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The following note accompanied the financial statements for Goodyear Tire and Rubber Company (GT) of our facilibies. T We are a defendant in numerous lawsuits
The following note accompanied the financial statements for Goodyear Tire and Rubber Company (GT) of our facilibies. T We are a defendant in numerous lawsuits alleging various asbestos-related personal injuries purported to rssult from alleged exposure to certain asbestos products manufactured by us or present in certain of our facilities. Typically, these awsuits have been brought against multiple defendants in state and federal courts. To date, we have disposed of approximately 109,500 claims by defending and obtaining the dismissal thereof or by entering into a settiement. The sum of our accrued asbestos-related liabilty, . including legal costs totaled approximately $458 milion a. Illustrate the effects on the accounts and financial statements of recording the contingent liability of $458,000,000. If no account or activity is affected, select "No effect from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Income Liabilities Stockholders' Equity Cash Flows ssets Statement payable No effect Contingent product & Tort claims + Retained earnings Statement of Cash Flows Income Statement No effect V Litigation expenses and losses
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