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Revision of Previously Issued Financial Statements | 6 Months Ended
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Jun. 30, 2025
Accounting Changes and Error Corrections [Abstract] |
Revision of Previously Issued Financial Statements | REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS As discussed in Note 1, in preparing the consolidated financial statements as of and for the three and six months ended June 30, 2025, we identified errors in our previously issued financial statements related to our historical computation of currency remeasurement of our foreign operations in Turkey, which was designated as a highly inflationary economy beginning April 1, 2022. The identified errors impacted our previously issued 2022, 2023 and 2024 annual and interim financial statements. The impact of the errors on the previously issued consolidated statements of operations and comprehensive income for the quarter ended March 31, 2025 were de minimis. There were no impacts on previously reported cash flows from operating, investing and financing activities in any prior periods. We evaluated the errors in accordance with SEC Staff Accounting Bulletin Nos. 99 and 108 and determined that the related impacts were not material in any previously issued annual or interim financial statements. We revised the prior period amounts presented in these financial statements to correct the errors. The applicable notes to the accompanying financial statements have also been corrected to reflect the impact of the revisions of the previously filed consolidated interim financial statements. The following tables reflect the impact of the revision to the specific line items presented in our previously reported financial information. Impacts to Consolidated Statements of Operations and Comprehensive Income (in millions, except per share data)
| Year Ended December 31, 2024 |  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
| As Reported | Revision | As Revised |  | As Reported | Revision | As Revised |  | As Reported | Revision | As Revised
Cost of Goods Sold | $ | 15,176 |  | $ | 16 |  | $ | 15,192 |  |  | $ | 16,557 |  | $ | 25 |  | $ | 16,582 |  |  | $ | 16,953 |  | $ | 2 |  | $ | 16,955 |
Other Expense (1) | $ | 125 |  | $ | 9 |  | $ | 134 |  |  | $ | 212 |  | $ | 19 |  | $ | 231 |  |  | $ | 197 |  | $ | 12 |  | $ | 209 |
Net Income (Loss) | $ | 60 |  | $ | (25) |  | $ | 35 |  |  | $ | (687) |  | $ | (44) |  | $ | (731) |  |  | $ | 209 |  | $ | (14) |  | $ | 195 |
Minority Shareholders’ Net Income (Loss) | $ | (10) |  | $ | (1) |  | $ | (11) |  |  | $ | 2 |  | $ | (4) |  | $ | (2) |  |  | $ | 7 |  | $ | (3) |  | $ | 4 |
Goodyear Net Income (Loss) | $ | 70 |  | $ | (24) |  | $ | 46 |  |  | $ | (689) |  | $ | (40) |  | $ | (729) |  |  | $ | 202 |  | $ | (11) |  | $ | 191 |
Comprehensive Income (Loss) | $ | 50 |  | $ | (25) |  | $ | 25 |  |  | $ | (643) |  | $ | (44) |  | $ | (687) |  |  | $ | 280 |  | $ | (14) |  | $ | 266 |
Comprehensive Income (Loss) Attributable to Minority Shareholders | $ | (11) |  | $ | (1) |  | $ | (12) |  |  | $ | 6 |  | $ | (4) |  | $ | 2 |  |  | $ | (10) |  | $ | (3) |  | $ | (13) |
Goodyear Comprehensive Income (Loss) | $ | 61 |  | $ | (24) |  | $ | 37 |  |  | $ | (649) |  | $ | (40) |  | $ | (689) |  |  | $ | 290 |  | $ | (11) |  | $ | 279 |
Basic EPS | $ | 0.24 |  | $ | (0.08) |  | $ | 0.16 |  |  | $ | (2.42) |  | $ | (0.14) |  | $ | (2.56) |  |  | $ | 0.71 |  | $ | (0.04) |  | $ | 0.67 |
Diluted EPS | $ | 0.24 |  | $ | (0.08) |  | $ | 0.16 |  |  | $ | (2.42) |  | $ | (0.14) |  | $ | (2.56) |  |  | $ | 0.71 |  | $ | (0.04) |  | $ | 0.67 |
(1) Other Expense also reflects the reclassification of Net (Gain) Loss on Asset Sales of $(122) million, $(104) million, and $(93) million for the years ended December 31, 2022, 2023 and 2024, respectively, to conform to the current presentation.
