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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 | |
---|---|---|---|---|---|---|---|---|
0.81 | 0.51% | 160.01 | 160.88 | 158.52 | 160.30 | 160,834 | 17:25:25 |
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
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Part I.
|
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|
|
|
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Item 1.
|
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Item 2.
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Item 3.
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Item 4.
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Part II.
|
|
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Item 1.
|
||
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Item 1A.
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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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Item 5.
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||
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Item 6.
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July 2,
2016 |
|
December 31,
2015 |
|||
ASSETS
|
|
|
|
|||
Current assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
112,049
|
|
|
81,692
|
|
Receivables, net
|
1,448,898
|
|
|
1,257,505
|
|
|
Inventories
|
1,660,131
|
|
|
1,607,256
|
|
|
Prepaid expenses
|
259,246
|
|
|
258,633
|
|
|
Other current assets
|
38,879
|
|
|
44,886
|
|
|
Total current assets
|
3,519,203
|
|
|
3,249,972
|
|
|
Property, plant and equipment
|
6,007,209
|
|
|
5,783,257
|
|
|
Less: accumulated depreciation
|
2,763,371
|
|
|
2,636,139
|
|
|
Property, plant and equipment, net
|
3,243,838
|
|
|
3,147,118
|
|
|
Goodwill
|
2,322,735
|
|
|
2,293,365
|
|
|
Tradenames
|
643,762
|
|
|
632,349
|
|
|
Other intangible assets subject to amortization, net
|
286,561
|
|
|
304,192
|
|
|
Deferred income taxes and other non-current assets
|
296,732
|
|
|
307,404
|
|
|
|
$
|
10,312,831
|
|
|
9,934,400
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|||
Current liabilities:
|
|
|
|
|||
Current portion of long-term debt and commercial paper
|
$
|
1,795,584
|
|
|
2,003,003
|
|
Accounts payable and accrued expenses
|
1,334,150
|
|
|
1,256,025
|
|
|
Total current liabilities
|
3,129,734
|
|
|
3,259,028
|
|
|
Deferred income taxes
|
402,632
|
|
|
388,130
|
|
|
Long-term debt, less current portion
|
1,160,700
|
|
|
1,188,964
|
|
|
Other long-term liabilities
|
210,499
|
|
|
215,463
|
|
|
Total liabilities
|
4,903,565
|
|
|
5,051,585
|
|
|
Commitments and contingencies (Note 13)
|
|
|
|
|||
Redeemable noncontrolling interest
|
23,683
|
|
|
21,952
|
|
|
Stockholders’ equity:
|
|
|
|
|||
Preferred stock, $.01 par value; 60 shares authorized; no shares issued
|
—
|
|
|
—
|
|
|
Common stock, $.01 par value; 150,000 shares authorized; 81,503 and 81,280 shares issued in 2016 and 2015, respectively
|
815
|
|
|
813
|
|
|
Additional paid-in capital
|
1,779,933
|
|
|
1,760,016
|
|
|
Retained earnings
|
4,529,441
|
|
|
4,102,707
|
|
|
Accumulated other comprehensive loss
|
(715,861
|
)
|
|
(793,568
|
)
|
|
|
5,594,328
|
|
|
5,069,968
|
|
|
Less treasury stock at cost; 7,351 shares in 2016 and 2015
|
215,786
|
|
|
215,795
|
|
|
Total Mohawk Industries, Inc. stockholders' equity
|
5,378,542
|
|
|
4,854,173
|
|
|
Nonredeemable noncontrolling interest
|
7,041
|
|
|
6,690
|
|
|
Total stockholders' equity
|
5,385,583
|
|
|
4,860,863
|
|
|
|
$
|
10,312,831
|
|
|
9,934,400
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
July 2,
2016 |
|
July 4,
2015 |
|
July 2,
2016 |
|
July 4,
2015 |
|||||
Net sales
|
$
|
2,310,336
|
|
|
2,041,733
|
|
|
4,482,382
|
|
|
3,922,910
|
|
Cost of sales
|
1,554,748
|
|
|
1,426,604
|
|
|
3,087,115
|
|
|
2,795,838
|
|
|
Gross profit
|
755,588
|
|
|
615,129
|
|
|
1,395,267
|
|
|
1,127,072
|
|
|
Selling, general and administrative expenses
|
404,896
|
|
|
359,313
|
|
|
798,903
|
|
|
827,482
|
|
|
Operating income
|
350,692
|
|
|
255,816
|
|
|
596,364
|
|
|
299,590
|
|
|
Interest expense
|
10,351
|
|
|
16,838
|
|
|
22,652
|
|
|
33,287
|
|
|
Other (income) expense, net
|
(5,807
|
)
|
|
2,928
|
|
|
(2,378
|
)
|
|
1,845
|
|
|
Earnings before income taxes
|
346,148
|
|
|
236,050
|
|
|
576,090
|
|
|
264,458
|
|
|
Income tax expense
|
90,034
|
|
|
49,276
|
|
|
147,859
|
|
|
55,180
|
|
|
Net earnings including noncontrolling interests
|
256,114
|
|
|
186,774
|
|
|
428,231
|
|
|
209,278
|
|
|
Net income attributable to noncontrolling interests
|
926
|
|
|
282
|
|
|
1,495
|
|
|
440
|
|
|
Net earnings attributable to Mohawk Industries, Inc.
