Company Quick10K Filing
Quick10K
Mohawk Industries
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$132.84 72 $9,620
10-Q 2019-06-29 Quarter: 2019-06-29
10-Q 2019-03-30 Quarter: 2019-03-30
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-29 Quarter: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-10-01 Quarter: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-Q 2016-04-02 Quarter: 2016-04-02
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-10-03 Quarter: 2015-10-03
10-Q 2015-07-04 Quarter: 2015-07-04
10-Q 2015-04-04 Quarter: 2015-04-04
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-27 Quarter: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-05-23 Shareholder Vote
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-03-12 Officers, Regulation FD, Exhibits
8-K 2019-02-19 Amend Bylaw, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2019-01-15 Officers, Exhibits
8-K 2018-11-27 Officers, Regulation FD, Exhibits
8-K 2018-11-12 Officers, Exhibits
8-K 2018-10-25 Earnings, Other Events, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-05-24 Officers, Shareholder Vote
8-K 2018-05-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-14 Enter Agreement, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-08 Earnings, Exhibits
SPG Simon Property Group 53,690
PSA Public Storage 38,900
WEX WEX 8,820
BRKR Bruker 6,630
ORA Ormat Technologies 3,090
AVH Avianca Holdings 441
CZFC Citizens First 64
APWC Asia Pacific Wire & Cable 31
JONE Jones Energy 0
GQM Golden Queen Mining 0
MHK 2019-06-29
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 mhk201910q2exhibit311.htm
EX-31.2 mhk201910q2exhibit312.htm
EX-32.1 mhk201910q2exhibit321.htm
EX-32.2 mhk201910q2exhibit322.htm
EX-95.1 mhk201910q2exhibit951.htm

Mohawk Industries Earnings 2019-06-29

MHK 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

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, 2019
OR 
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: (706629-7721
Former name, former address and former fiscal year, if changed since last report:
__________________________________________ 
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
x
  
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

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
Floating Rate Notes due 2019
 
New York Stock Exchange
Floating Rate Notes due 2020
 
New York Stock Exchange
2.000% Senior Notes due 2022
 
New York Stock Exchange
The number of shares outstanding of the issuer’s common stock as of July 31, 2019, the latest practicable date, is as follows: 72,152,534 shares of common stock, $.01 par value.


Table of Contents

MOHAWK INDUSTRIES, INC.
INDEX
 
 
 
Page No
Part I.
 
 
 
 
Item 1.
 
 
 
 
 
Condensed Consolidated Balance Sheets as of June 29, 2019 and December 31, 2018
 
 
 
 
Condensed Consolidated Statements of Operations for the three and six months ended June 29, 2019 and June 30, 2018
 
 
 
 
 
 
 
 
Condensed Consolidated Statements of Cash Flows for the three and six months ended June 29, 2019 and June 30, 2018
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Part II.
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.

2

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data) (Unaudited) 
 
June 29,
2019
 
December 31,
2018
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
128,096

 
119,050

Receivables, net
1,819,474

 
1,606,159

Inventories
2,367,631

 
2,287,615

Prepaid expenses
419,775

 
421,553

Other current assets
73,341

 
74,919

Total current assets
4,808,317

 
4,509,296

Property, plant and equipment
8,397,127

 
8,227,074

Less: accumulated depreciation
3,682,821

 
3,527,172

Property, plant and equipment, net
4,714,306

 
4,699,902

Right of use operating lease assets
343,716

 

Goodwill
2,565,702

 
2,520,966

Tradenames
708,779

 
707,380

Other intangible assets subject to amortization, net
241,845

 
254,430

Deferred income taxes and other non-current assets
423,437

 
407,149

 
$
13,806,102

 
13,099,123

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Short-term debt and current portion of long-term debt
$
1,891,512

 
1,742,373

Accounts payable and accrued expenses
1,713,934

 
1,523,866

Current operating lease liabilities
100,345

 

Total current liabilities
3,705,791

 
3,266,239

Deferred income taxes
422,544

 
413,740

Long-term debt, less current portion
1,169,489

 
1,515,601

Non-current operating lease liabilities
249,844

 

Other long-term liabilities
436,843

 
463,484

Total liabilities
5,984,511

 
5,659,064

Commitments and contingencies (Note 17)

 

Stockholders’ equity:
 
 
 
Preferred stock, $.01 par value; 60 shares authorized; no shares issued

 

