x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
|
|
52-1604305
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(State or other jurisdiction of
incorporation or organization)
|
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(I.R.S. Employer
Identification No.)
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|
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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
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Page No
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Part I.
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Item 1.
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|
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Condensed Consolidated Balance Sheets
as of April 4, 2015 and December 31, 2014
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Condensed Consolidated Statements of Operations
for the three months ended April 4, 2015 and March 29, 2014
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Condensed Consolidated Statements of Comprehensive Income (Loss)
for the three months ended April 4, 2015 and March 29, 2014
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Condensed Consolidated Statements of Cash Flows
for the three months ended April 4, 2015 and March 29, 2014
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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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||
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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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April 4,
2015 |
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December 31,
2014 |
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ASSETS
|
|
|
|
|||
Current assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
107,041
|
|
|
97,877
|
|
Receivables, net
|
1,158,858
|
|
|
1,081,963
|
|
|
Inventories
|
1,505,632
|
|
|
1,543,313
|
|
|
Prepaid expenses
|
247,494
|
|
|
225,759
|
|
|
Deferred income taxes
|
147,027
|
|
|
151,784
|
|
|
Other current assets
|
37,767
|
|
|
31,574
|
|
|
Total current assets
|
3,203,819
|
|
|
3,132,270
|
|
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Property, plant and equipment
|
5,057,081
|
|
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5,130,213
|
|
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Less: accumulated depreciation
|
2,438,448
|
|
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2,427,003
|
|
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Property, plant and equipment, net
|
2,618,633
|
|
|
2,703,210
|
|
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Goodwill
|
1,553,155
|
|
|
1,604,352
|
|
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Tradenames
|
592,038
|
|
|
622,691
|
|
|
Other intangible assets subject to amortization, net
|
69,808
|
|
|
79,318
|
|
|
Deferred income taxes and other non-current assets
|
247,169
|
|
|
143,703
|
|
|
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$
|
8,284,622
|
|
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8,285,544
|
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LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
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|
|||
Current liabilities:
|
|
|
|
|||
Current portion of long-term debt and commercial paper
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$
|
1,806,175
|
|
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851,305
|
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Accounts payable and accrued expenses
|
1,085,805
|
|
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1,104,509
|
|
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Total current liabilities
|
2,891,980
|
|
|
1,955,814
|
|
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Deferred income taxes
|
394,312
|
|
|
401,674
|
|
|
Long-term debt, less current portion
|
606,080
|
|
|
1,402,135
|
|
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Other long-term liabilities
|
168,455
|
|
|
103,108
|
|
|
Total liabilities
|
4,060,827
|
|
|
3,862,731
|
|
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Commitments and contingencies (Notes 7 and 13)
|
|
|
|
|||
Stockholders’ equity:
|
|
|
|
|||
Preferred stock, $.01 par value; 60 shares authorized; no shares issued
|
—
|
|
|
—
|
|
|
Common stock, $.01 par value; 150,000 shares authorized; 81,247 and 81,070 shares issued in 2015 and 2014, respectively
|
812
|
|
|
811
|
|
|
Additional paid-in capital
|
1,604,149
|
|
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1,598,887
|
|
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Retained earnings
|
3,509,814
|
|
|
3,487,079
|
|
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Accumulated other comprehensive (loss)
|
(655,394
|
)
|
|
(429,321
|
)
|
|
|
4,459,381
|
|
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4,657,456
|
|
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Less treasury stock at cost; 8,157 shares in 2015 and 2014
|
239,450
|
|
|
239,450
|
|
|
Total Mohawk Industries, Inc. stockholders' equity
|
4,219,931
|
|
|
4,418,006
|
|
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Noncontrolling interest
|
3,864
|
|
|
4,807
|
|
|
Total stockholders' equity
|
4,223,795
|
|
|
4,422,813
|
|
|
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$
|
8,284,622
|
|
|
8,285,544
|
|
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Three Months Ended
|
|||||
|
April 4,
2015 |
|
March 29,
2014 |
|||
Net sales
|
$
|
1,881,177
|
|
|
1,813,095
|
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Cost of sales
|
1,369,234
|
|
|
1,331,740
|
|
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Gross profit
|
511,943
|
|
|
481,355
|
|
|
Selling, general and administrative expenses
|
468,169
|
|
|
350,620
|
|
|
Operating income
|
43,774
|
|
|
130,735
|
|
|
Interest expense
|
16,449
|
|
|
22,096
|
|
|
Other (income) expense, net
|
(1,083
|
)
|
|
4,890
|
|
|
Earnings from continuing operations before income taxes
|
28,408
|
|
|
103,749
|
|
|
Income tax expense
|
5,904
|
|
|
22,696
|
|
|
Net earnings including noncontrolling interest
|
22,504
|
|
|
81,053
|
|
|
Net income (loss) attributable to noncontrolling interest
|
158
|
|
|
(28
|
)
|
|
Net earnings attributable to Mohawk Industries, Inc.
