COVER PAGE
COVER PAGE - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 21, 2024 | Jul. 01, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 01-13697 | ||
Entity Registrant Name | MOHAWK INDUSTRIES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-1604305 | ||
Entity Address, Address Line One | 160 S. Industrial Blvd. | ||
Entity Address, City or Town | Calhoun | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30701 | ||
City Area Code | 706 | ||
Local Phone Number | 629-7721 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | MHK | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,443,921,763 | ||
Entity Common Stock, Shares Outstanding | 63,696,446 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders-Part III. | ||
Entity Central Index Key | 0000851968 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Atlanta, Georgia |
Auditor Firm ID | 185 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 11,135,115 | $ 11,737,065 | $ 11,200,613 |
Cost of sales | 8,425,463 | 8,793,639 | 7,931,879 |
Gross profit | 2,709,652 | 2,943,426 | 3,268,734 |
Selling, general and administrative expenses | 2,119,716 | 2,003,438 | 1,933,723 |
Impairment of goodwill and indefinite-lived intangibles | 877,744 | 695,771 | 0 |
Operating income (loss) | (287,808) | 244,217 | 1,335,011 |
Interest expense | 77,514 | 51,938 | 57,252 |
Other (income) expense, net | (10,813) | 8,386 | (12,234) |
Earnings (loss) before income taxes | (354,509) | 183,893 | 1,289,993 |
Income tax expense | 84,862 | 158,110 | 256,445 |
Net earnings (loss) including noncontrolling interests | (439,371) | 25,783 | 1,033,548 |
Less: net earnings attributable to noncontrolling interests | 145 | 536 | 389 |
Net earnings (loss) attributable to Mohawk Industries, Inc. | $ (439,516) | $ 25,247 | $ 1,033,159 |
Basic earnings (loss) per share attributable to Mohawk Industries, Inc. | |||
Basic earnings per share attributable to Mohawk Industries, Inc. (usd per share) | $ (6.90) | $ 0.40 | $ 15.01 |
Weighted-average common shares outstanding—basic (in shares) | 63,657 | 63,826 | 68,852 |
Diluted earnings (loss) per share attributable to Mohawk Industries, Inc. | |||
Diluted earnings per share attributable to Mohawk Industries, Inc. (usd per share) | $ (6.90) | $ 0.39 | $ 14.94 |
Weighted-average common shares outstanding—diluted (in shares) | 63,657 | 64,062 | 69,145 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) including noncontrolling interests | $ (439,371) | $ 25,783 | $ 1,033,548 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 35,000 | (155,424) | (279,384) |
Prior pension and post-retirement benefit service cost and actuarial gain (loss), net of tax | (1,037) | 8,124 | 7,137 |
Other comprehensive income (loss) | 33,963 | (147,300) | (272,247) |
Comprehensive income (loss) | (405,408) | (121,517) | 761,301 |
Less: comprehensive income (loss) attributable to noncontrolling interests | (187) | 541 | (51) |
Comprehensive income (loss) attributable to Mohawk Industries, Inc. | $ (405,221) | $ (122,058) | $ 761,352 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 642,550 | $ 509,623 |
Short-term investments | 0 | 158,000 |
Receivables, net | 1,874,656 | 1,904,786 |
Inventories | 2,551,853 | 2,793,765 |
Prepaid expenses | 515,819 | 498,222 |
Other current assets | 19,339 | 30,703 |
Total current assets | 5,604,217 | 5,895,099 |
Property, plant and equipment, net | 4,993,166 | 4,661,178 |
Right of use operating lease assets | 428,532 | 387,816 |
Goodwill | 1,159,724 | 1,927,759 |
Tradenames | 705,746 | 668,328 |
Other intangible assets subject to amortization, net | 169,637 | 189,620 |
Deferred income taxes and other non-current assets | 498,847 | 390,632 |
Total assets | 13,559,869 | 14,120,432 |
Current liabilities: | ||
Short-term debt and current portion of long-term debt | 1,001,715 | 840,571 |
Accounts payable and accrued expenses | 2,035,339 | 2,124,448 |
Current operating lease liabilities | 108,860 | 105,266 |
Total current liabilities | 3,145,914 | 3,070,285 |
Deferred income taxes | 391,500 | 444,660 |
Long-term debt, less current portion | 1,701,785 | 1,978,563 |
Non-current operating lease liabilities | 337,506 | 296,136 |
Other long-term liabilities | 354,028 | 312,874 |
Total liabilities | 5,930,733 | 6,102,518 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value; 60 shares authorized; no shares issued | 0 | 0 |
Common stock, $.01 par value; 150,000 shares authorized; 71,024 and 70,875 shares issued and outstanding in 2023 and 2022, respectively | 710 | 709 |
Additional paid-in capital | 1,947,477 | 1,930,789 |
Retained earnings | 6,970,244 | 7,409,760 |
Accumulated other comprehensive income (loss) | (1,079,963) | (1,114,258) |
Shareholder's equity before treasury stock | 7,838,468 | 8,227,000 |
Less: treasury stock at cost; 7,338 and 7,341 shares in 2023 and 2022, respectively | 215,397 | 215,491 |
Total Mohawk Industries, Inc. stockholders’ equity | 7,623,071 | 8,011,509 |
Noncontrolling interests | 6,065 | 6,405 |
Total stockholders’ equity | 7,629,136 | 8,017,914 |
Total liabilities and stockholders' equity | $ 13,559,869 | $ 14,120,432 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Stockholders’ equity: | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 60,000 | 60,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 71,024,000 | 70,875,000 |
Common stock, shares, outstanding (in shares) | 71,024,000 | 70,875,000 |
Treasury stock, common shares (in shares) | 7,338,000 | 7,341,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Nonredeemable Noncontrolling Interests |
Beginning balance at Dec. 31, 2020 | $ 8,541,158 | $ 776 | $ 1,885,142 | $ 7,559,191 | $ (695,145) | $ (215,648) | $ 6,842 |
Beginning balance (in shares) at Dec. 31, 2020 | 77,624 | ||||||
Beginning balance, treasury stock (in shares) at Dec. 31, 2020 | (7,346) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees' equity awards (in shares) | 144 | 3 | |||||
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards | 440 | $ 1 | 338 | $ 101 | |||
Stock-based compensation expense | 25,651 | 25,651 | |||||
Repurchases of common stock (in shares) | (4,816) | ||||||
Repurchases of common stock | (900,334) | $ (48) | (900,286) | ||||
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 (loss), net of tax | 7,137 | 7,137 | |||||
Net earnings (loss) | 1,033,159 | 1,033,159 | |||||
Ending balance (in shares) at Dec. 31, 2021 | 72,952 | ||||||
Ending balance, treasury stock (in shares) at Dec. 31, 2021 | (7,343) | ||||||
Ending balance at Dec. 31, 2021 | 8,428,216 | $ 729 | 1,911,131 | 7,692,064 | (966,952) | $ (215,547) | 6,791 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees' equity awards (in shares) | 107 | 2 | |||||
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards | (3,266) | $ 1 | (3,323) | $ 56 | |||
Stock-based compensation expense | 22,409 | 22,409 | |||||
Repurchases of common stock (in shares) | (2,184) | ||||||
Repurchases of common stock | (307,572) | $ (21) | (307,551) | ||||
Net earnings attributable to noncontrolling interests | 536 | 536 | |||||
Currency translation adjustment on noncontrolling interests | 5 | 5 | |||||
Purchase of nonredeemable noncontrolling interest, net of taxes | (355) | 572 | (927) | ||||
Currency translation adjustment | (155,430) | (155,430) | |||||
Prior pension and post-retirement benefit service cost and actuarial gain (loss), net of tax | 8,124 | 8,124 | |||||
Net earnings (loss) | $ 25,247 | 25,247 | |||||
Ending balance (in shares) at Dec. 31, 2022 | 70,875 | 70,875 | |||||
Ending balance, treasury stock (in shares) at Dec. 31, 2022 | (7,341) | (7,341) | |||||
Ending balance at Dec. 31, 2022 | $ 8,017,914 | $ 709 | 1,930,789 | 7,409,760 | (1,114,258) | $ (215,491) | 6,405 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees' equity awards (in shares) | 149 | 3 | |||||
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards | (4,230) | $ 1 | (4,325) | $ 94 | |||
Stock-based compensation expense | 20,960 | 20,960 | |||||
Net earnings attributable to noncontrolling interests | 145 | 145 | |||||
Currency translation adjustment on noncontrolling interests | (332) | (332) | |||||
Purchase of nonredeemable noncontrolling interest, net of taxes | (100) | 53 | (153) | ||||
Currency translation adjustment | 35,332 | 35,332 | |||||
Prior pension and post-retirement benefit service cost and actuarial gain (loss), net of tax | (1,037) | (1,037) | |||||
Net earnings (loss) | $ (439,516) | (439,516) | |||||
Ending balance (in shares) at Dec. 31, 2023 | 71,024 | 71,024 | |||||
Ending balance, treasury stock (in shares) at Dec. 31, 2023 | (7,338) | (7,338) | |||||
Ending balance at Dec. 31, 2023 | $ 7,629,136 | $ 710 | $ 1,947,477 | $ 6,970,244 | $ (1,079,963) | $ (215,397) | $ 6,065 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net earnings (loss) including noncontrolling interests | $ (439,371) | $ 25,783 | $ 1,033,548 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Restructuring | 82,703 | 47,716 | 10,783 |
Impairment of goodwill and indefinite-lived intangibles | 877,744 | 695,771 | 0 |
Depreciation and amortization | 630,327 | 595,464 | 591,711 |
Deferred income taxes | (109,946) | (51,098) | (4,929) |
(Gain) loss on disposal of property, plant and equipment | (102) | 697 | 5,462 |
Stock-based compensation expense | 20,960 | 22,409 | 25,651 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Receivables, net | 150,554 | (84,381) | (207,047) |
Inventories | 281,284 | (409,601) | (519,229) |
Accounts payable and accrued expenses | (194,012) | (94,137) | 360,791 |
Other assets and prepaid expenses | (14,418) | (49,552) | (66,844) |
Other liabilities | 43,506 | (29,918) | 79,222 |
Net cash provided by operating activities | 1,329,229 | 669,153 | 1,309,119 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (612,929) | (580,742) | (676,120) |
Acquisitions, net of cash acquired | (515,406) | (209,602) | (123,969) |
Purchases of short-term investments | (775,000) | (2,481,000) | (1,211,239) |
Redemption of short-term investments | 933,000 | 2,646,000 | 1,454,574 |
Net cash used in investing activities | (970,335) | (625,344) | (556,754) |
Cash flows from financing activities: | |||
Payments on Senior Credit Facilities | (1,015,186) | (5,000) | 0 |
Proceeds from Senior Credit Facilities | 1,073,377 | 5,000 | 0 |
Payments on commercial paper | (16,402,415) | (19,412,925) | (570,362) |
Proceeds from commercial paper | 15,578,843 | 19,633,142 | 1,185,020 |
Proceeds from Senior Notes issuance | 600,000 | 0 | 0 |
Repayments on Senior Notes | 0 | (600,000) | (932,252) |
Proceeds from Term Loan Facility | 0 | 907,952 | 0 |
Net payments of other financing activities | (39,084) | (23,455) | (11,656) |
Debt issuance costs | (5,592) | (2,543) | 0 |
Purchase of Mohawk common stock | 0 | (307,572) | (900,334) |
Change in outstanding checks in excess of cash | (626) | (251) | (2,641) |
Net cash provided by (used in) financing activities | (210,683) | 194,348 | (1,232,225) |
Effect of exchange rate changes on cash and cash equivalents | (15,284) | 2,571 | (19,870) |
Net change in cash and cash equivalents | 132,927 | 240,728 | (499,730) |
Cash and cash equivalents, beginning of year | 509,623 | 268,895 | 768,625 |
Cash and cash equivalents, end of year | $ 642,550 | $ 509,623 | $ 268,895 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Mohawk Industries, Inc. (“Mohawk” or the “Company”), a term which includes the Company and its subsidiaries, is a leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world. The Company’s vertically integrated manufacturing and distribution processes provide competitive advantages in the production of carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile (“LVT”) and sheet vinyl flooring. The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2023, the Company had cash and cash equivalents of $642,550, of which $89,450 was held outside the United States. As of December 31, 2022, the Company had cash and cash equivalents of $509,623, of which $210,368 was held outside the United States. Short-term Investments The Company invests in high quality credit instruments. At December 31, 2022, short-term investments consisted solely of investments in the Company’s commercial paper by its wholly-owned captive insurance company. Fair Value Accounting principles generally accepted in the U.S. define fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. Accounts Receivable and Revenue Recognition The Company recognizes revenue when it satisfies performance obligations as evidenced by the transfer of control of the promised goods to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. The nature of the promised goods are ceramic, stone, carpet, resilient (includes sheet vinyl and LVT), laminate, wood and other flooring products. Payment is typically received 90 days or less from the invoice date. The Company adjusts the amounts of revenue for expected cash discounts, sales allowances, returns and claims based upon historical experience. The Company adjusts accounts receivable for doubtful account allowances based upon historical bad debt, claims experience, periodic evaluation of specific customer accounts and the aging of accounts receivable. If the financial condition of the Company’s customers were to deteriorate, resulting in a change in their ability to make payments, additional allowances may be required. The Company accounts for incremental costs of obtaining a contract as an expense when incurred in selling, general and administrative expenses if the amortization period is less than one year. The Company accounts for shipping and handling activities performed after control has been transferred as a fulfillment cost in cost of sales. Inventories The Company accounts for all inventories on the first-in, first-out (“FIFO”) method. Inventories are stated at the lower of cost or net realizable value. Cost has been determined using the FIFO method. Costs included in inventory include raw materials, direct and indirect labor, employee benefits, depreciation, general manufacturing overhead and various other costs of manufacturing. Inventories on hand are compared against anticipated future usage, which is a function of historical usage, anticipated future selling price, expected sales below cost, excessive quantities and an evaluation for obsolescence. Property, Plant and Equipment Property, plant and equipment are stated at cost, including capitalized interest. Depreciation is calculated on a straight-line basis over the estimated remaining useful lives, which are 15-40 years for buildings and improvements, 3-25 years for machinery and equipment, 3-7 years for furniture and fixtures and the shorter of the estimated useful life or lease term for leasehold improvements. Accounting for Business Combinations The Company accounts for business combinations under the acquisition method of accounting which requires it to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations. Goodwill and Other Intangible Assets In accordance with the provisions of the FASB ASC Topic 350, Intangibles-Goodwill and Other, the Company tests goodwill and other intangible assets with indefinite lives, which for the Company are tradenames, for impairment on an annual basis on the first day of the fourth quarter (or on an interim basis if an event occurs that might reduce the fair value of the reporting unit below its carrying value). 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 North America (“Flooring NA”) and Flooring Rest of the World (“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, weighted average cost of capital (“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. The quantitative impairment evaluation for tradenames involves a comparison of the estimated fair value of the tradename to its carrying amount. If the carrying value of the tradename exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The determination of fair value used in the impairment evaluation is based on discounted estimates of future sales projections attributable to ownership of the tradenames. Significant judgments inherent in this analysis include assumptions about appropriate sales growth rates, royalty rates, applicable discount rate and the amount of expected future cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with past performance and are also consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change as a result of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the tradenames. Estimated cash flows are sensitive to changes in the economy among other things. Intangible assets with finite lives are amortized based on average lives, which range from 5-20 years. Leases The Company measures right of use (“ROU”) assets and lease liabilities based on the present value of the future minimum lease payments over the lease term at the commencement date. Minimum lease payments include the fixed lease and non-lease components of the agreement, as well as any variable rent payments that depend on an index, initially measured using the index at the lease commencement date. The ROU assets are adjusted for any initial direct costs incurred less any lease incentives received, in addition to payments made on or before the commencement date of the lease. The Company recognizes lease expense for leases on a straight-line basis over the lease term. Variable rent expenses consist primarily of maintenance, property taxes and charges based on usage. As the implicit rate is not readily determinable for most of the Company’s lease agreements, the Company uses an estimated incremental borrowing rate to determine the initial present value of lease payments. These discount rates for leases are calculated using the Company’s credit spread adjusted for current market factors and foreign currency rates. The Company determines if a contract is or contains a lease at inception. The Company has operating and finance leases for service centers, warehouses, showrooms, and machinery and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet and expensed as incurred. The Company enters into lease contracts ranging from 1 to 60 years with a majority of the Company’s lease terms ranging from 1 to 10 years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from 3 to 10 years or more. The exercise of these lease renewal options is at the Company’s sole discretion. An insignificant number of the Company’s leases include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. Financial Instruments The Company’s financial instruments consist primarily of short-term investments, receivables, accounts payable, accrued expenses, short-term debt and long-term debt. The carrying amounts of receivables, accounts payable and accrued expenses approximate their fair value because of the short-term maturity of such instruments. The Company has a wholly-owned captive insurance company that may periodically invest in the Company’s commercial paper. These short-term commercial paper investments are classified as trading securities and carried at fair value based upon level two fair value hierarchy. The carrying amount of the Company’s variable-rate debt approximates its fair value based upon level two fair value hierarchy. Interest rates that are currently available to the Company for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of the Company’s long-term debt. Advertising Costs and Vendor Consideration Advertising and promotion expenses are charged to earnings during the period in which they are incurred. Advertising and promotion expenses included in selling, general, and administrative expenses were $135,175 in 2023, $126,898 in 2022 and $139,538 in 2021. Vendor consideration, generally cash, is classified as a reduction of net sales, unless specific criteria are met regarding goods or services that the Company may receive in return for this consideration. The Company makes various payments to customers, including rebates, slotting fees, advertising allowances, buy-downs and co-op advertising. All of these payments reduce gross sales with the exception of co-op advertising. Co-op advertising expenses, classified as a selling, general and administrative expense, were $11,592 in 2023, $15,231 in 2022 and $22,092 in 2021. Product Warranties The Company warrants certain qualitative attributes of its flooring products. The Company has recorded a provision for estimated warranty and related costs based on historical experience and periodically adjusts these provisions to reflect actual experience. Impairment of Long-Lived Assets The Company reviews its long-lived asset groups, which include intangible assets such as patents and customer relationships subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of such asset groups may not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated by these asset groups. If such asset groups are considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. Assets held for sale are reported at the lower of the carrying amount or fair value less estimated costs of disposal and are no longer depreciated. Foreign Currency Translation The Company’s subsidiaries that operate outside the United States generally use their local currency as the functional currency. The functional currency is translated into U.S. dollars for balance sheet accounts using the month end rates in effect as of the balance sheet date and average exchange rate for revenue and expense accounts for each respective period. The translation adjustments are deferred as a separate component of stockholders’ equity, within accumulated other comprehensive income (loss). Gains or losses resulting from transactions denominated in foreign currencies are included in other income or expense, within the consolidated statements of operations. Earnings (Loss) per Share (“EPS”) Basic earnings (loss) per share is calculated using net earnings (loss) available to common stockholders divided by the weighted-average number of shares of common stock outstanding during the year. Diluted EPS is similar to basic EPS except that the weighted-average number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Dilutive unvested restricted shares (units) are included in the diluted EPS calculation using the treasury stock method. Computations of basic and diluted earnings (loss) per share are presented for the years ended December 31, 2023, 2022 and 2021, respectively, in the following table: 2023 2022 2021 Net earnings (loss) available to common stockholders $ (439,516) 25,247 1,033,159 Weighted-average common shares outstanding—basic and diluted: Weighted-average common shares outstanding—basic 63,657 63,826 68,852 Add weighted-average dilutive potential common shares—RSUs, net (1) — 236 293 Weighted-average common shares outstanding—diluted 63,657 64,062 69,145 Earnings (loss) per share attributable to Mohawk Industries, Inc. Basic $ (6.90) 0.40 15.01 Diluted $ (6.90) 0.39 14.94 (1) Due to the anti-dilutive effect, 235 shares of common stock equivalents for the year ended December 31, 2023 were