|
$
|
255,188
|
|
|
186,492
|
|
|
426,736
|
|
|
208,838
|
|
|
|
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|||||
Basic earnings per share attributable to Mohawk Industries, Inc.
|
|
|
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|
|
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|
|||||
Basic earnings per share attributable to Mohawk Industries, Inc.
|
$
|
3.44
|
|
|
2.54
|
|
|
5.76
|
|
|
2.85
|
|
Weighted-average common shares outstanding—basic
|
74,123
|
|
|
73,264
|
|
|
74,049
|
|
|
73,123
|
|
|
|
|
|
|
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|
|||||
Diluted earnings per share attributable to Mohawk Industries, Inc.
|
|
|
|
|
|
|
|
|||||
Diluted earnings per share attributable to Mohawk Industries, Inc.
|
$
|
3.42
|
|
|
2.53
|
|
|
5.73
|
|
|
2.83
|
|
Weighted-average common shares outstanding—diluted
|
74,574
|
|
|
73,756
|
|
|
74,526
|
|
|
73,644
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
July 2,
2016 |
|
July 4,
2015 |
|
July 2,
2016 |
|
July 4,
2015 |
|||||
Net earnings including noncontrolling interests
|
$
|
256,114
|
|
|
186,774
|
|
|
428,231
|
|
|
209,278
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|||||
Foreign currency translation adjustments
|
(43,054
|
)
|
|
29,826
|
|
|
77,714
|
|
|
(196,333
|
)
|
|
Pension prior service cost and actuarial (loss) gain
|
13
|
|
|
(4
|
)
|
|
(7
|
)
|
|
82
|
|
|
Other comprehensive income (loss)
|
(43,041
|
)
|
|
29,822
|
|
|
77,707
|
|
|
(196,251
|
)
|
|
Comprehensive income (loss)
|
213,073
|
|
|
216,596
|
|
|
505,938
|
|
|
13,027
|
|
|
Comprehensive income attributable to noncontrolling interests
|
926
|
|
|
282
|
|
|
1,495
|
|
|
440
|
|
|
Comprehensive income attributable to Mohawk Industries, Inc.