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$
|
22,346
|
|
|
81,081
|
|
|
|
|
|
|||
Basic earnings per share attributable to Mohawk Industries, Inc.
|
|
|
|
|||
Basic earnings per share attributable to Mohawk Industries, Inc.
|
$
|
0.31
|
|
|
1.11
|
|
Weighted-average common shares outstanding—basic
|
72,988
|
|
|
72,742
|
|
|
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|
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|
|||
Diluted earnings per share attributable to Mohawk Industries, Inc.
|
|
|
|
|||
Diluted earnings per share attributable to Mohawk Industries, Inc.
|
$
|
0.30
|
|
|
1.11
|
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Weighted-average common shares outstanding—diluted
|
73,530
|
|
|
73,282
|
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Three Months Ended
|
|||||
|
April 4,
2015 |
|
March 29,
2014 |
|||
Net earnings including noncontrolling interest
|
$
|
22,504
|
|
|
81,053
|
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Other comprehensive income (loss):
|
|
|
|
|||
Foreign currency translation adjustments
|
(226,159
|
)
|
|
(63,082
|
)
|
|
Pension prior service cost and actuarial gain
|
86
|
|
|
2
|
|
|
Other comprehensive (loss)
|
(226,073
|
)
|
|
(63,080
|
)
|
|
Comprehensive income (loss)
|
(203,569
|
)
|
|
17,973
|
|
|
Comprehensive income (loss) attributable to the noncontrolling interest
|
158
|
|
|
(28
|
)
|
|
Comprehensive income (loss) attributable to Mohawk Industries, Inc.
|
$
|
(203,727
|
)
|
|
18,001
|
|
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Three Months Ended
|
|||||
|
April 4, 2015
|
|
March 29, 2014
|
|||
Cash flows from operating activities:
|
|
|
|
|||
Net earnings
|
$
|
22,504
|
|
|
81,053
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|||
Restructuring
|
6,657
|
|
|
4,661
|
|
|
Depreciation and amortization
|
85,656
|
|
|
80,984
|
|
|
Deferred income taxes
|
308
|
|
|
(9,814
|
)
|
|
(Gain)/Loss on disposal of property, plant and equipment
|
(466
|
)
|
|
406
|
|
|
Stock-based compensation expense
|
8,436
|
|
|
7,614
|
|
|
Changes in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
|||
Receivables, net
|
(114,966
|
)
|
|
(114,755
|
)
|
|
Inventories
|
7,758
|
|
|
(65,645
|
)
|
|
Accounts payable and accrued expenses
|
8,551
|
|
|
(36,365
|
)
|
|
Other assets and prepaid expenses
|
(132,668
|
)
|
|
1,858
|
|
|
Other liabilities
|
58,584
|
|
|
(21,003
|
)
|
|
Net cash used in operating activities
|
(49,646
|
)
|
|
(71,006
|
)
|
|
Cash flows from investing activities:
|
|
|
|
|||
Additions to property, plant and equipment
|
(105,794
|
)
|
|
(122,081
|
)
|
|
Acquisitions, net of cash acquired
|
(3,328
|
)
|
|
19
|
|
|
Net cash used in investing activities
|
(109,122
|
)
|
|
(122,062
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|||
Payments on Senior Credit Facilities
|
(205,302
|
)
|
|
(1,010,654
|
)
|
|
Proceeds from Senior Credit Facilities
|
16,780
|
|
|
682,101
|
|
|
Payments on Commercial Paper
|
(4,841,700
|
)
|
|
(287,485
|
)
|
|
Proceeds from Commercial Paper
|
5,197,200
|
|
|
878,626
|
|
|
Payments of acquired debt and other financings
|
—
|
|
|
(12,417
|
