☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 01-13697 | 52-1604305 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
160 S. Industrial Blvd. | , Calhoun, | Georgia | 30701 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Common Stock, $.01 par value | MHK | New York Stock Exchange | ||||||
Large accelerated filer | ý | Accelerated filer | ||||||||||||||||||
Non-accelerated filer | Smaller reporting company | ☐ | ||||||||||||||||||
Emerging growth company | ☐ |
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Segment and Property Use | North America | Europe and Russia | Other | Total | ||||||||||||||||||||||
Global Ceramic | ||||||||||||||||||||||||||
Manufacturing | 8 | 11 | 3 | 22 | ||||||||||||||||||||||
Distribution / Warehouse | 9 | 7 | 3 | 19 | ||||||||||||||||||||||
Flooring North America | ||||||||||||||||||||||||||
Manufacturing | 22 | — | — | 22 | ||||||||||||||||||||||
Distribution / Warehouse | 12 | — | — | 12 | ||||||||||||||||||||||
Flooring Rest of the World | ||||||||||||||||||||||||||
Manufacturing | — | 21 | 5 | 26 | ||||||||||||||||||||||
Distribution / Warehouse | — | 4 | — | 4 | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Manufacturing | 30 | 32 | 8 | 70 | ||||||||||||||||||||||
Distribution / Warehouse | 21 | 11 | 3 | 35 | ||||||||||||||||||||||
Segment and Property Use | North America | Europe and Russia | Other | Total | ||||||||
Global Ceramic | ||||||||||||
Manufacturing | 10 | 11 | 2 | 23 | ||||||||
Distribution / Warehouse | 8 | 7 | 2 | 17 | ||||||||
Flooring North America | ||||||||||||
Manufacturing | 17 | — | — | 17 | ||||||||
Distribution / Warehouse | 11 | — | — | 11 | ||||||||
Flooring Rest of the World | ||||||||||||
Manufacturing | — | 17 | 5 | 22 | ||||||||
Distribution / Warehouse | — | 3 | — | 3 | ||||||||
Total | ||||||||||||
Manufacturing | 27 | 28 | 7 | 62 | ||||||||
Distribution / Warehouse | 19 | 10 | 2 | 31 | ||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan | ||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||
October 2 through November 5, 2022 | — | $ | — | — | $ | 229.2 | ||||||||||||||||||||
November 6 through December 3, 2022 | — | $ | — | — | $ | 229.2 | ||||||||||||||||||||
December 4 through December 31, 2022 | — | $ | — | — | $ | 229.2 | ||||||||||||||||||||
Total | — | $ | — | — |
Period | Total Number of Shares Purchased in Millions | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan in Millions | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan in Millions | ||||||
September 30 through November 1, 2019 | 0.2 | $ | 119.76 | 0.2 | $ | 125.8 | ||||
November 4 through November 29, 2019 | — | $ | — | — | $ | 125.8 | ||||
December 2 through December 31, 2019 | — | $ | — | — | $ | 125.8 | ||||
Total | 0.2 | $ | 119.76 | 0.2 |
As of or for the Years Ended December 31, | |||||||||||||||
2019 | 2018(a) | 2017(b) | 2016 | 2015 | |||||||||||
(In thousands, except per share data) | |||||||||||||||
Statement of operations data: | |||||||||||||||
Net sales | $ | 9,970,672 | 9,983,634 | 9,491,290 | 8,959,087 | 8,071,563 | |||||||||
Cost of sales | 7,294,629 | 7,145,564 | 6,494,876 | 6,146,262 | 5,660,877 | ||||||||||
Gross profit | 2,676,043 | 2,838,070 | 2,996,414 | 2,812,825 | 2,410,686 | ||||||||||
Selling, general and administrative expenses | 1,848,819 | 1,742,744 | 1,642,241 | 1,532,882 | 1,573,120 | ||||||||||
Operating income | 827,224 | 1,095,326 | 1,354,173 | 1,279,943 | 837,566 | ||||||||||
Interest expense | 41,272 | 38,827 | 31,111 | 40,547 | 71,086 | ||||||||||
Other expense (income), net | 36,407 | 7,298 | 5,205 | (1,729 | ) | 17,619 | |||||||||
Earnings from continuing operations before income taxes | 749,545 | 1,049,201 | 1,317,857 | 1,241,125 | 748,861 | ||||||||||
Income tax expense | 4,974 | 184,346 | 343,165 | 307,559 | 131,875 | ||||||||||
Earnings from continuing operations | 744,571 | 864,855 | 974,692 | 933,566 | 616,986 | ||||||||||
Net earnings including noncontrolling interest | 744,571 | 864,855 | 974,692 | 933,566 | 616,986 | ||||||||||
Less: Net earnings attributable to the noncontrolling interest | 360 | 3,151 | 3,054 | 3,204 | 1,684 | ||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 744,211 | 861,704 | 971,638 | 930,362 | 615,302 | |||||||||
Basic earnings from continuing operations per share | $ | 10.34 | 11.53 | 13.07 | 12.55 | 8.37 | |||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 10.34 | 11.53 | 13.07 | 12.55 | 8.37 | |||||||||
Diluted earnings from continuing operations per share | $ | 10.30 | 11.47 | 12.98 | 12.48 | 8.31 | |||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 10.30 | 11.47 | 12.98 | 12.48 | 8.31 | |||||||||
Balance sheet data: | |||||||||||||||
Working capital | $ | 1,716,874 | 1,243,057 | 1,417,612 | 753,192 | (9,056 | ) | ||||||||
Total assets | 13,386,680 | 13,099,123 | 12,094,853 | 10,230,596 | 9,934,400 | ||||||||||
Long-term debt (including current portion) | 2,569,886 | 3,257,974 | 2,763,578 | 2,511,485 | 3,191,967 | ||||||||||
Total stockholders’ equity | 8,126,448 | 7,440,059 | 7,067,009 | 5,783,487 | 4,860,863 |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Statement of operations data: | |||||||||||||||||||||||||||||||||||
Net sales | $ | 11,737.1 | 100.0 | % | 11,200.6 | 100.0 | % | ||||||||||||||||||||||||||||
Cost of sales (1) | 8,793.6 | 74.9 | % | 7,931.9 | 70.8 | % | |||||||||||||||||||||||||||||
Gross profit | 2,943.4 | 25.1 | % | 3,268.7 | 29.2 | % | |||||||||||||||||||||||||||||
Selling, general and administrative expenses (2) | 2,003.4 | 17.1 | % | 1,933.7 | 17.3 | % | |||||||||||||||||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | 695.8 | 5.9 | % | — | — | % | |||||||||||||||||||||||||||||
Operating income | 244.2 | 2.1 | % | 1,335.0 | 11.9 | % | |||||||||||||||||||||||||||||
Interest expense | 51.9 | 0.4 | % | 57.3 | 0.5 | % | |||||||||||||||||||||||||||||
Other expense (income) (3) | 8.4 | 0.1 | % | (12.2) | (0.1) | % | |||||||||||||||||||||||||||||
Earnings before income taxes | 183.9 | 1.6 | % | 1,290.0 | 11.5 | % | |||||||||||||||||||||||||||||
Income tax expense (4) | 158.1 | 1.3 | % | 256.4 | 2.3 | % | |||||||||||||||||||||||||||||
Net earnings including noncontrolling interests | 25.8 | 0.2 | % | 1,033.5 | 9.2 | % | |||||||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | 0.5 | 0.0 | % | 0.4 | 0.0 | % | |||||||||||||||||||||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 25.2 | 0.2 | % | 1,033.2 | 9.2 | % | ||||||||||||||||||||||||||||
(1) Cost of sales includes: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related charges | $ | 68.0 | 0.6 | % | 18.4 | 0.2 | % | ||||||||||||||||||||||||||||
Acquisition inventory step-up | 2.8 | 0.0 | % | 1.7 | 0.0 | % | |||||||||||||||||||||||||||||
Other charges | 3.2 | 0.0 | % | — | — | % | |||||||||||||||||||||||||||||
(2) Selling, general and administrative expenses include: | |||||||||||||||||||||||||||||||||||
Restructuring, acquisition and integration-related charges | 13.7 | 0.1 | % | 5.2 | 0.0 | % | |||||||||||||||||||||||||||||
Legal settlements, reserves and fees, net of insurance proceeds | 54.2 | 0.5 | % | — | — | % | |||||||||||||||||||||||||||||
Other charges | 1.0 | 0.0 | % | — | — | % | |||||||||||||||||||||||||||||
(3) Other expense (income) includes: | |||||||||||||||||||||||||||||||||||
Resolution of foreign non-income tax contingencies | — | — | % | (6.2) | (0.1) | % | |||||||||||||||||||||||||||||
Release of indemnification asset | 7.3 | 0.1 | % | — | — | % | |||||||||||||||||||||||||||||
Other charges | 1.8 | 0.0 | % | (0.5) | 0.0 | % | |||||||||||||||||||||||||||||
(4) Income tax expense includes: | |||||||||||||||||||||||||||||||||||
One-time tax planning election | — | — | % | (22.2) | (0.2) | % | |||||||||||||||||||||||||||||
Income taxes - reversal of uncertain position | (7.3) | (0.1) | % | — | — | % | |||||||||||||||||||||||||||||
Income tax effect on resolution of foreign non-income tax contingencies | — | — | % | 2.3 | 0.0 | % | |||||||||||||||||||||||||||||
Other charges | 0.5 | 0.0 | % | 0.9 | 0.0 | % |
For the Years Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Statement of operations data: | ||||||||||||||||||||
Net sales | $ | 9,970.7 | 100.0 | % | $ | 9,983.6 | 100.0 | % | $ | 9,491.3 | 100.0 | % | ||||||||
Cost of sales (1) | 7,294.6 | 73.2 | % | 7,145.6 | 71.6 | % | 6,494.9 | 68.4 | % | |||||||||||
Gross profit | 2,676.0 | 26.8 | % | 2,838.1 | 28.4 | % | 2,996.4 | 31.6 | % | |||||||||||
Selling, general and administrative expenses (2) | 1,848.8 | 18.5 | % | 1,742.7 | 17.5 | % | 1,642.2 | 17.3 | % | |||||||||||
Operating income | 827.2 | 8.3 | % | 1,095.3 | 11.0 | % | 1,354.2 | 14.3 | % | |||||||||||
Interest expense (3) | 41.3 | 0.4 | % | 38.8 | 0.4 | % | 31.1 | 0.3 | % | |||||||||||
Other expense (income) (4) | 36.4 | 0.4 | % | 7.3 | 0.1 | % | 5.2 | 0.1 | % | |||||||||||
Earnings before income taxes | 749.5 | 7.5 | % | 1,049.2 | 10.5 | % | 1,317.9 | 13.9 | % | |||||||||||
Income tax expense (5) | 5.0 | 0.1 | % | 184.3 | 1.8 | % | 343.2 | 3.6 | % | |||||||||||
Earnings from continuing operations | 744.6 | 7.5 | % | 864.9 | 8.7 | % | 974.7 | 10.3 | % | |||||||||||
Net earnings including noncontrolling interest | 744.6 | 7.5 | % | 864.9 | 8.7 | % | 974.7 | 10.3 | % | |||||||||||
Less: Net earnings attributable to the noncontrolling interest | 0.4 | — | % | 3.2 | — | % | 3.1 | — | % | |||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 744.2 | 7.5 | % | $ | 861.7 | 8.6 | % | $ | 971.6 | 10.2 | % | ||||||||
(1) Cost of sales includes: | ||||||||||||||||||||
Restructuring, acquisition and integration-related charges | $ | 88.3 | 0.9 | % | $ | 47.1 | 0.5 | % | $ | 36.0 | 0.4 | % | ||||||||
Acquisition inventory step-up | 3.9 | — | % | 15.4 | 0.2 | % | 13.3 | 0.1 | % | |||||||||||
Other | 5.8 | 0.1 | % | — | — | % | — | — | % | |||||||||||
(2) Selling, general and administrative expenses include: | ||||||||||||||||||||
Restructuring, acquisition and integration-related charges | 12.9 | 0.1 | % | 31.6 | 0.3 | % | 12.9 | 0.1 | % | |||||||||||
Reversal of uncertain tax position indemnification asset | 0.2 | 0.0 | % | — | — | % | — | — | % | |||||||||||
(3) Interest expense includes: | ||||||||||||||||||||
Debt extinguishment costs | — | — | % | — | — | % | 0.2 | — | % | |||||||||||
Deferred loan cost write-off | 0.6 | 0.0 | % | — | — | % | — | — | % | |||||||||||
Acquisition interest expense | — | — | % | 4.3 | — | % | — | — | % | |||||||||||
(4) Other expense (income) includes: | ||||||||||||||||||||
Restructuring, acquisition and integration charges | — | — | % | (0.2 | ) | — | % | — | — | % | ||||||||||
Impairment of net investment in a manufacturer and distributor of Ceramic tile in China | 59.9 | 0.6 | % | — | — | % | — | — | % | |||||||||||
Reversal of uncertain tax position indemnification asset | (0.3 | ) | — | % | 4.6 | — | % | 4.5 | — | % | ||||||||||
Other | (7.2 | ) | (0.1 | )% | — | — | % | — | — | % | ||||||||||
(5) Income tax expense (income) includes: | ||||||||||||||||||||
Tax reform and related, net | — | — | % | — | — | % | 0.8 | — | % | |||||||||||
European Restructuring | (136.2 | ) | (1.4 | )% | — | — | % | — | — | % | ||||||||||
Reversal of uncertain tax position | 0.1 | — | % | (4.6 | ) | — | % | (4.5 | ) | — | % |
2019 | 2018 | Change | 2022 | 2021 | Change | |||||||||||||||||||||
First quarter | $ | 2,442.5 | 2,412.2 | 1.3 | % | First quarter | $ | 3,015.7 | 2,669.0 | 13.0 | % | |||||||||||||||
Second quarter | 2,584.5 | 2,577.0 | 0.3 | % | Second quarter | 3,153.2 | 2,953.8 | 6.8 | % | |||||||||||||||||
Third quarter | 2,519.2 | 2,545.8 | (1.0 | )% | Third quarter | 2,917.5 | 2,817.0 | 3.6 | % | |||||||||||||||||
Fourth quarter | 2,424.5 | 2,448.6 | (1.0 | )% | Fourth quarter | 2,650.7 | 2,760.7 | (4.0) | % | |||||||||||||||||
Total year | $ | 9,970.7 | 9,983.6 | (0.1 | )% | |||||||||||||||||||||
Full year | Full year | $ | 11,737.1 | 11,200.6 | 4.8 | % |
Total | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligations and commitments: | Contractual obligations and commitments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current maturities | $ | 2,573.0 | 1,051.6 | 340.6 | 564.3 | 603.8 | 2.6 | 10.1 | Long-term debt, including current maturities | $ | 2,826.4 | 840.6 | 920.7 | 9.0 | 7.0 | 539.3 | 509.8 | |||||||||||||||||||||||||||||||||||||||||||||