Common stock, $.01 par value; 150,000 shares authorized; 79,712 and 79,656 shares issued in 2019 and 2018, respectively
797

 
797

Additional paid-in capital
1,859,248

 
1,852,173

Retained earnings
6,903,261

 
6,588,197

Accumulated other comprehensive loss
(732,521
)
 
(791,608
)
 
8,030,785

 
7,649,559

Less: treasury stock at cost; 7,348 and 7,349 shares in 2019 and 2018, respectively
215,712

 
215,745

Total Mohawk Industries, Inc. stockholders’ equity
7,815,073

 
7,433,814

    Nonredeemable noncontrolling interest
6,518

 
6,245

          Total stockholders’ equity
7,821,591

 
7,440,059

 
$
13,806,102

 
13,099,123

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Net sales
$
2,584,485

 
2,577,014

 
5,026,975

 
4,989,216

Cost of sales
1,847,867

 
1,810,459

 
3,665,430

 
3,517,969

Gross profit
736,618

 
766,555

 
1,361,545

 
1,471,247

Selling, general and administrative expenses
469,758

 
440,248

 
929,355

 
876,541

Operating income
266,860

 
326,307

 
432,190

 
594,706

Interest expense
10,521

 
7,863

 
20,994

 
15,391

Other expense (income), net
(3,048
)
 
2,090

 
(6,784
)
 
6,088

Earnings before income taxes
259,387

 
316,354

 
417,980

 
573,227

Income tax expense
56,733

 
118,809

 
93,751

 
166,441

Net earnings including noncontrolling interests
202,654

 
197,545

 
324,229

 
406,786

Net income attributable to noncontrolling interests
213

 
959

 
203

 
1,434

Net earnings attributable to Mohawk Industries, Inc.
$
202,441

 
196,586

 
324,026

 
405,352

 
 
 
 
 
 
 
 
Basic earnings per share attributable to Mohawk Industries, Inc.
 
 
 
 
 
 
 
Basic earnings per share attributable to Mohawk Industries, Inc.
$
2.80

 
2.64

 
4.50

 
5.44

Weighted-average common shares outstanding—basic
72,402

 
74,597

 
71,970

 
74,525

 
 
 
 
 
 
 
 
Diluted earnings per share attributable to Mohawk Industries, Inc.
 
 
 
 
 
 
 
Diluted earnings per share attributable to Mohawk Industries, Inc.
$
2.79

 
2.62

 
4.48

 
5.41

Weighted-average common shares outstanding—diluted
72,680

 
74,937

 
72,250

 
74,928

See accompanying notes to condensed consolidated financial statements.


4

Table of Contents

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Net earnings including noncontrolling interests
$
202,654

 
197,545

 
324,229

 
406,786

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments
45,127

 
(186,350
)
 
59,089

 
(113,957
)
Pension prior service cost and actuarial gain (loss), net of tax
(41
)
 
358

 
67

 
223

Other comprehensive income (loss)
45,086

 
(185,992
)
 
59,156

 
(113,734
)
Comprehensive income
247,740

 
11,553

 
383,385

 
293,052

Comprehensive income (loss) attributable to noncontrolling interests
274

 
(1,068
)
 
273

 
306

Comprehensive income attributable to Mohawk Industries, Inc.
$
247,466

 
12,621

 
383,112

 
292,746

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) 
 
Six Months Ended
 
June 29, 2019
 
June 30, 2018
Cash flows from operating activities:
 
 
 
Net earnings
$
324,229

 
406,786

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
 
 
 
Restructuring
37,758

 
31,311

Depreciation and amortization
277,773

 
249,702

Deferred income taxes
7,036

 
53,031

(Gain) loss on disposal of property, plant and equipment
4,981

 
(806
)
Stock-based compensation expense
11,577

 
21,593

Changes in operating assets and liabilities, net of effects of acquisitions:
 
 
 
Receivables, net
(202,657
)
 
(198,131
)
Inventories
(59,250
)
 
(132,508
)
Other assets and prepaid expenses
(27,404
)
 
(39,639
)
Accounts payable and accrued expenses
205,633

 
228,789

Other liabilities
(13,349
)
 
858

Net cash provided by operating activities
566,327

 
620,986

Cash flows from investing activities:
 
 
 
Additions to property, plant and equipment
(281,059
)
 
