Events

12 Months Ended

Dec. 31, 2024

Note 22. Subsequent Events

Sale of Dunlop Brand

On January 7, 2025, we entered into a Purchase Agreement (the “Dunlop Purchase Agreement”) with Sumitomo Rubber Industries, Ltd. 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.

Rationalizations

On January 30, 2025, we approved a plan to reduce our production capacity at our Danville, Virginia tire manufacturing facility. We expect to substantially complete this rationalization plan by the end of 2025 and estimate the total pre-tax charges associated with this action to be between $130 million and $140 million, of which $80 million to $90 million is expected to be cash charges primarily for associate-related and other exit costs and the remaining costs are expected to be non-cash charges primarily for accelerated depreciation, pension curtailment and other asset-related charges. We expect to record approximately $100 million of pre-tax charges in the first quarter of 2025 and approximately $40 million of pre-tax charges during the remainder of 2025.

Off-the-Road ("OTR") Tire Business Divestiture

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

The divestiture of our OTR tire business does not represent a strategic shift that will have a major effect on our operations and financial results, and therefore does not qualify for reporting as a discontinued operation. Since entering into the OTR Purchase Agreement on July 22, 2024, we have classified the assets and liabilities of the OTR tire business as held for sale, which have been measured at carrying value. At December 31, 2024, assets classified as held for sale of $466 million were included within Assets Held for Sale and liabilities of $51 million were included in Other Current Liabilities in the Consolidated Balance Sheets. As a result of the transaction, considering the receipt of the purchase price, amount allocated to deferred revenue and transaction costs and based upon the net assets of the OTR tire business as of December 31, 2024, we estimate we will record a pre-tax gain of approximately $275 million during the first quarter of 2025. We intend to use the net proceeds received from the transaction to repay certain debt obligations, including the remaining $500 million outstanding principal amount of our 9.5% Notes.