omitted from the calculation of diluted weighted-average common shares outstanding. There were no common stock options and unvested restricted shares (units) that were excluded from the diluted EPS computation because the price was greater than the average market price of the common shares for the periods presented for 2022 and 2021. Stock-Based Compensation The Company recognizes compensation expense for all share-based payments granted based on the grant-date fair value estimated in accordance with ASC 718-10, Stock Compensation . Compensation expense is generally recognized on a straight-line basis over the awards’ estimated lives for fixed awards with ratable vesting provisions. Employee Benefit Plans The Company has 401(k) retirement savings plans (the “Mohawk Plan”) open to substantially all U.S. and Puerto Rico based employees who have completed 60 days of eligible service. The Company contributes $.50 for every $1.00 of employee contributions up to a maximum of 6% of the employee’s salary based upon each individual participants election. Employee and employer contributions to the Mohawk Plan were $61,486 and $23,892 in 2023, $63,648 and $24,483 in 2022 and $61,082 and $23,884 in 2021, respectively. The Company also has various pension plans covering employees in Belgium, France, and the Netherlands (the “Non-U.S. Plans”) within Flooring ROW. Benefits under the Non-U.S. Plans depend on compensation and years of service. The Non-U.S. Plans are funded in accordance with local regulations. The Company uses December 31 as the measurement date for its Non-U.S. Plans. The Company’s projected benefit obligation and plan assets as of December 31, 2023 were $79,967 and $73,718, respectively. The Company’s projected benefit obligation and plan assets as of December 31, 2022 were $55,236 and $50,702, respectively. As of December 31, 2023, the funded status of the Non-U.S. Plans was a liability of $6,249 of which $201 was recorded in accumulated other comprehensive income (loss), for a net liability of $6,048 recorded in other long-term liabilities within the consolidated balance sheets. As of December 31, 2022, the funded status of the Non-U.S. Plans was a liability of $4,534 of which $82 was recorded in accumulated other comprehensive income (loss), for a net liability of $4,452 recorded in other long-term liabilities within the consolidated balance sheets. Comprehensive Income (Loss) Comprehensive income (loss) includes foreign currency translation of assets and liabilities of foreign subsidiaries, effects of exchange rate changes on intercompany balances of a long-term nature and pension and post-retirement benefit service cost. The Company does not provide income taxes on currency translation adjustments, as earnings from foreign subsidiaries are considered to be indefinitely reinvested. The Company presents currency translation adjustments on noncontrolling interests separately from currency translation adjustments on controlling interests in accumulated other comprehensive income (loss) within stockholders’ equity. The changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended December 31, 2023, 2022 and 2021 are as follows: Foreign Currency Prior Pension and Total Balance as of December 31, 2020 $ (680,255) (14,890) (695,145) Current period other comprehensive income (loss) (278,944) 7,137 (271,807) Balance as of December 31, 2021 (959,199) (7,753) (966,952) Current period other comprehensive income (loss) (155,430) 8,124 (147,306) Balance as of December 31, 2022 (1,114,629) 371 (1,114,258) Current period other comprehensive income (loss) 35,332 (1,037) 34,295 Balance as of December 31, 2023 $ (1,079,297) (666) (1,079,963) Self-Insurance Reserves The Company is self-insured in the U.S. for various levels of general liability, automobile liability, workers’ compensation and employee medical coverage. Insurance reserves are primarily calculated on an undiscounted basis based on actual claim data and estimates of incurred but not reported claims developed utilizing historical claim trends. Projected settlements and incurred but not reported claims are estimated based on pending claims and historical trends and data. Though the Company does not expect them to do so, actual settlements and claims could differ materially from those estimated. Material differences in actual settlements and claims could have an adverse effect on the Company’s results of operations and financial condition. The Company has a wholly-owned captive insurance company, Mohawk Assurance Services, Inc. (“MAS”). MAS insures the retained portion of the Company’s U.S. general liability, automobile liability, workers’ compensation exposures, pandemic, terrorism and medical coverage to MAS. Fiscal Year The Company ends its fiscal year on December 31. Each of the first three quarters in the fiscal year ends on the Saturday nearest the calendar quarter end with a thirteen week fiscal quarter. Recent Accounting Pronouncements — Recently Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes which simplified the accounting for income taxes in several areas by removing certain exceptions and by clarifying and amending existing guidance applicable to accounting for income taxes. The Company adopted the new standard on January 1, 2021. The effect of adopting the new standard was not material. Recent Accounting Pronouncements — Effective in Future Years In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which expands segment disclosures for public entities, including requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss in assessing segment performance and allocating resources. The new guidance also expands disclosures about a reportable segment’s profit or loss and assets in interim periods and clarifies that a public entity may report additional measures of segment profit if the CODM uses more than one measure of a segment’s profit or loss. The new guidance does not remove existing segment disclosure requirements or change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments. The guidance effective for fiscal years beginning after December 15, 2023, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact this new guidance will have on its disclosures upon adoption. On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. For public business entities, this standard will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Currently, the Company is assessing the impact of the new guidance. The Company does not expect the adoption of the guidance to have a significant impact on its financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions 2023 Acquisitions During the first quarter of 2023, the Company completed the acquisitions of two ceramic tile businesses in Brazil and Mexico within Global Ceramic for $515,509. The Company’s acquisitions resulted in a goodwill allocation of $87,520. None of the goodwill will be deductible for tax purposes. The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the acquisitions. These benefits include opportunities to improve the Company’s ceramic performance by leveraging best practices, operational expertise, product innovation and manufacturing assets across the segment. The following table presents the allocation of the purchase price by major class of assets acquired and liabilities assumed as of the acquisition date. Amounts Recognized as of the Acquisition Date Working capital $ 95,336 Property, plant and equipment 333,495 Tradenames 38,539 Customer relationships 4,040 Goodwill 87,520 Long-term debt, including current portion (26,072) Deferred tax, net (10,088) Consideration transferred 522,770 Less: cash acquired (7,261) Net consideration transferred (net of cash acquired) $ 515,509 The supplemental pro forma information is immaterial to the Company's financial statements. 2022 Acquisitions During 2022, the Company completed two acquisitions in Flooring North America (“Flooring NA”) for $164,475. The Company’s acquisitions resulted in a goodwill allocation of $55,954 and intangible assets subject to amortization of $19,900. Substantially all of the goodwill is deductible for tax purposes. During the third and fourth quarters of 2022, the Company also completed three acquisitions in Flooring Rest of the World (“Flooring ROW”) for $47,964, which resulted in a goodwill allocation of $14,759 and intangible assets subject to amortization of $3,376. An immaterial amount of goodwill is deductible for tax purposes. 2021 Acquisitions During 2021, the Company completed acquisitions in Flooring ROW totaling $121,027, including the acquisition of an insulation manufacturer, on September 7, 2021 for $66,334 and the acquisition of a MDF production plant on November 2, 2021 for $44,357. The Company’s acquisitions resulted in a goodwill allocation of $52,536 and intangible assets subject to amortization of $19,910. The goodwill was not deductible for tax purposes. The remaining acquisitions resulted in goodwill of $1,672 and intangible assets subject to amortization of $5,596 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Contract Liabilities The Company records contract liabilities when it receives payment prior to fulfilling a performance obligation. Contract liabilities related to revenues are recorded in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The Company had contract liabilities of $67,956 and $72,572 as of December 31, 2023 and December 31, 2022, respectively. Performance Obligations Substantially all of the Company’s revenue is recognized at a point in time when the product is either shipped or received from the Company’s facilities and control of the product is transferred to the customer. Accordingly, in any period, the Company does not recognize a significant amount of revenue from performance obligations satisfied or partially satisfied in prior periods and the amount of such revenue recognized during the years ended December 31, 2023, 2022, and 2021 was immaterial. Costs to Obtain a Contract The Company incurs certain incremental costs to obtain revenue contracts. These costs relate to marketing display structures and are capitalized when the amortization period is greater than one year, with the amount recorded in other assets on the accompanying consolidated balance sheets. Capitalized costs to obtain contracts were $66,669 and $59,015 as of December 31, 2023 and December 31, 2022, respectively. Straight-line amortization expense recognized during 2023, 2022 and 2021 related to these capitalized costs were $61,327, $55,520 and $61,681, respectively. Revenue Disaggregation The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories during the years ended December 31, 2023, 2022 and 2021, respectively: December 31, 2023 Global Ceramic Flooring NA Flooring ROW Total Geographical Markets: United States $ 2,320,019 3,713,311 6,728 6,040,058 Europe (2) 1,071,649 4,375 2,304,956 3,380,980 Latin America 730,326 3,776 33,671 767,773 Other 178,113 107,924 660,267 946,304 Total $ 4,300,107 3,829,386 3,005,622 11,135,115 Product Categories: Ceramic & Stone $ 4,258,873 34,211 — 4,293,084 Carpet & Resilient 41,234 3,021,060 893,066 3,955,360 Laminate & Wood — 774,115 958,499 1,732,614 Other (1) — — 1,154,057 1,154,057 Total $ 4,300,107 3,829,386 3,005,622 11,135,115 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 (2) 1,249,953 6,345 2,445,350 3,701,648 Latin America 476,612 4,623 31,014 512,249 Other 177,824 123,121 732,144 1,033,089 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, 2021 Global Ceramic Flooring NA Flooring ROW Total Geographical Markets: United States $ 2,193,234 3,978,146 10,248 6,181,628 Europe (2) 1,148,868 2,825 2,416,209 3,567,902 Latin America 421,696 3,663 9,153 434,512 Other 153,521 131,771 731,279 1,016,571 Total $ 3,917,319 4,116,405 3,166,889 11,200,613 Product Categories: Ceramic & Stone $ 3,903,597 35,057 — 3,938,654 Carpet & Resilient 13,722 3,287,533 992,787 4,294,042 Laminate & Wood — 793,815 1,058,951 1,852,766 Other (1) — — 1,115,151 1,115,151 Total $ 3,917,319 4,116,405 3,166,889 11,200,613 (1) Other includes roofing elements, insulation boards, chipboards and IP contracts. (2) Russia revenue included in Europe. |
Restructuring, Acquisition and
Restructuring, Acquisition and Integration-Related Costs | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Acquisition and Integration-Related Costs | Restructuring, Acquisition and Integration-Related Costs The Company incurs costs in connection with acquiring, integrating and restructuring acquisitions and in connection with its global cost-reduction/productivity initiatives. For example: • In connection with acquisition activity, the Company typically incurs costs associated with executing the transactions, integrating the acquired operations (which may include expenditures for consulting and the integration of systems and processes), and restructuring the combined company (which may include charges related to employees, assets and activities that will not continue in the combined company); and • In connection with the Company’s cost-reduction/productivity initiatives, it typically incurs costs and charges associated with site closings and other facility rationalization actions, including accelerated depreciation ("asset write-downs") and workforce reductions. Restructuring, acquisition and integration-related costs consisted of the following during the year ended December 31, 2023, 2022 and 2021, respectively (in thousands): 2023 2022 2021 Cost of sales: Restructuring costs $ 103,422 67,621 17,899 Acquisition integration-related costs 974 396 497 Restructuring and acquisition integration-related costs $ 104,396 68,017 18,396 Selling, general and administrative expenses: Restructuring costs $ 12,385 9,094 1,301 Acquisition transaction-related costs 2,117 1,654 2,372 Acquisition integration-related costs 12,712 2,992 1,568 Restructuring, acquisition transaction and integration-related costs $ 27,214 13,740 5,241 The restructuring activity for the years ended December 31, 2023 and 2022, respectively is as follows (in thousands): Lease Asset Write- Severance Other Total 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 Restructuring costs: Global Ceramic 480 16,106 7,826 717 25,129 Flooring NA — 28,180 768 22,073 51,021 Flooring ROW — 31,453 4,272 3,770 39,495 Corporate — — 162 — 162 Total restructuring costs for 2023 480 75,739 13,028 26,560 115,807 Cash payments — — (10,155) (18,641) (28,796) Non-cash items (480) (75,739) (816) (7,919) (84,954) Balance as of December 31, 2023 $ — — 12,094 — 12,094 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 2023 restructuring costs recorded in: Cost of sales $ — 75,593 5,778 22,051 103,422 Selling, general and administrative expenses 480 146 7,250 4,509 12,385 Total restructuring costs for 2023 $ 480 75,739 13,028 26,560 115,807 The Company generally expects the remaining severance and other restructuring costs to be paid over the next year. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The Company’s wholly-owned captive insurance company may invest in the Company’s commercial paper. These short-term commercial paper investments are classified as trading securities and carried at fair value based upon the Level 2 fair value hierarchy. Items Measured at Fair Value The following table presents the items measured at fair value as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Short-term investments: Commercial paper (Level 2) $ — 158,000 The fair values and carrying values of the Company’s debt are disclosed in Note 10, Long-Term Debt |
Receivables, net
Receivables, net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Receivables, net | Receivables, net December 31, 2023 December 31, 2022 Customers, trade $ 1,716,309 1,699,130 Income tax receivable 48,399 60,080 Other 176,808 219,355 1,941,516 1,978,565 Less: allowance for discounts, claims and doubtful accounts 66,860 73,779 Receivables, net $ 1,874,656 1,904,786 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories are as follows: December 31, 2023 December 31, 2022 Finished goods $ 1,796,951 1,986,005 Work in process 164,197 160,757 Raw materials 590,705 647,003 Total inventories $ 2,551,853 2,793,765 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company performs its annual testing of goodwill and indefinite-lived intangibles on the first day of the fourth quarter of each year. Between annual testing dates, the Company monitors factors such as its market capitalization, comparable company market multiples and macroeconomic conditions to identify conditions that could impact the Company’s assumptions utilized in the determination of the estimated fair values of the Company’s reporting units and indefinite-lived intangible assets significantly enough to trigger an impairment. The 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. The Company has identified Global Ceramic, Flooring NA and Flooring ROW as its reporting units for the purposes of allocating goodwill and intangibles at the asset level, as well as assessing impairments. 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, weighted average cost of capital (“WACC”) and comparable company market multiples. As a result of a decrease in the Company’s market capitalization, macroeconomic conditions and an increase in the WACC, the Company determined that a triggering event occurred requiring goodwill impairment testing for each of its reporting units as of September 30, 2023 and October 1, 2022. The impairment tests indicated pre-tax, non-cash goodwill impairment charges related to all 3 reporting units of $870,750 ($859,725 net of tax) and in the Global Ceramic reporting unit of $688,514 ($679,664 net of tax) which the Company recorded during 2023 and 2022, respectively. The Company compared the estimated fair values of its indefinite-lived intangibles to their carrying values and determined that there were impairment The Company’s annual testing date for goodwill and tradenames is the first day of its fourth quarter and due to the fact that there were no significant changes in facts or circumstances in the one calendar day, the Company determined there was no additional impairment of goodwill or tradenames. The Company conducted a qualitative analysis as of December 31, 2023 and determined there was no indication of an impairment. A significant or prolonged deterioration in economic conditions, continued increases in the costs of raw materials and energy combined with an inability to pass these costs on to customers, a further decline in the Company’s market capitalization or comparable company market multiples, projected future cash flows, or increases in the WACC, could impact the Company’s assumptions and require a reassessment of goodwill or indefinite-lived intangible assets for impairment in future periods. Future declines in estimated after tax cash flows, increases in the WACC or a decline in market capitalization could result in an additional indication of impairment in one or more of the Company’s reporting units. The following tables summarize the components of goodwill and intangible assets: Goodwill: Global Ceramic Flooring NA Flooring ROW Total 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 — 60,841 11,542 72,383 Impairment charges (688,514) — — (688,514) Currency translation (2,989) — (58,308) (61,297) Balances as of December 31, 2022 339,834 591,985 995,940 1,927,759 Goodwill adjustments related to acquisitions — (4,888) 3,217 (1,671) Goodwill recognized 87,520 — — 87,520 Impairment charges (424,286) (214,830) (231,634) (870,750) Currency translation (3,068) — 19,934 16,866 Balances as of December 31, 2023 $ — 372,267 787,457 1,159,724 (1) Net of accumulated impairment losses of $1,327,425 ($531,930 in Global Ceramic, $343,054 in Flooring NA and $452,441 in Flooring ROW). Intangible assets: Tradenames Indefinite life assets not subject to amortization: Balance as of December 31, 2021 $ 694,905 Intangible assets acquired 335 Intangible assets impaired (7,257) Currency translation (19,655) Balance as of December 31, 2022 668,328 Intangible assets acquired 38,539 Intangible assets impaired (6,994) Currency translation 5,873 Balance as of December 31, 2023 $ 705,746 Customer Relationships Patents Other Total Intangible assets subject to amortization: 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 Balances as of December 31, 2023 Gross carrying amount 691,498 249,680 8,754 949,932 Accumulated amortization (531,003) (247,150) (2,142) (780,295) Net intangible assets subject to amortization $ 160,495 2,530 6,612 169,637 Years Ended December 31, 2023 2022 2021 Amortization expense $ 28,339 28,086 29,280 Estimated amortization expense for the years ending December 31 are as follows: Amount 2024 $ 28,366 2025 28,154 2026 27,933 2027 20,742 2028 12,948 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Following is a summary of property, plant and equipment: December 31, 2023 December 31, 2022 Land $ 519,224 466,820 Buildings and improvements 2,105,114 1,851,390 Machinery and equipment 6,788,032 6,310,442 Furniture and fixtures 166,778 162,864 Leasehold improvements 110,134 107,079 Construction in progress 703,015 749,184 10,392,297 9,647,779 Less: accumulated depreciation 5,399,131 4,986,601 Net property, plant and equipment $ 4,993,166 4,661,178 Additions to property, plant and equipment included capitalized interest of $23,544, $16,895 and $9,082 in 2023, 2022 and 2021, respectively. Depreciation expense was $598,874, $564,255 and $558,818 for 2023, 2022 and 2021, respectively. Included in property, plant and equipment are finance leases with a cost of $117,350 and $82,653 and accumulated depreciation of $45,967 and $30,218 as of December 31, 2023 and 2022, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Senior Credit Facility On August 12, 2022, the Company entered into a fourth amendment (the “Amendment”) to its existing senior revolving credit facility (the “Senior Credit Facility”). The Amendment, among other things, (i) extended the maturity of the Senior Credit Facility from October 18, 2024 to August 12, 2027, (ii) renewed the Company’s option to extend the maturity of the Senior Credit Facility up to two times for an additional one-year period each, (iii) increased the Consolidated Interest Coverage Ratio financial maintenance covenant from 3.00:1.00 to 3.50:1.00, (iv) eliminated certain covenants applicable to the Company and its subsidiaries, including, but not limited to, restrictions on dispositions, restricted payments, and transactions with affiliates, and the Consolidated Net Leverage Ratio financial covenant, and (v) increased the amount available under the Senior Credit Facility to $1,950,000 until October 18, 2024, after which the amount available under the Senior Credit Facility will decrease to $1,485,000. The Amendment also permits the Company to increase the commitments under the Senior Credit Facility by an aggregate amount not to exceed $600,000. At the Company’s election, U.S.