(498,354
)
Acquisitions, net of cash acquired
(76,847
)
 
(24,410
)
Purchases of short-term investments
(310,000
)
 
(392,096
)
Redemption of short-term investments
314,000

 
429,000

Net cash used in investing activities
(353,906
)
 
(485,860
)
Cash flows from financing activities:
 
 
 
Payments on Senior Credit Facilities
(241,354
)
 
(441,049
)
Proceeds from Senior Credit Facilities
212,223

 
455,015

Payments on Commercial Paper
(8,547,107
)
 
(7,901,645
)
Proceeds from Commercial Paper
8,392,082

 
7,853,591

Proceeds from Floating Rate Notes

 
353,648

Payments of other debt and financing costs
(571
)
 

Debt issuance costs

 
(800
)
Purchase of Mohawk common stock
(8,963
)
 

Change in outstanding checks in excess of cash
(7,036
)
 
(1,545
)
Shares redeemed for taxes
(4,711
)
 
(9,188
)
Proceeds from stock transactions
1

 
2

Net cash (used in) provided by financing activities
(205,436
)
 
308,029

Effect of exchange rate changes on cash and cash equivalents
2,061

 
(9,813
)
Net change in cash and cash equivalents
9,046

 
433,342

Cash and cash equivalents, beginning of period
119,050

 
84,884

Cash and cash equivalents, end of period
$
128,096

 
518,226

 
 
 
 

See accompanying notes to condensed consolidated financial statements.

6

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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share amounts)
(Unaudited)

1. General

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 2018 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.

Hedges of Net Investments in Non-U.S. Operations

The Company has numerous investments outside the United States. The net assets of these subsidiaries are exposed to changes and volatility in currency exchange rates. The Company uses foreign currency denominated debt to hedge its non-U.S. net investments against adverse movements in exchange rates. The gains and losses on the Company’s net investments in its non-U.S. operations are economically offset by losses and gains on its foreign currency borrowings. The Company designated its 500,000 2.00% Senior Notes borrowing as a net investment hedge of a portion of its European operations. For the six months ended June 29, 2019 and June 30, 2018, the change in the U.S. dollar value of the Company’s euro denominated debt was a decrease of $3,578 ($2,718 net of taxes) and a decrease of $15,984 ($11,288 net of taxes), respectively, which is recorded in the foreign currency translation adjustment component of accumulated other comprehensive income (loss). The change in the U.S. dollar value of the Company’s debt partially offsets the euro-to-dollar translation of the Company’s net investment in its European operations.

Recent Accounting Pronouncements - Recently Adopted

In February 2016, the FASB issued a new standard ASU 2016-02, Leases, and subsequently issued additional ASUs amending this ASU (collectively ASC 842, Leases). ASC 842 was issued to increase transparency and comparability among organizations by requiring the recognition of right of use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the provisions of ASC 842 on January 1, 2019 using a modified retrospective approach through a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption in line with the new transition method allowed under ASU 2018-11. ASC 842 provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients” which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight and elected the practical expedient pertaining to land easements. The new standard also provides practical expedients for an entity’s ongoing accounting for leases. The Company elected the short-term lease exemption for all leases that qualify, meaning the Company will not recognize ROU assets or lease liabilities for leases with terms shorter than twelve months. The Company also elected the practical expedient to not separate lease and non-lease components for a majority of its asset classes, including real estate and most equipment.

The adoption of ASC 842 had a material impact on the Company’s condensed consolidated balance sheets, but did not have a material impact on our condensed consolidated statements of operations or cashflow. The most significant impact was the recognition of ROU assets of $328,169 and lease liabilities for operating leases of $332,286 at January 1, 2019, based on the present value of the future minimum rental payments for existing operating leases. The difference in the balances is due to deferred rent, tenant incentive allowances and prepaid amounts taken into account for adoption. Our accounting for finance leases remained substantially unchanged, See Note 10 - Leases.

