Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MOHAWK INDUSTRIES INC | ' |
Entity Central Index Key | '0000851968 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 72,624,843 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $63,580 | $477,672 |
Receivables, net | 1,154,368 | 679,473 |
Inventories | 1,612,696 | 1,133,736 |
Prepaid expenses | 179,562 | 138,117 |
Deferred income taxes | 136,052 | 111,585 |
Other current assets | 42,205 | 9,463 |
Total current assets | 3,188,463 | 2,550,046 |
Property, plant and equipment | 4,927,020 | 3,758,324 |
Accumulated depreciation | 2,243,036 | 2,065,472 |
Property, plant and equipment, net | 2,683,984 | 1,692,852 |
Goodwill | 1,713,883 | 1,385,771 |
Tradenames | 694,592 | 455,503 |
Other intangible assets subject to amortization, net | 116,524 | 98,296 |
Deferred income taxes and other non-current assets | 166,711 | 121,216 |
Total assets | 8,564,157 | 6,303,684 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 89,031 | 55,213 |
Accounts payable and accrued expenses | 1,296,192 | 773,436 |
Total current liabilities | 1,385,223 | 828,649 |
Deferred income taxes | 452,588 | 329,810 |
Long-term debt, less current portion | 2,257,391 | 1,327,729 |
Other long-term liabilities | 135,322 | 97,879 |
Total liabilities | 4,230,524 | 2,584,067 |
Commitments and contingencies (Notes 9 and 15) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value; 60 shares authorized; no shares issued | 0 | 0 |
Common stock, $.01 par value; 150,000 shares authorized; 80,779 and 80,185 shares issued in 2013 and 2012, respectively | 808 | 802 |
Additional paid-in capital | 1,557,432 | 1,277,521 |
Retained earnings | 2,859,158 | 2,605,023 |
Accumulated other comprehensive income, net | 146,225 | 159,733 |
Stockholders' Equity before Treasury Stock | 4,563,623 | 4,043,079 |
Less treasury stock at cost; 8,155 and 11,032 shares in 2013 and 2012, respectively | 239,138 | 323,462 |
Total Mohawk Industries, Inc. stockholders' equity | 4,324,485 | 3,719,617 |
Noncontrolling interest | 9,148 | 0 |
Total stockholders' equity | 4,333,633 | 3,719,617 |
Total liabilities and shareholders' equity | $8,564,157 | $6,303,684 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
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 | 150,000,000 |
Common stock, shares issued (in shares) | 80,779,000 | 80,185,000 |
Treasury stock, shares (in shares) | 8,155,000 | 11,032,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,961,536 | $1,473,493 | $5,424,650 | $4,352,321 |
Cost of sales | 1,444,646 | 1,100,656 | 4,016,638 | 3,231,594 |
Gross profit | 516,890 | 372,837 | 1,408,012 | 1,120,727 |
Selling, general and administrative expenses | 340,987 | 268,883 | 1,012,069 | 837,079 |
Operating income | 175,903 | 103,954 | 395,943 | 283,648 |
Interest expense | 25,630 | 17,969 | 70,098 | 59,311 |
Other expense (income) | 1,168 | 322 | 6,458 | -1,063 |
Earnings before income taxes | 149,105 | 85,663 | 319,387 | 225,400 |
Income tax expense | 28,993 | 15,359 | 62,965 | 40,896 |
Net earnings | 120,112 | 70,304 | 256,422 | 184,504 |
Loss from discontinued operations, net of income tax benefit | -553 | 0 | -1,914 | 0 |
Net earnings including noncontrolling interest | 119,559 | 70,304 | 254,508 | 184,504 |
Less: Net earnings attributable to noncontrolling interest | 491 | 0 | 373 | 635 |
Net earnings attributable to Mohawk Industries, Inc. | $119,068 | $70,304 | $254,135 | $183,869 |
Income from continuing operations | $1.65 | $1.02 | $3.59 | $2.67 |
Loss from discontinued operations | ($0.01) | $0 | ($0.03) | $0 |
Basic earnings per share attributable to Mohawk Industries, Inc. (in usd per share) | $1.64 | $1.02 | $3.56 | $2.67 |
Weighted-average common shares outstanding-basic (in shares) | 72,575 | 69,010 | 71,467 | 68,952 |
Income from continuing operations | $1.64 | $1.01 | $3.56 | $2.66 |
Loss from discontinued operations | ($0.01) | $0 | ($0.03) | $0 |
Diluted earnings per share attributable to Mohawk Industries, Inc. (in usd per share) | $1.63 | $1.01 | $3.53 | $2.66 |
Weighted-average common shares outstanding-diluted (in shares) | 73,087 | 69,337 | 71,975 | 69,247 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations Parentheticals (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 |
Income Statement [Abstract] | ' | ' |
Discontinued Operation, Tax Effect of Discontinued Operation | $297 | $782 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Net earnings including noncontrolling interest | $119,559 | $70,304 | $254,508 | $184,504 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 96,445 | 42,382 | -13,689 | -22,773 |
Pension prior service cost and actuarial gain (loss) | -26 | 8 | 181 | -12 |
Other comprehensive income (loss) | 96,419 | 42,390 | -13,508 | -22,785 |
Comprehensive income | 215,978 | 112,694 | 241,000 | 161,719 |
Comprehensive income attributable to the noncontrolling interest | 491 | 0 | 373 | 635 |
Comprehensive income attributable to Mohawk Industries, Inc. | $215,487 | $112,694 | $240,627 | $161,084 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Cash flows from operating activities: | ' | ' |
Net earnings | $254,508 | $184,504 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Restructuring | 42,062 | 12,455 |
Depreciation and amortization | 222,542 | 216,415 |
Deferred income taxes | -39,799 | 7,335 |
Loss on disposal of property, plant and equipment | 1,714 | 1,773 |
Stock-based compensation expense | 13,834 | 11,210 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' |
Receivables, net | -166,592 | -97,280 |
Tax deposits | 0 | -31,820 |
Inventories | -45,924 | -24,723 |
Accounts payable and accrued expenses | 46,856 | 39,632 |
Other assets and prepaid expenses | 15,153 | -12,463 |
Other liabilities | -17,381 | -8,491 |
Net cash provided by operating activities | 326,973 | 298,547 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -255,523 | -134,998 |
Acquisitions, net of cash acquired | -449,466 | 0 |
Investment in joint venture | 0 | -7,007 |
Net cash used in investing activities | -704,989 | -142,005 |
Cash flows from financing activities: | ' | ' |
Payments on Senior Credit Facilities | -2,113,593 | -1,059,650 |
Proceeds from Senior Credit Facilities | 2,407,701 | 1,334,500 |
Repayment of senior notes | 0 | -336,270 |
Proceeds from 3.85% Senior Notes | 600,000 | 0 |
Repayment of acquired debt | -940,290 | 0 |
Net change in asset securitization borrowings | 20,000 | 0 |
Payments on other debt | -1,678 | -216 |
Debt issuance costs | -7,652 | -1,018 |
Purchase of non-controlling interest | 0 | -35,000 |
Distribution to non-controlling interest | 0 | -423 |
Change in outstanding checks in excess of cash | -7,004 | 1,029 |
Proceeds from stock transactions | 38,633 | 9,356 |
Net cash provided by (used in) financing activities | -3,883 | -87,692 |
Effect of exchange rate changes on cash and cash equivalents | -32,193 | 47 |
Net change in cash and cash equivalents | -414,092 | 68,897 |
Cash and cash equivalents, beginning of period | 477,672 | 311,945 |
Cash and cash equivalents, end of period | $63,580 | $380,842 |
Interim_reporting
Interim reporting | 9 Months Ended |
Sep. 28, 2013 | |
Quarterly Financial Information Disclosure [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 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 2012 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. |
Acquisitions_Acquisitions
Acquisitions Acquisitions | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Acquisitions | ||||||||||||||
Marazzi Acquisition | ||||||||||||||
On December 20, 2012, the Company entered into a share purchase agreement (the “Share Purchase Agreement”) with LuxELIT S.á r.l., a Luxembourg limited liability company, and Finceramica S.p.A., an Italian corporation (collectively, “Sellers”), to acquire the shares of Fintiles S.p.A., an Italian corporation ("Marazzi"). On April 3, 2013, pursuant to the terms of the Share Purchase Agreement, the Company completed the acquisition of Marazzi for a purchase price of $1,522,731, including assumed indebtedness. The Marazzi results are reflected in the Ceramic segment. | ||||||||||||||
The equity value of Marazzi was paid to the Sellers in cash and in the Company's common stock (the “Shares”). The number of Shares transferred as part of the consideration was calculated using the average closing price for the Company's common stock over a 30-day trading period ending March 19, 2013. | ||||||||||||||
Pursuant to the Share Purchase Agreement, the Company (i) acquired the entire issued share capital of Marazzi and (ii) assumed $901,773 of indebtedness of Marazzi, in exchange for the following consideration: | ||||||||||||||
• | A cash payment of $307,052; and | |||||||||||||
• | 2,874 newly issued Shares for a value of $313,906. | |||||||||||||
The Company funded the cash portion of the Marazzi acquisition through a combination of proceeds from the 3.85% Senior Notes (as discussed in Note 16), cash on hand and borrowings under the 2011 Senior Credit Facility. The Company incurred $14,214 of direct transaction costs, which are recorded in selling, general and administrative expenses for the nine months ended September 28, 2013. | ||||||||||||||
The Marazzi acquisition makes the Company a global leader in ceramic tile. The addition of Marazzi will allow the Company to expand its U.S. distribution, source ceramic tile from a worldwide base, and provide industry leading innovation and design to all of its global ceramic customers. The acquisition will provide opportunities to improve performance by leveraging best practices, operational expertise, product innovation and manufacturing assets across the enterprise. | ||||||||||||||
The Company is continuing to obtain information to complete its valuation of intangible assets, as well as to determine the value of the acquired assets and liabilities including tax assets, liabilities and other attributes. The components of the preliminary purchase price allocation for Marazzi are as follows (in thousands): | ||||||||||||||
Enterprise value | $ | 1,522,731 | ||||||||||||
Assumed indebtedness | (901,773 | ) | ||||||||||||
Consideration transferred | $ | 620,958 | ||||||||||||
Working capital | $ | 384,888 | ||||||||||||
Property, plant and equipment, net | 778,776 | |||||||||||||
Tradenames | 215,357 | |||||||||||||
Customer relationships | 21,792 | |||||||||||||
Equity method investments | 1,058 | |||||||||||||
Goodwill | 261,124 | |||||||||||||
Other long-term assets | 16,099 | |||||||||||||
Long-term debt, including current portion | (901,773 | ) | ||||||||||||
Other long-term liabilities | (71,021 | ) | ||||||||||||
Deferred tax liability | (79,132 | ) | ||||||||||||
Noncontrolling interest | (6,210 | ) | ||||||||||||
Consideration transferred | $ | 620,958 | ||||||||||||
Intangible assets subject to amortization of $21,792 related to customer relationships have an estimated average life of 10 years. In addition to the amortizable intangible assets, there is an additional $215,357 in indefinite-lived trademark intangible assets. The goodwill of $261,124 was allocated to the Ceramic segment. 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 Marazzi acquisition. 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 goodwill is not expected to be deductible for tax purposes. Marazzi contributed net sales from continuing operations of $298,960 and $608,827, respectively, to the three and nine months ended September 28, 2013. Marazzi contributed net income from continuing operations of $10,067 and $3,378, respectively, to the three and nine months ended September 28, 2013. The fair value of inventories acquired included a step-up in the value of inventories of approximately $12,297 and $31,041, which was charged to cost of sales in the three and nine months ended September 28, 2013, respectively. | ||||||||||||||
In connection with the acquisition of Marazzi, the Company became a party to an off-balance sheet accounts receivable securitization facility ("Marazzi Securitization Facility") pursuant to which the Company services receivables sold to a third party. As of September 28, 2013, the amount utilized under the Marazzi Securitization Facility was €51,814. The Company is in the process of terminating this facility. | ||||||||||||||
The following unaudited pro forma consolidated results of operations have been prepared as if the Marazzi acquisition occurred as of January 1, 2012 (amounts in thousands, except per share data): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||
Net Sales: | ||||||||||||||
As reported | $ | 1,961,536 | 1,473,493 | 5,424,650 | 4,352,321 | |||||||||
Pro forma | $ | 1,961,536 | 1,756,254 | 5,687,131 | 5,178,274 | |||||||||