-dollar denominated revolving loans under the Senior Credit Facility bear interest at annual rates equal to either (a) SOFR (plus a 0.10% SOFR adjustment) for 1, 3 or 6 month periods, as selected by the Company, plus an applicable margin ranging between 1.00% and 1.75% (1.13% as of December 31, 2023), or (b) the Base Rate (defined as the higher of the Wells Fargo Bank, National Association prime rate, the Federal Funds Effective Rate plus 0.5%, or SOFR (plus a 0.10% SOFR adjustment) for a 1 month period rate plus 1.0%), plus an applicable margin ranging between 0.00% and 0.75% (0.13% as of December 31, 2023). At the Company’s election, revolving loans under the Senior Credit Facility denominated in Canadian dollars, Australian dollars, Hong Kong dollars or euros bear interest at annual rates equal to either (a) the applicable benchmark for such currency plus an applicable margin ranging between 1.00% and 1.75% (1.13% as of December 31, 2023), or (b) the Base Rate plus an applicable margin ranging between 0.00% and 0.75% (0.13% as of December 31, 2023). The Company also pays a commitment fee to the lenders under the Senior Credit Facility on the average amount by which the aggregate commitments of the lenders exceed utilization of the Senior Credit Facility ranging from 0.09% to 0.20% per annum (0.11% as of December 31, 2023). The applicable margins and the commitment fee are determined based on whichever of the Company’s Consolidated Net Leverage Ratio or its senior unsecured debt rating (or if not available, corporate family rating) results in the lower applicable margins and commitment fee (with applicable margins and the commitment fee increasing as that ratio increases or those ratings decline, as applicable). On October 28, 2021, the Company amended the Senior Credit Facility to replace LIBOR for euros with the EURIBOR benchmark rate. The obligations of the Company and its subsidiaries in respect of the Senior Credit Facility are unsecured. The Senior Credit Facility includes certain affirmative and negative covenants that impose restrictions on the Company’s financial and business operations, including limitations on liens, subsidiary indebtedness, fundamental changes, future negative pledges, and changes in the nature of the Company’s business. The limitations contain customary exceptions or, in certain cases, do not apply as long as the Company is in compliance with the financial ratio requirement and is not otherwise in default. As described above, the Consolidated Net Leverage Ratio financial covenant was eliminated on August 12, 2022. The Senior Credit Facility also contains customary representations and warranties and events of default, subject to customary grace periods. In 2022, the Company paid financing costs of $1,879 in connection with the Amendment of its Senior Credit Facility. These costs were deferred and, along with previously unamortized costs of $2,663, are being amortized over the term of the Senior Credit Facility. As of December 31, 2023, amounts utilized under the Senior Credit Facility included $67,117 borrowings and $746 of standby letters of credit related to various insurance contracts and foreign vendor commitments. Any outstanding borrowings under the Company’s U.S. and European commercial paper programs reduce the availability of the Senior Credit Facility. The Company has utilized $67,863 under the Senior Credit Facility, resulting in a total of $1,882,137 available as of December 31, 2023. Commercial Paper On February 28, 2014 and July 31, 2015, the Company established programs for the issuance of unsecured commercial paper in the United States and Eurozone capital markets, respectively. Commercial paper issued under the U.S. and European programs will have maturities ranging up to 397 and 183 days, respectively. None of the commercial paper notes may be voluntarily prepaid or redeemed by the Company and rank pari passu with the Company’s other unsecured and unsubordinated indebtedness. To the extent that the Company issues European commercial paper notes through a subsidiary of the Company, the notes will be fully and unconditionally guaranteed by the Company. The Company uses its Senior Credit Facility as a liquidity backstop for its commercial paper programs. Accordingly, the total amount outstanding under the Company’s commercial paper programs may not exceed $1,950,000 (less any amounts drawn on the Senior Credit Facility) at any time. The proceeds from the issuance of commercial paper notes will be available for general corporate purposes. As of December 31, 2023, there was zero outstanding under the U.S. commercial paper program and the European program. Senior Notes On September 18, 2023, the Company completed the issuance and sale of $600,000 aggregate principal amount of 5.850% Senior Notes (“5.850% Senior Notes”) due September 18, 2028. The 5.850% Senior Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s other existing and future senior unsecured indebtedness. Interest on the 5.850% Senior Notes is payable semi-annually in cash on March 18 and September 18 of each year, commencing on March 18, 2024. The Company paid financing costs of $5,592 in connection with the 5.850% Senior Notes. These costs were deferred and are being amortized over the term of the 5.850% Senior Notes. On June 12, 2020, Mohawk Capital Finance S.A. (“Mohawk Finance”), an indirect wholly-owned finance subsidiary of the Company, completed the issuance and sale of €500,000 aggregate principal amount of 1.750% Senior Notes (“1.750% Senior Notes”) due June 12, 2027. The 1.750% Senior Notes are senior unsecured obligations of Mohawk Finance and rank pari passu with Mohawk Finance’s other existing and future senior unsecured indebtedness. The 1.750% Senior Notes are fully, unconditionally and irrevocably guaranteed by the Company on a senior unsecured basis. Interest on the 1.750% Senior Notes is payable annually in cash on June 12 of each year, commencing on June 12, 2021. The Company paid financing costs of $4,400 in connection with the 1.750% Senior Notes. These costs were deferred and are being amortized over the term of the 1.750% Senior Notes. On May 14, 2020, the Company completed the issuance and sale of $500,000 aggregate principal amount of 3.625% Senior Notes (“3.625% Senior Notes”) due May 15, 2030. The 3.625% Senior Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s existing and future unsecured indebtedness. Interest on the 3.625% Senior Notes is payable semi-annually in cash on May 15 and November 15 of each year, commencing on November 15, 2020. The Company paid financing costs of $5,476 in connection with the 3.625% Senior Notes. These costs were deferred and are being amortized over the term of the 3.625% Senior Notes. On January 31, 2013, the Company issued $600,000 aggregate principal amount of 3.85% Senior Notes (“3.85% Senior Notes”) due February 1, 2023. The 3.85% Senior Notes were senior unsecured obligations of the Company and ranked pari passu with the Company’s existing and future unsecured indebtedness. Interest on the 3.85% Senior Notes was payable semi-annually in cash on February 1 and August 1 of each year. The Company paid financing costs of $6,000 in connection with the 3.85% Senior Notes. These costs were deferred and were amortized over the term of the 3.85% Senior Notes. On November 1, 2022, the Company redeemed at par all of the 3.85% Senior Notes. As defined in the related agreements, the Company’s senior notes contain covenants, representations and warranties and events of default, subject to exceptions, and restrictions on the Company’s financial and business operations, including limitations on liens, restrictions on entering into sale and leaseback transactions, fundamental changes, and a provision allowing the holder of the notes to require repayment upon a change of control triggering event. Term Loan On August 12, 2022, the Company and its indirect wholly-owned subsidiary, Mohawk International Holdings S.à r.l. (“Mohawk International”), entered into an agreement that provides for a delayed draw term loan facility (the “Term Loan Facility”), consisting of borrowings of up to $575,000 and €220,000. On October 3, 2022, an additional $100,000 of borrowing capacity was added to the Term Loan Facility. The Term Loan Facility could be drawn upon in up to two advances on any business day on or before December 31, 2022, with the proceeds being used for funding working capital and general corporate purposes. On October 31, 2022 and December 6, 2022, the Company made draws of $675,000 and €220,000, respectively. The Company must pay the outstanding principal amount of the Term Loan Facility, plus accrued and unpaid interest, not later than the maturity date of August 12, 2024. The Company may prepay all or a portion of the Term Loan Facility, plus accrued and unpaid interest, from time to time, without premium or penalty. At the Company’s election, U.S. dollar-denominated loans under the Term Loan Facility bear interest at an annual rate equal to either (a) SOFR (plus a 0.10% SOFR adjustment) for 1, 3 or 6 month periods, as selected by the Company, plus an applicable margin ranging between 0.825% and 1.50% (0.900% as of December 31, 2023), determined based upon the Company’s consolidated net leverage ratio, or (b) the base rate (defined as the higher of the Wells Fargo Bank, National Association prime rate, the Federal Funds Effective Rate plus 0.5%, and SOFR (plus a 0.10% SOFR adjustment) for a 1 month period plus 1.0%) plus an applicable margin ranging between 0.00% and 0.50% (0.00% as of December 31, 2023), determined based upon the Company’s consolidated net leverage ratio. Euro-denominated loans under the Term Loan Facility bear interest at an annual rate equal to EURIBOR for 1, 3 or 6 month periods, as selected by the Company, plus an applicable margin ranging between 0.825% and 1.50% (0.900% as of December 31, 2023), determined based upon the Company’s consolidated net leverage ratio. In 2022, the Company paid financing costs of $664 in connection with the Term Loan Facility. These costs were deferred and are being amortized over the term of the Term Loan Facility. The obligations of the Company and its subsidiaries in respect of the Term Loan Facility are unsecured. The Term Loan Facility includes certain affirmative and negative covenants that impose restrictions on the Company’s financial and business operations, including limitations on liens, indebtedness, fundamental changes, and changes in the nature of the Company’s business. Many of these limitations are subject to numerous exceptions. The Company is also required to maintain a Consolidated Interest Coverage Ratio of at least 3.5 to 1.0 as of the last day of any fiscal quarter. The Term Loan Facility also contains customary representations and warranties. The Term Loan Facility contains events of default customary for this type of financing, including a cross default and cross acceleration provision to certain other material indebtedness of the Company. Upon the occurrence of an event of default, the outstanding obligations under the Term Loan Facility may be accelerated and become due and payable immediately. In addition, if certain change of control events occur with respect to the Company, the Company is required to repay the loans outstanding under the Term Loan Facility. On January 31, 2024, the Company prepaid the entirety of the USD portion of the Term Loan Facility, in the amount of $675,000. On February 16, 2024, the Company prepaid the entirety of the EUR portion of the Term Loan Facility, in the amount of €220,000. The fair values and carrying values of the Company’s debt instruments are detailed as follows: December 31, 2023 December 31, 2022 Fair Value Carrying Fair Value Carrying 1.750% Senior Notes, payable June 12, 2027; interest payable annually $ 521,899 551,876 482,139 535,103 3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually 463,965 500,000 431,605 500,000 5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually 622,890 600,000 — — U.S. commercial paper — — 785,998 785,998 European commercial paper — — 42,808 42,808 Senior credit facility, payable August 12, 2027 67,117 67,117 — — U.S. Term Loan Facility 675,000 675,000 675,000 675,000 European Term Loan Facility 242,826 242,826 235,445 235,445 Finance leases and other 77,699 77,699 52,050 52,050 Unamortized debt issuance costs (11,018) (11,018) (7,270) (7,270) Total debt 2,660,378 2,703,500 2,697,775 2,819,134 Less: current portion of long term-debt and commercial paper 1,001,715 1,001,715 840,571 840,571 Long-term debt, less current portion $ 1,658,663 1,701,785 1,857,204 1,978,563 The fair values of the Company’s debt instruments were estimated using market observable inputs, including quoted prices in active markets, market indices and interest rate measurements. Within the hierarchy of fair value measurements, these are Level 2 fair values. The aggregate maturities of total debt as of December 31, 2023 are as follows: Amount (1) 2024 $ 1,001,926 2025 16,151 2026 13,958 2027 562,689 2028 607,575 Thereafter 512,219 Total maturities $ 2,714,518 (1) |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses are as follows: December 31, 2023 December 31, 2022 Outstanding checks in excess of cash $ 2,223 2,791 Accounts payable, trade 1,038,024 1,094,038 Accrued expenses 667,761 742,099 Product warranties 37,574 38,425 Accrued interest 20,052 8,748 Accrued compensation and benefits 269,705 238,347 Total accounts payable and accrued expenses $ 2,035,339 2,124,448 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company has operating and finance leases for service centers, warehouses, showrooms, and machinery and equipment. Certain of the Company’s leases include rental payments that will adjust periodically for inflation or certain adjustments based on step increases. An insignificant number of the Company’s leases contain residual value guarantees and none of the Company’s agreements contain material restrictive covenants. The Company rents or subleases certain real estate to third parties. The Company’s sublease portfolio consists mainly of operating leases. The components of lease costs for the twelve months ended December 31, 2023, 2022 and 2021, respectively, are as follows: December 31, 2023 Cost of Goods Selling, General Total Operating lease costs: Fixed $ 29,968 109,704 139,672 Short-term 15,445 20,162 35,607 Variable 9,717 35,739 45,456 Sub-leases (697) (1,480) (2,177) Total operating lease costs $ 54,433 164,125 218,558 Depreciation and Interest Total Finance lease costs: Amortization of leased assets $ 15,367 — 15,367 Interest on lease liabilities — 1,962 1,962 Total finance lease costs $ 15,367 1,962 17,329 Total lease costs $ 235,887 December 31, 2022 Cost of Goods Selling, General 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) Total operating lease costs $ 45,324 164,203 209,527 Depreciation and Interest Total Finance lease costs: Amortization of leased assets $ 11,108 — 11,108 Interest on lease liabilities — 816 816 Total finance lease costs $ 11,108 816 11,924 Total lease costs $ 221,451 December 31, 2021 Cost of Goods Selling, General 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) Total operating lease costs $ 40,965 152,099 193,064 Depreciation and Interest Total Finance lease costs: Amortization of leased assets $ 9,193 — 9,193 Interest on lease liabilities — 772 772 Total finance lease costs $ 9,193 772 9,965 Total lease costs $ 203,029 Supplemental balance sheet information related to leases is as follows: Classification December 31, 2023 December 31, 2022 Assets Operating Leases: ROU operating lease assets ROU operating lease assets $ 428,532 387,816 Finance Leases: Property, plant and equipment, gross Property, plant and equipment 117,350 82,653 Accumulated depreciation Accumulated depreciation (45,967) (30,218) Property, plant and equipment, net Property, plant and equipment, net 71,383 52,435 Total lease assets $ 499,915 440,251 Liabilities Operating Leases: Other current Current operating lease liabilities $ 108,860 105,266 Non-current Non-current operating lease liabilities 337,506 296,136 Total operating liabilities 446,366 401,402 Finance Leases: Short-term debt Short-term debt and current portion of long-term debt 16,132 11,765 Long-term debt Long-term debt, less current portion 55,060 40,285 Total finance liabilities 71,192 52,050 Total lease liabilities $ 517,558 453,452 Maturities of lease liabilities as of December 31, 2023 are as follows: Year Ending December 31, Finance Leases Operating Leases Total 2024 $ 18,226 134,031 152,257 2025 16,936 117,783 134,719 2026 14,306 96,534 110,840 2027 10,768 67,254 78,022 2028 7,244 43,615 50,859 Thereafter 10,092 38,469 48,561 Total lease payments 77,572 497,686 575,258 Less: imputed interest 6,380 51,320 57,700 Present value, Total $ 71,192 446,366 517,558 The Company had approximately $8,330 of leases that commenced after December 31, 2023 that created rights and obligations to the Company. These leases are not included in the above maturity schedule. Lease term and discount rate are as follows: December 31, 2023 December 31, 2022 Weighted Average Remaining Lease Term: Operating Leases 4.7 years 4.5 years Finance Leases 5.5 years 6.2 years Weighted Average Discount Rate: Operating Leases 4.8 % 3.8 % Finance Leases 3.1 % 1.5 % Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 135,249 129,895 122,886 Operating cash flows from finance leases 1,962 816 772 Financing cash flows from finance leases 14,574 10,770 9,289 ROU assets obtained in exchange for lease obligations: Operating leases 160,836 119,115 186,605 Finance leases 31,642 16,160 13,395 Amortization: Amortization of ROU operating lease assets (1) 120,393 120,666 115,650 (1) Amortization of ROU operating lease assets during the period is reflected in Other assets and prepaid expenses on the Consolidated Statements of Cash Flows. |
Leases | Leases The Company has operating and finance leases for service centers, warehouses, showrooms, and machinery and equipment. Certain of the Company’s leases include rental payments that will adjust periodically for inflation or certain adjustments based on step increases. An insignificant number of the Company’s leases contain residual value guarantees and none of the Company’s agreements contain material restrictive covenants. The Company rents or subleases certain real estate to third parties. The Company’s sublease portfolio consists mainly of operating leases. The components of lease costs for the twelve months ended December 31, 2023, 2022 and 2021, respectively, are as follows: December 31, 2023 Cost of Goods Selling, General Total Operating lease costs: Fixed $ 29,968 109,704 139,672 Short-term 15,445 20,162 35,607 Variable 9,717 35,739 45,456 Sub-leases (697) (1,480) (2,177) Total operating lease costs $ 54,433 164,125 218,558 Depreciation and Interest Total Finance lease costs: Amortization of leased assets $ 15,367 — 15,367 Interest on lease liabilities — 1,962 1,962 Total finance lease costs $ 15,367 1,962 17,329 Total lease costs $ 235,887 December 31, 2022 Cost of Goods Selling, General 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) Total operating lease costs $ 45,324 164,203 209,527 Depreciation and Interest Total Finance lease costs: Amortization of leased assets $ 11,108 — 11,108 Interest on lease liabilities — 816 816 Total finance lease costs $ 11,108 816 11,924 Total lease costs $ 221,451 December 31, 2021 Cost of Goods Selling, General 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) Total operating lease costs $ 40,965 152,099 193,064 Depreciation and Interest Total Finance lease costs: Amortization of leased assets $ 9,193 — 9,193 Interest on lease liabilities — 772 772 Total finance lease costs $ 9,193 772 9,965 Total lease costs $ 203,029 Supplemental balance sheet information related to leases is as follows: Classification December 31, 2023 December 31, 2022 Assets Operating Leases: ROU operating lease assets ROU operating lease assets $ 428,532 387,816 Finance Leases: Property, plant and equipment, gross Property, plant and equipment 117,350 82,653 Accumulated depreciation Accumulated depreciation (45,967) (30,218) Property, plant and equipment, net Property, plant and equipment, net 71,383 52,435 Total lease assets $ 499,915 440,251 Liabilities Operating Leases: Other current Current operating lease liabilities $ 108,860 105,266 Non-current Non-current operating lease liabilities 337,506 296,136 Total operating liabilities 446,366 401,402 Finance Leases: Short-term debt Short-term debt and current portion of long-term debt 16,132 11,765 Long-term debt Long-term debt, less current portion 55,060 40,285 Total finance liabilities 71,192 52,050 Total lease liabilities $ 517,558 453,452 Maturities of lease liabilities as of December 31, 2023 are as follows: Year Ending December 31, Finance Leases Operating Leases Total 2024 $ 18,226 134,031 152,257 2025 16,936 117,783 134,719 2026 14,306 96,534 110,840 2027 10,768 67,254 78,022 2028 7,244 43,615 50,859 Thereafter 10,092 38,469 48,561 Total lease payments 77,572 497,686 575,258 Less: imputed interest 6,380 51,320 57,700 Present value, Total $ 71,192 446,366 517,558 The Company had approximately $8,330 of leases that commenced after December 31, 2023 that created rights and obligations to the Company. These leases are not included in the above maturity schedule. Lease term and discount rate are as follows: December 31, 2023 December 31, 2022 Weighted Average Remaining Lease Term: Operating Leases 4.7 years 4.5 years Finance Leases 5.5 years 6.2 years Weighted Average Discount Rate: Operating Leases 4.8 % 3.8 % Finance Leases 3.1 % 1.5 % Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 135,249 129,895 122,886 Operating cash flows from finance leases 1,962 816 772 Financing cash flows from finance leases 14,574 10,770 9,289 ROU assets obtained in exchange for lease obligations: Operating leases 160,836 119,115 186,605 Finance leases 31,642 16,160 13,395 Amortization: Amortization of ROU operating lease assets (1) 120,393 120,666 115,650 (1) Amortization of ROU operating lease assets during the period is reflected in Other assets and prepaid expenses on the Consolidated Statements of Cash Flows. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recognized compensation expense for all share-based payments granted for the years ended December 31, 2023, 2022 and 2021 based on the grant date fair market value estimated in accordance with the provisions of ASC 718-10. Compensation expense is recognized on a straight-line basis over the options’ or other awards’ estimated lives for fixed awards with ratable vesting provisions. On May 19, 2017, the Company’s stockholders approved the 2017 Long-Term Incentive Plan (the “2017 Plan”), which allows the Company to reserve up to a maximum of 3,000 shares of common stock for issuance upon the grant or exercise of stock options, restricted stock, restricted stock units (“RSUs”) and other types of awards, to directors and key employees through the 2027 stockholders’ meeting, unless earlier terminated or amended. On May 9, 2012, the Company’s stockholders approved the 2012 Incentive Plan (the “2012 Plan”). Under the 2012 Plan, the Company reserved up to a maximum of 3,200 shares of common stock for issuance upon the grant or exercise of stock options, restricted stock, RSUs and other types of awards, to directors and key employees through the 2022 stockholders’ meeting, unless earlier terminated or amended. Following the approval of the 2017 Plan by the Company’s stockholders, no additional awards may be granted under the 2012 Plan after May 19, 2017. Under the 2017 Plan (and previously, the 2012 Plan), the grant date fair market value of restricted stock and RSUs is equal to the closing market price of the Company’s common stock on the date of the grant, and such awards generally vest between three three Restricted Stock Plans A summary of the Company’s RSUs under the Company’s long-term incentive plans as of December 31, 2023, and changes during the year then ended is presented as follows: Shares Weighted Average Grant Date Fair Value Weighted Aggregate Intrinsic Value RSUs outstanding, December 31, 2022 454 $ 126.79 Granted 271 101.42 Released (193) 132.32 Forfeited (45) 133.83 RSUs outstanding, December 31, 2023 487 $ 109.83 0.9 $ 50,438 Expected to vest as of December 31, 2023 487 0.9 $ 50,438 The Company recognized stock-based compensation costs related to the issuance of RSUs of $20,960 ($15,510, net of taxes), $22,409 ($16,582, net of taxes) and $25,651 ($18,982, net of taxes) for the years ended December 31, 2023, 2022 and 2021, respectively, which has been allocated to selling, general and administrative expenses and cost of goods sold. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $18,851 as of December 31, 2023, and will be recognized as expense over a weighted-average period of approximately 1.57 years. Additional information relating to the Company’s RSUs under the Company’s long-term incentive plans are as follows: 2023 2022 2021 RSUs outstanding, January 1 454 439 375 Granted 271 192 194 Released (193) (134) (105) Forfeited (45) (43) (25) RSUs outstanding, December 31 487 454 439 Expected to vest as of December 31 487 437 418 |