|
$
|
212,147
|
|
|
216,314
|
|
|
504,443
|
|
|
12,587
|
|
|
Six Months Ended
|
|||||
|
July 2, 2016
|
|
July 4, 2015
|
|||
Cash flows from operating activities:
|
|
|
|
|||
Net earnings
|
$
|
428,231
|
|
|
209,278
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|||
Restructuring
|
9,524
|
|
|
13,818
|
|
|
Depreciation and amortization
|
201,408
|
|
|
173,667
|
|
|
Deferred income taxes
|
17,375
|
|
|
(12,700
|
)
|
|
(Gain) loss on disposal of property, plant and equipment
|
(2,421
|
)
|
|
486
|
|
|
Stock-based compensation expense
|
23,547
|
|
|
16,196
|
|
|
Changes in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
|||
Receivables, net
|
(201,249
|
)
|
|
(180,936
|
)
|
|
Inventories
|
(41,305
|
)
|
|
37,446
|
|
|
Accounts payable and accrued expenses
|
76,188
|
|
|
81,727
|
|
|
Other assets and prepaid expenses
|
53,101
|
|
|
(58,250
|
)
|
|
Other liabilities
|
(15,019
|
)
|
|
(13,213
|
)
|
|
Net cash provided by operating activities
|
549,380
|
|
|
267,519
|
|
|
Cash flows from investing activities:
|
|
|
|
|||
Additions to property, plant and equipment
|
(276,914
|
)
|
|
(228,422
|
)
|
|
Acquisitions, net of cash acquired
|
—
|
|
|
(1,191,283
|
)
|
|
Net cash used in investing activities
|
(276,914
|
)
|
|
(1,419,705
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|||
Payments on Senior Credit Facilities
|
(278,879
|
)
|
|
(339,264
|
)
|
|
Proceeds from Senior Credit Facilities
|
266,534
|
|
|
756,327
|
|
|
Payments on Commercial Paper
|
(13,888,260
|
)
|
|
(9,081,800
|
)
|
|
Proceeds from Commercial Paper
|
14,294,098
|
|
|
9,321,200
|
|
|
Repayment of senior notes
|
(645,555
|
)
|
|
—
|
|
|
Proceeds from 2.00% Senior Notes
|
—
|
|
|
564,653
|
|
|
Payments of acquired debt and other financings
|
—
|
|
|
(355
|
)
|
|
Debt issuance costs
|
(1,086
|
)
|
|
(6,867
|
)
|
|
Change in outstanding checks in excess of cash
|
(3,981
|
)
|
|
5,737
|
|
|
Proceeds and net tax benefit from stock transactions
|
7,821
|
|
|
9,509
|
|
|
Net cash (used in) provided by financing activities
|
(249,308
|
)
|
|
1,229,140
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
7,199
|
|
|
(3,744
|
)
|
|
Net change in cash and cash equivalents
|
30,357
|
|
|
73,210
|
|
|
Cash and cash equivalents, beginning of period
|
81,692
|
|
|
97,877
|
|
|
Cash and cash equivalents, end of period
|
$
|
112,049
|
|
|
171,087
|
|
|
|
|
|
Fair value of assets, net of cash acquired
|
$
|
1,382,356
|
|
Noncontrolling interests in assets acquired
|
(24,160
|
)
|
|
Assumed indebtedness
|
(17,146
|
)
|
|
Consideration transferred
|
$
|
1,341,050
|
|
|
|
||
Working capital
|
140,606
|
|
|
Property, plant and equipment
|
363,570
|
|
|
Tradenames
|
48,563
|
|
|
Customer relationships
|
224,326
|
|
|
Goodwill
|
740,140
|
|
|
Other long-term assets
|
50,236
|
|
|
Long-term debt, including current portion
|
(17,146
|
)
|
|
Other long-term liabilities
|
(57,832
|
)
|
|
Deferred tax liability
|
(127,253
|
)
|
|
Noncontrolling interest
|
(24,160
|
)
|
|
Consideration transferred
|
$
|
1,341,050
|
|
|
|
•
|
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 and workforce reductions.
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||
|
July 2, 2016
|
|
|
July 4, 2015
|
|
July 2, 2016
|
|
|
July 4, 2015
|
|||||
Cost of sales
|