Net earnings from continuing operations attributable to Mohawk Industries, Inc.: | ||||||||||||||
As reported | $ | 119,621 | 70,304 | 256,049 | 183,869 | |||||||||
Pro forma | $ | 129,533 | 82,098 | 288,683 | 195,853 | |||||||||
Basic earnings per share from continuing operations attributable to Mohawk Industries, Inc.: | ||||||||||||||
As reported | $ | 1.65 | 1.02 | 3.59 | 2.67 | |||||||||
Pro forma | $ | 1.78 | 1.14 | 3.99 | 2.73 | |||||||||
Diluted earnings per share from continuing operations attributable to Mohawk Industries, Inc.: | ||||||||||||||
As reported | $ | 1.64 | 1.01 | 3.56 | 2.66 | |||||||||
Pro forma | $ | 1.77 | 1.14 | 3.96 | 2.72 | |||||||||
The pro forma earnings and per share results for the three and nine months ended September 29, 2012 included amounts charged to cost of sales for the step-up to fair value in inventories of approximately $0 and $22,242, respectively, net of tax. The pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future. | ||||||||||||||
Other Acquisitions | ||||||||||||||
On January 10, 2013, the Company completed its purchase of Pergo, a leading manufacturer of laminate flooring in the U.S. and the Nordic countries. The total value of the acquisition was approximately $150,000. Pergo complements the Company's specialty distribution network in the U.S., leverages its geographic position in Europe, expands its geographic reach to the Nordic countries and India and enhances its patent portfolio. The acquisition's results and a preliminary purchase price allocation have been included in the condensed consolidated financial statements since the date of the acquisition. The Company's acquisition of Pergo resulted in a preliminary goodwill allocation of $24,501, indefinite-lived trademark intangible assets of $16,834 and intangible assets subject to amortization of $15,188. The factors contributing to the recognition of the amount of goodwill include the opportunity to optimize the assets of Pergo with the Company's existing Laminate and Wood assets while strengthening the design and product performance of the Pergo and Unilin brands. The Pergo results are reflected in the Laminate and Wood segment. | ||||||||||||||
On May 3, 2013, the Company completed the acquisition of Spano, a Belgian panel board manufacturer. The total value of the acquisition was approximately $160,000. Spano extends the Laminate and Wood segment's customer base into new channels of distribution and adds technical expertise and product knowledge that the Company can leverage. The acquisition's results and a preliminary purchase price allocation have been included in the condensed consolidated financial statements since the date of the acquisition. The Company's acquisition of Spano resulted in a preliminary goodwill allocation of $35,857. The factors contributing to the recognition of the amount of goodwill include the extension of the Company's customer base into new channels of distribution and the opportunity for synergies in manufacturing assets and processes, raw materials and operational efficiencies. The Spano results are reflected in the Laminate and Wood segment. |
Restructuring_Acquisition_and_
Restructuring, Acquisition and Related Costs Restructuring, Acquisition, and Related Costs | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Restructuring, Acquisition, and Related Costs | ' | |||||||||||||||
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 nine months ended September 28, 2013 and September 29, 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Cost of sales | ||||||||||||||||
Restructuring costs | $ | 9,786 | (a) | 2,984 | (b) | 24,116 | (a) | 9,620 | (b) | |||||||
Acquisition integration-related costs | 4,913 | — | 8,328 | — | ||||||||||||
Restructuring and integration-related costs | $ | 14,699 | 2,984 | 32,444 | 9,620 | |||||||||||
Selling, general and administrative expenses | ||||||||||||||||
Restructuring costs | $ | 3,887 | (a) | 1,245 | (b) | 17,946 | (a) | 2,835 | (b) | |||||||
Acquisition transaction-related costs | 402 | — | 14,214 | — | ||||||||||||
Acquisition integration-related costs | 5,423 | — | 10,984 | — | ||||||||||||
Restructuring, acquisition and integration-related costs | $ | 9,712 | 1,245 | 43,144 | 2,835 | |||||||||||
(a) The restructuring costs for 2013 primarily relate to the Company’s actions taken to lower its cost structure and improve efficiencies of manufacturing operations and administrative functions, as well as actions related to the Company's acquisition of Pergo, Marazzi and Spano. | ||||||||||||||||
(b) The restructuring costs for 2012 primarily relate to the Company's actions taken to to lower its cost structure and improve efficiencies of manufacturing and distribution operations as the Company adjusted to changing economic conditions. | ||||||||||||||||
In addition, $20 of restructuring costs was recorded in other expense for the three and nine months ended September 28, 2013. | ||||||||||||||||
The restructuring activity for the nine months ended September 28, 2013 is as follows: | ||||||||||||||||
Lease | Asset write-downs | Severance | Other | Total | ||||||||||||
impairments | restructuring | |||||||||||||||
costs | ||||||||||||||||
Balance as of December 31, 2012 | $ | 7,457 | — | 2,898 | — | 10,355 | ||||||||||
Provision - Carpet segment | 1,320 | 37 | 6,141 | 326 | 7,824 | |||||||||||
Provision - Ceramic segment | — | — | 8,550 | 426 | 8,976 | |||||||||||
Provision - Laminate and Wood segment | — | — | 17,849 | 7,002 | 24,851 | |||||||||||
Provision - Corporate | — | — | 411 | — | 411 | |||||||||||
Cash payments | (2,106 | ) | — | (16,610 | ) | (7,754 | ) | (26,470 | ) | |||||||
Non-cash items | — | (37 | ) | — | — | (37 | ) | |||||||||
Balance as of September 28, 2013 | $ | 6,671 | — | 19,239 | — | 25,910 | ||||||||||
The Company expects the remaining lease impairments, severance and other restructuring costs to be paid over the next four years. |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations | 9 Months Ended |
Sep. 28, 2013 | |
Business Combinations [Abstract] | ' |
Discontinued Operations | ' |
Discontinued operations | |
The Company is actively marketing for sale a non-core sanitary ware business acquired as part of the Marazzi acquisition because the Company does not believe the business is consistent with its long-term strategy. The Company determined that the business meets the definition of discontinued operations and, accordingly, it has been presented as such as of April 3, 2013, the closing date of the Marazzi transaction. Sales attributable to discontinued operations for the three and nine months ended September 28, 2013 were immaterial. The net assets held for sale related to the discontinued operations as of September 28, 2013 are reported in cash, receivables, inventories, deferred income taxes, other current assets, accounts payable and other accrued expenses and other long-term liabilities on the consolidated balance sheet as of September 28, 2013, as they are immaterial for separate balance sheet presentation. |
Receivables_net
Receivables, net | 9 Months Ended | ||||||
Sep. 28, 2013 | |||||||
Receivables [Abstract] | ' | ||||||
Receivables, net | ' | ||||||
Receivables, net | |||||||
Receivables, net are as follows: | |||||||
September 28, | December 31, | ||||||
2013 | 2012 | ||||||
Customers, trade | $ | 1,164,172 | 691,553 | ||||
Income tax receivable | 10,473 | — | |||||
Other | 58,520 | 25,793 | |||||
1,233,165 | 717,346 | ||||||
Less: allowance for discounts, returns, claims and doubtful accounts | 78,797 | 37,873 | |||||
Receivables, net | $ | 1,154,368 | 679,473 | ||||
Inventories
Inventories | 9 Months Ended | ||||||
Sep. 28, 2013 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Inventories | ' | ||||||
Inventories | |||||||
The components of inventories are as follows: | |||||||
September 28, | December 31, | ||||||
2013 | 2012 | ||||||
Finished goods | $ | 1,090,008 | 695,606 | ||||
Work in process | 128,534 | 103,685 | |||||
Raw materials | 394,154 | 334,445 | |||||
Total inventories | $ | 1,612,696 | 1,133,736 | ||||
Goodwill_and_intangible_assets
Goodwill and intangible assets | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and intangible assets | ' | ||||||||||||
Goodwill and intangible assets | |||||||||||||
The Company's acquisition of Pergo, Marazzi and Spano resulted in preliminary goodwill allocations of $24,501, $261,124 and $35,857, respectively. | |||||||||||||
The components of goodwill and other intangible assets are as follows: | |||||||||||||
Goodwill: | |||||||||||||
Carpet segment | Ceramic segment | Laminate and Wood segment | Total | ||||||||||
Balance as of December 31, 2012 | |||||||||||||
Goodwill | $ | 199,132 | 1,186,913 | 1,327,151 | 2,713,196 | ||||||||
Accumulated impairment losses | (199,132 | ) | (531,930 | ) | (596,363 | ) | (1,327,425 | ) | |||||
$ | — | 654,983 | 730,788 | 1,385,771 | |||||||||
Goodwill acquired during the period | $ | — | 261,124 | 60,358 | 321,482 | ||||||||
Currency translation during the period | $ | — | (4,486 | ) | 11,116 | 6,630 | |||||||
Balance as of September 28, 2013 | |||||||||||||
Goodwill | $ | 199,132 | 1,443,551 | 1,398,625 | 3,041,308 | ||||||||
Accumulated impairment losses | (199,132 | ) | (531,930 | ) | (596,363 | ) | (1,327,425 | ) | |||||
$ | — | 911,621 | 802,262 | 1,713,883 | |||||||||
Intangible assets: | |||||||||||||
Indefinite life assets not subject to amortization: | Tradenames | ||||||||||||
Balance as of December 31, 2012 | $ | 455,503 | |||||||||||
Intangible assets acquired during the period | 232,191 | ||||||||||||
Currency translation during the period | 6,898 | ||||||||||||
Balance as of September 28, 2013 | $ | 694,592 | |||||||||||
Intangible assets subject to amortization: | Customer | Patents | Other | Total | |||||||||
relationships | |||||||||||||
Balance as of December 31, 2012 | $ | 26,210 | 71,031 | 1,055 | 98,296 | ||||||||
Intangible assets acquired during the period | 21,792 | 15,188 | — | 36,980 | |||||||||
Amortization during the period | (4,712 | ) | (14,418 | ) | (132 | ) | (19,262 | ) | |||||
Currency translation during the period | (412 | ) | 1,117 | (195 | ) | 510 | |||||||
Balance as of September 28, 2013 | $ | 42,878 | 72,918 | 728 | 116,524 | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Amortization expense | $ | 13,288 | 15,683 | 19,262 | 47,942 | ||||||||
Accounts_payable_and_accrued_e
Accounts payable and accrued expenses | 9 Months Ended | ||||||
Sep. 28, 2013 | |||||||
Payables and Accruals [Abstract] | ' | ||||||
Accounts payable and accrued expenses | ' | ||||||
Accounts payable and accrued expenses | |||||||
Accounts payable and accrued expenses are as follows: | |||||||
September 28, | December 31, | ||||||
2013 | 2012 | ||||||
Outstanding checks in excess of cash | $ | 18,476 | 25,480 | ||||
Accounts payable, trade | 727,770 | 387,871 | |||||
Accrued expenses | 271,382 | 180,039 | |||||
Product warranties | 33,567 | 32,930 | |||||
Accrued interest | 15,550 | 26,843 | |||||
Deferred tax liability | 14,564 | 6,309 | |||||
Income taxes payable | 11,212 | 2,074 | |||||
Accrued compensation and benefits | 203,671 | 111,890 | |||||
Total accounts payable and accrued expenses | $ | 1,296,192 | 773,436 | ||||
Product_warranties
Product warranties | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||
Product warranties | ' | ||||||||||||
Product warranties | |||||||||||||
The Company warrants certain qualitative attributes of its products for up to 50 years. The Company records a provision for estimated warranty and related costs in accrued expenses, based on historical experience, and periodically adjusts these provisions to reflect actual experience. | |||||||||||||
The activity related to warranty obligations is as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 33,674 | 34,867 | 32,930 | 30,144 | ||||||||
Warranty claims paid during the period | (12,144 | ) | (15,166 | ) | (41,751 | ) | (43,952 | ) | |||||
Acquisitions | 48 | — | 3,331 | — | |||||||||
Warranty expense during the period | 11,989 | 14,748 | 39,057 | 48,257 | |||||||||
Balance at end of period | $ | 33,567 | 34,449 | 33,567 | 34,449 | ||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 9 Months Ended | |||||||||
Sep. 28, 2013 | ||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||
Accumulated Other Comprehensive Income | ' | |||||||||
Accumulated other comprehensive income | ||||||||||
