UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[Mark One]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 2, 2022

OR 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to      

Commission File Number 01-13697

 __________________________________________

MOHAWK INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware			52-1604305
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
160 S. Industrial Blvd.	Calhoun	Georgia	30701
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (706) 629-7721

Former name, former address and former fiscal year, if changed since last report:

__________________________________________ 

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, $.01 par value	MHK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x

The number of shares outstanding of the issuer’s common stock as of July 27, 2022, the latest practicable date, is as follows: 63,533,752 shares of common stock, $.01 par value.

MOHAWK INDUSTRIES, INC.

INDEX

		Page No
Part I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Balance Sheets as of July 2, 2022 and December 31, 2021	3
	Condensed Consolidated Statements of Operations for the three and six months ended July 2, 2022 and July 3, 2021	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended July 2, 2022 and July 3, 2021	5
	Condensed Consolidated Statements of Cash Flows for the six months ended July 2, 2022 and July 3, 2021	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	42
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	45

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) 

	July 2, 2022		December 31, 2021
	(In thousands, except per share data)
ASSETS
Current assets:
Cash and cash equivalents	$	223,986	268,895
Short-term investments	265,000		323,000
Receivables, net	2,105,809		1,839,985
Inventories	2,826,044		2,391,672
Prepaid expenses	500,858		394,649
Other current assets	19,037		20,156
Total current assets	5,940,734		5,238,357
Property, plant and equipment	9,371,983		9,250,587
Less: accumulated depreciation	4,789,908		4,613,722
Property, plant and equipment, net	4,582,075		4,636,865
Right of use operating lease assets	404,726		389,967
Goodwill	2,536,314		2,607,909
Tradenames	678,627		694,905
Other intangible assets subject to amortization, net	177,774		205,075
Deferred income taxes and other non-current assets	369,237		451,439
Total assets	$	14,689,487	14,224,517

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	1,498,900	624,503
Accounts payable and accrued expenses	2,316,980		2,217,418
Current operating lease liabilities	108,497		104,434
Total current liabilities	3,924,377		2,946,355
Deferred income taxes	471,044		495,521
Long-term debt, less current portion	1,052,064		1,700,282
Non-current operating lease liabilities	309,261		297,390
Other long-term liabilities	325,803		356,753
Total liabilities	6,082,549		5,796,301
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $.01 par value; 60 shares authorized; no shares issued	—		—
Common stock, $.01 par value; 150,000 shares authorized; 70,878 and 72,952 shares issued and outstanding in 2022 and 2021, respectively	709		729
Additional paid-in capital	1,919,742		1,911,131
Retained earnings	7,910,657		7,692,064
Accumulated other comprehensive loss	(1,014,999)		(966,952)
	8,816,109		8,636,972
Less: treasury stock at cost; 7,341 and 7,343 shares in 2022 and 2021, respectively	215,491		215,547
Total Mohawk Industries, Inc. stockholders’ equity	8,600,618		8,421,425
Nonredeemable noncontrolling interests	6,320		6,791
Total stockholders’ equity	8,606,938		8,428,216
Total liabilities and stockholders’ equity	$	14,689,487	14,224,517

See accompanying notes to condensed consolidated financial statements

3

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	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	$	3,153,188	2,953,833	6,168,851	5,622,859
Cost of sales	2,279,991		2,051,626	4,493,526	3,928,883
Gross profit	873,197		902,207	1,675,325	1,693,976
Selling, general and administrative expenses	505,270		497,783	986,597	972,037
Operating income	367,927		404,424	688,728	721,939
Interest expense	12,059		14,894	23,540	30,135
Other income, net	(2,818)		(11,168)	(380)	(13,395)
Earnings before income taxes	358,686		400,698	665,568	705,199
Income tax expense	78,176		64,245	139,624	131,935
Net earnings including noncontrolling interests	280,510		336,453	525,944	573,264
Net earnings attributable to noncontrolling interests	79		168	184	172
Net earnings attributable to Mohawk Industries, Inc.	$	280,431	336,285	525,760	573,092
Basic earnings per share attributable to Mohawk Industries, Inc.
Basic earnings per share attributable to Mohawk Industries, Inc.	$	4.41	4.84	8.20	8.21
Weighted-average common shares outstanding—basic	63,540		69,432	64,116	69,809
Diluted earnings per share attributable to Mohawk Industries, Inc.
Diluted earnings per share attributable to Mohawk Industries, Inc.	$	4.40	4.82	8.17	8.18
Weighted-average common shares outstanding—diluted	63,798		69,745	64,374	70,102

See accompanying notes to condensed consolidated financial statements.

4

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	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	$	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

See accompanying notes to condensed consolidated financial statements.