|
|
|
|
|
|
|
|
|
|||||
Restructuring costs
(a)
|
$
|
2,798
|
|
|
|
10,463
|
|
|
7,824
|
|
|
|
20,307
|
|
Acquisition integration-related costs
|
(20
|
)
|
|
|
1,878
|
|
|
802
|
|
|
|
2,010
|
|
|
Restructuring and integration-related costs
|
$
|
2,778
|
|
|
|
12,341
|
|
|
8,626
|
|
|
|
22,317
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling, general and administrative expenses
|
|
|
|
|
|
|
|
|
|
|||||
Restructuring costs
(a)
|
$
|
1,473
|
|
|
|
(92
|
)
|
|
1,700
|
|
|
|
1,081
|
|
Acquisition transaction-related costs
|
—
|
|
|
|
3,701
|
|
|
—
|
|
|
|
4,678
|
|
|
Acquisition integration-related costs
|
1,769
|
|
|
|
2,535
|
|
|
2,736
|
|
|
|
2,938
|
|
|
Restructuring, acquisition and integration-related costs
|
$
|
3,242
|
|
|
|
6,144
|
|
|
4,436
|
|
|
|
8,697
|
|
|
|
Asset write-downs
|
|
Severance
|
|
Other
restructuring
costs
|
|
Total
|
|||||
Balance as of December 31, 2015
|
|
$
|
—
|
|
|
8,965
|
|
|
1,065
|
|
|
10,030
|
|
Provision - Global Ceramic segment
|
|
795
|
|
|
—
|
|
|
106
|
|
|
901
|
|
|
Provision - Flooring NA segment
|
|
1,158
|
|
|
—
|
|
|
8,237
|
|
|
9,395
|
|
|
Provision - Flooring ROW segment
|
|
226
|
|
|
1,184
|
|
|
(2,182
|
)
|
|
(772
|
)
|
|
Cash payments
|
|
—
|
|
|
(7,102
|
)
|
|
2,252
|
|
|
(4,850
|
)
|
|
Non-cash items
|
|
(2,179
|
)
|
|
60
|
|
|
(823
|
)
|
|
(2,942
|
)
|
|
Balance as of July 2, 2016
|
|
$
|
—
|
|
|
3,107
|
|
|
8,655
|
|
|
11,762
|
|
|
July 2,
2016 |
|
December 31,
2015 |
|||
Customers, trade
|
$
|
1,466,004
|
|
|
1,243,533
|
|
Income tax receivable
|
10,033
|
|
|
21,835
|
|
|
Other
|
56,074
|
|
|
71,084
|
|
|
|
1,532,111
|
|
|
1,336,452
|
|
|
Less: allowance for discounts, returns, claims and doubtful accounts
|
83,213
|
|
|
78,947
|
|
|
Receivables, net
|
$
|
1,448,898
|
|
|
1,257,505
|
|
|
July 2,
2016 |
|
December 31,
2015 |
|||
Finished goods
|
$
|
1,107,494
|
|
|
1,083,012
|
|
Work in process
|
136,812
|
|
|
137,186
|
|
|
Raw materials
|
415,825
|
|
|
387,058
|
|
|
Total inventories
|
$
|
1,660,131
|
|
|
1,607,256
|
|
|
Global Ceramic segment
|
|
Flooring NA segment
|
|
Flooring ROW segment
|
|
Total
|
|||||
Balance as of December 31, 2015
|
|
|
|
|
|
|
|
|||||
Goodwill
|
$
|
1,472,757
|
|
|
867,916
|
|
|
1,280,117
|
|
|
3,620,790
|
|
Accumulated impairment losses
|
(531,930
|
)
|
|
(343,054
|
)
|
|
(452,441
|
)
|
|
(1,327,425
|
)
|
|
|
$
|
940,827
|
|
|
524,862
|
|
|
827,676
|
|
|
2,293,365
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill recognized or adjusted during the period
|
$
|
—
|
|
|
1,848
|
|
|
1,158
|
|
|
3,006
|
|
Currency translation during the period
|
10,940
|
|
|
—
|
|
|
15,424
|
|
|
26,364
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance as of July 2, 2016
|
|
|
|
|
|
|
|
|||||
Goodwill
|
1,483,697
|
|
|
869,764
|
|
|
1,296,699
|
|
|
3,650,160
|
|
|
Accumulated impairment losses
|
(531,930
|
)
|
|
(343,054
|
)
|
|
(452,441
|
)
|
|
(1,327,425
|
)
|
|
|
$
|
951,767
|
|
|
526,710
|
|
|
844,258
|
|
|
2,322,735
|
|
|
Tradenames
|
||
Balance as of December 31, 2015
|
$
|
632,349
|
|
Currency translation during the period
|
11,413
|
|
|
Balance as of July 2, 2016
|
$
|
643,762
|
|
Gross carrying amounts:
|
Customer
relationships |
|
Patents
|
|
Other
|
|
Total
|
|||||
Balance as of December 31, 2015
|
$
|