Effective January 1, 2013, the Company adopted recently issued accounting guidance that requires the Company to separately disclose, on a prospective basis, the change in each component of other comprehensive income (loss) relating to reclassification adjustments and current period other comprehensive income (loss). As the guidance relates to presentation only, the adoption did not have a material impact on the Company's results of operations, financial position or cash flows. | ||||||||||
The changes in accumulated other comprehensive income by component, net of tax, for the first quarter of 2013 are as follows: | ||||||||||
Foreign currency translation adjustments | Pensions (1) | Total | ||||||||
Balance as of December 31, 2012 | $ | 160,661 | (928 | ) | 159,733 | |||||
Current period other comprehensive income (loss) before reclassifications | (13,689 | ) | 181 | (13,508 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | |||||||
Balance as of September 28, 2013 | $ | 146,972 | (747 | ) | 146,225 | |||||
(1) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 11 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012). |
Stockbased_compensation
Stock-based compensation | 9 Months Ended |
Sep. 28, 2013 | |
Share-based Compensation [Abstract] | ' |
Stock-based compensation | ' |
Stock-based compensation | |
The Company recognizes compensation expense for all share-based payments granted based on the grant-date fair value estimated in accordance with the provisions of the Financial Accounting Standards Board Accounting Standards Codification topic (“ASC”) 718-10. Compensation expense is recognized on a straight-line basis over the options’ or other awards’ estimated lives for fixed awards with ratable vesting provisions. | |
Under the Company’s 2012 Incentive Plan (“2012 Plan”), the Company's principal stock compensation plan as of May 9, 2012, the Company reserved up to a maximum of 3,200 shares of common stock for issuance upon the grant or exercise of stock options, restricted stock, restricted stock units (“RSUs”) and other types of awards, to directors and key employees through 2022. Option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years with a 10-year contractual term. Restricted stock and RSUs are granted with a price equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years. | |
The Company did not grant any options for the three or nine months ended September 28, 2013. The Company granted 83 options to employees at a weighted-average grant-date fair value of $28.71 per share for the nine months ended September 29, 2012. The Company recognized stock-based compensation costs related to stock options of $251 ($159 net of taxes) and $516 ($327 net of taxes) for the three months ended September 28, 2013 and September 29, 2012, respectively, which has been allocated to cost of sales and selling, general and administrative expenses. The Company recognized stock-based compensation costs related to stock options of $1,107 ($701 net of taxes) and $1,648 ($1,044 net of taxes) for the nine months ended September 28, 2013 and September 29, 2012, respectively, which has been allocated to cost of sales and selling, general and administrative expenses. Pre-tax unrecognized compensation expense for stock options granted to employees and outside directors, net of estimated forfeitures, was $1,250 as of September 28, 2013, and will be recognized as expense over a weighted-average period of approximately 1.4 years. | |
The fair value of the option award is estimated on the date of grant using the Black-Scholes-Merton valuation model. Expected volatility is based on the historical volatility of the Company’s common stock. The Company uses historical data to estimate option exercise and forfeiture rates within the valuation model. | |
The Company granted 2 RSU's at a weighted-average grant-date fair value of $115.79 per unit for the three months ended September 28, 2013. The Company did not grant any RSU's for the three months ended September 29, 2012. The Company granted 301 and 261 RSUs at a weighted-average grant-date fair value of $110.14 and $65.98 per unit for the nine months ended September 28, 2013 and September 29, 2012, respectively. The Company recognized stock-based compensation costs related to the issuance of RSUs of $4,085 ($2,588 net of taxes) and $2,294 ($1,453 net of taxes) for the three months ended September 28, 2013 and September 29, 2012, respectively, which has been allocated to selling, general and administrative expenses and cost of sales. The Company recognized stock-based compensation costs related to the issuance of RSUs of $12,727 ($8,063 net of taxes) and $9,542 ($6,045 net of taxes) for the nine months ended September 28, 2013 and September 29, 2012, respectively, which has been allocated to selling, general and administrative expenses and cost of sales. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $34,332 as of September 28, 2013, and will be recognized as expense over a weighted-average period of approximately 2.8 years. | |
The Company did not grant any restricted stock awards for the three and nine months ended September 28, 2013 or September 29, 2012. Compensation expense for restricted stock awards for the three and nine months ended September 28, 2013 and September 29, 2012, respectively, was not significant. |
Other_expense_income
Other expense (income) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | ||||||||||||
Other expense (income) | ' | ||||||||||||
Other (income) expense | |||||||||||||
Other (income) expense is as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Foreign currency (gains) losses, net | $ | 3,061 | (219 | ) | 6,093 | (6,921 | ) | ||||||
All other, net | (1,893 | ) | 541 | 365 | 5,858 | ||||||||
Total other expense (income) | $ | 1,168 | 322 | 6,458 | (1,063 | ) | |||||||
Earnings_per_share
Earnings per share | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per share | ' | ||||||||||||
Earnings per share | |||||||||||||
Basic net earnings per share (“EPS”) is calculated using net earnings available to common stockholders divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is similar to basic EPS except that the weighted-average number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. | |||||||||||||
Dilutive common stock options are included in the diluted EPS calculation using the treasury stock method. Common stock options and unvested restricted shares (units) that were not included in the diluted EPS computation because the exercise price was greater than the average market price of the common shares for the nine months ended September 28, 2013 and September 29, 2012 were 0 and 948, respectively. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Earnings from continuing operations attributable to Mohawk Industries, Inc. | $ | 119,621 | 70,304 | 256,049 | 183,869 | ||||||||
Weighted-average common shares outstanding-basic and diluted: | |||||||||||||
Weighted-average common shares outstanding—basic | 72,575 | 69,010 | 71,467 | 68,952 | |||||||||
Add weighted-average dilutive potential common shares—options and RSUs to purchase common shares, net | 512 | 327 | 508 | 295 | |||||||||
Weighted-average common shares outstanding-diluted | 73,087 | 69,337 | 71,975 | 69,247 | |||||||||
Earnings per share from continuing operations attributable to Mohawk Industries, Inc. | |||||||||||||
Basic | $ | 1.65 | 1.02 | 3.59 | 2.67 | ||||||||
Diluted | $ | 1.64 | 1.01 | 3.56 | 2.66 | ||||||||
Segment_reporting
Segment reporting | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment reporting | ' | |||||||||||
Segment reporting | ||||||||||||
In connection with the Marazzi acquisition, the Company revised the names of its segments and, beginning in the second quarter of 2013, now refers to the Mohawk segment as the Carpet segment, the Dal-Tile segment as the Ceramic segment and the Unilin segment as the Laminate and Wood segment. Only the names of the segments are affected by the change and therefore no prior period financial information changed. | ||||||||||||
The Company has three reporting segments: the Carpet segment, the Ceramic segment and the Laminate and Wood segment. The Carpet segment designs, manufactures, sources, distributes and markets its floor covering product lines, which principally include carpets, modular carpet tiles, rugs, mats and carpet pads, primarily in North America through its network of regional distribution centers and satellite warehouses using Company-operated trucks, common carriers or rail transportation. This segment’s product lines are sold through various selling channels, which include independent floor covering retailers, home centers, mass merchandisers, department stores, commercial dealers and commercial end users. The Ceramic segment designs, manufactures, sources, distributes and markets a broad line of ceramic tile, porcelain tile, natural stone and other products, primarily in North America, Europe and Russia. This segment’s product lines are sold to various selling channels including independent distributors, home center retailers, tile and flooring retailers and contractors. The Laminate and Wood segment designs, manufactures, sources, licenses, distributes and markets laminate and hardwood flooring, roofing systems, insulation panels and other wood products, primarily in Europe and North America. This segment's product lines are sold through various selling channels including retailers, independent distributors and home centers. | ||||||||||||
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. | ||||||||||||
Segment information is as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net sales: | ||||||||||||
Carpet segment | $ | 772,751 | 751,787 | 2,238,953 | 2,186,160 | |||||||
Ceramic segment | 767,005 | 417,533 | 1,939,054 | 1,214,746 | ||||||||
Laminate and Wood segment | 450,723 | 328,582 | 1,326,178 | 1,020,380 | ||||||||
Intersegment sales | (28,943 | ) | (24,409 | ) | (79,535 | ) | (68,965 | ) | ||||
$ | 1,961,536 | 1,473,493 | 5,424,650 | 4,352,321 | ||||||||
Operating income (loss): | ||||||||||||
Carpet segment | $ | 68,836 | 43,810 | 148,936 | 106,228 | |||||||
Ceramic segment | 75,908 | 37,452 | 152,188 | 99,912 | ||||||||
Laminate and Wood segment | 39,020 | 28,892 | 119,075 | 96,613 | ||||||||
Corporate and intersegment eliminations | (7,861 | ) | (6,200 | ) | (24,256 | ) | (19,105 | ) | ||||
$ | 175,903 | 103,954 | 395,943 | 283,648 | ||||||||
September 28, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Carpet segment | $ | 1,830,869 | 1,721,214 | |||||||||
Ceramic segment | 3,820,002 | 1,731,258 | ||||||||||
Laminate and Wood segment | 2,721,707 | 2,672,389 | ||||||||||
Corporate and intersegment eliminations | 191,579 | 178,823 | ||||||||||
$ | 8,564,157 | 6,303,684 | ||||||||||
Commitments_contingencies_and_
Commitments, contingencies and other | 9 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments, contingencies and other | ' |
Commitments, contingencies and other | |
The Company is involved in litigation from time to time in the regular course of its business. 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. | |
Beginning in August 2010, a series of civil lawsuits were initiated in several U.S. federal courts alleging that certain manufacturers of polyurethane foam products and competitors of the Company’s carpet underlay division had engaged in price fixing in violation of U.S. antitrust laws. The Company has been named as a defendant in a number of the individual cases (the first filed on August 26, 2010), as well as in two consolidated amended class action complaints, the first filed on February 28, 2011, on behalf of a class of all direct purchasers of polyurethane foam products, and the second filed on March 21, 2011, on behalf of a class of indirect purchasers. All pending cases in which the Company has been named as a defendant have been filed in or transferred to the U.S. District Court for the Northern District of Ohio for consolidated pre-trial proceedings under the name In re: Polyurethane Foam Antitrust Litigation, Case No. 1:10-MDL-02196. | |
In these actions, the plaintiffs, on behalf of themselves and/or a class of purchasers, seek three times the amount of unspecified damages allegedly suffered as a result of alleged overcharges in the price of polyurethane foam products from at least 1999 to the present. Each plaintiff also seeks attorney fees, pre-judgment and post-judgment interest, court costs, and injunctive relief against future violations. In April 2011, the Company filed a motion to dismiss the class action claims brought by the direct purchasers, and in May 2011, the Company moved to dismiss the claims brought by the indirect purchasers. On July 19, 2011, the Court issued a written opinion denying all defendants’ motions to dismiss. In December 2011, the Company was named as a defendant in a Canadian Class action, Hi ! Neighbor Floor Covering Co. Limited v. Hickory Springs Manufacturing Company, et al., filed in the Superior Court of Justice of Ontario, Canada and Options Consommateures v. Vitafoam, Inc. et.al., filed in the Superior Court of Justice of Quebec, Montreal, Canada, both of which allege similar claims against the Company as raised in the U.S. actions and seek unspecified damages and punitive damages. The Company denies all of the allegations in these actions and will vigorously defend itself. | |