)
|
|
Change in asset securitization borrowings, net
|
(7,100
|
)
|
|
—
|
|
|
Payments on other debt
|
—
|
|
|
(52,460
|
)
|
|
Debt issuance costs
|
(2,528
|
)
|
|
—
|
|
|
Change in outstanding checks in excess of cash
|
9,729
|
|
|
9,056
|
|
|
Proceeds and net tax benefit from stock transactions
|
8,225
|
|
|
6,276
|
|
|
Net cash provided by financing activities
|
175,304
|
|
|
213,043
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
(7,372
|
)
|
|
(1,396
|
)
|
|
Net change in cash and cash equivalents
|
9,164
|
|
|
18,579
|
|
|
Cash and cash equivalents, beginning of period
|
97,877
|
|
|
54,066
|
|
|
Cash and cash equivalents, end of period
|
$
|
107,041
|
|
|
72,645
|
|
|
|
|
|
•
|
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
|
||||||
|
April 4, 2015
|
|
|
March 29, 2014
|
|||
Cost of sales
|
|
|
|
|
|||
Restructuring costs
|
$
|
9,844
|
|
(a)
|
|
2,059
|
|
Acquisition integration-related costs
|
132
|
|
|
|
3,578
|
|
|
Restructuring and integration-related costs
|
$
|
9,976
|
|
|
|
5,637
|
|
|
|
|
|
|
|||
Selling, general and administrative expenses
|
|
|
|
|
|||
Restructuring costs
|
$
|
1,173
|
|
(a)
|
|
2,602
|
|
Acquisition integration-related costs
|
1,380
|
|
|
|
3,486
|
|
|
Restructuring, acquisition and integration-related costs
|
$
|
2,553
|
|
|
|
6,088
|
|
|
Lease
impairments
|
|
Asset write-downs
|
|
Severance
|
|
Other
restructuring
costs
|
|
Total
|
||||||
Balance as of December 31, 2014
|
$
|
1,741
|
|
|
—
|
|
|
3,037
|
|
|
100
|
|
|
4,878
|
|
Provision - Carpet segment
|
1,877
|
|
|
2,556
|
|
|
—
|
|
|
—
|
|
|
4,433
|
|
|
Provision - Ceramic segment
|
—
|
|
|
869
|
|
|
—
|
|
|
(194
|
)
|
|
675
|
|
|
Provision - Laminate and Wood segment
|
—
|
|
|
4,360
|
|
|
1,331
|
|
|
218
|
|
|
5,909
|
|
|
Cash payments
|
(1,358
|
)
|
|
—
|
|
|
(1,256
|
)
|
|
(570
|
)
|
|
(3,184
|
)
|
|
Non-cash items
|
—
|
|
|
(7,785
|
)
|
|
—
|
|
|
595
|
|
|
(7,190
|
)
|
|
Balance as of April 4, 2015
|
$
|
2,260
|
|
|
—
|
|
|
3,112
|
|
|
149
|
|
|
5,521
|
|
|
April 4,
2015 |
|
December 31,
2014 |
|||
Customers, trade
|
$
|
1,164,732
|
|
|
1,081,493
|
|
Income tax receivable
|
9,993
|
|
|
12,301
|
|
|
Other
|
56,239
|
|
|
60,772
|
|
|
|
1,230,964
|
|
|
1,154,566
|
|
|
Less: allowance for discounts, returns, claims and doubtful accounts
|
72,106
|
|
|
72,603
|
|
|
Receivables, net
|
$
|
1,158,858
|
|
|
1,081,963
|
|
|
April 4,
2015 |
|
December 31,
2014 |
|||
Finished goods
|
$
|
1,004,525
|
|
|
1,021,188
|
|
Work in process
|
129,823
|
|
|
129,471
|
|
|
Raw materials
|
371,284
|
|
|
392,654
|
|
|
Total inventories
|
$
|
1,505,632
|
|
|
1,543,313
|
|
|
Carpet segment
|
|
Ceramic segment
|
|
Laminate and Wood segment
|
|
Total
|
|||||
Balance as of December 31, 2014
|
|
|
|
|
|
|
|
|||||
Goodwill
|
$
|
199,132
|
|
|
1,395,132
|
|
|
1,337,513
|
|
|
2,931,777
|
|
Accumulated impairment losses
|
(199,132
|
)
|
|
(531,930
|
)
|
|
(596,363
|
)
|
|
(1,327,425
|
)
|
|
|
$
|
—
|
|
|
863,202
|
|
|
741,150
|
|
|
1,604,352
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill recognized or adjusted during the period
|
$
|
—
|
|
|
—
|
|
|
2,659
|
|
|
2,659
|
|
Currency translation during the period