Other Income and Expense, net
Other Income and Expense, net | 12 Months Ended |
Dec. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Income and Expense, net | Other Income and Expense, net Following is a summary of other (income) expense, net: 2023 2022 2021 Foreign currency (gains) losses, net $ 15,671 15,429 6,298 Release of indemnification asset — 7,324 — Resolution of foreign non-income tax contingencies — — (6,211) All other, net (26,484) (14,367) (12,321) Total other (income) expense, net $ (10,813) 8,386 (12,234) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Following is a summary of earnings (loss) before income taxes for United States and foreign operations: 2023 2022 2021 United States $ (440,556) (233,208) 380,632 Foreign 86,047 417,101 909,361 Earnings (loss) before income taxes $ (354,509) 183,893 1,289,993 Income tax (benefit) expense for the years ended December 31, 2023, 2022 and 2021 consists of the following: 2023 2022 2021 Current income taxes: U.S. federal $ 67,054 91,948 93,085 State and local 11,851 11,230 24,904 Foreign 115,903 106,032 143,385 Total current 194,808 209,210 261,374 Deferred income taxes: U.S. federal (50,089) (27,756) (2,655) State and local (5,251) 9,586 13,306 Foreign (54,606) (32,930) (15,580) Total deferred (109,946) (51,100) (4,929) Total income tax expense $ 84,862 158,110 256,445 The geographic dispersion of earnings and losses contributes to the annual changes in the Company’s effective tax rates. A substantial portion of the Company’s business activities are conducted in the United States, which gave rise to a loss in the current year. The Company is also subject to taxation in other jurisdictions where it has operations, including Australia, Belgium, Brazil, Bulgaria, France, Ireland, Italy, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Russia, Spain and the United Kingdom. The effective tax rates that the Company accrues in these jurisdictions vary widely, but they are generally lower than the Company’s overall effective tax rate. The Company’s domestic effective tax rates for the years ended December 31, 2023, 2022 and 2021 were (5.3)%, (36.5)%, and 33.8%, respectively, and its non-U.S. effective tax rates for the years ended December 31, 2023, 2022 and 2021 were 71.2%, 17.5%, and 14.1%, respectively. The difference in rates applicable in foreign jurisdictions results from many factors, including lower statutory rates, increase in valuation allowance, historical loss carry-forwards, financing arrangements, and other factors. The Company’s effective tax rate has been and will continue to be impacted by the geographical dispersion of the Company’s earnings and losses. To the extent that domestic earnings increase while the foreign earnings remain flat or decrease, or increase at a lower rate, the Company’s effective tax rate will increase. Income tax expense (benefit) attributable to earnings before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate to earnings before income taxes as follows: 2023 2022 2021 Income taxes at statutory rate $ (74,447) 38,618 270,898 State and local income taxes, net of federal income tax benefit 5,655 4,858 25,658 Foreign income taxes (1) (58,984) (50,483) (34,981) Change in valuation allowance 302,825 44,814 5,947 Impairment of non-deductible goodwill 183,059 132,497 — Carryback rate differential (2) — — (15,743) Fixed asset adjustments (6,562) (7,289) (7,113) Non-deductible expenses 9,350 11,250 8,128 General business credits and incentives (316,329) (21,833) (3,958) Global intangible low-taxed income 215 7,200 34,400 Italy step-up adjustment (3) — — (22,163) Prior period adjustments (5,638) 4,510 1,133 Tax impact of restructuring 25,428 — — Tax contingencies and audit settlements, net 26,331 (96) 12,505 Other, net (6,041) (5,936) (18,266) Income tax expense $ 84,862 158,110 256,445 (1) Foreign income taxes include statutory rate differences, financing arrangements, withholding taxes, local income taxes, notional deductions, and other miscellaneous items. (2) The CARES Act permits the Company to carry back its 2020 U.S. taxable loss to a tax year before the corporate income tax rate was lowered by the Tax Cuts and Jobs Act. (3) The Company realized a one-time Italian step-up benefit allowing for the realignment of tax asset values. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below: 2023 2022 Deferred tax assets: Accounts receivable $ 26,179 15,783 Inventories 54,590 53,088 Employee benefits 49,671 47,089 Accrued expenses and other 123,968 95,682 Deductible state tax and interest benefit 12,256 7,584 Intangibles 122,621 122,710 Lease liabilities 100,389 108,596 Interest expense 44,153 10,749 Federal, foreign and state net operating losses and credits 814,384 448,759 Gross deferred tax assets 1,348,211 910,040 Valuation allowance (582,683) (284,347) Net deferred tax assets 765,528 625,693 Deferred tax liabilities: Inventories (18,260) (17,415) Plant and equipment (477,074) (463,810) Intangibles (181,433) (175,788) Right of use operating lease assets (93,801) (102,959) Prepaids (52,528) (47,079) Other liabilities (75,770) (58,799) Gross deferred tax liabilities (898,866) (865,850) Net deferred tax liability $ (133,338) (240,157) The Company evaluates its ability to realize the tax benefits associated with deferred tax assets by analyzing its forecasted taxable income using both historic and projected future operating results, the reversal of existing temporary differences, taxable income in prior carry-back years (if permitted) and the availability of tax planning strategies. The valuation allowance as of December 31, 2023, and 2022 is $582,683 and $284,347, respectively. The valuation allowance as of December 31, 2023 relates to the net deferred tax assets of certain of the Company’s foreign subsidiaries as well as certain state net operating losses and tax credits. The total change in the 2023 valuation allowance was an increase of $298,336 primarily related to a $300,000 credit received in Switzerland where realizability is uncertain as of December 31, 2023. The total change in the 2022 valuation allowance was an increase of $47,990 related to increased losses, foreign currency translation, and other activities. Management believes it is more likely than not that the Company will realize the benefits of its deferred tax assets, net of valuation allowances, based upon the expected reversal of deferred tax liabilities and the level of historic and forecasted taxable income over periods in which the deferred tax assets are deductible. As of December 31, 2023, the Company has state net operating loss carry forwards and state tax credits with potential tax benefits of $50,368, net of federal income tax benefit. A valuation allowance totaling $37,970 has been recorded against these state deferred tax assets as of December 31, 2023. In addition, as of December 31, 2023, the Company has credits and net operating loss carry forwards in the U.S. with potential tax benefits of $7,811 and in various foreign jurisdictions with potential tax benefits of $1,962,774. A valuation allowance of $6,242 and $538,471, respectively, has been recorded against these deferred tax assets as of December 31, 2023. A portion of the carryforwards expire over various periods beginning in 2024 and the remaining carryforwards have an indefinite life. The Company has no intentions or plans to repatriate foreign earnings and continues to assert that historical earnings of its foreign subsidiaries as of December 31, 2023 are permanently reinvested. Should the remaining earnings be distributed in the form of dividends in the future, the Company might be subject to withholding taxes (possibly offset by U.S. foreign tax credits) in various foreign jurisdictions, but the Company would not expect incremental U.S. federal or state taxes to be accrued on these previously taxed earnings. Tax Uncertainties In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing jurisdictions. Accordingly, the Company accrues liabilities when it believes that it is not more likely than not that it will realize the benefits of tax positions that it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with ASC 740-10. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense (benefit). Differences between the estimated and actual amounts determined upon ultimate resolution, individually or in the aggregate, are not expected to have a material adverse effect on the Company’s consolidated financial position but could possibly be material to the Company’s consolidated results of operations or cash flow in any given quarter or annual period. As of December 31, 2023, the Company’s gross amount of unrecognized tax benefits is $1,304,874, excluding interest and penalties. If the Company were to prevail on all uncertain tax positions, $75,299 of the unrecognized tax benefits would affect the Company’s effective tax rate, exclusive of any benefits related to interest and penalties. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2023 2022 Balance as of January 1 $ 1,230,632 1,296,523 Additions based on tax positions related to the current year 4,139 1,439 Additions for tax positions of acquired companies 11,728 — Additions for tax positions of prior years 21,744 4,678 Reductions resulting from the lapse of the statute of limitations (422) (3,419) Settlements with taxing authorities (873) — Effects of foreign currency translation 37,926 (68,589) Balance as of December 31 $ 1,304,874 1,230,632 As a result of the redemption of hybrid instruments in response to changes in global tax regimes, the Company has an ASC 740-10 liability for the full tax effected loss on hybrid instruments. This ASC 740-10-45 liability is recorded as a reduction to the related deferred tax asset in the financial statements as a result of management’s determination that it is not more likely than not that the benefit will be realized. The tax effected loss was adjusted for foreign currency translation changes in 2023, resulting in an updated balance of $1,206,569 as of December 31, 2023. As of December 31, 2023 and 2022, the Company has $26,926 and $14,801, respectively, accrued for the payment of interest and penalties, excluding the federal tax benefit of interest deductions where applicable. During the years ended December 31, 2023, 2022 and 2021, the Company accrued interest and penalties through income tax expense of $6,463, $437 and $3,236, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company had approximately $746 and $19,614 in standby letters of credit for various insurance contracts and commitments to foreign vendors as of December 31, 2023 and 2022, respectively that expire within two years. From time to time in the regular course of its business, the Company is involved in various lawsuits, claims, investigations and other legal matters. Except as noted below, there are no material legal proceedings pending or known by the Company to be contemplated to which the Company is a party or to which any of its property is subject. Perfluorinated Compounds (“PFCs”) Litigation In December 2019, Jarrod Johnson filed a putative class action against certain manufacturers, suppliers, and users of chemicals containing certain perfluorinated compounds (PFCs) in the Superior Court of Floyd County, Georgia purporting to represent all water subscribers with the Rome (Georgia) Water and Sewer Division and/or the Floyd County (Georgia) Water Department seeking to recover, among other things, damages in the form of alleged increased rates and surcharges incurred by ratepayers for the costs associated with eliminating certain PFCs from their drinking water, as well as injunctive relief. The defendants removed the class action to federal court. The Company has filed a motion for summary judgment and that motion is pending before the court. In April 2023, Shelby County, Alabama and Talladega County, Alabama filed a complaint in the Circuit Court of Talladega County, Alabama against certain manufacturers, suppliers, and users of chemicals containing certain PFCs, seeking monetary damages and injunctive relief, claiming that their water supplies contain excessive amounts of PFCs. The defendants removed the case to federal court. The Company believes the allegations are without merit and continues to vigorously defend against claims relating to its prior use of certain PFCs in the carpet manufacturing process. Securities Actions The Company and certain of its present and former executive officers were named as defendants in a putative state securities class action lawsuit filed in the Superior Court of the State of Delaware on January 30, 2020. The complaint alleged that defendants violated Sections 11 and 12 of the Securities Act of 1933 and was filed on behalf of shareholders who purchased shares of the Company’s common stock in Mohawk Industries Retirement Plan 1 and Mohawk Industries Retirement Plan 2 between April 27, 2017 and July 25, 2019. The parties reached an agreement in principle to settle the lawsuit in exchange for the dismissal and a release of all claims against the defendants. The settlement agreement, which is subject to court approval, is without admission of fault or wrongdoing by defendants. The court will hold a final settlement hearing on March 21, 2024. The Company believes the allegations in the lawsuit are without merit. The Company and certain of its present and former executive officers were named as defendants in certain investor actions, filed in the State Court of Fulton County of the State of Georgia on April 22, 2021 and April 23, 2021. The claims alleged include fraud, negligent misrepresentation, violations of the Georgia Securities Act, and violations of the Georgia Racketeering and Corrupt Organizations statute. Plaintiffs in the investor actions seek compensatory and punitive damages. On October 5, 2021, the investor actions were transferred by the State Court of Fulton County to the Metro Atlanta Business Case Division. On October 4, 2023, plaintiffs filed amended complaints in the remaining four investor actions. The Company believes the claims are without merit and intends to vigorously defend against the claims in these actions. The Company and certain of its present and former executive officers were named as defendants in three additional non-class action lawsuits filed in the United States District Court for the Northern District of Georgia on June 22, 2021 (the “Maverick Action”), March 25, 2022 (the “Hound Action”), and April 26, 2022 (the “Fir Tree Action,” and collectively, “Federal Investor Actions”), respectively. Each complaint is brought on behalf of one or more purported former Mohawk stockholders. The federal law claims included violations of Sections 10(b) and 18 of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and that the officers are control persons under Section 20(a) of the Securities Exchange Act of 1934. The state law claims included fraud, negligent misrepresentation, violations of the Georgia Securities Act, and violations of the Georgia Racketeering and Corrupt Organizations statute. The parties reached settlement agreements and filed stipulations of voluntary dismissal with prejudice in all three Federal Investor Actions. The Court granted dismissal and terminated the Maverick Action, the Hound Action and the Fir Tree Action on October 18, 2023, December 20, 2023 and December 28, 2023, respectively. The Company continues to believe the allegations in the Federal Investor Actions were without merit. The Company and certain of its executive officers and directors were named as defendants in certain derivative actions filed in the United States District Court for the Northern District of Georgia on May 18, 2020 and August 6, 2020, respectively (the “NDGA Derivative Actions”), in the Superior Court of Gordon County of the State of Georgia on March 3, 2021 and July 12, 2021 (the “Georgia Derivative Actions”), and in the Delaware Court of Chancery on March 10, 2022 (the “Delaware Derivative Action”). The complaints allege that defendants breached their fiduciary duties to the Company by causing the Company to issue materially false and misleading statements. On December 20, 2023, plaintiffs in the NDGA Derivative Actions filed an amended complaint. The Company believes the claims are without merit and intends to vigorously defend against the claims. General The Company believes that adequate provisions for resolution of all contingencies, claims and pending litigation have been made for probable losses that are reasonably estimable. These contingencies are subject to significant uncertainties and the Company is unable to estimate the amount or range of loss, if any, in excess of amounts accrued. The Company does not believe that the ultimate outcome of these actions will have a material adverse effect on its financial condition but could have a material adverse effect on its results of operations, cash flows or liquidity in a given quarter or year. The Company is subject to various federal, state, local and foreign environmental health and safety laws and regulations, including those governing air emissions, wastewater discharges, the use, storage, treatment, recycling and disposal of solid and hazardous materials and finished product, and the cleanup of contamination associated therewith. Because of the nature of the Company’s business, the Company has incurred, and will continue to incur, costs relating to compliance with such laws and regulations. The Company is involved in various proceedings relating to environmental matters and is currently engaged in environmental investigation, remediation and post-closure care programs at certain sites. The Company has provided accruals for such activities that it has determined to be both probable and reasonably estimable. The Company does not expect that the ultimate liability with respect to such activities will have a material adverse effect on its financial condition but acknowledges that it could have a material adverse effect on its results of operations, cash flows or liquidity in a given quarter or year. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Consolidated Statements of Cash Flows Information | Consolidated Statements of Cash Flows Information Supplemental disclosures of cash flow information are as follows: 2023 2022 2021 Net cash paid during the years for: Interest $ 86,426 75,199 75,514 Income taxes $ 187,012 248,693 323,718 Supplemental schedule of non-cash investing and financing activities: Unpaid property plant and equipment in accounts payable and accrued expenses $ 81,138 118,701 117,084 Fair value of assets acquired, net of liabilities assumed: Fair value of net assets acquired in acquisition $ 677,057 243,934 176,924 Liabilities assumed in acquisition (161,651) (34,332) (52,955) Fair value of net assets acquired $ 515,406 209,602 123,969 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has three reporting segments: Global Ceramic, Flooring NA and Flooring ROW. Global Ceramic designs, manufactures, sources and markets a broad line of ceramic tile, porcelain tile, natural stone, porcelain slabs, quartz countertops and other products, which it distributes primarily in North America, Europe and Latin America through its network of regional distribution centers and Company-operated service centers using Company-operated trucks, common carriers or rail transportation. The segment’s product lines are sold through Company-operated service centers, independent distributors, home center retailers, tile and flooring retailers and contractors. Flooring NA designs, manufactures, sources and markets its floor covering product lines, including carpets, rugs, carpet pad, laminate, resilient (includes sheet vinyl and LVT) and wood flooring, which it distributes through its network of regional distribution centers and satellite warehouses using Company-operated trucks, common carriers or rail transportation. The segment’s product lines are sold through various selling channels, including independent floor covering retailers, distributors, home centers, mass merchandisers, department stores, shop at home, buying groups, commercial contractors and commercial end users. Flooring ROW designs, manufactures, sources, licenses and markets laminate, sheet vinyl, LVT, wood flooring, roofing elements, insulation boards, medium-density fiberboard (“MDF”), chipboards and other wood products, which it distributes primarily in Europe and Australasia through various selling channels, which include retailers, Company-operated distributors, independent distributors and home centers. The accounting policies for each operating segment are consistent with the Company’s policies for the Consolidated Financial Statements. Amounts disclosed for each segment are prior to any elimination or consolidation entries. Corporate general and administrative expenses attributable to each segment are estimated and allocated accordingly. Segment performance is evaluated based on operating income. No single customer accounted for more than 10% of net sales for the years ended December 31, 2023, 2022 or 2021. Segment information is as follows: 2023 2022 2021 Assets: Global Ceramic $ 4,988,347 4,841,310 5,160,776 Flooring NA 3,909,943 4,299,360 4,125,960 Flooring ROW 4,051,647 4,275,519 4,361,741 Corporate and intersegment eliminations 609,932 704,243 576,040 Total $ 13,559,869 14,120,432 14,224,517 Geographic net sales: United States $ 6,040,058 6,490,079 6,181,628 Europe (2) 3,380,980 3,701,648 3,567,902 Latin America 767,773 512,249 434,512 Other 946,304 1,033,089 1,016,571 Total $ 11,135,115 11,737,065 11,200,613 Long-lived assets: (1) United States $ 2,312,850 2,317,409 2,309,575 Belgium 980,855 961,086 976,311 Other 2,127,993 1,770,499 1,740,946 Total $ 5,421,698 5,048,994 5,026,832 Net sales by product categories: Ceramic & Stone $ 4,293,084 4,320,423 3,938,654 Carpet & Resilient 3,955,360 4,235,815 4,294,042 Laminate & Wood 1,732,614 1,964,486 1,852,766 Other (3) 1,154,057 1,216,341 1,115,151 Total $ 11,135,115 11,737,065 11,200,613 Net sales: Global Ceramic $ 4,300,107 4,307,681 3,917,319 Flooring NA 3,829,386 4,207,041 4,116,405 Flooring ROW 3,005,622 3,222,343 3,166,889 Total $ 11,135,115 11,737,065 11,200,613 (1) Long-lived assets are composed of property, plant and equipment - net, and ROU operating lease assets. (2) Russia revenue included in Europe. (3) Other includes roofing elements, insulation boards, chipboards and IP contracts. 2023 2022 2021 Operating income (loss): Global Ceramic $ (166,448) (236,066) 403,135 Flooring NA (57,182) 231,076 407,577 Flooring ROW 69,727 340,167 571,126 Corporate and intersegment eliminations (133,905) (90,960) (46,827) Total $ (287,808) 244,217 1,335,011 Depreciation and amortization: Global Ceramic $ 213,113 198,866 210,634 Flooring NA 221,064 231,279 211,872 Flooring ROW 187,464 156,041 156,700 Corporate 8,686 9,278 12,505 Total $ 630,327 595,464 591,711 Capital expenditures (excluding acquisitions): Global Ceramic $ 249,033 154,266 167,224 Flooring NA 193,948 231,068 327,691 Flooring ROW 156,767 178,313 164,318 Corporate 13,181 17,095 16,887 Total $ 612,929 580,742 676,120 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On January 31, 2024, the Company prepaid the entirety of the USD portion of the Term Loan Facility, in the amount of $675,000. On February 16, 2024, the Company prepaid the entirety of the EUR portion of the Term Loan Facility, in the amount of €220,000. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Mohawk Industries, Inc. (“Mohawk” or the “Company”), a term which includes the Company and its subsidiaries, is a leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world. The Company’s vertically integrated manufacturing and distribution processes provide competitive advantages in the production of carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile (“LVT”) and sheet vinyl flooring. The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Short-term Investments | Short-term Investments |
