Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[Mark One]


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 29, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 01-13697

__________________________________________

MOHAWK INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

52-1604305

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

160 S. Industrial Blvd.

Calhoun

Georgia

30701

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (706) 629-7721

__________________________________________

Securities Registered Pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, $.01 par value	MHK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of shares outstanding of the issuer’s common stock as of July 24, 2024, the latest practicable date, is as follows: 63,117,076 shares of common stock, $.01 par value.

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MOHAWK INDUSTRIES, INC.

INDEX


		Page No
Part I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited)

	Condensed Consolidated Statements of Operations for the three and six months ended June 29, 2024 and July 1, 2023	3

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 29, 2024 and July 1, 2023	4

	Condensed Consolidated Balance Sheets as of June 29, 2024 and December 31, 2023	5

	Condensed Consolidated Statements of Cash Flows for the six months ended June 29, 2024 and July 1, 2023	6

	Notes to the Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

Item 4.	Controls and Procedures	32

Part II.	OTHER INFORMATION

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 3.	Defaults Upon Senior Securities	34

Item 4.	Mine Safety Disclosures	34

Item 5.	Other Information	35

Item 6.	Exhibits	36

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended			Six Months Ended
(In millions, except per share data)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023


Net sales	$	2,801.3	2,950.5	5,480.7	5,756.7
Cost of sales	2,077.5		2,218.5	4,107.4	4,381.3
Gross profit	723.8		732.0	1,373.3	1,375.4
Selling, general and administrative expenses	509.8		578.9	1,012.7	1,096.6

Operating income	214.0		153.1	360.6	278.8
Interest expense	12.6		22.9	27.5	40.0
Other (income) and expense, net	1.6		2.2	0.5	1.6
Earnings before income taxes	199.8		128.0	332.6	237.2
Income tax expense	42.3		26.8	70.1	55.7


Net earnings including noncontrolling interests	157.5		101.2	262.5	181.5
Less: net earnings attributable to noncontrolling interests	0.1		—	0.1	0.1
Net earnings attributable to Mohawk Industries, Inc.	$	157.4	101.2	262.4	181.4



Basic earnings per share attributable to Mohawk Industries, Inc.	$	2.47	1.59	4.12	2.85
Weighted-average common shares outstanding—basic	63.6		63.7	63.7	63.6



Diluted earnings per share attributable to Mohawk Industries, Inc.	$	2.46	1.58	4.10	2.84
Weighted-average common shares outstanding—diluted	63.9		63.9	64.0	63.9

See accompanying notes to the Condensed Consolidated Financial Statements.

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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023


Net earnings including noncontrolling interests	$	157.5	101.2	262.5	181.5
Other comprehensive income (loss):
Foreign currency translation adjustments	(71.0)		(0.2)	(158.9)	6.7
Prior pension and post-retirement benefit service cost and actuarial loss, net of tax	—		—	—	(0.5)
Other comprehensive income (loss)	(71.0)		(0.2)	(158.9)	6.2
Comprehensive income	86.5		101.0	103.6	187.7
Less: comprehensive loss attributable to noncontrolling interests	(0.1)		(0.3)	(0.1)	(0.3)
Comprehensive income attributable to Mohawk Industries, Inc.	$	86.6	101.3	103.7	188.0

See accompanying notes to the Condensed Consolidated Financial Statements.

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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions, except par value and preferred stock shares)	June 29, 2024		December 31, 2023


ASSETS
Current assets:
Cash and cash equivalents	$	497.4	642.6

Receivables, net	2,018.5		1,874.7
Inventories	2,579.9		2,551.9
Prepaid expenses	528.7		515.8

Other current assets	16.8		19.3
Total current assets	5,641.3		5,604.3
Property, plant and equipment	10,318.6		10,392.3
Less: accumulated depreciation	5,559.4		5,399.1
Property, plant and equipment, net	4,759.2		4,993.2
Right of use operating lease assets	396.2		428.5
Goodwill	1,136.7		1,159.7
Tradenames	689.5		705.7
Other intangible assets subject to amortization, net	151.9		169.6
Deferred income taxes and other non-current assets	504.8		498.8
Total assets	$	13,279.6	13,559.8



LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	718.0	1,001.7
Accounts payable and accrued expenses	2,109.8		2,035.3
Current operating lease liabilities	109.9		108.9
Total current liabilities	2,937.7		3,145.9
Deferred income taxes	361.2		391.5
Long-term debt, less current portion	1,691.5		1,701.8
Non-current operating lease liabilities	301.6		337.5
Other long-term liabilities	335.1		354.0
Total liabilities	$	5,627.1	5,930.7
Commitments and contingencies (Note 16)

Stockholders’ equity:
Preferred stock, $.01 par value; 60,000 shares authorized; no shares issued	$	—	—
Common stock, $.01 par value; 150.0 shares authorized; 70.4 and 71.0 shares issued and outstanding in 2024 and 2023, respectively	0.7		0.7
Additional paid-in capital	1,955.0		1,947.5
Retained earnings	7,144.8		6,970.2
Accumulated other comprehensive income (loss)	(1,238.7)		(1,080.0)
	7,861.8		7,838.4
Less: treasury stock at cost; 7.3 shares in 2024 and 2023	215.3		215.4
Total Mohawk Industries, Inc. stockholders’ equity	7,646.5		7,623.0
Noncontrolling interests	6.0		6.1
Total stockholders’ equity	7,652.5		7,629.1
Total liabilities and stockholders’ equity	$	13,279.6	13,559.8

See accompanying notes to the Condensed Consolidated Financial Statements.

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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six Months Ended
(In millions)	June 29, 2024		July 1, 2023


Cash flows from operating activities:
Net earnings including noncontrolling interests	$	262.5	181.5
Adjustments to reconcile net earnings to net cash provided by operating activities:
Restructuring, excluding accelerated depreciation	25.1		33.4

Depreciation and amortization	325.7		326.5
Deferred income taxes	(32.8)		(59.5)

(Gain) loss on disposal of property, plant and equipment	(1.7)		0.4
Stock-based compensation expense	13.6		10.4

Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	(196.8)		(93.1)

Inventories	(66.9)		208.8
Accounts payable and accrued expenses	102.2		(84.0)

Other assets and prepaid expenses	18.5		(19.5)
Other liabilities	(32.1)		16.0
Net cash provided by operating activities	417.3		520.9
Cash flows from investing activities:
Additions to property, plant and equipment	(178.2)		(245.2)
Acquisitions, net of cash acquired	—		(515.4)
Purchases of short-term investments	—		(775.0)
Redemption of short-term investments	—		933.0
Net cash used in investing activities	(178.2)		(602.6)
Cash flows from financing activities:
Payments on Senior Credit Facility	(202.2)		(827.8)
Proceeds from Senior Credit Facility	135.7		827.7
Payments on commercial paper	(5,158.2)		(11,827.6)
Proceeds from commercial paper	5,861.0		12,013.4





Payments on Term Loan Facility	(912.3)		—
Net payments of other financing activities	(16.1)		(30.6)









Purchase of Mohawk common stock	(87.8)		—
Change in outstanding checks in excess of cash	(1.6)		1.2


Net cash (used in) provided by financing activities	(381.5)		156.3
Effect of exchange rate changes on cash and cash equivalents	(2.8)		(13.3)
Net change in cash and cash equivalents	(145.2)		61.3
Cash and cash equivalents, beginning of period	642.6		509.6
Cash and cash equivalents, end of period	$	497.4	570.9

See accompanying notes to the Condensed Consolidated Financial Statements.

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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. General

Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms “we,” “our,” “us,” “Mohawk,” or “the Company” as used in this Form 10-Q refer to Mohawk Industries, Inc.

Interim Reporting

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto, and the Company’s description of critical accounting policies, included in the Company’s 2023 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Results for interim periods are not necessarily indicative of the results for the year.

Recent Accounting Pronouncements—Effective in Future Years

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands segment disclosures for public entities, including requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss in assessing segment performance and allocating resources. The new guidance also expands disclosures about a reportable segment’s profit or loss and assets in interim periods and clarifies that a public entity may report additional measures of segment profit if the CODM uses more than one measure of a segment’s profit or loss. The new guidance does not remove existing segment disclosure requirements or change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments. The guidance effective for fiscal years beginning after December 15, 2023, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the new guidance.

On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. For public business entities, this standard will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance.

2. Acquisitions

2023 Acquisitions

During the first quarter of 2023, the Company completed the acquisitions of two ceramic tile businesses in Brazil and Mexico within Global Ceramic for $515.5 million. The Company’s acquisitions resulted in a goodwill allocation of $87.5 million. A portion of the goodwill is expected to be deductible for tax purposes. The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the acquisitions. These benefits include opportunities to improve the Company’s ceramic performance by leveraging best practices, operational expertise, product innovation and manufacturing assets across the segment. The following table presents the allocation of the purchase price by major class of assets acquired and liabilities assumed as of the acquisition date.

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(In millions)	Amounts Recognized as of the Acquisition Date
Working capital	$	95.3
Property, plant and equipment	333.5
Tradenames	38.5
Customer relationships	4.0
Goodwill	87.5
Long-term debt, including current portion	(26.0)
Deferred tax, net	(10.0)
	522.8
Less: cash acquired	(7.3)
Net consideration transferred (net of cash acquired)	$	515.5

During 2023, the Company recognized impairment losses on goodwill and tradenames. For the amounts recognized, please refer to Note 8, Goodwill and Other Intangible Assets, in Part II, Item 8 in the Company’s 2023 Annual Report filed on Form 10-K as well as Note 7, Goodwill and Intangible Assets, in this Form 10-Q.

3. Revenue from Contracts with Customers

Contract Liabilities

The Company records contract liabilities when it receives payment prior to fulfilling a performance obligation. Contract liabilities related to revenues are recorded in accounts payable and accrued expenses on the accompanying Condensed Consolidated Balance Sheets. The revenues related to these performance obligations are expected to be recognized within a twelve-month period. The Company had contract liabilities of $74.5 million and $68.0 million as of June 29, 2024 and December 31, 2023, respectively.

Performance Obligations

Substantially all of the Company’s revenue is recognized at a point in time when the product is either shipped or received from the Company’s facilities and control of the product is transferred to the customer. Accordingly, the Company does not recognize a significant amount of revenue from performance obligations satisfied, or partially satisfied, in prior periods, and the amount of such revenue recognized during the three and six months ended June 29, 2024 and July 1, 2023 was immaterial.

Costs to Obtain a Contract

The Company incurs certain incremental costs to obtain revenue contracts. These costs relate to marketing display structures and are capitalized when the amortization period is greater than one year, with the amount recorded in other assets on the accompanying Condensed Consolidated Balance Sheets. Capitalized costs to obtain contracts were $67.9 million and $66.7 million as of June 29, 2024 and December 31, 2023, respectively. Straight-line amortization expense recognized during the six months ended June 29, 2024 and July 1, 2023 related to these capitalized costs was $31.6 million and $27.5 million, respectively.

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Revenue Disaggregation

The Company has three reporting segments: Global Ceramic, Flooring North America (“Flooring NA”) and Flooring Rest of the World (“Flooring ROW”). The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories for the three months ended June 29, 2024 and July 1, 2023:


(In millions)
June 29, 2024	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets:
United States	$	593.4	930.6	2.8	1,526.8
Europe	291.9		0.7	552.4	845.0
Latin America	182.5		1.0	9.2	192.7
Other	47.8		26.2	162.8	236.8
Total	$	1,115.6	958.5	727.2	2,801.3

Product Categories:
Ceramic & Stone	$	1,099.7	6.1	—	1,105.8
Carpet & Resilient	15.9		747.4	223.7	987.0
Laminate & Wood	—		205.0	236.0	441.0
Other (1)	—		—	267.5	267.5
Total	$	1,115.6	958.5	727.2	2,801.3


July 1, 2023	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets:
United States	$	611.6	973.5	2.3	1,587.4
Europe	297.3		0.1	611.3	908.7
Latin America	198.0		0.7	8.2	206.9
Other	48.5		27.4	171.6	247.5
Total	$	1,155.4	1,001.7	793.4	2,950.5

Product Categories:
Ceramic & Stone	$	1,145.3	9.9	—	1,155.2
Carpet & Resilient	10.1		791.3	235.4	1,036.8
Laminate & Wood	—		200.5	253.8	454.3
Other (1)	—		—	304.2	304.2
Total	$	1,155.4	1,001.7	793.4	2,950.5

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

The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories for the six months ended June 29, 2024 and July 1, 2023:

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(In millions)
June 29, 2024	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets
United States	$	1,153.7	1,800.4	4.5	2,958.6
Europe	547.4		1.3	1,118.0	1,666.7
Latin America	367.6		2.0	19.1	388.7
Other	91.7		55.0	320.0	466.7
Total	$	2,160.4	1,858.7	1,461.6	5,480.7

Product Categories
Ceramic & Stone	$	2,131.9	12.0	—	2,143.9
Carpet & Resilient	28.5		1,447.5	437.9	1,913.9
Laminate & Wood	—		399.2	468.2	867.4
Other (1)	—		—	555.5	555.5
Total	$	2,160.4	1,858.7	1,461.6	5,480.7


July 1, 2023	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets
United States	$	1,208.2	1,899.3	3.5	3,111.0
Europe	570.8		0.3	1,242.9	1,814.0
Latin America	342.3		1.6	14.6	358.5
Other	93.4		53.9	325.9	473.2
Total	$	2,214.7	1,955.1	1,586.9	5,756.7

Product Categories
Ceramic & Stone	$	2,195.4	18.5	—	2,213.9
Carpet & Resilient	19.3		1,541.8	317.0	1,878.1
Laminate & Wood	—		394.8	646.9	1,041.7
Other (1)	—		—	623.0	623.0
Total	$	2,214.7	1,955.1	1,586.9	5,756.7

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

4. Restructuring, Acquisition and Integration-Related Costs

The Company incurs costs in connection with acquiring, integrating and restructuring acquisitions and in connection with its global cost-reduction and productivity initiatives. For example:

•In connection with acquisition activity, the Company typically incurs costs associated with executing the transactions, integrating the acquired operations (which may include expenditures for consulting and the integration of systems and processes), and restructuring the combined company (which may include charges related to employees, assets and activities that will not continue in the combined company); and

•In connection with the Company’s cost-reduction/productivity initiatives, it typically incurs costs and charges associated with site closings and other facility rationalization actions, including accelerated depreciation (“Asset write-downs”) and workforce reductions.

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Restructuring, acquisition transaction and integration-related costs consisted of the following during the three and six months ended June 29, 2024 and July 1, 2023:


	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Cost of sales:
Restructuring costs	$	35.2	29.5	40.6	58.6

Acquisition integration-related costs	—		0.9	0.1	0.9
Restructuring and acquisition integration-related costs	$	35.2	30.4	40.7	59.5

Selling, general and administrative expenses:
Restructuring costs	$	6.0	5.6	7.3	5.8
Acquisition transaction-related costs	0.1		1.0	0.2	1.3
Acquisition integration-related costs	0.1		4.7	1.1	7.1
Restructuring, acquisition transaction and integration-related costs	$	6.2	11.3	8.6	14.2

During 2022 and 2023, the Company implemented a number of restructuring actions, productivity initiatives and manufacturing enhancements focused on reducing costs to enhance future performance, including certain facility, asset and product rationalizations and workforce reductions. In 2024, the Company announced further restructuring actions to take advantage of additional opportunities related to the activities described above.

The following table summarizes the restructuring activities for the three months ended June 29, 2024:


(In millions)	Asset Write- Downs and (Gains) on Disposals, net		Severance	Other Restructuring Costs	Total
Balance as of March 30, 2024	$	—	9.5		—	9.5
Restructuring costs
Global Ceramic	7.2		5.0		(0.6)	11.6
Flooring NA	1.7		—		2.0	3.7
Flooring ROW	18.7		6.9		—	25.6
Corporate	—		0.3		—	0.3
Total restructuring costs	27.6		12.2		1.4	41.2
Cash payments	—		(5.3)		(1.4)	(6.7)
Non-cash items	(27.6)		(0.1)		—	(27.7)
Balances as of June 29, 2024	$	—	16.3		—	16.3

Restructuring costs recorded in:
Cost of sales	$	27.6	6.6		1.0	35.2
Selling, general and administrative expenses	—		5.6		0.4	6.0
Total restructuring costs	$	27.6	12.2		1.4	41.2

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The following table summarizes the restructuring activities for the six months ended June 29, 2024:


(In millions)	Asset Write- Downs and (Gains) on Disposals, net		Severance	Other restructuring costs	Total
Balances as of December 31, 2023	$	—	12.1	—	12.1
Restructuring costs
Global Ceramic	9.2		5.5	—	14.7
Flooring NA	1.7		—	2.8	4.5
Flooring ROW	21.0		7.0	0.4	28.4
Corporate	—		0.3	—	0.3
Total restructuring costs	31.9		12.8	3.2	47.9
Cash payments	—		(8.3)	(3.1)	(11.4)
Non-cash items	(31.9)		(0.3)	(0.1)	(32.3)
Balances as of June 29, 2024	$	—	16.3	—	16.3

Restructuring costs recorded in:
Cost of sales	$	31.9	6.7	2.0	40.6
Selling, general and administrative expenses	—		6.1	1.2	7.3
Total restructuring costs	$	31.9	12.8	3.2	47.9

The Company currently estimates that it will incur additional restructuring costs of approximately $95-$110 million primarily related to asset write-downs and other restructuring related costs, which are expected to be executed throughout 2025 and into 2026.

As of June 29, 2024, the accrual balance related to restructuring activities was $6.1 million for plans approved prior to 2024 and $10.2 million for plans approved during 2024.

For the plans approved prior to 2024, restructuring expenses of $6.2 million and $12.4 million were recorded during the three and six months ended June 29, 2024, respectively. For the plans approved during 2024, restructuring expenses of $35.0 million and $35.5 million were recorded during the three and six months ended June 29, 2024, respectively.

The Company expects the remaining severance and other restructuring costs to be paid over the next 12 months.

5. Receivables, net


(In millions)	June 29, 2024		December 31, 2023
Customers, trade	$	1,905.2	1,716.3
Income tax receivable	35.1		48.4
Other	143.7		176.8
Less: allowance for discounts, claims and doubtful accounts	65.5		66.8
Receivables, net	$	2,018.5	1,874.7

6. Inventories


(In millions)	June 29, 2024		December 31, 2023
Finished goods	$	1,824.1	1,797.0
Work in process	168.2		164.2
Raw materials	587.6		590.7
Total inventories	$	2,579.9	2,551.9

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7. Goodwill and Intangible Assets

The components of goodwill and other intangible assets are as follows:

Goodwill:


(In millions)	Global Ceramic		Flooring NA	Flooring ROW	Total



Balance as of December 31, 2023 (1)	$	—	372.3	787.4	1,159.7



Currency translation	—		—	(23.0)	(23.0)




Balance as of June 29, 2024	$	—	372.3	764.4	1,136.7

(1) Net of accumulated impairment losses of $2,886.7 ($1,644.7 in Global Ceramic, $557.9 in Flooring NA and $684.1 in Flooring ROW).

Intangible assets not subject to amortization:


(In millions)	Tradenames
Balance as of December 31, 2023	$	705.7


Currency translation during the period	(16.2)
Balance as of June 29, 2024	$	689.5

Intangible assets subject to amortization:


(In millions)	Customer Relationships		Patents	Other	Total




Balance as of December 31, 2023
Gross carrying amount	$	691.5	249.7	8.7	949.9
Accumulated amortization	(531.0)		(247.2)	(2.1)	(780.3)
Net intangible assets subject to amortization	160.5		2.5	6.6	169.6
Balance as of June 29, 2024
Gross carrying amount	677.4		242.4	8.6	928.4
Accumulated amortization	(534.0)		(240.2)	(2.3)	(776.5)
Net intangible assets subject to amortization	$	143.4	2.2	6.3	151.9

Three Months Ended

Six Months Ended

(In millions)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Amortization expense

7.0

7.1

13.7

14.2

8. Accounts Payable and Accrued Expenses


(In millions)	June 29, 2024		December 31, 2023
Outstanding checks in excess of cash	$	0.6	2.2
Accounts payable, trade	1,082.8		1,038.0
Accrued expenses	708.5		667.7
Product warranties	33.8		37.6
Accrued interest	14.0		20.1


Accrued compensation and benefits	270.1		269.7
Total accounts payable and accrued expenses	$	2,109.8	2,035.3

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9. Accumulated Other Comprehensive Income (Loss)


(In millions)	Foreign Currency Translation Adjustments		Prior Pension and Post-Retirement Benefit Service Cost and Actuarial Gain (Loss)	Total
Balance as of December 31, 2023	$	(1,079.3)	(0.7)	(1,080.0)
Current period other comprehensive income (loss)	(158.7)		—	(158.7)

Balance as of June 29, 2024	$	(1,238.0)	(0.7)	(1,238.7)

10. Stock-Based Compensation

The Company recognizes compensation expense for all stock-based payments granted based on the grant-date fair value estimated in accordance with the provisions of ASC 718-10. Compensation expense is recognized on a straight-line basis over the awards’ estimated lives for fixed awards with ratable vesting provisions.