| Nine Months Ended September 30, 2024 |  | Three Months Ended September 30, 2024 |  | Six Months Ended June 30, 2024 |  | Three Months Ended June 30, 2024 |  | Three Months Ended March 31, 2024
| As Reported | Revision | As Revised |  | As Reported | Revision | As Revised |  | As Reported | Revision | As Revised |  | As Reported | Revision | As Revised |  | As Reported | Revision | As Revised
Cost of Goods Sold | $ | 11,218 |  | $ | 13 |  | $ | 11,231 |  |  | $ | 3,881 |  | $ | 1 |  | $ | 3,882 |  |  | $ | 7,337 |  | $ | 12 |  | $ | 7,349 |  |  | $ | 3,622 |  | $ | 5 |  | $ | 3,627 |  |  | $ | 3,715 |  | $ | 7 |  | $ | 3,722 |
Other Expense (1) | $ | 87 |  | $ | 8 |  | $ | 95 |  |  | $ | 35 |  | $ | 1 |  | $ | 36 |  |  | $ | 52 |  | $ | 7 |  | $ | 59 |  |  | $ | 24 |  | $ | 2 |  | $ | 26 |  |  | $ | 28 |  | $ | 5 |  | $ | 33 |
Net Income (Loss) | $ | (12) |  | $ | (21) |  | $ | (33) |  |  | $ | (34) |  | $ | (2) |  | $ | (36) |  |  | $ | 22 |  | $ | (19) |  | $ | 3 |  |  | $ | 80 |  | $ | (7) |  | $ | 73 |  |  | $ | (58) |  | $ | (12) |  | $ | (70) |
Minority Shareholders’ Net Income (Loss) | $ | (6) |  | $ | — |  | $ | (6) |  |  | $ | — |  | $ | 1 |  | $ | 1 |  |  | $ | (6) |  | $ | (1) |  | $ | (7) |  |  | $ | (5) |  | $ | (1) |  | $ | (6) |  |  | $ | (1) |  | $ | — |  | $ | (1) |
Goodyear Net Income (Loss) | $ | (6) |  | $ | (21) |  | $ | (27) |  |  | $ | (34) |  | $ | (3) |  | $ | (37) |  |  | $ | 28 |  | $ | (18) |  | $ | 10 |  |  | $ | 85 |  | $ | (6) |  | $ | 79 |  |  | $ | (57) |  | $ | (12) |  | $ | (69) |
Comprehensive Income (Loss) | $ | 55 |  | $ | (21) |  | $ | 34 |  |  | $ | 44 |  | $ | (2) |  | $ | 42 |  |  | $ | 11 |  | $ | (19) |  | $ | (8) |  |  | $ | 56 |  | $ | (7) |  | $ | 49 |  |  | $ | (45) |  | $ | (12) |  | $ | (57) |
Comprehensive Income (Loss) Attributable to Minority Shareholders | $ | (2) |  | $ | — |  | $ | (2) |  |  | $ | 8 |  | $ | 1 |  | $ | 9 |  |  | $ | (10) |  | $ | (1) |  | $ | (11) |  |  | $ | (6) |  | $ | (1) |  | $ | (7) |  |  | $ | (4) |  | $ | — |  | $ | (4) |
Goodyear Comprehensive Income (Loss) | $ | 57 |  | $ | (21) |  | $ | 36 |  |  | $ | 36 |  | $ | (3) |  | $ | 33 |  |  | $ | 21 |  | $ | (18) |  | $ | 3 |  |  | $ | 62 |  | $ | (6) |  | $ | 56 |  |  | $ | (41) |  | $ | (12) |  | $ | (53) |
Basic EPS | $ | (0.02) |  | $ | (0.07) |  | $ | (0.09) |  |  | $ | (0.12) |  | $ | (0.01) |  | $ | (0.13) |  |  | $ | 0.10 |  | $ | (0.06) |  | $ | 0.04 |  |  | $ | 0.30 |  | $ | (0.02) |  | $ | 0.28 |  |  | $ | (0.20) |  | $ | (0.04) |  | $ | (0.24) |
Diluted EPS | $ | (0.02) |  | $ | (0.07) |  | $ | (0.09) |  |  | $ | (0.12) |  | $ | (0.01) |  | $ | (0.13) |  |  | $ | 0.10 |  | $ | (0.06) |  | $ | 0.04 |  |  | $ | 0.30 |  | $ | (0.02) |  | $ | 0.28 |  |  | $ | (0.20) |  | $ | (0.04) |  | $ | (0.24) |
(1) Other Expense also reflects the reclassification of Net (Gain) Loss on Asset Sales of $2 million, $(96) million and $(1) million for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, respectively, $(94) million for the six months ended June 30, 2024, and $(95) million for the nine months ended September 30, 2024, to conform to the current presentation.
Impacts to Consolidated Balance Sheets and Statements of Shareholders' Equity (in millions)
| December 31, 2024 |  | December 31, 2023
| As Reported | Revision | As Revised |  | As Reported | Revision | As Revised
Inventories | $ | 3,597 |  | $ | (43) |  | $ | 3,554 |  |  | $ | 3,698 |  | $ | (27) |  | $ | 3,671 |
Total Current Assets | $ | 7,632 |  | $ | (43) |  | $ | 7,589 |  |  | $ | 7,650 |  | $ | (27) |  | $ | 7,623 |
Total Assets | $ | 20,964 |  | $ | (43) |  | $ | 20,921 |  |  | $ | 21,582 |  | $ | (27) |  | $ | 21,555 |
Accounts Payable — Trade | $ | 4,052 |  | $ | 40 |  | $ | 4,092 |  |  | $ | 4,326 |  | $ | 31 |  | $ | 4,357 |
Total Current Liabilities | $ | 7,337 |  | $ | 40 |  | $ | 7,377 |  |  | $ | 7,147 |  | $ | 31 |  | $ | 7,178 |
Total Liabilities | $ | 16,058 |  | $ | 40 |  | $ | 16,098 |  |  | $ | 16,745 |  | $ | 31 |  | $ | 16,776 |
Retained Earnings | $ | 5,156 |  | $ | (75) |  | $ | 5,081 |  |  | $ | 5,086 |  | $ | (51) |  | $ | 5,035 |
Goodyear Shareholders' Equity | $ | 4,756 |  | $ | (75) |  | $ | 4,681 |  |  | $ | 4,668 |  | $ | (51) |  | $ | 4,617 |
Minority Shareholders' Equity | $ | 150 |  | $ | (8) |  | $ | 142 |  |  | $ | 169 |  | $ | (7) |  | $ | 162 |
Total Shareholders' Equity | $ | 4,906 |  | $ | (83) |  | $ | 4,823 |  |  | $ | 4,837 |  | $ | (58) |  | $ | 4,779 |
Total Liabilities and Shareholders' Equity | $ | 20,964 |  | $ | (43) |  | $ | 20,921 |  |  | $ | 21,582 |  | $ | (27) |  | $ | 21,555 |

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