|
—
|
|
|
(1,185
|
)
|
|
(52,671
|
)
|
|
(53,856
|
)
|
|
|
|
|
|
|
|
|
|
|||||
Balance as of April 4, 2015
|
|
|
|
|
|
|
|
|||||
Goodwill
|
199,132
|
|
|
1,393,947
|
|
|
1,287,501
|
|
|
2,880,580
|
|
|
Accumulated impairment losses
|
(199,132
|
)
|
|
(531,930
|
)
|
|
(596,363
|
)
|
|
(1,327,425
|
)
|
|
|
$
|
—
|
|
|
862,017
|
|
|
691,138
|
|
|
1,553,155
|
|
|
Tradenames
|
||
Balance as of December 31, 2014
|
$
|
622,691
|
|
Currency translation during the period
|
(30,653
|
)
|
|
Balance as of April 4, 2015
|
$
|
592,038
|
|
Gross carrying amounts:
|
Customer
relationships |
|
Patents
|
|
Other
|
|
Total
|
|||||
Balance as of December 31, 2014
|
$
|
354,768
|
|
|
270,466
|
|
|
1,479
|
|
|
626,713
|
|
Currency translation during the period
|
(20,157
|
)
|
|
(26,351
|
)
|
|
(15
|
)
|
|
(46,523
|
)
|
|
Balance as of April 4, 2015
|
$
|
334,611
|
|
|
244,115
|
|
|
1,464
|
|
|
580,190
|
|
|
|
|
|
|
|
|
|
|||||
Accumulated amortization:
|
Customer
relationships |
|
Patents
|
|
Other
|
|
Total
|
|||||
Balance as of December 31, 2014
|
$
|
320,851
|
|
|
225,875
|
|
|
669
|
|
|
547,395
|
|
Amortization during the period
|
1,671
|
|
|
3,405
|
|
|
30
|
|
|
5,106
|
|
|
Currency translation during the period
|
(20,014
|
)
|
|
(22,095
|
)
|
|
(10
|
)
|
|
(42,119
|
)
|
|
Balance as of April 4, 2015
|
$
|
302,508
|
|
|
207,185
|
|
|
689
|
|
|
510,382
|
|
|
|
|
|
|
|
|
|
|||||
Intangible assets subject to amortization, net
|
$
|
32,103
|
|
|
36,930
|
|
|
775
|
|
|
69,808
|
|
|
Three Months Ended
|
|||||
|
April 4,
2015 |
|
March 29,
2014 |
|||
Amortization expense
|
$
|
5,106
|
|
|
6,038
|
|
|
April 4,
2015 |
|
December 31,
2014 |
|||
Outstanding checks in excess of cash
|
$
|
25,812
|
|
|
16,083
|
|
Accounts payable, trade
|
634,264
|
|
|
622,360
|
|
|
Accrued expenses
|
262,121
|
|
|
269,668
|
|
|
Product warranties
|
32,415
|
|
|
29,350
|
|
|
Accrued interest
|
12,180
|
|
|
28,365
|
|
|
Accrued compensation and benefits
|
119,013
|
|
|
138,683
|
|
|
Total accounts payable and accrued expenses
|
$
|
1,085,805
|
|
|
1,104,509
|
|
|
Three Months Ended
|
|||||
|
April 4,
2015 |
|
March 29,
2014 |
|||
Balance at beginning of period
|
$
|
29,350
|
|
|
35,818
|
|
Warranty claims paid during the period
|
(8,475
|
)
|
|
(14,024
|
)
|
|
Warranty expense during the period
|
11,540
|
|
|
11,466
|
|
|
Balance at end of period
|
$
|
32,415
|
|
|
33,260
|
|
|
Foreign currency translation adjustments
|
|
Pensions (1)
|
|
Total
|
||||
Balance as of December 31, 2014
|
$
|
(428,505
|
)
|
|
(816
|
)
|
|
(429,321
|
)
|
Current period other comprehensive income (loss) before reclassifications
|
(226,159
|
)
|
|
86
|
|
|
(226,073
|
)
|
|
Balance as of April 4, 2015
|
$
|
(654,664
|
)
|
|
(730
|
)
|
|
(655,394
|
)
|
|
Three Months Ended
|
|||||
|
April 4,
2015 |
|
March 29,
2014 |
|||
Foreign currency (gains) losses, net
|
$
|
(457
|
)
|
|
5,889
|
|
All other, net
|
(626
|
)
|
|
(999
|
)
|
|
Total other (income) expense, net
|
$
|
(1,083
|
)
|
|
4,890
|
|
|
Three Months Ended
|
|||||
|
April 4,
2015 |
|
March 29,
2014 |
|||
Earnings from continuing operations attributable to Mohawk Industries, Inc.
