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 April 1, 2023

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 April 26, 2023, the latest practicable date, is as follows: 63,679,590 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 April 1, 2023 and December 31, 2022	3
	Condensed Consolidated Statements of Operations for the three months ended April 1, 2023 and April 2, 2022	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended April 1, 2023 and April 2, 2022	5
	Condensed Consolidated Statements of Cash Flows for the three months ended April 1, 2023 and April 2, 2022	6
	Notes to the Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	29
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.	Defaults Upon Senior Securities	30
Item 4.	Mine Safety Disclosures	30
Item 5.	Other Information	31
Item 6.	Exhibits	32

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) 

(In thousands, except per share data)	April 1, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	572,858	509,623
Short-term investments	150,000		158,000
Receivables, net	2,052,362		1,904,786
Inventories	2,729,876		2,793,765
Prepaid expenses	534,144		498,222
Other current assets	21,899		30,703
Total current assets	6,061,139		5,895,099
Property, plant and equipment	10,092,799		9,647,779
Less: accumulated depreciation	5,146,847		4,986,601
Property, plant and equipment, net	4,945,952		4,661,178
Right of use operating lease assets	396,064		387,816
Goodwill	2,022,457		1,927,759
Tradenames	707,528		668,328
Other intangible assets subject to amortization, net	185,536		189,620
Deferred income taxes and other non-current assets	444,781		390,632
Total assets	$	14,763,457	14,120,432

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	1,056,473	840,571
Accounts payable and accrued expenses	2,155,412		2,124,448
Current operating lease liabilities	106,488		105,266
Total current liabilities	3,318,373		3,070,285
Deferred income taxes	428,750		444,660
Long-term debt, less current portion	2,265,138		1,978,563
Non-current operating lease liabilities	304,123		296,136
Other long-term liabilities	341,367		312,874
Total liabilities	6,657,751		6,102,518
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; 71,017 and 70,875 shares issued and outstanding in 2023 and 2022, respectively	710		709
Additional paid-in capital	1,931,987		1,930,789
Retained earnings	7,489,998		7,409,760
Accumulated other comprehensive loss	(1,107,825)		(1,114,258)
Less: treasury stock at cost; 7,338 and 7,341 shares in 2023 and 2022, respectively	215,397		215,491
Total Mohawk Industries, Inc. stockholders’ equity	8,099,473		8,011,509
Nonredeemable noncontrolling interests	6,233		6,405
Total stockholders’ equity	8,105,706		8,017,914
Total liabilities and stockholders’ equity	$	14,763,457	14,120,432

See accompanying notes to the Condensed Consolidated Financial Statements

3

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended
(In thousands, except per share data)	April 1, 2023		April 2, 2022
Net sales	$	2,806,223	3,015,663
Cost of sales	2,162,781		2,213,535
Gross profit	643,442		802,128
Selling, general and administrative expenses	517,652		481,327
Operating income	125,790		320,801
Interest expense	17,137		11,481
Other (income) expense, net	(566)		2,438
Earnings before income taxes	109,219		306,882
Income tax expense	28,943		61,448
Net earnings including noncontrolling interests	80,276		245,434
Less: net earnings attributable to noncontrolling interests	38		105
Net earnings attributable to Mohawk Industries, Inc.	$	80,238	245,329
Basic earnings per share attributable to Mohawk Industries, Inc.	$	1.26	3.79
Weighted-average common shares outstanding—basic	63,582		64,686
Diluted earnings per share attributable to Mohawk Industries, Inc.	$	1.26	3.78
Weighted-average common shares outstanding—diluted	63,846		64,970

See accompanying notes to the Condensed Consolidated Financial Statements.

4

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	Three Months Ended
(In thousands)	April 1, 2023		April 2, 2022
Net earnings including noncontrolling interests	$	80,276	245,434
Other comprehensive income (loss):
Foreign currency translation adjustments	6,872		(82,447)
Prior pension and post-retirement benefit service cost and actuarial gain, net of tax	(496)		537
Other comprehensive income (loss)	6,376		(81,910)
Comprehensive income (loss)	86,652		163,524
Less: comprehensive income (loss) attributable to noncontrolling interests	(19)		(158)
Comprehensive income (loss) attributable to Mohawk Industries, Inc.	$	86,671	163,682

See accompanying notes to the Condensed Consolidated Financial Statements.