Fair Value | Fair Value Accounting principles generally accepted in the U.S. define fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. |
Accounts Receivable and Revenue Recognition | Accounts Receivable and Revenue Recognition The Company recognizes revenue when it satisfies performance obligations as evidenced by the transfer of control of the promised goods to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. The nature of the promised goods are ceramic, stone, carpet, resilient (includes sheet vinyl and LVT), laminate, wood and other flooring products. Payment is typically received 90 days or less from the invoice date. The Company adjusts the amounts of revenue for expected cash discounts, sales allowances, returns and claims based upon historical experience. The Company adjusts accounts receivable for doubtful account allowances based upon historical bad debt, claims experience, periodic evaluation of specific customer accounts and the aging of accounts receivable. If the financial condition of the Company’s customers were to deteriorate, resulting in a change in their ability to make payments, additional allowances may be required. The Company accounts for incremental costs of obtaining a contract as an expense when incurred in selling, general and administrative expenses if the amortization period is less than one year. The Company accounts for shipping and handling activities performed after control has been transferred as a fulfillment cost in cost of sales. |
Inventories | Inventories |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, including capitalized interest. Depreciation is calculated on a straight-line basis over the estimated remaining useful lives, which are 15-40 years for buildings and improvements, 3-25 years for machinery and equipment, 3-7 years for furniture and fixtures and the shorter of the estimated useful life or lease term for leasehold improvements. |
Accounting for Business Combinations | Accounting for Business Combinations The Company accounts for business combinations under the acquisition method of accounting which requires it to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets In accordance with the provisions of the FASB ASC Topic 350, Intangibles-Goodwill and Other, the Company tests goodwill and other intangible assets with indefinite lives, which for the Company are tradenames, for impairment on an annual basis on the first day of the fourth quarter (or on an interim basis if an event occurs that might reduce the fair value of the reporting unit below its carrying value). 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 North America (“Flooring NA”) and Flooring Rest of the World (“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, weighted average cost of capital (“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. The quantitative impairment evaluation for tradenames involves a comparison of the estimated fair value of the tradename to its carrying amount. If the carrying value of the tradename exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The determination of fair value used in the impairment evaluation is based on discounted estimates of future sales projections attributable to ownership of the tradenames. Significant judgments inherent in this analysis include assumptions about appropriate sales growth rates, royalty rates, applicable discount rate and the amount of expected future cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with past performance and are also consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change as a result of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the tradenames. Estimated cash flows are sensitive to changes in the economy among other things. Intangible assets with finite lives are amortized based on average lives, which range from 5-20 years. |
Leases | Leases The Company measures right of use (“ROU”) assets and lease liabilities based on the present value of the future minimum lease payments over the lease term at the commencement date. Minimum lease payments include the fixed lease and non-lease components of the agreement, as well as any variable rent payments that depend on an index, initially measured using the index at the lease commencement date. The ROU assets are adjusted for any initial direct costs incurred less any lease incentives received, in addition to payments made on or before the commencement date of the lease. The Company recognizes lease expense for leases on a straight-line basis over the lease term. Variable rent expenses consist primarily of maintenance, property taxes and charges based on usage. As the implicit rate is not readily determinable for most of the Company’s lease agreements, the Company uses an estimated incremental borrowing rate to determine the initial present value of lease payments. These discount rates for leases are calculated using the Company’s credit spread adjusted for current market factors and foreign currency rates. The Company determines if a contract is or contains a lease at inception. The Company has operating and finance leases for service centers, warehouses, showrooms, and machinery and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet and expensed as incurred. The Company enters into lease contracts ranging from 1 to 60 years with a majority of the Company’s lease terms ranging from 1 to 10 years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from 3 to 10 years or more. The exercise of these lease renewal options is at the Company’s sole discretion. An insignificant number of the Company’s leases include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. |
Financial Instruments | Financial Instruments The Company’s financial instruments consist primarily of short-term investments, receivables, accounts payable, accrued expenses, short-term debt and long-term debt. The carrying amounts of receivables, accounts payable and accrued expenses approximate their fair value because of the short-term maturity of such instruments. The Company has a wholly-owned captive insurance company that may periodically invest in the Company’s commercial paper. These short-term commercial paper investments are classified as trading securities and carried at fair value based upon level two fair value hierarchy. The carrying amount of the Company’s variable-rate debt approximates its fair value based upon level two fair value hierarchy. Interest rates that are currently available to the Company for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of the Company’s long-term debt. |
Advertising Costs and Vendor Consideration | Advertising Costs and Vendor Consideration |
Product Warranties | Product Warranties The Company warrants certain qualitative attributes of its flooring products. The Company has recorded a provision for estimated warranty and related costs based on historical experience and periodically adjusts these provisions to reflect actual experience. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived asset groups, which include intangible assets such as patents and customer relationships subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of such asset groups may not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of long-lived assets to future undiscounted net cash flows expected to be generated by these asset groups. If such asset groups are considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. Assets held for sale are reported at the lower of the carrying amount or fair value less estimated costs of disposal and are no longer depreciated. |
Foreign Currency Translation | Foreign Currency Translation |
Earnings (Loss) per Share (“EPS”) | Earnings (Loss) per Share (“EPS”) Basic earnings (loss) per share is calculated using net earnings (loss) available to common stockholders divided by the weighted-average number of shares of common stock outstanding during the year. Diluted EPS is similar to basic EPS except that the weighted-average number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Dilutive unvested restricted shares (units) are included in the diluted EPS calculation using the treasury stock method. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for all share-based payments granted based on the grant-date fair value estimated in accordance with ASC 718-10, Stock Compensation . Compensation expense is generally recognized on a straight-line basis over the awards’ estimated lives for fixed awards with ratable vesting provisions. |
Employee Benefit Plans | Employee Benefit Plans The Company has 401(k) retirement savings plans (the “Mohawk Plan”) open to substantially all U.S. and Puerto Rico based employees who have completed 60 days of eligible service. The Company contributes $.50 for every $1.00 of employee contributions up to a maximum of 6% of the employee’s salary based upon each individual participants election. Employee and employer contributions to the Mohawk Plan were $61,486 and $23,892 in 2023, $63,648 and $24,483 in 2022 and $61,082 and $23,884 in 2021, respectively. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes foreign currency translation of assets and liabilities of foreign subsidiaries, effects of exchange rate changes on intercompany balances of a long-term nature and pension and post-retirement benefit service cost. The Company does not provide income taxes on currency translation adjustments, as earnings from foreign subsidiaries are considered to be indefinitely reinvested. The Company presents currency translation adjustments on noncontrolling interests separately from currency translation adjustments on controlling interests in accumulated other comprehensive income (loss) within stockholders’ equity. |
Self-Insurance Reserves | Self-Insurance Reserves The Company is self-insured in the U.S. for various levels of general liability, automobile liability, workers’ compensation and employee medical coverage. Insurance reserves are primarily calculated on an undiscounted basis based on actual claim data and estimates of incurred but not reported claims developed utilizing historical claim trends. Projected settlements and incurred but not reported claims are estimated based on pending claims and historical trends and data. Though the Company does not expect them to do so, actual settlements and claims could differ materially from those estimated. Material differences in actual settlements and claims could have an adverse effect on the Company’s results of operations and financial condition. |
Fiscal Year | Fiscal Year The Company ends its fiscal year on December 31. Each of the first three quarters in the fiscal year ends on the Saturday nearest the calendar quarter end with a thirteen week fiscal quarter. |
Recent Accounting Pronouncements - Recently Adopted and Effective in Future Years | Recent Accounting Pronouncements — Recently Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes which simplified the accounting for income taxes in several areas by removing certain exceptions and by clarifying and amending existing guidance applicable to accounting for income taxes. The Company adopted the new standard on January 1, 2021. The effect of adopting the new standard was not material. Recent Accounting Pronouncements — Effective in Future Years In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which expands segment disclosures for public entities, including requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss in assessing segment performance and allocating resources. The new guidance also expands disclosures about a reportable segment’s profit or loss and assets in interim periods and clarifies that a public entity may report additional measures of segment profit if the CODM uses more than one measure of a segment’s profit or loss. The new guidance does not remove existing segment disclosure requirements or change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments. The guidance effective for fiscal years beginning after December 15, 2023, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact this new guidance will have on its disclosures upon adoption. On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. For public business entities, this standard will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Currently, the Company is assessing the impact of the new guidance. The Company does not expect the adoption of the guidance to have a significant impact on its financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Computations of Basic and Diluted Earnings Per Share | Computations of basic and diluted earnings (loss) per share are presented for the years ended December 31, 2023, 2022 and 2021, respectively, in the following table: 2023 2022 2021 Net earnings (loss) available to common stockholders $ (439,516) 25,247 1,033,159 Weighted-average common shares outstanding—basic and diluted: Weighted-average common shares outstanding—basic 63,657 63,826 68,852 Add weighted-average dilutive potential common shares—RSUs, net (1) — 236 293 Weighted-average common shares outstanding—diluted 63,657 64,062 69,145 Earnings (loss) per share attributable to Mohawk Industries, Inc. Basic $ (6.90) 0.40 15.01 Diluted $ (6.90) 0.39 14.94 (1) Due to the anti-dilutive effect, 235 shares of common stock equivalents for the year ended December 31, 2023 were omitted from the calculation of diluted weighted-average common shares outstanding. There were no common stock options and unvested restricted shares (units) that were excluded from the diluted EPS computation because the price was greater than the average market price of the common shares for the periods presented for 2022 and 2021. |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended December 31, 2023, 2022 and 2021 are as follows: Foreign Currency Prior Pension and Total Balance as of December 31, 2020 $ (680,255) (14,890) (695,145) Current period other comprehensive income (loss) (278,944) 7,137 (271,807) Balance as of December 31, 2021 (959,199) (7,753) (966,952) Current period other comprehensive income (loss) (155,430) 8,124 (147,306) Balance as of December 31, 2022 (1,114,629) 371 (1,114,258) Current period other comprehensive income (loss) 35,332 (1,037) 34,295 Balance as of December 31, 2023 $ (1,079,297) (666) (1,079,963) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase price by major class of assets acquired and liabilities assumed as of the acquisition date. Amounts Recognized as of the Acquisition Date Working capital $ 95,336 Property, plant and equipment 333,495 Tradenames 38,539 Customer relationships 4,040 Goodwill 87,520 Long-term debt, including current portion (26,072) Deferred tax, net (10,088) Consideration transferred 522,770 Less: cash acquired (7,261) Net consideration transferred (net of cash acquired) $ 515,509 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregated Revenue | The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories during the years ended December 31, 2023, 2022 and 2021, respectively: December 31, 2023 Global Ceramic Flooring NA Flooring ROW Total Geographical Markets: United States $ 2,320,019 3,713,311 6,728 6,040,058 Europe (2) 1,071,649 4,375 2,304,956 3,380,980 Latin America 730,326 3,776 33,671 767,773 Other 178,113 107,924 660,267 946,304 Total $ 4,300,107 3,829,386 3,005,622 11,135,115 Product Categories: Ceramic & Stone $ 4,258,873 34,211 — 4,293,084 Carpet & Resilient 41,234 3,021,060 893,066 3,955,360 Laminate & Wood — 774,115 958,499 1,732,614 Other (1) — — 1,154,057 1,154,057 Total $ 4,300,107 3,829,386 3,005,622 11,135,115 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 (2) 1,249,953 6,345 2,445,350 3,701,648 Latin America 476,612 4,623 31,014 512,249 Other 177,824 123,121 732,144 1,033,089 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, 2021 Global Ceramic Flooring NA Flooring ROW Total Geographical Markets: United States $ 2,193,234 3,978,146 10,248 6,181,628 Europe (2) 1,148,868 2,825 2,416,209 3,567,902 Latin America 421,696 3,663 9,153 434,512 Other 153,521 131,771 731,279 1,016,571 Total $ 3,917,319 4,116,405 3,166,889 11,200,613 Product Categories: Ceramic & Stone $ 3,903,597 35,057 — 3,938,654 Carpet & Resilient 13,722 3,287,533 992,787 4,294,042 Laminate & Wood — 793,815 1,058,951 1,852,766 Other (1) — — 1,115,151 1,115,151 Total $ 3,917,319 4,116,405 3,166,889 11,200,613 (1) Other includes roofing elements, insulation boards, chipboards and IP contracts. (2) Russia revenue included in Europe. |
Restructuring, Acquisition an_2
Restructuring, Acquisition and Integration-Related Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | Restructuring, acquisition and integration-related costs consisted of the following during the year ended December 31, 2023, 2022 and 2021, respectively (in thousands): 2023 2022 2021 Cost of sales: Restructuring costs $ 103,422 67,621 17,899 Acquisition integration-related costs 974 396 497 Restructuring and acquisition integration-related costs $ 104,396 68,017 18,396 Selling, general and administrative expenses: Restructuring costs $ 12,385 9,094 1,301 Acquisition transaction-related costs 2,117 1,654 2,372 Acquisition integration-related costs 12,712 2,992 1,568 Restructuring, acquisition transaction and integration-related costs $ 27,214 13,740 5,241 |
Schedule of Restructuring and Related Costs | The restructuring activity for the years ended December 31, 2023 and 2022, respectively is as follows (in thousands): Lease Asset Write- Severance Other Total 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 Restructuring costs: Global Ceramic 480 16,106 7,826 717 25,129 Flooring NA — 28,180 768 22,073 51,021 Flooring ROW — 31,453 4,272 3,770 39,495 Corporate — — 162 — 162 Total restructuring costs for 2023 480 75,739 13,028 26,560 115,807 Cash payments — — (10,155) (18,641) (28,796) Non-cash items (480) (75,739) (816) (7,919) (84,954) Balance as of December 31, 2023 $ — — 12,094 — 12,094 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 2023 restructuring costs recorded in: Cost of sales $ — 75,593 5,778 22,051 103,422 Selling, general and administrative expenses 480 146 7,250 4,509 12,385 Total restructuring costs for 2023 $ 480 75,739 13,028 26,560 115,807 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements | The following table presents the items measured at fair value as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Short-term investments: Commercial paper (Level 2) $ — 158,000 The fair values and carrying values of the Company’s debt are disclosed in Note 10, Long-Term Debt |
Receivables, net (Tables)
Receivables, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Net Components of Receivables | December 31, 2023 December 31, 2022 Customers, trade $ 1,716,309 1,699,130 Income tax receivable 48,399 60,080 Other 176,808 219,355 1,941,516 1,978,565 Less: allowance for discounts, claims and doubtful accounts 66,860 73,779 Receivables, net $ 1,874,656 1,904,786 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Net Components of Inventories | The components of inventories are as follows: December 31, 2023 December 31, 2022 Finished goods $ 1,796,951 1,986,005 Work in process 164,197 160,757 Raw materials 590,705 647,003 Total inventories $ 2,551,853 2,793,765 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following tables summarize the components of goodwill and intangible assets: Goodwill: Global Ceramic Flooring NA Flooring ROW Total 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 — 60,841 11,542 72,383 Impairment charges (688,514) — — (688,514) Currency translation (2,989) — (58,308) (61,297) Balances as of December 31, 2022 339,834 591,985 995,940 1,927,759 Goodwill adjustments related to acquisitions — (4,888) 3,217 (1,671) Goodwill recognized 87,520 — — 87,520 Impairment charges (424,286) (214,830) (231,634) (870,750) Currency translation (3,068) — 19,934 16,866 Balances as of December 31, 2023 $ — 372,267 787,457 1,159,724 (1) Net of accumulated impairment losses of $1,327,425 ($531,930 in Global Ceramic, $343,054 in Flooring NA and $452,441 in Flooring ROW). |
