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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 | |
---|---|---|---|---|---|---|---|---|
0.75 | 0.65% | 115.62 | 116.56 | 113.51 | 116.50 | 480,140 | 21:03:40 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
52-1604305
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(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
160 S. Industrial Blvd., Calhoun, Georgia
|
|
30701
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(Address of principal executive offices)
|
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(Zip Code)
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Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
|
|
|
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Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
¨
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|
|
|
|
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|
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Emerging growth company
|
¨
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Page No
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Part I.
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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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||
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Item 1A.
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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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Item 6.
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June 30,
2018 |
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December 31,
2017 |
|||
ASSETS
|
|
|
|
|||
Current assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
518,226
|
|
|
84,884
|
|
Receivables, net
|
1,737,935
|
|
|
1,558,159
|
|
|
Inventories
|
2,061,204
|
|
|
1,948,663
|
|
|
Prepaid expenses
|
385,228
|
|
|
376,836
|
|
|
Other current assets
|
71,087
|
|
|
104,425
|
|
|
Total current assets
|
4,773,680
|
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|
4,072,967
|
|
|
Property, plant and equipment
|
7,790,440
|
|
|
7,486,284
|
|
|
Less: accumulated depreciation
|
3,369,367
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|
|
3,215,494
|
|
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Property, plant and equipment, net
|
4,421,073
|
|
|
4,270,790
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|
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Goodwill
|
2,447,046
|
|
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2,471,459
|
|
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Tradenames
|
630,365
|
|
|
644,208
|
|
|
Other intangible assets subject to amortization, net
|
228,167
|
|
|
247,559
|
|
|
Deferred income taxes and other non-current assets
|
393,708
|
|
|
387,870
|
|
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$
|
12,894,039
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|
12,094,853
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LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
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|
|||
Current liabilities:
|
|
|
|
|||
Short-term debt and current portion of long-term debt
|
$
|
1,146,511
|
|
|
1,203,683
|
|
Accounts payable and accrued expenses
|
1,589,561
|
|
|
1,451,672
|
|
|
Total current liabilities
|
2,736,072
|
|
|
2,655,355
|
|
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Deferred income taxes
|
365,379
|
|
|
328,103
|
|
|
Long-term debt, less current portion
|
1,884,023
|
|
|
1,559,895
|
|
|
Other long-term liabilities
|
505,088
|
|
|
455,028
|
|
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Total liabilities
|
5,490,562
|
|
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4,998,381
|
|
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Commitments and contingencies (Note 15)
|
|
|
|
|||
Redeemable noncontrolling interest
|
30,043
|
|
|
29,463
|
|
|
Stockholders’ equity:
|
|
|
|
|||
Preferred stock, $.01 par value; 60 shares authorized; no shares issued
|
—
|
|
|
—
|
|
|
Common stock, $.01 par value; 150,000 shares authorized; 81,952 and 81,771 shares issued in 2018 and 2017, respectively
|
820
|
|
|
818
|
|
|
Additional paid-in capital
|
1,842,060
|
|
|
1,828,131
|
|
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Retained earnings
|
6,409,552
|
|
|
6,004,506
|
|
|
Accumulated other comprehensive loss
|
(671,133
|
)
|
|
(558,527
|
)
|
|
|
7,581,299
|
|
|
7,274,928
|
|
|
Less treasury stock at cost; 7,350 shares in 2018 and 2017
|
215,745
|
|
|
215,766
|
|
|
Total Mohawk Industries, Inc. stockholders' equity
|
7,365,554
|
|
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7,059,162