The Company granted no restricted stock units (“RSUs”) for the three months ended June 29, 2024. The Company granted 0.3 million RSUs at a weighted average grant-date fair value of $101.42 per unit for the six months ended June 29, 2024. The Company granted 0.0 million RSUs at a weighted average of grant-date fair value of $94.86 per unit for the three months ended July 1, 2023. The Company granted 0.3 million RSUs at a weighted average grant-date fair value of $102.09 per unit for the six months ended July 1, 2023. The Company recognized stock-based compensation expense related to the issuance of RSUs of $6.8 million ($5.0 million net of taxes) and $5.4 million ($4.0 million net of taxes) for the three months ended June 29, 2024 and July 1, 2023, respectively, which has been allocated to cost of sales and selling, general and administrative expenses. The Company recognized stock-based compensation costs related to the issuance of RSUs of $13.6 million ($10.1 million net of taxes) and $10.4 million ($7.7 million net of taxes) for the six months ended June 29, 2024 and July 1, 2023, respectively, which has been allocated to cost of sales and selling, general and administrative expenses. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $31.9 million as of June 29, 2024, and will be recognized as expense over a weighted-average period of approximately 2.00 years.

11. Other Income and Expense, net


	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Foreign currency (gains) losses, net	$	1.8	6.8	3.9	11.7





All other, net	(0.2)		(4.6)	(3.4)	(10.1)
Total other (income) and expense, net	$	1.6	2.2	0.5	1.6

12. Income Taxes

For the three months ended June 29, 2024, the Company recorded income tax expense of $42.3 million on earnings before income taxes of $199.8 million for an effective tax rate of 21.2%. For the three months ended July 1, 2023, the Company recorded income tax expense of $26.8 million on earnings before income taxes of $128.0 million, for an effective tax rate of 20.9%. The increase in the effective tax rate was primarily driven by higher earnings before taxes and the Company’s geographic dispersion of profits and losses for the respective periods, partially offset by a larger increase in unrecognized tax benefits during the three months ended July 1, 2023.

For the six months ended June 29, 2024, the Company recorded income tax expense of $70.1 million on earnings before income taxes of $332.6 million for an effective tax rate of 21.1%, as compared to income tax expense of $55.7 million on earnings before income taxes of $237.2 million, for an effective tax rate of 23.5% for the six months ended July 1, 2023. The decrease in the effective tax rate was primarily driven by a larger increase in unrecognized tax benefits and the write-off of an income tax receivable no longer expected during the six months ended July 1, 2023, partially offset by the Company’s geographic dispersion of profits and losses for the respective periods.

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13. Stockholders’ Equity

The following tables reflect the changes in stockholders’ equity for the three months ended June 29, 2024 and July 1, 2023.


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interests	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount















Balance as of March 30, 2024		71.2	$0.7	$1,949.1	$7,075.2	($1,167.8)	(7.3)	($215.3)	$5.9	$7,647.8
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		—	—	(0.9)	—	—	—	—	—	(0.9)
Stock-based compensation expense		—	—	6.8	—	—	—	—	—	6.8

Repurchases of common stock		(0.8)	—	—	(87.8)	—	—	—	—	(87.8)


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.1)	(0.1)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	0.1	0.1

Currency translation adjustment		—	—	—	—	(70.9)	—	—	—	(70.9)
Prior pension and post-retirement benefit service cost and actuarial loss		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	157.4	—	—	—	—	157.4
Balances as of June 29, 2024		70.4	$0.7	$1,955.0	$7,144.8	($1,238.7)	(7.3)	($215.3)	$6.0	$7,652.5


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interests	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount















Balances as of April 1, 2023		71.0	$0.7	$1,932.1	$7,490.0	($1,107.9)	(7.3)	($215.4)	$6.2	$8,105.7
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		—	—	—	—	—	—	—	—	—
Stock-based compensation expense		—	—	5.3	—	—	—	—	—	5.3

Repurchases of common stock		—	—	—	—	—	—	—	—	—


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	—	—
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.3)	(0.3)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	—	—

Currency translation adjustment		—	—	—	—	0.1	—	—	—	0.1
Prior pension and post-retirement benefit service cost and actuarial gain		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	101.2	—	—	—	—	101.2
Balances as of July 1, 2023		71.0	$0.7	$1,937.4	$7,591.2	($1,107.8)	(7.3)	($215.4)	$5.9	$8,212.0

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The following tables reflect the changes in stockholders’ equity for the six months ended June 29, 2024 and July 1, 2023.


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interest	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount

Balances as of December 31, 2023		71.0	$0.7	$1,947.5	$6,970.2	($1,080.0)	(7.3)	($215.4)	$6.1	$7,629.1
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		0.2	—	(6.1)	—	—	—	0.1	—	(6.0)
Stock-based compensation expense		—	—	13.6	—	—	—	—	—	13.6

Repurchases of common stock		(0.8)	—	—	(87.8)	—	—	—	—	(87.8)


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.2)	(0.2)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	—	—

Currency translation adjustment		—	—	—	—	(158.7)	—	—	—	(158.7)
Prior pension and post-retirement benefit service cost and actuarial loss		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	262.4	—	—	—	—	262.4
Balances as of June 29, 2024		70.4	$0.7	$1,955.0	$7,144.8	($1,238.7)	(7.3)	($215.3)	$6.0	$7,652.5


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interest	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount

Balances as of December 31, 2022		70.9	$0.7	$1,930.8	$7,409.8	($1,114.3)	(7.3)	($215.5)	$6.4	$8,017.9
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		0.1	—	(3.9)	—	—	—	0.1	—	(3.8)
Stock-based compensation expense		—	—	10.4	—	—	—	—	—	10.4

Repurchases of common stock		—	—	—	—	—	—	—	—	—


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.4)	(0.4)
Purchase of noncontrolling interest, net of taxes		—	—	0.1	—	—	—	—	(0.2)	(0.1)

Currency translation adjustment		—	—		—	7.0	—	—	—	7.0
Prior pension and post-retirement benefit service cost and actuarial gain		—	—	—	—	(0.5)	—	—	—	(0.5)

Net earnings		—	—	—	181.4	—	—	—	—	181.4
Balances as of July 1, 2023		71.0	$0.7	$1,937.4	$7,591.2	($1,107.8)	(7.3)	($215.4)	$5.9	$8,212.0

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14. Earnings Per Share

Basic earnings per common share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per common share assumes the vesting of RSUs using the treasury stock method when the effects of such assumptions are dilutive. A reconciliation of net earnings attributable to Mohawk Industries, Inc. and weighted-average common shares outstanding for purposes of calculating basic and diluted earnings per share is as follows:


	Three Months Ended			Six Months Ended
(In millions, except per share data)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Net earnings attributable to Mohawk Industries, Inc.	$	157.4	101.2	262.4	181.4



Weighted-average common shares outstanding—basic and diluted:
Weighted-average common shares outstanding—basic	63.6		63.7	63.7	63.6
Add dilutive potential common shares—RSUs	0.3		0.2	0.3	0.3
Weighted-average common shares outstanding—diluted	63.9		63.9	64.0	63.9

Earnings per share attributable to Mohawk Industries, Inc.
Basic	$	2.47	1.59	4.12	2.85
Diluted	$	2.46	1.58	4.10	2.84

15. Segment Reporting

The Company has three reporting segments: Global Ceramic, Flooring NA and Flooring ROW. Global Ceramic designs, manufactures, sources and markets a broad line of ceramic tile, porcelain tile, natural stone, porcelain slabs, quartz countertops and other products, which it distributes primarily in North America, Europe and Latin America through its network of regional distribution centers and Company-operated service centers using Company-operated trucks, common carriers or rail transportation. The segment’s product lines are distributed through various channels, including home centers, Company-owned service centers and stores, floor covering retailers, ceramic tile specialists, e-commerce retailers, residential builders, independent distributors, commercial contractors and commercial end users. Flooring NA designs, markets, manufactures, distributes and sources its floor covering product lines, including carpets, rugs, carpet pad, laminate, resilient (including sheet vinyl and luxury vinyl tile (“LVT”) and wood flooring, which it distributes through its network of regional distribution centers and satellite warehouses using Company-operated trucks, common carriers or rail transportation. The segment’s product lines are sold through various selling channels, including floor covering retailers, home centers, mass merchandisers, department stores, e-commerce retailers, shop at home, buying groups, residential builders, independent distributors, commercial contractors and commercial end users. Flooring ROW designs, markets, manufactures, licenses, distributes and sources laminate, LVT, sheet vinyl, wood flooring, broadloom carpet, carpet tiles, roofing elements, insulation boards, medium-density fiberboard (“MDF”), chipboards, decorative panels and other wood products, which it distributes primarily in Europe and Australasia through various selling channels, which include floor retailers, wholesalers, home centers, Company-operated distributors, residential builders, independent distributors, commercial contractors and commercial end users.

The accounting policies for each operating segment are consistent with the Company’s policies for the Consolidated Financial Statements. Amounts disclosed for each segment are prior to any elimination or consolidation entries. Corporate general and administrative expenses attributable to each segment are estimated and allocated accordingly. Segment performance is evaluated based on operating income.

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	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Net sales:
Global Ceramic	$	1,115.6	1,155.4	2,160.4	2,214.7
Flooring NA	958.5		1,001.7	1,858.7	1,955.1
Flooring ROW	727.2		793.4	1,461.6	1,586.9

Total	$	2,801.3	2,950.5	5,480.7	5,756.7

Operating income (loss):
Global Ceramic	$	83.1	84.0	131.9	147.3
Flooring NA	78.3		37.2	123.3	35.2
Flooring ROW	65.6		87.0	136.5	162.2
Corporate and intersegment eliminations	(13.0)		(55.1)	(31.1)	(65.9)
Total	$	214.0	153.1	360.6	278.8


(In millions)	June 29, 2024		December 31, 2023
Assets:
Global Ceramic	$	4,931.5	4,988.3
Flooring NA	3,940.2		3,909.9
Flooring ROW	3,899.2		4,051.6
Corporate and intersegment eliminations	508.7		610.0
Total	$	13,279.6	13,559.8

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16. Commitments and Contingencies

From time to time in the regular course of its business, the Company is involved in various lawsuits, claims, investigations and other legal matters. Except as noted below, there are no material legal proceedings pending or known by the Company to be contemplated to which the Company is a party or to which any of its property is subject.

Perfluorinated Compounds (“PFCs”) Litigation

In December 2019, Jarrod Johnson filed a putative class action against certain manufacturers, suppliers, and users of chemicals containing certain perfluorinated compounds (PFCs) in the Superior Court of Floyd County, Georgia purporting to represent all water subscribers with the Rome (Georgia) Water and Sewer Division and/or the Floyd County (Georgia) Water Department seeking to recover, among other things, damages in the form of alleged increased rates and surcharges incurred by ratepayers for the costs associated with eliminating certain PFCs from their drinking water, as well as injunctive relief. The defendants removed the class action to federal court. The Company has filed a motion for summary judgment and that motion is pending before the court.

In April 2023, Shelby County, Alabama and Talladega County, Alabama filed a complaint in the Circuit Court of Talladega County, Alabama against certain manufacturers, suppliers, and users of chemicals containing certain PFCs, seeking monetary damages and injunctive relief and claiming that their water supplies contain excessive amounts of PFCs. The defendants removed the case to federal court, but the case has now been remanded back to the Circuit Court of Talladega County. The Company believes the allegations are without merit and continues to vigorously defend against claims relating to its prior use of certain PFCs in the carpet manufacturing process.

Securities Actions

The Company and certain of its present and former executive officers were named as defendants in a putative state securities class action lawsuit filed in the Superior Court of the State of Delaware on January 30, 2020. The complaint alleged that defendants violated Sections 11 and 12 of the Securities Act of 1933 and was filed on behalf of shareholders who purchased shares of the Company’s common stock in Mohawk Industries Retirement Plan 1 and Mohawk Industries Retirement Plan 2 between April 27, 2017 and July 25, 2019. The parties reached an agreement in principle to settle the lawsuit in exchange for the dismissal and a release of all claims against the defendants (the “Settlement Agreement”). Following the final settlement hearing on May 29, 2024, the court entered final approval of the settlement and closed the case on June 7, 2024. The Settlement Agreement is without admission of fault or wrongdoing by the defendants.

The Company and certain of its present and former executive officers were named as defendants in certain investor actions, filed in the State Court of Fulton County of the State of Georgia on April 22, 2021 and April 23, 2021. The claims alleged include fraud, negligent misrepresentation, violations of the Georgia Securities Act, and violations of the Georgia Racketeering and Corrupt Organizations statute. Plaintiffs in the investor actions seek compensatory and punitive damages. On October 5, 2021, the investor actions were transferred by the State Court of Fulton County to the Metro Atlanta Business Case Division. On October 4, 2023, plaintiffs filed amended complaints in the remaining four investor actions. On April 12, 2024, the Company and the individual defendants filed motions for summary judgment in each investor action. The Company believes the claims are without merit and intends to vigorously defend against the claims in these actions.

The Company and certain of its executive officers and directors were named as defendants in certain derivative actions filed in the United States District Court for the Northern District of Georgia on May 18, 2020 and August 6, 2020, respectively (the “NDGA Derivative Actions”), in the Superior Court of Gordon County of the State of Georgia on March 3, 2021 and July 12, 2021 (the “Georgia Derivative Actions”), and in the Delaware Court of Chancery on March 10, 2022 (the “Delaware Derivative Action”). The complaints allege that defendants breached their fiduciary duties to the Company by causing the Company to issue materially false and misleading statements. On December 20, 2023, plaintiffs in the NDGA Derivative Actions filed an amended complaint. On February 9, 2024, the Company and the individual defendants filed a motion to dismiss the amended complaint. The Company believes the claims are without merit and intends to vigorously defend against the claims.

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General

The Company believes that adequate provisions for resolution of all contingencies, claims and pending litigation have been made for probable losses that are reasonably estimable. These contingencies are subject to significant uncertainties and the Company is unable to estimate the amount or range of loss, if any, in excess of amounts accrued. The Company does not believe that the ultimate outcome of these actions will have a material adverse effect on its financial condition but could have a material adverse effect on its results of operations, cash flows or liquidity in a given quarter or year.

The Company is subject to various federal, state, local and foreign environmental health and safety laws and regulations, including those governing air emissions, wastewater discharges, the use, storage, treatment, recycling and disposal of solid and hazardous materials and finished product, and the cleanup of contamination associated therewith. Because of the nature of the Company’s business, the Company has incurred, and will continue to incur, costs relating to compliance with such laws and regulations. The Company is involved in various proceedings relating to environmental matters and is currently engaged in environmental investigation, remediation and post-closure care programs at certain sites. The Company has provided accruals for such activities that it has determined to be both probable and reasonably estimable. The Company does not expect that the ultimate liability with respect to such activities will have a material adverse effect on its financial condition but acknowledges that it could have a material adverse effect on its results of operations, cash flows or liquidity in a given quarter or year.

17. Debt

Senior Credit Facility

On August 12, 2022, the Company entered into a fourth amendment (the “Amendment”) to its existing senior revolving credit facility (the “Senior Credit Facility”). The Amendment, among other things, (i) extended the maturity of the Senior Credit Facility from October 18, 2024 to August 12, 2027, (ii) renewed the Company’s option to extend the maturity of the Senior Credit Facility up to two times for an additional one-year period each, (iii) increased the Consolidated Interest Coverage Ratio financial maintenance covenant from 3.00:1.00 to 3.50:1.00, (iv) eliminated certain covenants applicable to the Company and its subsidiaries, including, but not limited to, restrictions on dispositions, restricted payments, and transactions with affiliates, and the Consolidated Net Leverage Ratio financial covenant, and (v) increased the amount available under the Senior Credit Facility to $1,950.0 million until October 18, 2024, after which the amount available under the Senior Credit Facility will decrease to $1,485.0 million. The Amendment also permits the Company to increase the commitments under the Senior Credit Facility by an aggregate amount not to exceed $600.0 million.

At the Company’s election, U.S.-dollar denominated revolving loans under the Senior Credit Facility bear interest at annual rates equal to either (a) SOFR (plus a 0.10% SOFR adjustment) for 1, 3 or 6 month periods, as selected by the Company, plus an applicable margin ranging between 1.00% and 1.75% (1.13% as of June 29, 2024), or (b) the Base Rate (defined as the higher of the Wells Fargo Bank, National Association prime rate, the Federal Funds Effective Rate plus 0.5%, or SOFR (plus a 0.10% SOFR adjustment) for a 1 month period rate plus 1.0%), plus an applicable margin ranging between 0.00% and 0.75% (0.13% as of June 29, 2024). At the Company’s election, revolving loans under the Senior Credit Facility denominated in Canadian dollars, Australian dollars, Hong Kong dollars or euros bear interest at annual rates equal to either (a) the applicable benchmark for such currency plus an applicable margin ranging between 1.00% and 1.75% (1.13% as of June 29, 2024), or (b) the Base Rate plus an applicable margin ranging between 0.00% and 0.75% (0.13% as of June 29, 2024). The Company also pays a commitment fee to the lenders under the Senior Credit Facility on the average amount by which the aggregate commitments of the lenders exceed utilization of the Senior Credit Facility ranging from 0.09% to 0.20% per annum (0.11% as of June 29, 2024). The applicable margins and the commitment fee are determined based on whichever of the Company’s Consolidated Net Leverage Ratio or its senior unsecured debt rating (or if not available, corporate family rating) results in the lower applicable margins and commitment fee (with applicable margins and the commitment fee increasing as that ratio increases or those ratings decline, as applicable). On October 28, 2021, the Company amended the Senior Credit Facility to replace LIBOR for euros with the EURIBOR benchmark rate.

The obligations of the Company and its subsidiaries in respect of the Senior Credit Facility are unsecured.

The Senior Credit Facility includes certain affirmative and negative covenants that impose restrictions on the Company’s financial and business operations, including limitations on liens, subsidiary indebtedness, fundamental changes, future negative pledges, and changes in the nature of the Company’s business. The limitations contain customary exceptions or, in certain cases, do not apply as long as the Company is in compliance with the financial ratio requirement and is not otherwise in default. As described above, the Consolidated Net Leverage Ratio financial covenant was eliminated on August 12, 2022.

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The Senior Credit Facility also contains customary representations and warranties and events of default, subject to customary grace periods.

In 2022, the Company paid financing costs of $1.9 million in connection with the Amendment of its Senior Credit Facility. These costs were deferred and, along with previously unamortized costs of $2.7 million, are being amortized over the term of the Senior Credit Facility.

As of June 29, 2024, amounts utilized under the Senior Credit Facility included zero borrowings and $0.7 million of standby letters of credit related to various insurance contracts and foreign vendor commitments. Any outstanding borrowings under the Company’s U.S. and European commercial paper programs reduce the availability of the Senior Credit Facility. Including commercial paper borrowings, the Company has utilized $699.1 million under the Senior Credit Facility, resulting in a total of $1,250.9 million available as of June 29, 2024.

Commercial Paper

On February 28, 2014 and July 31, 2015, the Company established programs for the issuance of unsecured commercial paper in the United States and Eurozone capital markets, respectively. Commercial paper issued under the U.S. and European programs will have maturities ranging up to 397 and 183 days, respectively. None of the commercial paper notes may be voluntarily prepaid or redeemed by the Company and rank pari passu with the Company’s other unsecured and unsubordinated indebtedness. To the extent that the Company issues European commercial paper notes through a subsidiary of the Company, the notes will be fully and unconditionally guaranteed by the Company.

The Company uses its Senior Credit Facility as a liquidity backstop for its commercial paper programs. Accordingly, the total amount outstanding under the Company’s commercial paper programs may not exceed $1,950.0 million (less any amounts drawn on the Senior Credit Facility) at any time.

The proceeds from the issuance of commercial paper notes will be available for general corporate purposes. As of June 29, 2024, there was $385.0 million outstanding under the U.S. commercial paper program, and $313.4 million outstanding under the European program. The weighted-average interest rate and maturity period for the U.S. program were 5.51% and 21.62 days, respectively. The weighted-average interest rate and maturity period for the European program were 3.9% and 28.67 days, respectively.

Senior Notes

On September 18, 2023, the Company completed the issuance and sale of $600.0 million aggregate principal amount of 5.850% Senior Notes (“5.850% Senior Notes”) due September 18, 2028. The 5.850% Senior Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s other existing and future senior unsecured indebtedness. Interest on the 5.850% Senior Notes is payable semi-annually in cash on March 18 and September 18 of each year, commencing on March 18, 2024. The Company paid financing costs of $5.6 million in connection with the 5.850% Senior Notes. These costs were deferred and are being amortized over the term of the 5.850% Senior Notes.

