$2.2 billion U.S. tax valuation allowance
Operating income for 2014 was $1.7 billion, up 8% from 2013, driven
primarily by lower raw material costs. Net income was $2.4 billion,
significantly up from 2013’s $600 million net gain. Adjusted net income was
$790 million for 2014, up year-over-year from $725 million.
“The release of our $2.2 billion U.S. tax valuation allowance after 12
years is a major milestone for Goodyear. It marks the completion of the
successful turnaround of our North America business.”
The company said the tax valuation allowance is “a one-time, non-cash
benefit to earnings in 2014. While the company will record charges for
income taxes in future periods, it does not expect to pay cash taxes in the
U.S. for approximately five years.”