|
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Nonredeemable noncontrolling interest
|
7,880
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7,847
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Total stockholders' equity
|
7,373,434
|
|
|
7,067,009
|
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$
|
12,894,039
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12,094,853
|
|
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Three Months Ended
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Six Months Ended
|
|||||||||
|
June 30,
2018 |
|
July 1,
2017 |
|
June 30,
2018 |
|
July 1,
2017 |
|||||
Net sales
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$
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2,577,014
|
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2,453,038
|
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4,989,216
|
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4,673,683
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Cost of sales
|
1,810,459
|
|
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1,673,902
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3,517,969
|
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3,214,194
|
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Gross profit
|
766,555
|
|
|
779,136
|
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1,471,247
|
|
|
1,459,489
|
|
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Selling, general and administrative expenses
|
440,248
|
|
|
423,311
|
|
|
876,541
|
|
|
828,880
|
|
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Operating income
|
326,307
|
|
|
355,825
|
|
|
594,706
|
|
|
630,609
|
|
|
Interest expense
|
7,863
|
|
|
8,393
|
|
|
15,391
|
|
|
16,595
|
|
|
Other expense, net
|
2,090
|
|
|
3,002
|
|
|
6,088
|
|
|
170
|
|
|
Earnings before income taxes
|
316,354
|
|
|
344,430
|
|
|
573,227
|
|
|
613,844
|
|
|
Income tax expense
|
118,809
|
|
|
82,682
|
|
|
166,441
|
|
|
151,040
|
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|
Net earnings including noncontrolling interests
|
197,545
|
|
|
261,748
|
|
|
406,786
|
|
|
462,804
|
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|
Net income attributable to noncontrolling interests
|
959
|
|
|
1,067
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1,434
|
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|
1,569
|
|
|
Net earnings attributable to Mohawk Industries, Inc.
|
$
|
196,586
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260,681
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405,352
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461,235
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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.
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$
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2.64
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3.51
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5.44
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6.21
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Weighted-average common shares outstanding—basic
|
74,597
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|
|
74,327
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74,525
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|
74,269
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|||||
Diluted earnings per share attributable to Mohawk Industries, Inc.
|
|
|
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|
|||||
Diluted earnings per share attributable to Mohawk Industries, Inc.
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$
|
2.62
|
|
|
3.48
|
|
|
5.41
|
|
|
6.17
|
|
Weighted-average common shares outstanding—diluted
|
74,937
|
|
|
74,801
|
|
|
74,928
|
|
|
74,773
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
June 30,
2018 |
|
July 1,
2017 |
|
June 30,
2018 |
|
July 1,
2017 |
|||||
Net earnings including noncontrolling interests
|
$
|
197,545
|
|
|
261,748
|
|
|
406,786
|
|
|
462,804
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|||||
Foreign currency translation adjustments
|
(186,350
|
)
|
|
113,465
|
|
|
(113,957
|
)
|
|
197,088
|
|
|
Pension prior service cost and actuarial gain (loss), net of tax
|
358
|
|
|
(266
|
)
|
|
223
|
|
|
(848
|
)
|
|
Other comprehensive income (loss)
|
(185,992
|
)
|
|
113,199
|
|
|
(113,734
|
)
|
|
196,240
|
|
|
Comprehensive income
|
11,553
|
|
|
374,947
|
|
|
293,052
|
|
|
659,044
|
|
|
Comprehensive income (loss) attributable to noncontrolling interests
|
(1,068
|
)
|
|
1,067
|
|
|
306
|
|
|
1,569
|
|
|
Comprehensive income attributable to Mohawk Industries, Inc.