On June 12, 2020, Mohawk Capital Finance S.A. (“Mohawk Finance”), an indirect wholly-owned finance subsidiary of the Company, completed the issuance and sale of €500.0 million aggregate principal amount of 1.750% Senior Notes (“1.750% Senior Notes”) due June 12, 2027. The 1.750% Senior Notes are senior unsecured obligations of Mohawk Finance and rank pari passu with Mohawk Finance’s other existing and future senior unsecured indebtedness. The 1.750% Senior Notes are fully, unconditionally and irrevocably guaranteed by the Company on a senior unsecured basis. Interest on the 1.750% Senior Notes is payable annually in cash on June 12 of each year, commencing on June 12, 2021. The Company paid financing costs of $4.4 million in connection with the 1.750% Senior Notes. These costs were deferred and are being amortized over the term of the 1.750% Senior Notes.

On May 14, 2020, the Company completed the issuance and sale of $500.0 million aggregate principal amount of 3.625% Senior Notes (“3.625% Senior Notes”) due May 15, 2030. The 3.625% Senior Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s existing and future unsecured indebtedness. Interest on the 3.625% Senior Notes is payable semi-annually in cash on May 15 and November 15 of each year, commencing on November 15, 2020. The Company paid financing costs of $5.5 million in connection with the 3.625% Senior Notes. These costs were deferred and are being amortized over the term of the 3.625% Senior Notes.

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As defined in the related agreements, the Company’s senior notes contain covenants, representations and warranties and events of default, subject to exceptions, and restrictions on the Company’s financial and business operations, including limitations on liens, restrictions on entering into sale and leaseback transactions, fundamental changes, and a provision allowing the holder of the notes to require repayment upon a change of control triggering event.

Term Loan

On August 12, 2022, the Company and its indirect wholly-owned subsidiary, Mohawk International Holdings S.à r.l. (“Mohawk International”), entered into an agreement that provides for a delayed draw term loan facility (the “Term Loan Facility”), consisting of borrowings of up to $575.0 million and €220.0 million. On October 3, 2022, an additional $100.0 million of borrowing capacity was added to the Term Loan Facility. The Term Loan Facility could be drawn upon in up to two advances on any business day on or before December 31, 2022, with the proceeds being used for funding working capital and general corporate purposes. On October 31, 2022 and December 6, 2022, the Company made draws of $675.0 million and €220.0 million, respectively. Principal amounts outstanding under the Term Loan Facility, along with any accrued and unpaid interest, could, at any time prior to the maturity date of August 12, 2024, be prepaid by the Company without premium or penalty. On January 31, 2024, the Company prepaid the entirety of the USD portion of the Term Loan Facility, in the amount of $675.0 million plus accrued and unpaid interest. On February 16, 2024, the Company prepaid the entirety of the EUR portion of the Term Loan Facility, in the amount of €220.0 million plus accrued and unpaid interest.

The fair values and carrying values of the Company’s debt instruments are detailed as follows:


	June 29, 2024			December 31, 2023
(In millions)	Fair Value		Carrying Value	Fair Value	Carrying Value
1.750% Senior Notes, payable June 12, 2027; interest payable annually	$	508.0	535.6	521.9	551.9
3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually	457.0		500.0	464.0	500.0
5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually	612.0		600.0	622.9	600.0




U.S. commercial paper	385.0		385.0	—	—
European commercial paper	313.4		313.4	—	—
Senior Credit Facility, payable August 12, 2027	—		—	67.1	67.1
U.S. Term Loan Facility	—		—	675.0	675.0
European Term Loan Facility	—		—	242.8	242.8
Finance leases and other	85.1		85.1	77.7	77.7
Unamortized debt issuance costs	(9.6)		(9.6)	(11.0)	(11.0)
Total debt	2,350.9		2,409.5	2,660.4	2,703.5
Less: current portion of long term-debt and commercial paper	718.0		718.0	1,001.7	1,001.7
Long-term debt, less current portion	$	1,632.9	1,691.5	1,658.7	1,701.8

The fair values of the Company’s debt instruments were estimated using market observable inputs, including quoted prices in active markets, market indices and interest rate measurements. Within the hierarchy of fair value measurements, these are Level 2 fair values.

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18. Supplemental Cash Flow Information


	Six Months Ended
(In millions)	June 29, 2024		July 1, 2023
Net cash paid during the periods for:
Interest	$	43.7	54.2
Income taxes	$	81.0	85.7

Supplemental schedule of non-cash investing and financing activities:
Unpaid property plant and equipment in accounts payable and accrued expenses	$	65.8	107.7








ROU assets obtained in exchange for lease obligations:
Operating leases	$	27.2	73.1
Finance leases	$	15.1	20.5

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

During the past three decades, the Company has grown significantly through a combination of organic growth and acquisitions. Its current geographic breadth and diverse product offering are reflected in three reporting segments: Global Ceramic, Flooring NA and Flooring ROW. Global Ceramic designs, manufactures, sources and markets a broad line of ceramic tile, porcelain tile, natural stone tile and other products including natural stone, porcelain slabs and quartz countertops, which it distributes primarily in North America, Europe and Latin America through various selling channels, which include home centers, Company-owned service centers and stores, floor covering retailers, ceramic tile specialists, e-commerce retailers, residential builders, independent distributors, commercial contractors and commercial end users. Flooring NA designs, manufactures, sources and markets its floor covering products, including broadloom carpet, carpet tile, carpet cushion, rugs, laminate, vinyl products, including LVT and sheet vinyl, and wood flooring, all of which it distributes through its network of regional distribution centers and satellite warehouses using Company-operated trucks, common carriers or rail transportation. The Segment’s product lines are sold through various channels, including independent floor covering retailers, home centers, mass merchandisers, department stores, shop at home, buying groups, residential builders, independent distributors, commercial contractors and commercial end users. Flooring ROW designs, manufactures, sources, licenses and markets laminate, vinyl products, including LVT and sheet vinyl, wood flooring, broadloom carpet, carpet tiles, roofing panels, insulation boards, MDF and chipboards, and decorative panels, which it distributes primarily in Europe and Australasia through various channels, including independent floor covering retailers, wholesalers, home centers, Company-operated distributors, independent distributors, residential builders, commercial contractors and commercial end users.

Mohawk is a significant supplier of every major flooring category with manufacturing operations in 19 nations and sales in approximately 170 countries. Based on its annual sales, the Company believes it is the world’s largest flooring manufacturer. A majority of the Company’s long-lived assets are located in the United States and Europe, which are also the Company’s primary markets. Additionally, the Company maintains operations in Australia, Brazil, Malaysia, Mexico, New Zealand, Russia and other parts of the world. The Company is a leading provider of flooring for residential and commercial markets and has earned significant recognition for its innovation in design and performance as well as sustainability.

Due to its global footprint, Mohawk’s business is sensitive to macroeconomic and geopolitical events in the United States and abroad. As a result of ongoing Russian military actions in Ukraine, the Company has experienced and may continue to experience supply chain disruption of raw materials sourced from Ukraine, as well as other materials and spare parts needed in the Company’s operations if alternative sources identified in other countries cannot fulfill these needs. The Company may also continue to be impacted by global increases in the cost of natural gas, oil and oil-based raw materials and chemicals. In addition, the United States, the European Union and other governments have imposed and extended sanctions on Russia as well as on certain individuals and financial institutions and have proposed the use of broader economic sanctions. Since the first quarter of 2022, the Company has suspended new investments in Russia. The broader consequences of this conflict, which may include further economic sanctions, embargoes, regional instability, and geopolitical shifts; potential retaliatory actions, including nationalization of foreign-owned businesses; increased tensions between the United States and countries in which the Company operates; and the extent of the conflict’s effect on the Company’s business and results of operations, as well as the global economy, cannot be predicted. In addition, a prolonged and more expansive conflict in the Middle East region could escalate oil and petroleum-based chemical prices as well as lead to the introduction of sanctions or transportation barriers, though the extent of the conflict’s impact on the Company’s business and results of operations, as well as the global economy, cannot be predicted.

Elevated interest rates, delayed consumer discretionary spending due to inflationary pressures, and other macroeconomic factors continue to impact new home construction and residential renovation and remodeling activity. Residential remodeling is the primary sales driver of flooring products, and most flooring is replaced before a home is listed for sale or just after a home purchase is completed. The current housing market conditions have suppressed remodeling activity as home sales remain soft. Housing turnover rates remain suppressed due to elevated home mortgage rates and the "locked-in" effect on homeowners, and consumers continue to face a higher cost of living and postpone large purchases of durable goods such as flooring. The Company has, to some extent, offset the impact of a soft housing market and decreased renovation activity through cost containment, productivity and lower input costs. Due to low housing availability, aging stock and greater household formation, the Company believes demand in its markets will accelerate when interest rates decline. In addition, declining costs in energy and raw materials, coupled with lower industry volumes, have continued to exert pressure on selling prices, although energy prices in certain geographies and materials prices in some product categories remain volatile and may change significantly and unpredictably. During 2022 and 2023, the Company implemented a number of restructuring actions, productivity initiatives and manufacturing enhancements focused on reducing costs to enhance future performance, including certain facility, asset and product rationalizations and workforce reductions. The Company anticipates these projects will deliver annual savings of approximately $150 million, with an estimated cost of approximately $215 million. In 2024, the Company announced further restructuring actions to take advantage of additional opportunities related to the activities described above. The Company anticipates these projects will deliver further annual savings of approximately $100 million, of

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which approximately $20-$25 million will be recognized during 2024. The cash cost of these actions is approximately $40 million, with a total cost of approximately $130 million. Execution timelines will vary by project, with some savings extending into 2026.

The Company believes it is well positioned with a strong balance sheet. Based on its current liquidity and available credit, the Company is in a position to finance internal investments, acquisitions and/or additional stock purchases and pay current debt as it becomes due. For information on risks that could impact the Company’s results, please refer to Risk Factors in Part I, Item 1A in the Company’s 2023 Annual Report filed on Form 10-K.

In 2024, the Company plans to invest approximately $480 million focused on completing capacity expansion projects and targeted initiatives that will drive cost reduction while improving operational performance.

For the three months ended June 29, 2024, the net earnings attributable to the Company were $157.4 million compared to the net earnings attributable to the Company of $101.2 million for the three months ended July 1, 2023. The change was primarily attributable to lower inflation; productivity gains and lower legal settlements, reserves and fees, partially offset by the unfavorable net impact of price and product mix; higher taxes due to increased earnings for the three months ended June 29, 2024 and the unfavorable net impact of foreign exchange rates.

For the six months ended June 29, 2024, the net earnings attributable to the Company were $262.4 million compared to the net earnings attributable to the Company of $181.4 million for the six months ended July 1, 2023. The change was primarily attributable to lower inflation; productivity gains; lower legal settlements, reserves and fees and lower restructuring, acquisition and integration-related, and other costs, partially offset by the unfavorable net impact of price and product mix and the unfavorable net impact of foreign exchange rates.

The Company believes that a number of circumstances may influence trends in 2024, including high interest rates, the impact of inflation and material availability due to disruptions in the global supply chain, but the extent and duration of such impact cannot be predicted.

For the six months ended June 29, 2024, the Company generated $417.3 million of cash from operating activities. As of June 29, 2024, the Company had cash and cash equivalents of $497.4 million, of which $283.5 million was in the United States and $213.9 million was in foreign countries.

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Results of Operations

Quarter Ended June 29, 2024, as compared with Quarter Ended July 1, 2023

Net sales

Net sales for the three months ended June 29, 2024 were $2,801.3 million compared to net sales of $2,950.5 million for the three months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $128 million and the unfavorable net impact of foreign exchange rates of approximately $25 million.

Global Ceramic—Net sales for the three months ended June 29, 2024 were $1,115.6 million compared to net sales of $1,155.4 million for the three months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $23 million and the unfavorable net impact of foreign exchange rates of approximately $15 million.

Flooring NA—Net sales for the three months ended June 29, 2024 were $958.5 million compared to net sales of $1,001.7 million for the three months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $49 million.

Flooring ROW—Net sales for the three months ended June 29, 2024 were $727.2 million compared to net sales of $793.4 million for the three months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $56 million and the unfavorable net impact of foreign exchange rates of approximately $10 million.

Gross profit

Gross profit for the three months ended June 29, 2024 was $723.8 million compared to gross profit of $732.0 million for the three months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix and the unfavorable net impact of foreign exchange rates, partially offset by lower input costs and productivity gains. Gross profit did not significantly change as a percentage of net sales for the three months ended June 29, 2024 compared to the three months ended July 1, 2023.

Selling, general and administrative expenses

Selling, general and administrative expenses for the three months ended June 29, 2024 were $509.8 million compared to $578.9 million for the three months ended July 1, 2023. The change was primarily attributable to lower legal settlements, reserves and fees. Selling, general and administrative expenses did not significantly change as a percentage of net sales for the three months ended June 29, 2024 compared to the three months ended July 1, 2023.

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Operating income

Operating income for the three months ended June 29, 2024 was $214.0 million compared to operating income of $153.1 million for the three months ended July 1, 2023. The change was primarily attributable to lower input costs of approximately $83 million, productivity gains of approximately $49 million and lower legal settlements, reserves and fees of approximately $47 million, partially offset by the unfavorable net impact of price and product mix of approximately $111 million and the unfavorable net impact of foreign exchange rates of approximately $11 million.

Global Ceramic—Operating income was $83.1 million for the three months ended June 29, 2024 compared to operating income of $84.0 million for the three months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $25 million and the unfavorable net impact of foreign exchange rates of approximately $10 million, partially offset by lower input costs of approximately $17 million and productivity gains of approximately $14 million.

Flooring NA—Operating income was $78.3 million for the three months ended June 29, 2024 compared to operating income of $37.2 million for the three months ended July 1, 2023. The change was primarily attributable to lower input costs of approximately $36 million, productivity gains of approximately $19 million and lower restructuring, acquisition and integration-related, and other costs of approximately $15 million, partially offset by the unfavorable net impact of price and product mix of approximately $36 million.

Flooring ROW—Operating income was $65.6 million for the three months ended June 29, 2024 compared to operating income of $87.0 million for the three months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $50 million and higher restructuring, acquisition and integration-related, and other costs of approximately $16 million, partially offset by lower input costs of approximately $30 million and productivity gains of approximately $15 million.

Interest Expense

Interest expense was $12.6 million for the three months ended June 29, 2024 compared to interest expense of $22.9 million for the three months ended July 1, 2023. The change was primarily attributable to strong cash flow and the resulting lower debt level.

Other Income and Expense

Other expense, net was $1.6 million for the three months ended June 29, 2024 compared to of $2.2 million for the three months ended July 1, 2023. Other expense, net did not significantly change for the three months ended June 29, 2024 from the three months ended July 1, 2023.

Income Tax Expense

For the three months ended June 29, 2024, the Company recorded income tax expense of $42.3 million on a earnings before income taxes of $199.8 million, for an effective tax rate of 21.2%. For the three months ended July 1, 2023, the Company recorded income tax expense of $26.8 million on earnings before income taxes of $128.0 million, for an effective tax rate of 20.9%. The increase in the effective tax rate was primarily driven by higher earnings before taxes and the Company’s geographic dispersion of profits and losses for the respective periods, partially offset by a larger increase in unrecognized tax benefits during the three months ended July 1, 2023.

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Six Months Ended June 29, 2024, as compared with Six Months Ended July 1, 2023

Net sales

Net sales for the six months ended June 29, 2024 were $5,480.7 million compared to net sales of $5,756.7 million for the six months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $300 million and the unfavorable net impact of foreign exchange rates of approximately $29 million, partially offset by higher sales volume attributable to acquisitions of approximately $48 million and higher legacy sales volume of approximately $19 million.

Global Ceramic—Net sales for the six months ended June 29, 2024 were $2,160.4 million compared to net sales of $2,214.7 million for the six months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $66 million, the unfavorable net impact of foreign exchange rates of approximately $18 million and lower legacy sales volume of approximately $17 million, partially offset by higher sales volume attributable to acquisitions of approximately $48 million.

Flooring NA—Net sales for the six months ended June 29, 2024 were $1,858.7 million compared to net sales of $1,955.1 million for the six months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $72 million and lower legacy sales volume of approximately $25 million.

Flooring ROW—Net sales for the six months ended June 29, 2024 were $1,461.6 million compared to net sales of $1,586.9 million for the six months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $163 million and the unfavorable net impact of foreign exchange rates of approximately $11 million, partially offset by higher legacy sales volume of approximately $60 million.

Gross profit

Gross profit for the six months ended June 29, 2024 was $1,373.3 million compared to gross profit of $1,375.4 million for the six months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix and the unfavorable net impact of foreign exchange rates, partially offset by lower input costs and productivity gains. Gross profit did not significantly change as a percentage of net sales for the six months ended June 29, 2024 compared to the six months ended July 1, 2023.

Selling, general and administrative expenses

Selling, general and administrative expenses for the six months ended June 29, 2024 were $1,012.7 million compared to $1,096.6 million for the six months ended July 1, 2023. The change was primarily attributable to lower legal settlements, reserves and fees. Selling, general and administrative expenses did not significantly change as a percentage of net sales for the six months ended June 29, 2024 compared to the six months ended July 1, 2023.

Operating income

Operating income for the six months ended June 29, 2024 was $360.6 million compared to operating income of $278.8 million for the six months ended July 1, 2023. The change was primarily attributable to lower input costs of approximately $219 million; productivity gains of approximately $96 million, lower legal settlements, reserves and fees of approximately $39 million and lower restructuring, acquisition and integration-related, and other costs of approximately $29 million, partially offset by the unfavorable net impact of price and product mix of approximately $264 million and the unfavorable net impact of foreign exchange rates of approximately $23 million.

Global Ceramic—Operating income was $131.9 million for the six months ended June 29, 2024 compared to operating income of $147.3 million for the six months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $65 million and the unfavorable net impact of foreign exchange rates of approximately $21 million, partially offset by lower input costs of approximately $50 million and productivity gains of approximately $28 million.

Flooring NA—Operating income was $123.3 million for the six months ended June 29, 2024 compared to operating income of $35.2 million for the six months ended July 1, 2023. The change was primarily attributable to lower input costs of approximately $92 million, productivity gains of approximately $42 million and lower restructuring, acquisition and

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integration-related, and other costs of approximately $21 million, partially offset by the unfavorable net impact of price and product mix of approximately $56 million.

Flooring ROW—Operating income was $136.5 million for the six months ended June 29, 2024 compared to operating income of $162.2 million for the six months ended July 1, 2023. The change was primarily attributable to the unfavorable net impact of price and product mix of approximately $143 million, partially offset by lower input costs of approximately $78 million and productivity gains of approximately $25 million.

Interest expense

Interest expense was $27.5 million for the six months ended June 29, 2024 compared to interest expense of $40.0 million for the six months ended July 1, 2023. The change was primarily attributable to strong cash flow and the resulting lower debt level.

Other Income and Expense

Other expense, net was $0.5 million for the six months ended June 29, 2024 compared to other expense, net of $1.6 million for the six months ended July 1, 2023. Other expense, net did not significantly change for the six months ended June 29, 2024 from the three months ended July 1, 2023.

Income tax expense

For the six months ended June 29, 2024, the Company recorded income tax expense of $70.1 million on earnings before income taxes of $332.6 million, for an effective tax rate of 21.1%. For the six months ended July 1, 2023, the Company recorded income tax expense of $55.7 million on earnings before income taxes of $237.2 million, for an effective tax rate of 23.5%. The change in the effective tax rate was primarily driven by a larger increase in unrecognized tax benefits and the write-off of an income tax receivable no longer expected during the six months ended July 1, 2023, partially offset by the Company’s geographic dispersion of profits and losses for the respective periods.

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Liquidity and Capital Resources

The Company’s primary capital requirements are for working capital, capital expenditures and acquisitions. The Company’s capital needs are met primarily through a combination of internally generated funds, commercial paper, bank credit lines, term and senior notes and credit terms from suppliers.

Net cash provided by operating activities in the first six months of 2024 was $417.3 million, compared to net cash provided by operating activities of $520.9 million in the first six months of 2023. The change was primarily attributable to the change in inventory and accounts receivable, partially offset by the change in accounts payable and higher net earnings.

Net cash used in investing activities in the first six months of 2024 was $178.2 million compared to net cash used in investing activities of $602.6 million in the first six months of 2023. The change was primarily attributable to the decrease in acquisition costs of $515.4 million and the decrease in capital expenditures of $67.0 million, partially offset by the decrease in the redemptions of short-term investments of $158.0 million (net of purchases of short-term investments)

Net cash used in financing activities in the first six months of 2024 was $381.5 million compared to net cash provided by financing activities of $156.3 million in the first six months of 2023. The change was primarily attributable to higher payments of term loan facility of $912.3 million, higher share repurchase of $87.8 million and lower proceeds from Senior Credit Facility of $66.4 million (net of payments), partially offset by the higher proceeds from commercial paper of $517.0 million (net of borrowing).

As of June 29, 2024, the Company had cash of $497.4 million, of which $283.5 million was in the United States and $213.9 million was in foreign countries. The Company plans to permanently reinvest the cash held outside the United States. The Company believes that its cash and cash equivalents on hand, cash generated from operations and availability under its existing credit facilities will be sufficient to meet its capital expenditure, working capital and debt servicing requirements over at least the next twelve months. The Company continually evaluates its projected needs and may conduct additional debt financings, subject to market conditions, to increase its liquidity and to take advantage of attractive financing opportunities.

