QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
x | Accelerated filer | ¨ | ||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page No | ||||||||
Part I. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
July 2, 2022 | December 31, 2021 | ||||||||||
(In thousands, except per share data) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | ||||||||||
Short-term investments | |||||||||||
Receivables, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment | |||||||||||
Less: accumulated depreciation | |||||||||||
Property, plant and equipment, net | |||||||||||
Right of use operating lease assets | |||||||||||
Goodwill | |||||||||||
Tradenames | |||||||||||
Other intangible assets subject to amortization, net | |||||||||||
Deferred income taxes and other non-current assets | |||||||||||
Total assets | $ |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt and current portion of long-term debt | $ | ||||||||||
Accounts payable and accrued expenses | |||||||||||
Current operating lease liabilities | |||||||||||
Total current liabilities | |||||||||||
Deferred income taxes | |||||||||||
Long-term debt, less current portion | |||||||||||
Non-current operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 17) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Less: treasury stock at cost; | |||||||||||
Total Mohawk Industries, Inc. stockholders’ equity | |||||||||||
Nonredeemable noncontrolling interests | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Net sales | $ | ||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other income, net | ( | ( | ( | ( | |||||||||||||||||||
Earnings before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net earnings including noncontrolling interests | |||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | |||||||||||||||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | ||||||||||||||||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | |||||||||||||||||||||||
Basic earnings per share attributable to Mohawk Industries, Inc. | $ | ||||||||||||||||||||||
Weighted-average common shares outstanding—basic | |||||||||||||||||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | |||||||||||||||||||||||
Diluted earnings per share attributable to Mohawk Industries, Inc. | $ | ||||||||||||||||||||||
Weighted-average common shares outstanding—diluted |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net earnings including noncontrolling interests | $ | ||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial gain, net of tax | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | ( | ||||||||||||||||||||||
Comprehensive income attributable to Mohawk Industries, Inc. | $ |
Six Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings including noncontrolling interests | $ | ||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Restructuring | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Loss on disposal of property, plant and equipment | |||||||||||
Stock-based compensation expense | |||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||||
Receivables, net | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable and accrued expenses | |||||||||||
Other assets and prepaid expenses | ( | ( | |||||||||
Other liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Additions to property, plant and equipment | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Purchases of short-term investments | ( | ( | |||||||||
Redemption of short-term investments | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Payments on commercial paper | ( | ( | |||||||||
Proceeds from commercial paper | |||||||||||
Net payments of other financing activities | ( | ( | |||||||||
Purchase of Mohawk common stock | ( | ( | |||||||||
Change in outstanding checks in excess of cash | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Net change in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | ||||||||||
July 2, 2022 | Global Ceramic Segment | Flooring NA Segment | Flooring ROW Segment | Total | |||||||||||||||||||
Geographical Markets | |||||||||||||||||||||||
United States | $ | ||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Russia | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
Product Categories | |||||||||||||||||||||||
Ceramic & Stone | $ | ||||||||||||||||||||||
Carpet & Resilient | |||||||||||||||||||||||
Laminate & Wood | |||||||||||||||||||||||
Other(1) | |||||||||||||||||||||||
$ |
July 3, 2021 | Global Ceramic Segment | Flooring NA Segment | Flooring ROW Segment | Total | |||||||||||||||||||
Geographical Markets | |||||||||||||||||||||||
United States | $ | ||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Russia | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
Product Categories | |||||||||||||||||||||||
Ceramic & Stone | $ | ||||||||||||||||||||||
Carpet & Resilient | |||||||||||||||||||||||
Laminate & Wood | |||||||||||||||||||||||
Other(1) | |||||||||||||||||||||||
$ |
July 2, 2022 | Global Ceramic Segment | Flooring NA Segment | Flooring ROW Segment | Total | |||||||||||||||||||
Geographical Markets | |||||||||||||||||||||||
United States | $ | ||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Russia | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
Product Categories | |||||||||||||||||||||||
Ceramic & Stone | $ | ||||||||||||||||||||||
Carpet & Resilient | |||||||||||||||||||||||
Laminate & Wood | |||||||||||||||||||||||
Other (1) | |||||||||||||||||||||||
$ |
July 3, 2021 | Global Ceramic Segment | Flooring NA Segment | Flooring ROW Segment | Total | |||||||||||||||||||
Geographical Markets | |||||||||||||||||||||||
United States | $ | ||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Russia | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
Product Categories | |||||||||||||||||||||||
Ceramic & Stone | $ | ||||||||||||||||||||||
Carpet & Resilient | |||||||||||||||||||||||
Laminate & Wood | |||||||||||||||||||||||
Other (1) | |||||||||||||||||||||||
$ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 2 2022 | July 3 2021 | July 2 2022 | July 3 2021 | ||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Restructuring costs | $ | ||||||||||||||||||||||
Acquisition integration-related costs | |||||||||||||||||||||||
Restructuring and acquisition integration-related costs | $ | ||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Restructuring costs | $ | ||||||||||||||||||||||
Acquisition transaction-related costs | |||||||||||||||||||||||
Acquisition integration-related costs | |||||||||||||||||||||||
Restructuring, acquisition transaction and integration-related costs | $ |
Asset write-downs (gains on disposals) | Severance | Other restructuring costs | Total | ||||||||||||||||||||
Balances as of April 2, 2022 | $ | ||||||||||||||||||||||
Restructuring costs | |||||||||||||||||||||||
Flooring NA Segment | ( | ( | ( | ||||||||||||||||||||
Flooring ROW Segment | |||||||||||||||||||||||
Total restructuring costs | ( | ||||||||||||||||||||||
Cash payments | ( | ( | ( | ||||||||||||||||||||
Non-cash items | ( | ||||||||||||||||||||||
Balances as of July 2, 2022 | $ | ||||||||||||||||||||||
Restructuring costs recorded in: | |||||||||||||||||||||||
Cost of sales | $ | ( | |||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Total restructuring costs | $ | ( |
Asset write-downs (gains on disposals) | Severance | Other restructuring costs | Total | ||||||||||||||||||||
Balances as of December 31, 2021 | $ | ||||||||||||||||||||||
Restructuring costs | |||||||||||||||||||||||
Flooring NA Segment | ( | ( | ( | ||||||||||||||||||||
Flooring ROW Segment | |||||||||||||||||||||||
Total restructuring costs | ( | ||||||||||||||||||||||
Cash payments | ( | ( | ( | ||||||||||||||||||||
Non-cash items | ( | ( | ( | ||||||||||||||||||||
Balances as of July 2, 2022 | $ | ||||||||||||||||||||||
Restructuring costs recorded in: | |||||||||||||||||||||||