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 we are 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. | |
In January 2012, the Company received a €23,789 assessment from the Belgian tax authority related to its year ended December 31, 2008, asserting that the Company had understated its Belgian taxable income for that year. The Company filed a formal protest in the first quarter of 2012 refuting the Belgian tax authority's position and in order to eliminate the accrual of additional interest on the assessed amount, the Company remitted payment of the tax assessment, plus applicable interest of €2,912 (collectively, the “Deposit”). In July 2012, the Company received notification of the Belgian tax authority's intention to extend the statute of limitations back to and including the tax year 2005. On September 10, 2012, the Company received notice from the Belgian tax authority setting aside the 2008 assessment and refunding the Deposit to the Company. On October 23, 2012, the Company received notification from the Belgian tax authority of its intent to increase the Company's tax base for the 2008 tax year under a revised theory. On December 28, 2012, the Company received the refund of the Deposit of €23,789. On January 30, 2013, the Company received a refund of the interest Deposit of €2,912 and interest income of €1,583 earned on the Deposit. | |
On December 28, 2012, the Belgian taxing authority issued assessments under a revised theory related to the years ended December 31, 2005 and December 31, 2009, in the amounts of €46,135 and €35,567, respectively, excluding potential interest and penalties. The Company timely filed formal protests in the first quarter of 2013 for the years assessed. In July 2013, the Company received notifications from the Belgian taxing authority of its intent to increase the Company's tax base in connection with the Company's 2006, 2007 and 2010 tax years. The adjustments proposed relate to the same income items assessed with regard to the 2005 and 2009 tax years. The Company disagrees with the view of the Belgian taxing authority, is reviewing the notifications and intends to continue to vigorously defend itself and contest the proposed changes. Although there can be no assurances, the Company believes the ultimate outcome of these actions will not have a material adverse effect on its financial condition but could have a material adverse effect on its results of operations, liquidity or cash flows in a given quarter or year. |
Debt
Debt | 9 Months Ended |
Sep. 28, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt | |
Senior Credit Facilities | |
On July 8, 2011, the Company entered into a $900,000, 5-year, senior, secured revolving credit facility (the "2011 Senior Credit Facility"). On January 20, 2012, the Company entered into an amendment to the 2011 Senior Credit Facility that provided for an incremental term loan facility in the aggregate principal amount of $150,000. On September 25, 2013, the Company entered into a $1,000,000, 5-year, senior revolving credit facility (the "2013 Senior Credit Facility") and terminated the 2011 Senior Credit Facility, including the term loan, which was originally set to mature on July 8, 2016. No early termination penalties were incurred as a result of the termination. | |
The 2011 Senior Credit Facility provided for a maximum of $900,000 of revolving credit, including limited amounts of credit in the form of letters of credit and swingline loans. The Company paid financing costs of $8,285 in connection with its 2011 Senior Credit Facility. These costs were deferred and, along with unamortized costs of $12,277 related to the Company’s prior senior, secured revolving credit facility, were being amortized over the term of the 2011 Senior Credit Facility. | |
On January 20, 2012, the Company entered into an amendment to the 2011 Senior Credit Facility that provided for an incremental term loan facility in the aggregate principal amount of $150,000. The Company paid financing costs of $1,018 in connection with the amendment to its 2011 Senior Credit Facility. These costs were deferred and were being amortized over the remaining term of the 2011 Senior Credit Facility. The incremental term loan facility provided for eight scheduled quarterly principal payments of $1,875, with the first such payment due on June 30, 2012, followed by four scheduled quarterly principal payments of $3,750, with remaining quarterly principal payments of $5,625 prior to maturity. | |
At the Company’s election, revolving loans under the 2011 Senior Credit Facility bore interest at annual rates equal to either (a) LIBOR for 1-, 2-, 3- or 6- month periods, as selected by the Company, plus an applicable margin ranging between 1.25% and 2.0%, or (b) the higher of the Bank of America, N.A. prime rate, the Federal Funds rate plus 0.5%, and a monthly LIBOR rate plus 1.0%, plus an applicable margin ranging between 0.25% and 1.0%. The Company also paid a commitment fee to the lenders under the 2011 Senior Credit Facility on the average amount by which the aggregate commitments of the lenders exceeded utilization of the 2011 Senior Credit Facility ranging from 0.25% to 0.4% per annum. The applicable margin and the commitment fee were determined based on the Company’s Consolidated Net Leverage Ratio (with applicable margins and the commitment fee increasing as the ratio increased). | |
All obligations of the Company and the other borrowers under the 2011 Senior Credit Facility were required to be guaranteed by all of the Company’s material domestic subsidiaries, and all obligations of borrowers that were foreign subsidiaries were guaranteed by those foreign subsidiaries of the Company which the Company designated as guarantors. | |
The 2011 Senior Credit Facility included certain affirmative and negative covenants that imposed restrictions on the Company’s financial and business operations, including limitations on liens, indebtedness, investments, fundamental changes, asset dispositions, dividends and other similar restricted payments, transactions with affiliates, payments and modifications of certain existing debt, future negative pledges, and changes in the nature of the Company’s business. Many of these limitations were subject to numerous exceptions. The Company was also required to maintain a Consolidated Interest Coverage Ratio of at least 3.0 to 1.0 and a Consolidated Net Leverage Ratio of no more than 3.75 to 1.0, each as of the last day of any fiscal quarter, as defined in the 2011 Senior Credit Facility. The 2011 Senior Credit Facility also contained customary representations and warranties and events of default, subject to customary grace periods. | |
The 2013 Senior Credit Facility provides for a maximum of $1,000,000 of revolving credit, including limited amounts of credit in the form of letters of credit and swingline loans. The Company paid financing costs of $1,836 in connection with its 2013 Senior Credit Facility. These costs were deferred and, along with unamortized costs of $11,440 related to the Company’s 2011 Credit Facility, are being amortized over the term of the 2013 Senior Credit Facility. | |
At the Company's election, revolving loans under the 2013 Senior Credit Facility bear interest at annual rates equal to either (a) LIBOR for 1, 2, 3 or 6 month periods, as selected by the Company, plus an applicable margin ranging between 1.00% and 1.75%, or (b) the higher of the Wells Fargo Bank, National Association prime rate, the Federal Funds rate plus 0.5%, and a monthly LIBOR rate plus 1.0%, plus an applicable margin ranging between 0.00% and 0.75%. The Company also pays a commitment fee to the Lenders under the 2013 Senior Credit Facility on the average amount by which the aggregate commitments of the Lenders' exceed utilization of the 2013 Senior Credit Facility ranging from 0.125% to 0.25% per annum. 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). | |
The obligations of the Company and its subsidiaries in respect of the 2013 Senior Credit Facility are unsecured. | |
All obligations of the Company and the other Borrowers under the 2013 Senior Credit Facility are required to be guaranteed by all of the Company's material domestic subsidiaries and all obligations of Borrowers that are foreign subsidiaries are guaranteed by those foreign subsidiaries of the Company which the Company designates as guarantors. | |
If at any time (a) either (i) the Company's corporate family rating or senior unsecured rating, whichever is in effect from Moody's Investors Service, Inc. (the “Moody's Rating”) is Baa3 or better (with a stable outlook or better) and the Company's corporate rating from Standard & Poor's Financial Services LLC (the “S&P Rating”) is BB+ or better (with a stable outlook or better) or (ii) the Moody's Rating is Ba1 or better (with a stable outlook or better) and the S&P Rating is BBB- or better (with a stable outlook or better) and (b) no default or event of default shall have occurred and be continuing, then upon the Company's request, the foregoing guarantees will be automatically released. The Company is required to reinstate such guarantees after having been released if: (a) both (i) the Moody's Rating is Ba2 and (ii) the S&P Rating is BB, (b) (i) the Moody's Rating is Ba3 or lower and (ii) the S&P Rating is below BBB- (with a stable outlook or better) or (c) (i) the Moody's Rating is below Baa3 (with a stable outlook or better) and (ii) the S&P Rating is BB- or lower. | |
The 2013 Senior Credit Facility includes certain affirmative and negative covenants that impose restrictions on the Company's financial and business operations, including limitations on liens, indebtedness, investments, fundamental changes, asset dispositions, dividends and other similar restricted payments, transactions with affiliates, payments and modifications of certain existing debt, future negative pledges, and changes in the nature of the Company's business. Many of these limitations are subject to numerous exceptions. The Company is also required to maintain a Consolidated Interest Coverage Ratio of at least 3.0 to 1.0 and a Consolidated Net Leverage Ratio of no more than 3.75 to 1.0, each as of the last day of any fiscal quarter. | |
The 2013 Senior Credit Facility also contains customary representations and warranties and events of default, subject to customary grace periods. | |
As of September 28, 2013, the amount utilized under the 2013 Senior Credit Facility was $543,921 resulting in a total of $456,079 available under the 2013 Senior Credit Facility. The amount utilized included $449,325 of borrowings, $46,823 of standby letters of credit guaranteeing the Company’s industrial revenue bonds and $47,773 of standby letters of credit related to various insurance contracts and foreign vendor commitments. | |
Senior Notes | |
On January 31, 2013, the Company issued $600,000 aggregate principal amount of 3.85% Senior Notes due February 1, 2023. The Company paid financing costs of $6,000 in connection with the 3.85% Senior Notes. These costs were deferred and are being amortized over the term of the 3.85% Senior Notes. | |
On January 17, 2006, the Company issued $900,000 aggregate principal amount of 6.125% notes due January 15, 2016. Interest payable on these notes is subject to adjustment if either Moody’s or S&P, or both, upgrades or downgrades the rating assigned to the notes. Each rating agency downgrade results in a 0.25% increase in the interest rate, subject to a maximum increase of 1% per rating agency. If later the rating of these notes improves, then the interest rates would be reduced accordingly. Each 0.25% increase in the interest rate of these notes would increase the Company’s interest expense by approximately $63 per quarter per $100,000 of outstanding notes. In 2009, interest rates increased by an aggregate amount of 75 basis points as a result of downgrades by Moody’s and S&P. In the first quarter of 2012, interest rates decreased by 50 basis points as a result of the upgrades from S&P and Moody’s. Accordingly, the current rate in effect is 6.375%. Any future downgrades in the Company’s credit ratings could increase the cost of its existing credit and adversely affect the cost of and ability to obtain additional credit in the future. | |
