Item 8.01 Other Events.
This Form 8-K is being filed by The Goodyear Tire & Rubber Company (the "Company") to retrospectively adjust portions of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008, filed on February 18, 2009 (the "2008 Form 10-K"), to reflect our adoption, effective January 1, 2009, of FASB Staff Position APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)," and FASB Statement No. 160, "Noncontrolling Interests in Consolidated Financial Statements - an Amendment of ARB No. 51." APB 14-1 specifies that issuers of convertible debt instruments that may be settled in cash upon conversion should separately account for the liability and equity components in a manner that will reflect the entity's nonconvertible debt borrowing rate. In July 2004, we issued $350 million in aggregate principal amount of 4% convertible senior notes due 2034, and subsequently exchanged $346 million in aggregate principal amount of those notes for common stock and a cash payment in December 2007. The remaining $4 million of notes were converted into common stock in May 2008. The adoption of APB 14-1 resulted in a $62 million reclassification in our consolidated statements of shareholders' equity by decreasing retained earnings and increasing capital surplus at December 31, 2008 and 2007. Goodyear income from continuing operations and net income were reduced by $19 million and $18 million in 2007 and 2006, respectively. Prior period information presented in the Exhibits to this Form 8-K has been restated, where required.
SFAS No. 160 establishes accounting and reporting standards for noncontrolling interests (i.e., minority interests) in a subsidiary, including changes in a parent's ownership interest in a subsidiary, and requires, among other things, that noncontrolling interests in subsidiaries be classified as shareholders' equity. Prior period information presented in the Exhibits to this Form 8-K has been reclassified, where required.
The following Items of the 2008 Form 10-K are being adjusted retrospectively to reflect the adoption of the accounting pronouncements described above (which Items as adjusted are attached as Exhibits hereto and hereby incorporated by reference herein):
Item 6 - Selected Financial Data
Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 8 - Financial Statements and Supplementary Data Item 15 - The following Financial Statement Schedules and Exhibits:
Schedule I - Condensed Financial Information of Registrant Schedule II - Valuation and Qualifying Accounts Exhibit 12.1 - Computation of Ratio of Earnings to Fixed Charges No Items of the 2008 Form 10-K other than those identified above are being revised by this filing. Information in the 2008 Form 10-K is generally stated as of December 31, 2008 and this filing does not reflect any subsequent information or events other than the adoption of the accounting pronouncements described above. Without limitation of the foregoing, this filing does not purport to update the Management's Discussion and Analysis of Financial Condition and Results of Operations contained in the 2008 Form 10-K for any information, uncertainties, transactions, risks, events or trends occurring, or known to management. More current information is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009 and other filings with the Securities and Exchange Commission. This Current Report on Form 8-K should be read in conjunction with the 2008 Form 10-K and such Quarterly Report on Form 10-Q and other filings. The Form 10-Q and other filings contain important information regarding events, developments and updates to certain expectations of the Company that have occurred since the filing of the 2008 Form 10-K.
Item 9.01 Financial Statements and Exhibits.

(d) Exhibits 23.1 Consent of PricewaterhouseCoopers LLP 23.2 Consent of Bates White, LLC 99.1 Item 6, Form 10-K - Selected Financial Data 99.2 Item 7, Form 10-K - Management's Discussion and Analysis of Financial Condition and Results of Operations 99.3 Item 8, Form 10-K - Financial Statements and Supplementary Data 99.4 Item 15, Form 10-K - Schedule I - Condensed Financial Information of Registrant 99.5 Item 15, Form 10-K - Schedule II - Valuation and Qualifying Accounts 99.6 Item 15, Form 10-K - Exhibit 12.1 - Computation of Ratio of Earnings to Fixed Charges

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