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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mohawk Industries Inc | NYSE:MHK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
4.87 | 3.81% | 132.70 | 132.96 | 128.85 | 129.11 | 871,889 | 21:05:45 |
x
|
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
|
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)
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
|
|
|
|
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
¨
|
|
|
Page No
|
Part I.
|
|
|
|
|
|
Item 1.
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
as of September 29, 2012 and December 31, 2011
|
|
|
|
|
|
Condensed Consolidated Statements of Operations
for the three months ended September 29, 2012 and October 1, 2011
|
|
|
|
|
|
Condensed Consolidated Statements of Operations
for the nine months ended September 29, 2012 and October 1, 2011
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
(Loss) for the three and nine months ended September 29, 2012 and October 1, 2011
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
for the nine months ended September 29, 2012 and October 1, 2011
|
|
|
|
|
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||
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Item 2.
|
||
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Item 3.
|
||
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Item 4.
|
||
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Part II.
|
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
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Item 3.
|
||
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Item 4.
|
||
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Item 5.
|
||
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|
|
Item 6.
|
|
September 29,
2012 |
|
December 31,
2011 |
|||
ASSETS
|
|
|
|
|||
Current assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
380,842
|
|
|
311,945
|
|
Receivables, net
|
817,214
|
|
|
686,165
|
|
|
Inventories
|
1,139,403
|
|
|
1,113,630
|
|
|
Prepaid expenses
|
128,497
|
|
|
112,779
|
|
|
Deferred income taxes
|
112,995
|
|
|
150,910
|
|
|
Other current assets
|
17,778
|
|
|
22,735
|
|
|
Total current assets
|
2,596,729
|
|
|
2,398,164
|
|
|
Property, plant and equipment, net
|
1,657,226
|
|
|
1,712,154
|
|
|
Goodwill
|
1,371,494
|
|
|
1,375,175
|
|
|
Tradenames
|
448,425
|
|
|
450,432
|
|
|
Other intangible assets, net
|
105,832
|
|
|
154,668
|
|
|
Deferred income taxes and other non-current assets
|
122,906
|
|
|
115,635
|
|
|
|
$
|
6,302,612
|
|
|
6,206,228
|
|
|
September 29,
2012 |
|
December 31,
2011 |
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|||
Current liabilities:
|
|
|
|
|||
Current portion of long-term debt
|
$
|
57,673
|
|
|
386,255
|
|
Accounts payable and accrued expenses
|
761,186
|
|
|
715,091
|
|
|
Total current liabilities
|
818,859
|
|
|
1,101,346
|
|
|
Deferred income taxes
|
329,190
|
|
|
355,653
|
|
|
Long-term debt, less current portion
|
1,467,269
|
|
|
1,200,184
|
|
|
Other long-term liabilities
|
92,359
|
|
|
99,537
|
|
|
Total liabilities
|
2,707,677
|
|
|
2,756,720
|
|
|
Commitments and contingencies (Notes 6 and 11)
|
|
|
|
|||
Redeemable noncontrolling interest
|
—
|
|
|
33,723
|
|
|
Stockholders’ equity:
|
|
|
|
|||
Preferred stock, $.01 par value; 60 shares authorized; no shares issued
|
—
|
|
|
—
|
|
|
Common stock, $.01 par value; 150,000 shares authorized; 80,087 and 79,815 shares issued in 2012 and 2011, respectively
|
801
|
|
|
798
|
|
|
Additional paid-in capital
|
1,266,108
|
|
|
1,248,131
|
|
|
Retained earnings
|
2,538,634
|
|
|
2,354,765
|
|
|
Accumulated other comprehensive income, net
|
112,854
|
|
|
135,639
|
|
|
|
3,918,397
|
|
|
3,739,333
|
|
|
Less treasury stock at cost; 11,032 and 11,034 shares in 2012 and 2011, respectively
|
323,462
|
|
|
323,548
|
|
|
Total stockholders’ equity
|
3,594,935
|
|
|
3,415,785
|
|
|
|
$
|
6,302,612
|
|
|
6,206,228
|
|
|
Three Months Ended
|
|||||
|
September 29,
2012 |
|
October 1,
2011 |
|||
Net sales
|
$
|
1,473,493
|
|
|
1,442,512
|
|
Cost of sales
|
1,100,656
|
|
|
1,084,889
|
|
|
Gross profit
|
372,837
|
|
|
357,623
|
|
|
Selling, general and administrative expenses
|
268,883
|
|
|
266,159
|
|
|
Operating income
|
103,954
|
|
|
91,464
|
|
|
Interest expense
|
17,969
|
|
|
25,132
|
|
|
Other expense
|
322
|
|
|
13,413
|
|
|
Earnings before income taxes
|
85,663
|
|
|
52,919
|
|
|
Income tax expense
|
15,359
|
|
|
5,223
|
|
|
Net earnings
|
70,304
|
|
|
47,696
|
|
|
Less: Net earnings attributable to noncontrolling interest
|
—
|
|
|
1,050
|
|
|
Net earnings attributable to Mohawk Industries, Inc.