On January 1, 2019, the Company adopted the new accounting standard, ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The standard permits entities to reclassify, to retained earnings, the one-time income tax effects stranded in accumulated other comprehensive income arising from the change in the U.S. federal corporate tax rate as a result of the Tax Cuts and Jobs Act of 2017. The effect of adopting the new standard was not material.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)


On January 1, 2018, the Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers and all the related amendments (“ASC 606”) and applied the provisions of the standard to all contracts using the modified retrospective method. The cumulative effect of adopting the new revenue standard was immaterial and no adjustment has been recorded to the opening balance of retained earnings. Prior year information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Substantially all of the Company’s revenue continues to be 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. The Company reviewed all of its revenue product categories under ASC 606 and the only changes identified were that an immaterial amount of revenue from intellectual property (“IP”) contracts results in earlier recognition of revenue, new controls and processes designed to meet the requirements of the standard were implemented, and the required new disclosures are presented in Note 3, Revenue from Contracts with Customers. The adoption of ASC 606 did not have a material impact on the amounts reported in the Company’s consolidated financial position, results of operations or cash flows.

On January 1, 2018, the Company adopted the new accounting standard, ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The effect of adopting the new standard was not material.

On January 1, 2018, the Company adopted the new accounting standard, ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The effect of adopting the new standard was not material.

Recent Accounting Pronouncements - Effective in Future Years

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and other (Topic 350): Simplifying the test for goodwill impairment. The amendments remove the second step of the current goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This guidance is effective for impairment tests in fiscal years beginning after December 15, 2019.
    
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued ASU 2018-19, which amended the standard. The standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures. This standard is effective for the Company on January 1, 2020. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently assessing the impact.

2. Acquisitions

2019 Acquisitions

On January 31, 2019, the Company acquired a hard surface flooring distribution company based in the Netherlands for $72,001, resulting in a preliminary goodwill allocation of $45,931. The results have been included in the Flooring Rest of the World (“Flooring ROW”) segment and are not material to the Company’s consolidated results of operations.

2018 Acquisitions

On November 16, 2018, the Company completed its purchase of Eliane S/A Revestimentos Ceramicos (“Eliane”), one of the largest ceramic tile companies in Brazil. Pursuant to the purchase agreement, the Company (i) acquired the entire issued share capital of Eliane and (ii) acquired $99,037 of net indebtedness of Eliane, with total cash consideration paid of $148,741. The Company’s acquisition of Eliane resulted in preliminary allocations of goodwill of $16,932, indefinite-lived tradename intangible assets of $32,238 and intangible assets subject to amortization of $5,818. The goodwill is expected to be deductible for tax purposes. The purchase price allocation is preliminary until the Company obtains final information regarding these fair values. Eliane’s results of operations have been included in the consolidated financial statements since the date of acquisition in the Global Ceramic reporting segment.


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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

On July 2, 2018, the Company completed its acquisition of Godfrey Hirst Group, the leading flooring company in Australia and New Zealand, further extending Mohawk’s global position. The total value of the acquisition was $400,894. The Company’s acquisition of Godfrey Hirst Group resulted in allocations of goodwill of $88,655, indefinite-lived tradename intangible assets of $58,671 and intangible assets subject to amortization of $43,635. The goodwill is deductible for tax purposes. The factors contributing to the recognition of the amount of goodwill include product, sales and manufacturing synergies. The Godfrey Hirst Group’s results have been included in the condensed consolidated financial statements since the date of acquisition in the Flooring NA and Flooring ROW segments.

During the first quarter of 2018, the Company completed the acquisition of three businesses in the Flooring ROW segment for $24,610, resulting in a goodwill allocation of $12,874 and intangibles subject to amortization of $7.

2017 Acquisitions

On April 4, 2017, the Company completed its purchase of Emilceramica S.r.l (“Emil”), a ceramic company in Italy. The total value of the acquisition was $186,099. The Emil acquisition will enhance the Company’s cost position and strengthen its combined brand and distribution in Europe. The acquisition’s results and purchase price allocation have been included in the condensed consolidated financial statements since the date of the acquisition. The Company’s acquisition of Emil resulted in a goodwill allocation of $59,491, indefinite-lived tradename intangible asset of $16,196 and an intangible asset subject to amortization of $2,348. The goodwill was not directly deductible for tax purposes. The Emil results are reflected in the Global Ceramic segment and the results of Emil’s operations are not material to the Company’s consolidated results of operations.

During the second quarter of 2017, the Company completed the acquisition of two businesses in the Global Ceramic segment for $37,250, resulting in a goodwill allocation of $1,002. The Company also completed the acquisition of a business in the Flooring NA segment for $26,623.

During the first quarter of 2017, the Company acquired certain assets of a distribution business in the Flooring ROW segment for $1,407, resulting in intangible assets subject to amortization of $827.