On February 10, 2022, the Company’s Board of Directors approved a new share repurchase program, authorizing the Company to repurchase up to $500 million of its common stock (the “2022 Share Repurchase Program”). As of June 29, 2024, there remained $141.4 million authorized under the 2022 Share Repurchase Program.

See Note 17, Debt, of the notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Form 10-Q for further discussion of the Company’s long-term debt. The Company may continue, from time to time, to retire its outstanding debt through cash purchases in the open market, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. The amount involved may be material.

Contractual Obligations

There have been no significant changes to the Company’s contractual obligations as disclosed in the Company’s 2023 Annual Report filed on Form 10-K except as described herein.

Critical Accounting Policies and Estimates

There have been no significant changes to the Company’s critical accounting policies and estimates during the period. The Company's critical accounting policies are described in its 2023 Annual Report filed on Form 10-K.

Impact of Inflation

Inflation affects the Company’s manufacturing costs, distribution costs and operating expenses. The Company expects raw material prices, many of which are petroleum-based, to fluctuate based upon worldwide supply and demand of commodities utilized in the Company’s production processes. Although the Company attempts to pass on increases in raw material, labor, energy and fuel-related costs to its customers, the Company’s ability to do so is dependent upon the rate and magnitude of any increase, competitive pressures and market conditions for the Company’s products. There have been in the past, and may be in the future, periods of time during which increases in these costs cannot be fully recovered. In the past, the Company has often been able to enhance productivity and develop new product innovations to help offset increases in costs resulting from inflation in its operations.

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Off-Balance Sheet Arrangements

The Company did not have any off-balance sheet arrangements as of June 29, 2024.

Seasonality

The Company is a calendar year-end company. Global Ceramic and Flooring NA typically have higher net sales in the second and third quarters. Flooring ROW typically has higher net sales in the second and fourth quarters. Because periods of economic downturn can affect the seasonality of each segment, sales for any one quarter are not necessarily indicative of the sales that may be achieved for any other quarter or for the full year.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

As of June 29, 2024, approximately 71% of the Company’s debt portfolio was comprised of fixed-rate debt and 29% was floating-rate debt. A 1.0 percentage point increase in the interest rate of the floating-rate debt would have resulted in an increase in interest expense of $1.7 million and $3.5 million for the three and six months ended June 29, 2024.

There have been no significant changes to the Company’s exposure to market risk as disclosed in the Company’s 2023 Annual Report filed on Form 10-K.

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Item 4.Controls and Procedures

Based on an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended), which have been designed to provide reasonable assurance that such controls and procedures will meet their objectives, as of the end of the period covered by this report, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that such controls and procedures were effective at a reasonable assurance level for the period covered by this report.

There were no changes in the Company’s internal control over financial reporting that occurred during the period covered by this report that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.Legal Proceedings

The Company is involved in various lawsuits, claims, investigations and other legal matters from time to time in the regular course of its business. Except as noted elsewhere in this report, there are no material legal proceedings pending or known by the Company to be contemplated to which the Company is a party or to which any of its property is subject.

See Note 16, Commitments and Contingencies, of the notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Form 10-Q for a discussion of the Company’s legal proceedings.

Item 1A.Risk Factors

There have been no material changes in the Company’s risk factors from those disclosed in Part I, Item 1A to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The risk factors disclosed in these reports, in addition to the other information set forth in this report, could materially affect the Company's business, financial condition or results.

Forward-Looking Statements

Certain of the statements in this Form 10-Q, particularly those anticipating future performance, business prospects, growth and operating strategies, and similar matters, and those that include the words “could,” “should,” “believes,” “anticipates,” “expects” and “estimates” or similar expressions constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ: changes in economic or industry conditions; competition; inflation and deflation in raw material prices, freight and other input costs; inflation and deflation in consumer markets; currency fluctuations; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company’s products; impairment charges; identification and consummation of acquisitions on favorable terms, if at all; integration of acquisitions; international operations; introduction of new products; rationalization of operations; tax and tax reform, product and other claims; litigation; geopolitical conflicts; regulatory and political changes in the jurisdictions in which the Company does business; and other risks identified in Mohawk’s SEC reports and public announcements.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

On February 10, 2022, the Company’s Board of Directors approved a new share repurchase program, authorizing the Company to repurchase up to $500 million of its common stock (the “2022 Share Repurchase Program”). In the second quarter of 2024, the Company purchased $87.8 million of its common stock. As of June 29, 2024, there remained $141.4 million authorized under the 2022 Share Repurchase Program.

Under the 2022 Share Repurchase Program, the Company may purchase common stock in open market transactions, block or privately negotiated transactions, and may from time to time purchase shares pursuant to trading plans in accordance with Rules 10b5-1 or 10b-18 under the Exchange Act or by any combination of such methods. The number of shares to be purchased and the timing of the purchases are based on a variety of factors, including, but not limited to, the level of cash balances, credit availability, debt covenant restrictions, general business conditions, regulatory requirements, the market price of the Company’s stock and the availability of alternative investment opportunities. No time limit was set for completion of repurchases under the 2022 Share Repurchase Program and the 2022 Share Repurchase Program may be suspended or discontinued at any time.

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The following table provides information regarding share repurchase activity during the three months ended June 29, 2024:


Period	Total Number of Shares Purchased in Millions	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan in Millions	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan in Millions
March 31 through May 4, 2024	—	$	—	0.0	$	229.2
May 5 through June 1, 2024	0.4	$	118.30	0.4	$	182.6
June 2 through June 29, 2024	0.4	$	114.44	0.4	$	141.4
Total	0.8	$	116.45	0.8

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95.1 to this quarterly report on Form 10-Q.

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Item 5.Other Information

None.

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Item 6.Exhibits


No.						Description

3.1						Restated Certificate of Incorporation of Mohawk, as amended. (Incorporated herein by reference to Exhibit 3.1 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1998.)
3.2						Restated Bylaws of Mohawk. (Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on February 19, 2019.)
10.1						Service Agreement dated July 12, 2023, by and between Mohawk International Services BV and Camat BV.
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.
95.1						Mine Safety Disclosure pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act
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.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MOHAWK INDUSTRIES, INC.

(Registrant)

Dated:

July 26, 2024

By:

/s/ Jeffrey S. Lorberbaum

JEFFREY S. LORBERBAUM

Chairman and Chief Executive Officer

(principal executive officer)

Dated:

July 26, 2024

By:

/s/ James F. Brunk

JAMES F. BRUNK

Chief Financial Officer

(principal financial officer)

EXHIBIT 10.1

SERVICE AGREEMENT


BETWEEN			MOHAWK INTERNATIONAL SERVICES BV with registered office at B-8710 Wielsbeke-Belgium, Ooigemstraat 3 hereinafter referred to as "the Company”;
AND			CAMAT BV with a registered office (company number BE0698690604) at B-3090 Overijse, Smetslaan 26 hereinafter referred to as "the Service Provider"

PREAMBLE

Whereas, the Service Provider explains that it has the necessary skills and expertise, and is allowed under applicable laws, to provide services in connection with the management of commercial companies, and

Whereas, in view of the fact that the Company needs the above-mentioned services to support the Company, of the experience of the Service Provider and its wish to provide said services with maintenance of its independence, the Parties have chosen to enter into the present service agreement (the Service Agreement), and

Whereas, the Service Provider can also be appointed member of the Management Committee of the Company, if any; and

Whereas, the parties wish to specify the terms and conditions of their collaboration:

IT HAS BEEN AGREED AS FOLLOWS:

1Object

1.1The Service Provider shall provide all necessary and appropriate services (hereinafter the Services) concerning (i) daily management of the Company as President - Flooring Rest of World, (ii) strategy definition, (iii) lead an executive management team, (iv) succession planning for executives and (v) providing advice and support to the Flooring Rest of World segment.

1.2The Service Provider shall perform the Services with the diligence, loyalty, seriousness and competence that the Company is entitled to expect from an experienced specialist in this position. The Service Provider shall comply with the general guidelines and policy of the Company. The Service Provider is bound by an obligation of best result.

1.3Taking into account the skills, reputation, expertise and capabilities of being director of the Service Provider, it has been agreed that he will render the services on behalf of the Service Provider at least 5 days per week whereby the target number of working days per year is minimally 225. It being understood that he may be replaced at any time by the Service Provider to the extent the replacement provides the same level of skills, reputation, expertise and capabilities as mutually agreed upon by the parties.

1.4The Company will grant the Service Provider all powers necessary to execute the Services in a good manner.

1.5Moreover, the Service Provider can be appointed as a member of the Management Committee of the Company, if any.

1.6The Service Provider is covered by the D&O Insurance (Directors & Officers Liability) and the General Liability Insurance taken out by the Company, which provides sufficient coverage taking into account the nature of the activities of the Service Provider that he carries out on behalf of the Company.

2Duration

2.1 The present agreement is concluded for a definite duration commencing on 16 October 2023, or any date earlier in function of the availability of the Service Provider, and automatically expiring on December 31, 2028. After expiration of the aforementioned period, the parties can renew the agreement for indefinite duration upon mutual agreement.

2.2 The present agreement can be terminated at any time by the Company upon notice of 12 (twelve) months. Notice shall be given by registered mail. However, the Company can also terminate the present agreement at any time by payment of a lump sum allowance equal to the Base Fee (as defined below) multiplied by 1,5. The present agreement can be terminated at any time by the Service Provider upon notice of 6 (six) months. If the Company expresses its will that the notice period by the Service Provider is not or partially performed, it will pay a lump sum corresponding the notice period non-performed (pro rata Base Fee multiplied by 1.5).

2.3 This contract may, immediately and without notice or indemnity, be terminated for serious cause by each party.

The following will be considered a serious cause entitling each party to terminate the present agreement without any indemnity:

i.the commission of a criminal offence resulting from a deliberate act that may lead to effective prosecution, damaging the company and/or the reputation of the company. A criminal offence here means any crime for which the Service Provider is not covered by the Mohawk Officers & Directors Liability Insurance;

ii.fraud or embezzlement;

iii.the failure to comply with or the breach of any of the material terms and conditions of the present agreement and/or the Company's, subsidiaries’ or branch offices' policies within 30 (thirty) days after written notification of such non-compliance if such failures or breaches are capable of remedy. If the default or breach is not capable of remedy, the present agreement can be terminated without prior notification;

iv.the willful or gross neglect of the duties under the present agreement and/or the willful or gross misconduct in the performance of such duties that would not be rectified within 30 (thirty) days after written notification of such non-compliance if such failures or breaches are capable of remedy. If the default or breach is not capable of remedy, the present agreement can be terminated without prior notification;

3Fees

3.1 The Services as described above are compensated by the Company on the basis of a Base Fee of 660.000 EUR (excl. VAT) per annum, which amount may be subsequently modified by the parties upon mutual agreement. Said Annual Fee has been determined based on an expected average volume of work corresponding to 5 days per week whereby the target number of working days per year is minimally 225.

3.2 An advanced payment representing 1/12 of the Annual Base Fee shall be paid into the bank account of the Service Provider, against remittance of a detailed monthly invoice which meets all applicable legal & tax requirements and is payable within 30 days from the date of issuance.

3.3 In addition to the Annual Base Fee as set forth in 3.1 and subject to approval of the Compensation Committee of the Board of Directors of Mohawk Industries, Inc., the Service Provider shall be eligible to receive an annual bonus ranging from 0% to 90% of the Base Fee of the year concerned.

3.4 The Service provider shall also be eligible for a Long Term Incentive Plan (Restricted Share Unit Plan with shares vesting over time). Long Term Incentive awards range from 25% to 115% of the Base Fee of the year concerned. In any event, stock grants are always subject to approval by the Mohawk Board.

3.5 If the Service Provider is unable to perform the services described in Article 1 for any reason (e.g. illness, accident, incapacity for work), the Company will continue to pay the Service Provider the Base Fee set out in Article 3, insofar the period of interruption of the execution of the agreement does not last longer than 60 calendar days. After this period of 60 calendar days, the execution of this agreement will be suspended without any compensation being due. If the

suspension is six months, the agreement is immediately deemed to have been terminated by law, without any further compensation.

4Reimbursement of business expenses

All reasonable business expenses incurred by the Service Provider exclusively in the performance and for the purposes of its duties will be borne by the Company and reimbursed to the Service Provider by means of the above mentioned monthly invoices or separated invoices provided that supporting evidences are remitted, provided the Company's approval with respect to the type of expenses. A monthly lump sum of 1.600 EUR (excl. VAT) can be invoiced to cover all car and fuel costs.

5Independence

5.1 The Service Provider shall act on an independent basis with the Company. To the extent the Company gives instructions to the directors, managers, representatives, officers or employees of the Service Provider entrusted with the performance of the Services on behalf of the Service Provider, such instructions would be strictly limited to the well-being of workers in the performance of their work, working time and the agreed work arising from the Services. The Company can otherwise in no way exercise authority over the directors, representatives, officers or employees of the Service Provider.

5.2 Without prejudice to its obligation to perform the management of the Company's subsidiaries or branch offices in good faith, the Service Provider shall freely determine its work organization, work agenda and vacation arrangements with full respect for the needs of the business.

5.3 All documents and correspondences between the Company and the Service Provider must be considered as necessary tools to enable the parties to execute their tasks according to their obligations. These documents can in no way be interpreted as an indication of any relationship of authority towards the directors, representatives, officers or employees of the Service Provider.

5.4 The Service Provider, its directors, managers, representatives, employees, officers, etc. are entirely responsible for complying with all statutory and legal requirements (including, but without limiting the general nature of the foregoing, paying taxes and social security contributions) and will indemnify and agree to keep indemnified in full the Company in respect of any claims that may be made by the relevant authorities against the Company in respect of social security contributions and/or income tax in relation to any payment made pursuant to this Service Agreement.

6Confidentiality

6.1 The Service Provider acknowledges and agrees that any information disclosed to the Service Provider or its directors, managers, officers or employees by the Company in relation with the present agreement and/or the Service Provider' duties is confidential. The Service Provider also acknowledges and accepts that any such information will be treated and held in strict confidence and not used by the Service Provider nor revealed in any way whatsoever, either directly or indirectly, to any third parties during the course of the present agreement or after its termination.

6.2 The Service Provider acknowledges and agrees that any information the Service Provider its directors, managers, officers, representatives or employees develop under or as a result of the performance of his duties is confidential and that any such information will be held in strict confidence and not revealed in any way whatsoever, either directly or indirectly, to any third parties.

6.3 The confidentiality undertakings of articles 6.1 and 6.2 will end when the confidential information falls in the public domain, without fault of the Service Provider or its directors, managers, officers or employees.

6.4 The Service Provider must not make any publicity or media releases in the framework of the present agreement, using the name of the Company, without its prior written consent.

7Return of property

7.1 All records, files, memoranda, reports, price lists, customer lists, drawings, plans, sketches, documents and the like (together with all copies thereof) relating to the business of the Company and all other property of the Company related to the Service Provider' duties (including but not limited to documents, notes, memoranda, computer programs, reports, software and all other information and data), which the Service Provider or directors, managers, officers or employees uses or prepares or comes in contact with in the course of executing this agreement remains, as between the Parties to the present agreement, the sole property of the Company.

7.2 Upon the termination of the present agreement (however caused), the Service Provider will immediately return to the Company all the Company's property in its possession or under its control without keeping copies of such items or passing them (or the copies) to any third party, whatever the importance of it may be.

8Exclusivity and non-competition

8.1 The Service Provider explicitly agrees and undertakes that it shall not, except with the prior written consent of the Company, whether directly or indirectly, whether remunerated or not, for a period of 1 (one) years after the duration of the present agreement (see article 2.1) or for a period of 1 (one) year in case of termination by the Company before the end of this agreement or for a period of

2 (two) years in case of termination by the Service Provider before the end of this agreement and for whatsoever reason:

i.engage itself or through a third party, be employed by, consult for, have an interest in or in any way assist any person or company directly or indirectly engaged in the business of the Company to the extent it relates to similar products;

ii.solicit or endeavour to entice away from or discourage from being employed by the Company any Manager or client of the Company, its subsidiaries or branch offices, whether or not such person would commit a breach of contract by reason of leaving employment.

iii.canvass or solicit the custom of or deal with or provide services to any person, firm or company who at any time was client of / or dealt with the course of providing the services, to the extent it relates to competing products.

The aforementioned obligations apply in all the countries in which the Flooring Rest of World segment is active.

8.2 The Service Provider agrees that it will exclusively act in the interest of the Company and its shareholders, unless otherwise agreed between parties.

9Intellectual property

9.1 The Service Provider undertakes to inform the Company about any work, invention, discovery or improvement, patentable or protectable by any other intellectual right, including copyright or not, which it may create, design or produce, either alone or in conjunction with others, including but not limited to all documents, drawings, plans, designs and models, printed circuit boards, software programs and semi-conductor chips and related documentation, in the course of his employment or relating to, or which is likely to become connected with, any matter whatsoever constituting or which might constitute a Company's activity, or which has been or may be investigated by the latter.

9.2 The Service Provider agrees that such work, inventions, discoveries or improvements belong exclusively to the Company and hereby assigns and transfers any and all right including the copyright therein to the Company. The Service Provider shall refrain from any act which would infringe the Company's rights, shall execute and deliver all documents or statements necessary to implement such assignment or transfer and shall not register any patent relating to these inventions without the approval of the Company.

9.3 The Service Provider acknowledges that such assignment and transfer of rights are adequately compensated by the remuneration as provided in the present agreement.

10Contractual provisions

10.1 The nullity or the enforceability of the present agreement does not affect the validity and the enforceability of the other provisions, unless this would upset the balance between the reciprocal rights and obligations of the parties.

10.2 In such case, the parties will add one or more new provisions to the agreement in order to achieve, as much as possible, the same or a similar result.

11Varia

11.1 The Service Provider shall procure that each company under his control, its directors, managers, officers, representatives or employees and former directors, managers, officers, representatives or employees comply with the obligations imposed on the Service Provider under articles 6, 7, 8, 9 and 10 above.

12Applicable law and jurisdiction

12.1 The present agreement shall be governed by and being interpreted according to Belgian law.

12.2 In case of dispute arising from or further to the present agreement, the courts of Kortrijk will be exclusively competent.

13Prior agreements

The present agreement supersedes any and all prior agreements, whether oral or in writing, that possibly could have existed between the concerned parties with respect to the same object and can only be modified by means of a written agreement between all parties.

Done at Wielsbeke, on July 12, 2023, in two original copies, each party acknowledging having received an original copy dule signed.

For the Company The Service Provider

/s/ Bernard Thiers /s/ Wim Messiaen

Bernard Thiers Wim Messiaen

Permanent representative of Permanent representative of

Comm.V. Bernard Thiers Camat bv

(read and approved) (read and approved)

EXHIBIT 31.1

CERTIFICATIONS

I, Jeffrey S. Lorberbaum, certify that:


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.

Date: July 26, 2024


/s/ Jeffrey S. Lorberbaum
Jeffrey S. Lorberbaum
Chairman and Chief Executive Officer

EXHIBIT 31.2

CERTIFICATIONS

I, James F. Brunk, certify that:


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.

Date: July 26, 2024


/s/ James F. Brunk
James F. Brunk
Chief Financial Officer

EXHIBIT 32.1

Statement of Chief Executive Officer of

MOHAWK INDUSTRIES, INC.

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

§ 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Mohawk Industries, Inc. (the “Company”) on Form 10-Q for the period ended June 29, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeffrey S. Lorberbaum, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:


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

July 26, 2024

EXHIBIT 32.2

Statement of Chief Financial Officer of

MOHAWK INDUSTRIES, INC.

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

§ 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Mohawk Industries, Inc. (the “Company”) on Form 10-Q for the period ended June 29, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James F. Brunk, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:


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/ James F. Brunk
James F. Brunk
Chief Financial Officer

July 26, 2024

Exhibit 95.1

Mine Safety Disclosure

The following disclosures are provided pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) and Item 104 of Regulation S-K, which requires certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”).

Mine Safety Information

Whenever the Federal Mine Safety and Health Administration (“MSHA”) believes a violation of the Mine Act, any health or safety standard or any regulation has occurred, it may issue a citation which describes the alleged violation and fixes a time within which the U.S. mining operator must abate the alleged violation. In some situations, such as when MSHA believes that conditions pose a hazard to miners, MSHA may issue an order removing miners from the area of the mine affected by the condition until the alleged hazards are corrected. When MSHA issues a citation or order, it generally proposes a civil penalty, or fine, as a result of the alleged violation, that the operator is ordered to pay. Citations and orders can be contested and appealed, and as part of that process, may be reduced in severity and amount, and are sometimes dismissed. The number of citations, orders and proposed assessments vary depending on the size and type (underground or surface) of the mine as well as by the MSHA inspector(s) assigned.

The following table includes information required by the Act for the six months ended June 29, 2024.

Mine
(Federal Mine Safety and Health Administration (MSHA) ID)

Total # of Significant & Substantial violations under §104(a)

Total # of orders under §104(b)

Total # of unwarrantable failure citations and orders under §104(d)

Total # of violations under §110(b)(2)

Total # of orders under §107(a)

Total dollar value of proposed assessments from MSHA ($ in thousands)

Total # of mining related fatalities

Received Notice of Pattern of Violations under §104(e) (yes/no)?