|
$
|
70,304
|
|
|
46,646
|
|
Basic earnings per share attributable to Mohawk Industries, Inc.
|
$
|
1.02
|
|
|
0.68
|
|
Weighted-average common shares outstanding—basic
|
69,010
|
|
|
68,759
|
|
|
Diluted earnings per share attributable to Mohawk Industries, Inc.
|
$
|
1.01
|
|
|
0.68
|
|
Weighted-average common shares outstanding—diluted
|
69,337
|
|
|
68,954
|
|
|
Nine Months Ended
|
|||||
|
September 29,
2012 |
|
October 1,
2011 |
|||
Net sales
|
$
|
4,352,321
|
|
|
4,263,961
|
|
Cost of sales
|
3,231,594
|
|
|
3,182,499
|
|
|
Gross profit
|
1,120,727
|
|
|
1,081,462
|
|
|
Selling, general and administrative expenses
|
837,079
|
|
|
832,214
|
|
|
Operating income
|
283,648
|
|
|
249,248
|
|
|
Interest expense
|
59,311
|
|
|
77,487
|
|
|
Other (income) expense
|
(1,063
|
)
|
|
13,794
|
|
|
Earnings before income taxes
|
225,400
|
|
|
157,967
|
|
|
Income tax expense
|
40,896
|
|
|
23,639
|
|
|
Net earnings
|
184,504
|
|
|
134,328
|
|
|
Less: Net earnings attributable to noncontrolling interest
|
635
|
|
|
3,337
|
|
|
Net earnings attributable to Mohawk Industries, Inc.
|
$
|
183,869
|
|
|
130,991
|
|
Basic earnings per share attributable to Mohawk Industries, Inc.
|
$
|
2.67
|
|
|
1.91
|
|
Weighted-average common shares outstanding—basic
|
68,952
|
|
|
68,725
|
|
|
Diluted earnings per share attributable to Mohawk Industries, Inc.
|
$
|
2.66
|
|
|
1.90
|
|
Weighted-average common shares outstanding—diluted
|
69,247
|
|
|
68,946
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
|||||
Net earnings
|
$
|
70,304
|
|
|
47,696
|
|
|
184,504
|
|
|
134,328
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|||||
Foreign currency translation adjustments
|
42,382
|
|
|
(146,826
|
)
|
|
(22,773
|
)
|
|
6,544
|
|
|
Pension prior service cost and actuarial gain (loss)
|
8
|
|
|
(101
|
)
|
|
(12
|
)
|
|
(10
|
)
|
|
Other comprehensive income (loss)
|
42,390
|
|
|
(146,927
|
)
|
|
(22,785
|
)
|
|
6,534
|
|
|
Comprehensive income (loss)
|
112,694
|
|
|
(99,231
|
)
|
|
161,719
|
|
|
140,862
|
|
|
Less: comprehensive income attributable to the noncontrolling interest
|
—
|
|
|
1,050
|
|
|
635
|
|
|
3,337
|
|
|
Comprehensive income (loss) attributable to Mohawk Industries, Inc.