|
$
|
12,621
|
|
|
373,880
|
|
|
292,746
|
|
|
657,475
|
|
|
Six Months Ended
|
|||||
|
June 30, 2018
|
|
July 1, 2017
|
|||
Cash flows from operating activities:
|
|
|
|
|||
Net earnings
|
$
|
406,786
|
|
|
462,804
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|||
Restructuring
|
31,311
|
|
|
16,353
|
|
|
Depreciation and amortization
|
249,702
|
|
|
214,785
|
|
|
Deferred income taxes
|
53,031
|
|
|
4,679
|
|
|
(Gain) loss on disposal of property, plant and equipment
|
(806
|
)
|
|
915
|
|
|
Stock-based compensation expense
|
21,593
|
|
|
23,430
|
|
|
Changes in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
|||
Receivables, net
|
(198,131
|
)
|
|
(166,643
|
)
|
|
Inventories
|
(132,508
|
)
|
|
(93,248
|
)
|
|
Other assets and prepaid expenses
|
(39,639
|
)
|
|
(64,447
|
)
|
|
Accounts payable and accrued expenses
|
228,789
|
|
|
17,598
|
|
|
Other liabilities
|
858
|
|
|
(2,348
|
)
|
|
Net cash provided by operating activities
|
620,986
|
|
|
413,878
|
|
|
Cash flows from investing activities:
|
|
|
|
|||
Additions to property, plant and equipment
|
(498,354
|
)
|
|
(425,423
|
)
|
|
Acquisitions, net of cash acquired
|
(24,410
|
)
|
|
(250,468
|
)
|
|
Purchases of short-term investments
|
(392,096
|
)
|
|
—
|
|
|
Redemption of short-term investments
|
429,000
|
|
|
—
|
|
|
Net cash used in investing activities
|
(485,860
|
)
|
|
(675,891
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|||
Payments on Senior Credit Facilities
|
(441,049
|
)
|
|
(259,086
|
)
|
|
Proceeds from Senior Credit Facilities
|
455,015
|
|
|
240,674
|
|
|
Payments on Commercial Paper
|
(7,901,645
|
)
|
|
(7,155,819
|
)
|
|
Proceeds from Commercial Paper
|
7,853,591
|
|
|
7,799,905
|
|
|
Proceeds from Floating Rate Notes
|
353,648
|
|
|
—
|
|
|
Payments of other debt and financing costs
|
—
|
|
|
(6,208
|
)
|
|
Payments on asset securitization borrowings
|
—
|
|
|
(500,000
|
)
|
|
Proceeds from asset securitization borrowings
|
—
|
|
|
150,000
|
|
|
Debt issuance costs
|
(800
|
)
|
|
(567
|
)
|
|
Change in outstanding checks in excess of cash
|
(1,545
|
)
|
|
(538
|
)
|
|
Shares redeemed for taxes
|
(9,188
|
)
|
|
(12,255
|
)
|
|
Proceeds from stock transactions
|
2
|
|
|
1,202
|
|
|
Net cash used in financing activities
|
308,029
|
|
|
257,308
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
(9,813
|
)
|
|
13,278
|
|
|
Net change in cash and cash equivalents
|
433,342
|
|
|
8,573
|
|
|
Cash and cash equivalents, beginning of period
|
84,884
|
|
|
121,665
|
|
|
Cash and cash equivalents, end of period
|
$
|
518,226
|
|
|
130,238
|
|
|
|
|
|
•
|
Incremental costs of obtaining a contract is recorded as an expense when incurred in selling, general and administrative expenses if the amortization period is less than one year.
|
•
|
Shipping and handling activities performed after control has been transferred is accounted for as a fulfillment cost in cost of sales.
|
June 30, 2018
|
Global Ceramic segment
|
|
Flooring NA segment
|
|
Flooring ROW segment
|
|
Total
|
|||||
Geographical Markets
|
|
|
|
|
|
|
|
|||||
United States
|
$
|
578,535
|
|
|
1,013,994
|
|
|
—
|
|
|
1,592,529
|
|
Europe
|
208,671
|
|
|
1,870
|
|
|
490,885
|
|
|
701,426
|
|
|
Russia
|
63,709
|
|
|
—
|
|
|
26,553
|
|
|
90,262
|
|
|
Other
|
78,382
|
|
|
41,706
|
|
|
72,709
|
|
|
192,797
|
|
|
|
$
|
929,297
|
|
|
1,057,570
|
|
|
590,147
|
|
|
2,577,014
|
|
|
|
|
|
|
|
|
|
|||||
Product Categories
|
|
|
|
|
|
|
|
|||||
Ceramic & Stone
|
$
|
929,297
|
|
|
18,178
|
|
|
—
|
|
|
947,475
|
|
Carpet & Resilient
|
—
|
|
|
859,179
|
|
|
132,578
|
|
|
991,757
|
|
|
Laminate & Wood
|
—
|
|
|
180,213
|
|
|
216,754
|
|
|
396,967
|
|
|
Other
(1)
|
—
|
|
|
—
|
|
|
240,815
|
|
|
240,815
|
|
|
|
$
|
929,297
|
|
|
1,057,570
|
|
|
590,147
|
|
|
2,577,014
|
|
July 1, 2017
|
Global Ceramic segment
|
|
Flooring NA segment
|
|
Flooring ROW segment
|
|
Total
|
|||||
Geographical Markets
|
|
|
|
|
|
|
|
|||||
United States
|
$
|
571,195
|
|
|
990,599
|
|
|
484
|
|
|
1,562,278
|
|
Europe
|
191,397
|
|
|
4,248
|
|
|
414,621
|
|
|
610,266
|
|
|
Russia
|
62,006
|
|
|
—
|
|
|
22,482
|
|
|
84,488
|
|
|
Other
|
78,072
|
|
|
45,452
|
|
|
72,482
|
|
|
196,006
|
|
|
|
$
|
902,670
|
|
|
1,040,299
|
|
|
510,069
|
|
|
2,453,038
|
|
|
|
|
|
|
|
|
|
|||||
Product Categories
|
|
|
|
|
|
|
|
|||||
Ceramic & Stone
|
$
|
902,670
|
|
|
21,499
|
|
|
—
|
|
|
924,169
|
|
Carpet & Resilient
|
—
|
|
|
829,625
|
|
|
110,836
|
|
|
940,461
|
|
|
Laminate & Wood
|
—
|
|
|
189,175
|
|
|
201,258
|
|
|
390,433
|
|
|
Other
(1)
|
—
|
|
|
—
|
|
|
197,975
|
|
|
197,975
|
|
|
|
$
|
902,670
|
|
|
1,040,299
|
|
|
510,069
|
|
|
2,453,038
|
|
June 30, 2018
|
Global Ceramic segment
|
|
Flooring NA segment
|
|
Flooring ROW segment
|
|
Total
|
|||||
Geographical Markets
|
|
|
|
|
|
|
|
|||||
United States
|
$
|
1,134,722
|
|
|
1,922,116
|
|
|
—
|
|
|
3,056,838
|
|
Europe
|
398,906
|
|
|
3,520
|
|
|
985,528
|
|
|
1,387,954
|
|
|
Russia
|
115,131
|
|
|
—
|
|
|
45,982
|
|
|
161,113
|
|
|
Other
|
157,086
|
|
|
82,292
|
|
|
143,933
|
|
|
383,311
|
|
|
|
$
|
1,805,845
|
|
|
2,007,928
|
|
|
1,175,443
|
|
|
4,989,216
|
|
|
|
|
|
|
|
|
|
|||||
Product Categories
|
|
|
|
|
|
|
|
|||||
Ceramic & Stone
|
$
|
1,805,845
|
|
|
35,721
|
|
|
—
|
|
|
1,841,566
|
|
Carpet & Resilient
|
—
|
|
|
1,614,725
|
|
|
261,589
|
|
|
1,876,314
|
|
|
Laminate & Wood
|
—
|
|
|
357,482
|
|
|
442,897
|
|
|
800,379
|
|
|
Other
(1)
|
—
|
|
|
—
|
|
|
470,957
|
|
|
470,957
|
|
|
|
$
|
1,805,845
|
|
|
2,007,928
|
|
|
1,175,443
|
|
|
4,989,216
|
|
July 1, 2017
|
Global Ceramic segment
|
|
Flooring NA segment
|
|
Flooring ROW segment
|
|
Total
|
|||||
Geographical Markets
|
|
|
|
|
|
|
|
|||||
United States
|
$
|
1,116,211
|
|
|
1,883,204
|
|
|
1,187
|
|
|
3,000,602
|
|
Europe
|
323,018
|
|
|
8,283
|
|
|
826,816
|
|
|
1,158,117
|
|
|
Russia
|
106,264
|
|
|
—
|
|
|
40,621
|
|
|
146,885
|
|
|
Other
|
142,146
|
|
|
88,309
|
|
|
137,624
|
|
|
368,079
|
|
|
|
$
|
1,687,639
|
|
|
1,979,796
|
|
|
1,006,248
|
|
|
4,673,683
|
|
|
|
|
|
|
|
|
|
|||||
Product Categories
|
|
|
|
|
|
|
|
|||||
Ceramic & Stone
|
$
|
1,687,639
|
|
|
42,847
|
|
|
—
|
|
|
1,730,486
|
|
Carpet & Resilient
|
—
|
|
|
1,562,878
|
|
|
210,959
|
|
|
1,773,837
|
|
|
Laminate & Wood
|
—
|
|
|
374,071
|
|
|
393,179
|
|
|
767,250
|
|
|
Other
(1)
|
—
|
|
|
—
|
|
|
402,110
|
|
|
402,110
|
|
|
|
$
|
1,687,639
|
|
|
1,979,796
|
|
|
1,006,248
|
|
|
4,673,683
|
|
•
|
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
|
|||||||||
|
June 30, 2018
|
|
July 1, 2017
|
|
June 30, 2018
|
|
July 1, 2017
|
|||||
Cost of sales
|
|
|
|
|
|
|
|
|||||
Restructuring costs
(a)
|
$
|
9,331
|
|
|
12,165
|
|
|
23,421
|
|
|
15,063
|
|
Acquisition integration-related costs
|
2,687
|
|
|
863
|
|
|
3,095
|
|
|
777
|
|
|
Restructuring and integration-related costs
|
$
|
12,018
|
|
|
13,028
|
|
|
26,516
|
|
|
15,840
|
|
|
|
|
|
|
|
|
|
|||||
Selling, general and administrative expenses
|
|
|
|
|
|
|
|
|||||
Restructuring costs
(a)
|
$
|
3,798
|
|
|
1,163
|
|
|
7,890
|
|
|
1,290
|
|
Acquisition transaction-related costs
|
63
|
|
|
212
|
|
|
63
|
|
|
212
|
|
|
Acquisition integration-related costs
|
163
|
|
|
1,475
|
|
|
3,677
|
|
|
2,514
|
|
|
Restructuring, acquisition and integration-related costs
|
$
|
4,024
|
|
|
2,850
|
|
|
11,630
|
|
|
4,016
|
|
|
Lease
impairments
|
|
Asset write-downs
|
|
Severance
|
|
Other
restructuring
costs and currency translation
|
|
Total
|
||||||
Balance as of December 31, 2017
|
$
|
359
|
|
|
—
|
|
|
584
|
|
|
152
|
|
|
1,095
|
|
Provision - Global Ceramic segment
|
—
|
|
|
30
|
|
|
6,557
|
|
|
87
|
|
|
6,674
|
|
|
Provision - Flooring NA segment
|
236
|
|
|
684
|
|
|
4,814
|
|
|
18,472
|
|
|
24,206
|
|
|
Provision - Flooring ROW segment
|
—
|
|
|
—
|
|
|
152
|
|
|
(74
|
)
|
|
78
|
|
|
Provision - Corporate
|
—
|
|
|
—
|
|
|
353
|
|
|
—
|
|
|
353
|
|
|
Cash payments
|
(335
|
)
|
|
—
|
|
|
(7,271
|
)
|
|
(18,112
|
)
|
|
(25,718
|
)
|
|
Non-cash items
|
—
|
|
|
(714
|
)
|
|
(143
|
)
|
|
(409
|
)
|
|
(1,266
|
)
|
|
Balance as of June 30, 2018
|
$
|
260
|
|
|
—
|
|
|
5,046
|
|
|
116
|
|
|
5,422
|
|
|
June 30,
2018 |
|
December 31,
2017 |
|||
Customers, trade
|
$
|
1,716,748
|
|
|
1,538,348
|
|
Income tax receivable
|
7,959
|
|
|
9,835
|
|
|
Other
|
91,369
|
|
|
96,079
|
|
|
|
1,816,076
|
|
|
1,644,262
|
|
|
Less: allowance for discounts, claims and doubtful accounts
|
78,141
|
|
|
86,103
|
|
|
Receivables, net
|
$
|
1,737,935
|
|
|
1,558,159
|
|
|
June 30,
2018 |
|
December 31,
2017 |
|||
Finished goods
|
$
|
1,446,883
|
|
|
1,326,038
|
|
Work in process
|
156,428
|
|
|
159,921
|
|
|
Raw materials
|
457,893
|
|
|
462,704
|
|
|
Total inventories
|
$
|
2,061,204
|
|
|
1,948,663
|
|
|
Global Ceramic segment
|
|
Flooring NA segment
|
|
Flooring ROW segment
|
|
Total
|
|||||
Balance as of December 31, 2017
|
|
|
|
|
|
|
|
|||||
Goodwill
|
$
|
1,567,872
|
|
|
869,764
|
|
|
1,361,248
|
|
|
3,798,884
|
|
Accumulated impairment losses
|
(531,930
|
)
|
|
(343,054
|
)
|
|
(452,441
|
)
|
|
(1,327,425
|
)
|
|
|
$
|
1,035,942
|
|
|
526,710
|
|
|
908,807
|
|
|
2,471,459
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill recognized during the period
|
$
|
—
|
|
|
—
|
|
|
12,548
|
|
|
12,548
|
|
Currency translation during the period
|
$
|
(11,342
|
)
|
|
—
|
|
|
(25,619
|
)
|
|
(36,961
|
)
|
|
|
|
|
|
|
|
|
|||||
Balance as of June 30, 2018
|
|
|
|
|
|
|
|
|||||
Goodwill
|
$
|
1,556,530
|
|
|
869,764
|
|
|
1,348,177
|
|
|
3,774,471
|
|
Accumulated impairment losses
|
(531,930
|
)
|
|
(343,054
|
)
|
|
(452,441
|
)
|
|
(1,327,425
|
)
|
|
|
$
|
1,024,600
|
|
|
526,710
|
|
|
895,736
|
|
|
2,447,046
|
|
|
Tradenames
|
||
Balance as of December 31, 2017
|
$
|
644,208
|
|
Intangible assets acquired during the period
|
—
|
|
|
Currency translation during the period
|
(13,843
|
)
|
|
Balance as of June 30, 2018
|
$
|
630,365
|
|
Gross carrying amounts:
|
Customer
relationships |
|
Patents
|
|
Other
|
|
Total
|
|||||
Balance as of December 31, 2017
|
$
|
625,263
|
|
|
266,969
|
|
|
6,825
|
|
|
899,057
|
|
Intangible assets recognized during the period
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
Currency translation during the period
|
(11,108
|
)
|
|
(7,185
|
)
|
|
(123
|
)
|
|
(18,416
|
)
|
|
Balance as of June 30, 2018
|
$
|
614,155
|
|
|
259,784
|
|
|
6,709
|
|
|
880,648
|
|
|
|
|
|
|
|
|
|
|||||
Accumulated amortization:
|
Customer
relationships |
|
Patents
|
|
Other
|
|
Total
|
|||||
Balance as of December 31, 2017
|
$
|
390,428
|
|
|
259,908
|
|
|
1,162
|
|
|
651,498
|
|
Amortization during the period
|
13,875
|
|
|
1,155
|
|
|
20
|
|
|
15,050
|
|
|
Currency translation during the period
|
(7,051
|
)
|
|
(7,006
|
)
|
|
(10
|
)
|
|
(14,067
|
)
|
|
Balance as of June 30, 2018
|
$
|
397,252
|
|
|
254,057
|
|
|
1,172
|
|
|
652,481
|
|
|
|
|
|
|
|
|
|
|||||
Intangible assets subject to amortization, net
|
$
|
216,903
|
|
|
5,727
|
|
|
5,537
|
|
|
228,167
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
June 30,
2018 |
|
July 1,
2017 |
|
June 30,
2018 |
|
July 1,
2017 |
|||||
Amortization expense
|
$
|
7,483
|
|
|
9,322
|
|
|
15,050
|
|
|
19,381
|
|
|
June 30,
2018 |
|
December 31,
2017 |
|||
Outstanding checks in excess of cash
|
$
|
7,325
|
|
|
8,879
|
|
Accounts payable, trade
|
951,200
|
|
|
810,034
|
|
|
Accrued expenses
|
384,147
|
|
|
363,919
|
|
|
Product warranties
|
38,973
|
|
|
39,035
|
|
|
Accrued interest
|
16,725
|
|
|
22,363
|
|
|
Accrued compensation and benefits
|
191,191
|
|
|
207,442
|
|
|
Total accounts payable and accrued expenses
|
$
|
1,589,561
|
|
|
1,451,672
|
|
|
Foreign currency translation adjustments
|
|
Pensions, net of tax
|
|
Total
|
||||
Balance as of December 31, 2017
|
$
|
(547,927
|
)
|
|
(10,600
|
)
|
|
(558,527
|
)
|
Current period other comprehensive income
|
(112,829
|
)
|
|
223
|
|
|
(112,606
|
)
|
|
Balance as of June 30, 2018
|
$
|
(660,756
|
)
|
|
(10,377
|
)
|
|
(671,133
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
June 30,
2018 |
|
July 1,
2017 |
|
June 30,
2018 |
|
July 1,
2017 |
|||||
Foreign currency losses (gains), net
|
$
|
3,317
|
|
|
5,008
|
|
|
4,722
|
|
|
2,685
|
|
Release of indemnification asset
|
—
|
|
|
—
|
|
|
1,749
|
|
|
—
|
|
|
All other, net
|
(1,227
|
)
|
|
(2,006
|
)
|
|
(383
|
)
|
|
(2,515
|
)
|
|
Total other expense, net
|
$
|
2,090
|
|
|
3,002
|
|
|
6,088
|
|
|
170
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
June 30,
2018 |
|
July 1,
2017 |
|
June 30,
2018 |
|
July 1,
2017 |
|||||
Net earnings attributable to Mohawk Industries, Inc.
|
$
|
196,586
|
|
|
260,681
|
|
|
405,352
|
|
|
461,235
|
|
Accretion of redeemable noncontrolling interest
(a)
|
—
|
|
|
—
|
|
|
(305
|
)
|
|
—
|
|
|
Net earnings available to common stockholders
|
$
|
196,586
|
|
|
260,681
|
|
|
405,047
|
|
|
461,235
|
|
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding-basic and diluted:
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding—basic
|
74,597
|
|
|
74,327
|
|
|
74,525
|
|
|
74,269
|
|
|
Add weighted-average dilutive potential common shares—options to purchase common shares and RSUs, net
|
340
|
|
|
474
|
|
|
403
|
|
|
504
|
|
|
Weighted-average common shares outstanding-diluted
|
74,937
|
|
|
74,801
|
|
|
74,928
|
|
|
74,773
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per share attributable to Mohawk Industries, Inc.
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
2.64
|
|
|
3.51
|
|
|
5.44
|
|
|
6.21
|
|
Diluted
|
$
|
2.62
|
|
|
3.48
|
|
|
5.41
|
|
|
6.17
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
June 30,
2018 |
|
July 1,
2017 |
|
June 30,
2018 |
|
July 1,
2017 |
|||||
Net sales:
|
|
|
|
|
|
|
|
|||||
Global Ceramic segment
|
$
|
929,297
|
|
|
902,670
|
|
|
1,805,845
|
|
|
1,687,639
|
|
Flooring NA segment
|
1,057,570
|
|
|
1,040,299
|
|
|
2,007,928
|
|
|
1,979,795
|
|
|
Flooring ROW segment
|
590,147
|
|
|
510,069
|
|
|
1,175,443
|
|
|
1,006,249
|
|
|
Intersegment sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
$
|
2,577,014
|
|
|
2,453,038
|
|
|
4,989,216
|
|
|
4,673,683
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|||||
Global Ceramic segment
|
$
|
134,760
|
|
|
152,557
|
|
|
248,177
|
|
|
268,593
|
|
Flooring NA segment
|
100,662
|
|
|
127,482
|
|
|
175,410
|
|
|
219,624
|
|
|
Flooring ROW segment
|
100,166
|
|
|
86,052
|
|
|
189,226
|
|
|
162,147
|
|
|
Corporate and intersegment eliminations
|
(9,281
|
)
|
|
(10,266
|
)
|
|
(18,107
|
)
|
|
(19,755
|
)
|
|
|
$
|
326,307
|
|
|
355,825
|
|
|
594,706
|
|
|
630,609
|
|
|
June 30,
2018 |
|
December 31,
2017 |
|||
Assets:
|
|
|
|
|||
Global Ceramic segment
|
$
|
4,974,791
|
|
|
4,838,310
|
|
Flooring NA segment
|
3,927,190
|
|
|
3,702,137
|
|
|
Flooring ROW segment
|
3,701,419
|
|
|
3,245,424
|
|
|
Corporate and intersegment eliminations
|
290,639
|
|
|
308,982
|
|
|
|
$
|
12,894,039
|
|
|
12,094,853
|
|
|
June 30, 2018
|
|
December 31, 2017
|
|||||||||
|
Fair Value
|
|
Carrying
Value
|
|
Fair Value
|
|
Carrying
Value
|
|||||
3.85% senior notes, payable February 1, 2023; interest payable semiannually
|
$
|
606,348
|
|
|
600,000
|
|
|
622,752
|
|
|
600,000
|
|
2.00% senior notes, payable January 14, 2022; interest payable annually
|
614,936
|
|
|
584,112
|
|
|
634,193
|
|
|
600,096
|
|
|
Floating Rate Notes, payable September 11, 2019, interest payable quarterly
|
351,115
|
|
|
350,467
|
|
|
360,807
|
|
|
360,058
|
|
|
Floating Rate Notes, payable May 18, 2020, interest payable quarterly
|
349,437
|
|
|
350,467
|
|
|
—
|
|
|
—
|
|
|
U.S. commercial paper
|
508,460
|
|
|
508,460
|
|
|
228,500
|
|
|
228,500
|
|
|
European commercial paper
|
560,748
|
|
|
560,748
|
|
|
912,146
|
|
|
912,146
|
|
|
2015 Senior Credit Facility
|
59,233
|
|
|
59,233
|
|
|
62,104
|
|
|
62,104
|
|
|
Capital leases and other
|
23,189
|
|
|
23,189
|
|
|
6,934
|
|
|
6,934
|
|
|
Unamortized debt issuance costs
|
(6,142
|
)
|
|
(6,142
|
)
|
|
(6,260
|
)
|
|
(6,260
|
)
|
|
Total debt
|
3,067,324
|
|
|
3,030,534
|
|
|
2,821,176
|
|
|
2,763,578
|
|
|
Less current portion of long-term debt and commercial paper
|
1,145,481
|
|
|
1,146,511
|
|
|
1,203,683
|
|
|
1,203,683
|
|
|
Long-term debt, less current portion
|
$
|
1,921,843
|
|
|
1,884,023
|
|
|
1,617,493
|
|
|
1,559,895
|
|
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
|
|
|
|
10.1
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
95.1
|
|
|
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 3, 2018
|
By:
|
|
/s/ Jeffrey S. Lorberbaum
|
|
|
|
|
JEFFREY S. LORBERBAUM
|
|
|
|
|
Chairman and Chief Executive Officer
|
|
|
|
|
(principal executive officer)
|
|
|
|
|
|
Dated:
|
August 3, 2018
|
By:
|
|
/s/ Frank H. Boykin
|
|
|
|
|
FRANK H. BOYKIN
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(principal financial officer)
|
1 Year Mohawk Industries Chart |
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