5

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) 

	Three Months Ended
(In thousands)	April 1, 2023		April 2, 2022
Cash flows from operating activities:
Net earnings including noncontrolling interests	$	80,276	245,434
Adjustments to reconcile net earnings to net cash provided by operating activities:
Restructuring	6,222		898
Depreciation and amortization	169,909		141,415
Deferred income taxes	(28,698)		13,989
Loss (gain) on disposal of property, plant and equipment	1,154		(365)
Stock-based compensation expense	5,033		5,655
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	(67,663)		(225,922)
Inventories	113,814		(141,344)
Accounts payable and accrued expenses	(33,089)		39,908
Other assets and prepaid expenses	4,283		(23,259)
Other liabilities	6,035		(1,455)
Net cash provided by operating activities	257,276		54,954
Cash flows from investing activities:
Additions to property, plant and equipment	(128,493)		(129,470)
Acquisitions, net of cash acquired	(519,397)		951
Purchases of short-term investments	(625,000)		(933,000)
Redemption of short-term investments	633,000		946,000
Net cash used in investing activities	(639,890)		(115,519)
Cash flows from financing activities:
Proceeds from Senior Credit Facilities	357,442		—
Payments on commercial paper	(6,876,331)		(2,667,668)
Proceeds from commercial paper	6,989,267		2,990,240
Net payments of other financing activities	(18,287)		(6,516)
Purchase of Mohawk common stock	—		(306,577)
Change in outstanding checks in excess of cash	(1,141)		(522)
Net cash provided by financing activities	450,950		8,957
Effect of exchange rate changes on cash and cash equivalents	(5,101)		13,272
Net change in cash and cash equivalents	63,235		(38,336)
Cash and cash equivalents, beginning of period	509,623		268,895
Cash and cash equivalents, end of period	$	572,858	230,559

See accompanying notes to the Condensed Consolidated Financial Statements.

6

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO THE 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 2022 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.

2. Acquisitions

2023 Acquisitions

During the first quarter of 2023, the Company completed the acquisitions of two ceramic tile businesses in Brazil and Mexico within Global Ceramic for $519,310. The Company’s acquisitions resulted in a goodwill allocation of $86,786. A portion of the goodwill is expected to be deductible for tax purposes. The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the acquisitions. These benefits include opportunities to improve the Company's ceramic performance by leveraging best practices, operational expertise, product innovation and manufacturing assets across the segment. The following table presents the preliminary allocation of the purchase price by major class of assets acquired and liabilities assumed as of the acquisition date.

	Amounts recognized as of the acquisition date
Working capital	$	108,177
Property, plant and equipment	336,137
Tradenames	38,539
Customer relationships	2,010
Goodwill	86,786
Long-term debt, including current portion	(26,072)
Deferred tax liabilities	(19,006)
	526,571
Less: cash acquired	(7,261)
Net consideration transferred (net of cash acquired)	$	519,310

The purchase price allocation is preliminary until the Company obtains information necessary to finalize its valuation of the fair value of net assets acquired during the measurement period. The supplemental pro forma information is immaterial to the Company's financial statements.

7

2022 Acquisitions

During the third and fourth quarters of 2022, the Company completed two acquisitions in Flooring North America (“Flooring NA”) for $164,475. The Company’s acquisitions resulted in a goodwill allocation of $60,738 and intangible assets subject to amortization of $19,900. Approximately half of the goodwill is deductible for tax purposes. During the third and fourth quarters of 2022, the Company also completed three acquisitions in Flooring Rest of the World (“Flooring ROW”) for $47,964, which resulted in a goodwill allocation of $11,542 and intangible assets subject to amortization of $3,376. An immaterial amount of goodwill is deductible for tax purposes.

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 Consolidated Balance Sheets. The Company had contract liabilities of $68,409 and $72,572 as of April 1, 2023 and December 31, 2022, respectively.

Performance Obligations

Substantially all of the Company’s revenue is recognized at a point in time when the product is either shipped or received from the Company’s facilities and control of the product is transferred to the customer. Accordingly, 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 months ended April 1, 2023 and April 2, 2022 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 $63,082 and $59,015 as of April 1, 2023 and December 31, 2022, respectively. Straight-line amortization expense recognized during the three months ended April 1, 2023 and April 2, 2022 related to these capitalized costs were $13,099 and $12,340, 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 April 1, 2023 and April 2, 2022:

April 1, 2023	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets
United States	$	596,642	925,808	1,233	1,523,683
Europe	205,441		221	598,659	804,321
Russia	68,028		—	32,939	100,967
Other	189,223		27,388	160,641	377,252
Total	$	1,059,334	953,417	793,472	2,806,223
Product Categories
Ceramic & Stone	$	1,050,124	8,617	—	1,058,741
Carpet & Resilient	9,210		750,505	222,031	981,746
Laminate & Wood	—		194,295	252,659	446,954
Other (1)	—		—	318,782	318,782
Total	$	1,059,334	953,417	793,472	2,806,223