|
$
|
112,694
|
|
|
(100,281
|
)
|
|
161,084
|
|
|
137,525
|
|
|
Nine Months Ended
|
|||||
|
September 29,
2012 |
|
October 1,
2011 |
|||
Cash flows from operating activities:
|
|
|
|
|||
Net earnings
|
$
|
184,504
|
|
|
134,328
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|||
Restructuring
|
12,455
|
|
|
15,513
|
|
|
Depreciation and amortization
|
216,415
|
|
|
222,804
|
|
|
Deferred income taxes
|
7,335
|
|
|
(732
|
)
|
|
Loss on extinguishment of debt
|
—
|
|
|
1,116
|
|
|
Loss on disposal of property, plant and equipment
|
1,773
|
|
|
956
|
|
|
Stock-based compensation expense
|
11,210
|
|
|
8,129
|
|
|
Other
|
—
|
|
|
(1,257
|
)
|
|
Changes in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
|||
Receivables, net
|
(97,280
|
)
|
|
(161,398
|
)
|
|
Tax deposits
|
(31,820
|
)
|
|
—
|
|
|
Inventories
|
(24,723
|
)
|
|
(114,682
|
)
|
|
Accounts payable and accrued expenses
|
39,632
|
|
|
37,764
|
|
|
Other assets and prepaid expenses
|
(12,463
|
)
|
|
(6,293
|
)
|
|
Other liabilities
|
(8,491
|
)
|
|
1,940
|
|
|
Net cash provided by operating activities
|
298,547
|
|
|
138,188
|
|
|
Cash flows from investing activities:
|
|
|
|
|||
Additions to property, plant and equipment
|
(134,998
|
)
|
|
(182,260
|
)
|
|
Acquisitions, net of cash acquired
|
—
|
|
|
(24,097
|
)
|
|
Investment in joint venture
|
(7,007
|
)
|
|
—
|
|
|
Net cash used in investing activities
|
(142,005
|
)
|
|
(206,357
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|||
Payments on Senior Credit Facility
|
(1,059,650
|
)
|
|
(1,158,354
|
)
|
|
Proceeds from Senior Credit Facility
|
1,334,500
|
|
|
1,428,849
|
|
|
Repayment of senior notes
|
(336,270
|
)
|
|
(15,000
|
)
|
|
Payments on term loan and other debt
|
(216
|
)
|
|
(298,295
|
)
|
|
Debt issuance costs
|
(1,018
|
)
|
|
(8,218
|
)
|
|
Purchase of non-controlling interest
|
(35,000
|
)
|
|
—
|
|
|
Distribution to non-controlling interest
|
(423
|
)
|
|
(4,763
|
)
|
|
Change in restricted cash
|
—
|
|
|
27,954
|
|
|
Change in outstanding checks in excess of cash
|
1,029
|
|
|
17,155
|
|
|
Proceeds from stock transactions
|
9,356
|
|
|
2,703
|
|
|
Net cash used in financing activities
|
(87,692
|
)
|
|
(7,969
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
47
|
|
|
(1,923
|
)
|
|
Net change in cash and cash equivalents
|
68,897
|
|
|
(78,061
|
)
|
|
Cash and cash equivalents, beginning of period
|
311,945
|
|
|
354,217
|
|
|
Cash and cash equivalents, end of period
|
$
|
380,842
|
|
|
276,156
|
|
1.
|
Interim reporting
|
2.
|
Receivables, net
|
|
September 29,
2012 |
|
December 31,
2011 |
|||
Customers, trade
|
$
|
802,605
|
|
|
696,856
|
|
Income tax receivable
|
613
|
|
|
1,703
|
|
|
Other
|
54,835
|
|
|
31,311
|
|
|
|
858,053
|
|
|
729,870
|
|
|
Less allowance for discounts, returns, claims and doubtful accounts
|
40,839
|
|
|
43,705
|
|
|
Receivables, net
|
$
|
817,214
|
|
|
686,165
|
|
3.