Received Notice of Potential to have Pattern under §104(e) (yes/no)?

Total # of Legal Actions Pending with the Mine Safety and Health Review Commission as of the Last Day of Period

Legal Actions Initiated or Resolved During Period

TP Claims 1&2/Rosa Blanca (4100867)

—

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 29, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	01-13697
Entity Registrant Name	MOHAWK INDUSTRIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1604305
Entity Address, Address Line One	160 S. Industrial Blvd.
Entity Address, City or Town	Calhoun
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30701
City Area Code	706
Local Phone Number	629-7721
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	MHK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,117,076
Entity Central Index Key	0000851968
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Net sales	$ 2,801.3	$ 2,950.5	$ 5,480.7	$ 5,756.7
Cost of sales	2,077.5	2,218.5	4,107.4	4,381.3
Gross profit	723.8	732.0	1,373.3	1,375.4
Selling, general and administrative expenses	509.8	578.9	1,012.7	1,096.6
Operating income	214.0	153.1	360.6	278.8
Interest expense	12.6	22.9	27.5	40.0
Other (income) and expense, net	1.6	2.2	0.5	1.6
Earnings before income taxes	199.8	128.0	332.6	237.2
Income tax expense	42.3	26.8	70.1	55.7
Net earnings including noncontrolling interests	157.5	101.2	262.5	181.5
Less: net earnings attributable to noncontrolling interests	0.1	0.0	0.1	0.1
Net earnings attributable to Mohawk Industries, Inc.	$ 157.4	$ 101.2	$ 262.4	$ 181.4
Basic earnings per share attributable to Mohawk Industries, Inc. (in usd per share)	$ 2.47	$ 1.59	$ 4.12	$ 2.85
Weighted-average common shares outstanding-basic (in shares)	63.6	63.7	63.7	63.6
Diluted earnings per share attributable to Mohawk Industries, Inc. (in usd per share)	$ 2.46	$ 1.58	$ 4.10	$ 2.84
Weighted-average common shares outstanding-diluted (in shares)	63.9	63.9	64.0	63.9

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net earnings including noncontrolling interests	$ 157.5	$ 101.2	$ 262.5	$ 181.5
Other comprehensive income (loss):
Foreign currency translation adjustments	(71.0)	(0.2)	(158.9)	6.7
Prior pension and post-retirement benefit service cost and actuarial loss, net of tax	0.0	0.0	0.0	(0.5)
Other comprehensive income (loss)	(71.0)	(0.2)	(158.9)	6.2
Comprehensive income	86.5	101.0	103.6	187.7
Less: comprehensive loss attributable to noncontrolling interests	(0.1)	(0.3)	(0.1)	(0.3)
Comprehensive income attributable to Mohawk Industries, Inc.	$ 86.6	$ 101.3	$ 103.7	$ 188.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 497.4	$ 642.6
Receivables, net	2,018.5	1,874.7
Inventories	2,579.9	2,551.9
Prepaid expenses	528.7	515.8
Other current assets	16.8	19.3
Total current assets	5,641.3	5,604.3
Property, plant and equipment	10,318.6	10,392.3
Less: accumulated depreciation	5,559.4	5,399.1
Property, plant and equipment, net	4,759.2	4,993.2
Right of use operating lease assets	396.2	428.5
Goodwill	1,136.7	1,159.7
Tradenames	689.5	705.7
Other intangible assets subject to amortization, net	151.9	169.6
Deferred income taxes and other non-current assets	504.8	498.8
Total assets	13,279.6	13,559.8
Current liabilities:
Short-term debt and current portion of long-term debt	718.0	1,001.7
Accounts payable and accrued expenses	2,109.8	2,035.3
Current operating lease liabilities	109.9	108.9
Total current liabilities	2,937.7	3,145.9
Deferred income taxes	361.2	391.5
Long-term debt, less current portion	1,691.5	1,701.8
Non-current operating lease liabilities	301.6	337.5
Other long-term liabilities	335.1	354.0
Total liabilities	5,627.1	5,930.7
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $.01 par value; 60,000 shares authorized; no shares issued	0.0	0.0
Common stock, $.01 par value; 150.0 shares authorized; 70.4 and 71.0 shares issued and outstanding in 2024 and 2023, respectively	0.7	0.7
Additional paid-in capital	1,955.0	1,947.5
Retained earnings	7,144.8	6,970.2
Accumulated other comprehensive income (loss)	(1,238.7)	(1,080.0)
Stockholders' equity before treasury stock	7,861.8	7,838.4
Less: treasury stock at cost; 7.3 shares in 2024 and 2023	215.3	215.4
Total Mohawk Industries, Inc. stockholders’ equity	7,646.5	7,623.0
Noncontrolling interests	6.0	6.1
Total stockholders’ equity	7,652.5	7,629.1
Total liabilities and stockholders’ equity	$ 13,279.6	$ 13,559.8

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 29, 2024	Dec. 31, 2023
Stockholders’ equity:
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	60,000	60,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	150,000,000.0	150,000,000.0
Common stock, shares issued (in shares)	70,400,000	71,000,000.0
Common stock, shares outstanding (in shares)	70,400,000	71,000,000.0
Treasury stock, shares (in shares)	7,300,000	7,300,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Net earnings including noncontrolling interests	$ 262.5	$ 181.5
Adjustments to reconcile net earnings to net cash provided by operating activities:
Restructuring, excluding accelerated depreciation	25.1	33.4
Depreciation and amortization	325.7	326.5
Deferred income taxes	(32.8)	(59.5)
(Gain) loss on disposal of property, plant and equipment	(1.7)	0.4
Stock-based compensation expense	13.6	10.4
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	(196.8)	(93.1)
Inventories	(66.9)	208.8
Accounts payable and accrued expenses	102.2	(84.0)
Other assets and prepaid expenses	18.5	(19.5)
Other liabilities	(32.1)	16.0
Net cash provided by operating activities	417.3	520.9
Cash flows from investing activities:
Additions to property, plant and equipment	(178.2)	(245.2)
Acquisitions, net of cash acquired	0.0	(515.4)
Purchases of short-term investments	0.0	(775.0)
Redemption of short-term investments	0.0	933.0
Net cash used in investing activities	(178.2)	(602.6)
Cash flows from financing activities:
Payments on Senior Credit Facility	(202.2)	(827.8)
Proceeds from Senior Credit Facility	135.7	827.7
Payments on commercial paper	(5,158.2)	(11,827.6)
Proceeds from commercial paper	5,861.0	12,013.4
Payments on Term Loan Facility	(912.3)	0.0
Net payments of other financing activities	(16.1)	(30.6)
Purchase of Mohawk common stock	(87.8)	0.0
Change in outstanding checks in excess of cash	(1.6)	1.2
Net cash (used in) provided by financing activities	(381.5)	156.3
Effect of exchange rate changes on cash and cash equivalents	(2.8)	(13.3)
Net change in cash and cash equivalents	(145.2)	61.3
Cash and cash equivalents, beginning of period	642.6	509.6
Cash and cash equivalents, end of period	$ 497.4	$ 570.9

General	6 Months Ended
General	Jun. 29, 2024
Accounting Policies [Abstract]
General	General Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms “we,” “our,” “us,” “Mohawk,” or “the Company” as used in this Form 10-Q refer to Mohawk Industries, Inc. Interim Reporting The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto, and the Company’s description of critical accounting policies, included in the Company’s 2023 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Results for interim periods are not necessarily indicative of the results for the year. Recent Accounting Pronouncements—Effective in Future Years In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands segment disclosures for public entities, including requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss in assessing segment performance and allocating resources. The new guidance also expands disclosures about a reportable segment’s profit or loss and assets in interim periods and clarifies that a public entity may report additional measures of segment profit if the CODM uses more than one measure of a segment’s profit or loss. The new guidance does not remove existing segment disclosure requirements or change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments. The guidance effective for fiscal years beginning after December 15, 2023, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the new guidance. On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. For public business entities, this standard will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance.

Acquisitions

6 Months Ended

Jun. 29, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

2023 Acquisitions


(In millions)	Amounts Recognized as of the Acquisition Date
Working capital	$	95.3
Property, plant and equipment	333.5
Tradenames	38.5
Customer relationships	4.0
Goodwill	87.5
Long-term debt, including current portion	(26.0)
Deferred tax, net	(10.0)
	522.8
Less: cash acquired	(7.3)
Net consideration transferred (net of cash acquired)	$	515.5

Revenue from Contracts with Customers

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Contract Liabilities

Performance Obligations

Costs to Obtain a Contract

Revenue Disaggregation


(In millions)
June 29, 2024	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets:
United States	$	593.4	930.6	2.8	1,526.8
Europe	291.9		0.7	552.4	845.0
Latin America	182.5		1.0	9.2	192.7
Other	47.8		26.2	162.8	236.8
Total	$	1,115.6	958.5	727.2	2,801.3

Product Categories:
Ceramic & Stone	$	1,099.7	6.1	—	1,105.8
Carpet & Resilient	15.9		747.4	223.7	987.0
Laminate & Wood	—		205.0	236.0	441.0
Other (1)	—		—	267.5	267.5
Total	$	1,115.6	958.5	727.2	2,801.3


July 1, 2023	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets:
United States	$	611.6	973.5	2.3	1,587.4
Europe	297.3		0.1	611.3	908.7
Latin America	198.0		0.7	8.2	206.9
Other	48.5		27.4	171.6	247.5
Total	$	1,155.4	1,001.7	793.4	2,950.5

Product Categories:
Ceramic & Stone	$	1,145.3	9.9	—	1,155.2
Carpet & Resilient	10.1		791.3	235.4	1,036.8
Laminate & Wood	—		200.5	253.8	454.3
Other (1)	—		—	304.2	304.2
Total	$	1,155.4	1,001.7	793.4	2,950.5

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


(In millions)
June 29, 2024	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets
United States	$	1,153.7	1,800.4	4.5	2,958.6
Europe	547.4		1.3	1,118.0	1,666.7
Latin America	367.6		2.0	19.1	388.7
Other	91.7		55.0	320.0	466.7
Total	$	2,160.4	1,858.7	1,461.6	5,480.7

Product Categories
Ceramic & Stone	$	2,131.9	12.0	—	2,143.9
Carpet & Resilient	28.5		1,447.5	437.9	1,913.9
Laminate & Wood	—		399.2	468.2	867.4
Other (1)	—		—	555.5	555.5
Total	$	2,160.4	1,858.7	1,461.6	5,480.7


July 1, 2023	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets
United States	$	1,208.2	1,899.3	3.5	3,111.0
Europe	570.8		0.3	1,242.9	1,814.0
Latin America	342.3		1.6	14.6	358.5
Other	93.4		53.9	325.9	473.2
Total	$	2,214.7	1,955.1	1,586.9	5,756.7

Product Categories
Ceramic & Stone	$	2,195.4	18.5	—	2,213.9
Carpet & Resilient	19.3		1,541.8	317.0	1,878.1
Laminate & Wood	—		394.8	646.9	1,041.7
Other (1)	—		—	623.0	623.0
Total	$	2,214.7	1,955.1	1,586.9	5,756.7

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

Restructuring, Acquisition and Integration-Related Costs

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

Restructuring, Acquisition and Integration-Related Costs

The Company incurs costs in connection with acquiring, integrating and restructuring acquisitions and in connection with its global cost-reduction and productivity initiatives. For example:

Restructuring, acquisition transaction and integration-related costs consisted of the following during the three and six months ended June 29, 2024 and July 1, 2023:


	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Cost of sales:
Restructuring costs	$	35.2	29.5	40.6	58.6

Acquisition integration-related costs	—		0.9	0.1	0.9
Restructuring and acquisition integration-related costs	$	35.2	30.4	40.7	59.5

Selling, general and administrative expenses:
Restructuring costs	$	6.0	5.6	7.3	5.8
Acquisition transaction-related costs	0.1		1.0	0.2	1.3
Acquisition integration-related costs	0.1		4.7	1.1	7.1
Restructuring, acquisition transaction and integration-related costs	$	6.2	11.3	8.6	14.2

The following table summarizes the restructuring activities for the three months ended June 29, 2024:


(In millions)	Asset Write- Downs and (Gains) on Disposals, net		Severance	Other Restructuring Costs	Total
Balance as of March 30, 2024	$	—	9.5		—	9.5
Restructuring costs
Global Ceramic	7.2		5.0		(0.6)	11.6
Flooring NA	1.7		—		2.0	3.7
Flooring ROW	18.7		6.9		—	25.6
Corporate	—		0.3		—	0.3
Total restructuring costs	27.6		12.2		1.4	41.2
Cash payments	—		(5.3)		(1.4)	(6.7)
Non-cash items	(27.6)		(0.1)		—	(27.7)
Balances as of June 29, 2024	$	—	16.3		—	16.3

Restructuring costs recorded in:
Cost of sales	$	27.6	6.6		1.0	35.2
Selling, general and administrative expenses	—		5.6		0.4	6.0
Total restructuring costs	$	27.6	12.2		1.4	41.2

The following table summarizes the restructuring activities for the six months ended June 29, 2024:


(In millions)	Asset Write- Downs and (Gains) on Disposals, net		Severance	Other restructuring costs	Total
Balances as of December 31, 2023	$	—	12.1	—	12.1
Restructuring costs
Global Ceramic	9.2		5.5	—	14.7
Flooring NA	1.7		—	2.8	4.5
Flooring ROW	21.0		7.0	0.4	28.4
Corporate	—		0.3	—	0.3
Total restructuring costs	31.9		12.8	3.2	47.9
Cash payments	—		(8.3)	(3.1)	(11.4)
Non-cash items	(31.9)		(0.3)	(0.1)	(32.3)
Balances as of June 29, 2024	$	—	16.3	—	16.3

Restructuring costs recorded in:
Cost of sales	$	31.9	6.7	2.0	40.6
Selling, general and administrative expenses	—		6.1	1.2	7.3
Total restructuring costs	$	31.9	12.8	3.2	47.9

As of June 29, 2024, the accrual balance related to restructuring activities was $6.1 million for plans approved prior to 2024 and $10.2 million for plans approved during 2024.

The Company expects the remaining severance and other restructuring costs to be paid over the next 12 months.

Receivables, net

6 Months Ended

Jun. 29, 2024

Receivables [Abstract]

Receivables, net


(In millions)	June 29, 2024		December 31, 2023
Customers, trade	$	1,905.2	1,716.3
Income tax receivable	35.1		48.4
Other	143.7		176.8
Less: allowance for discounts, claims and doubtful accounts	65.5		66.8
Receivables, net	$	2,018.5	1,874.7

Inventories

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Inventories


(In millions)	June 29, 2024		December 31, 2023
Finished goods	$	1,824.1	1,797.0
Work in process	168.2		164.2
Raw materials	587.6		590.7
Total inventories	$	2,579.9	2,551.9

Goodwill and Intangible Assets

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The components of goodwill and other intangible assets are as follows:

Goodwill:


(In millions)	Global Ceramic		Flooring NA	Flooring ROW	Total



Balance as of December 31, 2023 (1)	$	—	372.3	787.4	1,159.7



Currency translation	—		—	(23.0)	(23.0)




Balance as of June 29, 2024	$	—	372.3	764.4	1,136.7

(1) Net of accumulated impairment losses of $2,886.7 ($1,644.7 in Global Ceramic, $557.9 in Flooring NA and $684.1 in Flooring ROW).

Intangible assets not subject to amortization:


(In millions)	Tradenames
Balance as of December 31, 2023	$	705.7


Currency translation during the period	(16.2)
Balance as of June 29, 2024	$	689.5

Intangible assets subject to amortization:


(In millions)	Customer Relationships		Patents	Other	Total




Balance as of December 31, 2023
Gross carrying amount	$	691.5	249.7	8.7	949.9
Accumulated amortization	(531.0)		(247.2)	(2.1)	(780.3)
Net intangible assets subject to amortization	160.5		2.5	6.6	169.6
Balance as of June 29, 2024
Gross carrying amount	677.4		242.4	8.6	928.4
Accumulated amortization	(534.0)		(240.2)	(2.3)	(776.5)
Net intangible assets subject to amortization	$	143.4	2.2	6.3	151.9

Three Months Ended

Six Months Ended

(In millions)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Amortization expense

7.0

7.1

13.7

14.2

Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 29, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses


(In millions)	June 29, 2024		December 31, 2023
Outstanding checks in excess of cash	$	0.6	2.2
Accounts payable, trade	1,082.8		1,038.0
Accrued expenses	708.5		667.7
Product warranties	33.8		37.6
Accrued interest	14.0		20.1


Accrued compensation and benefits	270.1		269.7
Total accounts payable and accrued expenses	$	2,109.8	2,035.3

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)


(In millions)	Foreign Currency Translation Adjustments		Prior Pension and Post-Retirement Benefit Service Cost and Actuarial Gain (Loss)	Total
Balance as of December 31, 2023	$	(1,079.3)	(0.7)	(1,080.0)
Current period other comprehensive income (loss)	(158.7)		—	(158.7)

Balance as of June 29, 2024	$	(1,238.0)	(0.7)	(1,238.7)

Stockholders’ Equity

The following tables reflect the changes in stockholders’ equity for the three months ended June 29, 2024 and July 1, 2023.


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interests	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount















Balance as of March 30, 2024		71.2	$0.7	$1,949.1	$7,075.2	($1,167.8)	(7.3)	($215.3)	$5.9	$7,647.8
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		—	—	(0.9)	—	—	—	—	—	(0.9)
Stock-based compensation expense		—	—	6.8	—	—	—	—	—	6.8

Repurchases of common stock		(0.8)	—	—	(87.8)	—	—	—	—	(87.8)


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.1)	(0.1)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	0.1	0.1

Currency translation adjustment		—	—	—	—	(70.9)	—	—	—	(70.9)
Prior pension and post-retirement benefit service cost and actuarial loss		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	157.4	—	—	—	—	157.4
Balances as of June 29, 2024		70.4	$0.7	$1,955.0	$7,144.8	($1,238.7)	(7.3)	($215.3)	$6.0	$7,652.5


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interests	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount















Balances as of April 1, 2023		71.0	$0.7	$1,932.1	$7,490.0	($1,107.9)	(7.3)	($215.4)	$6.2	$8,105.7
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		—	—	—	—	—	—	—	—	—
Stock-based compensation expense		—	—	5.3	—	—	—	—	—	5.3

Repurchases of common stock		—	—	—	—	—	—	—	—	—


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	—	—
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.3)	(0.3)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	—	—

Currency translation adjustment		—	—	—	—	0.1	—	—	—	0.1
Prior pension and post-retirement benefit service cost and actuarial gain		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	101.2	—	—	—	—	101.2
Balances as of July 1, 2023		71.0	$0.7	$1,937.4	$7,591.2	($1,107.8)	(7.3)	($215.4)	$5.9	$8,212.0

The following tables reflect the changes in stockholders’ equity for the six months ended June 29, 2024 and July 1, 2023.


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interest	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount

Balances as of December 31, 2023		71.0	$0.7	$1,947.5	$6,970.2	($1,080.0)	(7.3)	($215.4)	$6.1	$7,629.1
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		0.2	—	(6.1)	—	—	—	0.1	—	(6.0)
Stock-based compensation expense		—	—	13.6	—	—	—	—	—	13.6

Repurchases of common stock		(0.8)	—	—	(87.8)	—	—	—	—	(87.8)


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.2)	(0.2)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	—	—

Currency translation adjustment		—	—	—	—	(158.7)	—	—	—	(158.7)
Prior pension and post-retirement benefit service cost and actuarial loss		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	262.4	—	—	—	—	262.4
Balances as of June 29, 2024		70.4	$0.7	$1,955.0	$7,144.8	($1,238.7)	(7.3)	($215.3)	$6.0	$7,652.5


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interest	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount

Balances as of December 31, 2022		70.9	$0.7	$1,930.8	$7,409.8	($1,114.3)	(7.3)	($215.5)	$6.4	$8,017.9
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		0.1	—	(3.9)	—	—	—	0.1	—	(3.8)
Stock-based compensation expense		—	—	10.4	—	—	—	—	—	10.4

Repurchases of common stock		—	—	—	—	—	—	—	—	—


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.4)	(0.4)
Purchase of noncontrolling interest, net of taxes		—	—	0.1	—	—	—	—	(0.2)	(0.1)

Currency translation adjustment		—	—		—	7.0	—	—	—	7.0
Prior pension and post-retirement benefit service cost and actuarial gain		—	—	—	—	(0.5)	—	—	—	(0.5)

Net earnings		—	—	—	181.4	—	—	—	—	181.4
Balances as of July 1, 2023		71.0	$0.7	$1,937.4	$7,591.2	($1,107.8)	(7.3)	($215.4)	$5.9	$8,212.0

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 29, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recognizes compensation expense for all stock-based payments granted based on the grant-date fair value estimated in accordance with the provisions of ASC 718-10. Compensation expense is recognized on a straight-line basis over the awards’ estimated lives for fixed awards with ratable vesting provisions. The Company granted no restricted stock units (“RSUs”) for the three months ended June 29, 2024. The Company granted 0.3 million RSUs at a weighted average grant-date fair value of $101.42 per unit for the six months ended June 29, 2024. The Company granted 0.0 million RSUs at a weighted average of grant-date fair value of $94.86 per unit for the three months ended July 1, 2023. The Company granted 0.3 million RSUs at a weighted average grant-date fair value of $102.09 per unit for the six months ended July 1, 2023. The Company recognized stock-based compensation expense related to the issuance of RSUs of $6.8 million ($5.0 million net of taxes) and $5.4 million ($4.0 million net of taxes) for the three months ended June 29, 2024 and July 1, 2023, respectively, which has been allocated to cost of sales and selling, general and administrative expenses. The Company recognized stock-based compensation costs related to the issuance of RSUs of $13.6 million ($10.1 million net of taxes) and $10.4 million ($7.7 million net of taxes) for the six months ended June 29, 2024 and July 1, 2023, respectively, which has been allocated to cost of sales and selling, general and administrative expenses. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $31.9 million as of June 29, 2024, and will be recognized as expense over a weighted-average period of approximately 2.00 years.

