v3.24.0.1
Net Sales
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Net Sales

Note 3. Net Sales

The following table shows disaggregated net sales from contracts with customers by major source for the year ended December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Americas

 

 

Europe, Middle East
and Africa

 

 

Asia Pacific

 

 

Total

 

Tire unit sales

 

$

10,028

 

 

$

4,924

 

 

$

2,336

 

 

$

17,288

 

Other tire and related sales

 

 

790

 

 

 

532

 

 

 

89

 

 

 

1,411

 

Retail services and service related sales

 

 

685

 

 

 

150

 

 

 

34

 

 

 

869

 

Chemical sales

 

 

467

 

 

 

—

 

 

 

—

 

 

 

467

 

Other

 

 

23

 

 

 

—

 

 

 

8

 

 

 

31

 

Net Sales by reportable segment

 

$

11,993

 

 

$

5,606

 

 

$

2,467

 

 

$

20,066

 

 

The following table shows disaggregated net sales from contracts with customers by major source for the year ended December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Americas

 

 

Europe, Middle East
and Africa

 

 

Asia Pacific

 

 

Total

 

Tire unit sales

 

$

10,694

 

 

$

4,943

 

 

$

2,249

 

 

$

17,886

 

Other tire and related sales

 

 

746

 

 

 

582

 

 

 

93

 

 

 

1,421

 

Retail services and service related sales

 

 

645

 

 

 

120

 

 

 

48

 

 

 

813

 

Chemical sales

 

 

654

 

 

 

—

 

 

 

—

 

 

 

654

 

Other

 

 

27

 

 

 

—

 

 

 

4

 

 

 

31

 

Net Sales by reportable segment

 

$

12,766

 

 

$

5,645

 

 

$

2,394

 

 

$

20,805

 

 

The following table shows disaggregated net sales from contracts with customers by major source for the year ended December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Americas

 

 

Europe, Middle East
and Africa

 

 

Asia Pacific

 

 

Total

 

Tire unit sales

 

$

8,221

 

 

$

4,669

 

 

$

2,027

 

 

$

14,917

 

Other tire and related sales

 

 

653

 

 

 

454

 

 

 

95

 

 

 

1,202

 

Retail services and service related sales

 

 

587

 

 

 

112

 

 

 

59

 

 

 

758

 

Chemical sales

 

 

569

 

 

 

—

 

 

 

—

 

 

 

569

 

Other

 

 

21

 

 

 

8

 

 

 

3

 

 

 

32

 

Net Sales by reportable segment

 

$

10,051

 

 

$

5,243

 

 

$

2,184

 

 

$

17,478

 

 

Tire unit sales consist of consumer, commercial, farm and off-the-road tire sales, including the sale of new Company-branded tires through Company-owned retail channels. Other tire and related sales consist of aviation, race and motorcycle tire sales, retread sales and other tire related sales. Sales of tires in this category are not included in reported tire unit information. Retail services and service related sales consist of automotive services performed for customers through our Company-owned retail channels, and includes service related products. Chemical sales relate to the sale of synthetic rubber and other chemicals to third parties, and exclude intercompany sales. Other sales include items such as franchise fees and ancillary tire parts.

When we receive consideration from a customer prior to transferring goods or services under the terms of a sales contract, we record deferred revenue, which represents a contract liability. Deferred revenue included in Other Current Liabilities in the Consolidated Balance Sheets totaled $18 million and $19 million at December 31, 2023 and 2022, respectively. Deferred revenue included in Other Long Term Liabilities in the Consolidated Balance Sheets totaled $10 million and $15 million at December 31, 2023 and 2022, respectively. We recognize deferred revenue after we have transferred control of the goods or services to the customer and all revenue recognition criteria are met.

The following table presents the balances of deferred revenue related to contracts with customers, and changes during the years ended December 31:

 

 

 

 

 

 

(In millions)

 

2023

 

 

2022

 

Balance at January 1

 

$

34

 

 

$

44

 

Revenue deferred during period

 

 

220

 

 

 

150

 

Revenue recognized during period

 

 

(225

)

 

 

(159

)

Impact of foreign currency translation

 

 

(1

)

 

 

(1

)

Balance at December 31

 

$

28

 

 

$

34