8

April 2, 2022	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets
United States	$	585,231	1,035,880	2,786	1,623,897
Europe	245,236		2,132	637,363	884,731
Russia	66,518		23	39,736	106,277
Other	167,772		33,875	199,111	400,758
Total	$	1,064,757	1,071,910	878,996	3,015,663
Product Categories
Ceramic & Stone	$	1,059,711	8,988	—	1,068,699
Carpet & Resilient	5,046		843,082	244,128	1,092,256
Laminate & Wood	—		219,840	297,137	516,977
Other (1)	—		—	337,731	337,731
Total	$	1,064,757	1,071,910	878,996	3,015,663

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

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 months ended April 1, 2023 and April 2, 2022:

	Three Months Ended
	April 1, 2023		April 2, 2022
Cost of sales
Restructuring costs	$	29,044	898
Acquisition integration-related costs	12		40
Restructuring and acquisition integration-related costs	$	29,056	938
Selling, general and administrative expenses
Restructuring costs	$	197	—
Acquisition transaction-related costs	375		696
Acquisition integration-related costs	2,496		284
Restructuring, acquisition transaction and integration-related costs	$	3,068	980

9

The restructuring activity for the three months ended April 1, 2023 is as follows:

	Asset write- downs and gains on disposals		Severance	Other restructuring costs	Total
Balances as of December 31, 2022	$	—	10,037	—	10,037
Restructuring costs
Global Ceramic	—		—	—	—
Flooring NA	(514)		50	7,377	6,913
Flooring ROW	21,966		1	361	22,328
Total restructuring costs	21,452		51	7,738	29,241
Cash payments	—		(2,011)	(7,052)	(9,063)
Non-cash items	(21,452)		(20)	(686)	(22,158)
Balances as of April 1, 2023	$	—	8,057	—	8,057
Restructuring costs recorded in:
Cost of sales	$	21,452	50	7,542	29,044
Selling, general and administrative expenses	—		1	196	197
Total restructuring costs	$	21,452	51	7,738	29,241

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

	April 1, 2023		December 31, 2022
Short-term investments:
Commercial paper (Level 2)	$	150,000	158,000

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

6. Receivables, net

	April 1, 2023		December 31, 2022
Customers, trade	$	1,919,496	1,699,130
Income tax receivable	23,838		60,080
Other	190,876		219,355
Less: allowance for discounts, claims and doubtful accounts	81,848		73,779
Receivables, net	$	2,052,362	1,904,786

10

7. Inventories

	April 1, 2023		December 31, 2022
Finished goods	$	1,933,428	1,986,005
Work in process	169,030		160,757
Raw materials	627,418		647,003
Total inventories	$	2,729,876	2,793,765

8. Goodwill and Intangible Assets

Goodwill:

	Global Ceramic		Flooring NA	Flooring ROW	Total
Balance as of December 31, 2022 (1)	$	339,834	591,985	995,940	1,927,759
Goodwill adjustments related to acquisitions	—		(1,145)	—	(1,145)
Goodwill recognized during the period	86,786		—	—	86,786
Currency translation during the period	(1,511)		—	10,568	9,057
Balance as of April 1, 2023(1)	$	425,109	590,840	1,006,508	2,022,457

(1) Net of accumulated impairment losses of $2,015,939 ($1,220,444 in Global Ceramic, $343,054 in Flooring NA and $452,441 in Flooring ROW).

Intangible assets not subject to amortization:    

	Tradenames
Balance as of December 31, 2022	$	668,328
Intangible assets acquired during the period	38,539
Currency translation during the period	661
Balance as of April 1, 2023	$	707,528

Intangible assets subject to amortization:

	Customer relationships		Patents	Other	Total
Balance as of December 31, 2022
Gross carrying amount	$	673,586	242,089	8,511	924,186
Accumulated amortization	(493,361)		(239,010)	(2,195)	(734,566)
Net intangible assets subject to amortization	180,225		3,079	6,316	189,620
Balance as of April 1, 2023
Gross carrying amount	680,715		245,258	8,605	934,578
Accumulated amortization	(504,447)		(242,296)	(2,299)	(749,042)
Net intangible assets subject to amortization	$	176,268	2,962	6,306	185,536

	Three Months Ended
	April 1, 2023		April 2, 2022
Amortization expense	$	7,169	7,173

11

9. Accounts Payable and Accrued Expenses

	April 1, 2023		December 31, 2022
Outstanding checks in excess of cash	$	1,653	2,791
Accounts payable, trade	1,211,652		1,094,038
Accrued expenses	657,915		742,099
Product warranties	39,572		38,425
Accrued interest	16,849		8,748
Accrued compensation and benefits	227,771		238,347
Total accounts payable and accrued expenses	$	2,155,412	2,124,448