Other Income and Expense, net

6 Months Ended

Jun. 29, 2024

Other Nonoperating Income (Expense) [Abstract]

Other Income and Expense, net


	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Foreign currency (gains) losses, net	$	1.8	6.8	3.9	11.7





All other, net	(0.2)		(4.6)	(3.4)	(10.1)
Total other (income) and expense, net	$	1.6	2.2	0.5	1.6

Income Taxes	6 Months Ended
Income Taxes	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended June 29, 2024, the Company recorded income tax expense of $42.3 million on earnings before income taxes of $199.8 million for an effective tax rate of 21.2%. For the three months ended July 1, 2023, the Company recorded income tax expense of $26.8 million on earnings before income taxes of $128.0 million, for an effective tax rate of 20.9%. The increase in the effective tax rate was primarily driven by higher earnings before taxes and the Company’s geographic dispersion of profits and losses for the respective periods, partially offset by a larger increase in unrecognized tax benefits during the three months ended July 1, 2023. For the six months ended June 29, 2024, the Company recorded income tax expense of $70.1 million on earnings before income taxes of $332.6 million for an effective tax rate of 21.1%, as compared to income tax expense of $55.7 million on earnings before income taxes of $237.2 million, for an effective tax rate of 23.5% for the six months ended July 1, 2023. The decrease in the effective tax rate was primarily driven by a larger increase in unrecognized tax benefits and the write-off of an income tax receivable no longer expected during the six months ended July 1, 2023, partially offset by the Company’s geographic dispersion of profits and losses for the respective periods.

Stockholders' Equity

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Stockholders' Equity

Accumulated Other Comprehensive Income (Loss)


(In millions)	Foreign Currency Translation Adjustments		Prior Pension and Post-Retirement Benefit Service Cost and Actuarial Gain (Loss)	Total
Balance as of December 31, 2023	$	(1,079.3)	(0.7)	(1,080.0)
Current period other comprehensive income (loss)	(158.7)		—	(158.7)

Balance as of June 29, 2024	$	(1,238.0)	(0.7)	(1,238.7)

Stockholders’ Equity

The following tables reflect the changes in stockholders’ equity for the three months ended June 29, 2024 and July 1, 2023.


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interests	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount















Balance as of March 30, 2024		71.2	$0.7	$1,949.1	$7,075.2	($1,167.8)	(7.3)	($215.3)	$5.9	$7,647.8
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		—	—	(0.9)	—	—	—	—	—	(0.9)
Stock-based compensation expense		—	—	6.8	—	—	—	—	—	6.8

Repurchases of common stock		(0.8)	—	—	(87.8)	—	—	—	—	(87.8)


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.1)	(0.1)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	0.1	0.1

Currency translation adjustment		—	—	—	—	(70.9)	—	—	—	(70.9)
Prior pension and post-retirement benefit service cost and actuarial loss		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	157.4	—	—	—	—	157.4
Balances as of June 29, 2024		70.4	$0.7	$1,955.0	$7,144.8	($1,238.7)	(7.3)	($215.3)	$6.0	$7,652.5


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interests	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount















Balances as of April 1, 2023		71.0	$0.7	$1,932.1	$7,490.0	($1,107.9)	(7.3)	($215.4)	$6.2	$8,105.7
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		—	—	—	—	—	—	—	—	—
Stock-based compensation expense		—	—	5.3	—	—	—	—	—	5.3

Repurchases of common stock		—	—	—	—	—	—	—	—	—


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	—	—
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.3)	(0.3)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	—	—

Currency translation adjustment		—	—	—	—	0.1	—	—	—	0.1
Prior pension and post-retirement benefit service cost and actuarial gain		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	101.2	—	—	—	—	101.2
Balances as of July 1, 2023		71.0	$0.7	$1,937.4	$7,591.2	($1,107.8)	(7.3)	($215.4)	$5.9	$8,212.0

The following tables reflect the changes in stockholders’ equity for the six months ended June 29, 2024 and July 1, 2023.


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interest	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount

Balances as of December 31, 2023		71.0	$0.7	$1,947.5	$6,970.2	($1,080.0)	(7.3)	($215.4)	$6.1	$7,629.1
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		0.2	—	(6.1)	—	—	—	0.1	—	(6.0)
Stock-based compensation expense		—	—	13.6	—	—	—	—	—	13.6

Repurchases of common stock		(0.8)	—	—	(87.8)	—	—	—	—	(87.8)


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.2)	(0.2)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	—	—

Currency translation adjustment		—	—	—	—	(158.7)	—	—	—	(158.7)
Prior pension and post-retirement benefit service cost and actuarial loss		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	262.4	—	—	—	—	262.4
Balances as of June 29, 2024		70.4	$0.7	$1,955.0	$7,144.8	($1,238.7)	(7.3)	($215.3)	$6.0	$7,652.5


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interest	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount

Balances as of December 31, 2022		70.9	$0.7	$1,930.8	$7,409.8	($1,114.3)	(7.3)	($215.5)	$6.4	$8,017.9
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		0.1	—	(3.9)	—	—	—	0.1	—	(3.8)
Stock-based compensation expense		—	—	10.4	—	—	—	—	—	10.4

Repurchases of common stock		—	—	—	—	—	—	—	—	—


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.4)	(0.4)
Purchase of noncontrolling interest, net of taxes		—	—	0.1	—	—	—	—	(0.2)	(0.1)

Currency translation adjustment		—	—		—	7.0	—	—	—	7.0
Prior pension and post-retirement benefit service cost and actuarial gain		—	—	—	—	(0.5)	—	—	—	(0.5)

Net earnings		—	—	—	181.4	—	—	—	—	181.4
Balances as of July 1, 2023		71.0	$0.7	$1,937.4	$7,591.2	($1,107.8)	(7.3)	($215.4)	$5.9	$8,212.0

Earnings Per Share

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended			Six Months Ended
(In millions, except per share data)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Net earnings attributable to Mohawk Industries, Inc.	$	157.4	101.2	262.4	181.4



Weighted-average common shares outstanding—basic and diluted:
Weighted-average common shares outstanding—basic	63.6		63.7	63.7	63.6
Add dilutive potential common shares—RSUs	0.3		0.2	0.3	0.3
Weighted-average common shares outstanding—diluted	63.9		63.9	64.0	63.9

Earnings per share attributable to Mohawk Industries, Inc.
Basic	$	2.47	1.59	4.12	2.85
Diluted	$	2.46	1.58	4.10	2.84

Segment Reporting

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Segment Reporting


	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Net sales:
Global Ceramic	$	1,115.6	1,155.4	2,160.4	2,214.7
Flooring NA	958.5		1,001.7	1,858.7	1,955.1
Flooring ROW	727.2		793.4	1,461.6	1,586.9

Total	$	2,801.3	2,950.5	5,480.7	5,756.7

Operating income (loss):
Global Ceramic	$	83.1	84.0	131.9	147.3
Flooring NA	78.3		37.2	123.3	35.2
Flooring ROW	65.6		87.0	136.5	162.2
Corporate and intersegment eliminations	(13.0)		(55.1)	(31.1)	(65.9)
Total	$	214.0	153.1	360.6	278.8


(In millions)	June 29, 2024		December 31, 2023
Assets:
Global Ceramic	$	4,931.5	4,988.3
Flooring NA	3,940.2		3,909.9
Flooring ROW	3,899.2		4,051.6
Corporate and intersegment eliminations	508.7		610.0
Total	$	13,279.6	13,559.8

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time in the regular course of its business, the Company is involved in various lawsuits, claims, investigations and other legal matters. Except as noted below, there are no material legal proceedings pending or known by the Company to be contemplated to which the Company is a party or to which any of its property is subject. Perfluorinated Compounds (“PFCs”) Litigation In December 2019, Jarrod Johnson filed a putative class action against certain manufacturers, suppliers, and users of chemicals containing certain perfluorinated compounds (PFCs) in the Superior Court of Floyd County, Georgia purporting to represent all water subscribers with the Rome (Georgia) Water and Sewer Division and/or the Floyd County (Georgia) Water Department seeking to recover, among other things, damages in the form of alleged increased rates and surcharges incurred by ratepayers for the costs associated with eliminating certain PFCs from their drinking water, as well as injunctive relief. The defendants removed the class action to federal court. The Company has filed a motion for summary judgment and that motion is pending before the court. In April 2023, Shelby County, Alabama and Talladega County, Alabama filed a complaint in the Circuit Court of Talladega County, Alabama against certain manufacturers, suppliers, and users of chemicals containing certain PFCs, seeking monetary damages and injunctive relief and claiming that their water supplies contain excessive amounts of PFCs. The defendants removed the case to federal court, but the case has now been remanded back to the Circuit Court of Talladega County. The Company believes the allegations are without merit and continues to vigorously defend against claims relating to its prior use of certain PFCs in the carpet manufacturing process. Securities Actions The Company and certain of its present and former executive officers were named as defendants in a putative state securities class action lawsuit filed in the Superior Court of the State of Delaware on January 30, 2020. The complaint alleged that defendants violated Sections 11 and 12 of the Securities Act of 1933 and was filed on behalf of shareholders who purchased shares of the Company’s common stock in Mohawk Industries Retirement Plan 1 and Mohawk Industries Retirement Plan 2 between April 27, 2017 and July 25, 2019. The parties reached an agreement in principle to settle the lawsuit in exchange for the dismissal and a release of all claims against the defendants (the “Settlement Agreement”). Following the final settlement hearing on May 29, 2024, the court entered final approval of the settlement and closed the case on June 7, 2024. The Settlement Agreement is without admission of fault or wrongdoing by the defendants. The Company and certain of its present and former executive officers were named as defendants in certain investor actions, filed in the State Court of Fulton County of the State of Georgia on April 22, 2021 and April 23, 2021. The claims alleged include fraud, negligent misrepresentation, violations of the Georgia Securities Act, and violations of the Georgia Racketeering and Corrupt Organizations statute. Plaintiffs in the investor actions seek compensatory and punitive damages. On October 5, 2021, the investor actions were transferred by the State Court of Fulton County to the Metro Atlanta Business Case Division. On October 4, 2023, plaintiffs filed amended complaints in the remaining four investor actions. On April 12, 2024, the Company and the individual defendants filed motions for summary judgment in each investor action. The Company believes the claims are without merit and intends to vigorously defend against the claims in these actions. The Company and certain of its executive officers and directors were named as defendants in certain derivative actions filed in the United States District Court for the Northern District of Georgia on May 18, 2020 and August 6, 2020, respectively (the “NDGA Derivative Actions”), in the Superior Court of Gordon County of the State of Georgia on March 3, 2021 and July 12, 2021 (the “Georgia Derivative Actions”), and in the Delaware Court of Chancery on March 10, 2022 (the “Delaware Derivative Action”). The complaints allege that defendants breached their fiduciary duties to the Company by causing the Company to issue materially false and misleading statements. On December 20, 2023, plaintiffs in the NDGA Derivative Actions filed an amended complaint. On February 9, 2024, the Company and the individual defendants filed a motion to dismiss the amended complaint. The Company believes the claims are without merit and intends to vigorously defend against the claims. General The Company believes that adequate provisions for resolution of all contingencies, claims and pending litigation have been made for probable losses that are reasonably estimable. These contingencies are subject to significant uncertainties and the Company is unable to estimate the amount or range of loss, if any, in excess of amounts accrued. The Company does not believe that the ultimate outcome of these actions will have a material adverse effect on its financial condition but could have a material adverse effect on its results of operations, cash flows or liquidity in a given quarter or year. The Company is subject to various federal, state, local and foreign environmental health and safety laws and regulations, including those governing air emissions, wastewater discharges, the use, storage, treatment, recycling and disposal of solid and hazardous materials and finished product, and the cleanup of contamination associated therewith. Because of the nature of the Company’s business, the Company has incurred, and will continue to incur, costs relating to compliance with such laws and regulations. The Company is involved in various proceedings relating to environmental matters and is currently engaged in environmental investigation, remediation and post-closure care programs at certain sites. The Company has provided accruals for such activities that it has determined to be both probable and reasonably estimable. The Company does not expect that the ultimate liability with respect to such activities will have a material adverse effect on its financial condition but acknowledges that it could have a material adverse effect on its results of operations, cash flows or liquidity in a given quarter or year.

Debt

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Debt

Senior Credit Facility

The obligations of the Company and its subsidiaries in respect of the Senior Credit Facility are unsecured.

The Senior Credit Facility also contains customary representations and warranties and events of default, subject to customary grace periods.

Commercial Paper

Senior Notes

Term Loan

The fair values and carrying values of the Company’s debt instruments are detailed as follows:


	June 29, 2024			December 31, 2023
(In millions)	Fair Value		Carrying Value	Fair Value	Carrying Value
1.750% Senior Notes, payable June 12, 2027; interest payable annually	$	508.0	535.6	521.9	551.9
3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually	457.0		500.0	464.0	500.0
5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually	612.0		600.0	622.9	600.0




U.S. commercial paper	385.0		385.0	—	—
European commercial paper	313.4		313.4	—	—
Senior Credit Facility, payable August 12, 2027	—		—	67.1	67.1
U.S. Term Loan Facility	—		—	675.0	675.0
European Term Loan Facility	—		—	242.8	242.8
Finance leases and other	85.1		85.1	77.7	77.7
Unamortized debt issuance costs	(9.6)		(9.6)	(11.0)	(11.0)
Total debt	2,350.9		2,409.5	2,660.4	2,703.5
Less: current portion of long term-debt and commercial paper	718.0		718.0	1,001.7	1,001.7
Long-term debt, less current portion	$	1,632.9	1,691.5	1,658.7	1,701.8

Supplemental Cash Flow Information

6 Months Ended

Jun. 29, 2024

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


	Six Months Ended
(In millions)	June 29, 2024		July 1, 2023
Net cash paid during the periods for:
Interest	$	43.7	54.2
Income taxes	$	81.0	85.7

Supplemental schedule of non-cash investing and financing activities:
Unpaid property plant and equipment in accounts payable and accrued expenses	$	65.8	107.7








ROU assets obtained in exchange for lease obligations:
Operating leases	$	27.2	73.1
Finance leases	$	15.1	20.5

General (Policies)	6 Months Ended
General (Policies)	Jun. 29, 2024
Accounting Policies [Abstract]
Interim Reporting	Interim Reporting The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto, and the Company’s description of critical accounting policies, included in the Company’s 2023 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Results for interim periods are not necessarily indicative of the results for the year.
Recent Accounting Pronouncements—Effective in Future Years	Recent Accounting Pronouncements—Effective in Future Years In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands segment disclosures for public entities, including requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss in assessing segment performance and allocating resources. The new guidance also expands disclosures about a reportable segment’s profit or loss and assets in interim periods and clarifies that a public entity may report additional measures of segment profit if the CODM uses more than one measure of a segment’s profit or loss. The new guidance does not remove existing segment disclosure requirements or change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments. The guidance effective for fiscal years beginning after December 15, 2023, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the new guidance. On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. For public business entities, this standard will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance.

Acquisitions (Tables)

6 Months Ended

Jun. 29, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the allocation of the purchase price by major class of assets acquired and liabilities assumed as of the acquisition date.


(In millions)	Amounts Recognized as of the Acquisition Date
Working capital	$	95.3
Property, plant and equipment	333.5
Tradenames	38.5
Customer relationships	4.0
Goodwill	87.5
Long-term debt, including current portion	(26.0)
Deferred tax, net	(10.0)
	522.8
Less: cash acquired	(7.3)
Net consideration transferred (net of cash acquired)	$	515.5

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Segment Revenues Disaggregated By Geography and Product Line

The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories for the three months ended June 29, 2024 and July 1, 2023:


(In millions)
June 29, 2024	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets:
United States	$	593.4	930.6	2.8	1,526.8
Europe	291.9		0.7	552.4	845.0
Latin America	182.5		1.0	9.2	192.7
Other	47.8		26.2	162.8	236.8
Total	$	1,115.6	958.5	727.2	2,801.3

Product Categories:
Ceramic & Stone	$	1,099.7	6.1	—	1,105.8
Carpet & Resilient	15.9		747.4	223.7	987.0
Laminate & Wood	—		205.0	236.0	441.0
Other (1)	—		—	267.5	267.5
Total	$	1,115.6	958.5	727.2	2,801.3


July 1, 2023	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets:
United States	$	611.6	973.5	2.3	1,587.4
Europe	297.3		0.1	611.3	908.7
Latin America	198.0		0.7	8.2	206.9
Other	48.5		27.4	171.6	247.5
Total	$	1,155.4	1,001.7	793.4	2,950.5

Product Categories:
Ceramic & Stone	$	1,145.3	9.9	—	1,155.2
Carpet & Resilient	10.1		791.3	235.4	1,036.8
Laminate & Wood	—		200.5	253.8	454.3
Other (1)	—		—	304.2	304.2
Total	$	1,155.4	1,001.7	793.4	2,950.5

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


(In millions)
June 29, 2024	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets
United States	$	1,153.7	1,800.4	4.5	2,958.6
Europe	547.4		1.3	1,118.0	1,666.7
Latin America	367.6		2.0	19.1	388.7
Other	91.7		55.0	320.0	466.7
Total	$	2,160.4	1,858.7	1,461.6	5,480.7

Product Categories
Ceramic & Stone	$	2,131.9	12.0	—	2,143.9
Carpet & Resilient	28.5		1,447.5	437.9	1,913.9
Laminate & Wood	—		399.2	468.2	867.4
Other (1)	—		—	555.5	555.5
Total	$	2,160.4	1,858.7	1,461.6	5,480.7


July 1, 2023	Global Ceramic		Flooring NA	Flooring ROW	Total
Geographical Markets
United States	$	1,208.2	1,899.3	3.5	3,111.0
Europe	570.8		0.3	1,242.9	1,814.0
Latin America	342.3		1.6	14.6	358.5
Other	93.4		53.9	325.9	473.2
Total	$	2,214.7	1,955.1	1,586.9	5,756.7

Product Categories
Ceramic & Stone	$	2,195.4	18.5	—	2,213.9
Carpet & Resilient	19.3		1,541.8	317.0	1,878.1
Laminate & Wood	—		394.8	646.9	1,041.7
Other (1)	—		—	623.0	623.0
Total	$	2,214.7	1,955.1	1,586.9	5,756.7

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

Restructuring, Acquisition and Integration-Related Costs (Tables)

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring, Acquisition Transaction and Integration-related Costs

Restructuring, acquisition transaction and integration-related costs consisted of the following during the three and six months ended June 29, 2024 and July 1, 2023:


	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Cost of sales:
Restructuring costs	$	35.2	29.5	40.6	58.6

Acquisition integration-related costs	—		0.9	0.1	0.9
Restructuring and acquisition integration-related costs	$	35.2	30.4	40.7	59.5

Selling, general and administrative expenses:
Restructuring costs	$	6.0	5.6	7.3	5.8
Acquisition transaction-related costs	0.1		1.0	0.2	1.3
Acquisition integration-related costs	0.1		4.7	1.1	7.1
Restructuring, acquisition transaction and integration-related costs	$	6.2	11.3	8.6	14.2

Schedule of Restructuring Activity

The following table summarizes the restructuring activities for the three months ended June 29, 2024:


(In millions)	Asset Write- Downs and (Gains) on Disposals, net		Severance	Other Restructuring Costs	Total
Balance as of March 30, 2024	$	—	9.5		—	9.5
Restructuring costs
Global Ceramic	7.2		5.0		(0.6)	11.6
Flooring NA	1.7		—		2.0	3.7
Flooring ROW	18.7		6.9		—	25.6
Corporate	—		0.3		—	0.3
Total restructuring costs	27.6		12.2		1.4	41.2
Cash payments	—		(5.3)		(1.4)	(6.7)
Non-cash items	(27.6)		(0.1)		—	(27.7)
Balances as of June 29, 2024	$	—	16.3		—	16.3

Restructuring costs recorded in:
Cost of sales	$	27.6	6.6		1.0	35.2
Selling, general and administrative expenses	—		5.6		0.4	6.0
Total restructuring costs	$	27.6	12.2		1.4	41.2

The following table summarizes the restructuring activities for the six months ended June 29, 2024:


(In millions)	Asset Write- Downs and (Gains) on Disposals, net		Severance	Other restructuring costs	Total
Balances as of December 31, 2023	$	—	12.1	—	12.1
Restructuring costs
Global Ceramic	9.2		5.5	—	14.7
Flooring NA	1.7		—	2.8	4.5
Flooring ROW	21.0		7.0	0.4	28.4
Corporate	—		0.3	—	0.3
Total restructuring costs	31.9		12.8	3.2	47.9
Cash payments	—		(8.3)	(3.1)	(11.4)
Non-cash items	(31.9)		(0.3)	(0.1)	(32.3)
Balances as of June 29, 2024	$	—	16.3	—	16.3

Restructuring costs recorded in:
Cost of sales	$	31.9	6.7	2.0	40.6
Selling, general and administrative expenses	—		6.1	1.2	7.3
Total restructuring costs	$	31.9	12.8	3.2	47.9

Receivables, net (Tables)

6 Months Ended

Jun. 29, 2024

Receivables [Abstract]

Schedule of Net Components of Receivables


(In millions)	June 29, 2024		December 31, 2023
Customers, trade	$	1,905.2	1,716.3
Income tax receivable	35.1		48.4
Other	143.7		176.8
Less: allowance for discounts, claims and doubtful accounts	65.5		66.8
Receivables, net	$	2,018.5	1,874.7

Inventories (Tables)

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Schedule of Net Components of Inventories


(In millions)	June 29, 2024		December 31, 2023
Finished goods	$	1,824.1	1,797.0
Work in process	168.2		164.2
Raw materials	587.6		590.7
Total inventories	$	2,579.9	2,551.9

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The components of goodwill and other intangible assets are as follows:

Goodwill:


(In millions)	Global Ceramic		Flooring NA	Flooring ROW	Total



Balance as of December 31, 2023 (1)	$	—	372.3	787.4	1,159.7



Currency translation	—		—	(23.0)	(23.0)




Balance as of June 29, 2024	$	—	372.3	764.4	1,136.7

(1) Net of accumulated impairment losses of $2,886.7 ($1,644.7 in Global Ceramic, $557.9 in Flooring NA and $684.1 in Flooring ROW).