|
Inventories
|
|
September 29,
2012 |
|
December 31,
2011 |
|||
Finished goods
|
$
|
707,742
|
|
|
670,877
|
|
Work in process
|
107,679
|
|
|
113,311
|
|
|
Raw materials
|
323,982
|
|
|
329,442
|
|
|
Total inventories
|
$
|
1,139,403
|
|
|
1,113,630
|
|
4.
|
Goodwill and intangible assets
|
|
Mohawk
|
|
Dal-Tile
|
|
Unilin
|
|
Total
|
|||||
Balances as of December 31, 2011
|
|
|
|
|
|
|
|
|||||
Goodwill
|
$
|
199,132
|
|
|
1,186,913
|
|
|
1,316,555
|
|
|
2,702,600
|
|
Accumulated impairment losses
|
(199,132
|
)
|
|
(531,930
|
)
|
|
(596,363
|
)
|
|
(1,327,425
|
)
|
|
|
$
|
—
|
|
|
654,983
|
|
|
720,192
|
|
|
1,375,175
|
|
|
|
|
|
|
|
|
|
|||||
Currency translation during the period
|
$
|
—
|
|
|
—
|
|
|
(3,681
|
)
|
|
(3,681
|
)
|
|
|
|
|
|
|
|
|
|||||
Balances as of September 29, 2012
|
|
|
|
|
|
|
|
|||||
Goodwill
|
$
|
199,132
|
|
|
1,186,913
|
|
|
1,312,874
|
|
|
2,698,919
|
|
Accumulated impairment losses
|
(199,132
|
)
|
|
(531,930
|
)
|
|
(596,363
|
)
|
|
(1,327,425
|
)
|
|
|
$
|
—
|
|
|
654,983
|
|
|
716,511
|
|
|
1,371,494
|
|
Intangible assets subject to amortization:
|
Customer
relationships
|
|
Patents
|
|
Other
|
|
Total
|
|||||
Balances as of December 31, 2011
|
$
|
64,958
|
|
|
88,544
|
|
|
1,166
|
|
|
154,668
|
|
Amortization during the period
|
(33,908
|
)
|
|
(13,943
|
)
|
|
(91
|
)
|
|
(47,942
|
)
|
|
Currency translation during the period
|
(171
|
)
|
|
(733
|
)
|
|
10
|
|
|
(894
|
)
|
|
Balances as of September 29, 2012
|
$
|
30,879
|
|
|
73,868
|
|
|
1,085
|
|
|
105,832
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
|||||
Amortization expense
|
$
|
15,683
|
|
|
17,746
|
|
|
47,942
|
|
|
53,120
|
|
5.
|
Accounts payable and accrued expenses
|
|
September 29,
2012 |
|
December 31,
2011 |
|||
Outstanding checks in excess of cash
|
$
|
18,619
|
|
|
17,590
|
|
Accounts payable, trade
|
397,865
|
|
|
372,616
|
|
|
Accrued expenses
|
184,455
|
|
|
154,560
|
|
|
Product warranties
|
34,449
|
|
|
30,144
|
|
|
Accrued interest
|
12,431
|
|
|
34,235
|
|
|
Deferred tax liability
|
6,184
|
|
|
8,760
|
|
|
Accrued compensation and benefits
|
107,183
|
|
|
97,186
|
|
|
Total accounts payable and accrued expenses
|
$
|
761,186
|
|
|
715,091
|
|
6.
|
Product warranties
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
|||||
Balance at beginning of period
|
$
|
34,867
|
|
|
32,052
|
|
|
30,144
|
|
|
37,265
|
|
Warranty claims paid during the period
|
(15,166
|
)
|
|
(13,247
|
)
|
|
(43,952
|
)
|
|
(43,994
|
)
|
|
Pre-existing warranty accrual adjustment during the period
|
—
|
|
|
300
|
|
|
—
|
|
|
3,784
|
|
|
Warranty expense during the period
|
14,748
|
|
|
10,140
|
|
|
48,257
|
|
|
32,190
|
|
|
Balance at end of period
|
$
|
34,449
|
|
|
29,245
|
|
|
34,449
|
|
|
29,245
|
|
7.