|
$
|
22,346
|
|
|
81,081
|
|
|
|
|
|
|||
Weighted-average common shares outstanding-basic and diluted:
|
|
|
|
|||
Weighted-average common shares outstanding—basic
|
72,988
|
|
|
72,742
|
|
|
Add weighted-average dilutive potential common shares—options to purchase common shares and RSUs, net
|
542
|
|
|
540
|
|
|
Weighted-average common shares outstanding-diluted
|
73,530
|
|
|
73,282
|
|
|
|
|
|
|
|||
Earnings per share from continuing operations attributable to Mohawk Industries, Inc.
|
|
|
|
|||
Basic
|
$
|
0.31
|
|
|
1.11
|
|
Diluted
|
$
|
0.30
|
|
|
1.11
|
|
|
Three Months Ended
|
|||||
|
April 4,
2015 |
|
March 29,
2014 |
|||
Net sales:
|
|
|
|
|||
Carpet segment
|
$
|
739,264
|
|
|
674,926
|
|
Ceramic segment
|
719,828
|
|
|
695,094
|
|
|
Laminate and Wood segment
|
448,398
|
|
|
468,008
|
|
|
Intersegment sales
|
(26,313
|
)
|
|
(24,933
|
)
|
|
|
$
|
1,881,177
|
|
|
1,813,095
|
|
Operating income (loss):
|
|
|
|
|||
Carpet segment
|
$
|
(89,994
|
)
|
|
34,271
|
|
Ceramic segment
|
85,327
|
|
|
60,659
|
|
|
Laminate and Wood segment
|
58,901
|
|
|
44,119
|
|
|
Corporate and intersegment eliminations
|
(10,460
|
)
|
|
(8,314
|
)
|
|
|
$
|
43,774
|
|
|
130,735
|
|
|
April 4,
2015 |
|
December 31,
2014 |
|||
Assets:
|
|
|
|
|||
Carpet segment
|
$
|
2,015,550
|
|
|
1,986,081
|
|
Ceramic segment
|
3,584,471
|
|
|
3,542,594
|
|
|
Laminate and Wood segment
|
2,406,286
|
|
|
2,542,566
|
|
|
Corporate and intersegment eliminations
|
278,315
|
|
|
214,303
|
|
|
|
$
|
8,284,622
|
|
|
8,285,544
|
|
|
April 4, 2015
|
|
December 31, 2014
|
|||||||||
|
Fair Value
|
|
Carrying
Value
|
|
Fair Value
|
|
Carrying
Value
|
|||||
3.85% senior notes, payable February 1, 2023; interest payable semiannually
|
$
|
603,804
|
|
|
600,000
|
|
|
603,180
|
|
|
600,000
|
|
6.125% notes, payable January 15, 2016; interest payable semiannually
|
670,738
|
|
|
645,555
|
|
|
677,833
|
|
|
645,555
|
|
|
Commercial paper
|
657,100
|
|
|
657,100
|
|
|
301,600
|
|
|
301,600
|
|
|
Five-year senior secured credit facility, due March 26, 2020
|
6,640
|
|
|
6,640
|
|
|
195,665
|
|
|
195,665
|
|
|
Securitization facility
|
492,900
|
|
|
492,900
|
|
|
500,000
|
|
|
500,000
|
|
|
Capital leases and other
|
10,060
|
|
|
10,060
|
|
|
10,620
|
|
|
10,620
|
|
|
Total debt
|
2,441,242
|
|
|
2,412,255
|
|
|
2,288,898
|
|
|
2,253,440
|
|
|
Less current portion of long term debt and commercial paper
|
1,806,175
|
|
|
1,806,175
|
|
|
851,305
|
|
|
851,305
|
|
|
Long-term debt, less current portion
|
$
|
635,067
|
|
|
606,080
|
|
|
1,437,593
|
|
|
1,402,135
|
|
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
|
|
Fourth Amendment to Credit and Security Agreement and Omnibus Amendment, dated as of January 5, 2015, among Mohawk Factoring, LLC as borrower, Mohawk Servicing, LLC, as servicer, the lenders from time to time party thereto, the liquidity banks from time to time party thereto, the co-agents from time to time party thereto and SunTrust Bank, as administrative agent.