Cost of sales | $ | ( | |||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Total restructuring costs | $ | ( |
Fair Value | |||||||||||
July 2, 2022 | December 31, 2021 | ||||||||||
Short-term investments: | |||||||||||
Commercial paper (Level 2) | $ |
At July 2, 2022 | At December 31, 2021 | ||||||||||
Customers, trade | $ | ||||||||||
Income tax receivable | |||||||||||
Other | |||||||||||
Less: allowance for discounts, claims and doubtful accounts | |||||||||||
Receivables, net | $ |
At July 2, 2022 | At December 31, 2021 | ||||||||||
Finished goods | $ | ||||||||||
Work in process | |||||||||||
Raw materials | |||||||||||
Total inventories | $ |
Global Ceramic Segment | Flooring NA Segment | Flooring ROW Segment | Total | ||||||||||||||||||||
Balance as of December 31, 2021 | |||||||||||||||||||||||
Goodwill | $ | ||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ( | |||||||||||||||||||
Goodwill adjustments related to acquisitions | ( | ( | |||||||||||||||||||||
Currency translation during the period | ( | ( | |||||||||||||||||||||
Balance as of July 2, 2022 | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ( | |||||||||||||||||||
Balance as of July 2, 2022, net | $ |
Tradenames | |||||
Balance as of December 31, 2021 | $ | ||||
Currency translation during the period | ( | ||||
Balance as of July 2, 2022 | $ |
Gross carrying amounts: | Customer relationships | Patents | Other | Total | |||||||||||||||||||
Balance as of December 31, 2021 | $ | ||||||||||||||||||||||
Adjustments related to acquisitions | ( | ( | |||||||||||||||||||||
Currency translation during the period | ( | ( | ( | ( | |||||||||||||||||||
Balance as of July 2, 2022 | $ | ||||||||||||||||||||||
Accumulated amortization: | Customer relationships | Patents | Other | Total | |||||||||||||||||||
Balance as of December 31, 2021 | $ | ||||||||||||||||||||||
Amortization during the period | |||||||||||||||||||||||
Currency translation during the period | ( | ( | ( | ( | |||||||||||||||||||
Balance as of July 2, 2022 | $ | ||||||||||||||||||||||
Intangible assets subject to amortization, net as of July 2, 2022 | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | ||||||||||||||||||||
Amortization expense | $ |
At July 2, 2022 | At December 31, 2021 | ||||||||||
Outstanding checks in excess of cash | $ | ||||||||||
Accounts payable, trade | |||||||||||
Accrued expenses | |||||||||||
Product warranties | |||||||||||
Accrued interest | |||||||||||
Accrued compensation and benefits | |||||||||||
Total accounts payable and accrued expenses | $ |
Foreign currency translation adjustments | Prior pension and post-retirement benefit service cost and actuarial gain (loss) | Total | |||||||||||||||
Balance as of December 31, 2021 | $ | ( | ( | ( | |||||||||||||
Current period other comprehensive income (loss) | ( | ( | |||||||||||||||
Balance as of July 2, 2022 | $ | ( | ( | ( |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | ||||||||||||||||||||
Foreign currency losses (gains), net | $ | ( | ( | ||||||||||||||||||||
Resolution of foreign non-income tax contingencies | ( | ( | |||||||||||||||||||||
Release of indemnification asset | |||||||||||||||||||||||
All other, net | ( | ( | ( | ( | |||||||||||||||||||
Total other expense (income), net | $ | ( | ( | ( | ( |
Total Stockholders’ Equity | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Nonredeemable Noncontrolling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
April 2, 2022 | $ | $ | $ | ($ | ( | ($ | $ | $ | |||||||||||||||||||||
Shares issued under employee and director stock plans | — | ( | — | — | — | — | |||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||
Repurchases of common stock | ( | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||
Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Currency translation adjustment on noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase of noncontrolling interest, net of taxes | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial gain | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||
July 2, 2022 | $ | $ | $ | ($ | ( | ($ | $ | $ |
Total Stockholders’ Equity | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Nonredeemable Noncontrolling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
April 3, 2021 | $ | $ | $ | ($ | ( | ($ | $ | $ | |||||||||||||||||||||
Shares issued under employee and director stock plans | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||
Repurchases of common stock | ( | ( | — | ( | — | — | — | — | ( | ||||||||||||||||||||
Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Currency translation adjustment on noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial gain | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||
July 3, 2021 | $ | $ | $ | ($ | ( | ($ | $ | $ |
Total Stockholders’ Equity | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
December 31, 2021 | $ | $ | $ | ($ | ( | ($ | $ | $ | |||||||||||||||||||||
Shares issued under employee and director stock plans | ( | — | — | — | ( | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||
Repurchases of common stock | ( | ( | — | ( | — | — | — | — | ( | ||||||||||||||||||||
Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Currency translation adjustment on noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase of noncontrolling interest, net of taxes | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||
Currency translation adjustment | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial gain | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||
July 2, 2022 | $ | $ | $ | ($ | ( | ($ | $ | $ |
Total Stockholders’ Equity | |||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
December 31, 2020 | $ | $ | $ | ($ | ( | ($ | $ | $ | |||||||||||||||||||||
Shares issued under employee and director stock plans | ( | — | — | — | ( | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||
Repurchases of common stock | ( | ( | — | ( | — | — | — | — | ( | ||||||||||||||||||||
Net earnings attributable to noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Currency translation adjustment on noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||
Currency translation adjustment | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||
Prior pension and post-retirement benefit service cost and actuarial gain | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||
July 3, 2021 | $ | $ | $ | ($ | ( | ($ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | ||||||||||||||||||||
Net earnings attributable to Mohawk Industries, Inc. | $ | ||||||||||||||||||||||
Weighted-average common shares outstanding-basic and diluted: | |||||||||||||||||||||||
Weighted-average common shares outstanding—basic | |||||||||||||||||||||||
Add weighted-average dilutive potential common shares—options to purchase common shares and RSUs, net | |||||||||||||||||||||||
Weighted-average common shares outstanding-diluted | |||||||||||||||||||||||
Earnings per share attributable to Mohawk Industries, Inc. | |||||||||||||||||||||||
Basic | $ | ||||||||||||||||||||||
Diluted | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Global Ceramic Segment | $ | ||||||||||||||||||||||
Flooring NA Segment | |||||||||||||||||||||||
Flooring ROW Segment | |||||||||||||||||||||||
Total | $ | ||||||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
Global Ceramic Segment | $ | ||||||||||||||||||||||
Flooring NA Segment | |||||||||||||||||||||||
Flooring ROW Segment | |||||||||||||||||||||||
Corporate and intersegment eliminations | ( | ( | ( | ( | |||||||||||||||||||
Total | $ |
At July 2, 2022 | At December 31, 2021 | ||||||||||
Assets: | |||||||||||
Global Ceramic Segment | $ | ||||||||||
Flooring NA Segment | |||||||||||
Flooring ROW Segment | |||||||||||
Corporate and intersegment eliminations | |||||||||||
Total | $ |
At July 2, 2022 | At December 31, 2021 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||
$ | |||||||||||||||||||||||
U.S. commercial paper | |||||||||||||||||||||||
European commercial paper | |||||||||||||||||||||||
Finance leases and other | |||||||||||||||||||||||
Unamortized debt issuance costs | ( | ( | ( | ( | |||||||||||||||||||
Total debt | |||||||||||||||||||||||
Less current portion of long term-debt and commercial paper | |||||||||||||||||||||||
Long-term debt, less current portion | $ |
Six Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
Net cash paid during the periods for: | |||||||||||
Interest | $ | ||||||||||
Income taxes | $ | ||||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Unpaid property plant and equipment in accounts payable and accrued expenses | $ | ||||||||||
Fair value of assets acquired/adjusted in acquisitions | $ | ( | |||||||||
Liabilities assumed/adjusted in acquisitions | ( | ( | |||||||||
$ | ( | ||||||||||
Right of use assets obtained in exchange for lease obligations: | |||||||||||
Operating leases | $ | ||||||||||
Finance leases | $ | ||||||||||
Period | Total Number of Shares Purchased in Millions | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan in Millions | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan in Millions | ||||||||||
April 3 through May 7, 2022 | 0.0 | $ | — | 0.0 | $ | 230.2 | ||||||||
May 8 through June 4, 2022 | 0.0 | $ | — | 0.0 | $ | 230.2 | ||||||||
June 5 through July 2, 2022 | 0.0 | $ | 119.83 | 0.0 | $ | 229.6 | ||||||||
Total | 0.0 | $ | 119.83 | 0.0 |
No. | Description | |||||||
3.1 | Restated Certificate of Incorporation of Mohawk, as amended. (Incorporated herein by reference to Exhibit 3.1 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1998.) | |||||||
3.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
95.1 | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Interactive Data File |
MOHAWK INDUSTRIES, INC. | ||||||||||||||
(Registrant) | ||||||||||||||
Dated: | July 29, 2022 | By: | /s/ Jeffrey S. Lorberbaum | |||||||||||
JEFFREY S. LORBERBAUM | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
(principal executive officer) | ||||||||||||||
Dated: | July 29, 2022 | By: | /s/ James F. Brunk | |||||||||||
JAMES F. BRUNK | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(principal financial officer) |
1 | I have reviewed this quarterly report on Form 10-Q of Mohawk Industries, Inc.; | |||||||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4 | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
5 | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |||||||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Jeffrey S. Lorberbaum | ||
Jeffrey S. Lorberbaum | ||
Chairman and Chief Executive Officer |
1 | I have reviewed this quarterly report on Form 10-Q of Mohawk Industries, Inc.; | |||||||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4 | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
5 | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |||||||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ James F. Brunk | ||
James F. Brunk | ||
Chief Financial Officer |
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||||
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Jeffrey S. Lorberbaum | ||
Jeffrey S. Lorberbaum | ||
Chairman and Chief Executive Officer |
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||||
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ James F. Brunk | ||
James F. Brunk | ||
Chief Financial Officer |
Mine (Federal Mine Safety and Health Administration (MSHA) ID) | Total # of Significant & Substantial violations under §104(a) | Total # of orders under §104(b) | Total # of unwarrantable failure citations and orders under §104(d) | Total # of violations under §110(b)(2) | Total # of orders under §107(a) | Total dollar value of proposed assessments from MSHA ($ in thousands) | Total # of mining related fatalities | Received Notice of Pattern of Violations under §104(e) (yes/no)? | Received Notice of Potential to have Pattern under §104(e) (yes/no)? | Total # of Legal Actions Pending with the Mine Safety and Health Review Commission as of the Last Day of Period | Legal Actions Initiated or Resolved During Period | ||||||||||||||||||||||||
TP Claims 1&2/Rosa Blanca (4100867) | — | — | — | — | — | — | — | No | No | — | — | ||||||||||||||||||||||||
Allamore Mill (4100869) | — | — | — | — | — | — | — | No | No | — | — | ||||||||||||||||||||||||
Wild Horse Plant (4101527) | — | — | — | — | — | — | — | No | No | — | — |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jul. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
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) | 70,878,000 | 72,952,000 |
Common stock, shares outstanding (in shares) | 70,878,000 | 72,952,000 |
Treasury stock, shares (in shares) | 7,341,000 | 7,343,000 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net earnings including noncontrolling interests | $ 280,510 | $ 336,453 | $ 525,944 | $ 573,264 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 34,065 | 73,895 | (48,382) | (86,759) |
Prior pension and post-retirement benefit service cost and actuarial gain, net of tax | 70 | 111 | 607 | 208 |
Other comprehensive income (loss) | 34,135 | 74,006 | (47,775) | (86,551) |
Comprehensive income | 314,645 | 410,459 | 478,169 | 486,713 |
Comprehensive income (loss) attributable to noncontrolling interests | 613 | 225 | 455 | (19) |
Comprehensive income attributable to Mohawk Industries, Inc. | $ 314,032 | $ 410,234 | $ 477,714 | $ 486,732 |
General |
6 Months Ended |
---|---|
Jul. 02, 2022 | |
Accounting Policies [Abstract] | |
General | General Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms “we,” “our,” “us,” “Mohawk,” or “the Company” as used in this Form 10-Q refer to Mohawk Industries, Inc. Interim Reporting The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the consolidated financial statements and notes thereto, and the Company’s description of critical accounting policies, included in the Company’s 2021 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Results for interim periods are not necessarily indicative of the results for the year. Hedges of Net Investments in Non-U.S. Operations The Company has numerous investments outside the United States. The net assets of these subsidiaries are exposed to changes and volatility in currency exchange rates. The Company has in the past and might in the future use foreign currency denominated debt to hedge its non-U.S. net investments against adverse movements in exchange rates. In periods when the Company uses foreign currency denominated debt to hedge its non-U.S. net investments, the gains and losses on the Company’s net investments in its non-U.S. operations are economically offset by losses and gains on its foreign currency borrowings. Changes in the U.S. dollar value of the Company’s euro denominated debt are recorded in the foreign currency translation adjustment component of accumulated other comprehensive income or (loss). In June 2015, the Company designated its €500,000 2.00% Senior Notes borrowing as a net investment hedge of a portion of its European operations. On October 19, 2021, the Company redeemed at par the 2.00% Senior Notes, originally due on January 14, 2022, and paid the remaining €500,000 outstanding principal of the 2.00% Senior Notes, plus any unpaid interest, utilizing cash on hand. In connection with this repayment, the Company dedesignated its €500,000 2.00% Senior Notes borrowing as a net investment hedge of a portion of its European operations. For the six months ended July 3, 2021, the change in the U.S. dollar value of the Company’s euro denominated debt was a decrease of $21,816 ($16,691 net of taxes). Recent Accounting Pronouncements 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.
|
Acquisitions |
6 Months Ended |
---|---|
Jul. 02, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions 2021 Acquisitions During the first quarter of 2021, the Company made acquisitions in the Flooring Rest of the World segment for $6,338.
|
Revenue from Contracts with Customers |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 condensed consolidating balance sheets. The Company had contract liabilities of $70,089 and $65,744 as of July 2, 2022 and December 31, 2021, 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 three and six months ended July 2, 2022 and July 3, 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 condensed consolidated balance sheets. Capitalized costs to obtain contracts were $58,451 and $49,644 as of July 2, 2022 and December 31, 2021, respectively. Straight-line amortization expense recognized during the six months ended July 2, 2022 and July 3, 2021 related to these capitalized costs were $24,876 and $30,196, respectively. Revenue Disaggregation The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories for the three months ended July 2, 2022 and July 3, 2021:
(1) Other includes roofing elements, insulation boards, chipboards and IP contracts. The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories for the six months ended July 2, 2022 and July 3, 2021:
(1) Other includes roofing elements, insulation boards, chipboards and IP contracts.
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Restructuring, Acquisition and Integration-Related Costs |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 transaction and integration-related costs consisted of the following during the three and six months ended July 2, 2022 and July 3, 2021:
The restructuring activity for the three months ended July 2, 2022 is as follows:
The restructuring activity for the six months ended July 2, 2022 is as follows:
The Company expects the remaining severance and other restructuring costs to be paid over the next 12 months.
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Fair Value |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 July 2, 2022 and December 31, 2021:
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Receivables, net |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, net | Receivables, net Receivables, net are as follows:
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Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The components of inventories are as follows:
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Goodwill and Intangible Assets |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The components of goodwill and other intangible assets are as follows: Goodwill:
Intangible assets not subject to amortization:
Intangible assets subject to amortization:
|
Accounts Payable and Accrued Expenses |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses are as follows:
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Accumulated Other Comprehensive Income (Loss) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the six months ended July 2, 2022 are as follows:
The following tables reflect the changes in stockholders’ equity for the three months ended July 2, 2022 and July 3, 2021 (in thousands).
The following tables reflect the changes in stockholders’ equity for the six months ended July 2, 2022 and July 3, 2021 (in thousands).
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Stock-Based Compensation |
6 Months Ended |
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Jul. 02, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based CompensationThe Company recognizes compensation expense for all share-based payments granted based on the grant-date fair value estimated in accordance with the provisions of ASC 718-10. Compensation expense is recognized on a straight-line basis over the awards’ estimated lives for fixed awards with ratable vesting provisions.The Company granted no restricted stock units (“RSUs”) for the three months ended July 2, 2022. The Company granted 189 restricted stock units (“RSUs”) at a weighted average grant-date fair value of $137.99 per unit for the six months ended July 2, 2022. The Company granted no RSUs for the three months ended July 3, 2021. The Company granted 173 RSUs at a weighted average grant-date fair value of $175.12 per unit for the six months ended July 3, 2021. The Company recognized stock-based compensation costs related to the issuance of RSUs of $5,655 ($4,184 net of taxes) and $6,018 ($4,453 net of taxes) for the three months ended July 2, 2022 and July 3, 2021, respectively, which has been allocated to cost of sales and selling, general and administrative expenses. The Company recognized stock-based compensation costs related to the issuance of RSUs of $11,309 ($8,369 net of taxes) and $11,986 ($8,870 net of taxes) for the six months ended July 2, 2022 and July 3, 2021, respectively, which has been allocated to cost of sales and selling, general and administrative expenses. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $30,247 as of July 2, 2022, and will be recognized as expense over a weighted-average period of approximately 1.94 years. |
Other Expense (Income), net |
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expense (Income), net | Other Expense (Income), net Other expense (income), net is as follows:
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Income Taxes |
6 Months Ended |
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Jul. 02, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three months ended July 2, 2022, the Company recorded income tax expense of $78,176 on earnings before income taxes of $358,686 for an effective tax rate of 21.8%, as compared to an income tax expense of $64,245 on earnings before income taxes of $400,698, for an effective tax rate of 16.0% for the three months ended July 3, 2021. For the six months ended July 2, 2022, the Company recorded income tax expense of $139,624 on earnings before income taxes of $665,568 for an effective tax rate of 21.0%, as compared to income tax expense of $131,935 on earnings before income taxes of $705,199, for an effective tax rate of 18.7% for the six months ended July 3, 2021. The difference in the effective tax rates for the comparative periods was impacted by the Company’s geographic dispersion of profits and losses for the respective periods, lower U.S. tax on foreign earnings, a one-time Italian tax planning election allowing for the realignment of tax asset values in the quarter ended July 3, 2021, and an Italian benefit associated with a release of an uncertain tax liability for the six months ended July 2, 2022. |
Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the six months ended July 2, 2022 are as follows:
The following tables reflect the changes in stockholders’ equity for the three months ended July 2, 2022 and July 3, 2021 (in thousands).
The following tables reflect the changes in stockholders’ equity for the six months ended July 2, 2022 and July 3, 2021 (in thousands).
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per common share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per common share assumes the exercise of outstanding stock options and the vesting of RSUs using the treasury stock method when the effects of such assumptions are dilutive. A reconciliation of net earnings attributable to Mohawk Industries, Inc. and weighted-average common shares outstanding for purposes of calculating basic and diluted earnings per share is as follows:
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company has three reporting segments: the Global Ceramic Segment, the Flooring North America (“Flooring NA”) Segment and the Flooring Rest of the World (“Flooring ROW”) Segment. The Global Ceramic Segment 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, South America and Russia 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. The Flooring NA Segment designs, manufactures, sources and markets its floor covering product lines, including carpets, rugs, carpet pad, laminate, resilient (includes sheet vinyl and luxury vinyl tile (“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. The Flooring ROW Segment designs, manufactures, sources, licenses and markets laminate, sheet vinyl, LVT, wood flooring, roofing panels, insulation boards, medium-density fiberboard (“MDF”), chipboards and other wood products, which it distributes primarily in Europe, Australia, New Zealand and Russia 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. Segment information is as follows:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is involved in various lawsuits, claims, investigations and other legal matters from time to time in the regular course of its business. 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 September 2016, the Water Works and Sewer Board of the City of Gadsden, Alabama (the “Gadsden Water Board”) filed an individual complaint in the Circuit Court of Etowah County, Alabama against certain manufacturers, suppliers, and users of chemicals containing specific PFCs, including the Company. In May 2017, the Water Works and Sewer Board of the Town of Centre, Alabama (the “Centre Water Board”) filed a similar complaint in the Circuit Court of Cherokee County, Alabama. The Gadsden Water Board and the Centre Water Board both seek monetary damages and injunctive relief claiming that their water supplies contain excessive amounts of PFCs. Certain defendants, including the Company, filed dispositive motions in each case arguing that the Alabama state courts lack personal jurisdiction over them. These motions were denied. In June and September 2018, certain defendants, including the Company, petitioned the Alabama Supreme Court for Writs of Mandamus directing each lower court to enter an order granting the defendants’ dispositive motions on personal jurisdiction grounds. The Alabama Supreme Court denied the petitions on December 20, 2019. Certain defendants, including the Company, filed an Application for Rehearing with the Alabama Supreme Court asking the court to reconsider its December 2019 decision. The Alabama Supreme Court denied the application for rehearing. On August 21, 2020, certain defendants, including the Company, petitioned the Supreme Court of the United States for review of the matter. On January 19, 2021, the Supreme Court denied the defendants’ petition for review. In December 2019, the City of Rome, Georgia (“Rome”) filed a complaint in the Superior Court of Floyd County, Georgia that is similar to the Gadsden Water Board and Centre Water Board complaints, again seeking monetary damages and injunctive relief related to PFCs. Also in December 2019, Jarrod Johnson filed a putative class action 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 and 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. In January 2020, defendant 3M Company removed the class action to federal court. The Company filed motions to dismiss in both of these cases. On December 17, 2020, the Superior Court of Floyd County denied the Company’s motion to dismiss in the Rome case. On September 20, 2021, the Northern District of Georgia denied the Company’s motion to dismiss in the class action. The Company denies all liability in these matters and intends to defend them vigorously. Putative Securities Class Action On January 3, 2020, the Company and certain of its executive officers were named as defendants in a putative shareholder class action lawsuit filed in the United States District Court for the Northern District of Georgia (the “Securities Class Action”). The complaint alleges that defendants violated the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making materially false and misleading statements and that the officers are control persons under Section 20(a) of the Securities Exchange Act of 1934. The complaint is filed on behalf of shareholders who purchased shares of the Company’s common stock between April 28, 2017 and July 25, 2019 (“Class Period”). On June 29, 2020, an amended complaint was filed in the Securities Class Action against Mohawk and its CEO Jeff Lorberbaum, based on the same claims and the same Class Period. The amended complaint alleges that the Company (1) engaged in fabricating revenues by attempting delivery to customers that were closed and recognizing these attempts as sales; (2) overproduced product to report higher operating margins and maintained significant inventory that was not salable; and (3) valued certain inventory improperly or improperly delivered inventory with knowledge that it was defective and customers would return it. On October 27, 2020, defendants filed a motion to dismiss the amended complaint. On September 29, 2021, the court issued an order granting in part and denying the defendants’ motion to dismiss the amended complaint. Defendants filed an answer to the amended complaint on November 12, 2021, and fact discovery is ongoing. On January 26, 2022, Lead Plaintiff moved for class certification, to appoint itself as class representative, and for appointment of class counsel. The Company intends to vigorously defend against the claims. Government Subpoenas As previously disclosed, on June 25, 2020, the Company received subpoenas issued by the U.S. Attorney’s Office for the Northern District of Georgia (the “USAO”) and the U.S. Securities and Exchange Commission (the “SEC”) relating to matters similar to the allegations of wrongdoing raised by the Securities Class Action. The Company’s Audit Committee, with the assistance of outside legal counsel, conducted a thorough internal investigation into these allegations. The Audit Committee has completed the investigation and concluded that the allegations of wrongdoing are without merit. The USAO and SEC investigations are ongoing, and the Company is cooperating fully with those authorities. The Company will continue to vigorously defend against the allegations of wrongdoing in the Securities Class Action and does not believe they have merit. Delaware State Court Action 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 alleges that defendants violated Sections 11 and 12 of the Securities Act of 1933. The complaint is 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. On March 27, 2020, the court granted a temporary stay of the litigation. The stay may be lifted at the close of fact discovery in the related Securities Class Action pending in the United States District Court for the Northern District of Georgia according to the terms set forth in the court’s order to stay litigation. The Company intends to vigorously defend against the claims. Georgia State Court Investor Actions 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, April 23, 2021, and May 11, 2022. Five complaints brought on behalf of purported former Mohawk stockholders each allege that defendants defrauded the respective plaintiffs through false or misleading statements and thereby induced plaintiffs to purchase Company stock at artificially inflated prices. The allegations are similar to those of the Securities Class Action pending in the United States District Court for the Northern District of Georgia. 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 June 28, 2021, defendants filed motions to dismiss each of the four complaints filed in April 2021 and answers to the same. On October 5, 2021, all four investor actions filed in April 2021 were transferred by the State Court of Fulton County to the Metro Atlanta Business Case Division, where fact discovery is ongoing. On January 28, 2022, the Court granted in part and denied in part the motions to dismiss the four actions filed in April 2021, dismissing the Georgia Securities Act claims as to all defendants, and the negligent misrepresentation claim as to the Company. On May 19, 2022, the parties filed a joint motion to transfer the investor action filed on May 11, 2022 to the Metro Atlanta Business Case Division along with the other four actions pending in the Metro Atlanta Business Case Division. The Company intends to vigorously defend against the claims. Separate Federal 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, March 25, 2022, and April 26, 2022, respectively. Each complaint is brought on behalf of one or more purported former Mohawk stockholders and alleges that defendants defrauded the plaintiffs through false or misleading statements and thereby induced plaintiffs to purchase Company stock at artificially inflated prices. The allegations are similar to those of the Securities Class Action. The federal law claims alleged include violations of Sections 10(b) and 18 of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making materially false and misleading statements and that the officers are control persons under Section 20(a) of the Securities Exchange Act of 1934. The state law 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 lawsuits seek compensatory and punitive damages and attorneys’ fees. On December 13, 2021, defendants filed motions to dismiss the June 22, 2021 complaint, which remain pending. On July 6, 2022, defendants filed motions to dismiss the March 25, 2022 complaint. The Company intends to vigorously defend against the claims. Derivative Actions 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. The complaints are filed on behalf of the Company and seek to remedy fiduciary duty breaches occurring from April 28, 2017 to July 25, 2019. On July 20, 2020, the court in the NDGA Derivative Actions granted a temporary stay of the litigation. On October 21, 2020, the court entered an order consolidating the NDGA Derivative Actions and appointing Lead Counsel. Other shareholders of record jointly moved to intervene in the derivative actions to stay the proceedings. On September 28, 2021, the court in the NDGA Derivative Actions issued an order granting the request to intervene. On April 8, 2021, the court in the first-filed of the Georgia Derivative Actions granted a temporary stay of the litigation. On January 18, 2022, the Court in the NDGA Derivative Actions lifted the temporary stay of the litigation. On January 20, 2022, the court in the second-filed of the Georgia Derivative Actions entered an order on scheduling requiring defendants to file and serve their response to the complaint on February 21, 2022. On February 28, 2022, the court granted a stay of the Georgia Derivative Actions until the entry of a final judgment in the NDGA Derivative Actions and stipulating that the prevailing party in the NDGA Derivative Actions would be the prevailing party in the Georgia Derivative Actions. On April 6, 2022, the court granted a stay of the Delaware Derivative Action until the entry of a final judgment in the NDGA Derivative Actions and stipulating that the prevailing party in the NDGA Derivative Actions would be the prevailing party in the Delaware Derivative Action. The Company intends to vigorously defend against the claims. Belgian Tax Matter The Company has been in a dispute with the Belgian Tax Authority (the “BTA”) regarding the proper tax treatment of the royalty income arising from intellectual property (“IP”) owned by a Luxembourg subsidiary, Flooring Industries Limited Sarl (“FIL”). The BTA had assessed Unilin BV for the calendar years ending December 2005 through 2010 in an amount totaling €223,321 (including penalties but excluding interest), alleging that Unilin BV inappropriately transferred valuable IP to FIL and income associated with that IP should be taxed in Belgium. Unilin BV challenged all of these assessments and prevailed both in the Court of First Appeal in Bruges and in the Ghent Court of Appeal. In 2021, the BTA indicated it will not appeal these cases to the Supreme Court and has withdrawn all of the assessments for 2005 through 2010. Consequently, all of those tax years are now closed. Having lost under its original theory, the BTA is in the process of initiating new assessments for later years against FIL rather than Unilin BV. The BTA now alleges that FIL had a taxable presence in Belgium and should be taxed on royalties received in respect of its IP. The BTA issued initial assessments in December 2020 and June 2021 that totaled €371,696 (including penalties but excluding interest) for calendar years ending December 2013 through 2018. However, in November and December of 2021, the BTA cancelled these assessments and in April 2022 issued new assessments that total €186,734 (including penalties but excluding interest) for those years using different calculations. The Company expects an additional assessment for 2019. Under the statute of limitations, the BTA may not assess FIL for any years prior to 2013, and the Company believes that FIL’s statute of limitations is closed for 2013 through 2016, although this will be a point of contention with the BTA. These assessments involve the same underlying facts at issue in the above referenced cases where Unilin BV prevailed at two different levels. Consequently, the Company believes that its tax position in Belgium was correct and will persist with its vigorous defense. When the BTA issues tax assessments, Belgian tax law requires assurances that the taxes can be paid even while they are being disputed. Consequently, the BTA has placed liens on various properties of Unilin BV to support the original assessments discussed above. Since those assessments have been nullified by the courts, the accompanying liens have been withdrawn. Since FIL does not have property in Belgium, the BTA may require assurances from FIL to support the new assessments for 2013 through 2019. These assurances may take the form of a bond or bank guarantees. 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.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Senior Credit Facility On October 18, 2019, the Company amended and restated its $1,800,000 senior credit facility, extending the maturity from March 26, 2022 to October 18, 2024 (as amended and restated, the “Senior Credit Facility”). The Senior Credit Facility marginally reduced the commitment fee and modified certain negative covenants to provide the Company with additional flexibility, including flexibility to make acquisitions and incur additional indebtedness. The restatement also 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. At the Company’s election, revolving loans under the Senior Credit Facility bear interest at annual rates equal to either (a) LIBOR for 1, 3 or 6 month periods, as selected by the Company, plus an applicable margin ranging between 1.00% and 1.75% (1.00% as of July 2, 2022), or (b) the higher of the Wells Fargo Bank, National Association prime rate, the Federal Funds rate plus 0.5%, or the Eurocurrency Rate (as defined in the Senior Credit Facility) rate plus 1.0%, plus an applicable margin ranging between 0.00% and 0.75% (0.00% as of July 2, 2022). 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 (0.09% as of July 2, 2022). 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 further 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, asset dispositions, dividends and other similar restricted payments, transactions with affiliates, 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 requirements and is not otherwise in default. The Senior Credit Facility originally required the Company to maintain a Consolidated Interest Coverage Ratio of at least 3.00 to 1.00 and a Consolidated Net Leverage Ratio of no more than 3.75 to 1.00, each as of the last day of any fiscal quarter. However, on May 7, 2020 the Company amended the Senior Credit Facility to temporarily increase the minimum Consolidated Net Leverage Ratio to 4.75 to 1.00 and to increase the amount of certain adjustments to Net Income that are permitted to calculate the ratio. The relief provided by the amendment was in effect for the fiscal quarters ending on September 26, 2020 through (and including) the fiscal quarter ending December 31, 2021. The Senior Credit Facility also contains customary representations and warranties and events of default, subject to customary grace periods. In 2019, the Company paid financing costs of $2,264 in connection with the amendment and restatement of its Senior Credit Facility. These costs were deferred and, along with previously unamortized costs of $3,405 are being amortized over the term of the Senior Credit Facility. As of July 2, 2022, amounts utilized under the Senior Credit Facility included zero borrowings and $18,738 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. Including commercial paper borrowings, the Company has utilized $907,641 under the Senior Credit Facility resulting in a total of $892,359 available as of July 2, 2022. 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 all rank pari passu with all of 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 all of the Company’s commercial paper programs may not exceed $1,800,000 (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 July 2, 2022, there were $830,000 outstanding under the U.S. commercial paper program, and the euro equivalent of $58,903 under the European program. The weighted-average interest rate and maturity period for the U.S. program were 1.69% and 19.8 days, respectively. The weighted-average interest rate and maturity period for the European program were (0.09)% and 23.4 days, respectively. 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 all of 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 all of 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 are senior unsecured obligations of the Company and rank pari passu with all of the Company’s existing and future unsecured indebtedness. Interest on the 3.85% Senior Notes is 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 are being amortized over the term 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. The fair values and carrying values of the Company’s debt instruments are detailed as follows:
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.
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Consolidated Statements of Cash Flows Information |
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Consolidated Statements of Cash Flows Information | Consolidated Statements of Cash Flows Information Supplemental cash flow information were as follows:
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Subsequent Events |
6 Months Ended |
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Jul. 02, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company entered into an agreement to purchase Foss Floors, a Georgia-based manufacturer specializing in non-woven, needle-punch technology, for approximately $148 million in cash. The transaction closed on July 6, 2022. |
General (Policies) |
6 Months Ended |
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Jul. 02, 2022 | |
Accounting Policies [Abstract] | |
Interim Reporting | Interim ReportingThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the consolidated financial statements and notes thereto, and the Company’s description of critical accounting policies, included in the Company’s 2021 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Results for interim periods are not necessarily indicative of the results for the year. |
Hedges of Net Investments in Non-U.S. Operations | Hedges of Net Investments in Non-U.S. OperationsThe Company has numerous investments outside the United States. The net assets of these subsidiaries are exposed to changes and volatility in currency exchange rates. The Company has in the past and might in the future use foreign currency denominated debt to hedge its non-U.S. net investments against adverse movements in exchange rates. In periods when the Company uses foreign currency denominated debt to hedge its non-U.S. net investments, the gains and losses on the Company’s net investments in its non-U.S. operations are economically offset by losses and gains on its foreign currency borrowings. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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.
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Revenue from Contracts with Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of segment revenues disaggregated by geography and product line | The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories for the three months ended July 2, 2022 and July 3, 2021:
(1) Other includes roofing elements, insulation boards, chipboards and IP contracts. The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories for the six months ended July 2, 2022 and July 3, 2021:
(1) Other includes roofing elements, insulation boards, chipboards and IP contracts.
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Restructuring, Acquisition and Integration-Related Costs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restructuring, acquisition transaction and integration-related costs | Restructuring, acquisition transaction and integration-related costs consisted of the following during the three and six months ended July 2, 2022 and July 3, 2021:
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Schedule of restructuring activity | The restructuring activity for the three months ended July 2, 2022 is as follows:
The restructuring activity for the six months ended July 2, 2022 is as follows:
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Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value measurements | The following table presents the items measured at fair value as of July 2, 2022 and December 31, 2021:
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Receivables, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net components of receivables | Receivables, net are as follows:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net components of inventories | The components of inventories are as follows:
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Goodwill and Intangible Assets (Tables) |
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill | The components of goodwill and other intangible assets are as follows: Goodwill:
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Schedule of indefinite life assets not subject to amortization | Intangible assets not subject to amortization:
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Schedule of intangible assets subject to amortization | Intangible assets subject to amortization:
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Schedule of intangible assets amortization expense |
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Accounts Payable and Accrued Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts payable and accrued expenses | Accounts payable and accrued expenses are as follows:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | The changes in accumulated other comprehensive income (loss) by component for the six months ended July 2, 2022 are as follows:
|
Other Expense (Income), net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of other expense (income), net | Other expense (income), net is as follows:
|
Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in stockholders' equity | The following tables reflect the changes in stockholders’ equity for the three months ended July 2, 2022 and July 3, 2021 (in thousands).
The following tables reflect the changes in stockholders’ equity for the six months ended July 2, 2022 and July 3, 2021 (in thousands).
|
Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share | A reconciliation of net earnings attributable to Mohawk Industries, Inc. and weighted-average common shares outstanding for purposes of calculating basic and diluted earnings per share is as follows:
|
Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of segment information | Segment information is as follows:
|
Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Consolidated Statements of Cash Flows Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental cash flow information | Supplemental cash flow information were as follows:
|
General (Details) - 2.00% senior notes due January 14, 2022 $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Oct. 19, 2021
EUR (€)
|
Jul. 03, 2021
USD ($)
|
Jun. 30, 2015
EUR (€)
|
|
Debt Instrument [Line Items] | |||
Aggregate principal amount of debts | € | € 500,000,000 | € 500,000,000 | |
Interest rate (as a percent) | 2.00% | 2.00% | |
Repayments of senior debt | € | € 500,000,000 | ||
Increase (decrease) in debt value | $ | $ 21,816 | ||
Increase (decrease) in debt value, net of taxes | $ | $ 16,691 |
Acquisitions (Details) $ in Thousands |
3 Months Ended |
---|---|
Apr. 03, 2021
USD ($)
| |
Flooring ROW Segment | Flooring ROW Acquisitions | |
Business Acquisition [Line Items] | |
Purchase agreement price | $ 6,338 |
Revenue from Contracts with Customers - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Jul. 02, 2022 |
Jul. 03, 2021 |
Dec. 31, 2021 |
|
Revenue from Contract with Customer [Abstract] | |||||
Contract liability | $ 70,089,000 | $ 70,089,000 | $ 65,744,000 | ||
Revenue recognized related to contract liabilities | 0 | $ 0 | 0 | $ 0 | |
Capitalized contract cost | $ 58,451,000 | 58,451,000 | $ 49,644,000 | ||
Amortization of capitalized contract costs | $ 24,876,000 | $ 30,196,000 |
Restructuring, Acquisition and Integration-Related Costs - Schedule of Restructuring, Acquisition Transaction and Integration-Related Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 489 | $ 1,387 | ||
Cost of sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 403 | $ 5,273 | 1,301 | $ 15,439 |
Acquisition integration-related costs | 309 | 26 | 349 | 43 |
Restructuring, acquisition transaction and integration-related costs | 712 | 5,299 | 1,650 | 15,482 |
Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 86 | 406 | 86 | 315 |
Acquisition transaction-related costs | 330 | 895 | 1,027 | 1,744 |
Acquisition integration-related costs | 770 | 180 | 1,054 | 423 |
Restructuring, acquisition transaction and integration-related costs | $ 1,186 | $ 1,481 | $ 2,167 | $ 2,482 |
Fair Value - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair value, recurring | (Level 2) | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | $ 265,000 | $ 323,000 |
Receivables, net (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
Receivables [Abstract] | ||
Customers, trade | $ 2,003,358 | $ 1,721,584 |
Income tax receivable | 43,328 | 73,727 |
Other | 132,776 | 117,823 |
Receivables, gross | 2,179,462 | 1,913,134 |
Less: allowance for discounts, claims and doubtful accounts | 73,653 | 73,149 |
Receivables, net | $ 2,105,809 | $ 1,839,985 |
Inventories (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,948,753 | $ 1,677,707 |
Work in process | 181,088 | 144,004 |
Raw materials | 696,203 | 569,961 |
Total inventories | $ 2,826,044 | $ 2,391,672 |
Goodwill and Intangible Assets - Schedule of indefinite life assets not subject to amortization (Details) - Tradenames $ in Thousands |
6 Months Ended |
---|---|
Jul. 02, 2022
USD ($)
| |
Indefinite-lived Intangible Assets [Roll Forward] | |
Balance as of December 31, 2021 | $ 694,905 |
Currency translation during the period | (16,278) |
Balance as of July 2, 2022 | $ 678,627 |
Goodwill and Intangible Assets - Schedule of intangible assets amortization expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 6,826 | $ 7,336 | $ 13,999 | $ 14,834 |
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Dec. 31, 2021 |
---|---|---|
Payables and Accruals [Abstract] | ||
Outstanding checks in excess of cash | $ 3,644 | $ 3,005 |
Accounts payable, trade | 1,359,212 | 1,228,621 |
Accrued expenses | 668,894 | 666,209 |
Product warranties | 40,942 | 45,215 |
Accrued interest | 13,138 | 17,940 |
Accrued compensation and benefits | 231,150 | 256,428 |
Total accounts payable and accrued expenses | $ 2,316,980 | $ 2,217,418 |
Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jul. 02, 2022
USD ($)
| |
Accumulated Other Comprehensive Income Rollforward [Roll Forward] | |
Beginning balance | $ 8,428,216 |
Current period other comprehensive income (loss) | (48,047) |
Ending balance | 8,606,938 |
Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income Rollforward [Roll Forward] | |
Beginning balance | (959,199) |
Current period other comprehensive income (loss) | (48,654) |
Ending balance | (1,007,853) |
Prior pension and post-retirement benefit service cost and actuarial gain (loss) | |
Accumulated Other Comprehensive Income Rollforward [Roll Forward] | |
Beginning balance | (7,753) |
Current period other comprehensive income (loss) | 607 |
Ending balance | (7,146) |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated Other Comprehensive Income Rollforward [Roll Forward] | |
Beginning balance | (966,952) |
Ending balance | $ (1,014,999) |
Stock-Based Compensation (Details) - Restricted stock units (RSUs) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | ||||
Number of shares granted in period (in shares) | 0 | 0 | 189,000 | 173,000 |
Weighted-average grant-date fair value (in usd per share) | $ 137.99 | $ 175.12 | ||
Recognized stock-based compensation costs | $ 5,655 | $ 6,018 | $ 11,309 | $ 11,986 |
Recognized stock-based compensation costs, net of tax | 4,184 | $ 4,453 | 8,369 | $ 8,870 |
Pre-tax unrecognized compensation expense, net of forfeitures | $ 30,247 | $ 30,247 | ||
Recognized expense over a weighted-average period (years) | 1 year 11 months 8 days |
Other Expense (Income), net (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Other Nonoperating Income (Expense) [Abstract] | ||||
Foreign currency losses (gains), net | $ (292) | $ 1,165 | $ 444 | $ (21) |
Resolution of foreign non-income tax contingencies | 0 | (6,211) | 0 | (6,211) |
Release of indemnification asset | 0 | 0 | 7,324 | 0 |
All other, net | (2,526) | (6,122) | (8,148) | (7,163) |
Total other expense (income), net | $ (2,818) | $ (11,168) | $ (380) | $ (13,395) |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 78,176 | $ 64,245 | $ 139,624 | $ 131,935 |
Earnings (loss) before income taxes | $ 358,686 | $ 400,698 | $ 665,568 | $ 705,199 |
Effective tax rate | 21.80% | 16.00% | 21.00% | 18.70% |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Earnings Per Share [Abstract] | ||||
Net earnings attributable to Mohawk Industries, Inc. | $ 280,431 | $ 336,285 | $ 525,760 | $ 573,092 |
Weighted-average common shares outstanding-basic and diluted: | ||||
Weighted-average common shares outstanding-basic (in shares) | 63,540 | 69,432 | 64,116 | 69,809 |
Add weighted-average dilutive potential common shares-options to purchase common shares and RSUs, net (in shares) | 258 | 313 | 258 | 293 |
Weighted-average common shares outstanding-diluted (in shares) | 63,798 | 69,745 | 64,374 | 70,102 |
Earnings per share attributable to Mohawk Industries, Inc. | ||||
Basic (in usd per share) | $ 4.41 | $ 4.84 | $ 8.20 | $ 8.21 |
Diluted (in usd per share) | $ 4.40 | $ 4.82 | $ 8.17 | $ 8.18 |
Debt - Commercial Paper (Details) - USD ($) |
6 Months Ended | ||||
---|---|---|---|---|---|
Jul. 31, 2015 |
Feb. 28, 2014 |
Jul. 02, 2022 |
Dec. 31, 2021 |
Oct. 18, 2019 |
|
United States | Carrying value | |||||
Line of Credit Facility [Line Items] | |||||
Commercial paper | $ 830,000,000 | $ 598,000,000 | |||
United States | Commercial paper | |||||
Line of Credit Facility [Line Items] | |||||
Maturity period of debt | 397 days | 19 days 18 hours 28 minutes 48 seconds | |||
Maximum borrowing capacity under credit facility | $ 1,800,000,000 | ||||
United States | Commercial paper | Carrying value | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate on debt (as a percent) | 1.69% | ||||
Europe | Carrying value | |||||
Line of Credit Facility [Line Items] | |||||
Commercial paper | $ 58,903,000 | $ 15,859,000 | |||
Europe | Commercial paper | |||||
Line of Credit Facility [Line Items] | |||||
Maturity period of debt | 183 days | 23 days 10 hours 4 minutes 48 seconds | |||
Europe | Commercial paper | Carrying value | |||||
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate on debt (as a percent) | (0.09%) |
Debt - Senior Notes and Term Loan (Details) |
Jun. 12, 2020
USD ($)
|
May 14, 2020
USD ($)
|
Jan. 31, 2013
USD ($)
|
Jul. 02, 2022 |
Jun. 12, 2020
EUR (€)
|
---|---|---|---|---|---|
1.750% senior notes due June 12, 2027 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of debts | € | € 500,000,000 | ||||
Interest rate (as a percent) | 1.75% | 1.75% | |||
Payment of financing costs | $ 4,400,000 | ||||
3.625% senior notes, payable May 15, 2030; interest payable semi-annually | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of debts | $ 500,000,000 | ||||
Interest rate (as a percent) | 3.625% | 3.625% | |||
Payment of financing costs | $ 5,476,000 | ||||
3.85% senior notes due February 1, 2023 | |||||
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 |
Consolidated Statements of Cash Flows Information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Net cash paid during the periods for: | ||
Interest | $ 34,059 | $ 43,542 |
Income taxes | 154,386 | 137,859 |
Supplemental schedule of non-cash investing and financing activities: | ||
Unpaid property plant and equipment in accounts payable and accrued expenses | 79,674 | 68,566 |
Fair value of assets acquired/adjusted in acquisitions | (777) | 12,734 |
Liabilities assumed/adjusted in acquisitions | (174) | (6,396) |
Noncash investing and financing activities, total | (951) | 6,338 |
Right of use assets obtained in exchange for lease obligations: | ||
Operating leases | 67,176 | 115,262 |
Finance leases | $ 7,925 | $ 8,259 |
Subsequent Events (Details) $ in Millions |
Jul. 06, 2022
USD ($)
|
---|---|
Subsequent Event | Foss Floors | |
Subsequent Event [Line Items] | |
Payments to acquire business | $ 148 |
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