|
Stock-based compensation
|
8.
|
Other (income) expense
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
|||||
Foreign currency (gains) losses, net
|
$
|
(219
|
)
|
|
12,500
|
|
|
(6,921
|
)
|
|
10,717
|
|
All other, net
|
541
|
|
|
913
|
|
|
5,858
|
|
|
3,077
|
|
|
Total other expense (income)
|
$
|
322
|
|
|
13,413
|
|
|
(1,063
|
)
|
|
13,794
|
|
9.
|
Earnings per share
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
|||||
Net earnings available to common stockholders
|
$
|
70,304
|
|
|
46,646
|
|
|
183,869
|
|
|
130,991
|
|
Weighted-average common shares outstanding-basic and diluted:
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding—basic
|
69,010
|
|
|
68,759
|
|
|
68,952
|
|
|
68,725
|
|
|
Add weighted-average dilutive potential common shares—options and RSUs to purchase common shares, net
|
327
|
|
|
195
|
|
|
295
|
|
|
221
|
|
|
Weighted-average common shares outstanding-diluted
|
69,337
|
|
|
68,954
|
|
|
69,247
|
|
|
68,946
|
|
|
Basic earnings per share attributable to Mohawk Industries, Inc.
|
$
|
1.02
|
|
|
0.68
|
|
|
2.67
|
|
|
1.91
|
|
Diluted earnings per share attributable to Mohawk Industries, Inc.
|
$
|
1.01
|
|
|
0.68
|
|
|
2.66
|
|
|
1.90
|
|
10.
|
Segment reporting
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
|||||
Net sales:
|
|
|
|
|
|
|
|
|||||
Mohawk
|
$
|
751,787
|
|
|
754,470
|
|
|
2,186,160
|
|
|
2,203,699
|
|
Dal-Tile
|
417,533
|
|
|
381,891
|
|
|
1,214,746
|
|
|
1,105,775
|
|
|
Unilin
|
328,582
|
|
|
329,514
|
|
|
1,020,380
|
|
|
1,018,443
|
|
|
Intersegment sales
|
(24,409
|
)
|
|
(23,363
|
)
|
|
(68,965
|
)
|
|
(63,956
|
)
|
|
|
$
|
1,473,493
|
|
|
1,442,512
|
|
|
4,352,321
|
|
|
4,263,961
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|||||
Mohawk
|
$
|
43,810
|
|
|
30,946
|
|
|
106,228
|
|
|
79,187
|
|
Dal-Tile
|
37,452
|
|
|
33,073
|
|
|
99,912
|
|
|
82,911
|
|
|
Unilin
|
28,892
|
|
|
33,048
|
|
|
96,613
|
|
|
105,507
|
|
|
Corporate and intersegment eliminations
|
(6,200
|
)
|
|
(5,603
|
)
|
|
(19,105
|
)
|
|
(18,357
|
)
|
|
|
$
|
103,954
|
|
|
91,464
|
|
|
283,648
|
|
|
249,248
|
|
|
September 29,
2012 |
|
December 31,
2011 |
|||
Assets:
|
|
|
|
|||
Mohawk
|
$
|
1,760,828
|
|
|
1,769,065
|
|
Dal-Tile
|
1,783,147
|
|
|
1,732,818
|
|
|
Unilin
|
2,586,084
|
|
|
2,533,070
|
|
|
Corporate and intersegment eliminations
|
172,553
|
|
|
171,275
|
|
|
|
$
|
6,302,612
|
|
|
6,206,228
|
|
11.