Schedule of Indefinite Life Assets Not Subject to Amortization

Intangible assets not subject to amortization:


(In millions)	Tradenames
Balance as of December 31, 2023	$	705.7


Currency translation during the period	(16.2)
Balance as of June 29, 2024	$	689.5

Schedule of Intangible Assets Subject to Amortization

Intangible assets subject to amortization:


(In millions)	Customer Relationships		Patents	Other	Total




Balance as of December 31, 2023
Gross carrying amount	$	691.5	249.7	8.7	949.9
Accumulated amortization	(531.0)		(247.2)	(2.1)	(780.3)
Net intangible assets subject to amortization	160.5		2.5	6.6	169.6
Balance as of June 29, 2024
Gross carrying amount	677.4		242.4	8.6	928.4
Accumulated amortization	(534.0)		(240.2)	(2.3)	(776.5)
Net intangible assets subject to amortization	$	143.4	2.2	6.3	151.9

Schedule of Intangible Assets Amortization Expense

Three Months Ended

Six Months Ended

(In millions)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Amortization expense

7.0

7.1

13.7

14.2

Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Jun. 29, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses


(In millions)	June 29, 2024		December 31, 2023
Outstanding checks in excess of cash	$	0.6	2.2
Accounts payable, trade	1,082.8		1,038.0
Accrued expenses	708.5		667.7
Product warranties	33.8		37.6
Accrued interest	14.0		20.1


Accrued compensation and benefits	270.1		269.7
Total accounts payable and accrued expenses	$	2,109.8	2,035.3

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


(In millions)	Foreign Currency Translation Adjustments		Prior Pension and Post-Retirement Benefit Service Cost and Actuarial Gain (Loss)	Total
Balance as of December 31, 2023	$	(1,079.3)	(0.7)	(1,080.0)
Current period other comprehensive income (loss)	(158.7)		—	(158.7)

Balance as of June 29, 2024	$	(1,238.0)	(0.7)	(1,238.7)

Other Income and Expense, net (Tables)

6 Months Ended

Jun. 29, 2024

Other Nonoperating Income (Expense) [Abstract]

Schedule of Other Income and Expense, net


	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Foreign currency (gains) losses, net	$	1.8	6.8	3.9	11.7





All other, net	(0.2)		(4.6)	(3.4)	(10.1)
Total other (income) and expense, net	$	1.6	2.2	0.5	1.6

Stockholders' Equity (Tables)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Changes in Stockholders' Equity

The following tables reflect the changes in stockholders’ equity for the three months ended June 29, 2024 and July 1, 2023.


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interests	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount















Balance as of March 30, 2024		71.2	$0.7	$1,949.1	$7,075.2	($1,167.8)	(7.3)	($215.3)	$5.9	$7,647.8
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		—	—	(0.9)	—	—	—	—	—	(0.9)
Stock-based compensation expense		—	—	6.8	—	—	—	—	—	6.8

Repurchases of common stock		(0.8)	—	—	(87.8)	—	—	—	—	(87.8)


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.1)	(0.1)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	0.1	0.1

Currency translation adjustment		—	—	—	—	(70.9)	—	—	—	(70.9)
Prior pension and post-retirement benefit service cost and actuarial loss		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	157.4	—	—	—	—	157.4
Balances as of June 29, 2024		70.4	$0.7	$1,955.0	$7,144.8	($1,238.7)	(7.3)	($215.3)	$6.0	$7,652.5


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interests	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount















Balances as of April 1, 2023		71.0	$0.7	$1,932.1	$7,490.0	($1,107.9)	(7.3)	($215.4)	$6.2	$8,105.7
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		—	—	—	—	—	—	—	—	—
Stock-based compensation expense		—	—	5.3	—	—	—	—	—	5.3

Repurchases of common stock		—	—	—	—	—	—	—	—	—


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	—	—
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.3)	(0.3)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	—	—

Currency translation adjustment		—	—	—	—	0.1	—	—	—	0.1
Prior pension and post-retirement benefit service cost and actuarial gain		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	101.2	—	—	—	—	101.2
Balances as of July 1, 2023		71.0	$0.7	$1,937.4	$7,591.2	($1,107.8)	(7.3)	($215.4)	$5.9	$8,212.0

The following tables reflect the changes in stockholders’ equity for the six months ended June 29, 2024 and July 1, 2023.


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interest	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount

Balances as of December 31, 2023		71.0	$0.7	$1,947.5	$6,970.2	($1,080.0)	(7.3)	($215.4)	$6.1	$7,629.1
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		0.2	—	(6.1)	—	—	—	0.1	—	(6.0)
Stock-based compensation expense		—	—	13.6	—	—	—	—	—	13.6

Repurchases of common stock		(0.8)	—	—	(87.8)	—	—	—	—	(87.8)


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.2)	(0.2)
Purchase of noncontrolling interest, net of taxes		—	—	—	—	—	—	—	—	—

Currency translation adjustment		—	—	—	—	(158.7)	—	—	—	(158.7)
Prior pension and post-retirement benefit service cost and actuarial loss		—	—	—	—	—	—	—	—	—

Net earnings		—	—	—	262.4	—	—	—	—	262.4
Balances as of June 29, 2024		70.4	$0.7	$1,955.0	$7,144.8	($1,238.7)	(7.3)	($215.3)	$6.0	$7,652.5


		Total Stockholders’ Equity
		Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock		Noncontrolling Interest	Total Stockholders’ Equity
(In millions)	Shares	Amount	Shares				Amount

Balances as of December 31, 2022		70.9	$0.7	$1,930.8	$7,409.8	($1,114.3)	(7.3)	($215.5)	$6.4	$8,017.9
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards		0.1	—	(3.9)	—	—	—	0.1	—	(3.8)
Stock-based compensation expense		—	—	10.4	—	—	—	—	—	10.4

Repurchases of common stock		—	—	—	—	—	—	—	—	—


Net earnings attributable to noncontrolling interests		—	—	—	—	—	—	—	0.1	0.1
Currency translation adjustment on noncontrolling interests		—	—	—	—	—	—	—	(0.4)	(0.4)
Purchase of noncontrolling interest, net of taxes		—	—	0.1	—	—	—	—	(0.2)	(0.1)

Currency translation adjustment		—	—		—	7.0	—	—	—	7.0
Prior pension and post-retirement benefit service cost and actuarial gain		—	—	—	—	(0.5)	—	—	—	(0.5)

Net earnings		—	—	—	181.4	—	—	—	—	181.4
Balances as of July 1, 2023		71.0	$0.7	$1,937.4	$7,591.2	($1,107.8)	(7.3)	($215.4)	$5.9	$8,212.0

Earnings Per Share (Tables)

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

A reconciliation of net earnings attributable to Mohawk Industries, Inc. and weighted-average common shares outstanding for purposes of calculating basic and diluted earnings per share is as follows:


	Three Months Ended			Six Months Ended
(In millions, except per share data)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Net earnings attributable to Mohawk Industries, Inc.	$	157.4	101.2	262.4	181.4



Weighted-average common shares outstanding—basic and diluted:
Weighted-average common shares outstanding—basic	63.6		63.7	63.7	63.6
Add dilutive potential common shares—RSUs	0.3		0.2	0.3	0.3
Weighted-average common shares outstanding—diluted	63.9		63.9	64.0	63.9

Earnings per share attributable to Mohawk Industries, Inc.
Basic	$	2.47	1.59	4.12	2.85
Diluted	$	2.46	1.58	4.10	2.84

Segment Reporting (Tables)

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Schedule of Segment Information


	Three Months Ended			Six Months Ended
(In millions)	June 29, 2024		July 1, 2023	June 29, 2024	July 1, 2023
Net sales:
Global Ceramic	$	1,115.6	1,155.4	2,160.4	2,214.7
Flooring NA	958.5		1,001.7	1,858.7	1,955.1
Flooring ROW	727.2		793.4	1,461.6	1,586.9

Total	$	2,801.3	2,950.5	5,480.7	5,756.7

Operating income (loss):
Global Ceramic	$	83.1	84.0	131.9	147.3
Flooring NA	78.3		37.2	123.3	35.2
Flooring ROW	65.6		87.0	136.5	162.2
Corporate and intersegment eliminations	(13.0)		(55.1)	(31.1)	(65.9)
Total	$	214.0	153.1	360.6	278.8


(In millions)	June 29, 2024		December 31, 2023
Assets:
Global Ceramic	$	4,931.5	4,988.3
Flooring NA	3,940.2		3,909.9
Flooring ROW	3,899.2		4,051.6
Corporate and intersegment eliminations	508.7		610.0
Total	$	13,279.6	13,559.8

Debt (Tables)

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair values and carrying values of the Company’s debt instruments are detailed as follows:


	June 29, 2024			December 31, 2023
(In millions)	Fair Value		Carrying Value	Fair Value	Carrying Value
1.750% Senior Notes, payable June 12, 2027; interest payable annually	$	508.0	535.6	521.9	551.9
3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually	457.0		500.0	464.0	500.0
5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually	612.0		600.0	622.9	600.0




U.S. commercial paper	385.0		385.0	—	—
European commercial paper	313.4		313.4	—	—
Senior Credit Facility, payable August 12, 2027	—		—	67.1	67.1
U.S. Term Loan Facility	—		—	675.0	675.0
European Term Loan Facility	—		—	242.8	242.8
Finance leases and other	85.1		85.1	77.7	77.7
Unamortized debt issuance costs	(9.6)		(9.6)	(11.0)	(11.0)
Total debt	2,350.9		2,409.5	2,660.4	2,703.5
Less: current portion of long term-debt and commercial paper	718.0		718.0	1,001.7	1,001.7
Long-term debt, less current portion	$	1,632.9	1,691.5	1,658.7	1,701.8

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 29, 2024

Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Cash Flow Information


	Six Months Ended
(In millions)	June 29, 2024		July 1, 2023
Net cash paid during the periods for:
Interest	$	43.7	54.2
Income taxes	$	81.0	85.7

Supplemental schedule of non-cash investing and financing activities:
Unpaid property plant and equipment in accounts payable and accrued expenses	$	65.8	107.7








ROU assets obtained in exchange for lease obligations:
Operating leases	$	27.2	73.1
Finance leases	$	15.1	20.5

Acquisitions - Narrative (Details) $ in Millions	3 Months Ended
Acquisitions - Narrative (Details) $ in Millions	Apr. 01, 2023 USD ($) acquisition	Jun. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 1,136.7	$ 1,159.7
2023 Acquisitions
Business Acquisition [Line Items]
Net consideration transferred (net of cash acquired)	$ 515.5
Global Ceramic \| 2023 Acquisitions
Business Acquisition [Line Items]
Number of acquisitions \| acquisition	2
Net consideration transferred (net of cash acquired)	$ 515.5
Elizabeth Revestlmentos Segment \| 2023 Acquisitions
Business Acquisition [Line Items]
Goodwill	$ 87.5

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023	Apr. 01, 2023
Business Acquisition [Line Items]
Goodwill	$ 1,136.7	$ 1,159.7
2023 Acquisitions
Business Acquisition [Line Items]
Working capital			$ 95.3
Property, plant and equipment			333.5
Long-term debt, including current portion			(26.0)
Deferred tax, net			(10.0)
Net assets acquired			522.8
Less: cash acquired			(7.3)
Net consideration transferred (net of cash acquired)			515.5
2023 Acquisitions \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets			4.0
2023 Acquisitions \| Tradenames
Business Acquisition [Line Items]
Intangible assets			$ 38.5

Revenue from Contracts with Customers - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($) segment	Jul. 01, 2023 USD ($)	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Contract liability	$ 74,500,000		$ 74,500,000		$ 68,000,000.0
Revenue recognized related to contract liabilities	0	$ 0	0	$ 0
Capitalized contract cost	$ 67,900,000		67,900,000		$ 66,700,000
Amortization of capitalized contract costs			$ 31,600,000	$ 27,500,000
Number of reportable segments \| segment			3

Revenue from Contracts with Customers - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 2,801.3	$ 2,950.5	$ 5,480.7	$ 5,756.7
Ceramic & Stone
Disaggregation of Revenue [Line Items]
Net sales	1,105.8	1,155.2	2,143.9	2,213.9
Carpet & Resilient
Disaggregation of Revenue [Line Items]
Net sales	987.0	1,036.8	1,913.9	1,878.1
Laminate & Wood
Disaggregation of Revenue [Line Items]
Net sales	441.0	454.3	867.4	1,041.7
Other
Disaggregation of Revenue [Line Items]
Net sales	267.5	304.2	555.5	623.0
United States
Disaggregation of Revenue [Line Items]
Net sales	1,526.8	1,587.4	2,958.6	3,111.0
Europe
Disaggregation of Revenue [Line Items]
Net sales	845.0	908.7	1,666.7	1,814.0
Latin America
Disaggregation of Revenue [Line Items]
Net sales	192.7	206.9	388.7	358.5
Other
Disaggregation of Revenue [Line Items]
Net sales	236.8	247.5	466.7	473.2
Operating segments \| Global Ceramic
Disaggregation of Revenue [Line Items]
Net sales	1,115.6	1,155.4	2,160.4	2,214.7
Operating segments \| Global Ceramic \| Ceramic & Stone
Disaggregation of Revenue [Line Items]
Net sales	1,099.7	1,145.3	2,131.9	2,195.4
Operating segments \| Global Ceramic \| Carpet & Resilient
Disaggregation of Revenue [Line Items]
Net sales	15.9	10.1	28.5	19.3
Operating segments \| Global Ceramic \| Laminate & Wood
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Operating segments \| Global Ceramic \| Other
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Operating segments \| Global Ceramic \| United States
Disaggregation of Revenue [Line Items]
Net sales	593.4	611.6	1,153.7	1,208.2
Operating segments \| Global Ceramic \| Europe
Disaggregation of Revenue [Line Items]
Net sales	291.9	297.3	547.4	570.8
Operating segments \| Global Ceramic \| Latin America
Disaggregation of Revenue [Line Items]
Net sales	182.5	198.0	367.6	342.3
Operating segments \| Global Ceramic \| Other
Disaggregation of Revenue [Line Items]
Net sales	47.8	48.5	91.7	93.4
Operating segments \| Flooring NA
Disaggregation of Revenue [Line Items]
Net sales	958.5	1,001.7	1,858.7	1,955.1
Operating segments \| Flooring NA \| Ceramic & Stone
Disaggregation of Revenue [Line Items]
Net sales	6.1	9.9	12.0	18.5
Operating segments \| Flooring NA \| Carpet & Resilient
Disaggregation of Revenue [Line Items]
Net sales	747.4	791.3	1,447.5	1,541.8
Operating segments \| Flooring NA \| Laminate & Wood
Disaggregation of Revenue [Line Items]
Net sales	205.0	200.5	399.2	394.8
Operating segments \| Flooring NA \| Other
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Operating segments \| Flooring NA \| United States
Disaggregation of Revenue [Line Items]
Net sales	930.6	973.5	1,800.4	1,899.3
Operating segments \| Flooring NA \| Europe
Disaggregation of Revenue [Line Items]
Net sales	0.7	0.1	1.3	0.3
Operating segments \| Flooring NA \| Latin America
Disaggregation of Revenue [Line Items]
Net sales	1.0	0.7	2.0	1.6
Operating segments \| Flooring NA \| Other
Disaggregation of Revenue [Line Items]
Net sales	26.2	27.4	55.0	53.9
Operating segments \| Flooring ROW
Disaggregation of Revenue [Line Items]
Net sales	727.2	793.4	1,461.6	1,586.9
Operating segments \| Flooring ROW \| Ceramic & Stone
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0	0.0
Operating segments \| Flooring ROW \| Carpet & Resilient
Disaggregation of Revenue [Line Items]
Net sales	223.7	235.4	437.9	317.0
Operating segments \| Flooring ROW \| Laminate & Wood
Disaggregation of Revenue [Line Items]
Net sales	236.0	253.8	468.2	646.9
Operating segments \| Flooring ROW \| Other
Disaggregation of Revenue [Line Items]
Net sales	267.5	304.2	555.5	623.0
Operating segments \| Flooring ROW \| United States
Disaggregation of Revenue [Line Items]
Net sales	2.8	2.3	4.5	3.5
Operating segments \| Flooring ROW \| Europe
Disaggregation of Revenue [Line Items]
Net sales	552.4	611.3	1,118.0	1,242.9
Operating segments \| Flooring ROW \| Latin America
Disaggregation of Revenue [Line Items]
Net sales	9.2	8.2	19.1	14.6
Operating segments \| Flooring ROW \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 162.8	$ 171.6	$ 320.0	$ 325.9

Restructuring, Acquisition and Integration-Related Costs - Schedule of Restructuring, Acquisition Transaction and Integration-Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 41,200		$ 47,900
Cost of sales:
Restructuring Cost and Reserve [Line Items]
Restructuring costs	35,200	$ 29,500	40,600	$ 58,600
Acquisition integration-related costs	0	900	100	900
Restructuring, acquisition transaction and integration-related costs	35,200	30,400	40,700	59,500
Selling, general and administrative expenses:
Restructuring Cost and Reserve [Line Items]
Restructuring costs	6,000	5,600	7,300	5,800
Acquisition integration-related costs	100	4,700	1,100	7,100
Acquisition transaction-related costs	100	1,000	200	1,300
Restructuring, acquisition transaction and integration-related costs	$ 6,200	$ 11,300	$ 8,600	$ 14,200