Schedule of Indefinite Life Assets Not Subject to Amortization | Tradenames Indefinite life assets not subject to amortization: Balance as of December 31, 2021 $ 694,905 Intangible assets acquired 335 Intangible assets impaired (7,257) Currency translation (19,655) Balance as of December 31, 2022 668,328 Intangible assets acquired 38,539 Intangible assets impaired (6,994) Currency translation 5,873 Balance as of December 31, 2023 $ 705,746 |
Schedule of Intangible Assets Subject to Amortization | Customer Relationships Patents Other Total Intangible assets subject to amortization: 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 Balances as of December 31, 2023 Gross carrying amount 691,498 249,680 8,754 949,932 Accumulated amortization (531,003) (247,150) (2,142) (780,295) Net intangible assets subject to amortization $ 160,495 2,530 6,612 169,637 |
Schedule of Amortization Expense | Years Ended December 31, 2023 2022 2021 Amortization expense $ 28,339 28,086 29,280 |
Schedule of Expected Amortization Expense | Estimated amortization expense for the years ending December 31 are as follows: Amount 2024 $ 28,366 2025 28,154 2026 27,933 2027 20,742 2028 12,948 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Following is a summary of property, plant and equipment: December 31, 2023 December 31, 2022 Land $ 519,224 466,820 Buildings and improvements 2,105,114 1,851,390 Machinery and equipment 6,788,032 6,310,442 Furniture and fixtures 166,778 162,864 Leasehold improvements 110,134 107,079 Construction in progress 703,015 749,184 10,392,297 9,647,779 Less: accumulated depreciation 5,399,131 4,986,601 Net property, plant and equipment $ 4,993,166 4,661,178 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair values and carrying values of the Company’s debt instruments are detailed as follows: December 31, 2023 December 31, 2022 Fair Value Carrying Fair Value Carrying 1.750% Senior Notes, payable June 12, 2027; interest payable annually $ 521,899 551,876 482,139 535,103 3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually 463,965 500,000 431,605 500,000 5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually 622,890 600,000 — — U.S. commercial paper — — 785,998 785,998 European commercial paper — — 42,808 42,808 Senior credit facility, payable August 12, 2027 67,117 67,117 — — U.S. Term Loan Facility 675,000 675,000 675,000 675,000 European Term Loan Facility 242,826 242,826 235,445 235,445 Finance leases and other 77,699 77,699 52,050 52,050 Unamortized debt issuance costs (11,018) (11,018) (7,270) (7,270) Total debt 2,660,378 2,703,500 2,697,775 2,819,134 Less: current portion of long term-debt and commercial paper 1,001,715 1,001,715 840,571 840,571 Long-term debt, less current portion $ 1,658,663 1,701,785 1,857,204 1,978,563 |
Schedule of Maturities of Long-Term Debt | The aggregate maturities of total debt as of December 31, 2023 are as follows: Amount (1) 2024 $ 1,001,926 2025 16,151 2026 13,958 2027 562,689 2028 607,575 Thereafter 512,219 Total maturities $ 2,714,518 (1) |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Components of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses are as follows: December 31, 2023 December 31, 2022 Outstanding checks in excess of cash $ 2,223 2,791 Accounts payable, trade 1,038,024 1,094,038 Accrued expenses 667,761 742,099 Product warranties 37,574 38,425 Accrued interest 20,052 8,748 Accrued compensation and benefits 269,705 238,347 Total accounts payable and accrued expenses $ 2,035,339 2,124,448 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease costs for the twelve months ended December 31, 2023, 2022 and 2021, respectively, are as follows: December 31, 2023 Cost of Goods Selling, General Total Operating lease costs: Fixed $ 29,968 109,704 139,672 Short-term 15,445 20,162 35,607 Variable 9,717 35,739 45,456 Sub-leases (697) (1,480) (2,177) Total operating lease costs $ 54,433 164,125 218,558 Depreciation and Interest Total Finance lease costs: Amortization of leased assets $ 15,367 — 15,367 Interest on lease liabilities — 1,962 1,962 Total finance lease costs $ 15,367 1,962 17,329 Total lease costs $ 235,887 December 31, 2022 Cost of Goods Selling, General 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) Total operating lease costs $ 45,324 164,203 209,527 Depreciation and Interest Total Finance lease costs: Amortization of leased assets $ 11,108 — 11,108 Interest on lease liabilities — 816 816 Total finance lease costs $ 11,108 816 11,924 Total lease costs $ 221,451 December 31, 2021 Cost of Goods Selling, General 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) Total operating lease costs $ 40,965 152,099 193,064 Depreciation and Interest Total Finance lease costs: Amortization of leased assets $ 9,193 — 9,193 Interest on lease liabilities — 772 772 Total finance lease costs $ 9,193 772 9,965 Total lease costs $ 203,029 Lease term and discount rate are as follows: December 31, 2023 December 31, 2022 Weighted Average Remaining Lease Term: Operating Leases 4.7 years 4.5 years Finance Leases 5.5 years 6.2 years Weighted Average Discount Rate: Operating Leases 4.8 % 3.8 % Finance Leases 3.1 % 1.5 % |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases is as follows: Classification December 31, 2023 December 31, 2022 Assets Operating Leases: ROU operating lease assets ROU operating lease assets $ 428,532 387,816 Finance Leases: Property, plant and equipment, gross Property, plant and equipment 117,350 82,653 Accumulated depreciation Accumulated depreciation (45,967) (30,218) Property, plant and equipment, net Property, plant and equipment, net 71,383 52,435 Total lease assets $ 499,915 440,251 Liabilities Operating Leases: Other current Current operating lease liabilities $ 108,860 105,266 Non-current Non-current operating lease liabilities 337,506 296,136 Total operating liabilities 446,366 401,402 Finance Leases: Short-term debt Short-term debt and current portion of long-term debt 16,132 11,765 Long-term debt Long-term debt, less current portion 55,060 40,285 Total finance liabilities 71,192 52,050 Total lease liabilities $ 517,558 453,452 |
Schedule of Maturity of Operating Lease Liabilities | Maturities of lease liabilities as of December 31, 2023 are as follows: Year Ending December 31, Finance Leases Operating Leases Total 2024 $ 18,226 134,031 152,257 2025 16,936 117,783 134,719 2026 14,306 96,534 110,840 2027 10,768 67,254 78,022 2028 7,244 43,615 50,859 Thereafter 10,092 38,469 48,561 Total lease payments 77,572 497,686 575,258 Less: imputed interest 6,380 51,320 57,700 Present value, Total $ 71,192 446,366 517,558 |
Schedule of Maturity of Finance Lease Liabilities | Maturities of lease liabilities as of December 31, 2023 are as follows: Year Ending December 31, Finance Leases Operating Leases Total 2024 $ 18,226 134,031 152,257 2025 16,936 117,783 134,719 2026 14,306 96,534 110,840 2027 10,768 67,254 78,022 2028 7,244 43,615 50,859 Thereafter 10,092 38,469 48,561 Total lease payments 77,572 497,686 575,258 Less: imputed interest 6,380 51,320 57,700 Present value, Total $ 71,192 446,366 517,558 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2021 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 135,249 129,895 122,886 Operating cash flows from finance leases 1,962 816 772 Financing cash flows from finance leases 14,574 10,770 9,289 ROU assets obtained in exchange for lease obligations: Operating leases 160,836 119,115 186,605 Finance leases 31,642 16,160 13,395 Amortization: Amortization of ROU operating lease assets (1) 120,393 120,666 115,650 (1) Amortization of ROU operating lease assets during the period is reflected in Other assets and prepaid expenses on the Consolidated Statements of Cash Flows. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of RSUs Under the Long-Term Incentive Plans | A summary of the Company’s RSUs under the Company’s long-term incentive plans as of December 31, 2023, and changes during the year then ended is presented as follows: Shares Weighted Average Grant Date Fair Value Weighted Aggregate Intrinsic Value RSUs outstanding, December 31, 2022 454 $ 126.79 Granted 271 101.42 Released (193) 132.32 Forfeited (45) 133.83 RSUs outstanding, December 31, 2023 487 $ 109.83 0.9 $ 50,438 Expected to vest as of December 31, 2023 487 0.9 $ 50,438 |
Summary of Additional Information for RSUs Under the Long-Term Incentive Plans | Additional information relating to the Company’s RSUs under the Company’s long-term incentive plans are as follows: 2023 2022 2021 RSUs outstanding, January 1 454 439 375 Granted 271 192 194 Released (193) (134) (105) Forfeited (45) (43) (25) RSUs outstanding, December 31 487 454 439 Expected to vest as of December 31 487 437 418 |
Other Income and Expense, net (
Other Income and Expense, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Summary of Other (Income) Expense | Following is a summary of other (income) expense, net: 2023 2022 2021 Foreign currency (gains) losses, net $ 15,671 15,429 6,298 Release of indemnification asset — 7,324 — Resolution of foreign non-income tax contingencies — — (6,211) All other, net (26,484) (14,367) (12,321) Total other (income) expense, net $ (10,813) 8,386 (12,234) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Earnings (Loss) From Continuing Operations Before Income Taxes | Following is a summary of earnings (loss) before income taxes for United States and foreign operations: 2023 2022 2021 United States $ (440,556) (233,208) 380,632 Foreign 86,047 417,101 909,361 Earnings (loss) before income taxes $ (354,509) 183,893 1,289,993 |
Schedule of Income Tax Expense (Benefit) | Income tax (benefit) expense for the years ended December 31, 2023, 2022 and 2021 consists of the following: 2023 2022 2021 Current income taxes: U.S. federal $ 67,054 91,948 93,085 State and local 11,851 11,230 24,904 Foreign 115,903 106,032 143,385 Total current 194,808 209,210 261,374 Deferred income taxes: U.S. federal (50,089) (27,756) (2,655) State and local (5,251) 9,586 13,306 Foreign (54,606) (32,930) (15,580) Total deferred (109,946) (51,100) (4,929) Total income tax expense $ 84,862 158,110 256,445 |
Schedule of Reconciliation of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to earnings before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate to earnings before income taxes as follows: 2023 2022 2021 Income taxes at statutory rate $ (74,447) 38,618 270,898 State and local income taxes, net of federal income tax benefit 5,655 4,858 25,658 Foreign income taxes (1) (58,984) (50,483) (34,981) Change in valuation allowance 302,825 44,814 5,947 Impairment of non-deductible goodwill 183,059 132,497 — Carryback rate differential (2) — — (15,743) Fixed asset adjustments (6,562) (7,289) (7,113) Non-deductible expenses 9,350 11,250 8,128 General business credits and incentives (316,329) (21,833) (3,958) Global intangible low-taxed income 215 7,200 34,400 Italy step-up adjustment (3) — — (22,163) Prior period adjustments (5,638) 4,510 1,133 Tax impact of restructuring 25,428 — — Tax contingencies and audit settlements, net 26,331 (96) 12,505 Other, net (6,041) (5,936) (18,266) Income tax expense $ 84,862 158,110 256,445 (1) Foreign income taxes include statutory rate differences, financing arrangements, withholding taxes, local income taxes, notional deductions, and other miscellaneous items. (2) The CARES Act permits the Company to carry back its 2020 U.S. taxable loss to a tax year before the corporate income tax rate was lowered by the Tax Cuts and Jobs Act. (3) The Company realized a one-time Italian step-up benefit allowing for the realignment of tax asset values. |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below: 2023 2022 Deferred tax assets: Accounts receivable $ 26,179 15,783 Inventories 54,590 53,088 Employee benefits 49,671 47,089 Accrued expenses and other 123,968 95,682 Deductible state tax and interest benefit 12,256 7,584 Intangibles 122,621 122,710 Lease liabilities 100,389 108,596 Interest expense 44,153 10,749 Federal, foreign and state net operating losses and credits 814,384 448,759 Gross deferred tax assets 1,348,211 910,040 Valuation allowance (582,683) (284,347) Net deferred tax assets 765,528 625,693 Deferred tax liabilities: Inventories (18,260) (17,415) Plant and equipment (477,074) (463,810) Intangibles (181,433) (175,788) Right of use operating lease assets (93,801) (102,959) Prepaids (52,528) (47,079) Other liabilities (75,770) (58,799) Gross deferred tax liabilities (898,866) (865,850) Net deferred tax liability $ (133,338) (240,157) |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2023 2022 Balance as of January 1 $ 1,230,632 1,296,523 Additions based on tax positions related to the current year 4,139 1,439 Additions for tax positions of acquired companies 11,728 — Additions for tax positions of prior years 21,744 4,678 Reductions resulting from the lapse of the statute of limitations (422) (3,419) Settlements with taxing authorities (873) — Effects of foreign currency translation 37,926 (68,589) Balance as of December 31 $ 1,304,874 1,230,632 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information are as follows: 2023 2022 2021 Net cash paid during the years for: Interest $ 86,426 75,199 75,514 Income taxes $ 187,012 248,693 323,718 Supplemental schedule of non-cash investing and financing activities: Unpaid property plant and equipment in accounts payable and accrued expenses $ 81,138 118,701 117,084 Fair value of assets acquired, net of liabilities assumed: Fair value of net assets acquired in acquisition $ 677,057 243,934 176,924 Liabilities assumed in acquisition (161,651) (34,332) (52,955) Fair value of net assets acquired $ 515,406 209,602 123,969 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | Segment information is as follows: 2023 2022 2021 Assets: Global Ceramic $ 4,988,347 4,841,310 5,160,776 Flooring NA 3,909,943 4,299,360 4,125,960 Flooring ROW 4,051,647 4,275,519 4,361,741 Corporate and intersegment eliminations 609,932 704,243 576,040 Total $ 13,559,869 14,120,432 14,224,517 Geographic net sales: United States $ 6,040,058 6,490,079 6,181,628 Europe (2) 3,380,980 3,701,648 3,567,902 Latin America 767,773 512,249 434,512 Other 946,304 1,033,089 1,016,571 Total $ 11,135,115 11,737,065 11,200,613 Long-lived assets: (1) United States $ 2,312,850 2,317,409 2,309,575 Belgium 980,855 961,086 976,311 Other 2,127,993 1,770,499 1,740,946 Total $ 5,421,698 5,048,994 5,026,832 Net sales by product categories: Ceramic & Stone $ 4,293,084 4,320,423 3,938,654 Carpet & Resilient 3,955,360 4,235,815 4,294,042 Laminate & Wood 1,732,614 1,964,486 1,852,766 Other (3) 1,154,057 1,216,341 1,115,151 Total $ 11,135,115 11,737,065 11,200,613 Net sales: Global Ceramic $ 4,300,107 4,307,681 3,917,319 Flooring NA 3,829,386 4,207,041 4,116,405 Flooring ROW 3,005,622 3,222,343 3,166,889 Total $ 11,135,115 11,737,065 11,200,613 (1) Long-lived assets are composed of property, plant and equipment - net, and ROU operating lease assets. (2) Russia revenue included in Europe. (3) Other includes roofing elements, insulation boards, chipboards and IP contracts. 2023 2022 2021 Operating income (loss): Global Ceramic $ (166,448) (236,066) 403,135 Flooring NA (57,182) 231,076 407,577 Flooring ROW 69,727 340,167 571,126 Corporate and intersegment eliminations (133,905) (90,960) (46,827) Total $ (287,808) 244,217 1,335,011 Depreciation and amortization: Global Ceramic $ 213,113 198,866 210,634 Flooring NA 221,064 231,279 211,872 Flooring ROW 187,464 156,041 156,700 Corporate 8,686 9,278 12,505 Total $ 630,327 595,464 591,711 Capital expenditures (excluding acquisitions): Global Ceramic $ 249,033 154,266 167,224 Flooring NA 193,948 231,068 327,691 Flooring ROW 156,767 178,313 164,318 Corporate 13,181 17,095 16,887 Total $ 612,929 580,742 676,120 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 642,550 | $ 509,623 | |
Advertising and promotion expenses | 135,175 | 126,898 | $ 139,538 |
Co-op advertising expenses | $ 11,592 | 15,231 | 22,092 |
Minimum eligible service period (days) | 60 days | ||
Employer matching contribution, percent of match | 50% | ||
Maximum percentage of employee salary company matches at disclosed ratio | 6% | ||
Employee contributions | $ 61,486 | 63,648 | 61,082 |
Employer contributions to employee benefit plan | 23,892 | 24,483 | $ 23,884 |
Projected benefit obligation | 79,967 | 55,236 | |
Projected plan assets | 73,718 | 50,702 | |
Funded status of plan | 6,249 | 4,534 | |
Accumulated other comprehensive income (loss) | |||
Significant Accounting Policies [Line Items] | |||
Funded status of plan | 201 | 82 | |
Other noncurrent liabilities | |||
Significant Accounting Policies [Line Items] | |||
Funded status of plan | $ 6,048 | 4,452 | |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Finite intangible assets useful life (years) | 5 years | ||
Term of lease contracts (in years) | 1 year | ||
Term of lease contracts, majority (in years) | 1 year | ||
Lease extensions (in years) | 3 years | ||
Minimum | Buildings and improvements | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment, minimum (years) | 15 years | ||
Minimum | Machinery and equipment | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment, minimum (years) | 3 years | ||
Minimum | Furniture and fixtures | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment, minimum (years) | 3 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Finite intangible assets useful life (years) | 20 years | ||
Term of lease contracts (in years) | 60 years | ||
Term of lease contracts, majority (in years) | 10 years | ||
Lease extensions (in years) | 10 years | ||
Maximum | Buildings and improvements | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment, minimum (years) | 40 years | ||
Maximum | Machinery and equipment | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment, minimum (years) | 25 years | ||
Maximum | Furniture and fixtures | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment, minimum (years) | 7 years | ||
Non-US | |||
Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 89,450 | $ 210,368 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Computations of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Net earnings (loss) available to common stockholders | $ (439,516) | $ 25,247 | $ 1,033,159 |
Weighted-average common shares outstanding—basic and diluted: | |||
Weighted-average common shares outstanding-basic (in shares) | 63,657,000 | 63,826,000 | 68,852,000 |
Add weighted-average dilutive potential common shares - RSUs, net (in shares) | 0 | 236,000 | 293,000 |
Weighted-average common shares outstanding-diluted (in shares) | 63,657,000 | 64,062,000 | 69,145,000 |
Earnings (loss) per share attributable to Mohawk Industries, Inc. | |||
Basic (in dollars per share) | $ (6.90) | $ 0.40 | $ 15.01 |
Diluted (in dollars per share) | $ (6.90) | $ 0.39 | $ 14.94 |
Incremental common shares anti dilutive effect (in shares) | 235 | 0 | 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 8,017,914 | $ 8,428,216 | $ 8,541,158 |
Ending balance | 7,629,136 | 8,017,914 | 8,428,216 |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,114,258) | (966,952) | (695,145) |
Current period other comprehensive income (loss) | 34,295 | (147,306) | (271,807) |
Ending balance | (1,079,963) | (1,114,258) | (966,952) |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,114,629) | (959,199) | (680,255) |
Current period other comprehensive income (loss) | 35,332 | (155,430) | (278,944) |
Ending balance | (1,079,297) | (1,114,629) | (959,199) |
Prior Pension and Post-Retirement Benefit Service Cost and Actuarial Gain (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 371 | (7,753) | (14,890) |
Current period other comprehensive income (loss) | (1,037) | 8,124 | 7,137 |
Ending balance | $ (666) | $ 371 | $ (7,753) |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 02, 2021 USD ($) | Sep. 07, 2021 USD ($) | Apr. 01, 2023 USD ($) acquisition | Dec. 31, 2022 USD ($) acquisition | Dec. 31, 2022 USD ($) acquisition | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 1,927,759 | $ 1,927,759 | $ 2,607,909 | $ 1,159,724 | |||
2023 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Net consideration transferred (net of cash acquired) | $ 515,509 | ||||||
Global Ceramic | 2023 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Number of businesses acquired | acquisition | 2 | ||||||
Net consideration transferred (net of cash acquired) | $ 515,509 | ||||||
Elizabeth Revestlmentos Segment | 2023 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 87,520 | ||||||
Flooring North America Segment | 2022 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Number of businesses acquired | acquisition | 2 | ||||||
Goodwill | 55,954 | $ 55,954 | |||||
Purchase agreement price | 164,475 | ||||||
Intangible assets subject to amortization | $ 19,900 | 19,900 | |||||
Flooring ROW | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 52,536 | ||||||
Purchase agreement price | 121,027 | ||||||
Intangible assets subject to amortization | 19,910 | ||||||
Flooring ROW | 2022 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Number of businesses acquired | acquisition | 3 | ||||||
Goodwill | $ 14,759 | 14,759 | |||||
Purchase agreement price | 47,964 | ||||||
Intangible assets subject to amortization | $ 3,376 | $ 3,376 | |||||
Flooring ROW | Insulation Manufacturer | |||||||
Business Acquisition [Line Items] | |||||||
Purchase agreement price | $ 66,334 | ||||||
Flooring ROW | MDF Production Plant | |||||||
Business Acquisition [Line Items] | |||||||
Purchase agreement price | $ 44,357 | ||||||
Flooring ROW | Other 2021 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 1,672 | ||||||
Intangible assets subject to amortization | $ 5,596 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,159,724 | $ 1,927,759 | $ 2,607,909 | |
2023 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Working capital | $ 95,336 | |||
Property, plant and equipment | 333,495 | |||
Long-term debt, including current portion | (26,072) | |||
Deferred tax, net | (10,088) | |||
Consideration transferred | 522,770 | |||
Less: cash acquired | (7,261) | |||
Net consideration transferred (net of cash acquired) | 515,509 | |||
2023 Acquisitions | Tradenames | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 38,539 | |||
2023 Acquisitions | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 4,040 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract liability | $ 67,956,000 | $ 72,572,000 | |
Revenue recognized related to contract liabilities | 0 | 0 | $ 0 |
Capitalized contract cost | 66,669,000 | 59,015,000 | |
Amortization of capitalized contract costs | $ 61,327,000 | $ 55,520,000 | $ 61,681,000 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 11,135,115 | $ 11,737,065 | $ 11,200,613 |
Ceramic & Stone | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 4,293,084 | 4,320,423 | 3,938,654 |
Carpet & Resilient | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,955,360 | 4,235,815 | 4,294,042 |
Laminate & Wood | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,732,614 | 1,964,486 | 1,852,766 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,154,057 | 1,216,341 | 1,115,151 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 6,040,058 | 6,490,079 | 6,181,628 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,380,980 | 3,701,648 | 3,567,902 |
Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 767,773 | 512,249 | 434,512 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 946,304 | 1,033,089 | 1,016,571 |
Operating segments | Global Ceramic | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 4,300,107 | 4,307,681 | 3,917,319 |
Operating segments | Global Ceramic | Ceramic & Stone | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 4,258,873 | 4,282,887 | 3,903,597 |
Operating segments | Global Ceramic | Carpet & Resilient | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 41,234 | 24,794 | 13,722 |
Operating segments | Global Ceramic | Laminate & Wood | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Operating segments | Global Ceramic | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Operating segments | Global Ceramic | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,320,019 | 2,403,292 | 2,193,234 |
Operating segments | Global Ceramic | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,071,649 | 1,249,953 | 1,148,868 |
Operating segments | Global Ceramic | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 730,326 | 476,612 | 421,696 |
Operating segments | Global Ceramic | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 178,113 | 177,824 | 153,521 |
Operating segments | Flooring NA | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,829,386 | 4,207,041 | 4,116,405 |
Operating segments | Flooring NA | Ceramic & Stone | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 34,211 | 37,536 | 35,057 |
Operating segments | Flooring NA | Carpet & Resilient | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,021,060 | 3,296,152 | 3,287,533 |
Operating segments | Flooring NA | Laminate & Wood | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 774,115 | 873,353 | 793,815 |
Operating segments | Flooring NA | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Operating segments | Flooring NA | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,713,311 | 4,072,952 | 3,978,146 |
Operating segments | Flooring NA | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 4,375 | 6,345 | 2,825 |
Operating segments | Flooring NA | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,776 | 4,623 | 3,663 |
Operating segments | Flooring NA | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 107,924 | 123,121 | 131,771 |
Operating segments | Flooring ROW | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,005,622 | 3,222,343 | 3,166,889 |
Operating segments | Flooring ROW | Ceramic & Stone | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 0 | 0 | 0 |
Operating segments | Flooring ROW | Carpet & Resilient | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 893,066 | 914,869 | 992,787 |
Operating segments | Flooring ROW | Laminate & Wood | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 958,499 | 1,091,133 | 1,058,951 |
Operating segments | Flooring ROW | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,154,057 | 1,216,341 | 1,115,151 |
Operating segments | Flooring ROW | United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 6,728 | 13,835 | 10,248 |
Operating segments | Flooring ROW | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,304,956 | 2,445,350 | 2,416,209 |
Operating segments | Flooring ROW | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 33,671 | 31,014 | 9,153 |
Operating segments | Flooring ROW | Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 660,267 | $ 732,144 | $ 731,279 |
Restructuring, Acquisition an_3
Restructuring, Acquisition and Integration-Related Costs - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 115,807 | $ 76,715 | |
Cost of sales: | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 103,422 | 67,621 | $ 17,899 |
Acquisition integration-related costs | 974 | 396 | 497 |
Restructuring and acquisition integration-related costs | 104,396 | 68,017 | 18,396 |
Selling, general and administrative expenses: | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 12,385 | 9,094 | 1,301 |
Acquisition transaction-related costs | 2,117 | 1,654 | 2,372 |
Acquisition integration-related costs | 12,712 | 2,992 | 1,568 |
Restructuring and acquisition integration-related costs | $ 27,214 | $ 13,740 | $ 5,241 |
Restructuring, Acquisition an_4
Restructuring, Acquisition and Integration-Related Costs - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 10,037 | $ 2,629 | |
Provision | 115,807 | 76,715 | |
Cash payments | (28,796) | (29,798) | |
Non-cash items | (84,954) | (39,509) | |
Ending balance | 12,094 | 10,037 | $ 2,629 |
Cost of sales: | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 103,422 | 67,621 | 17,899 |
Selling, general and administrative expenses | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 12,385 | 9,094 | 1,301 |
Lease Impairments | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Provision | 480 | 0 | |
Cash payments | 0 | 0 | |
Non-cash items | (480) | 0 | |
Ending balance | 0 | 0 | 0 |
Lease Impairments | Cost of sales: | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 0 | 0 | |
Lease Impairments | Selling, general and administrative expenses | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 480 | 0 | |
Asset Write- Downs (Gains on Disposals) | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Provision | 75,739 | 38,698 | |
Cash payments | 0 | 0 | |
Non-cash items | (75,739) | (38,698) | |
Ending balance | 0 | 0 | 0 |
Asset Write- Downs (Gains on Disposals) | Cost of sales: | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 75,593 | 38,698 | |
Asset Write- Downs (Gains on Disposals) | Selling, general and administrative expenses | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 146 | 0 | |
Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 10,037 | 1,634 | |
Provision | 13,028 | 16,783 | |
Cash payments | (10,155) | (8,557) | |
Non-cash items | (816) | 177 | |
Ending balance | 12,094 | 10,037 | 1,634 |
Severance | Cost of sales: | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 5,778 | 7,915 | |
Severance | Selling, general and administrative expenses | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 7,250 | 8,868 | |
Other Restructuring Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 995 | |
Provision | 26,560 | 21,234 | |
Cash payments | (18,641) | (21,241) | |
Non-cash items | (7,919) | (988) | |
Ending balance | 0 | 0 | $ 995 |
Other Restructuring Costs | Cost of sales: | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 22,051 | 21,008 | |
Other Restructuring Costs | Selling, general and administrative expenses | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 4,509 | 226 | |
Operating segments | Global Ceramic | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 25,129 | 3,365 | |
Operating segments | Global Ceramic | Lease Impairments | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 480 | 0 | |
Operating segments | Global Ceramic | Asset Write- Downs (Gains on Disposals) | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 16,106 | 0 | |
Operating segments | Global Ceramic | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 7,826 | 3,365 | |
Operating segments | Global Ceramic | Other Restructuring Costs | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 717 | 0 | |
Operating segments | Flooring NA | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 51,021 | 44,474 | |
Operating segments | Flooring NA | Lease Impairments | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 0 | 0 | |
Operating segments | Flooring NA | Asset Write- Downs (Gains on Disposals) | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 28,180 | 29,327 | |
Operating segments | Flooring NA | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 768 | 741 | |
Operating segments | Flooring NA | Other Restructuring Costs | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 22,073 | 14,406 | |
Operating segments | Flooring ROW | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 39,495 | 28,876 | |
Operating segments | Flooring ROW | Lease Impairments | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 0 | 0 | |
Operating segments | Flooring ROW | Asset Write- Downs (Gains on Disposals) | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 31,453 | 9,371 | |
Operating segments | Flooring ROW | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 4,272 | 12,677 | |
Operating segments | Flooring ROW | Other Restructuring Costs | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 3,770 | 6,828 | |
Corporate | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 162 | 0 | |
Corporate | Lease Impairments | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 0 | 0 | |
Corporate | Asset Write- Downs (Gains on Disposals) | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 0 | 0 | |
Corporate | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Provision | 162 | 0 | |
Corporate | Other Restructuring Costs | |||
Restructuring Reserve [Roll Forward] | |||
Provision | $ 0 | $ 0 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Recurring | Level 2 | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 0 | $ 158,000 |
Receivables, net - Schedule of
Receivables, net - Schedule of Net Components of Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Customers, trade | $ 1,716,309 | $ 1,699,130 |
Income tax receivable | 48,399 | 60,080 |
Other | 176,808 | 219,355 |
Receivables, gross | 1,941,516 | 1,978,565 |
Less: allowance for discounts, returns, claims and doubtful accounts | 66,860 | 73,779 |
Receivables, net | $ 1,874,656 | $ 1,904,786 |
Inventories - Schedule of Net C
Inventories - Schedule of Net Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,796,951 | $ 1,986,005 |
Work in process | 164,197 | 160,757 |
Raw materials | 590,705 | 647,003 |
Total inventories | $ 2,551,853 | $ 2,793,765 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) reportingUnit | Oct. 01, 2022 USD ($) | Dec. 31, 2023 USD ($) reportingUnit | Dec. 31, 2022 USD ($) | |
Goodwill [Line Items] | ||||
Number of reporting units | reportingUnit | 3 | |||
Impairment charges | $ 870,750 | $ 688,514 | ||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment of goodwill and indefinite-lived intangibles | |||
Tradenames | ||||
Goodwill [Line Items] | ||||
Intangible assets impaired | $ 6,994 | 7,257 | ||
Global Ceramic | ||||
Goodwill [Line Items] | ||||
Impairment charges | 870,750 | 688,514 | ||
Non-cash goodwill impairment charge , net of tax | $ 859,725 | $ 679,664 | ||
Flooring ROW | ||||
Goodwill [Line Items] | ||||
Number of reporting units | reportingUnit | 3 | |||
Flooring ROW | Tradenames | ||||
Goodwill [Line Items] | ||||
Intangible assets impaired | $ (6,994) | $ (7,257) | ||
Impairment of intangible assets net of tax | $ 5,181 | 5,939 | ||
Flooring NA | ||||
Goodwill [Line Items] | ||||
Number of reporting units | reportingUnit | 3 | |||
Flooring NA | Tradenames | ||||
Goodwill [Line Items] | ||||
Intangible assets impaired | $ (6,994) | (7,257) | ||
Impairment of intangible assets net of tax | $ 5,181 | $ 5,939 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 1,927,759 | $ 2,607,909 |
Goodwill adjustments related to acquisitions | (1,671) | (2,722) |
Goodwill recognized | 87,520 | 72,383 |
Impairment charges | (870,750) | (688,514) |
Currency translation | 16,866 | (61,297) |
Goodwill, ending balance | 1,159,724 | 1,927,759 |
Flooring ROW | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 52,536 | |
Operating segments | ||
Goodwill [Roll Forward] | ||
Accumulated impairment loss | 1,327,425 | |
Operating segments | Global Ceramic | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 339,834 | 1,031,337 |
Goodwill adjustments related to acquisitions | 0 | 0 |
Goodwill recognized | 87,520 | 0 |
Impairment charges | (424,286) | (688,514) |
Currency translation | (3,068) | (2,989) |
Goodwill, ending balance | 0 | 339,834 |
Accumulated impairment loss | 531,930 | |
Operating segments | Flooring NA | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 591,985 | 531,144 |
Goodwill adjustments related to acquisitions | (4,888) | 0 |
Goodwill recognized | 0 | 60,841 |
Impairment charges | (214,830) | 0 |
Currency translation | 0 | 0 |
Goodwill, ending balance | 372,267 | 591,985 |
Accumulated impairment loss | 343,054 | |
Operating segments | Flooring ROW | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 995,940 | 1,045,428 |
Goodwill adjustments related to acquisitions | 3,217 | (2,722) |
Goodwill recognized | 0 | 11,542 |
Impairment charges | (231,634) | 0 |
Currency translation | 19,934 | (58,308) |
Goodwill, ending balance | 787,457 | $ 995,940 |
Accumulated impairment loss | $ 452,441 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Indefinite Life Assets Not Subject to Amortization (Details) - Tradenames - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Beginning balance | $ 668,328 | $ 694,905 |
Intangible assets acquired | 38,539 | 335 |
Intangible assets impaired | (6,994) | (7,257) |
Currency translation | 5,873 | (19,655) |
Ending balance | $ 705,746 | $ 668,328 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-lived Intangible Assets [Roll Forward] | |||
Gross carrying amount | $ 949,932 | $ 924,186 | $ 943,299 |
Accumulated amortization | (780,295) | (734,566) | (738,224) |
Net Value | 169,637 | 189,620 | 205,075 |
Customer Relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Gross carrying amount | 691,498 | 673,586 | 680,177 |
Accumulated amortization | (531,003) | (493,361) | (483,748) |
Net Value | 160,495 | 180,225 | 196,429 |
Patents | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Gross carrying amount | 249,680 | 242,089 | 256,336 |
Accumulated amortization | (247,150) | (239,010) | (252,414) |
Net Value | 2,530 | 3,079 | 3,922 |
Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Gross carrying amount | 8,754 | 8,511 | 6,786 |
Accumulated amortization | (2,142) | (2,195) | (2,062) |
Net Value | $ 6,612 | $ 6,316 | $ 4,724 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 28,339 | $ 28,086 | $ 29,280 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 28,366 |
2025 | 28,154 |
2026 | 27,933 |
2027 | 20,742 |
2028 | $ 12,948 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 10,392,297 | $ 9,647,779 |
Less: accumulated depreciation | 5,399,131 | 4,986,601 |
Net property, plant and equipment | 4,993,166 | 4,661,178 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 519,224 | 466,820 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 2,105,114 | 1,851,390 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 6,788,032 | 6,310,442 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 166,778 | 162,864 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 110,134 | 107,079 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 703,015 | $ 749,184 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Capitalized interest included in property, plant and equipment | $ 23,544 | $ 16,895 | $ 9,082 |
Depreciation expense | 598,874 | 564,255 | $ 558,818 |
Finance leases | 117,350 | 82,653 | |
Finance leases, accumulated depreciation | $ 45,967 | $ 30,218 |
Long-Term Debt - Senior Credit
Long-Term Debt - Senior Credit Facility (Details) | 12 Months Ended | ||||
Aug. 12, 2022 USD ($) | Oct. 18, 2019 time | Dec. 31, 2023 USD ($) | Oct. 18, 2024 USD ($) | Dec. 31, 2022 USD ($) | |
Senior Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Extension period multiplier (in times) | time | 2 | ||||
Extension period | 1 year | ||||
Consolidated interest coverage ratio | 3 | ||||
Unamortized financing costs | $ 2,663,000 | ||||
Utilized borrowings under credit facility | $ 67,863,000 | ||||
Available amount under credit facility | 1,882,137,000 | ||||
Senior Credit Facility | Borrowings | |||||
Line of Credit Facility [Line Items] | |||||
Utilized borrowings under credit facility | 67,117,000 | ||||
Senior Credit Facility | Standby letters of credit | |||||
Line of Credit Facility [Line Items] | |||||
Utilized borrowings under credit facility | $ 746,000 | ||||
2022 Amended Senior Secured Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Consolidated interest coverage ratio | 3.50 | ||||
Maximum borrowing capacity under credit facility | $ 1,950,000,000 | ||||
Line of credit facility, maximum increase In commitment amount | $ 600,000,000 | ||||
Commitment fee (as a percent) | 0.11% | ||||
Unamortized financing costs | $ 1,879,000 | ||||
2022 Amended Senior Secured Credit Facility | Forecast | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity under credit facility | $ 1,485,000,000 | ||||
2022 Amended Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 0.10% | 1.13% | |||
2022 Amended Senior Secured Credit Facility | Federal Funds Effective Swap Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 0.50% | ||||
2022 Amended Senior Secured Credit Facility | Monthly LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 1% | 0.13% | |||
2022 Amended Senior Secured Credit Facility | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Commitment fee (as a percent) | 0.09% | ||||
2022 Amended Senior Secured Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 1% | ||||
2022 Amended Senior Secured Credit Facility | Minimum | Monthly LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 0% | ||||
2022 Amended Senior Secured Credit Facility | Minimum | Foreign Currencies Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 1% | ||||
2022 Amended Senior Secured Credit Facility | Minimum | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 0% | ||||
2022 Amended Senior Secured Credit Facility | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Commitment fee (as a percent) | 0.20% | ||||
2022 Amended Senior Secured Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 1.75% | ||||
2022 Amended Senior Secured Credit Facility | Maximum | Monthly LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 0.75% | ||||
2022 Amended Senior Secured Credit Facility | Maximum | Foreign Currencies Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 1.75% | ||||
2022 Amended Senior Secured Credit Facility | Maximum | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on debt instrument (as a percent) | 0.75% |
Long-Term Debt - Commercial Pap
Long-Term Debt - Commercial Paper (Details) - USD ($) | Jul. 31, 2015 | Feb. 28, 2014 | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 18, 2019 |
United States | Carrying Value | |||||
Line of Credit Facility [Line Items] | |||||
Commercial paper | $ 0 | $ 785,998,000 | |||
United States | Commercial Paper | |||||
Line of Credit Facility [Line Items] | |||||
Maturity period of debt | 397 days | ||||
Maximum borrowing capacity under credit facility | $ 1,950,000,000 | ||||
Europe | Carrying Value | |||||
Line of Credit Facility [Line Items] | |||||
Commercial paper | $ 0 | $ 42,808,000 | |||
Europe | Commercial Paper | |||||
Line of Credit Facility [Line Items] | |||||
Maturity period of debt | 183 days |
Long-Term Debt - Senior Notes (
Long-Term Debt - Senior Notes (Details) | 12 Months Ended | ||||||||
Sep. 18, 2023 USD ($) | Jun. 12, 2020 USD ($) | May 14, 2020 USD ($) | Jan. 31, 2013 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 01, 2022 | Jun. 12, 2020 EUR (€) | |
Debt Instrument [Line Items] | |||||||||
Payment of financing costs | $ 5,592,000 | $ 2,543,000 | $ 0 | ||||||
5.850% Senior Notes Due September 18, 2028 | Senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of debts | $ 600,000,000 | ||||||||
Interest rate (as a percent) | 5.85% | ||||||||
Payment of financing costs | $ 5,592,000 | ||||||||
1.750% Senior Notes Due June 12, 2027 | Senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of debts | € | € 500,000,000 | ||||||||
Interest rate (as a percent) | 1.75% | ||||||||
Payment of financing costs | $ 4,400,000 | ||||||||
3.625% Senior Notes Due May 15, 2030 | Senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of debts | $ 500,000,000 | ||||||||
Interest rate (as a percent) | 3.625% | ||||||||
Payment of financing costs | $ 5,476,000 | ||||||||
3.85% Senior Notes Due February 1, 2023 | Senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of debts | $ 600,000,000 | ||||||||
Interest rate (as a percent) | 3.85% | 3.85% | |||||||
Payment of financing costs | $ 6,000,000 |
Long-Term Debt - Term Loan (Det
Long-Term Debt - Term Loan (Details) - Secured debt | 12 Months Ended | ||||||
Feb. 16, 2024 EUR (€) | Aug. 12, 2022 USD ($) | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | Jan. 31, 2024 USD ($) | Oct. 03, 2022 USD ($) | Aug. 12, 2022 EUR (€) | |
Term Loan One | |||||||
Debt Instrument [Line Items] | |||||||
Securitization agreement, maximum borrowing capacity | $ 575,000,000 | ||||||
Payments of financing costs | $ 664,000 | ||||||
Term Loan Two | |||||||
Debt Instrument [Line Items] | |||||||
Securitization agreement, maximum borrowing capacity | € | € 220,000,000 | ||||||
Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 100,000,000 | ||||||
Consolidated interest coverage ratio | 3.5 | 3.5 | |||||
Term Loan | Subsequent event | |||||||
Debt Instrument [Line Items] | |||||||
Securitization agreement, maximum borrowing capacity | $ 675,000,000 | ||||||
Remaining principal outstanding | € | € 220,000,000 | ||||||
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on debt instrument (as a percent) | 0.10% | ||||||
Term Loan | Federal Funds Effective Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on debt instrument (as a percent) | 0.50% | ||||||
Term Loan | Monthly Sofr | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on debt instrument (as a percent) | 1% | ||||||
Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on debt instrument (as a percent) | 0.825% | 0.90% | |||||
Term Loan | Minimum | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on debt instrument (as a percent) | 0% | 0% | |||||
Term Loan | Minimum | Euro Interbank Offered Rate (EURIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on debt instrument (as a percent) | 0.825% | ||||||
Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on debt instrument (as a percent) | 1.50% | ||||||
Term Loan | Maximum | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on debt instrument (as a percent) | 0.50% | ||||||
Term Loan | Maximum | Euro Interbank Offered Rate (EURIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on debt instrument (as a percent) | 1.50% |
Long-Term Debt - Fair Value and