|
10.2*
|
|
Share Purchase Agreement, dated January 13, 2015, by and among Mohawk Industries, Inc., Unilin BVBA, Enterhold S.A., International Flooring Systems S.A. and, for certain limited purposes, Filiep Balcaen, an individual resident of Belgium (Incorporated herein by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated January 16, 2015).
|
10.3*
|
|
Amended and Restated Credit Facility, dated March 26, 2015, by and among the Company and certain of its subsidiaries, as borrowers, Wells Fargo Bank, National Association, as administrative agent, swing line lender, and an L/C issuer, and the other lenders party thereto (Incorporated herein by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-k dated March 27, 2015).
|
12.1
|
|
Ratio of Earnings to Fixed Charges
|
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.
|
*
|
Indicates exhibit incorporated by reference.
|
|
|
|
|
MOHAWK INDUSTRIES, INC.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
Dated:
|
May 8, 2015
|
By:
|
|
/s/ Jeffrey S. Lorberbaum
|
|
|
|
|
JEFFREY S. LORBERBAUM
|
|
|
|
|
Chairman and Chief Executive Officer
|
|
|
|
|
(principal executive officer)
|
|
|
|
|
|
Dated:
|
May 8, 2015
|
By:
|
|
/s/ Frank H. Boykin
|
|
|
|
|
FRANK H. BOYKIN
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(principal financial officer)
|
By:
|
/s/ John J Koach
|
By:
|
/s/ Shailesh Bettadapur
|
By:
|
/s/ David Hufnagel
|
By:
|
/s/ David Hufnagel
|
By:
|
/s/ David V. DeAngelis
|
By:
|
/s/ Van Dusenbury
|
By:
|
/s/ Maria Iarriccio
|
By:
|
/s/ Takashi Watanabe
|
By:
|
/s/ Donna DeMagistris
|
By:
|
/s/ Mark Falcione
|
By:
|
/s/ Eero Maki
|
Name:
|
Shailesh Bettadapur
|
Title:
|
Vice President-Treasurer
|
Fiscal Month End
|
Monthly Reporting Date
|
December 2014
|
January 20, 2015
|
January 2015
|
February 24, 2015
|
February 2015
|
March 24, 2015
|
March 2015
|
April 21, 2015
|
April 2015
|
May 27, 2015
|
May 2015
|
June 23, 2015
|
June 2015
|
July 21, 2015
|
July 2015
|
August 25, 2015
|
August 2015
|
September 22, 2015
|
September 2015
|
October 20, 2015
|
October 2015
|
November 24, 2015
|
November 2015
|
December 22, 2015
|
December 2015
|
January 19, 2016
|
1.
|
|
I have reviewed this quarterly report on Form 10-Q of Mohawk Industries, Inc.;
|
2.
|
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Jeffrey S. Lorberbaum
|
Jeffrey S. Lorberbaum
|
Chairman and Chief Executive Officer
|
1.
|
|
I have reviewed this quarterly report on Form 10-Q of Mohawk Industries, Inc.;
|
2.
|
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Frank H. Boykin
|
Frank H. Boykin
|
Chief Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Jeffrey S. Lorberbaum
|
Jeffrey S. Lorberbaum
|
Chairman and Chief Executive Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Frank H. Boykin
|
Frank H. Boykin
|
Chief Financial Officer
|