9

Table of Contents
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

3. Revenue from Contracts with Customers
    
Revenue recognition and accounts receivable

The Company recognizes revenues when it satisfies performance obligations as evidenced by the transfer of control of the promised goods to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. The nature of the promised goods are ceramic, stone, carpet, resilient, laminate, wood and other flooring products. Payment is typically received 90 days or less from the invoice date. The Company adjusts the amounts of revenue for expected cash discounts, sales allowances, returns, and claims, based upon historical experience. The Company adjusts accounts receivable for doubtful account allowances based upon historical bad debt, claims experience, periodic evaluation of specific customer accounts, and the aging of accounts receivable. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

Contract liabilities

The Company historically 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 consolidating balance sheets. The Company had contract liabilities of $37,685 and $34,486 as of June 29, 2019 and January 1, 2019, 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, in any period, 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, 2019 was immaterial.

Costs to obtain a contract

The Company historically 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 $67,900 and $57,840 as of June 29, 2019 and January 1, 2019, respectively. Amortization expense recognized during the six months ended June 29, 2019 related to these capitalized costs was $27,410.

Practical expedients and policy elections

The Company elected the following practical expedients and policy elections:

Incremental costs of obtaining a contract is recorded as an expense when incurred in selling, general and administrative expenses if the amortization period is less than one year.
Shipping and handling activities performed after control has been transferred is accounted for as a fulfillment cost in cost of sales.


10

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Revenue disaggregation

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, 2019 and June 30, 2018:

June 29, 2019
Global Ceramic segment
 
Flooring NA segment
 
Flooring ROW segment
 
Total
Geographical Markets
 
 
 
 
 
 
 
United States
$
554,509

 
946,086

 
709

 
1,501,304

Europe
205,205

 
2,164

 
475,761

 
683,130

Russia
67,792

 
22

 
27,087

 
94,901

Other
130,525

 
35,167

 
139,458

 
305,150

 
$
958,031

 
983,439

 
643,015

 
2,584,485

 
 
 
 
 
 
 
 
Product Categories
 
 
 
 
 
 
 
Ceramic & Stone
$
958,031

 
13,915

 

 
971,946

Carpet & Resilient

 
808,402

 
201,519

 
1,009,921

Laminate & Wood

 
161,122

 
215,058

 
376,180

Other (1)

 

 
226,438

 
226,438

 
$
958,031

 
983,439

 
643,015

 
2,584,485



June 30, 2018
Global Ceramic segment
 
Flooring NA segment
 
Flooring ROW segment
 
Total
Geographical Markets
 
 
 
 
 
 
 
United States
$
578,535

 
1,013,994

 

 
1,592,529

Europe
208,671

 
1,870

 
490,885

 
701,426

Russia
63,709

 

 
26,553

 
90,262

Other
78,382

 
41,706

 
72,709

 
192,797

 
$
929,297

 
1,057,570

 
590,147

 
2,577,014

 
 
 
 
 
 
 
 
Product Categories
 
 
 
 
 
 
 
Ceramic & Stone
$
929,297

 
18,178

 

 
947,475

Carpet & Resilient

 
859,179

 
132,578

 
991,757

Laminate & Wood

 
180,213

 
216,754

 
396,967

Other (1)

 

 
240,815

 
240,815

 
$
929,297

 
1,057,570

 
590,147

 
2,577,014


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













11

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)




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, 2019 and June 30, 2018:

June 29, 2019
Global Ceramic segment
 
Flooring NA segment
 
Flooring ROW segment
 
Total
Geographical Markets
 
 
 
 
 
 
 
United States
$
1,096,335

 
1,829,328

 
777

 
2,926,440

Europe
384,515

 
4,001

 
945,678

 
1,334,194

Russia
119,707

 
52

 
50,701

 
170,460

Other
255,826

 
72,038

 
268,017

 
595,881

 
$
1,856,383

 
1,905,419

 
1,265,173

 
5,026,975

 
 
 
 
 
 
 
 
Product Categories
 
 
 
 
 
 
 
Ceramic & Stone
$
1,856,383

 
28,358

 

 
1,884,741

Carpet & Resilient

 
1,543,826

 
392,448

 
1,936,274

Laminate & Wood

 
333,235

 
425,259

 
758,494

Other (1)

 

 
447,466

 
447,466

 
$
1,856,383

 
1,905,419

 
1,265,173

 
5,026,975


June 30, 2018
Global Ceramic segment
 
Flooring NA segment
 
Flooring ROW segment
 
Total
Geographical Markets
 
 
 
 
 
 
 
United States
$
1,134,722

 
1,922,116

 

 
3,056,838

Europe
398,906

 
3,520

 
985,528

 
1,387,954

Russia
115,131

 

 
45,982

 
161,113

Other
157,086

 
82,292

 
143,933

 
383,311

 
$
1,805,845

 
2,007,928

 
1,175,443

 
4,989,216

 
 
 
 
 
 
 
 
Product Categories
 
 
 
 
 
 
 
Ceramic & Stone
$
1,805,845

 
35,721

 

 
1,841,566

Carpet & Resilient

 
1,614,725

 
261,589

 
1,876,314

Laminate & Wood

 
357,482

 
442,897

 
800,379

Other (1)

 

 
470,957

 
470,957

 
$
1,805,845

 
2,007,928

 
1,175,443

 
4,989,216


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


12

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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/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 and workforce reductions.

Restructuring, acquisition transaction and integration-related costs consisted of the following during the three and six months ended June 29, 2019 and June 30, 2018:

 
Three Months Ended
 
Six Months Ended
 
June 29, 2019
 
June 30, 2018
 
June 29, 2019
 
June 30, 2018
Cost of sales
 
 
 
 
 
 
 
Restructuring costs (1)
$
4,379

 
9,331

 
35,913

 
23,421

Acquisition integration-related costs
1,488

 
2,687

 
2,556

 
3,095

  Restructuring and acquisition integration-related costs
$
5,867

 
12,018

 
38,469

 
26,516

 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
 
 
 
 
 
 
Restructuring costs (1)
$
443

 
3,798

 
1,845

 
7,890

Acquisition transaction-related costs
637

 
63

 
917

 
63

Acquisition integration-related costs
1,988

 
163

 
3,407

 
3,677

  Restructuring, acquisition transaction and integration-related costs
$
3,068

 
4,024

 
6,169

 
11,630



(1) The restructuring costs for 2019 and 2018 primarily relate to the Company’s actions taken to lower its cost structure and improve efficiencies of manufacturing and distribution operations as well as actions related to the Company’s recent acquisitions.

The restructuring activity for the six months ended June 29, 2019 is as follows:
 
Lease
impairments
 
Asset write-downs
 
Severance
 
Other
restructuring
costs
 
Total
Balance as of December 31, 2018
$
397

 

 
7,866

 
250

 
8,513

Provision - Global Ceramic segment

 

 
4,879

 

 
4,879

Provision - Flooring NA segment

 
21,791

 
1,127

 
8,032

 
30,950

Provision - Flooring ROW segment

 
86

 
1,843

 

 
1,929

Cash payments
(173
)
 

 
(8,688
)
 
(7,921
)
 
(16,782
)
Non-cash items

 
(21,877
)
 
(13
)
 
(111
)
 
(22,001
)
Balance as of June 29, 2019
$
224

 

 
7,014

 
250

 
7,488



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

13

Table of Contents
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)


5. Receivables, net

Receivables, net are as follows:
 
At June 29, 2019
 
At December 31, 2018
Customers, trade
$
1,793,551

 
1,562,284

Income tax receivable
17,414

 
17,217

Other
81,291

 
101,376

 
1,892,256

 
1,680,877

Less: allowance for discounts, claims and doubtful accounts
72,782

 
74,718

Receivables, net
$
1,819,474

 
1,606,159



6. Inventories

The components of inventories are as follows:
 
At June 29, 2019
 
At December 31, 2018
Finished goods
$
1,656,916

 
1,582,112

Work in process
154,961

 
165,616

Raw materials
555,754

 
539,887

Total inventories
$
2,367,631

 
2,287,615



7. Goodwill and intangible assets

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

Goodwill:
 
Global Ceramic segment
 
Flooring NA segment
 
Flooring ROW segment
 
Total
Balance as of December 31, 2018
 
 
 
 
 
 
 
Goodwill
$
1,564,987

 
874,198

 
1,409,206

 
3,848,391

Accumulated impairment losses
(531,930
)
 
(343,054
)
 
(452,441
)
 
(1,327,425
)
 
1,033,057

 
531,144

 
956,765

 
2,520,966

 
 
 
 
 </