588,716
|
|
|
243,258
|
|
|
6,790
|
|
|
838,764
|
|
Intangible assets recognized or adjusted during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Currency translation during the period
|
3,566
|
|
|
4,580
|
|
|
(726
|
)
|
|
7,420
|
|
|
Balance as of July 2, 2016
|
$
|
592,282
|
|
|
247,838
|
|
|
6,064
|
|
|
846,184
|
|
|
|
|
|
|
|
|
|
|||||
Accumulated amortization:
|
Customer
relationships |
|
Patents
|
|
Other
|
|
Total
|
|||||
Balance as of December 31, 2015
|
$
|
317,593
|
|
|
216,273
|
|
|
706
|
|
|
534,572
|
|
Amortization during the period
|
13,419
|
|
|
5,623
|
|
|
16
|
|
|
19,058
|
|
|
Currency translation during the period
|
2,126
|
|
|
4,064
|
|
|
(197
|
)
|
|
5,993
|
|
|
Balance as of July 2, 2016
|
$
|
333,138
|
|
|
225,960
|
|
|
525
|
|
|
559,623
|
|
|
|
|
|
|
|
|
|
|||||
Intangible assets subject to amortization, net
|
$
|
259,144
|
|
|
21,878
|
|
|
5,539
|
|
|
286,561
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
July 2,
2016 |
|
July 4,
2015 |
|
July 2,
2016 |
|
July 4,
2015 |
|||||
Amortization expense
|
$
|
9,494
|
|
|
6,264
|
|
|
19,058
|
|
|
11,370
|
|
|
July 2,
2016 |
|
December 31,
2015 |
|||
Outstanding checks in excess of cash
|
$
|
10,044
|
|
|
14,023
|
|
Accounts payable, trade
|
782,051
|
|
|
696,974
|
|
|
Accrued expenses
|
314,358
|
|
|
293,867
|
|
|
Product warranties
|
36,754
|
|
|
35,516
|
|
|
Accrued interest
|
15,011
|
|
|
34,623
|
|
|
Accrued compensation and benefits
|
175,932
|
|
|
181,022
|
|
|
Total accounts payable and accrued expenses
|
$
|
1,334,150
|
|
|
1,256,025
|
|
|
Foreign currency translation adjustments
|
|
Pensions (a)
|
|
Total
|
||||
Balance as of December 31, 2015
|
$
|
(788,652
|
)
|
|
(4,916
|
)
|
|
(793,568
|
)
|
Current period other comprehensive income (loss) before reclassifications
|
77,714
|
|
|
(7
|
)
|
|
77,707
|
|
|
Balance as of July 2, 2016
|
$
|
(710,938
|
)
|
|
(4,923
|
)
|
|
(715,861
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
July 2,
2016 |
|
July 4,
2015 |
|
July 2,
2016 |
|
July 4,
2015 |
|||||
Foreign currency losses (gains), net
|
$
|
(1,665
|
)
|
|
3,537
|
|
|
3,377
|
|
|
3,080
|
|
All other, net
|
(4,142
|
)
|
|
(609
|
)
|
|
(5,755
|
)
|
|
(1,235
|
)
|
|
Total other expense (income), net
|
$
|
(5,807
|
)
|
|
2,928
|
|
|
(2,378
|
)
|
|
1,845
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
July 2,
2016 |
|
July 4,
2015 |
|
July 2,
2016 |
|
July 4,
2015 |
|||||
Net earnings attributable to Mohawk Industries, Inc.
|
$
|
255,188
|
|
|
186,492
|
|
|
426,736
|
|
|
208,838
|
|
Accretion of redeemable noncontrolling interest
|
—
|
|
|
(160
|
)
|
|
—
|
|
|
(160
|
)
|
|
Net earnings available to common stockholders
|
$
|
255,188
|
|
|
186,332
|
|
|
426,736
|
|
|
208,678
|
|
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding-basic and diluted:
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding—basic
|
74,123
|
|
|
73,264
|
|
|
74,049
|
|
|
73,123
|
|
|
Add weighted-average dilutive potential common shares—options to purchase common shares and RSUs, net
|
451
|
|
|
492
|
|
|
477
|
|
|
521
|
|
|
Weighted-average common shares outstanding-diluted
|
74,574
|
|
|
73,756
|
|
|
74,526
|
|
|
73,644
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per share attributable to Mohawk Industries, Inc.