In 2002, the Company issued $400,000 aggregate principal amount of its senior 7.20% notes due April 15, 2012. During 2011, the Company repurchased $63,730 of its senior 7.20% notes, at an average price equal to 102.72% of the principal amount. On April 16, 2012, the Company repaid the remaining $336,270 principal amount of outstanding senior 7.20% notes, together with accrued interest of $12,106, at maturity using available borrowings under its 2011 Senior Credit Facility. | |
Accounts Receivable Securitization | |
On December 19, 2012, the Company entered into a three-year on-balance sheet trade accounts receivable securitization agreement (the "Securitization Facility"). The Securitization Facility allows the Company to borrow up to $300,000 based on available accounts receivable and is secured by the Company's U.S. trade accounts receivable. Borrowings under the Securitization Facility bear interest at commercial paper interest rates, in the case of lenders that are commercial paper conduits, or LIBOR, in the case of lenders that are not commercial paper conduits, in each case, plus an applicable margin of 0.75% per annum. The Company also pays a commitment fee at a per annum rate of 0.30% on the unused amount of each lender's commitment. At September 28, 2013, the amount utilized under the Securitization Facility was $300,000. |
Fair_value
Fair value | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair value | ' | ||||||||||||
Fair Value | |||||||||||||
ASC 825-10, formerly the FASB Staff Position FAS 107-1 and Accounting Principles Board Opinion 28-1, “Interim Disclosures About Fair Value of Financial Instruments”, requires disclosures about fair value of financial instruments in interim reporting periods of publicly-traded companies. | |||||||||||||
The fair values and carrying values of our debt instruments are detailed as follows: | |||||||||||||
September 28, 2013 | December 31, 2012 | ||||||||||||
Fair Value | Carrying | Fair Value | Carrying | ||||||||||
Value | Value | ||||||||||||
3.85% senior notes, payable January 31, 2023; interest payable semiannually | $ | 570,600 | 600,000 | — | — | ||||||||
6.125% notes, payable January 15, 2016; interest payable semiannually | 989,100 | 900,000 | 1,011,600 | 900,000 | |||||||||
Five-year senior secured credit facility, due July 8, 2016 | — | — | 153,875 | 153,875 | |||||||||
Five-year senior secured credit facility, due September 25, 2018 | 449,325 | 449,325 | — | — | |||||||||
Securitization facility | 300,000 | 300,000 | 280,000 | 280,000 | |||||||||
Industrial revenue bonds, capital leases and other | 97,097 | 97,097 | 49,067 | 49,067 | |||||||||
Total long-term debt | 2,406,122 | 2,346,422 | 1,494,542 | 1,382,942 | |||||||||
Less current portion | 89,031 | 89,031 | 55,213 | 55,213 | |||||||||
Long-term debt, less current portion | $ | 2,317,091 | 2,257,391 | 1,439,329 | 1,327,729 | ||||||||
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. | |||||||||||||
The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate their fair values because of the relatively short-term maturities of these instruments. |
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||||||
The components of the preliminary purchase price allocation for Marazzi are as follows (in thousands): | ||||||||||||||
Enterprise value | $ | 1,522,731 | ||||||||||||
Assumed indebtedness | (901,773 | ) | ||||||||||||
Consideration transferred | $ | 620,958 | ||||||||||||
Working capital | $ | 384,888 | ||||||||||||
Property, plant and equipment, net | 778,776 | |||||||||||||
Tradenames | 215,357 | |||||||||||||
Customer relationships | 21,792 | |||||||||||||
Equity method investments | 1,058 | |||||||||||||
Goodwill | 261,124 | |||||||||||||
Other long-term assets | 16,099 | |||||||||||||
Long-term debt, including current portion | (901,773 | ) | ||||||||||||
Other long-term liabilities | (71,021 | ) | ||||||||||||
Deferred tax liability | (79,132 | ) | ||||||||||||
Noncontrolling interest | (6,210 | ) | ||||||||||||
Consideration transferred | $ | 620,958 | ||||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||||
The following unaudited pro forma consolidated results of operations have been prepared as if the Marazzi acquisition occurred as of January 1, 2012 (amounts in thousands, except per share data): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||
Net Sales: | ||||||||||||||
As reported | $ | 1,961,536 | 1,473,493 | 5,424,650 | 4,352,321 | |||||||||
Pro forma | $ | 1,961,536 | 1,756,254 | 5,687,131 | 5,178,274 | |||||||||
Net earnings from continuing operations attributable to Mohawk Industries, Inc.: | ||||||||||||||
As reported | $ | 119,621 | 70,304 | 256,049 | 183,869 | |||||||||
Pro forma | $ | 129,533 | 82,098 | 288,683 | 195,853 | |||||||||
Basic earnings per share from continuing operations attributable to Mohawk Industries, Inc.: | ||||||||||||||
As reported | $ | 1.65 | 1.02 | 3.59 | 2.67 | |||||||||
Pro forma | $ | 1.78 | 1.14 | 3.99 | 2.73 | |||||||||
Diluted earnings per share from continuing operations attributable to Mohawk Industries, Inc.: | ||||||||||||||
As reported | $ | 1.64 | 1.01 | 3.56 | 2.66 | |||||||||
Pro forma | $ | 1.77 | 1.14 | 3.96 | 2.72 | |||||||||
Restructuring_Acquisition_and_1
Restructuring, Acquisition and Related Costs Restructuring, Acquisition, and Related Costs (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||
Restructuring, acquisition transaction and integration-related costs consisted of the following during the three and nine months ended September 28, 2013 and September 29, 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Cost of sales | ||||||||||||||||
Restructuring costs | $ | 9,786 | (a) | 2,984 | (b) | 24,116 | (a) | 9,620 | (b) | |||||||
Acquisition integration-related costs | 4,913 | — | 8,328 | — | ||||||||||||
Restructuring and integration-related costs | $ | 14,699 | 2,984 | 32,444 | 9,620 | |||||||||||
Selling, general and administrative expenses | ||||||||||||||||
Restructuring costs | $ | 3,887 | (a) | 1,245 | (b) | 17,946 | (a) | 2,835 | (b) | |||||||
Acquisition transaction-related costs | 402 | — | 14,214 | — | ||||||||||||
Acquisition integration-related costs | 5,423 | — | 10,984 | — | ||||||||||||
Restructuring, acquisition and integration-related costs | $ | 9,712 | 1,245 | 43,144 | 2,835 | |||||||||||
(a) The restructuring costs for 2013 primarily relate to the Company’s actions taken to lower its cost structure and improve efficiencies of manufacturing operations and administrative functions, as well as actions related to the Company's acquisition of Pergo, Marazzi and Spano. | ||||||||||||||||
(b) The restructuring costs for 2012 primarily relate to the Company's actions taken to to lower its cost structure and improve efficiencies of manufacturing and distribution operations as the Company adjusted to changing economic conditions. | ||||||||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||||||
The restructuring activity for the nine months ended September 28, 2013 is as follows: | ||||||||||||||||
Lease | Asset write-downs | Severance | Other | Total | ||||||||||||
impairments | restructuring | |||||||||||||||
costs | ||||||||||||||||
Balance as of December 31, 2012 | $ | 7,457 | — | 2,898 | — | 10,355 | ||||||||||
Provision - Carpet segment | 1,320 | 37 | 6,141 | 326 | 7,824 | |||||||||||
Provision - Ceramic segment | — | — | 8,550 | 426 | 8,976 | |||||||||||
Provision - Laminate and Wood segment | — | — | 17,849 | 7,002 | 24,851 | |||||||||||
Provision - Corporate | — | — | 411 | — | 411 | |||||||||||
Cash payments | (2,106 | ) | — | (16,610 | ) | (7,754 | ) | (26,470 | ) | |||||||
Non-cash items | — | (37 | ) | — | — | (37 | ) | |||||||||
Balance as of September 28, 2013 | $ | 6,671 | — | 19,239 | — | 25,910 | ||||||||||
Receivables_net_Tables
Receivables, net (Tables) | 9 Months Ended | ||||||
Sep. 28, 2013 | |||||||
Receivables [Abstract] | ' | ||||||
Net components of receivables | ' | ||||||
Receivables, net are as follows: | |||||||
September 28, | December 31, | ||||||
2013 | 2012 | ||||||
Customers, trade | $ | 1,164,172 | 691,553 | ||||
Income tax receivable | 10,473 | — | |||||
Other | 58,520 | 25,793 | |||||
1,233,165 | 717,346 | ||||||
Less: allowance for discounts, returns, claims and doubtful accounts | 78,797 | 37,873 | |||||
Receivables, net | $ | 1,154,368 | 679,473 | ||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||
Sep. 28, 2013 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Net components of inventories | ' | ||||||
The components of inventories are as follows: | |||||||
September 28, | December 31, | ||||||
2013 | 2012 | ||||||
Finished goods | $ | 1,090,008 | 695,606 | ||||
Work in process | 128,534 | 103,685 | |||||
Raw materials | 394,154 | 334,445 | |||||
Total inventories | $ | 1,612,696 | 1,133,736 | ||||
Goodwill_and_intangible_assets1
Goodwill and intangible assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of goodwill | ' | ||||||||||||
Goodwill: | |||||||||||||
Carpet segment | Ceramic segment | Laminate and Wood segment | Total | ||||||||||
Balance as of December 31, 2012 | |||||||||||||
Goodwill | $ | 199,132 | 1,186,913 | 1,327,151 | 2,713,196 | ||||||||
Accumulated impairment losses | (199,132 | ) | (531,930 | ) | (596,363 | ) | (1,327,425 | ) | |||||
$ | — | 654,983 | 730,788 | 1,385,771 | |||||||||
Goodwill acquired during the period | $ | — | 261,124 | 60,358 | 321,482 | ||||||||
Currency translation during the period | $ | — | (4,486 | ) | 11,116 | 6,630 | |||||||
Balance as of September 28, 2013 | |||||||||||||
Goodwill | $ | 199,132 | 1,443,551 | 1,398,625 | 3,041,308 | ||||||||
Accumulated impairment losses | (199,132 | ) | (531,930 | ) | (596,363 | ) | (1,327,425 | ) | |||||
$ | — | 911,621 | 802,262 | 1,713,883 | |||||||||
Schedule of indefinite life assets not subject to amortization | ' | ||||||||||||
Intangible assets: | |||||||||||||
Indefinite life assets not subject to amortization: | Tradenames | ||||||||||||
Balance as of December 31, 2012 | $ | 455,503 | |||||||||||
Intangible assets acquired during the period | 232,191 | ||||||||||||
Currency translation during the period | 6,898 | ||||||||||||
Balance as of September 28, 2013 | $ | 694,592 | |||||||||||
Schedule of intangible assets subject to amortization | ' | ||||||||||||
Intangible assets subject to amortization: | Customer | Patents | Other | Total | |||||||||
relationships | |||||||||||||
Balance as of December 31, 2012 | $ | 26,210 | 71,031 | 1,055 | 98,296 | ||||||||
Intangible assets acquired during the period | 21,792 | 15,188 | — | 36,980 | |||||||||
Amortization during the period | (4,712 | ) | (14,418 | ) | (132 | ) | (19,262 | ) | |||||
Currency translation during the period | (412 | ) | 1,117 | (195 | ) | 510 | |||||||
Balance as of September 28, 2013 | $ | 42,878 | 72,918 | 728 | 116,524 | ||||||||
Schedule of intangible assets amortization expense | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Amortization expense | $ | 13,288 | 15,683 | 19,262 | 47,942 | ||||||||
Accounts_payable_and_accrued_e1
Accounts payable and accrued expenses (Tables) | 9 Months Ended | ||||||
Sep. 28, 2013 | |||||||
Payables and Accruals [Abstract] | ' | ||||||
Components of accounts payable and accrued expenses | ' | ||||||
Accounts payable and accrued expenses are as follows: | |||||||
September 28, | December 31, | ||||||
2013 | 2012 | ||||||
Outstanding checks in excess of cash | $ | 18,476 | 25,480 | ||||
Accounts payable, trade | 727,770 | 387,871 | |||||
Accrued expenses | 271,382 | 180,039 | |||||
Product warranties | 33,567 | 32,930 | |||||
Accrued interest | 15,550 | 26,843 | |||||
Deferred tax liability | 14,564 | 6,309 | |||||
Income taxes payable | 11,212 | 2,074 | |||||
Accrued compensation and benefits | 203,671 | 111,890 | |||||
Total accounts payable and accrued expenses | $ | 1,296,192 | 773,436 | ||||
Product_warranties_Tables
Product warranties (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||
Provision for warranty obligations | ' | ||||||||||||
The activity related to warranty obligations is as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 33,674 | 34,867 | 32,930 | 30,144 | ||||||||
Warranty claims paid during the period | (12,144 | ) | (15,166 | ) | (41,751 | ) | (43,952 | ) | |||||
Acquisitions | 48 | — | 3,331 | — | |||||||||
Warranty expense during the period | 11,989 | 14,748 | 39,057 | 48,257 | |||||||||
Balance at end of period | $ | 33,567 | 34,449 | 33,567 | 34,449 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||