5

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) 

	Six Months Ended
	July 2, 2022		July 3, 2021
	(In thousands)
Cash flows from operating activities:
Net earnings including noncontrolling interests	$	525,944	573,264
Adjustments to reconcile net earnings to net cash provided by operating activities:
Restructuring	1,387		7,316
Depreciation and amortization	282,984		299,681
Deferred income taxes	(1,377)		(36,534)
Loss on disposal of property, plant and equipment	2,444		3,239
Stock-based compensation expense	11,309		11,986
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	(317,984)		(297,150)
Inventories	(434,686)		(184,143)
Accounts payable and accrued expenses	176,074		278,988
Other assets and prepaid expenses	(48,068)		(144,434)
Other liabilities	4,634		85,783
Net cash provided by operating activities	202,661		597,996
Cash flows from investing activities:
Additions to property, plant and equipment	(280,041)		(227,439)
Acquisitions, net of cash acquired	951		(6,338)
Purchases of short-term investments	(1,763,000)		(701,221)
Redemption of short-term investments	1,821,000		606,489
Net cash used in investing activities	(221,090)		(328,509)
Cash flows from financing activities:
Payments on commercial paper	(6,686,737)		(47,805)
Proceeds from commercial paper	6,964,700		47,590
Net payments of other financing activities	(14,263)		(6,619)
Purchase of Mohawk common stock	(307,188)		(264,501)
Change in outstanding checks in excess of cash	640		(4,457)
Net cash used in financing activities	(42,848)		(275,792)
Effect of exchange rate changes on cash and cash equivalents	16,368		(8,643)
Net change in cash and cash equivalents	(44,909)		(14,948)
Cash and cash equivalents, beginning of period	268,895		768,625
Cash and cash equivalents, end of period	$	223,986	753,677

See accompanying notes to condensed consolidated financial statements.

6

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands, except per share amounts)

(Unaudited)

1. 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.

7

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

2. Acquisitions

2021 Acquisitions

During the first quarter of 2021, the Company made acquisitions in the Flooring Rest of the World segment for $6,338.

3. 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.

8

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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:

July 2, 2022	Global Ceramic Segment		Flooring NA Segment	Flooring ROW Segment	Total
Geographical Markets
United States	$	625,613	1,061,276	4,232	1,691,121
Europe	255,855		1,721	644,032	901,608
Russia	103,989		—	38,770	142,759
Other	173,112		36,541	208,047	417,700
	$	1,158,569	1,099,538	895,081	3,153,188
Product Categories
Ceramic & Stone	$	1,153,143	10,055	—	1,163,198
Carpet & Resilient	5,426		862,033	244,700	1,112,159
Laminate & Wood	—		227,450	304,159	531,609
Other(1)	—		—	346,222	346,222
	$	1,158,569	1,099,538	895,081	3,153,188

July 3, 2021	Global Ceramic Segment		Flooring NA Segment	Flooring ROW Segment	Total
Geographical Markets
United States	$	568,062	1,047,964	1,922	1,617,948
Europe	246,067		249	598,846	845,162
Russia	78,962		20	37,463	116,445
Other	146,412		32,956	194,910	374,278
	$	1,039,503	1,081,189	833,141	2,953,833
Product Categories
Ceramic & Stone	$	1,036,733	8,662	—	1,045,395
Carpet & Resilient	2,770		863,419	266,224	1,132,413
Laminate & Wood	—		209,108	273,171	482,279
Other(1)	—		—	293,746	293,746
	$	1,039,503	1,081,189	833,141	2,953,833

(1) Other includes roofing elements, insulation boards, chipboards and IP contracts.

9

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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:

July 2, 2022	Global Ceramic Segment		Flooring NA Segment	Flooring ROW Segment	Total
Geographical Markets
United States	$	1,210,844	2,097,156	7,018	3,315,018
Europe	501,091		3,853	1,281,395	1,786,339
Russia	170,507		23	78,505	249,035
Other	340,884		70,416	407,159	818,459
	$	2,223,326	2,171,448	1,774,077	6,168,851
Product Categories
Ceramic & Stone	$	2,212,854	19,043	—	2,231,897
Carpet & Resilient	10,472		1,705,115	488,828	2,204,415
Laminate & Wood	—		447,290	601,296	1,048,586
Other (1)	—		—	683,953	683,953
	$	2,223,326	2,171,448	1,774,077	6,168,851

July 3, 2021	Global Ceramic Segment		Flooring NA Segment	Flooring ROW Segment	Total
Geographical Markets
United States	$	1,102,609	1,984,062	4,341	3,091,012
Europe	453,567		579	1,156,984	1,611,130
Russia	140,980		50	65,120	206,150
Other	272,218		65,748	376,601	714,567
	$	1,969,374	2,050,439	1,603,046	5,622,859
Product Categories
Ceramic & Stone	$	1,964,192	16,983	—	1,981,175
Carpet & Resilient	5,182		1,635,499	513,948	2,154,629
Laminate & Wood	—		397,957	526,384	924,341
Other (1)	—		—	562,714	562,714
	$	1,969,374	2,050,439	1,603,046	5,622,859

(1) Other includes roofing elements, insulation boards, chipboards and IP contracts.