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
3.44
|
|
|
2.54
|
|
|
5.76
|
|
|
2.85
|
|
Diluted
|
$
|
3.42
|
|
|
2.53
|
|
|
5.73
|
|
|
2.83
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
July 2,
2016 |
|
July 4,
2015 |
|
July 2,
2016 |
|
July 4,
2015 |
|||||
Net sales:
|
|
|
|
|
|
|
|
|||||
Global Ceramic segment
|
$
|
829,794
|
|
|
789,802
|
|
|
1,603,520
|
|
|
1,509,630
|
|
Flooring NA segment
|
980,693
|
|
|
920,337
|
|
|
1,887,057
|
|
|
1,767,248
|
|
|
Flooring ROW segment
|
499,849
|
|
|
331,622
|
|
|
991,805
|
|
|
646,364
|
|
|
Intersegment sales
|
—
|
|
|
(28
|
)
|
|
—
|
|
|
(332
|
)
|
|
|
$
|
2,310,336
|
|
|
2,041,733
|
|
|
4,482,382
|
|
|
3,922,910
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|||||
Global Ceramic segment
|
$
|
140,606
|
|
|
121,189
|
|
|
240,383
|
|
|
206,516
|
|
Flooring NA segment
|
118,946
|
|
|
95,143
|
|
|
194,297
|
|
|
19,951
|
|
|
Flooring ROW segment
|
101,062
|
|
|
53,052
|
|
|
180,599
|
|
|
97,693
|
|
|
Corporate and intersegment eliminations
|
(9,922
|
)
|
|
(13,568
|
)
|
|
(18,915
|
)
|
|
(24,570
|
)
|
|
|
$
|
350,692
|
|
|
255,816
|
|
|
596,364
|
|
|
299,590
|
|
|
July 2,
2016 |
|
December 31,
2015 |
|||
Assets:
|
|
|
|
|||
Global Ceramic segment
|
$
|
4,054,351
|
|
|
3,846,133
|
|
Flooring NA segment
|
3,316,048
|
|
|
3,164,525
|
|
|
Flooring ROW segment
|
2,835,497
|
|
|
2,805,246
|
|
|
Corporate and intersegment eliminations
|
106,935
|
|
|
118,496
|
|
|
|
$
|
10,312,831
|
|
|
9,934,400
|
|
|
July 2, 2016
|
|
December 31, 2015
|
|||||||||
|
Fair Value
|
|
Carrying
Value
|
|
Fair Value
|
|
Carrying
Value
|
|||||
3.85% Senior Notes, payable February 1, 2023; interest payable semiannually
|
$
|
630,012
|
|
|
600,000
|
|
|
584,730
|
|
|
600,000
|
|
6.125% Senior Notes, payable January 15, 2016; interest payable semiannually
|
—
|
|
|
—
|
|
|
646,130
|
|
|
645,555
|
|
|
2.00% Senior Notes, payable January 14, 2022; interest payable annually
|
579,999
|
|
|
556,979
|
|
|
554,209
|
|
|
546,627
|
|
|
U.S. commercial paper
|
575,500
|
|
|
575,500
|
|
|
284,800
|
|
|
284,800
|
|
|
European commercial paper
|
593,740
|
|
|
593,740
|
|
|
472,067
|
|
|
472,067
|
|
|
Five-year senior secured credit facility, due March 26, 2021
|
124,673
|
|
|
124,673
|
|
|
134,075
|
|
|
134,075
|
|
|
Securitization facility
|
500,000
|
|
|
500,000
|
|
|
500,000
|
|
|
500,000
|
|
|
Capital leases and other
|
13,217
|
|
|
13,217
|
|
|
16,805
|
|
|
16,807
|
|
|
Unamortized debt issuance costs
|
(7,825
|
)
|
|
(7,825
|
)
|
|
(7,964
|
)
|
|
(7,964
|
)
|
|
Total debt
|
3,009,316
|
|
|
2,956,284
|
|
|
3,184,852
|
|
|
3,191,967
|
|
|
Less current portion of long term debt and commercial paper
|
1,795,584
|
|
|
1,795,584
|
|
|
2,003,578
|
|
|
2,003,003
|
|
|
Long-term debt, less current portion
|
$
|
1,213,732
|
|
|
1,160,700
|
|
|
1,181,274
|
|
|
1,188,964
|
|
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
|
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:
|
August 5, 2016
|
By:
|
|
/s/ Jeffrey S. Lorberbaum
|
|
|
|
|
JEFFREY S. LORBERBAUM
|
|
|
|
|
Chairman and Chief Executive Officer
|
|
|
|
|
(principal executive officer)
|
|
|
|
|
|
Dated:
|
August 5, 2016
|
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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