Sep. 28, 2013 | ||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||
The changes in accumulated other comprehensive income by component, net of tax, for the first quarter of 2013 are as follows: | ||||||||||
Foreign currency translation adjustments | Pensions (1) | Total | ||||||||
Balance as of December 31, 2012 | $ | 160,661 | (928 | ) | 159,733 | |||||
Current period other comprehensive income (loss) before reclassifications | (13,689 | ) | 181 | (13,508 | ) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | |||||||
Balance as of September 28, 2013 | $ | 146,972 | (747 | ) | 146,225 | |||||
(1) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 11 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012). |
Other_expense_income_Tables
Other expense (income) (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | ||||||||||||
Summary of other expense (income) | ' | ||||||||||||
Other (income) expense is as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Foreign currency (gains) losses, net | $ | 3,061 | (219 | ) | 6,093 | (6,921 | ) | ||||||
All other, net | (1,893 | ) | 541 | 365 | 5,858 | ||||||||
Total other expense (income) | $ | 1,168 | 322 | 6,458 | (1,063 | ) | |||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per share | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Earnings from continuing operations attributable to Mohawk Industries, Inc. | $ | 119,621 | 70,304 | 256,049 | 183,869 | ||||||||
Weighted-average common shares outstanding-basic and diluted: | |||||||||||||
Weighted-average common shares outstanding—basic | 72,575 | 69,010 | 71,467 | 68,952 | |||||||||
Add weighted-average dilutive potential common shares—options and RSUs to purchase common shares, net | 512 | 327 | 508 | 295 | |||||||||
Weighted-average common shares outstanding-diluted | 73,087 | 69,337 | 71,975 | 69,247 | |||||||||
Earnings per share from continuing operations attributable to Mohawk Industries, Inc. | |||||||||||||
Basic | $ | 1.65 | 1.02 | 3.59 | 2.67 | ||||||||
Diluted | $ | 1.64 | 1.01 | 3.56 | 2.66 | ||||||||
Segment_reporting_Tables
Segment reporting (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Summary of segment information | ' | |||||||||||
Segment information is as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net sales: | ||||||||||||
Carpet segment | $ | 772,751 | 751,787 | 2,238,953 | 2,186,160 | |||||||
Ceramic segment | 767,005 | 417,533 | 1,939,054 | 1,214,746 | ||||||||
Laminate and Wood segment | 450,723 | 328,582 | 1,326,178 | 1,020,380 | ||||||||
Intersegment sales | (28,943 | ) | (24,409 | ) | (79,535 | ) | (68,965 | ) | ||||
$ | 1,961,536 | 1,473,493 | 5,424,650 | 4,352,321 | ||||||||
Operating income (loss): | ||||||||||||
Carpet segment | $ | 68,836 | 43,810 | 148,936 | 106,228 | |||||||
Ceramic segment | 75,908 | 37,452 | 152,188 | 99,912 | ||||||||
Laminate and Wood segment | 39,020 | 28,892 | 119,075 | 96,613 | ||||||||
Corporate and intersegment eliminations | (7,861 | ) | (6,200 | ) | (24,256 | ) | (19,105 | ) | ||||
$ | 175,903 | 103,954 | 395,943 | 283,648 | ||||||||
September 28, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Carpet segment | $ | 1,830,869 | 1,721,214 | |||||||||
Ceramic segment | 3,820,002 | 1,731,258 | ||||||||||
Laminate and Wood segment | 2,721,707 | 2,672,389 | ||||||||||
Corporate and intersegment eliminations | 191,579 | 178,823 | ||||||||||
$ | 8,564,157 | 6,303,684 | ||||||||||
Fair_value_Tables
Fair value (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair value and carrying value of debt instruments | ' | ||||||||||||
The fair values and carrying values of our debt instruments are detailed as follows: | |||||||||||||
September 28, 2013 | December 31, 2012 | ||||||||||||
Fair Value | Carrying | Fair Value | Carrying | ||||||||||
Value | Value | ||||||||||||
3.85% senior notes, payable January 31, 2023; interest payable semiannually | $ | 570,600 | 600,000 | — | — | ||||||||
6.125% notes, payable January 15, 2016; interest payable semiannually | 989,100 | 900,000 | 1,011,600 | 900,000 | |||||||||
Five-year senior secured credit facility, due July 8, 2016 | — | — | 153,875 | 153,875 | |||||||||
Five-year senior secured credit facility, due September 25, 2018 | 449,325 | 449,325 | — | — | |||||||||
Securitization facility | 300,000 | 300,000 | 280,000 | 280,000 | |||||||||
Industrial revenue bonds, capital leases and other | 97,097 | 97,097 | 49,067 | 49,067 | |||||||||
Total long-term debt | 2,406,122 | 2,346,422 | 1,494,542 | 1,382,942 | |||||||||
Less current portion | 89,031 | 89,031 | 55,213 | 55,213 | |||||||||
Long-term debt, less current portion | $ | 2,317,091 | 2,257,391 | 1,439,329 | 1,327,729 | ||||||||
Acquisitions_NarrativeDetails
Acquisitions (Narrative)(Details) | Sep. 28, 2013 | Dec. 31, 2012 | Jan. 10, 2013 | Apr. 03, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Apr. 03, 2013 | 3-May-13 | Jan. 31, 2013 | Apr. 03, 2013 | Jan. 10, 2013 | Apr. 03, 2013 | Sep. 29, 2012 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Pergo [Member] | Marrazzi Group [Member] | Marrazzi Group [Member] | Marrazzi Group [Member] | Marrazzi Group [Member] | Spano Invest NV [Member] | 3.85% Senior Notes Due February 1,2023 [Member] | Customer Relationships [Member] | Trademarks [Member] | Trademarks [Member] | Pro Forma [Member] | Pro Forma [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | Marrazzi Group [Member] | Pergo [Member] | Marrazzi Group [Member] | Marrazzi Group [Member] | Marrazzi Group [Member] | USD ($) | USD ($) | USD ($) | USD ($) | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Enterprise value | ' | ' | $150,000 | $1,522,731 | ' | ' | ' | $160,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed indebtedness | ' | ' | ' | 901,773 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments to acquire entity | ' | ' | ' | 307,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for acquisition, in shares | ' | ' | ' | 2,874 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for acquisition, value | ' | ' | ' | 313,906 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | 3.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition transaction-related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 402 | 0 | 14,214 | 0 |
Customer relationships | ' | ' | 15,188 | ' | ' | ' | ' | ' | ' | 21,792 | ' | ' | ' | ' | ' | ' | ' | ' |
Customer relationships useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Tradenames | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,834 | 215,357 | ' | ' | ' | ' | ' | ' |
Goodwill | 1,713,883 | 1,385,771 | 24,501 | 261,124 | ' | ' | ' | 35,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual pro forma net sales | ' | ' | ' | ' | 298,960 | 608,827 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma net loss | ' | ' | ' | ' | 10,067 | 3,378 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Securitization Facility | ' | ' | ' | ' | ' | ' | 51,814 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory step up, amortization | ' | ' | ' | ' | $12,297 | $31,041 | ' | ' | ' | ' | ' | ' | $0 | $22,242 | ' | ' | ' | ' |
Acquisitions_Acquisitions_Asse
Acquisitions Acquisitions (Assets Acquired and Liabilities Assumed) (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Apr. 03, 2013 | Apr. 03, 2013 | Apr. 03, 2013 |
In Thousands, unless otherwise specified | Marrazzi Group [Member] | Trademarks [Member] | Customer Relationships [Member] | ||
Marrazzi Group [Member] | Marrazzi Group [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Enterprise value | ' | ' | $1,522,731 | ' | ' |
Assumed indebtedness | ' | ' | -901,773 | ' | ' |
Consideration transferred | ' | ' | 620,958 | ' | ' |
Working capital | ' | ' | 384,888 | ' | ' |
Property, plant and equipment, net | ' | ' | 778,776 | ' | ' |
Tradenames | ' | ' | ' | 215,357 | ' |
Customer relationships | ' | ' | ' | ' | 21,792 |
Equity method investments | ' | ' | 1,058 | ' | ' |
Goodwill | 1,713,883 | 1,385,771 | 261,124 | ' | ' |
Other long-term assets | ' | ' | 16,099 | ' | ' |
Long-term debt, including current portion | ' | ' | -901,773 | ' | ' |
Other long-term liabilities | ' | ' | -71,021 | ' | ' |
Deferred tax liability | ' | ' | -79,132 | ' | ' |
Noncontrolling interest | ' | ' | -6,210 | ' | ' |
Consideration transferred | ' | ' | $620,958 | ' | ' |
Acquisitions_Acquisitions_Pro_
Acquisitions Acquisitions (Pro Forma Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Net sales | $1,961,536 | $1,473,493 | $5,424,650 | $4,352,321 |
Pro forma, Net Sales | 1,961,536 | 1,756,254 | 5,687,131 | 5,178,274 |
Net earnings from continuing operations attributable to Mohawk Industries, Inc, As Reported | 119,621 | 70,304 | 256,049 | 183,869 |
Net earnings from continuing operations attributable to Mohawk Industries, Inc, Pro Forma | $129,533 | $82,098 | $288,683 | $195,853 |
Basic earnings per share from continuing operations attributable to Mohawk Industries, Inc; As Reported | $1.65 | $1.02 | $3.59 | $2.67 |
Basic earnings per share from continuing operations attributable to Mohawk Industries, Inc; Pro Forma | $1.78 | $1.14 | $3.99 | $2.73 |
Diluted earnings per share from continuing operations attributable to Mohawk Industries, Inc; As Reported | $1.64 | $1.01 | $3.56 | $2.66 |
Diluted earnings per share from continuing operations attributable to Mohawk Industries, Inc; Pro Forma | $1.77 | $1.14 | $3.96 | $2.72 |
Restructuring_Acquisition_and_2
Restructuring, Acquisition and Related Costs Restructuring and Related Costs by Type of Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Provision | ' | ' | $42,062 | $12,455 | ||||
Cost of Sales [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Restructuring costs | 9,786 | [1] | 2,984 | [2] | 24,116 | [1] | 9,620 | [2] |
Acquisition integration-related costs | 4,913 | 0 | 8,328 | 0 | ||||
Provision | 14,699 | 2,984 | 32,444 | 9,620 | ||||
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Restructuring costs | 3,887 | [1] | 1,245 | [2] | 17,946 | [1] | 2,835 | [2] |
Acquisition transaction-related costs | 402 | 0 | 14,214 | 0 | ||||
Acquisition integration-related costs | 5,423 | 0 | 10,984 | 0 | ||||
Provision | 9,712 | 1,245 | 43,144 | 2,835 | ||||
Other Expense [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Restructuring costs | $20 | [1] | ' | ' | ' | |||
[1] | The restructuring costs for 2013 primarily relate to the Companybs actions taken to lower its cost structure and improve efficiencies of manufacturing operations and administrative functions, as well as actions related to the Company's acquisition of Pergo, Marazzi and Spano. | |||||||
[2] | The restructuring costs for 2012 primarily relate to the Company's actions taken to to lower its cost structure and improve efficiencies of manufacturing and distribution operations as the Company adjusted to changing economic conditions. |
Restructuring_Acquisition_and_3
Restructuring, Acquisition and Related Costs Restructuring Reserve (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 31, 2012 | $10,355 | ' |
Provision | 42,062 | 12,455 |
Cash payments | -26,470 | ' |
Non-cash items | -37 | ' |
Balance as of September 28, 2013 | 25,910 | ' |
Other Restructuring [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 31, 2012 | 0 | ' |
Cash payments | -7,754 | ' |
Non-cash items | 0 | ' |
Balance as of September 28, 2013 | 0 | ' |
Lease Impairments [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 31, 2012 | 7,457 | ' |
Cash payments | -2,106 | ' |
Non-cash items | 0 | ' |
Balance as of September 28, 2013 | 6,671 | ' |
Asset Write-Down [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 31, 2012 | 0 | ' |
Cash payments | 0 | ' |
Non-cash items | -37 | ' |
Balance as of September 28, 2013 | 0 | ' |
Severance [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 31, 2012 | 2,898 | ' |
Cash payments | -16,610 | ' |
Non-cash items | 0 | ' |
Balance as of September 28, 2013 | 19,239 | ' |
Carpet Segment [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 7,824 | ' |
Carpet Segment [Member] | Other Restructuring [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 326 | ' |
Carpet Segment [Member] | Lease Impairments [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 1,320 | ' |
Carpet Segment [Member] | Asset Write-Down [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 37 | ' |
Carpet Segment [Member] | Severance [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 6,141 | ' |
Ceramic Segment [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 8,976 | ' |
Ceramic Segment [Member] | Other Restructuring [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 426 | ' |