Interest payments on long-term debt and finance leases (1) | 103.0 | 40.5 | 34.8 | 24.4 | 2.2 | 0.3 | 0.8 | Interest payments on long-term debt and finance leases (1) | 317.9 | 108.9 | 52.4 | 28.0 | 27.8 | 22.3 | 78.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating leases | 363.2 | 119.7 | 94.2 | 66.1 | 37.0 | 20.1 | 26.1 | Operating leases | 435.2 | 125.1 | 103.2 | 82.8 | 61.8 | 34.8 | 27.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase commitments (2) | 834.7 | 183.1 | 83.3 | 80.2 | 48.8 | 48.8 | 390.5 | Purchase commitments (2) | 428.3 | 192.3 | 66.4 | 28.2 | 27.9 | 26.3 | 87.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Expected pension contributions (3) | 3.0 | 3.0 | — | — | — | — | — | Expected pension contributions (3) | 4.5 | 4.5 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Uncertain tax positions (4) | 3.3 | 3.3 | — | — | — | — | — | Uncertain tax positions (4) | 8.1 | 8.1 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantees (5) | 40.1 | 14.1 | 7.1 | 5.3 | 4.5 | 4.5 | 4.5 | Guarantees (5) | 15.9 | 15.9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,920.3 | 1,415.3 | 560.0 | 740.3 | 696.3 | 76.4 | 432.0 | Total | $ | 4,036.3 | 1,295.4 | 1,142.7 | 148.0 | 124.5 | 622.7 | 702.9 |
(1) For fixed-rate debt, the Company calculated interest based on the applicable rates and payment dates. For variable-rate debt, the Company estimated average outstanding balances for the respective periods and applied interest rates in effect as of December 31, 2022 to these balances. |
•Acquisition accounting. The fair value of the consideration the Company pays for each new acquisition is allocated to tangible assets and identifiable intangible assets, liabilities assumed, any noncontrolling interest in the acquired entity and goodwill. The accounting for acquisitions involves a considerable amount of judgment and estimate, including the fair value of certain forms of consideration; fair value of acquired intangible assets involving projections of future revenues and cash flows that are then either discounted at an estimated discount rate or measured at an estimated royalty rate; fair value of other acquired assets and assumed liabilities, including potential contingencies; and the useful lives of the acquired assets. The assumptions used are determined at the time of the acquisition in accordance with accepted valuation models. Projections are developed using internal forecasts, available industry and market data and estimates of long-term rates of growth for the business. The impact of prior or future acquisitions on the Company’s financial position or results of operations may be materially impacted by the change in or initial selection of assumptions and estimates. See Note 2, Acquisitions included in Part II, Item 8 of this Form 10-K for further discussion of business combination accounting valuation methodology and assumptions. •Goodwill and indefinite-lived intangibles. Goodwill and indefinite-lived intangibles, which for the Company are its tradenames, are tested annually for impairment in the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances. The Company’s annual impairment tests of goodwill and tradenames may be completed through qualitative assessments. The Company may elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test, for any reporting unit or tradename, in any period. The Company can resume the qualitative assessment for any reporting unit or tradename in any subsequent period. The Company has identified Global Ceramic, Flooring NA and Flooring ROW as its reporting units for the purposes of allocating goodwill as well as assessing impairments. The Company considers the relationship between its market capitalization and its book value, among other factors, when reviewing for indicators of impairment. Under a qualitative approach, the Company’s impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. If the Company elects to bypass the qualitative assessment for any reporting units, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value of a reporting unit exceeds its fair value, the Company performs a quantitative goodwill impairment test that requires it to estimate the fair value of the reporting unit. The quantitative goodwill impairment tests are based on determining the fair value of the specified reporting units based on management judgments and assumptions using the discounted cash flows under the income approach classified in Level 3 of the fair value hierarchy and comparable company market valuation classified in Level 2 of the fair value hierarchy approaches. If the carrying value of a reporting unit exceeds its fair value, the Company will measure any goodwill impairment loss as the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The valuation approaches are subject to key judgments and assumptions that are sensitive to change such as judgments and assumptions about appropriate sales growth rates, operating margins, WACC, and comparable company market multiples. When developing these key judgments and assumptions, the Company considers economic, operational and market conditions that could impact the fair value of the reporting unit. However, estimates are inherently uncertain and represent only management’s reasonable expectations regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Should a significant or prolonged deterioration in economic conditions occur, such as declines in spending for new construction, remodeling and replacement activities; the inability to pass increases in the costs of raw materials and fuel on to customers; or a decline in comparable company market multiples, then key judgments and assumptions could be impacted. Under a qualitative approach, the Company’s impairment review for tradenames consists of an assessment of whether it is more-likely-than-not that a tradename’s fair value is less than its carrying value. If the Company elects to bypass the qualitative assessment for any tradename, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value of a tradename exceeds its fair value, the Company performs a quantitative tradename impairment test of the tradename. |
/s/ KPMG LLP |
/s/ KPMG LLP |
2022 | 2021 | ||||||||||
(In thousands, except per share data) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 509,623 | 268,895 | ||||||||
Short-term investments | 158,000 | 323,000 | |||||||||
Receivables, net | 1,904,786 | 1,839,985 | |||||||||
Inventories | 2,793,765 | 2,391,672 | |||||||||
Prepaid expenses | 498,222 | 394,649 | |||||||||
Other current assets | 30,703 | 20,156 | |||||||||
Total current assets | 5,895,099 | 5,238,357 | |||||||||
Property, plant and equipment, net | 4,661,178 | 4,636,865 | |||||||||
Right of use operating lease assets | 387,816 | 389,967 | |||||||||
Goodwill | 1,927,759 | 2,607,909 | |||||||||
Tradenames | 668,328 | 694,905 | |||||||||
Other intangible assets subject to amortization, net | 189,620 | 205,075 | |||||||||
Deferred income taxes and other non-current assets | 390,632 | 451,439 | |||||||||
Total assets | $ | 14,120,432 | 14,224,517 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt and current portion of long-term debt | $ | 840,571 | 624,503 | ||||||||
Accounts payable and accrued expenses | 2,124,448 | 2,217,418 | |||||||||
Current operating lease liabilities | 105,266 | 104,434 | |||||||||
Total current liabilities | 3,070,285 | 2,946,355 | |||||||||
Deferred income taxes | 444,660 | 495,521 | |||||||||
Long-term debt, less current portion | 1,978,563 | 1,700,282 | |||||||||
Non-current operating lease liabilities | 296,136 | 297,390 | |||||||||
Other long-term liabilities | 312,874 | 356,753 | |||||||||
Total liabilities | 6,102,518 | 5,796,301 | |||||||||
Commitments and contingencies (Note 16) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $.01 par value; 60 shares authorized; no shares issued | — | — | |||||||||
Common stock, $.01 par value; 150,000 shares authorized; 70,875 and 72,952 shares issued and outstanding in 2022 and 2021, respectively | 709 | 729 | |||||||||
Additional paid-in capital | 1,930,789 | 1,911,131 | |||||||||
Retained earnings | 7,409,760 | 7,692,064 | |||||||||
Accumulated other comprehensive loss | (1,114,258) | (966,952) | |||||||||
8,227,000 | 8,636,972 | ||||||||||
Less: treasury stock at cost; 7,341 and 7,343 shares in 2022 and 2021, respectively | 215,491 | 215,547 | |||||||||
Total Mohawk Industries, Inc. stockholders’ equity | 8,011,509 | 8,421,425 | |||||||||
Nonredeemable noncontrolling interests | 6,405 | 6,791 | |||||||||
Total stockholders’ equity | 8,017,914 | 8,428,216 | |||||||||
Total liabilities and stockholders' equity | $ | 14,120,432 | 14,224,517 |
2019 | 2018 | |||||
(In thousands, except per share data) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 134,785 | 119,050 | |||
Receivables, net | 1,526,619 | 1,606,159 | ||||
Inventories | 2,282,328 | 2,287,615 | ||||
Prepaid expenses | 415,546 | 421,553 | ||||
Other current assets | 70,179 | 74,919 | ||||
Total current assets | 4,429,457 | 4,509,296 | ||||
Property, plant and equipment, net | 4,698,917 | 4,699,902 | ||||
Right of use operating lease assets | 323,003 | — | ||||
Goodwill | 2,570,027 | 2,520,966 | ||||
Tradenames | 702,732 | 707,380 | ||||
Other intangible assets, net | 226,147 | 254,430 | ||||
Deferred income taxes and other non-current assets | 436,397 | 407,149 | ||||
$ | 13,386,680 | 13,099,123 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Current liabilities: | ||||||
Current portion of long-term debt | $ | 1,051,498 | 1,742,373 | |||
Accounts payable and accrued expenses | 1,559,140 | 1,523,866 | ||||
Current operating lease liabilities | 101,945 | — | ||||
Total current liabilities | 2,712,583 | 3,266,239 | ||||
Deferred income taxes | 473,886 | 413,740 | ||||
Long-term debt, less current portion | 1,518,388 | 1,515,601 | ||||
Non-current operating lease liabilities | 228,155 | — | ||||
Other long-term liabilities | 327,220 | 463,484 | ||||
Total liabilities | 5,260,232 | 5,659,064 | ||||
Commitments and contingencies (Note 15) | ||||||
Stockholders’ equity: | ||||||
Preferred stock, $.01 par value; 60 shares authorized; no shares issued | — | — | ||||
Common stock, $.01 par value; 150,000 shares authorized; 78,980 and 79,656 shares issued in 2019 and 2018, respectively | 790 | 797 | ||||
Additional paid-in capital | 1,868,250 | 1,852,173 | ||||
Retained earnings | 7,232,337 | 6,588,197 | ||||
Accumulated other comprehensive loss | (765,824 | ) | (791,608 | ) | ||
8,335,553 | 7,649,559 | |||||
Less: treasury stock at cost; 7,348 and 7,349 shares in 2019 and 2018, respectively | 215,712 | 215,745 | ||||
Total Mohawk Industries, Inc. stockholders’ equity | 8,119,841 | 7,433,814 | ||||
Noncontrolling interest | 6,607 | 6,245 | ||||
Total stockholders’ equity | 8,126,448 | 7,440,059 | ||||
$ | 13,386,680 | 13,099,123 |
2022 | 2021 | 2020 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Net sales | $ | 11,737,065 | 11,200,613 | 9,552,197 | |||||||||||||
Cost of sales | 8,793,639 | 7,931,879 | 7,121,507 | ||||||||||||||
Gross profit | 2,943,426 | 3,268,734 | 2,430,690 | ||||||||||||||
Selling, general and administrative expenses | 2,003,438 | 1,933,723 | 1,794,688 | ||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | 695,771 | — | — | ||||||||||||||
Operating income | 244,217 | 1,335,011 | 636,002 | ||||||||||||||
Interest expense | 51,938 | 57,252 | 52,379 | ||||||||||||||
Other expense (income), net | 8,386 | (12,234) | (751) | ||||||||||||||
Earnings before income taxes | 183,893 | 1,289,993 | 584,374 | ||||||||||||||
Income tax expense | 158,110 | 256,445 | 68,647 | ||||||||||||||
Net earnings including noncontrolling interests | 25,783 | 1,033,548 | 515,727 | ||||||||||||||
Net earnings attributable to noncontrolling interests | 536 | 389 | 132 | ||||||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 25,247 | 1,033,159 | 515,595 | |||||||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | |||||||||||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 0.40 | 15.01 | 7.24 | |||||||||||||
Weighted-average common shares outstanding—basic | 63,826 | 68,852 | 71,214 | ||||||||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | |||||||||||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 0.39 | 14.94 | 7.22 | |||||||||||||