10

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

4. 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:

	Three Months Ended			Six Months Ended
	July 2 2022		July 3 2021	July 2 2022	July 3 2021
Cost of sales
Restructuring costs	$	403	5,273	1,301	15,439
Acquisition integration-related costs	309		26	349	43
Restructuring and acquisition integration-related costs	$	712	5,299	1,650	15,482
Selling, general and administrative expenses
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

11

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The restructuring activity for the three months ended July 2, 2022 is as follows:

	Asset write-downs (gains on disposals)		Severance	Other restructuring costs	Total
Balances as of April 2, 2022	$	—	744	19	763
Restructuring costs
Flooring NA Segment	(86)		—	(154)	(240)
Flooring ROW Segment	—		—	729	729
Total restructuring costs	(86)		—	575	489
Cash payments	—		(304)	(748)	(1,052)
Non-cash items	86		(10)	154	230
Balances as of July 2, 2022	$	—	430	—	430
Restructuring costs recorded in:
Cost of sales	$	(86)	—	489	403
Selling, general and administrative expenses	—		—	86	86
Total restructuring costs	$	(86)	—	575	489

The restructuring activity for the six months ended July 2, 2022 is as follows:

	Asset write-downs (gains on disposals)		Severance	Other restructuring costs	Total
Balances as of December 31, 2021	$	—	1,634	995	2,629
Restructuring costs
Flooring NA Segment	(86)		—	(49)	(135)
Flooring ROW Segment	—		—	1,522	1,522
Total restructuring costs	(86)		—	1,473	1,387
Cash payments	—		(1,179)	(1,718)	(2,897)
Non-cash items	86		(25)	(750)	(689)
Balances as of July 2, 2022	$	—	430	—	430
Restructuring costs recorded in:
Cost of sales	$	(86)	—	1,387	1,301
Selling, general and administrative expenses	—		—	86	86
Total restructuring costs	$	(86)	—	1,473	1,387

The Company expects the remaining severance and other restructuring costs to be paid over the next 12 months.

12

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

5. 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:

	Fair Value
	July 2, 2022		December 31, 2021
Short-term investments:
Commercial paper (Level 2)	$	265,000	323,000

The fair values and carrying values of the Company’s debt are disclosed in Note 18 - Debt.

6. Receivables, net

Receivables, net are as follows:

	At July 2, 2022		At December 31, 2021
Customers, trade	$	2,003,358	1,721,584
Income tax receivable	43,328		73,727
Other	132,776		117,823
	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

7. Inventories

The components of inventories are as follows:

	At July 2, 2022		At December 31, 2021
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

13

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

8. Goodwill and Intangible Assets

The components of goodwill and other intangible assets are as follows:

Goodwill:

	Global Ceramic Segment		Flooring NA Segment	Flooring ROW Segment	Total
Balance as of December 31, 2021
Goodwill	$	1,563,267	874,198	1,497,869	3,935,334
Accumulated impairment losses	(531,930)		(343,054)	(452,441)	(1,327,425)
	1,031,337		531,144	1,045,428	2,607,909
Goodwill adjustments related to acquisitions	—		—	(731)	(731)
Currency translation during the period	12,250		—	(83,114)	(70,864)
Balance as of July 2, 2022
Goodwill	1,575,517		874,198	1,414,024	3,863,739
Accumulated impairment losses	(531,930)		(343,054)	(452,441)	(1,327,425)
Balance as of July 2, 2022, net	$	1,043,587	531,144	961,583	2,536,314

14

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Intangible assets not subject to amortization:

	Tradenames
Balance as of December 31, 2021	$	694,905
Currency translation during the period	(16,278)
Balance as of July 2, 2022	$	678,627

Intangible assets subject to amortization:

Gross carrying amounts:	Customer relationships		Patents	Other	Total
Balance as of December 31, 2021	$	680,177	256,336	6,786	943,299
Adjustments related to acquisitions	(36)		—	—	(36)
Currency translation during the period	(38,263)		(20,469)	(523)	(59,255)
Balance as of July 2, 2022	$	641,878	235,867	6,263	884,008
Accumulated amortization:	Customer relationships		Patents	Other	Total
Balance as of December 31, 2021	$	483,748	252,414	2,062	738,224
Amortization during the period	13,585		320	94	13,999
Currency translation during the period	(25,753)		(20,172)	(64)	(45,989)