Ceramic Segment [Member] | Lease Impairments [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 0 | ' |
Ceramic Segment [Member] | Asset Write-Down [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 0 | ' |
Ceramic Segment [Member] | Severance [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 8,550 | ' |
Laminate and Wood Segment [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 24,851 | ' |
Laminate and Wood Segment [Member] | Other Restructuring [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 7,002 | ' |
Laminate and Wood Segment [Member] | Lease Impairments [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 0 | ' |
Laminate and Wood Segment [Member] | Asset Write-Down [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 0 | ' |
Laminate and Wood Segment [Member] | Severance [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 17,849 | ' |
Corporate Segment [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 411 | ' |
Corporate Segment [Member] | Other Restructuring [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 0 | ' |
Corporate Segment [Member] | Lease Impairments [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 0 | ' |
Corporate Segment [Member] | Asset Write-Down [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | 0 | ' |
Corporate Segment [Member] | Severance [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Provision | $411 | ' |
Receivables_net_Net_components
Receivables, net (Net components of receivables) (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Customers, trade | $1,164,172 | $691,553 |
Income Taxes Receivable, Current | 10,473 | 0 |
Other | 58,520 | 25,793 |
Receivables, gross | 1,233,165 | 717,346 |
Less allowance for discounts, returns, claims and doubtful accounts | 78,797 | 37,873 |
Receivables, net | $1,154,368 | $679,473 |
Inventories_Net_components_of_
Inventories (Net components of inventories) (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $1,090,008 | $695,606 |
Work in process | 128,534 | 103,685 |
Raw materials | 394,154 | 334,445 |
Total inventories | $1,612,696 | $1,133,736 |
Goodwill_and_intangible_assets2
Goodwill and intangible assets (Schedule of goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Goodwill [Roll Forward] | ' |
Goodwill, beginning balance | $2,713,196 |
Accumulated impairments losses, beginning balance | -1,327,425 |
Goodwill, net | 1,713,883 |
Goodwill, net, beginning balance | 1,385,771 |
Goodwill acquired during the period | 321,482 |
Currency translation during the year | 6,630 |
Goodwill, ending balance | 3,041,308 |
Accumulated impairments losses, ending balance | -1,327,425 |
Goodwill, net, ending balance | 1,713,883 |
Carpet Segment [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, beginning balance | 199,132 |
Accumulated impairments losses, beginning balance | -199,132 |
Goodwill, net | 0 |
Goodwill, net, beginning balance | 0 |
Goodwill acquired during the period | 0 |
Currency translation during the year | 0 |
Goodwill, ending balance | 199,132 |
Accumulated impairments losses, ending balance | -199,132 |
Goodwill, net, ending balance | 0 |
Ceramic Segment [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, beginning balance | 1,186,913 |
Accumulated impairments losses, beginning balance | -531,930 |
Goodwill, net | 911,621 |
Goodwill, net, beginning balance | 654,983 |
Goodwill acquired during the period | 261,124 |
Currency translation during the year | -4,486 |
Goodwill, ending balance | 1,443,551 |
Accumulated impairments losses, ending balance | -531,930 |
Goodwill, net, ending balance | 911,621 |
Laminate and Wood Segment [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, beginning balance | 1,327,151 |
Accumulated impairments losses, beginning balance | -596,363 |
Goodwill, net | 802,262 |
Goodwill, net, beginning balance | 730,788 |
Goodwill acquired during the period | 60,358 |
Currency translation during the year | 11,116 |
Goodwill, ending balance | 1,398,625 |
Accumulated impairments losses, ending balance | -596,363 |
Goodwill, net, ending balance | $802,262 |
Goodwill_and_intangible_assets3
Goodwill and intangible assets (Schedule of indefinite life assets not subject to amortization) (Details) (Tradenames [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Tradenames [Member] | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' |
Indefinite life assets not subject to amortization, beginning balance | $455,503 |
Intangible assets acquired during the period | 232,191 |
Currency translation during the year | 6,898 |
Indefinite life assets not subject to amortization, ending balance | $694,592 |
Goodwill_and_intangible_assets4
Goodwill and intangible assets (Schedule of intangible assets subject to amortization) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Intangible assets subject to amortization, beginning balance | ' | ' | $98,296 | ' |
Intangible assets acquired during the period | ' | ' | 36,980 | ' |
Amortization during the period | -13,288 | -15,683 | -19,262 | -47,942 |
Currency translation during the period | ' | ' | 510 | ' |
Intangible assets subject to amortization, ending balance | 116,524 | ' | 116,524 | ' |
Customer Relationships [Member] | ' | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Intangible assets subject to amortization, beginning balance | ' | ' | 26,210 | ' |
Intangible assets acquired during the period | ' | ' | 21,792 | ' |
Amortization during the period | ' | ' | -4,712 | ' |
Currency translation during the period | ' | ' | -412 | ' |
Intangible assets subject to amortization, ending balance | 42,878 | ' | 42,878 | ' |
Patents [Member] | ' | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Intangible assets subject to amortization, beginning balance | ' | ' | 71,031 | ' |
Intangible assets acquired during the period | ' | ' | 15,188 | ' |
Amortization during the period | ' | ' | -14,418 | ' |
Currency translation during the period | ' | ' | 1,117 | ' |
Intangible assets subject to amortization, ending balance | 72,918 | ' | 72,918 | ' |
Other [Member] | ' | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' |
Intangible assets subject to amortization, beginning balance | ' | ' | 1,055 | ' |
Intangible assets acquired during the period | ' | ' | 0 | ' |
Amortization during the period | ' | ' | -132 | ' |
Currency translation during the period | ' | ' | -195 | ' |
Intangible assets subject to amortization, ending balance | $728 | ' | $728 | ' |
Goodwill_and_intangible_assets5
Goodwill and intangible assets (Schedule of intangible assets amortization expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense | $13,288 | $15,683 | $19,262 | $47,942 |
Goodwill_and_intangible_assets6
Goodwill and intangible assets (Narrative)(Details) (Details) (USD $) | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 31, 2012 | 3-May-13 | Jan. 10, 2013 | Apr. 03, 2013 |
Spano Invest NV [Member] | Pergo [Member] | Marrazzi Group [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $1,713,883 | $1,385,771 | $35,857 | $24,501 | $261,124 |
Goodwill acquired during the period | $321,482 | ' | ' | ' | ' |
Accounts_payable_and_accrued_e2
Accounts payable and accrued expenses (Components of accounts payable and accrued expenses) (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Outstanding checks in excess of cash | $18,476 | $25,480 |
Accounts payable, trade | 727,770 | 387,871 |
Accrued expenses | 271,382 | 180,039 |
Product warranties | 33,567 | 32,930 |
Accrued interest | 15,550 | 26,843 |
Deferred tax liability | 14,564 | 6,309 |
Income taxes payable | 11,212 | 2,074 |
Accrued compensation and benefits | 203,671 | 111,890 |
Total accounts payable and accrued expenses | $1,296,192 | $773,436 |
Product_warranties_Provision_f
Product warranties (Provision for warranty obligations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $33,674 | $34,867 | $32,930 | $30,144 |
Warranty claims paid during the period | -12,144 | -15,166 | -41,751 | -43,952 |
Product Warranty Accrual, Preexisting, Increase (Decrease) | 48 | 0 | 3,331 | 0 |
Warranty expense during the period | 11,989 | 14,748 | 39,057 | 48,257 |
Balance at end of period | $33,567 | $34,449 | $33,567 | $34,449 |
Product warranty period, maximum | ' | ' | '50 years | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | |
Accumulated Other Comprehensive Income Rollforward [Roll Forward] | ' | |
Balance as of December 31, 2012 | $159,733 | |
Current period other comprehensive income (loss) before reclassifications | -13,508 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Balance as of September 28, 2013 | 146,225 | |
Foreign currency translation adjustments | ' | |
Accumulated Other Comprehensive Income Rollforward [Roll Forward] | ' | |
Balance as of December 31, 2012 | 160,661 | |
Current period other comprehensive income (loss) before reclassifications | -13,689 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Balance as of September 28, 2013 | 146,972 | |
Pensions | ' | |
Accumulated Other Comprehensive Income Rollforward [Roll Forward] | ' | |
Balance as of December 31, 2012 | -928 | [1] |
Current period other comprehensive income (loss) before reclassifications | 181 | [1] |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | [1] |
Balance as of September 28, 2013 | ($747) | [1] |
[1] | This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 11 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012). |
Stockbased_compensation_Detail
Stock-based compensation (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | 9-May-12 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2007 Incentive Plan [Member] | 2007 Incentive Plan [Member] | 2007 Incentive Plan [Member] | 2007 Incentive Plan [Member] | 2007 Incentive Plan [Member] | 2007 Incentive Plan [Member] | |||
Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | ||||||||||||||
Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock reserved for issuance (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200 | ' | ' | ' | ' |
Expiration year of 2007 Plan | 31-Dec-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | '3 years | '3 years |
Option awards contractual term (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Number of options granted | ' | 83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant-date fair value of options granted (in usd per share) | ' | $28.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized stock-based compensation costs | ' | ' | $251 | $516 | $1,107 | $1,648 | $4,085 | $2,294 | $12,727 | $9,542 | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized stock-based compensation costs, net of tax | ' | ' | 159 | 327 | 701 | 1,044 | 2,588 | 1,453 | 8,063 | 6,045 | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax unrecognized compensation expense | ' | ' | $1,250 | ' | $1,250 | ' | $34,332 | ' | $34,332 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized expense over a weighted-average period (years) | ' | ' | ' | ' | '1 year 4 months 24 days | ' | '2 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock units granted | ' | ' | 0 | ' | ' | ' | 2 | ' | 301 | 261 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Weighted-average grant-date fair value (in usd per share) | ' | ' | ' | ' | ' | ' | $115.79 | ' | $110.14 | $65.98 | ' | ' | ' | ' | ' | ' | ' | ' |
Other_expense_income_Summary_o
Other expense (income) (Summary of other expense (income)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Component Of Other Expense (Income) Nonoperating [Line Items] | ' | ' | ' | ' |
Total other expense (income) | $1,168 | $322 | $6,458 | ($1,063) |
Foreign Currency (Gains) Losses, Net [Member] | ' | ' | ' | ' |
Component Of Other Expense (Income) Nonoperating [Line Items] | ' | ' | ' | ' |
Total other expense (income) | 3,061 | -219 | 6,093 | -6,921 |
All Other, Net [Member] | ' | ' | ' | ' |
Component Of Other Expense (Income) Nonoperating [Line Items] | ' | ' | ' | ' |
Total other expense (income) | ($1,893) | $541 | $365 | $5,858 |
Earnings_per_share_Details
Earnings per share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net earnings from continuing operations attributable to Mohawk Industries, Inc, As Reported | $119,068 | $70,304 | $254,135 | $183,869 |
Earnings from continuing operations attributable to Mohawk Industries, Inc. | $119,621 | $70,304 | $256,049 | $183,869 |
Weighted-average common shares outstanding-basic (in shares) | 72,575 | 69,010 | 71,467 | 68,952 |
Add weighted-average dilutive potential common shares-options and RSU's to purchase common shares, net | 512 | 327 | 508 | 295 |
Weighted-average common shares outstanding-diluted (in shares) | 73,087 | 69,337 | 71,975 | 69,247 |