|
Commitments, contingencies and other
|
|
Lease
impairments
|
|
Asset write-downs
|
|
Severance
|
|
Other
restructuring
costs
|
|
Total
|
||||||
Balance as of December 31, 2011
|
$
|
10,956
|
|
|
—
|
|
|
2,378
|
|
|
1,511
|
|
|
14,845
|
|
Provision - Unilin Segment
|
—
|
|
|
138
|
|
|
1,775
|
|
|
38
|
|
|
1,951
|
|
|
Provision - Mohawk Segment
|
—
|
|
|
6,687
|
|
|
4,069
|
|
|
(252
|
)
|
|
10,504
|
|
|
Cash payments
|
(2,795
|
)
|
|
—
|
|
|
(4,996
|
)
|
|
(773
|
)
|
|
(8,564
|
)
|
|
Non-cash items
|
—
|
|
|
(6,825
|
)
|
|
—
|
|
|
—
|
|
|
(6,825
|
)
|
|
Balance as of September 29, 2012
|
$
|
8,161
|
|
|
—
|
|
|
3,226
|
|
|
524
|
|
|
11,911
|
|
12.
|
Debt
|
13.
|
Fair Value
|
|
September 29, 2012
|
|
December 31, 2011
|
|||||||||
|
Fair Value
|
|
Carrying
Value
|
|
Fair Value
|
|
Carrying
Value
|
|||||
7.20% senior notes, payable April 15, 2012; interest payable semiannually
|
$
|
—
|
|
|
—
|
|
|
336,606
|
|
|
336,270
|
|
6.125% notes, payable January 15, 2016; interest payable semiannually
|
1,006,200
|
|
|
900,000
|
|
|
963,900
|
|
|
900,000
|
|
|
Five-year senior secured credit facility, due July 8, 2016
|
572,850
|
|
|
572,850
|
|
|
298,000
|
|
|
298,000
|
|
|
Industrial revenue bonds, capital leases and other
|
52,092
|
|
|
52,092
|
|
|
52,169
|
|
|
52,169
|
|
|
Total long-term debt
|
1,631,142
|
|
|
1,524,942
|
|
|
1,650,675
|
|
|
1,586,439
|
|
|
Less current portion
|
57,673
|
|
|
57,673
|
|
|
386,591
|
|
|
386,255
|
|
|
Long-term debt, less current portion
|
$
|
1,573,469
|
|
|
1,467,269
|
|
|
1,264,084
|
|
|
1,200,184
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
•
|
maintaining executive offices in different locations;
|
•
|
manufacturing and selling different types of products through different distribution channels;
|
•
|
conducting business from various locations;
|
•
|
maintaining different operating systems and software on different computer hardware; and
|
•
|
providing different employment and compensation arrangements for employees.
|
•
|
changes in foreign country regulatory requirements;
|
•
|
differing business practices associated with foreign operations;
|
•
|
various import/export restrictions and the availability of required import/export licenses;
|
•
|
imposition of foreign tariffs and other trade barriers;
|
•
|
political, legal and economic instability;
|
•
|
foreign currency exchange rate fluctuations;
|
•
|
foreign country tax rules, regulations and other requirements, such as changes in tax rates and statutory and judicial interpretations in tax laws;
|
•
|
inflation;
|
•
|
differing labor laws and changes in those laws;
|
•
|
work stoppages and disruptions in the shipping of imported and exported products;
|
•
|
government price controls;
|
•
|
extended payment terms and the inability to collect accounts receivable;
|
•
|
tax inefficiencies and currency exchange controls that may adversely impact its ability to repatriate cash from non-U.S. subsidiaries; and
|
•
|
compliance with laws governing international relations, including those that prohibit improper payments to government officials.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
No.
|
|
Description
|
|
|
|
31.1
|
|
Certification Pursuant to Rule 13a-14(a).
|
|
|
|
31.2
|
|
Certification Pursuant to Rule 13a-14(a).
|
|
|
|
32.1
|
|
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
|
|
MOHAWK INDUSTRIES, INC.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
Dated:
|
November 2, 2012
|
By:
|
|
/s/ Jeffrey S. Lorberbaum
|
|
|
|
|
JEFFREY S. LORBERBAUM
|
|
|
|
|
Chairman and Chief Executive Officer
|
|
|
|
|
(principal executive officer)
|
|
|
|
|
|
Dated:
|
November 2, 2012
|
By:
|
|
/s/ Frank H. Boykin
|
|
|
|
|
FRANK H. BOYKIN
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(principal financial officer)
|
1 Year Mohawk Industries Chart |
1 Month Mohawk Industries Chart |
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