Weighted-average common shares outstanding—diluted | 64,062 | 69,145 | 71,401 |
2019 | 2018 | 2017 | |||||||
(In thousands, except per share data) | |||||||||
Net sales | $ | 9,970,672 | 9,983,634 | 9,491,290 | |||||
Cost of sales | 7,294,629 | 7,145,564 | 6,494,876 | ||||||
Gross profit | 2,676,043 | 2,838,070 | 2,996,414 | ||||||
Selling, general and administrative expenses | 1,848,819 | 1,742,744 | 1,642,241 | ||||||
Operating income | 827,224 | 1,095,326 | 1,354,173 | ||||||
Interest expense | 41,272 | 38,827 | 31,111 | ||||||
Other expense | 36,407 | 7,298 | 5,205 | ||||||
Earnings before income taxes | 749,545 | 1,049,201 | 1,317,857 | ||||||
Income tax expense | 4,974 | 184,346 | 343,165 | ||||||
Net earnings including noncontrolling interest | 744,571 | 864,855 | 974,692 | ||||||
Net earnings attributable to noncontrolling interest | 360 | 3,151 | 3,054 | ||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | 744,211 | 861,704 | 971,638 | |||||
Basic earnings per share attributable to Mohawk Industries, Inc. | |||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | 10.34 | 11.53 | 13.07 | |||||
Weighted-average common shares outstanding—basic | 71,986 | 74,413 | 74,357 | ||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | |||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | 10.30 | 11.47 | 12.98 | |||||
Weighted-average common shares outstanding—diluted | 72,264 | 74,773 | 74,839 |
2022 | 2021 | 2020 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net earnings including noncontrolling interests | $ | 25,783 | 1,033,548 | 515,727 | ||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Foreign currency translation adjustments | (155,424) | (279,384) | 72,956 | |||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial gain, net of tax | 8,124 | 7,137 | (2,174) | |||||||||||||||||
Other comprehensive (loss) income | (147,300) | (272,247) | 70,782 | |||||||||||||||||
Comprehensive (loss) income | (121,517) | 761,301 | 586,509 | |||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 541 | (51) | 235 | |||||||||||||||||
Comprehensive (loss) income attributable to Mohawk Industries, Inc. | $ | (122,058) | 761,352 | 586,274 | ||||||||||||||||
2019 | 2018 | 2017 | ||||||||
(in thousands) | ||||||||||
Net earnings including noncontrolling interest | $ | 744,571 | 864,855 | 974,692 | ||||||
Other comprehensive (loss) income: | ||||||||||
Foreign currency translation adjustments | 28,996 | (237,339 | ) | 281,655 | ||||||
Prior pension and post-retirement benefit service cost and actuarial loss (gain) | (3,210 | ) | 1,094 | (2,927 | ) | |||||
Other comprehensive income (loss) | 25,786 | (236,245 | ) | 278,728 | ||||||
Comprehensive income | 770,357 | 628,610 | 1,253,420 | |||||||
Comprehensive income (loss) attributable to the non-controlling interest | 360 | (13 | ) | 7,282 | ||||||
Comprehensive income attributable to Mohawk Industries, Inc. | $ | 769,997 | 628,623 | 1,246,138 | ||||||
Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | $ | 23,696 | 81,519 | $ | 815 | $ | 1,791,540 | $ | 5,032,914 | $ | (833,027 | ) | (7,351 | ) | $ | (215,791 | ) | $ | 7,036 | $ | 5,783,487 | ||||||||||||||||
Shares issued under employee and director stock plans | — | 252 | 3 | 269 | — | — | 1 | 25 | — | 297 | |||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 36,322 | — | — | — | — | — | 36,322 | |||||||||||||||||||||||||||
Distribution to noncontrolling interest, net of adjustments | — | — | — | — | — | — | — | — | (750 | ) | (750 | ) | |||||||||||||||||||||||||
Accretion of redeemable noncontrolling interest | 46 | — | — | — | (46 | ) | — | — | — | — | (46 | ) | |||||||||||||||||||||||||
Noncontrolling earnings | 2,544 | — | — | — | — | — | — | — | 510 | 510 | |||||||||||||||||||||||||||
Currency translation adjustment on noncontrolling interests | 3,177 | — | — | — | — | — | — | — | 1,051 | 1,051 | |||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | 277,427 | — | — | — | 277,427 | |||||||||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial loss | — | — | — | — | — | (2,927 | ) | — | — | — | (2,927 | ) | |||||||||||||||||||||||||
Net income | — | — | — | — | 971,638 | — | — | — | — | 971,638 | |||||||||||||||||||||||||||
Balances at December 31, 2017 | 29,463 | 81,771 | 818 | 1,828,131 | 6,004,506 | (558,527 | ) | (7,350 | ) | (215,766 | ) | 7,847 | 7,067,009 | ||||||||||||||||||||||||
Shares issued under employee and director stock plans | — | 191 | 2 | (8,400 | ) | — | — | 1 | 21 | — | (8,377 | ) | |||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 31,382 | — | — | — | — | — | 31,382 | |||||||||||||||||||||||||||
Repurchases of common stock | — | (2,306 | ) | (23 | ) | — | (274,121 | ) | — | — | — | — | (274,144 | ) | |||||||||||||||||||||||
Accretion of redeemable noncontrolling interest | 3,892 | (3,892 | ) | — | — | — | — | (3,892 | ) | ||||||||||||||||||||||||||||
Noncontrolling earnings | 2,474 | — | — | — | — | — | — | — | 677 | 677 | |||||||||||||||||||||||||||
Currency translation adjustment on non-controlling interests | (1,945 | ) | — | — | — | — | — | — | — | (1,219 | ) | (1,219 | ) | ||||||||||||||||||||||||
Purchase of redeemable noncontrolling interest and noncontrolling interest, net of taxes | (33,884 | ) | — | — | 1,060 | — | — | — | — | (1,060 | ) | — | |||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | (234,175 | ) | — | — | — | (234,175 | ) | |||||||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial loss | — | — | — | — | — | 1,094 | — | — | — | 1,094 | |||||||||||||||||||||||||||
Net income | — | — | — | — | 861,704 | — | — | — | — | 861,704 | |||||||||||||||||||||||||||
Balances at December 31, 2018 | — | 79,656 | 797 | 1,852,173 | 6,588,197 | (791,608 | ) | (7,349 | ) | (215,745 | ) | 6,245 | 7,440,059 | ||||||||||||||||||||||||
Shares issued under employee and director stock plans | — | 130 | 1 | (7,543 | ) | — | — | 1 | 33 | — | (7,509 | ) | |||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 23,620 | — | — | — | — | — | 23,620 | |||||||||||||||||||||||||||
Repurchases of common stock | — | (806 | ) | (8 | ) | — | (100,071 | ) | — | — | — | — | (100,079 | ) | |||||||||||||||||||||||
Noncontrolling earnings | — | — | — | — | — | — | — | — | 360 | 360 | |||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | 28,994 | — | — | 2 | 28,996 | |||||||||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial gain | — | — | — | — | — | (3,210 | ) | — | — | — | (3,210 | ) | |||||||||||||||||||||||||
Net income | — | — | — | — | 744,211 | — | — | — | — | 744,211 | |||||||||||||||||||||||||||
Balances at December 31, 2019 | $ | — | 78,980 | $ | 790 | $ | 1,868,250 | $ | 7,232,337 | $ | (765,824 | ) | (7,348 | ) | $ | (215,712 | ) | $ | 6,607 | $ | 8,126,448 |
Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Nonredeemable Noncontrolling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 78,980 | $ | 790 | $ | 1,868,250 | $ | 7,232,337 | $ | (765,824) | (7,348) | $ | (215,712) | $ | 6,607 | $ | 8,126,448 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards | 152 | 1 | (2,805) | — | — | 2 | 64 | — | (2,740) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 19,697 | — | — | — | — | — | 19,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,508) | (15) | — | (188,610) | — | — | — | — | (188,625) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | — | 132 | 132 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment on noncontrolling interests | — | — | — | — | — | — | — | 103 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | 72,853 | — | — | — | 72,853 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial loss | — | — | — | — | (2,174) | — | — | — | (2,174) | ||||||||||||||||||||||||||||||||||||||||||||||||||
CECL adoption | — | — | — | (131) | — | — | — | — | (131) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | 515,595 | — | — | — | — | 515,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 77,624 | 776 | 1,885,142 | 7,559,191 | (695,145) | (7,346) | (215,648) | 6,842 | 8,541,158 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards | 144 | 1 | 338 | — | — | 3 | 101 | — | 440 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 25,651 | — | — | — | — | — | 25,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (4,816) | (48) | — | (900,286) | — | — | — | — | (900,334) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | — | 389 | 389 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment on noncontrolling interests | — | — | — | — | — | — | — | (440) | (440) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (278,944) | — | — | — | (278,944) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial gain | — | — | — | — | 7,137 | — | — | — | 7,137 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | 1,033,159 | — | — | — | — | 1,033,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 72,952 | 729 | 1,911,131 | 7,692,064 | (966,952) | (7,343) | (215,547) | 6,791 | 8,428,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards | 107 | 1 | (3,323) | — | — | 2 | 56 | — | (3,266) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 22,409 | — | — | — | — | — | 22,409 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (2,184) | (21) | — | (307,551) | — | — | — | — | (307,572) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | — | 536 | 536 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment on noncontrolling interests | — | — | — | — | — | — | — | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of redeemable noncontrolling interest and noncontrolling interest, net of taxes | — | — | 572 | — | — | — | — | (927) | (355) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | (155,430) | — | — | — | (155,430) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial gain | — | — | — | — | 8,124 | — | — | — | 8,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | — | 25,247 | — | — | — | — | 25,247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | 70,875 | $ | 709 | $ | 1,930,789 | $ | 7,409,760 | $ | (1,114,258) | (7,341) | $ | (215,491) | $ | 6,405 | $ | 8,017,914 |
2022 | 2021 | 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net earnings including noncontrolling interests | $ | 25,783 | 1,033,548 | 515,727 | |||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||
Restructuring | 47,716 | 10,783 | 103,695 | ||||||||||||||
Impairment of goodwill and indefinite-lived intangibles | 695,771 | — | — | ||||||||||||||
Depreciation and amortization | 595,464 | 591,711 | 607,507 | ||||||||||||||
Deferred income taxes | (51,098) | (4,929) | 22,324 | ||||||||||||||
Loss on disposal of property, plant and equipment | 697 | 5,462 | 6,296 | ||||||||||||||
Stock-based compensation expense | 22,409 | 25,651 | 19,697 | ||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||||||||||
Receivables, net | (84,381) | (207,047) | (54,977) | ||||||||||||||
Inventories | (409,601) | (519,229) | 357,516 | ||||||||||||||
Accounts payable and accrued expenses | (94,137) | 360,791 | 255,466 | ||||||||||||||
Other assets and prepaid expenses | (49,552) | (66,844) | (55,084) | ||||||||||||||
Other liabilities | (29,918) | 79,222 | (8,328) | ||||||||||||||
Net cash provided by operating activities | 669,153 | 1,309,119 | 1,769,839 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Additions to property, plant and equipment | (580,742) | (676,120) | (425,557) | ||||||||||||||
Acquisitions, net of cash acquired | (209,602) | (123,969) | — | ||||||||||||||
Purchases of short-term investments | (2,481,000) | (1,211,239) | (1,187,891) | ||||||||||||||
Redemption of short-term investments | 2,646,000 | 1,454,574 | 658,650 | ||||||||||||||
Net cash used in investing activities | (625,344) | (556,754) | (954,798) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Payments on Senior Credit Facilities | (5,000) | — | (633,134) | ||||||||||||||
Proceeds from Senior Credit Facilities | 5,000 | — | 617,883 | ||||||||||||||
Payments on commercial paper | (19,412,925) | (570,362) | (4,890,991) | ||||||||||||||
Proceeds from commercial paper | 19,633,142 | 1,185,020 | 4,195,353 | ||||||||||||||
Proceeds from Senior Notes issuance | — | — | 1,062,240 | ||||||||||||||
Repayments on Senior Notes | (600,000) | (932,252) | (326,904) | ||||||||||||||
Proceeds from Term Loan Facility | 907,952 | — | 500,000 | ||||||||||||||
Payments on Term Loan Facility | — | — | (500,000) | ||||||||||||||
Net payments of other financing activities | (23,455) | (11,656) | (8,338) | ||||||||||||||
Debt issuance costs | (2,543) | — | (11,413) | ||||||||||||||
Purchase of Mohawk common stock | (307,572) | (900,334) | (188,625) | ||||||||||||||
Change in outstanding checks in excess of cash | (251) | (2,641) | (4,256) | ||||||||||||||
Net cash provided by (used in) financing activities | 194,348 | (1,232,225) | (188,185) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 2,571 | (19,870) | 6,984 | ||||||||||||||
Net change in cash and cash equivalents | 240,728 | (499,730) | 633,840 | ||||||||||||||
Cash and cash equivalents, beginning of year | 268,895 | 768,625 | 134,785 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 509,623 | 268,895 | 768,625 |
2019 | 2018 | 2017 | |||||||
(In thousands) | |||||||||
Cash flows from operating activities: | |||||||||
Net earnings | $ | 744,571 | 864,855 | 974,692 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||
Restructuring | 90,341 | 58,991 | 37,085 | ||||||
Depreciation and amortization | 576,452 | 521,765 | 446,672 | ||||||
Deferred income taxes | (107,842 | ) | 88,456 | (75,591 | ) | ||||
Loss on disposal of property, plant and equipment | 1,608 | (205 | ) | 4,303 | |||||
Stock-based compensation expense | 23,620 | 31,382 | 36,322 | ||||||
Impairment of net investment in a manufacturer and distributor of ceramic tile in China | 59,906 | — | — | ||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||
Receivables, net | 81,953 | 13,856 | (60,566 | ) | |||||
Inventories | 7,212 | (255,391 | ) | (153,245 | ) | ||||
Accounts payable and accrued expenses | (52,065 | ) | (69,847 | ) | 25,365 | ||||
Other assets and prepaid expenses | 3,625 | (79,482 | ) | (52,115 | ) | ||||
Other liabilities | (10,620 | ) | 6,964 | 10,673 | |||||
Net cash provided by operating activities | 1,418,761 | 1,181,344 | 1,193,595 | ||||||
Cash flows from investing activities: | |||||||||
Additions to property, plant and equipment | (545,462 | ) | (794,110 | ) | (905,998 | ) | |||
Acquisitions, net of cash acquired | (81,082 | ) | (568,960 | ) | (250,799 | ) | |||
Purchases of short-term investments | (581,500 | ) | (664,133 | ) | (83,904 | ) | |||
Redemption of short-term investments | 592,000 | 695,000 | — | ||||||
Net cash used in investing activities | (616,044 | ) | (1,332,203 | ) | (1,240,701 | ) | |||
Cash flows from financing activities: | |||||||||
Payments on Senior Credit Facilities | (488,978 | ) | (813,182 | ) | (454,637 | ) | |||
Proceeds from Senior Credit Facilities | 448,587 | 809,287 | 447,884 | ||||||
Payments on Commercial Paper | (15,168,820 | ) | (16,756,404 | ) | (15,584,017 | ) | |||
Proceeds from Commercial Paper | 14,540,177 | 16,988,398 | 15,761,954 | ||||||
Proceeds from Floating Rate Notes | 331,325 | 353,649 | 357,569 | ||||||
Payments on asset securitization borrowings | — | — | (500,000 | ) | |||||
Payments on Floating Rate Notes | (331,325 | ) | — | — | |||||
Payments on other debt | (4,295 | ) | — | — | |||||
Payments on acquired debt and other financings | — | (69,571 | ) | (18,811 | ) | ||||
Debt issuance costs | (3,028 | ) | (890 | ) | (1,478 | ) | |||
Purchase of redeemable non-controlling and non-controlling interest | — | (34,944 | ) | — | |||||
Repurchases of common stock | (100,080 | ) | (274,144 | ) | — | ||||
Change in outstanding checks in excess of cash | (4,664 | ) | 5,753 | (3,402 | ) | ||||
Shares redeemed for taxes | (8,777 | ) | (9,925 | ) | (13,902 | ) | |||
Proceeds and net tax benefit from stock transactions | 1 | 2 | 1,845 | ||||||
Net cash (used in) provided by financing activities | (789,877 | ) | 198,029 | (6,995 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 2,895 | (13,004 | ) | 17,320 | |||||
Net change in cash and cash equivalents | 15,735 | 34,166 | (36,781 | ) | |||||
Cash and cash equivalents, beginning of year | 119,050 | 84,884 | 121,665 | ||||||
Cash and cash equivalents, end of year | $ | 134,785 | 119,050 | 84,884 |
2022 | 2021 | 2020 | |||||||||||||||
Net earnings available to common stockholders | $ | 25,247 | 1,033,159 | 515,595 | |||||||||||||
Weighted-average common shares outstanding—basic and diluted: | |||||||||||||||||
Weighted-average common shares outstanding—basic | 63,826 | 68,852 | 71,214 | ||||||||||||||
Add weighted-average dilutive potential common shares—options to purchase common shares and RSUs, net | 236 | 293 | 187 | ||||||||||||||
Weighted-average common shares outstanding-diluted | 64,062 | 69,145 | 71,401 | ||||||||||||||
Earnings per share attributable to Mohawk Industries, Inc. | |||||||||||||||||
Basic | $ | 0.40 | 15.01 | 7.24 | |||||||||||||
Diluted | $ | 0.39 | 14.94 | 7.22 |
2019 | 2018 | 2017 | |||||||
Earnings attributable to Mohawk Industries, Inc. | $ | 744,211 | 861,704 | 971,638 | |||||
Accretion of redeemable noncontrolling interest (a) | — | (3,892 | ) | (46 | ) | ||||
Net earnings available to common stockholders | $ | 744,211 | 857,812 | 971,592 | |||||
Weighted-average common shares outstanding-basic and diluted: | |||||||||
Weighted-average common shares outstanding - basic | 71,986 | 74,413 | 74,357 | ||||||
Add weighted-average dilutive potential common shares - options and RSUs to purchase common shares, net | 278 | 360 | 482 | ||||||
Weighted-average common shares outstanding-diluted | 72,264 | 74,773 | 74,839 | ||||||
Earnings per share attributable to Mohawk Industries, Inc. | |||||||||
Basic | $ | 10.34 | 11.53 | 13.07 | |||||
Diluted | $ | 10.30 | 11.47 | 12.98 |
Foreign currency translation adjustments | Prior pension and post-retirement benefit service cost and actuarial gain (loss) | Total | |||||||||||||||
Balance as of December 31, 2019 | $ | (753,108) | (12,716) | (765,824) | |||||||||||||
Current period other comprehensive income (loss) | 72,853 | (2,174) | 70,679 | ||||||||||||||
Balance as of December 31, 2020 | (680,255) | (14,890) | (695,145) | ||||||||||||||
Current period other comprehensive (loss) income | (278,944) | 7,137 | (271,807) | ||||||||||||||
Balance as of December 31, 2021 | (959,199) | (7,753) | (966,952) | ||||||||||||||
Current period other comprehensive (loss) income | (155,430) | 8,124 | (147,306) | ||||||||||||||
Balance as of December 31, 2022 | $ | (1,114,629) | 371 | (1,114,258) |
Foreign currency translation adjustments | Pensions and post-retirement benefits | Total | |||||||
Balance as of December 31, 2016 | $ | (825,354 | ) | (7,673 | ) | (833,027 | ) | ||
Current period other comprehensive income (loss) before reclassifications | 277,427 | (2,927 | ) | 274,500 | |||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | ||||||
Balance as of December 31, 2017 | (547,927 | ) | (10,600 | ) | (558,527 | ) | |||
Current period other comprehensive income (loss) before reclassifications | (234,175 | ) | 1,094 | (233,081 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||
Balance as of December 31, 2018 | (782,102 | ) | (9,506 | ) | (791,608 | ) | |||
Current period other comprehensive income (loss) before reclassifications | 28,994 | (3,210 | ) | 25,784 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | ||||||
Balance as of December 31, 2019 | $ | (753,108 | ) | (12,716 | ) | (765,824 | ) |
December 31, 2022 | Global Ceramic | Flooring NA | Flooring ROW | Total | |||||||||||||||||||||||||
Geographical Markets | |||||||||||||||||||||||||||||
United States | $ | 2,403,292 | 4,072,952 | 13,835 | 6,490,079 | ||||||||||||||||||||||||
Europe | 875,414 | 6,322 | 2,270,315 | 3,152,051 | |||||||||||||||||||||||||
Russia | 374,539 | 23 | 175,035 | 549,597 | |||||||||||||||||||||||||
Other | 654,436 | 127,744 | 763,158 | 1,545,338 | |||||||||||||||||||||||||
Total | $ | 4,307,681 | 4,207,041 | 3,222,343 | 11,737,065 | ||||||||||||||||||||||||
Product Categories | |||||||||||||||||||||||||||||
Ceramic & Stone | $ | 4,282,887 | 37,536 | — | 4,320,423 | ||||||||||||||||||||||||
Carpet & Resilient | 24,794 | 3,296,152 | 914,869 | 4,235,815 | |||||||||||||||||||||||||
Laminate & Wood | — | 873,353 | 1,091,133 | 1,964,486 | |||||||||||||||||||||||||
Other (1) | — | — | 1,216,341 | 1,216,341 | |||||||||||||||||||||||||
Total | $ | 4,307,681 | 4,207,041 | 3,222,343 | 11,737,065 |
December 31, 2019 | Global Ceramic segment | Flooring NA segment | Flooring ROW segment | Intersegment sales | Total | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | Global Ceramic | Flooring NA | Flooring ROW | Total | |||||||||||||||||||||||||||||||||||||||||||||
Geographical Markets | Geographical Markets | |||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 2,131,029 | 3,688,691 | 2,873 | — | 5,822,593 | United States | $ | 2,193,234 | 3,978,146 | 10,248 | 6,181,628 | ||||||||||||||||||||||||||||||||||||||
Europe | 711,762 | 6,922 | 1,813,555 | — | 2,532,239 | Europe | 849,247 | 2,731 | 2,265,914 | 3,117,892 | ||||||||||||||||||||||||||||||||||||||||
Russia | 269,142 | 66 | 116,187 | — | 385,395 | Russia | 299,621 | 94 | 150,295 | 450,010 | ||||||||||||||||||||||||||||||||||||||||
Other | 519,209 | 148,035 | 563,201 | — | 1,230,445 | Other | 575,217 | 135,434 | 740,432 | 1,451,083 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,631,142 | 3,843,714 | 2,495,816 | — | 9,970,672 | Total | $ | 3,917,319 | 4,116,405 | 3,166,889 | 11,200,613 | ||||||||||||||||||||||||||||||||||||||
Product Categories | Product Categories | |||||||||||||||||||||||||||||||||||||||||||||||||
Ceramic & Stone | $ | 3,631,142 | 55,503 | — | — | 3,686,645 | Ceramic & Stone | $ | 3,903,597 | 35,057 | — | 3,938,654 | ||||||||||||||||||||||||||||||||||||||
Carpet & Resilient | — | 3,136,474 | 785,295 | — | 3,921,769 | Carpet & Resilient | 13,722 | 3,287,533 | 992,787 | 4,294,042 | ||||||||||||||||||||||||||||||||||||||||
Laminate & Wood | — | 651,737 | 849,340 | — | 1,501,077 | Laminate & Wood | — | 793,815 | 1,058,951 | 1,852,766 | ||||||||||||||||||||||||||||||||||||||||
Other (1) | — | — | 861,181 | — | 861,181 | Other (1) | — | — | 1,115,151 | 1,115,151 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,631,142 | 3,843,714 | 2,495,816 | — | 9,970,672 | Total | $ | 3,917,319 | 4,116,405 | 3,166,889 | 11,200,613 |
December 31, 2018 | Global Ceramic segment | Flooring NA segment | Flooring ROW segment | Intersegment sales | Total | ||||||||||
Geographical Markets | |||||||||||||||
United States | $ | 2,251,233 | 3,851,267 | 1,289 | — | 6,103,789 | |||||||||
Europe | 714,315 | 6,487 | 1,861,890 | — | 2,582,692 | ||||||||||
Russia | 245,867 | 2 | 103,351 | — | 349,220 | ||||||||||
Other | 341,441 | 171,392 | 435,100 | — | 947,933 | ||||||||||
Total | $ | 3,552,856 | 4,029,148 | 2,401,630 | — | 9,983,634 | |||||||||
Product Categories | |||||||||||||||
Ceramic & Stone | $ | 3,552,856 | 68,337 | — | — | 3,621,193 | |||||||||
Carpet & Resilient | — | 3,258,029 | 645,669 | — | 3,903,698 | ||||||||||
Laminate & Wood | — | 702,782 | 850,250 | — | 1,553,032 | ||||||||||
Other (1) | — | — | 905,711 | — | 905,711 | ||||||||||
Total | $ | 3,552,856 | 4,029,148 | 2,401,630 | — | 9,983,634 |
December 31, 2017 | Global Ceramic segment | Flooring NA segment | Flooring ROW segment | Intersegment sales | Total | ||||||||||
Geographical Markets | |||||||||||||||
United States | $ | 2,223,998 | 3,809,211 | 2,111 | (120 | ) | 6,035,200 | ||||||||
Europe | 645,341 | 19,100 | 1,698,628 | — | 2,363,069 | ||||||||||
Russia | 235,043 | (1 | ) | 91,033 | — | 326,075 | |||||||||
Other | 300,718 | 182,548 | 283,680 | — | 766,946 | ||||||||||
Total | $ | 3,405,100 | 4,010,858 | 2,075,452 | (120 | ) | 9,491,290 | ||||||||
Product Categories | |||||||||||||||
Ceramic & Stone | $ | 3,405,100 | 80,145 | — | — | 3,485,245 | |||||||||
Carpet & Resilient | — | 3,219,971 | 435,931 | — | 3,655,902 | ||||||||||
Laminate & Wood | — | 710,742 | 808,675 | — | 1,519,417 | ||||||||||
Other (1) | — | — | 830,846 | (120 | ) | 830,726 | |||||||||
Total | $ | 3,405,100 | 4,010,858 | 2,075,452 | (120 | ) | 9,491,290 |
December 31, 2020 | Global Ceramic | Flooring NA | Flooring ROW | Total | |||||||||||||||||||||||||
Geographical Markets | |||||||||||||||||||||||||||||