Basic earnings per share attributable to Mohawk Industries, Inc. (in usd per share) | $1.65 | $1.02 | $3.59 | $2.67 |
Diluted earnings per share attributable to Mohawk Industries, Inc. (in usd per share) | $1.64 | $1.01 | $3.56 | $2.66 |
Number of common stock options and unvested restricted shares not included in EPS (in shares) | ' | ' | 0 | 948 |
Segment_reporting_Summary_of_s
Segment reporting (Summary of segment information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 |
segment | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $1,961,536 | $1,473,493 | $5,424,650 | $4,352,321 | ' |
Intersegment sales | -28,943 | -24,409 | -79,535 | -68,965 | ' |
Operating income (loss) | 175,903 | 103,954 | 395,943 | 283,648 | ' |
Assets | 8,564,157 | ' | 8,564,157 | ' | 6,303,684 |
Number of reporting segments | ' | ' | 3 | ' | ' |
Carpet Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 772,751 | 751,787 | 2,238,953 | 2,186,160 | ' |
Operating income (loss) | 68,836 | 43,810 | 148,936 | 106,228 | ' |
Assets | 1,830,869 | ' | 1,830,869 | ' | 1,721,214 |
Ceramic Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 767,005 | 417,533 | 1,939,054 | 1,214,746 | ' |
Operating income (loss) | 75,908 | 37,452 | 152,188 | 99,912 | ' |
Assets | 3,820,002 | ' | 3,820,002 | ' | 1,731,258 |
Laminate and Wood Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 450,723 | 328,582 | 1,326,178 | 1,020,380 | ' |
Operating income (loss) | 39,020 | 28,892 | 119,075 | 96,613 | ' |
Assets | 2,721,707 | ' | 2,721,707 | ' | 2,672,389 |
Corporate and Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating income (loss) | -7,861 | -6,200 | -24,256 | -19,105 | ' |
Assets | $191,579 | ' | $191,579 | ' | $178,823 |
Commitments_contingencies_and_1
Commitments, contingencies and other (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Jan. 30, 2013 | Mar. 31, 2012 | Dec. 28, 2012 | Jan. 31, 2012 | Dec. 28, 2012 | Dec. 28, 2012 | ||||
Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | BELGIUM | BELGIUM | BELGIUM | BELGIUM | BELGIUM | BELGIUM | |||||
USD ($) | USD ($) | USD ($) | USD ($) | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | |||||
EUR (€) | EUR (€) | EUR (€) | Two Thousand and Eight [Member] | Two Thousand and Five [Member] | Two Thousand and Nine [Member] | |||||||||
EUR (€) | EUR (€) | EUR (€) | ||||||||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Assessment received from Belgian tax authority (in euros) | ' | ' | ' | ' | ' | ' | ' | € 23,789 | € 46,135 | € 35,567 | ||||
Interest on assessment (in euros) | ' | ' | ' | ' | ' | 2,912 | ' | ' | ' | ' | ||||
Refund of interest deposit | ' | ' | ' | ' | 2,912 | ' | 23,789 | ' | ' | ' | ||||
Interest Tax Examination, Refund, Interest Income | ' | ' | ' | ' | 1,583 | ' | ' | ' | ' | ' | ||||
Pre-tax business restructuring charges | $9,786 | [1] | $2,984 | [2] | $24,116 | [1] | $9,620 | [2] | ' | ' | ' | ' | ' | ' |
[1] | The restructuring costs for 2013 primarily relate to the Companybs actions taken to lower its cost structure and improve efficiencies of manufacturing operations and administrative functions, as well as actions related to the Company's acquisition of Pergo, Marazzi and Spano. | |||||||||||||
[2] | The restructuring costs for 2012 primarily relate to the Company's actions taken to to lower its cost structure and improve efficiencies of manufacturing and distribution operations as the Company adjusted to changing economic conditions. |
Debt_Senior_Credit_Facility_De
Debt (Senior Credit Facility) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||
Sep. 25, 2013 | Sep. 25, 2013 | Jul. 08, 2011 | Sep. 28, 2013 | Jan. 20, 2012 | Jul. 08, 2011 | Jan. 20, 2012 | Jan. 20, 2012 | Jan. 20, 2012 | Sep. 25, 2013 | Jan. 20, 2012 | Sep. 25, 2013 | Jan. 20, 2012 | Sep. 25, 2013 | Jan. 20, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 25, 2013 | Jan. 20, 2012 | Sep. 25, 2013 | Jan. 20, 2012 | Sep. 25, 2013 | Jan. 20, 2012 | Sep. 25, 2013 | Jan. 20, 2012 | Sep. 25, 2013 | Jan. 20, 2012 | |
Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Incremental Senior Credit Facility [Member] | Five-Year Senior, Secured, Revolving Credit Facility [Member] | Amendment To The Senior Credit Facility [Member] | Eight Scheduled Quarterly [Member] | Four Scheduled Quarterly [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Alternative B [Member] | Alternative B [Member] | Standby Letters of Credit Guaranteeing Company Industrial Revenue Bonds [Member] | Standby Letters of Credit Related to Various Insurance Contracts and Foreign Vendor Commitments [Member] | Libor [Member] | Libor [Member] | Libor [Member] | Libor [Member] | Libor [Member] | Libor [Member] | Libor [Member] | Libor [Member] | Federal Funds [Member] | Federal Funds [Member] | ||
Incremental Senior Credit Facility [Member] | Incremental Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Monthly Libor [Member] | Monthly Libor [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Alternative A [Member] | Alternative A [Member] | Alternative A [Member] | Alternative A [Member] | Alternative B [Member] | Alternative B [Member] | Alternative B [Member] | Alternative B [Member] | Alternative B [Member] | Alternative B [Member] | ||||||||
Senior Credit Facility [Member] | Senior Credit Facility [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | ||||||||||||||||
Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, initiation date | ' | ' | ' | ' | ' | 8-Jul-11 | 20-Jan-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of line of credit (years) | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under credit facility | ' | $1,000,000,000 | $900,000,000 | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of financing costs | 1,836,000 | ' | 8,285,000 | ' | ' | ' | 1,018,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized financing costs | ' | 11,440,000 | 12,277,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal payments | ' | ' | ' | ' | 5,625,000 | ' | ' | 1,875,000 | 3,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | 1.00% | 1.25% | 1.75% | 2.00% | 0.00% | 0.25% | 0.75% | 1.00% | 0.50% | 0.50% |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | 0.25% | 0.25% | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated net leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75 | 3.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount utilized from long-term lines of credit | ' | ' | ' | 543,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available amount under credit facility | ' | ' | ' | 456,079,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utilized borrowings under credit facility | ' | ' | ' | 449,325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Standby letters of credit for various insurance contracts and commitments to foreign vendors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $46,823,000 | $47,773,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Senior_Notes_Details
Debt (Senior Notes) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Sep. 25, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Jan. 31, 2013 | Jan. 17, 2006 | Mar. 31, 2012 | Dec. 31, 2009 | Sep. 28, 2013 | Apr. 16, 2012 | Dec. 31, 2002 | |
3.85% Senior Notes Due February 1,2023 [Member] | 6.125% Notes, Payable January 15, 2016 [Member] | 6.125% Notes, Payable January 15, 2016 [Member] | 6.125% Notes, Payable January 15, 2016 [Member] | 6.125% Notes, Payable January 15, 2016 [Member] | 7.20% Senior Notes, Payable April 15, 2012 [Member] | 7.20% Senior Notes, Payable April 15, 2012 [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debts | ' | ' | ' | ' | ' | $600,000,000 | $900,000,000 | ' | ' | ' | ' | $400,000,000 |
Interest rate percentage | ' | ' | ' | ' | ' | 3.85% | 6.13% | ' | ' | ' | ' | 7.20% |
Payment of financing costs | 1,836,000 | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' |
Notes payable, maturity date | ' | ' | ' | ' | ' | ' | 15-Jan-16 | ' | ' | ' | ' | 15-Apr-12 |
Increase in interest rate from rating agency downgrade | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' |
Maximum increase in interest rate per agency from rating agency downgrade | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Aggregate amount of increase in interest rate from rating agency downgrade | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' |
Aggregate amount of decrease in interest rate from rating agency downgrade | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' |
Increase in interest expense per quarter for .25% increase in notes per $100,000 of outstanding notes | ' | 25,630,000 | 17,969,000 | 70,098,000 | 59,311,000 | ' | 63,000 | ' | ' | ' | ' | ' |
Incremental increase in outstanding notes | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' |
Current rate in effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | ' | ' |
Remaining outstanding senior notes repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,730,000 |
Repurchase price as percentage of principal amount of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.72% |
Company repaid principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 336,270,000 | ' |
Debt instruments interest accrued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,106,000 | ' |
Debt_Accounts_Receivable_Secur
Debt (Accounts Receivable Securitization) (Details) (Details) (Secured Credit Facility [Member], USD $) | 0 Months Ended | ||
Dec. 19, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | |
Carrying Value [Member] | Carrying Value [Member] | ||
Line of Credit Facility [Line Items] | ' | ' | ' |
Term Securitization Agreement | '3 years | ' | ' |
Securitization agreement, maximum borrowing capacity | $300,000,000 | ' | ' |
Basis spread on securitization agreement | 0.75% | ' | ' |
Commitment fee percentage | 0.30% | ' | ' |
Lines of Credit, Fair Value Disclosure | ' | $300,000,000 | $280,000,000 |
Fair_value_Fair_value_and_carr
Fair value (Fair value and carrying value of debt instruments) (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jan. 17, 2006 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | 3.85% Senior Notes Due February 1,2023 [Member] | 6.125% Notes, Payable January 15, 2016; interest payable semiannually [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Secured Credit Facility [Member] | Secured Credit Facility [Member] | Secured Credit Facility [Member] | Secured Credit Facility [Member] | ||
3.85% Senior Notes Due February 1,2023 [Member] | 3.85% Senior Notes Due February 1,2023 [Member] | 6.125% Notes, Payable January 15, 2016; interest payable semiannually [Member] | 6.125% Notes, Payable January 15, 2016; interest payable semiannually [Member] | Five-Year Senior Secured Credit Facility, Due July 8, 2016 [Member] | Five-Year Senior Secured Credit Facility, Due July 8, 2016 [Member] | Five Year Senior Secured Credit Facility, Due September 25, 2018 [Member] | Five Year Senior Secured Credit Facility, Due September 25, 2018 [Member] | 3.85% Senior Notes Due February 1,2023 [Member] | 3.85% Senior Notes Due February 1,2023 [Member] | 6.125% Notes, Payable January 15, 2016; interest payable semiannually [Member] | 6.125% Notes, Payable January 15, 2016; interest payable semiannually [Member] | Five-Year Senior Secured Credit Facility, Due July 8, 2016 [Member] | Five-Year Senior Secured Credit Facility, Due July 8, 2016 [Member] | Five Year Senior Secured Credit Facility, Due September 25, 2018 [Member] | Five Year Senior Secured Credit Facility, Due September 25, 2018 [Member] | Fair Value [Member] | Fair Value [Member] | Carrying Value [Member] | Carrying Value [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | ' | ' | ' | ' | ' | ' | $570,600 | $0 | $989,100 | $1,011,600 | $0 | $153,875 | $449,325 | $0 | ' | ' | $600,000 | $0 | $900,000 | $900,000 | $0 | $153,875 | $449,325 | $0 | ' | ' | ' | ' |
Securitization facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 280,000 | 300,000 | 280,000 |
Industrial revenue bonds, capital leases and other | ' | ' | ' | ' | 97,097 | 49,067 | ' | ' | ' | ' | ' | ' | ' | ' | 97,097 | 49,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | ' | ' | ' | ' | 2,406,122 | 1,494,542 | ' | ' | ' | ' | ' | ' | ' | ' | 2,346,422 | 1,382,942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current portion | 89,031 | 55,213 | ' | ' | 89,031 | 55,213 | ' | ' | ' | ' | ' | ' | ' | ' | 89,031 | 55,213 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, less current portion | ' | ' | ' | ' | $2,317,091 | $1,439,329 | ' | ' | ' | ' | ' | ' | ' | ' | $2,257,391 | $1,327,729 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate percentage | ' | ' | 3.85% | 6.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |