Mohawk Industries Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mohawk Industries Inc. filed its 2023 10-K report detailing its annual financial performance and operations.</b>

AI Summary

MOHAWK INDUSTRIES INC (MHK) filed a Annual Report (10-K) with the SEC on February 23, 2024. Mohawk Industries Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is carpets and rugs, SIC code 2273. Mohawk Industries Inc. is incorporated in Delaware. The company's principal executive offices are located in Calhoun, Georgia.

Why It Matters

For investors and stakeholders tracking MOHAWK INDUSTRIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Mohawk Industries' financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. As a key player in the carpets and rugs industry, the detailed financial disclosures in this report are essential for understanding market positioning, competitive landscape, and potential risks and opportunities Mohawk faces.

Risk Assessment

Risk Level: medium — MOHAWK INDUSTRIES INC shows moderate risk based on this filing. The company operates in the carpets and rugs industry (SIC 2273), which can be subject to cyclical demand and economic downturns, impacting revenue and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Mohawk Industries' performance and outlook in the current economic environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-23 — Filing Date (FILED AS OF DATE)
• 2273 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 706-624-2032 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• MOHAWK INDUSTRIES INC (company) — COMPANY CONFORMED NAME
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240223 (date) — FILED AS OF DATE
• 2273 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• GA (state) — STATE
• 706-624-2032 (phone) — BUSINESS PHONE
• MHK (ticker) — ticker symbol

FAQ

Industry Context

Mohawk Industries operates within the carpets and rugs manufacturing sector, a segment of the broader building materials and home furnishings industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's performance against industry benchmarks and economic conditions.
3. Assess any disclosed risk factors and their potential impact on future operations.

Key Dates

• 2024-02-23: 10-K Filing — Submission of the annual report for the fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Previous filings would provide comparative data.

Key Financial Figures

• $11.1 billion — Company had annual net sales in 2023 of $11.1 billion. Approximately 50% of this amount was g

Filing Documents

• mhk-20231231.htm (10-K) — 2356KB
• mhk_2023q410kexhibit21.htm (EX-21) — 138KB
• mhk_2023q4exhibit22.htm (EX-22) — 2KB
• mhk_2023q410kexhibit231.htm (EX-23.1) — 3KB
• mhk_2023q4exhibit311.htm (EX-31.1) — 11KB
• mhk_2023q4exhibit312.htm (EX-31.2) — 11KB
• mhk_2023q4exhibit321.htm (EX-32.1) — 5KB
• mhk_2023q4exhibit322.htm (EX-32.2) — 5KB
• mhk_2023q4exhibit951.htm (EX-95.1) — 13KB
• mhk_2023q4exhibit97.htm (EX-97) — 46KB
• mhk-20231231_g1.jpg (GRAPHIC) — 648KB
• 0000851968-24-000027.txt (&nbsp;) — 14490KB
• mhk-20231231.xsd (EX-101.SCH) — 77KB
• mhk-20231231_cal.xml (EX-101.CAL) — 148KB
• mhk-20231231_def.xml (EX-101.DEF) — 336KB
• mhk-20231231_lab.xml (EX-101.LAB) — 944KB
• mhk-20231231_pre.xml (EX-101.PRE) — 636KB
• mhk-20231231_htm.xml (XML) — 2518KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 22

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

Reserved

Item 6. Reserved 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 33

Consolidated Financial Statements and Supplementary Data

Item 8. Consolidated Financial Statements and Supplementary Data 34

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77

Controls and Procedures

Item 9A. Controls and Procedures 77

Other Information

Item 9B. Other Information 77

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 78

Executive Compensation

Item 11. Executive Compensation 78

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 78

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 78 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 79

Form 10-K Summary

Item 16. Form 10-K Summary 81 2 Table of Contents Index to Financial Statements PART I

Business

Item 1. Business Unless this Form 10-K indicates otherwise or the context otherwise requires, the terms "we," "our," "us," "Mohawk," or "the Company" as used in this Form 10-K refer to Mohawk Industries, Inc. General Mohawk is a leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world. The Company's vertically integrated manufacturing and distribution processes provide competitive advantages in carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile ("LVT") and sheet vinyl flooring. The Company's industry-leading innovation develops products and technologies that differentiate its brands in the marketplace and satisfy all flooring-related remodeling and new construction requirements. The Company's brands are among the most recognized in the industry and include American Olean , Daltile , Decortiles , Durkan , Eliane , Elizabeth , Feltex , Godfrey Hirst , IVC Commercial , IVC Home , Karastan , Kerama Marazzi , Marazzi , Moduleo , Mohawk , Pergo , Quick-Step , Unilin and Vitromex . During the past two decades, the Company has transformed its business from an American carpet manufacturer into the world's largest flooring company with operations in Australia, Brazil, Canada, Europe, Malaysia, Mexico, New Zealand, Russia, the United Kingdom and the United States. The Company had annual net sales in 2023 of $11.1 billion. Approximately 50% of this amount was generated by sales in the United States and approximately 50% was generated by sales outside the United States. The Company has three reporting segments: Global Ceramic, Flooring North America ("Flooring NA") and Flooring Rest of the World ("Flooring ROW") with their 2023 net sales representing 39%, 34% and 27%, respectively, of the Company's total revenue. Selected financial information for the three segments, geographic net sales and the location of long-lived assets are set forth in Note 18, Segment Reporting . Global Ceramic desig

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View this 10-K filing on SEC EDGAR