United States | $ | 2,050,470 | 3,477,556 | 2,381 | 5,530,407 | ||||||||||||||||||||||||
Europe | 699,715 | 1,506 | 1,785,549 | 2,486,770 | |||||||||||||||||||||||||
Russia | 262,846 | 50 | 122,934 | 385,830 | |||||||||||||||||||||||||
Other | 419,725 | 114,963 | 614,502 | 1,149,190 | |||||||||||||||||||||||||
Total | $ | 3,432,756 | 3,594,075 | 2,525,366 | 9,552,197 | ||||||||||||||||||||||||
Product Categories | |||||||||||||||||||||||||||||
Ceramic & Stone | $ | 3,425,672 | 31,531 | — | 3,457,203 | ||||||||||||||||||||||||
Carpet & Resilient | 7,084 | 2,871,050 | 857,754 | 3,735,888 | |||||||||||||||||||||||||
Laminate & Wood | — | 691,494 | 847,473 | 1,538,967 | |||||||||||||||||||||||||
Other (1) | — | — | 820,139 | 820,139 | |||||||||||||||||||||||||
Total | $ | 3,432,756 | 3,594,075 | 2,525,366 | 9,552,197 |
2022 | 2021 | 2020 | ||||||||||||||||||
Cost of sales | ||||||||||||||||||||
Restructuring costs | $ | 67,621 | 17,899 | 101,230 | ||||||||||||||||
Acquisition integration-related costs | 396 | 497 | 1,153 | |||||||||||||||||
Restructuring and acquisition integration-related costs | $ | 68,017 | 18,396 | 102,383 | ||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||
Restructuring costs | $ | 9,094 | 1,301 | 24,127 | ||||||||||||||||
Acquisition transaction-related costs | 1,654 | 2,372 | 213 | |||||||||||||||||
Acquisition integration-related costs | 2,992 | 1,568 | 2,127 | |||||||||||||||||
Restructuring, acquisition transaction and integration-related costs | $ | 13,740 | 5,241 | 26,467 |
2019 | 2018 | 2017 | ||||||||
Cost of sales | ||||||||||
Restructuring costs | $ | 84,844 | 43,733 | 33,109 | ||||||
Acquisition integration-related costs | 3,458 | 3,330 | 2,916 | |||||||
Restructuring and integration-related costs | $ | 88,302 | 47,063 | 36,025 | ||||||
Selling, general and administrative expenses | ||||||||||
Restructuring costs | $ | 5,497 | 15,259 | 3,976 | ||||||
Acquisition transaction-related costs | 1,502 | 4,977 | 2,751 | |||||||
Acquisition integration-related costs | 5,871 | 11,351 | 6,188 | |||||||
Restructuring, acquisition and integration-related costs | $ | 12,870 | 31,587 | 12,915 |
Lease impairments | Asset write-downs (gains on disposals) | Severance | Other restructuring costs | Total | |||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | — | — | 11,576 | 729 | 12,305 | |||||||||||||||||||||||||||||
Restructuring costs | |||||||||||||||||||||||||||||||||||
Global Ceramic | 226 | 1,458 | 134 | 808 | 2,626 | ||||||||||||||||||||||||||||||
Flooring NA | (37) | 7,595 | (284) | 9,614 | 16,888 | ||||||||||||||||||||||||||||||
Flooring ROW | — | (1,968) | (1,096) | 1,538 | (1,526) | ||||||||||||||||||||||||||||||
Corporate | — | 1,017 | 195 | — | 1,212 | ||||||||||||||||||||||||||||||
Total restructuring costs for 2021 | 189 | 8,102 | (1,051) | 11,960 | 19,200 | ||||||||||||||||||||||||||||||
Cash payments | — | — | (8,507) | (10,822) | (19,329) | ||||||||||||||||||||||||||||||
Non-cash items | (189) | (8,102) | (384) | (872) | (9,547) | ||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | — | — | 1,634 | 995 | 2,629 | ||||||||||||||||||||||||||||||
Restructuring costs | |||||||||||||||||||||||||||||||||||
Global Ceramic | — | — | 3,365 | — | 3,365 | ||||||||||||||||||||||||||||||
Flooring NA | — | 29,327 | 741 | 14,406 | 44,474 | ||||||||||||||||||||||||||||||
Flooring ROW | — | 9,371 | 12,677 | 6,828 | 28,876 | ||||||||||||||||||||||||||||||
Corporate | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total restructuring costs for 2022 | — | 38,698 | 16,783 | 21,234 | 76,715 | ||||||||||||||||||||||||||||||
Cash payments | — | — | (8,557) | (21,241) | (29,798) | ||||||||||||||||||||||||||||||
Non-cash items | — | (38,698) | 177 | (988) | (39,509) | ||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | — | — | 10,037 | — | 10,037 | |||||||||||||||||||||||||||||
2021 restructuring costs recorded in: | |||||||||||||||||||||||||||||||||||
Cost of sales | $ | — | 6,721 | (370) | 11,548 | 17,899 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 189 | 1,381 | (681) | 412 | 1,301 | ||||||||||||||||||||||||||||||
Total restructuring costs for 2021 | $ | 189 | 8,102 | (1,051) | 11,960 | 19,200 | |||||||||||||||||||||||||||||
2022 restructuring costs recorded in: | |||||||||||||||||||||||||||||||||||
Cost of sales | $ | — | 38,698 | 7,915 | 21,008 | 67,621 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | — | — | 8,868 | 226 | 9,094 | ||||||||||||||||||||||||||||||
Total restructuring costs for 2022 | $ | — | 38,698 | 16,783 | 21,234 | 76,715 | |||||||||||||||||||||||||||||
Lease impairments | Asset write-downs | Severance | Other restructuring costs | Total | |||||||||||
Balance as of December 31, 2017 | $ | 359 | — | 584 | 152 | 1,095 | |||||||||
Provision - Global Ceramic segment | 528 | 1,131 | 7,113 | 337 | 9,109 | ||||||||||
Provision - Flooring NA segment | 236 | 2,940 | 4,985 | 33,807 | 41,968 | ||||||||||
Provision - Flooring ROW segment | — | — | 4,741 | (104 | ) | 4,637 | |||||||||
Provision - Corporate | — | — | 3,278 | — | 3,278 | ||||||||||
Cash payments | (726 | ) | — | (12,605 | ) | (30,385 | ) | (43,716 | ) | ||||||
Non-cash items | — | (4,071 | ) | (230 | ) | (3,557 | ) | (7,858 | ) | ||||||
Balance as of December 31, 2018 | 397 | — | 7,866 | 250 | 8,513 | ||||||||||
Provision - Global Ceramic segment | — | — | 5,264 | — | 5,264 | ||||||||||
Provision - Flooring NA segment | — | 37,820 | 2,617 | 33,975 | 74,412 | ||||||||||
Provision - Flooring ROW segment | — | 3,936 | 4,615 | 2,099 | 10,650 | ||||||||||
Provision - Corporate | — | — | 15 | — | 15 | ||||||||||
Cash payments | (376 | ) | — | (16,113 | ) | (19,165 | ) | (35,654 | ) | ||||||
Non-cash items | — | (41,756 | ) | (142 | ) | (17,043 | ) | (58,941 | ) | ||||||
Balance as of December 31, 2019 | $ | 21 | — | 4,122 | 116 | 4,259 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper (Level 2) | $ | 158,000 | 323,000 |
December 31, 2022 | December 31, 2021 | ||||||||||
Customers, trade | $ | 1,699,130 | 1,721,584 | ||||||||
Income tax receivable | 60,080 | 73,727 | |||||||||
Other | 219,355 | 117,823 | |||||||||
1,978,565 | 1,913,134 | ||||||||||
Less: allowance for discounts, returns, claims and doubtful accounts | 73,779 | 73,149 | |||||||||
Receivables, net | $ | 1,904,786 | 1,839,985 |
December 31, 2019 | December 31, 2018 | |||||
Customers, trade | $ | 1,491,592 | 1,562,284 | |||
Income tax receivable | 8,428 | 17,217 | ||||
Other | 88,520 | 101,376 | ||||
1,588,540 | 1,680,877 | |||||
Less allowance for discounts, returns, claims and doubtful accounts | 61,921 | 74,718 | ||||
Receivables, net | $ | 1,526,619 | 1,606,159 |
Balance at beginning of year | Acquisitions | Additions charged to net sales or costs and expenses | Deductions (1) | Balance at end of year | |||||||||||||||||||||||||
2020 | $ | 61,921 | — | 384,403 | 362,642 | 83,682 | |||||||||||||||||||||||
2021 | 83,682 | 644 | 357,635 | 368,812 | 73,149 | ||||||||||||||||||||||||
2022 | 73,149 | 584 | 382,027 | 381,981 | 73,779 |
Balance at beginning of year | Acquisitions | Additions charged to net sales or costs and expenses | Deductions(1) | Balance at end of year | |||||||||||
2017 | $ | 78,335 | 6,510 | 308,507 | 307,249 | 86,103 | |||||||||
2018 | 86,103 | 4,240 | 317,716 | 333,341 | 74,718 | ||||||||||
2019 | 74,718 | 382 | 387,253 | 400,432 | 61,921 |
December 31, 2022 | December 31, 2021 | ||||||||||
Finished goods | $ | 1,986,005 | 1,677,707 | ||||||||
Work in process | 160,757 | 144,004 | |||||||||
Raw materials | 647,003 | 569,961 | |||||||||
Total inventories | $ | 2,793,765 | 2,391,672 |
December 31, 2019 | December 31, 2018 | |||||
Finished goods | $ | 1,610,742 | 1,582,112 | |||
Work in process | 144,639 | 165,616 | ||||
Raw materials | 526,947 | 539,887 | ||||
Total inventories | $ | 2,282,328 | 2,287,615 |
Global Ceramic | Flooring NA | Flooring ROW | Total | |||||||||
Balances as of December 31, 2017 | ||||||||||||
Goodwill | $ | 1,567,872 | 869,764 | 1,361,248 | 3,798,884 | |||||||
Accumulated impairments losses | (531,930 | ) | (343,054 | ) | (452,441 | ) | (1,327,425 | ) | ||||
1,035,942 | 526,710 | 908,807 | 2,471,459 | |||||||||
Goodwill recognized during the year | 19,821 | 4,434 | 95,483 | 119,738 | ||||||||
Currency translation during the year | (22,706 | ) | — | (47,525 | ) | (70,231 | ) | |||||
Balances as of December 31, 2018 | ||||||||||||
Goodwill | 1,564,987 | 874,198 | 1,409,206 | 3,848,391 | ||||||||
Accumulated impairments losses | (531,930 | ) | (343,054 | ) | (452,441 | ) | (1,327,425 | ) | ||||
1,033,057 | 531,144 | 956,765 | 2,520,966 | |||||||||
Goodwill recognized during the year | 13,197 | — | 49,619 | 62,816 | ||||||||
Currency translation during the year | 5,392 | — | (19,147 | ) | (13,755 | ) | ||||||
Balances as of December 31, 2019 | ||||||||||||
Goodwill | 1,583,576 | 874,198 | 1,439,678 | 3,897,452 | ||||||||
Accumulated impairments losses | (531,930 | ) | (343,054 | ) | (452,441 | ) | (1,327,425 | ) | ||||
$ | 1,051,646 | 531,144 | 987,237 | 2,570,027 |
Tradenames | |||
Indefinite life assets not subject to amortization: | |||
Balance as of December 31, 2017 | $ | 644,208 | |
Intangible assets acquired during the year | 91,782 | ||
Currency translation during the year | (28,610 | ) | |
Balance as of December 31, 2018 | 707,380 | ||
Intangible assets acquired during the year(1) | (874 | ) | |
Currency translation during the year | (3,774 | ) | |
Balance as of December 31, 2019 | $ | 702,732 |
Customer relationships | Patents | Other | Total | |||||||||
Intangible assets subject to amortization: | ||||||||||||
Balances as of December 31, 2017 | $ | 234,835 | 7,061 | 5,663 | 247,559 | |||||||
Intangible assets acquired during the year | 47,361 | — | 7 | 47,368 | ||||||||
Amortization during the year | (28,389 | ) | (2,272 | ) | (84 | ) | (30,745 | ) | ||||
Currency translation during the year | (9,179 | ) | (294 | ) | (279 | ) | (9,752 | ) | ||||
Balances as of December 31, 2018 | 244,628 | 4,495 | 5,307 | 254,430 | ||||||||
Intangible assets acquired during the year | 2,092 | — | — | 2,092 | ||||||||
Amortization during the year | (25,527 | ) | (2,156 | ) | 70 | (27,613 | ) | |||||
Currency translation during the year | (2,752 | ) | (111 | ) | 101 | (2,762 | ) | |||||
Balances as of December 31, 2019 | $ | 218,441 | 2,228 | 5,478 | 226,147 |
December 31, 2019 | |||||||||||
Cost | Acquisitions | Currency translation | Accumulated amortization | Net Value | |||||||
Customer Relationships | $ | 651,014 | 2,092 | (7,900 | ) | 426,765 | 218,441 | ||||
Patents | 254,483 | — | (5,383 | ) | 246,872 | 2,228 | |||||
Other | 6,534 | — | 97 | 1,153 | 5,478 | ||||||
Total | $ | 912,031 | 2,092 | (13,186 | ) | 674,790 | 226,147 | ||||
December 31, 2018 | |||||||||||
Cost | Acquisitions | Currency translation | Accumulated amortization | Net Value | |||||||
Customer Relationships | $ | 625,263 | 47,361 | (21,610 | ) | 406,386 | 244,628 | ||||
Patents | 266,969 | — | (12,486 | ) | 249,988 | 4,495 | |||||
Other | 6,825 | 7 | (298 | ) | 1,227 | 5,307 | |||||
Total | $ | 899,057 | 47,368 | (34,394 | ) | 657,601 | 254,430 |
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
Amortization expense | $ | 27,613 | 30,745 | 34,279 |
Global Ceramic | Flooring NA | Flooring ROW | Total | ||||||||||||||||||||
Balances as of December 31, 2020 (1) | $ | 1,047,561 | 531,144 | 1,072,126 | 2,650,831 | ||||||||||||||||||
Goodwill recognized during the period | — | — | 56,930 | 56,930 | |||||||||||||||||||
Currency translation during the period | (16,224) | — | (83,628) | (99,852) | |||||||||||||||||||
Balances as of December 31, 2021 (1) | 1,031,337 | 531,144 | 1,045,428 | 2,607,909 | |||||||||||||||||||
Goodwill adjustments related to acquisitions | — | — | (2,722) | (2,722) | |||||||||||||||||||
Goodwill recognized during the period | — | 60,841 | 11,542 | 72,383 | |||||||||||||||||||
Impairment charge during the period | (688,514) | — | — | (688,514) | |||||||||||||||||||
Currency translation during the period | (2,989) | — | (58,308) | (61,297) | |||||||||||||||||||
Balances as of December 31, 2022 | $ | 339,834 | 591,985 | 995,940 | 1,927,759 |
Tradenames | |||||
Indefinite life assets not subject to amortization: | |||||
Balance as of December 31, 2020 | $ | 727,268 | |||
Intangible assets acquired during the year | 2,725 | ||||
Currency translation during the year | (35,088) | ||||
Balance as of December 31, 2021 | 694,905 | ||||
Intangible assets acquired during the year | 335 | ||||
Intangible assets impaired during the year | (7,257) | ||||
Currency translation during the year | (19,655) | ||||
Balance as of December 31, 2022 | $ | 668,328 |
Customer relationships | Patents | Other | Total | ||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||
Balances as of December 31, 2020 | |||||||||||||||||||||||
Gross carrying amount | $ | 699,795 | 273,570 | 6,945 | 980,310 | ||||||||||||||||||
Accumulated amortization | (481,256) | (273,426) | (1,289) | (755,971) | |||||||||||||||||||
Net intangible assets subject to amortization | 218,539 | 144 | 5,656 | 224,339 | |||||||||||||||||||
Balances as of December 31, 2021 | |||||||||||||||||||||||
Gross carrying amount | 680,177 | 256,336 | 6,786 | 943,299 | |||||||||||||||||||
Accumulated amortization | (483,748) | (252,414) | (2,062) | (738,224) | |||||||||||||||||||
Net intangible assets subject to amortization | 196,429 | 3,922 | 4,724 | 205,075 | |||||||||||||||||||
Balances as of December 31, 2022 | |||||||||||||||||||||||
Gross carrying amount | 673,586 | 242,089 | 8,511 | 924,186 | |||||||||||||||||||
Accumulated amortization | (493,361) | (239,010) | (2,195) | (734,566) | |||||||||||||||||||
Net intangible assets subject to amortization | $ | 180,225 | 3,079 | 6,316 | 189,620 |
Years Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Amortization expense | $ | 28,086 | 29,280 | 28,891 |
2020 | $ | 27,847 | |
2021 | 27,846 | ||
2022 | 25,866 | ||
2023 | 24,234 | ||
2024 | 23,511 |
2023 | $ | 28,049 | |||
2024 | 27,334 | ||||
2025 | 27,117 | ||||
2026 | 26,896 | ||||
2027 | 19,972 |
December 31, 2022 | December 31, 2021 | ||||||||||
Land | $ | 466,820 | 465,240 | ||||||||
Buildings and improvements | 1,851,390 | 1,862,463 | |||||||||
Machinery and equipment | 6,310,442 | 6,023,087 | |||||||||
Furniture and fixtures | 162,864 | 158,315 | |||||||||
Leasehold improvements | 107,079 | 102,766 | |||||||||
Construction in progress | 749,184 | 638,716 | |||||||||
9,647,779 | 9,250,587 | ||||||||||
Less: accumulated depreciation | 4,986,601 | 4,613,722 | |||||||||
Net property, plant and equipment | $ | 4,661,178 | 4,636,865 |
December 31, 2019 | December 31, 2018 | |||||
Land | $ | 469,837 | 407,780 | |||
Buildings and improvements | 1,790,781 | 1,584,240 | ||||
Machinery and equipment | 5,602,474 | 5,334,060 | ||||
Furniture and fixtures | 163,017 | 230,644 | ||||
Leasehold improvements | 103,755 | 94,683 | ||||
Construction in progress | 366,144 | 575,667 | ||||
8,496,008 | 8,227,074 | |||||
Less accumulated depreciation and amortization | 3,797,091 | 3,527,172 | ||||
Net property, plant and equipment | $ | 4,698,917 | 4,699,902 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||
1.750% Senior Notes, payable June 12, 2027; interest payable annually | $ | 482,139 | 535,103 | 601,037 | 566,380 | ||||||||||||||||||
3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually | 431,605 | 500,000 | 538,545 | 500,000 | |||||||||||||||||||
3.85% Senior Notes, payable February 1, 2023; interest payable semi-annually | — | — | 615,630 | 600,000 | |||||||||||||||||||
U.S. commercial paper | 785,998 | 785,998 | 598,000 | 598,000 | |||||||||||||||||||
European commercial paper | 42,808 | 42,808 | 15,859 | 15,859 | |||||||||||||||||||
U.S. Term Loan Facility | 675,000 | 675,000 | — | — | |||||||||||||||||||
European Term Loan Facility | 235,445 | 235,445 | — | — | |||||||||||||||||||
Finance leases and other | 52,050 | 52,050 | 53,163 | 53,163 | |||||||||||||||||||
Unamortized debt issuance costs | (7,270) | (7,270) | (8,617) | (8,617) | |||||||||||||||||||
Total debt | 2,697,775 | 2,819,134 | 2,413,617 | 2,324,785 | |||||||||||||||||||
Less current portion of long term-debt and commercial paper | 840,571 | 840,571 | 624,503 | 624,503 | |||||||||||||||||||
Long-term debt, less current portion | $ | 1,857,204 | 1,978,563 | 1,789,114 | 1,700,282 |
At December 31, 2019 | At December 31, 2018 | |||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||
3.85% senior notes, payable February 1, 2023; interest payable semiannually | $ | 627,144 | 600,000 | 599,904 | 600,000 | |||||||
2.00% senior notes, payable January 14, 2022; interest payable annually | 580,235 | 560,099 | 587,487 | 572,148 | ||||||||
Floating Rate Notes, payable May 18, 2020, interest payable quarterly | 336,066 | 336,059 | 343,004 | 343,289 | ||||||||
Floating Rate Notes, payable September 11, 2019, interest payable quarterly | — | — | 343,560 | 343,289 | ||||||||
Floating rate notes, payable September 4, 2021, interest payable quarterly | 335,965 | 336,059 | — | — | ||||||||
U.S. commercial paper | 317,000 | 317,000 | 632,668 | 632,668 | ||||||||
European commercial paper | 376,946 | 376,946 | 707,175 | 707,175 | ||||||||
Five-year senior unsecured credit facility, due October 18, 2024 | 16,803 | 16,803 | 57,896 | 57,896 | ||||||||
Finance leases and other | 30,049 | 30,049 | 6,664 | 6,664 | ||||||||
Unamortized debt issuance costs | (3,129 | ) | (3,129 | ) | (5,155 | ) | (5,155 | ) | ||||
Total debt | 2,617,079 | 2,569,886 | 3,273,203 | 3,257,974 | ||||||||
Less current portion of long-term debt and commercial paper | 1,051,498 | 1,051,498 | 1,742,373 | 1,742,373 | ||||||||
Long-term debt, less current portion | $ | 1,565,581 | 1,518,388 | 1,530,830 | 1,515,601 |
2023 | $ | 840,571 | |||
2024 | 920,725 | ||||
2025 | 9,012 | ||||
2026 | 6,990 | ||||
2027 | 539,284 | ||||
Thereafter | 509,822 | ||||
$ | 2,826,404 | ||||
2020 | $ | 1,051,643 | |
2021 | 340,555 | ||
2022 | 564,339 | ||
2023 | 603,770 | ||
2024 | 2,635 | ||
Thereafter | 10,073 | ||
$ | 2,573,015 | ||
December 31, 2019 | December 31, 2018 | December 31, 2022 | December 31, 2021 | ||||||||||||||
Outstanding checks in excess of cash | $ | 9,924 | 14,624 | Outstanding checks in excess of cash | $ | 2,791 | 3,005 | ||||||||||
Accounts payable, trade | 824,956 | 811,879 | Accounts payable, trade | 1,094,038 | 1,228,621 | ||||||||||||
Accrued expenses | 461,035 | 430,431 | Accrued expenses | 742,099 | 666,209 | ||||||||||||
Product warranties | 49,184 | 47,511 | Product warranties | 38,425 | 45,215 | ||||||||||||
Accrued interest | 21,050 | 21,908 | Accrued interest | 8,748 | 17,940 | ||||||||||||
Accrued compensation and benefits | 192,991 | 197,513 | Accrued compensation and benefits | 238,347 | 256,428 | ||||||||||||
Total accounts payable and accrued expenses | $ | 1,559,140 | 1,523,866 | Total accounts payable and accrued expenses | $ | 2,124,448 | 2,217,418 | ||||||||||
Twelve Months Ended December 31, 2019 | ||||||||||
Cost of Goods Sold | Selling, General and Administrative | Total | ||||||||
Operating lease costs | ||||||||||
Fixed | $ | 30,002 | 97,988 | 127,990 | ||||||
Short-term | 9,725 | 13,933 | 23,658 | |||||||
Variable | 8,123 | 29,852 | 37,975 | |||||||
Sub-leases | (311 | ) | (537 | ) | (848 | ) | ||||
$ | 47,539 | 141,236 | 188,775 | |||||||
Twelve Months Ended December 31, 2019 | ||||||||||
Depreciation and Amortization | Interest | Total | ||||||||
Finance lease costs | ||||||||||
Amortization of leased assets | $ | 4,015 | — | 4,015 | ||||||
Interest on lease liabilities | — | 491 | 491 | |||||||
$ | 4,015 | 491 | 4,506 | |||||||
Net lease costs | 193,281 |
December 31, 2022 | Cost of Goods Sold | Selling, General and Administrative Expenses | Total | ||||||||||||||
Operating lease costs | |||||||||||||||||
Fixed | $ | 21,321 | 110,716 | 132,037 | |||||||||||||
Short-term | 17,005 | 19,154 | 36,159 | ||||||||||||||
Variable | 7,689 | 35,985 | 43,674 | ||||||||||||||
Sub-leases | (691) | (1,652) | (2,343) | ||||||||||||||
$ | 45,324 | 164,203 | 209,527 | ||||||||||||||
Depreciation and Amortization | Interest | Total | |||||||||||||||
Finance lease costs | |||||||||||||||||
Amortization of leased assets | $ | 11,108 | — | 11,108 | |||||||||||||
Interest on lease liabilities | — | 816 | 816 | ||||||||||||||
$ | 11,108 | 816 | 11,924 | ||||||||||||||
Net lease costs | $ | 221,451 |
December 31, 2021 | Cost of Goods Sold | Selling, General and Administrative Expenses | Total | ||||||||||||||
Operating lease costs | |||||||||||||||||
Fixed | $ | 20,130 | 104,651 | 124,781 | |||||||||||||
Short-term | 13,415 | 18,434 | 31,849 | ||||||||||||||
Variable | 7,949 | 30,127 | 38,076 | ||||||||||||||
Sub-leases | (529) | (1,113) | (1,642) | ||||||||||||||
$ | 40,965 | 152,099 | 193,064 | ||||||||||||||
Depreciation and Amortization | Interest | Total | |||||||||||||||
Finance lease costs | |||||||||||||||||
Amortization of leased assets | $ | 9,193 | — | 9,193 | |||||||||||||
Interest on lease liabilities | — | 772 | 772 | ||||||||||||||
$ | 9,193 | 772 | 9,965 | ||||||||||||||
Net lease costs | $ | 203,029 |
December 31, 2020 | Cost of Goods Sold | Selling, General and Administrative Expenses | Total | ||||||||||||||
Operating lease costs | |||||||||||||||||
Fixed | $ | 25,067 | 102,504 | 127,571 | |||||||||||||
Short-term | 11,633 | 16,021 | 27,654 | ||||||||||||||
Variable | 8,285 | 30,036 | 38,321 | ||||||||||||||
Sub-leases | (411) | (741) | (1,152) | ||||||||||||||
$ | 44,574 | 147,820 | 192,394 | ||||||||||||||
Depreciation and Amortization | Interest | Total | |||||||||||||||
Finance lease costs | |||||||||||||||||
Amortization of leased assets | $ | 6,423 | — | 6,423 | |||||||||||||
Interest on lease liabilities | — | 690 | 690 | ||||||||||||||
$ | 6,423 | 690 | 7,113 | ||||||||||||||
Net lease costs | $ | 199,507 |
Classification | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||
Assets | |||||||||||||||||||||||
Operating Leases | |||||||||||||||||||||||
ROU operating lease assets | ROU operating lease assets | $ | 387,816 | 389,967 | |||||||||||||||||||
Finance Leases | |||||||||||||||||||||||
Property, plant and equipment, gross | Property, plant and equipment | 82,653 | 67,984 | ||||||||||||||||||||
Accumulated depreciation | Accumulated depreciation | (30,218) | (19,902) | ||||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | 52,435 | 48,082 | ||||||||||||||||||||
Total lease assets | $ | 440,251 | 438,049 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Operating Leases | |||||||||||||||||||||||
Other current | Current operating lease liabilities | $ | 105,266 | 104,434 | |||||||||||||||||||
Non-current | Non-current operating lease liabilities | 296,136 | 297,390 | ||||||||||||||||||||
Total operating liabilities | 401,402 | 401,824 | |||||||||||||||||||||
Finance Leases | |||||||||||||||||||||||
Short-term debt | Short-term debt and current portion of long-term debt | 11,765 | 9,560 | ||||||||||||||||||||
Long-term debt | Long-term debt, less current portion | 40,285 | 38,390 | ||||||||||||||||||||
Total finance liabilities | 52,050 | 47,950 | |||||||||||||||||||||
Total lease liabilities | $ | 453,452 | 449,774 | ||||||||||||||||||||
Classification | At December 31, 2019 | ||||
Assets | |||||
Operating Leases | |||||
Right of use operating lease assets | Right of use operating lease assets | $ | 323,003 | ||
Finance Leases | |||||
Property, plant and equipment, gross | Property, plant and equipment | 35,271 | |||
Accumulated depreciation | Accumulated depreciation | (5,664 | ) | ||
Property, plant and equipment, net | Property, plant and equipment, net | 29,607 | |||
Total lease assets | $ | 352,610 | |||
Liabilities | |||||
Operating Leases | |||||
Other current | Current operating lease liabilities | $ | 101,945 | ||
Non-current | Non-current operating lease liabilities | 228,155 | |||
Total operating liabilities | 330,100 | ||||
Finance Leases | |||||
Short-term debt | Short-term debt and current portion of long-term debt | 4,835 | |||
Long-term debt | Long-term debt, less current portion | 25,214 | |||
Total finance liabilities | 30,049 | ||||
Total lease liabilities | $ | 360,149 | |||
Year ending December 31, | Finance Leases | Operating Leases | Total | ||||||
2020 | $ | 5,355 | 119,745 | 125,100 | |||||
2021 | 4,955 | 94,169 | 99,124 | ||||||
2022 | 4,612 | 66,090 | 70,702 | ||||||
2023 | 4,077 | 36,965 | 41,042 | ||||||
2024 | 2,894 | 20,118 | 23,012 | ||||||
Thereafter | 10,884 | 26,105 | 36,989 | ||||||
Total lease payments | 32,777 | 363,192 | 395,969 | ||||||
Less imputed interest | 2,728 | 33,092 | |||||||
Present value, Total | $ | 30,049 | 330,100 |
Year ending December 31, | Finance Leases | Operating Leases | Total | ||||||||||||||
2023 | $ | 12,574 | 125,068 | 137,642 | |||||||||||||
2024 | 10,939 | 103,229 | 114,168 | ||||||||||||||
2025 | 9,498 | 82,839 | 92,337 | ||||||||||||||
2026 | 7,344 | 61,815 | 69,159 | ||||||||||||||
2027 | 4,433 | 34,829 | 39,262 | ||||||||||||||
Thereafter | 10,509 | 27,414 | 37,923 | ||||||||||||||
Total lease payments | 55,297 | 435,194 | 490,491 | ||||||||||||||
Less imputed interest | 3,247 | 33,792 | |||||||||||||||
Present value, Total | $ | 52,050 | 401,402 |
Year ending December 31, | Finance Leases | Operating Leases | Total | ||||||
2019 | $ | 1,494 | 116,110 | 117,604 | |||||
2020 | 1,195 | 93,724 | 94,919 | ||||||
2021 | 766 | 66,129 | 66,895 | ||||||
2022 | 562 | 42,247 | 42,809 | ||||||
2023 | 555 | 22,207 | 22,762 | ||||||
Thereafter | 3,215 | 26,097 | 29,312 | ||||||
Total payments | 7,787 | 366,514 | 374,301 | ||||||
Less amount representing interest | 1,123 | ||||||||
Present value of capitalized lease payments | $ | 6,664 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||
Weighted Average Remaining Lease Term | |||||||||||||||||
Operating Leases | 4.5 years | 4.7 years | |||||||||||||||
Finance Leases | 6.2 years | 7.2 years | |||||||||||||||
Weighted Average Discount Rate | |||||||||||||||||
Operating Leases | 3.8 | % | 2.4 | % | |||||||||||||
Finance Leases | 1.5 | % | 1.3 | % |
Twelve Months Ended | |||
December 31, 2019 | |||
Cash paid for amounts included in measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ | 127,213 | |
Operating cash flows from finance leases | 349 | ||
Financing cash flows from finance leases | 3,975 | ||
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating Leases | 133,959 | ||
Finance Leases | 20,464 | ||
Amortization: | |||
Amortization of Right of use operating lease assets (1) | 109,884 |
Twelve Months Ended | |||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Cash paid for amounts included in measurement of lease liabilities: | |||||||||||||||||||||||||||||
Operating cash flows from operating leases | $ | 129,895 | 122,886 | 124,708 | |||||||||||||||||||||||||
Operating cash flows from finance leases | 816 | 772 | 690 | ||||||||||||||||||||||||||
Financing cash flows from finance leases | 10,770 | 9,289 | 6,386 | ||||||||||||||||||||||||||
ROU assets obtained in exchange for lease obligations: | |||||||||||||||||||||||||||||
Operating leases | 119,115 | 186,605 | 110,036 | ||||||||||||||||||||||||||
Finance leases | 16,160 | 13,395 | 18,248 | ||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||
Amortization of ROU operating lease assets (1) | 120,666 | 115,650 | 113,898 |
2019 | 2018 | 2017 | |||||||
Options outstanding at beginning of year | 63 | 63 | 91 | ||||||
Options exercised | — | — | (28 | ) | |||||
Options forfeited and expired | — | — | — | ||||||
Options outstanding at end of year | 63 | 63 | 63 | ||||||
Options exercisable at end of year | 63 | 63 | 63 | ||||||
Option prices per share: | |||||||||
Options exercised during the year | $ | — | — | 57.34-66.14 | |||||
Options forfeited and expired during the year | $ | — | — | — | |||||
Options outstanding at end of year | 57.34-66.14 | 57.34-66.14 | 57.34-66.14 | ||||||
Options exercisable at end of year | 57.34-66.14 | 57.34-66.14 | 57.34-66.14 |
Shares | Weighted average exercise price | Weighted average remaining contractual term (years) | Aggregate intrinsic value | |||||||||
Options outstanding, December 31, 2018 | 63 | $ | 62.86 | |||||||||
Granted | — | — | ||||||||||
Exercised | — | — | ||||||||||
Forfeited and expired | — | — | ||||||||||
Options outstanding, December 31, 2019 | 63 | $ | 62.86 | 1.8 | $ | 4,640 | ||||||
Vested and expected to vest as of December 31, 2019 | 63 | $ | 62.86 | 1.8 | $ | 4,640 | ||||||
Exercisable as of December 31, 2019 | 63 | $ | 62.86 | 1.8 | $ | 4,640 |
Outstanding | Exercisable | ||||||||||||||
Exercise price range | Number of shares | Average life | Average price | Number of shares | Average price | ||||||||||
$57.34-$57.34 | 23 | 1.15 | 57.34 | 23 | 57.34 | ||||||||||
$66.14-$66.14 | 40 | 2.14 | 66.14 | 40 | 66.14 | ||||||||||
Total | 63 | 1.77 | $ | 62.86 | 63 | $ | 62.86 |
Shares | Weighted average grant date fair value | Weighted average remaining contractual term (years) | Aggregate intrinsic value | |||||||||
Restricted Stock Units outstanding, December 31, 2018 | 446 | $ | 166.56 | |||||||||
Granted | 187 | 137.30 | ||||||||||
Released | (230 | ) | 152.00 | |||||||||
Forfeited | (41 | ) | 189.23 | |||||||||
Restricted Stock Units outstanding, December 31, 2019 | 362 | $ | 158.13 | 1.3 | $ | 48,914 | ||||||
Expected to vest as of December 31, 2019 | 356 | 1.3 | $ | 48,060 |
Shares | Weighted average grant date fair value | Weighted average remaining contractual term (years) | Aggregate intrinsic value | ||||||||||||||||||||
RSUs outstanding, December 31, 2021 | 439 | $ | 128.62 | ||||||||||||||||||||
Granted | 192 | 137.30 | |||||||||||||||||||||
Released | (134) | 143.41 | |||||||||||||||||||||
Forfeited | (43) | 140.66 | |||||||||||||||||||||
RSUs outstanding, December 31, 2022 | 454 | $ | 126.79 | 1.0 | $ | 46,378 | |||||||||||||||||
Expected to vest as of December 31, 2022 | 437 | 1.0 | $ | 44,668 |
2019 | 2018 | 2017 | ||||||
Restricted Stock Units outstanding, January 1 | 446 | 555 | 695 | |||||
Granted | 187 | 136 | 154 | |||||
Released | (230 | ) | (235 | ) | (284 | ) | ||
Forfeited | (41 | ) | (10 | ) | (10 | ) | ||
Restricted Stock Units outstanding, December 31 | 362 | 446 | 555 | |||||
Expected to vest as of December 31 | 356 | 440 | 546 |
2022 | 2021 | 2020 | |||||||||||||||
RSUs outstanding, January 1 | 439 | 375 | 362 | ||||||||||||||
Granted | 192 | 194 | 192 | ||||||||||||||
Released | (134) | (105) | (146) | ||||||||||||||
Forfeited | (43) | (25) | (33) | ||||||||||||||
RSUs outstanding, December 31 | 454 | 439 | 375 | ||||||||||||||
Expected to vest as of December 31 | 437 | 418 | 361 |
2022 | 2021 | 2020 | |||||||||||||||
Foreign currency losses (gains), net | $ | 15,429 | 6,298 | 7,815 | |||||||||||||
Release of indemnification asset | 7,324 | — | — | ||||||||||||||
Impairment of joint venture in Brazil | — | — | 3,599 | ||||||||||||||
Resolution of foreign non-income tax contingencies | — | (6,211) | — | ||||||||||||||
All other, net | (14,367) | (12,321) | (12,165) | ||||||||||||||
Total other expense (income), net | $ | 8,386 | (12,234) | (751) |
2019 | 2018 | 2017 | |||||||
Foreign currency losses | (7,190 | ) | 9,613 | 8,395 | |||||
Release of indemnification asset | (304 | ) | 4,606 | 4,459 | |||||
Impairment of net investment in a manufacturer and distributor of Ceramic tile in China(1) | 59,906 | — | — | ||||||
All other, net | (16,005 | ) | (6,921 | ) | (7,649 | ) | |||
Total other expense (income) | $ | 36,407 | 7,298 | 5,205 |
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||
United States | $ | 163,764 | 387,564 | 754,562 | United States | $ | (233,208) | 380,632 | 94,829 | |||||||||||||||||
Foreign | 585,781 | 661,637 | 563,295 | Foreign | 417,101 | 909,361 | 489,545 | |||||||||||||||||||
Earnings before income taxes | $ | 749,545 | 1,049,201 | 1,317,857 | Earnings before income taxes | $ | 183,893 | 1,289,993 | 584,374 |
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||
Current income taxes: | Current income taxes: | |||||||||||||||||||||||||
U.S. federal | $ | 19,936 | 22,700 | 327,697 | U.S. federal | $ | 91,948 | 93,085 | (33,821) | |||||||||||||||||
State and local | 12,659 | 14,521 | 17,811 | State and local | 11,230 | 24,904 | 7,794 | |||||||||||||||||||
Foreign | 80,221 | 58,669 | 73,248 | Foreign | 106,032 | 143,385 | 72,350 | |||||||||||||||||||
Total current | 112,816 | 95,890 | 418,756 | Total current | 209,210 | 261,374 | 46,323 | |||||||||||||||||||
Deferred income taxes: | Deferred income taxes: | |||||||||||||||||||||||||
U.S. federal | 11,993 | 54,983 | (17,419 | ) | U.S. federal | (27,756) | (2,655) | 14,533 | ||||||||||||||||||
State and local | 15,371 | 19,076 | (3,046 | ) | State and local | 9,586 | 13,306 | 112 | ||||||||||||||||||
Foreign | (135,206 | ) | 14,397 | (55,126 | ) | Foreign | (32,930) | (15,580) | 7,679 | |||||||||||||||||
Total deferred | (107,842 | ) | 88,456 | (75,591 | ) | Total deferred | (51,100) | (4,929) | 22,324 | |||||||||||||||||
Total | $ | 4,974 | 184,346 | 343,165 | ||||||||||||||||||||||
Total income tax expense | Total income tax expense | $ | 158,110 | 256,445 | 68,647 |
2019 | 2018 | 2017 | |||||||
Income taxes at statutory rate | $ | 157,404 | 220,332 | 461,250 | |||||
State and local income taxes, net of federal income tax benefit | 22,185 | 22,315 | 10,133 | ||||||
Foreign income taxes(a) | (17,276 | ) | (39,915 | ) | (113,520 | ) | |||
Change in valuation allowance | (21,975 | ) | 2,472 | 10,008 | |||||
European Restructuring(b) | (136,194 | ) | — | — | |||||
Manufacturing deduction | — | — | (11,911 | ) | |||||
2017 revaluation of deferred tax assets and liabilities (c) | — | — | (150,546 | ) | |||||
Transition Tax | — | 28,201 | 105,165 | ||||||
Transition tax planning initiatives | — | (18,706 | ) | 14,825 | |||||
Tax contingencies and audit settlements, net | 6,686 | (31,874 | ) | 23,097 | |||||
Other, net | (5,856 | ) | 1,521 | (5,336 | ) | ||||
$ | 4,974 | 184,346 | 343,165 |
2022 | 2021 | 2020 | |||||||||||||||
Income taxes at statutory rate | $ | 38,618 | 270,898 | 122,719 | |||||||||||||
State and local income taxes, net of federal income tax benefit | 4,858 | 25,658 | 8,081 | ||||||||||||||
Foreign income taxes (1) | (50,483) | (34,981) | (57,898) | ||||||||||||||
Change in valuation allowance | 44,814 | 5,947 | 35,381 | ||||||||||||||
Impairment of non-deductible goodwill | 132,497 | — | — | ||||||||||||||
Loss on previously taxed earnings | — | — | (10,346) | ||||||||||||||
Carryback rate differential (2) | — | (15,743) | (33,739) | ||||||||||||||
Fixed asset adjustments | (7,289) | (7,113) | (8,630) | ||||||||||||||
Non-deductible expenses | 11,250 | 8,128 | 8,424 | ||||||||||||||
General business credits and incentives | (21,833) | (3,958) | (4,004) | ||||||||||||||
Global intangible low-taxed income | 7,200 | 34,400 | 2,500 | ||||||||||||||
Italy step-up adjustment (3) | — | (22,163) | — | ||||||||||||||
Tax contingencies and audit settlements, net | (96) | 12,505 | 6,779 | ||||||||||||||
Other, net | (1,426) | (17,133) | (620) | ||||||||||||||
$ | 158,110 | 256,445 | 68,647 |
2019 | 2018 | 2022 | 2021 | ||||||||||||||
Deferred tax assets: | Deferred tax assets: | ||||||||||||||||
Accounts receivable | $ | 7,063 | 8,312 | Accounts receivable | $ | 15,783 | 16,550 | ||||||||||
Inventories | 50,585 | 47,212 | Inventories | 53,088 | 38,388 | ||||||||||||
Employee benefits | 36,068 | 37,335 | Employee benefits | 47,089 | 54,865 | ||||||||||||
Accrued expenses and other | 67,638 | 71,621 | Accrued expenses and other | 95,682 | 73,983 | ||||||||||||
Deductible state tax and interest benefit | 3,665 | 2,904 | Deductible state tax and interest benefit | 7,584 | 7,206 | ||||||||||||
Intangibles | 146,953 | 16,134 | Intangibles | 122,710 | 135,777 | ||||||||||||
Lease liabilities | 86,717 | — | Lease liabilities | 108,596 | 106,753 | ||||||||||||
Interest expense | Interest expense | 10,749 | — | ||||||||||||||
Federal, foreign and state net operating losses and credits | 376,375 | 575,625 | Federal, foreign and state net operating losses and credits | 448,759 | 408,434 | ||||||||||||
Gross deferred tax assets | 775,064 | 759,143 | Gross deferred tax assets | 910,040 | 841,956 | ||||||||||||
Valuation allowance | (232,196 | ) | (347,786 | ) | Valuation allowance | (284,347) | (236,357) | ||||||||||
Net deferred tax assets | 542,868 | 411,357 | Net deferred tax assets | 625,693 | 605,599 | ||||||||||||
Deferred tax liabilities: | Deferred tax liabilities: | ||||||||||||||||
Inventories | (12,885 | ) | (18,332 | ) | Inventories | (17,415) | (23,484) | ||||||||||
Plant and equipment | (510,952 | ) | (477,734 | ) | Plant and equipment | (463,810) | (467,451) | ||||||||||
Intangibles | (182,424 | ) | (181,436 | ) | Intangibles | (175,788) | (188,417) | ||||||||||
Right of use assets | (83,271 | ) | — | ||||||||||||||