Long-Term Debt - Fair Value and Carrying Value of Debt Instruments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Less: current portion of long term-debt and commercial paper | $ 1,001,715,000 | $ 840,571,000 |
Long-term debt, less current portion | $ 2,714,518,000 | |
1.750% Senior Notes, payable June 12, 2027; interest payable annually | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate (as a percent) | 1.75% | |
3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate (as a percent) | 3.625% | |
5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate (as a percent) | 5.85% | |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance leases and other | $ 77,699,000 | 52,050,000 |
Unamortized debt issuance costs | (11,018,000) | (7,270,000) |
Total debt | 2,660,378,000 | 2,697,775,000 |
Less: current portion of long term-debt and commercial paper | 1,001,715,000 | 840,571,000 |
Long-term debt, less current portion | 1,658,663,000 | 1,857,204,000 |
Fair Value | 1.750% Senior Notes, payable June 12, 2027; interest payable annually | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 521,899,000 | 482,139,000 |
Fair Value | 3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 463,965,000 | 431,605,000 |
Fair Value | 5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 622,890,000 | 0 |
Fair Value | Senior credit facility, payable August 12, 2027 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 67,117,000 | 0 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance leases and other | 77,699,000 | 52,050,000 |
Unamortized debt issuance costs | (11,018,000) | (7,270,000) |
Total debt | 2,703,500,000 | 2,819,134,000 |
Less: current portion of long term-debt and commercial paper | 1,001,715,000 | 840,571,000 |
Long-term debt, less current portion | 1,701,785,000 | 1,978,563,000 |
Carrying Value | 1.750% Senior Notes, payable June 12, 2027; interest payable annually | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 551,876,000 | 535,103,000 |
Carrying Value | 3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 500,000,000 | 500,000,000 |
Carrying Value | 5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 600,000,000 | 0 |
Carrying Value | Senior credit facility, payable August 12, 2027 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 67,117,000 | 0 |
United States | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commercial paper | 0 | 785,998,000 |
Term loan facility | 675,000,000 | 675,000,000 |
United States | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commercial paper | 0 | 785,998,000 |
Term loan facility | 675,000,000 | 675,000,000 |
Europe | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commercial paper | 0 | 42,808,000 |
Term loan facility | 242,826,000 | 235,445,000 |
Europe | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commercial paper | 0 | 42,808,000 |
Term loan facility | $ 242,826,000 | $ 235,445,000 |
Long-Term Debt - Aggregate Matu
Long-Term Debt - Aggregate Maturities of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 1,001,926 |
2025 | 16,151 |
2026 | 13,958 |
2027 | 562,689 |
2028 | 607,575 |
Thereafter | 512,219 |
Total maturities | $ 2,714,518 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Schedule of Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Outstanding checks in excess of cash | $ 2,223 | $ 2,791 |
Accounts payable, trade | 1,038,024 | 1,094,038 |
Accrued expenses | 667,761 | 742,099 |
Product warranties | 37,574 | 38,425 |
Accrued interest | 20,052 | 8,748 |
Accrued compensation and benefits | 269,705 | 238,347 |
Total accounts payable and accrued expenses | $ 2,035,339 | $ 2,124,448 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease costs: | |||
Fixed | $ 139,672 | $ 132,037 | $ 124,781 |
Short-term | 35,607 | 36,159 | 31,849 |
Variable | 45,456 | 43,674 | 38,076 |
Sub-leases | (2,177) | (2,343) | (1,642) |
Total operating lease costs | 218,558 | 209,527 | 193,064 |
Finance lease costs: | |||
Amortization of leased assets | 15,367 | 11,108 | 9,193 |
Interest on lease liabilities | 1,962 | 816 | 772 |
Total finance lease costs | 17,329 | 11,924 | 9,965 |
Total lease costs | 235,887 | 221,451 | 203,029 |
Cost of Sales | |||
Operating lease costs: | |||
Fixed | 29,968 | 21,321 | 20,130 |
Short-term | 15,445 | 17,005 | 13,415 |
Variable | 9,717 | 7,689 | 7,949 |
Sub-leases | (697) | (691) | (529) |
Total operating lease costs | 54,433 | 45,324 | 40,965 |
Selling, general and administrative expenses | |||
Operating lease costs: | |||
Fixed | 109,704 | 110,716 | 104,651 |
Short-term | 20,162 | 19,154 | 18,434 |
Variable | 35,739 | 35,985 | 30,127 |
Sub-leases | (1,480) | (1,652) | (1,113) |
Total operating lease costs | 164,125 | 164,203 | 152,099 |
Depreciation and Amortization | |||
Finance lease costs: | |||
Amortization of leased assets | 15,367 | 11,108 | 9,193 |
Interest on lease liabilities | 0 | 0 | 0 |
Total finance lease costs | 15,367 | 11,108 | 9,193 |
Interest | |||
Finance lease costs: | |||
Amortization of leased assets | 0 | 0 | 0 |
Interest on lease liabilities | 1,962 | 816 | 772 |
Total finance lease costs | $ 1,962 | $ 816 | $ 772 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases: | ||
ROU operating lease assets | $ 428,532 | $ 387,816 |
Finance Leases: | ||
Property, plant and equipment, gross | 117,350 | 82,653 |
Accumulated depreciation | (45,967) | (30,218) |
Property, plant and equipment, net | 71,383 | 52,435 |
Total lease assets | $ 499,915 | $ 440,251 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net |
Operating Leases: | ||
Other current | $ 108,860 | $ 105,266 |
Non-current | 337,506 | 296,136 |
Total operating liabilities | 446,366 | 401,402 |
Finance Leases: | ||
Short-term debt | 16,132 | 11,765 |
Long-term debt | 55,060 | 40,285 |
Total finance liabilities | 71,192 | 52,050 |
Total lease liabilities | $ 517,558 | $ 453,452 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Less: current portion of long term-debt and commercial paper | Less: current portion of long term-debt and commercial paper |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, less current portion | Long-term debt, less current portion |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Leases | ||
2024 | $ 18,226 | |
2025 | 16,936 | |
2026 | 14,306 | |
2027 | 10,768 | |
2028 | 7,244 | |
Thereafter | 10,092 | |
Total lease payments | 77,572 | |
Less: imputed interest | 6,380 | |
Present value, Total | 71,192 | $ 52,050 |
Operating Leases | ||
2024 | 134,031 | |
2025 | 117,783 | |
2026 | 96,534 | |
2027 | 67,254 | |
2028 | 43,615 | |
Thereafter | 38,469 | |
Total lease payments | 497,686 | |
Less: imputed interest | 51,320 | |
Present value, Total | 446,366 | 401,402 |
Total | ||
2024 | 152,257 | |
2025 | 134,719 | |
2026 | 110,840 | |
2027 | 78,022 | |
2028 | 50,859 | |
Thereafter | 48,561 | |
Total lease payments | 575,258 | |
Less: imputed interest | 57,700 | |
Total lease liabilities | $ 517,558 | $ 453,452 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Amount of leases not yet commenced | $ 8,330 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Term and Discount Rate (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted Average Remaining Lease Term: | ||
Operating Leases | 4 years 8 months 12 days | 4 years 6 months |
Finance Leases | 5 years 6 months | 6 years 2 months 12 days |
Weighted Average Discount Rate: | ||
Operating Leases | 4.80% | 3.80% |
Finance Leases | 3.10% | 1.50% |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 135,249 | $ 129,895 | $ 122,886 |
Operating cash flows from finance leases | 1,962 | 816 | 772 |
Financing cash flows from finance leases | 14,574 | 10,770 | 9,289 |
ROU assets obtained in exchange for lease obligations: | |||
Operating leases | 160,836 | 119,115 | 186,605 |
Finance leases | 31,642 | 16,160 | 13,395 |
Amortization of right of use operating lease assets | $ 120,393 | $ 120,666 | $ 115,650 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 19, 2017 | May 09, 2012 | |
Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||||
Recognized stock-based compensation costs | $ 20,960 | $ 22,409 | $ 25,651 | ||
Recognized stock-based compensation costs, net of tax | 15,510 | $ 16,582 | $ 18,982 | ||
Pre-tax unrecognized compensation expense | $ 18,851 | ||||
Recognized expense over a weighted-average period, years | 1 year 6 months 25 days | ||||
2012 Long-Term Incentive Plan | |||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance (in shares) | 3,200,000 | ||||
2012 Long-Term Incentive Plan | Stock Options Plans | |||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||||
Option awards contractual term (years) | 10 years | ||||
2012 Long-Term Incentive Plan | Minimum | Stock Options Plans | |||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 3 years | ||||
2012 Long-Term Incentive Plan | Maximum | Stock Options Plans | |||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 5 years | ||||
2017 Long-Term Incentive Plan | |||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance (in shares) | 3,000 | ||||
2017 Long-Term Incentive Plan | Minimum | Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 3 years | ||||
2017 Long-Term Incentive Plan | Maximum | Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 5 years | ||||
Non-employee director | |||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | |||||
Options granted (in shares) | 3,000 | 2,000 | 3,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSUs Under the Long-Term Incentive Plans (Details) - 2007 and 2012 Incentive plan - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
RSUs outstanding, beginning balance (in shares) | 454 | 439 | 375 |
Granted (in shares) | 271 | 192 | 194 |
Released (in shares) | (193) | (134) | (105) |
Forfeited (in shares) | (45) | (43) | (25) |
RSUs outstanding, ending balance (in shares) | 487 | 454 | 439 |
Expected to vest as of December 31, 2021 (in shares) | 487 | 437 | 418 |
Weighted Average Grant Date Fair Value | |||
RSUs outstanding, beginning balance (usd per share) | $ 126.79 | ||
Granted (usd per share) | 101.42 | ||
Released (usd per share) | 132.32 | ||
Forfeited (usd per share) | 133.83 | ||
RSUs outstanding, ending balance (usd per share) | $ 109.83 | $ 126.79 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Ending balance, weighted average remaining contractual term (years) | 10 months 24 days | ||
Expected to vest, weighted average remaining contractual term (years) | 10 months 24 days | ||
Ending balance, aggregate intrinsic value | $ 50,438 | ||
Expected to vest, aggregate intrinsic value | $ 50,438 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Additional Information for RSU's Under The Long-Term Incentive Plans (Details) - 2007 and 2012 Incentive plan - Restricted Stock Units (RSUs) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
RSUs outstanding, beginning balance (in shares) | 454 | 439 | 375 |
Granted (in shares) | 271 | 192 | 194 |
Released (in shares) | (193) | (134) | (105) |
Forfeited (in shares) | (45) | (43) | (25) |
RSUs outstanding, ending balance (in shares) | 487 | 454 | 439 |
Expected to vest at end of year (in shares) | 487 | 437 | 418 |
Other Income and Expense, net -
Other Income and Expense, net - Summary of Other Expense (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Foreign currency (gains) losses, net | $ 15,671 | $ 15,429 | $ 6,298 |
Release of indemnification asset | 0 | 7,324 | 0 |
Resolution of foreign non-income tax contingencies | 0 | 0 | (6,211) |
All other, net | (26,484) | (14,367) | (12,321) |
Total other (income) expense, net | $ (10,813) | $ 8,386 | $ (12,234) |
Income Taxes - Schedule of Earn
Income Taxes - Schedule of Earnings (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (440,556) | $ (233,208) | $ 380,632 |
Foreign | 86,047 | 417,101 | 909,361 |
Earnings (loss) before income taxes | $ (354,509) | $ 183,893 | $ 1,289,993 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current income taxes: | |||
U.S. federal | $ 67,054 | $ 91,948 | $ 93,085 |
State and local | 11,851 | 11,230 | 24,904 |
Foreign | 115,903 | 106,032 | 143,385 |
Total current | 194,808 | 209,210 | 261,374 |
Deferred income taxes: | |||
U.S. federal | (50,089) | (27,756) | (2,655) |
State and local | (5,251) | 9,586 | 13,306 |
Foreign | (54,606) | (32,930) | (15,580) |
Total deferred | (109,946) | (51,100) | (4,929) |
Total income tax expense | $ 84,862 | $ 158,110 | $ 256,445 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Valuation allowance against deferred tax asset | $ 582,683 | $ 284,347 | |
Increase (decrease) in the valuation allowance | 298,336 | 47,990 | |
Net operating loss carryforwards and tax credit | 814,384 | 448,759 | |
Net operating loss carryforwards in the U.S. | 7,811 | ||
Net operating loss carryforwards in various foreign jurisdictions | 1,962,774 | ||
Gross unrecognized tax benefits | 1,304,874 | 1,230,632 | $ 1,296,523 |
Unrecognized tax benefits that would impact effective tax rate | 75,299 | ||
Interest and penalties | 26,926 | 14,801 | |
Accrued/(reversed) interest and penalties | 6,463 | $ 437 | $ 3,236 |
Expected decrease in unrecognized tax benefits within next twelve months | 22,680 | ||
SWITZERLAND | |||
Income Taxes [Line Items] | |||
Increase (decrease) in the valuation allowance | 300,000 | ||
Luxembourg | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards in various foreign jurisdictions | $ 1,206,569 | ||
Domestic tax authority | |||
Income Taxes [Line Items] | |||
Effective income tax rate (as a percent) | (5.30%) | (36.50%) | 33.80% |
Foreign tax authority | |||
Income Taxes [Line Items] | |||
Effective income tax rate (as a percent) | 71.20% | 17.50% | 14.10% |
State | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards and tax credit | $ 50,368 | ||
State deferred tax assets | |||
Income Taxes [Line Items] | |||
Valuation allowance against deferred tax asset | 37,970 | ||
Operating Loss Carryforward, Domestic | |||
Income Taxes [Line Items] | |||
Valuation allowance against deferred tax asset | 6,242 | ||
Operating Loss Carryforward, Foreign Jurisdiction | |||
Income Taxes [Line Items] | |||
Valuation allowance against deferred tax asset | $ 538,471 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory rate | $ (74,447) | $ 38,618 | $ 270,898 |
State and local income taxes, net of federal income tax benefit | 5,655 | 4,858 | 25,658 |
Foreign income taxes | (58,984) | (50,483) | (34,981) |
Change in valuation allowance | 302,825 | 44,814 | 5,947 |
Impairment of non-deductible goodwill | 183,059 | 132,497 | 0 |
Carryback rate differential | 0 | 0 | (15,743) |
Fixed asset adjustments | (6,562) | (7,289) | (7,113) |
Non-deductible expenses | 9,350 | 11,250 | 8,128 |
General business credits and incentives | (316,329) | (21,833) | (3,958) |
Global intangible low-taxed income | 215 | 7,200 | 34,400 |
Italy step-up adjustment | 0 | 0 | (22,163) |
Prior period adjustments | (5,638) | 4,510 | 1,133 |
Tax impact of restructuring | 25,428 | 0 | 0 |
Tax contingencies and audit settlements, net | 26,331 | (96) | 12,505 |
Other, net | (6,041) | (5,936) | (18,266) |
Total income tax expense | $ 84,862 | $ 158,110 | $ 256,445 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Accounts receivable | $ 26,179 | $ 15,783 |
Inventories | 54,590 | 53,088 |
Employee benefits | 49,671 | 47,089 |
Accrued expenses and other | 123,968 | 95,682 |
Deductible state tax and interest benefit | 12,256 | 7,584 |
Intangibles | 122,621 | 122,710 |
Lease liabilities | 100,389 | 108,596 |
Interest expense | 44,153 | 10,749 |
Federal, foreign and state net operating losses and credits | 814,384 | 448,759 |
Gross deferred tax assets | 1,348,211 | 910,040 |
Valuation allowance | (582,683) | (284,347) |
Net deferred tax assets | 765,528 | 625,693 |
Deferred tax liabilities: | ||
Inventories | (18,260) | (17,415) |
Plant and equipment | (477,074) | (463,810) |
Intangibles | (181,433) | (175,788) |
Right of use operating lease assets | (93,801) | (102,959) |
Prepaids | (52,528) | (47,079) |
Other liabilities | (75,770) | (58,799) |
Gross deferred tax liabilities | (898,866) | (865,850) |
Net deferred tax liability | $ (133,338) | $ (240,157) |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Balance as of January 1 | $ 1,230,632 | $ 1,296,523 |
Additions based on tax positions related to the current year | 4,139 | 1,439 |
Additions for tax positions of acquired companies | 11,728 | 0 |
Additions for tax positions of prior years | 21,744 | 4,678 |
Reductions resulting from the lapse of the statute of limitations | (422) | (3,419) |
Settlements with taxing authorities | (873) | 0 |
Effects of foreign currency translation | 37,926 | (68,589) |
Balance as of December 31 | $ 1,304,874 | $ 1,230,632 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Standby letters of credit related to various insurance contracts and foreign vendor commitments - Senior Secured Credit Facility - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments And Contingencies [Line Items] | ||
Standby letters of credit for various insurance contracts and commitments to foreign vendors | $ 746 | $ 19,614 |
Maximum | ||
Commitments And Contingencies [Line Items] | ||
Expiration period for standby letters of credit | 2 years |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows Information - Schedule of Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net cash paid during the years for: | |||
Interest | $ 86,426 | $ 75,199 | $ 75,514 |
Income taxes | 187,012 | 248,693 | 323,718 |
Supplemental schedule of non-cash investing and financing activities: | |||
Unpaid property plant and equipment in accounts payable and accrued expenses | 81,138 | 118,701 | 117,084 |
Fair value of net assets acquired in acquisition | 677,057 | 243,934 | 176,924 |
Liabilities assumed in acquisition | (161,651) | (34,332) | (52,955) |
Fair value of net assets acquired | $ 515,406 | $ 209,602 | $ 123,969 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reporting segments (in segments) | segment | 3 | ||
Assets | $ 13,559,869 | $ 14,120,432 | $ 14,224,517 |
Net sales | 11,135,115 | 11,737,065 | 11,200,613 |
Long-lived assets | 5,421,698 | 5,048,994 | 5,026,832 |
Operating income (loss) | (287,808) | 244,217 | 1,335,011 |
Depreciation and amortization | 630,327 | 595,464 | 591,711 |
Capital expenditures (excluding acquisitions) | 612,929 | 580,742 | 676,120 |
Ceramic & Stone | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,293,084 | 4,320,423 | 3,938,654 |
Carpet & Resilient | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,955,360 | 4,235,815 | 4,294,042 |
Laminate & Wood | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,732,614 | 1,964,486 | 1,852,766 |
Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,154,057 | 1,216,341 | 1,115,151 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 6,040,058 | 6,490,079 | 6,181,628 |
Long-lived assets | 2,312,850 | 2,317,409 | 2,309,575 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,380,980 | 3,701,648 | 3,567,902 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Net sales | 767,773 | 512,249 | 434,512 |
Belgium | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 980,855 | 961,086 | 976,311 |
Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 946,304 | 1,033,089 | 1,016,571 |
Long-lived assets | 2,127,993 | 1,770,499 | 1,740,946 |
Operating segments | Global Ceramic | |||
Segment Reporting Information [Line Items] | |||
Assets | 4,988,347 | 4,841,310 | 5,160,776 |
Net sales | 4,300,107 | 4,307,681 | 3,917,319 |
Operating income (loss) | (166,448) | (236,066) | 403,135 |
Depreciation and amortization | 213,113 | 198,866 | 210,634 |
Capital expenditures (excluding acquisitions) | 249,033 | 154,266 | 167,224 |
Operating segments | Global Ceramic | Ceramic & Stone | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,258,873 | 4,282,887 | 3,903,597 |
Operating segments | Global Ceramic | Carpet & Resilient | |||
Segment Reporting Information [Line Items] | |||
Net sales | 41,234 | 24,794 | 13,722 |
Operating segments | Global Ceramic | Laminate & Wood | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 0 |
Operating segments | Global Ceramic | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 0 |
Operating segments | Global Ceramic | Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,071,649 | 1,249,953 | 1,148,868 |
Operating segments | Flooring NA | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,909,943 | 4,299,360 | 4,125,960 |
Net sales | 3,829,386 | 4,207,041 | 4,116,405 |
Operating income (loss) | (57,182) | 231,076 | 407,577 |
Depreciation and amortization | 221,064 | 231,279 | 211,872 |
Capital expenditures (excluding acquisitions) | 193,948 | 231,068 | 327,691 |
Operating segments | Flooring NA | Ceramic & Stone | |||
Segment Reporting Information [Line Items] | |||
Net sales | 34,211 | 37,536 | 35,057 |
Operating segments | Flooring NA | Carpet & Resilient | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,021,060 | 3,296,152 | 3,287,533 |
Operating segments | Flooring NA | Laminate & Wood | |||
Segment Reporting Information [Line Items] | |||
Net sales | 774,115 | 873,353 | 793,815 |
Operating segments | Flooring NA | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 0 |
Operating segments | Flooring NA | Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,375 | 6,345 | 2,825 |
Operating segments | Flooring ROW | |||
Segment Reporting Information [Line Items] | |||
Assets | 4,051,647 | 4,275,519 | 4,361,741 |
Net sales | 3,005,622 | 3,222,343 | 3,166,889 |
Operating income (loss) | 69,727 | 340,167 | 571,126 |
Depreciation and amortization | 187,464 | 156,041 | 156,700 |
Capital expenditures (excluding acquisitions) | 156,767 | 178,313 | 164,318 |
Operating segments | Flooring ROW | Ceramic & Stone | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 0 | 0 |
Operating segments | Flooring ROW | Carpet & Resilient | |||
Segment Reporting Information [Line Items] | |||
Net sales | 893,066 | 914,869 | 992,787 |
Operating segments | Flooring ROW | Laminate & Wood | |||
Segment Reporting Information [Line Items] | |||
Net sales | 958,499 | 1,091,133 | 1,058,951 |
Operating segments | Flooring ROW | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,154,057 | 1,216,341 | 1,115,151 |
Operating segments | Flooring ROW | Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,304,956 | 2,445,350 | 2,416,209 |
Corporate and intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Assets | 609,932 | 704,243 | 576,040 |
Operating income (loss) | (133,905) | (90,960) | (46,827) |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 8,686 | 9,278 | 12,505 |
Capital expenditures (excluding acquisitions) | $ 13,181 | $ 17,095 | $ 16,887 |
Subsequent Event (Details)
Subsequent Event (Details) - Secured debt - Term Loan - Subsequent event € in Millions, $ in Millions | Feb. 16, 2024 EUR (€) | Jan. 31, 2024 USD ($) |
Subsequent Event [Line Items] | ||
Securitization agreement, maximum borrowing capacity | $ | $ 675 | |
Remaining principal outstanding | € | € 220 |