Restructuring, Acquisition and Integration-Related Costs - Schedule of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 9,500		$ 12,100
Restructuring costs	41,200		47,900
Cash payments	(6,700)		(11,400)
Non-cash items	(27,700)		(32,300)
Ending balance	16,300		16,300
Cost of sales
Restructuring Reserve [Roll Forward]
Restructuring costs	35,200	$ 29,500	40,600	$ 58,600
Selling, general and administrative expenses:
Restructuring Reserve [Roll Forward]
Restructuring costs	6,000	$ 5,600	7,300	$ 5,800
Asset Write- Downs and (Gains) on Disposals, net
Restructuring Reserve [Roll Forward]
Beginning balance	0		0
Restructuring costs	27,600		31,900
Cash payments	0		0
Non-cash items	(27,600)		(31,900)
Ending balance	0		0
Asset Write- Downs and (Gains) on Disposals, net \| Cost of sales
Restructuring Reserve [Roll Forward]
Restructuring costs	27,600		31,900
Asset Write- Downs and (Gains) on Disposals, net \| Selling, general and administrative expenses:
Restructuring Reserve [Roll Forward]
Restructuring costs	0		0
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	9,500		12,100
Restructuring costs	12,200		12,800
Cash payments	(5,300)		(8,300)
Non-cash items	(100)		(300)
Ending balance	16,300		16,300
Severance \| Cost of sales
Restructuring Reserve [Roll Forward]
Restructuring costs	6,600		6,700
Severance \| Selling, general and administrative expenses:
Restructuring Reserve [Roll Forward]
Restructuring costs	5,600		6,100
Other Restructuring Costs
Restructuring Reserve [Roll Forward]
Beginning balance	0		0
Restructuring costs	1,400		3,200
Cash payments	(1,400)		(3,100)
Non-cash items	0		(100)
Ending balance	0		0
Other Restructuring Costs \| Cost of sales
Restructuring Reserve [Roll Forward]
Restructuring costs	1,000		2,000
Other Restructuring Costs \| Selling, general and administrative expenses:
Restructuring Reserve [Roll Forward]
Restructuring costs	400		1,200
Operating segments \| Global Ceramic
Restructuring Reserve [Roll Forward]
Restructuring costs	11,600		14,700
Operating segments \| Flooring NA
Restructuring Reserve [Roll Forward]
Restructuring costs	3,700		4,500
Operating segments \| Flooring ROW
Restructuring Reserve [Roll Forward]
Restructuring costs	25,600		28,400
Operating segments \| Asset Write- Downs and (Gains) on Disposals, net \| Global Ceramic
Restructuring Reserve [Roll Forward]
Restructuring costs	7,200		9,200
Operating segments \| Asset Write- Downs and (Gains) on Disposals, net \| Flooring NA
Restructuring Reserve [Roll Forward]
Restructuring costs	1,700		1,700
Operating segments \| Asset Write- Downs and (Gains) on Disposals, net \| Flooring ROW
Restructuring Reserve [Roll Forward]
Restructuring costs	18,700		21,000
Operating segments \| Severance \| Global Ceramic
Restructuring Reserve [Roll Forward]
Restructuring costs	5,000		5,500
Operating segments \| Severance \| Flooring NA
Restructuring Reserve [Roll Forward]
Restructuring costs	0		0
Operating segments \| Severance \| Flooring ROW
Restructuring Reserve [Roll Forward]
Restructuring costs	6,900		7,000
Operating segments \| Other Restructuring Costs \| Global Ceramic
Restructuring Reserve [Roll Forward]
Restructuring costs	(600)		0
Operating segments \| Other Restructuring Costs \| Flooring NA
Restructuring Reserve [Roll Forward]
Restructuring costs	2,000		2,800
Operating segments \| Other Restructuring Costs \| Flooring ROW
Restructuring Reserve [Roll Forward]
Restructuring costs	0		400
Corporate
Restructuring Reserve [Roll Forward]
Restructuring costs	300		300
Corporate \| Asset Write- Downs and (Gains) on Disposals, net
Restructuring Reserve [Roll Forward]
Restructuring costs	0		0
Corporate \| Severance
Restructuring Reserve [Roll Forward]
Restructuring costs	300		300
Corporate \| Other Restructuring Costs
Restructuring Reserve [Roll Forward]
Restructuring costs	$ 0		$ 0

Restructuring, Acquisition and Integration-Related Costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 29, 2024	Jun. 29, 2024	Jul. 01, 2023	Mar. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Other restructuring costs		$ 25,100	$ 33,400
Restructuring Reserve	$ 16,300	16,300		$ 9,500	$ 12,100
Restructuring expenses	41,200	47,900
Minimum
Restructuring Cost and Reserve [Line Items]
Other restructuring costs		95,000
Maximum
Restructuring Cost and Reserve [Line Items]
Other restructuring costs		110,000
Pre 2024 Restructuring Projects
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	6,100	6,100
Restructuring expenses	6,200	12,400
2024 Restructuring Projects
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	10,200	10,200
Restructuring expenses	$ 35,000	$ 35,500

Receivables, net (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Receivables [Abstract]
Customers, trade	$ 1,905.2	$ 1,716.3
Income tax receivable	35.1	48.4
Other	143.7	176.8
Less: allowance for discounts, claims and doubtful accounts	65.5	66.8
Receivables, net	$ 2,018.5	$ 1,874.7

Inventories (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 1,824.1	$ 1,797.0
Work in process	168.2	164.2
Raw materials	587.6	590.7
Total inventories	$ 2,579.9	$ 2,551.9

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 1,159.7
Currency translation	(23.0)
Goodwill, net, ending balance	1,136.7
Operating segments
Goodwill [Roll Forward]
Impairment loss	(2,886.7)
Operating segments \| Global Ceramic
Goodwill [Roll Forward]
Goodwill, net, beginning balance	0.0
Currency translation	0.0
Goodwill, net, ending balance	0.0
Impairment loss	(1,644.7)
Operating segments \| Flooring NA
Goodwill [Roll Forward]
Goodwill, net, beginning balance	372.3
Currency translation	0.0
Goodwill, net, ending balance	372.3
Impairment loss	(557.9)
Operating segments \| Flooring ROW
Goodwill [Roll Forward]
Goodwill, net, beginning balance	787.4
Currency translation	(23.0)
Goodwill, net, ending balance	764.4
Impairment loss	$ (684.1)

Goodwill and Intangible Assets - Schedule of Indefinite Life Assets Not Subject to Amortization (Details) - Tradenames $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 705.7
Currency translation during the period	(16.2)
Ending balance	$ 689.5

Goodwill and Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	$ 928.4	$ 949.9
Accumulated amortization	(776.5)	(780.3)
Net value	151.9	169.6
Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	677.4	691.5
Accumulated amortization	(534.0)	(531.0)
Net value	143.4	160.5
Patents
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	242.4	249.7
Accumulated amortization	(240.2)	(247.2)
Net value	2.2	2.5
Other
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	8.6	8.7
Accumulated amortization	(2.3)	(2.1)
Net value	$ 6.3	$ 6.6

Goodwill and Intangible Assets - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 7.0	$ 7.1	$ 13.7	$ 14.2

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Outstanding checks in excess of cash	$ 0.6	$ 2.2
Accounts payable, trade	1,082.8	1,038.0
Accrued expenses	708.5	667.7
Product warranties	33.8	37.6
Accrued interest	14.0	20.1
Accrued compensation and benefits	270.1	269.7
Total accounts payable and accrued expenses	$ 2,109.8	$ 2,035.3

Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Accumulated Other Comprehensive Income Rollforward [Roll Forward]
Beginning balance	$ 7,629.1
Ending balance	7,652.5
Total
Accumulated Other Comprehensive Income Rollforward [Roll Forward]
Beginning balance	(1,080.0)
Current period other comprehensive income (loss)	(158.7)
Ending balance	(1,238.7)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income Rollforward [Roll Forward]
Beginning balance	(1,079.3)
Current period other comprehensive income (loss)	(158.7)
Ending balance	(1,238.0)
Prior Pension and Post-Retirement Benefit Service Cost and Actuarial Gain (Loss)
Accumulated Other Comprehensive Income Rollforward [Roll Forward]
Beginning balance	(0.7)
Current period other comprehensive income (loss)	0.0
Ending balance	$ (0.7)

Stock-Based Compensation (Details) - RSUs - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Share Based Compensation Arrangement by Share Based Payment Award [Line Items]
Number of shares granted in period (in shares)	0	0.0	300,000	300,000
Weighted-average grant-date fair value (in usd per share)		$ 94.86	$ 101.42	$ 102.09
Recognized stock-based compensation costs	$ 6.8	$ 5.4	$ 13.6	$ 10.4
Recognized stock-based compensation costs, net of tax	5.0	$ 4.0	10.1	$ 7.7
Pre-tax unrecognized compensation expense, net of forfeitures	$ 31.9		$ 31.9
Recognized expense over a weighted-average period (years)			2 years

Other Income and Expense, net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Other Nonoperating Income (Expense) [Abstract]
Foreign currency (gains) losses, net	$ 1.8	$ 6.8	$ 3.9	$ 11.7
All other, net	(0.2)	(4.6)	(3.4)	(10.1)
Total other (income) and expense, net	$ 1.6	$ 2.2	$ 0.5	$ 1.6

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 42.3	$ 26.8	$ 70.1	$ 55.7
Earnings (loss) before income taxes	$ 199.8	$ 128.0	$ 332.6	$ 237.2
Effective tax rate	21.20%	20.90%	21.10%	23.50%

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			71.0
Beginning balance	$ 7,647.8	$ 8,105.7	$ 7,629.1	$ 8,017.9
Beginning balance, treasury stock (in shares)			(7.3)
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards	(0.9)		$ (6.0)	(3.8)
Stock-based compensation expense	6.8	5.3	13.6	10.4
Repurchases of common stock	(87.8)		(87.8)
Net earnings attributable to noncontrolling interests	0.1		0.1	0.1
Currency translation adjustment on non-controlling interests	(0.1)	(0.3)	(0.2)	(0.4)
Purchase of noncontrolling interest, net of taxes	0.1			(0.1)
Currency translation adjustment	(70.9)	0.1	(158.7)	7.0
Prior pension and post-retirement benefit service cost and actuarial gain (loss)	0.0	0.0	0.0	(0.5)
Net earnings	$ 157.4	101.2	$ 262.4	181.4
Ending balance (in shares)	70.4		70.4
Ending balance	$ 7,652.5	$ 8,212.0	$ 7,652.5	$ 8,212.0
Ending balance, treasury stock (in shares)	(7.3)		(7.3)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	71.2	71.0	71.0	70.9
Beginning balance	$ 0.7	$ 0.7	$ 0.7	$ 0.7
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards (in shares)			0.2	0.1
Repurchases of common stock (in shares)	(0.8)		(0.8)
Ending balance (in shares)	70.4	71.0	70.4	71.0
Ending balance	$ 0.7	$ 0.7	$ 0.7	$ 0.7
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,949.1	1,932.1	1,947.5	1,930.8
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards	(0.9)		(6.1)	(3.9)
Stock-based compensation expense	6.8	5.3	13.6	10.4
Purchase of noncontrolling interest, net of taxes				0.1
Ending balance	1,955.0	1,937.4	1,955.0	1,937.4
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	7,075.2	7,490.0	6,970.2	7,409.8
Repurchases of common stock	(87.8)		(87.8)
Net earnings	157.4	101.2	262.4	181.4
Ending balance	7,144.8	7,591.2	7,144.8	7,591.2
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,167.8)	(1,107.9)	(1,080.0)	(1,114.3)
Currency translation adjustment	(70.9)	0.1	(158.7)	7.0
Prior pension and post-retirement benefit service cost and actuarial gain (loss)				(0.5)
Ending balance	(1,238.7)	(1,107.8)	(1,238.7)	(1,107.8)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (215.3)	$ (215.4)	$ (215.4)	$ (215.5)
Beginning balance, treasury stock (in shares)	(7.3)	(7.3)	(7.3)	(7.3)
Shares issued under employee and director stock plans, net of shares withheld to pay taxes on employees’ equity awards			$ 0.1	$ 0.1
Ending balance	$ (215.3)	$ (215.4)	$ (215.3)	$ (215.4)
Ending balance, treasury stock (in shares)	(7.3)	(7.3)	(7.3)	(7.3)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 5.9	$ 6.2	$ 6.1	$ 6.4
Net earnings attributable to noncontrolling interests	0.1		0.1	0.1
Currency translation adjustment on non-controlling interests	(0.1)	(0.3)	(0.2)	(0.4)
Purchase of noncontrolling interest, net of taxes	0.1			(0.2)
Ending balance	$ 6.0	$ 5.9	$ 6.0	$ 5.9

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Net earnings attributable to Mohawk Industries, Inc.	$ 157.4	$ 101.2	$ 262.4	$ 181.4
Weighted-average common shares outstanding—basic and diluted:
Weighted-average common shares outstanding-basic (in shares)	63.6	63.7	63.7	63.6
Add dilutive potential common shares—RSUs (in shares)	0.3	0.2	0.3	0.3
Weighted-average common shares outstanding-diluted (in shares)	63.9	63.9	64.0	63.9
Earnings per share attributable to Mohawk Industries, Inc.
Basic (in usd per share)	$ 2.47	$ 1.59	$ 4.12	$ 2.85
Diluted (in usd per share)	$ 2.46	$ 1.58	$ 4.10	$ 2.84

Segment Reporting (Details) $ in Millions	3 Months Ended		6 Months Ended
Segment Reporting (Details) $ in Millions	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($) segment	Jul. 01, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			3
Segment Reporting Information [Line Items]
Net sales	$ 2,801.3	$ 2,950.5	$ 5,480.7	$ 5,756.7
Operating income (loss)	214.0	153.1	360.6	278.8
Assets	13,279.6		13,279.6		$ 13,559.8
Operating segments \| Global Ceramic
Segment Reporting Information [Line Items]
Net sales	1,115.6	1,155.4	2,160.4	2,214.7
Operating income (loss)	83.1	84.0	131.9	147.3
Assets	4,931.5		4,931.5		4,988.3
Operating segments \| Flooring NA
Segment Reporting Information [Line Items]
Net sales	958.5	1,001.7	1,858.7	1,955.1
Operating income (loss)	78.3	37.2	123.3	35.2
Assets	3,940.2		3,940.2		3,909.9
Operating segments \| Flooring ROW
Segment Reporting Information [Line Items]
Net sales	727.2	793.4	1,461.6	1,586.9
Operating income (loss)	65.6	87.0	136.5	162.2
Assets	3,899.2		3,899.2		4,051.6
Corporate and intersegment eliminations
Segment Reporting Information [Line Items]
Operating income (loss)	(13.0)	$ (55.1)	(31.1)	$ (65.9)
Assets	$ 508.7		$ 508.7		$ 610.0

Debt - Senior Credit Facility (Details)			6 Months Ended
Debt - Senior Credit Facility (Details)	Aug. 12, 2022 USD ($)	Oct. 18, 2019 time	Jun. 29, 2024 USD ($)	Oct. 18, 2024 USD ($)	Dec. 31, 2022 USD ($)
Secured Credit Facility
Line of Credit Facility [Line Items]
Extension period multiplier (in times) \| time		2
Extension period		1 year
Consolidated interest coverage ratio		3.00
Unamortized financing costs					$ 2,700,000
Utilized borrowings under credit facility			$ 699,100,000
Available amount under credit facility			1,250,900,000
Secured Credit Facility \| Borrowings
Line of Credit Facility [Line Items]
Utilized borrowings under credit facility			0
Secured Credit Facility \| Standby Letters of Credit
Line of Credit Facility [Line Items]
Utilized borrowings under credit facility			$ 700,000
2022 Amended Senior Secured Credit Facility
Line of Credit Facility [Line Items]
Consolidated interest coverage ratio	3.50
Maximum borrowing capacity under credit facility	$ 1,950,000,000
Maximum commitment amount	$ 600,000,000.0
Commitment fee percentage			0.11%
Unamortized financing costs					$ 1,900,000
2022 Amended Senior Secured Credit Facility \| Forecast
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facility				$ 1,485,000,000
2022 Amended Senior Secured Credit Facility \| SOFR
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	0.10%		1.13%
2022 Amended Senior Secured Credit Facility \| Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	0.50%
2022 Amended Senior Secured Credit Facility \| Monthly LIBOR
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	1.00%		0.13%
2022 Amended Senior Secured Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.09%
2022 Amended Senior Secured Credit Facility \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	1.00%
2022 Amended Senior Secured Credit Facility \| Minimum \| Monthly LIBOR
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	0.00%
2022 Amended Senior Secured Credit Facility \| Minimum \| Foreign Currencies Rate
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	1.00%
2022 Amended Senior Secured Credit Facility \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	0.00%
2022 Amended Senior Secured Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.20%
2022 Amended Senior Secured Credit Facility \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	1.75%
2022 Amended Senior Secured Credit Facility \| Maximum \| Monthly LIBOR
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	0.75%
2022 Amended Senior Secured Credit Facility \| Maximum \| Foreign Currencies Rate
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	1.75%
2022 Amended Senior Secured Credit Facility \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on debt instrument (as a percent)	0.75%

Debt - Commercial Paper (Details) - USD ($)			6 Months Ended
Debt - Commercial Paper (Details) - USD ($)	Jul. 31, 2015	Feb. 28, 2014	Jun. 29, 2024	Dec. 31, 2023	Oct. 18, 2019
United States \| Carrying Value
Line of Credit Facility [Line Items]
Commercial paper			$ 385,000,000.0	$ 0
United States \| Commercial Paper
Line of Credit Facility [Line Items]
Maturity period of debt		397 days
Maximum borrowing capacity under credit facility					$ 1,950,000,000
United States \| Commercial Paper \| Carrying Value
Line of Credit Facility [Line Items]
Maturity period of debt			21 years 7 months 13 days
Weighted average interest rate on debt (as a percent)			5.51%
Europe \| Carrying Value
Line of Credit Facility [Line Items]
Commercial paper			$ 313,400,000	$ 0
Europe \| Commercial Paper
Line of Credit Facility [Line Items]
Maturity period of debt	183 days
Europe \| Commercial Paper \| Carrying Value
Line of Credit Facility [Line Items]
Maturity period of debt			28 years 8 months 1 day
Weighted average interest rate on debt (as a percent)			3.90%

Debt - Senior Notes (Details) - Senior Notes	Sep. 18, 2023 USD ($)	Jun. 12, 2020 USD ($)	May 14, 2020 USD ($)	Jun. 29, 2024	Dec. 31, 2023	Jun. 12, 2020 EUR (€)
5.850% Senior Notes Due September 18, 2028
Debt Instrument [Line Items]
Aggregate principal amount of debts	$ 600,000,000.0
Interest rate (as a percent)	5.85%
Payment of financing costs	$ 5,600,000
1.750% Senior Notes Due June 12, 2027
Debt Instrument [Line Items]
Aggregate principal amount of debts \| €						€ 500,000,000.0
Interest rate (as a percent)				1.75%	1.75%	1.75%
Payment of financing costs		$ 4,400,000
3.625% Senior Notes Due May 15, 2030
Debt Instrument [Line Items]
Aggregate principal amount of debts			$ 500,000,000.0
Interest rate (as a percent)			3.625%	3.625%	3.625%
Payment of financing costs			$ 5,500,000

Debt - Term Loan (Details) - Secured debt	Dec. 06, 2022 EUR (€)	Oct. 31, 2022 USD ($)	Oct. 03, 2022 USD ($)	Aug. 12, 2022 USD ($)	Aug. 12, 2022 EUR (€)
Term Loan One
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 575,000,000.0
Line of credit facility, maximum amount outstanding during period		$ 675,000,000.0
Term Loan Two
Debt Instrument [Line Items]
Maximum borrowing capacity \| €					€ 220,000,000.0
Line of credit facility, maximum amount outstanding during period \| €	€ 220,000,000.0
Term Loan
Debt Instrument [Line Items]
Additional borrowing capacity			$ 100,000,000.0

Debt - Schedule of Fair Value and Carrying Value of Debt Instruments (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023	Jun. 12, 2020	May 14, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Less: current portion of long term-debt and commercial paper	$ 718.0	$ 1,001.7
1.750% Senior Notes, payable June 12, 2027; interest payable annually \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate (as a percent)	1.75%	1.75%	1.75%
3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate (as a percent)	3.625%	3.625%		3.625%
5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate (as a percent)	5.85%	5.85%
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance leases and other	$ 85.1	$ 77.7
Unamortized debt issuance costs	(9.6)	(11.0)
Total debt	2,350.9	2,660.4
Less: current portion of long term-debt and commercial paper	718.0	1,001.7
Long-term debt, less current portion	1,632.9	1,658.7
Fair Value \| United States
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial paper	385.0	0.0
Term Loan Facility	0.0	675.0
Fair Value \| Europe
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial paper	313.4	0.0
Term Loan Facility	0.0	242.8
Fair Value \| 1.750% Senior Notes, payable June 12, 2027; interest payable annually \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	508.0	521.9
Fair Value \| 3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	457.0	464.0
Fair Value \| 5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	612.0	622.9
Fair Value \| Senior Credit Facility, payable August 12, 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	0.0	67.1
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance leases and other	85.1	77.7
Unamortized debt issuance costs	(9.6)	(11.0)
Total debt	2,409.5	2,703.5
Less: current portion of long term-debt and commercial paper	718.0	1,001.7
Long-term debt, less current portion	1,691.5	1,701.8
Carrying Value \| United States
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial paper	385.0	0.0
Term Loan Facility	0.0	675.0
Carrying Value \| Europe
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial paper	313.4	0.0
Term Loan Facility	0.0	242.8
Carrying Value \| 1.750% Senior Notes, payable June 12, 2027; interest payable annually \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	535.6	551.9
Carrying Value \| 3.625% Senior Notes, payable May 15, 2030; interest payable semi-annually \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	500.0	500.0
Carrying Value \| 5.85% Senior Notes, payable September 18, 2028; interest payable semi-annually \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	600.0	600.0
Carrying Value \| Senior Credit Facility, payable August 12, 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 0.0	$ 67.1

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Net cash paid during the periods for:
Interest	$ 43.7	$ 54.2
Income taxes	81.0	85.7
Supplemental schedule of non-cash investing and financing activities:
Unpaid property plant and equipment in accounts payable and accrued expenses	65.8	107.7
ROU assets obtained in exchange for lease obligations:
Operating leases	27.2	73.1
Finance leases	$ 15.1	$ 20.5

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