Right of use operating lease assets | Right of use operating lease assets | (102,959) | (101,935) | ||||||||||||||
Prepaids | Prepaids | (47,079) | (45,077) | ||||||||||||||
Other liabilities | (24,220 | ) | (96,134 | ) | Other liabilities | (58,799) | (67,914) | ||||||||||
Gross deferred tax liabilities | (813,752 | ) | (773,636 | ) | Gross deferred tax liabilities | (865,850) | (894,278) | ||||||||||
Net deferred tax liability | $ | (270,884 | ) | (362,279 | ) | Net deferred tax liability | $ | (240,157) | (288,679) |
2019 | 2018 | |||||
Balance as of January 1 | $ | 1,330,713 | 65,631 | |||
Additions based on tax positions related to the current year (a) | 2,302 | 1,304,447 | ||||
Additions for tax positions of acquired companies | 2,094 | 1,413 | ||||
Additions for tax positions of prior years | 4,744 | 5,098 | ||||
Transition tax planning initiatives | — | (27,470 | ) | |||
Reductions resulting from the lapse of the statute of limitations | (2,729 | ) | (8,110 | ) | ||
Reductions due to Luxembourg tax rate change | (46,841 | ) | — | |||
Settlements with taxing authorities | (1,929 | ) | (9,773 | ) | ||
Effects of foreign currency translation | (27,384 | ) | (523 | ) | ||
Balance as of December 31 | $ | 1,260,970 | 1,330,713 |
2022 | 2021 | ||||||||||
Balance as of January 1 | $ | 1,296,523 | 1,388,391 | ||||||||
Additions based on tax positions related to the current year | 1,439 | 458 | |||||||||
Additions for tax positions of prior years | 4,678 | 18,001 | |||||||||
Reductions resulting from the lapse of the statute of limitations | (3,419) | (3,336) | |||||||||
Effects of foreign currency translation | (68,589) | (106,991) | |||||||||
Balance as of December 31 | $ | 1,230,632 | 1,296,523 |
2022 | 2021 | 2020 | ||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||
Net cash paid (received) during the years for: | ||||||||||||||||||||||||||
Net cash paid during the years for: | Net cash paid during the years for: | |||||||||||||||||||||||||
Interest | $ | 45,241 | 46,186 | 33,952 | Interest | $ | 75,199 | 75,514 | 44,584 | |||||||||||||||||
Income taxes | $ | 123,974 | 196,193 | 373,900 | Income taxes | $ | 248,693 | 323,718 | 106,891 | |||||||||||||||||
Supplemental schedule of non-cash investing and financing activities: | Supplemental schedule of non-cash investing and financing activities: | |||||||||||||||||||||||||
Additions to property, plant and equipment | $ | 6,387 | (4,672 | ) | 30,643 | |||||||||||||||||||||
Unpaid property plant and equipment in accounts payable and accrued expenses | Unpaid property plant and equipment in accounts payable and accrued expenses | $ | 118,701 | 117,084 | 90,767 | |||||||||||||||||||||
Fair value of net assets acquired in acquisition | $ | 107,290 | 831,760 | 369,956 | Fair value of net assets acquired in acquisition | $ | 243,934 | 176,924 | — | |||||||||||||||||
Liabilities assumed in acquisition | (31,053 | ) | (257,515 | ) | (119,157 | ) | Liabilities assumed in acquisition | (34,332) | (52,955) | — | ||||||||||||||||
$ | 76,237 | 574,245 | 250,799 | |||||||||||||||||||||||
$ | 209,602 | 123,969 | — |
2019 | 2018 | 2017 | |||||||
Assets: | |||||||||
Global Ceramic | $ | 5,419,896 | 5,194,030 | 4,838,310 | |||||
Flooring NA | 3,823,654 | 3,938,639 | 3,702,137 | ||||||
Flooring ROW | 3,925,246 | 3,666,617 | 3,245,424 | ||||||
Corporate and intersegment eliminations | 217,884 | 299,837 | 308,982 | ||||||
Total | $ | 13,386,680 | 13,099,123 | 12,094,853 | |||||
Geographic net sales: | |||||||||
United States | $ | 5,822,593 | 6,103,789 | 6,035,200 | |||||
Europe | 2,532,239 | 2,582,692 | 2,363,069 | ||||||
Russia | 385,395 | 349,220 | 326,075 | ||||||
Other | 1,230,445 | 947,933 | 766,946 | ||||||
Total | $ | 9,970,672 | 9,983,634 | 9,491,290 | |||||
Long-lived assets: (1) | |||||||||
United States | $ | 3,391,676 | 3,485,046 | 3,339,363 | |||||
Belgium | 1,645,104 | 1,663,470 | 1,705,947 | ||||||
Other | 2,232,164 | 2,072,353 | 1,696,939 | ||||||
Total | $ | 7,268,944 | 7,220,869 | 6,742,249 | |||||
Net sales by product categories: | |||||||||
Ceramic & Stone | $ | 3,686,645 | 3,621,193 | 3,485,245 | |||||
Carpet & Resilient | 3,921,769 | 3,903,698 | 3,655,902 | ||||||
Laminate & Wood | 1,501,077 | 1,553,032 | 1,519,417 | ||||||
Other (2) | 861,181 | 905,711 | 830,726 | ||||||
Total | $ | 9,970,672 | 9,983,634 | 9,491,290 | |||||
Net sales: | |||||||||
Global Ceramic | $ | 3,631,142 | 3,552,856 | 3,405,100 | |||||
Flooring NA | 3,843,714 | 4,029,148 | 4,010,858 | ||||||
Flooring ROW | 2,495,816 | 2,401,630 | 2,075,452 | ||||||
Intersegment sales | — | — | (120 | ) | |||||
Total | $ | 9,970,672 | 9,983,634 | 9,491,290 |
2019 | 2018 | 2017 | |||||||
Operating income: | |||||||||
Global Ceramic | $ | 340,058 | 442,898 | 525,401 | |||||
Flooring NA | 167,385 | 347,937 | 540,337 | ||||||
Flooring ROW | 359,428 | 345,801 | 329,054 | ||||||
Corporate and intersegment eliminations | (39,647 | ) | (41,310 | ) | (40,619 | ) | |||
Total | $ | 827,224 | 1,095,326 | 1,354,173 | |||||
Depreciation and amortization: | |||||||||
Global Ceramic | $ | 211,679 | 189,904 | 161,913 | |||||
Flooring NA | 204,689 | 184,455 | 159,980 | ||||||
Flooring ROW | 145,417 | 135,350 | 114,794 | ||||||
Corporate | 14,667 | 12,056 | 9,985 | ||||||
Total | $ | 576,452 | 521,765 | 446,672 | |||||
Capital expenditures (excluding acquisitions): | |||||||||
Global Ceramic | $ | 244,026 | 281,125 | 310,650 | |||||
Flooring NA | 148,820 | 262,676 | 355,941 | ||||||
Flooring ROW | 147,118 | 232,949 | 221,763 | ||||||
Corporate | 5,498 | 17,360 | 17,644 | ||||||
Total | $ | 545,462 | 794,110 | 905,998 |
2022 | 2021 | 2020 | |||||||||||||||
Assets: | |||||||||||||||||
Global Ceramic | $ | 4,841,310 | 5,160,776 | 5,250,069 | |||||||||||||
Flooring NA | 4,299,360 | 4,125,960 | 3,594,976 | ||||||||||||||
Flooring ROW | 4,275,519 | 4,361,741 | 4,194,447 | ||||||||||||||
Corporate and intersegment eliminations | 704,243 | 576,040 | 1,288,259 | ||||||||||||||
Total | $ | 14,120,432 | 14,224,517 | 14,327,751 | |||||||||||||
Geographic net sales: | |||||||||||||||||
United States | $ | 6,490,079 | 6,181,628 | 5,530,407 | |||||||||||||
Europe | 3,152,051 | 3,117,892 | 2,486,770 | ||||||||||||||
Russia | 549,597 | 450,010 | 385,830 | ||||||||||||||
Other | 1,545,338 | 1,451,083 | 1,149,190 | ||||||||||||||
Total | $ | 11,737,065 | 11,200,613 | 9,552,197 | |||||||||||||
Long-lived assets: (1) | |||||||||||||||||
United States | $ | 2,317,409 | 2,309,575 | 2,230,971 | |||||||||||||
Belgium | 961,086 | 976,311 | 983,627 | ||||||||||||||
Other | 1,770,499 | 1,740,946 | 1,699,768 | ||||||||||||||
Total | $ | 5,048,994 | 5,026,832 | 4,914,366 | |||||||||||||
Net sales by product categories: | |||||||||||||||||
Ceramic & Stone | $ | 4,320,423 | 3,938,654 | 3,457,203 | |||||||||||||
Carpet & Resilient | 4,235,815 | 4,294,042 | 3,735,888 | ||||||||||||||
Laminate & Wood | 1,964,486 | 1,852,766 | 1,538,967 | ||||||||||||||
Other (2) | 1,216,341 | 1,115,151 | 820,139 | ||||||||||||||
Total | $ | 11,737,065 | 11,200,613 | 9,552,197 | |||||||||||||
Net sales: | |||||||||||||||||
Global Ceramic | $ | 4,307,681 | 3,917,319 | 3,432,756 | |||||||||||||
Flooring NA | 4,207,041 | 4,116,405 | 3,594,075 | ||||||||||||||
Flooring ROW | 3,222,343 | 3,166,889 | 2,525,366 | ||||||||||||||
Total | $ | 11,737,065 | 11,200,613 | 9,552,197 |
Quarters Ended | ||||||||||||
March 30, 2019 | June 29, 2019 | September 28, 2019 | December 31, 2019 | |||||||||
Net sales | $ | 2,442,490 | 2,584,485 | 2,519,185 | 2,424,512 | |||||||
Gross profit | 624,927 | 736,618 | 691,691 | 622,807 | ||||||||
Net earnings | 121,585 | 202,441 | 155,518 | 264,667 | ||||||||
Basic earnings per share | 1.68 | 2.80 | 2.16 | 3.69 | ||||||||
Diluted earnings per share | 1.67 | 2.79 | 2.15 | 3.68 |
Quarters Ended | ||||||||||||
March 31, 2018 | June 30, 2018 | September 29, 2018 | December 31, 2018 | |||||||||
Net sales | $ | 2,412,202 | 2,577,014 | 2,545,800 | 2,448,618 | |||||||
Gross profit | 704,692 | 766,555 | 720,433 | 646,390 | ||||||||
Net earnings | 208,766 | 196,586 | 227,013 | 229,339 | ||||||||
Basic earnings per share | 2.80 | 2.64 | 3.03 | 3.07 | ||||||||
Diluted earnings per share | 2.78 | 2.62 | 3.02 | 3.05 |
2022 | 2021 | 2020 | |||||||||||||||
Operating (loss) income: | |||||||||||||||||
Global Ceramic | $ | (236,066) | 403,135 | 167,731 | |||||||||||||
Flooring NA | 231,076 | 407,577 | 147,442 | ||||||||||||||
Flooring ROW | 340,167 | 571,126 | 366,934 | ||||||||||||||
Corporate and intersegment eliminations | (90,960) | (46,827) | (46,105) | ||||||||||||||
Total | $ | 244,217 | 1,335,011 | 636,002 | |||||||||||||
Depreciation and amortization: | |||||||||||||||||
Global Ceramic | $ | 198,866 | 210,634 | 215,488 | |||||||||||||
Flooring NA | 231,279 | 211,872 | 214,599 | ||||||||||||||
Flooring ROW | 156,041 | 156,700 | 164,701 | ||||||||||||||
Corporate | 9,278 | 12,505 | 12,719 | ||||||||||||||
Total | $ | 595,464 | 591,711 | 607,507 | |||||||||||||
Capital expenditures (excluding acquisitions): | |||||||||||||||||
Global Ceramic | $ | 154,266 | 167,224 | 121,418 | |||||||||||||
Flooring NA | 231,068 | 327,691 | 186,179 | ||||||||||||||
Flooring ROW | 178,313 | 164,318 | 113,378 | ||||||||||||||
Corporate | 17,095 | 16,887 | 4,582 | ||||||||||||||
Total | $ | 580,742 | 676,120 | 425,557 |
Mohawk Exhibit Number | Description | |||||||
*2.1 | Agreement and Plan of Merger dated as of December 3, 1993 and amended as of January 17, 1994 among Mohawk, AMI Acquisition Corp., Aladdin and certain Shareholders of Aladdin. (Incorporated herein by reference to Exhibit 2.1(a) in the Company’s Registration Statement on Form S-4, Registration No. 333-74220.) | |||||||
*3.1 | Restated Certificate of Incorporation of Mohawk, as amended. (Incorporated herein by reference to Exhibit 3.1 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1998.) | |||||||
*3.2 | ||||||||
*4.1 | ||||||||
*4.2 | ||||||||
*4.3 | Form of Note for the 3.850% Senior Notes due 2023 (Incorporated herein by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K dated January 31, 2013.) | |||||||
*4.4 | ||||||||
* | ||||||||
*4.6 | ||||||||
* | ||||||||
*4.8 | ||||||||
*4.9 | ||||||||
*10.1 | Registration Rights Agreement by and among Mohawk and the former shareholders of Aladdin. (Incorporated herein by reference to Exhibit 10.32 of the Company’s Annual Report on Form 10-K (File No. 001-13697) for the fiscal year ended December 31, 1993.) | |||||||
*10.2 | Waiver Agreement between Alan S. Lorberbaum and Mohawk dated as of March 23, 1994 to the Registration Rights Agreement dated as of February 25, 1994 between Mohawk and those other persons who are signatories thereto. (Incorporated herein by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q (File No. 001-13697) for the quarter ended July 2, 1994.) | |||||||
*10.3 | ||||||||
*10.4 | ||||||||
*10.5 | ||||||||
*10.6 | ||||||||
*10.7 | ||||||||
*10.8 | ||||||||
*10.9 | ||||||||
Exhibits Related to Executive Compensation Plans, Contracts and other Arrangements: | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
21 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | |||||||||
32.2 | |||||||||
95.1 | |||||||||
101.INS | XBRL Instance Document | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |
* | Indicates exhibit incorporated by reference. |
Mohawk Industries, Inc. | ||||||||
By: | /s/ | |||||||
February | Jeffrey S. Lorberbaum, | |||||||
Chairman and Chief Executive Officer |
February | /s/ | ||||
Jeffrey S. Lorberbaum, | |||||
Chairman and Chief Executive Officer (principal executive officer) |
February | /s/ JAMES F. BRUNK | ||||
James F. Brunk, | |||||
Chief Financial Officer (principal financial officer) |
February 22, 2023 | /s/ WILLIAM W. HARKINS II | ||||
William W. Harkins II, | |||||
Chief Accounting Officer and Corporate Controller (principal accounting officer) |
February 22, 2023 | /s/ | ||||
Bruce C. Bruckmann, Director |
February | /s/ JERRY W. BURRIS | ||||
Jerry W. Burris, Director |
February 22, 2023 | /s/ JOHN M. ENGQUIST | ||||
John M. Engquist, Director |
February | /s/ | ||||
Joseph A. Onorato, Director |
February | /s/ | ||||
William Director |
February | /s/ | ||||
Karen A. Smith Bogart, Director |
February | /s/ W. | ||||
W. Christopher Wellborn, Director |