10. Accumulated Other Comprehensive Income (Loss)

	Foreign currency translation adjustments		Prior pension and post- retirement benefit service  cost and actuarial gain (loss)	Total
Balance as of December 31, 2022	$	(1,114,629)	371	(1,114,258)
Current period other comprehensive income (loss)	6,929		(496)	6,433
Balance as of April 1, 2023	$	(1,107,700)	(125)	(1,107,825)

11. Stock-Based Compensation

The Company recognizes compensation expense for all share-based payments granted based on the grant-date fair value estimated in accordance with 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 231 restricted stock units (“RSUs”) at a weighted average grant-date fair value of $103.02 per unit for the three months ended April 1, 2023. The Company granted 189 RSUs at a weighted average grant-date fair value of $137.99 per unit for the three months ended April 2, 2022. The Company recognized stock-based compensation expense related to the issuance of RSUs of $5,033 ($3,724 net of taxes) and $5,655 ($4,184 net of taxes) for the three months ended April 1, 2023 and April 2, 2022, 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 $31,830 as of April 1, 2023, and will be recognized as expense over a weighted-average period of approximately 2.16 years.

12. Other (Income) Expense, net

	Three Months Ended
	April 1, 2023		April 2, 2022
Foreign currency (gains) losses, net	$	4,954	736
Release of indemnification asset	—		7,212
All other, net	(5,520)		(5,510)
Total other (income) expense, net	$	(566)	2,438

13. Income Taxes

For the three months ended April 1, 2023, the Company recorded income tax expense of $28,943 on earnings before income taxes of $109,219 for an effective tax rate of 26.5%. For the three months ended April 2, 2022, the Company recorded income tax expense of $61,448 on earnings before income taxes of $306,882, for an effective tax rate of 20.0%. The increase in the effective tax rate was primarily driven by the Company’s geographic dispersion of profits and losses for the respective periods, the write-off of an income tax receivable no longer expected in the three months ended April 1, 2023 and an Italian benefit associated with the release of an uncertain tax liability in the three months ended April 2, 2022, partially offset by lower earnings before income taxes.

12

14. Stockholders’ Equity

The following tables reflect the changes in stockholders’ equity for the three months ended April 1, 2023 and April 2, 2022 (in thousands).

	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
Balances as of December 31, 2022	70,875	$709	$1,930,789	$7,409,760	($1,114,258)	(7,341)	($215,491)	$6,405	$8,017,914
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards	142	1	(3,888)	—	—	3	94	—	(3,793)
Stock-based compensation expense	—	—	5,033	—	—	—	—	—	5,033
Net earnings attributable to noncontrolling interests	—	—	—	—	—	—	—	38	38
Currency translation adjustment on noncontrolling interests	—	—	—	—	—	—	—	(57)	(57)
Purchase of noncontrolling interest	—	—	53	—	—	—	—	(153)	(100)
Currency translation adjustment	—	—	—	—	6,929	—	—	—	6,929
Prior pension and post-retirement benefit service cost and actuarial gain	—	—	—	—	(496)	—	—	—	(496)
Net earnings	—	—	—	80,238	—	—	—	—	80,238
Balances as of April 1, 2023	71,017	$710	$1,931,987	$7,489,998	($1,107,825)	(7,338)	($215,397)	$6,233	$8,105,706

	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
Balances as of December 31, 2021	72,952	$729	$1,911,131	$7,692,064	($966,952)	(7,343)	($215,547)	$6,791	$8,428,216
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards	105	1	(3,268)	—	—	2	52	—	(3,215)
Stock-based compensation expense	—	—	5,655	—	—	—	—	—	5,655
Repurchases of common stock	(2,177)	(21)	—	(306,556)	—	—	—	—	(306,577)
Net earnings attributable to noncontrolling interests	—	—	—	—	—	—	—	105	105
Currency translation adjustment on noncontrolling interests	—	—	—	—	—	—	—	(263)	(263)
Currency translation adjustment	—	—	—	—	(82,184)	—	—	—	(82,184)
Prior pension and post-retirement benefit service cost and actuarial gain	—	—	—	—	537	—	—	—	537
Net earnings	—	—	—	245,329	—	—	—	—	245,329
Balances as of April 2, 2022	70,880	$709	$1,913,518	$7,630,837	($1,048,599)	(7,341)	($215,495)	$6,633	$8,287,603

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15. 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:    

	Three Months Ended
	April 1, 2023		April 2, 2022
Net earnings attributable to Mohawk Industries, Inc.	$	80,238	245,329
Weighted-average common shares outstanding—basic and diluted:
Weighted-average common shares outstanding—basic