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(EDGAR Online via COMTEX) -- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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Quickstep Villa Natural Noble Oak Matt VIL1362LS Engineered Flooring | Quick Step Engineered Wood Flooring ReviewsOverview
Mohawk Industries, Inc. ("Mohawk" or the "Company") is a arch all-around attic architect that creates articles to enhance residential and bartering spaces about the world. The Company's angular chip accomplishment and administration processes accommodate aggressive advantages in carpet, rugs, bowl tile, laminate, wood, stone, affluence vinyl asphalt ("LVT") and vinyl flooring. The Company's industry-leading addition develops articles and technologies that differentiate its brands in the barter and amuse all attic accompanying adjustment and new architecture requirements. The Company's brands are amid the best accustomed in the industry and accommodate American Olean(R), Daltile(R), Durkan(R), IVC(R), Karastan(R), Marazzi(R), Mohawk(R), Pergo(R), Quick-Step(R) and Unilin(R). The Aggregation has adapted its business from an American carpeting architect into the world's better attic aggregation with operations in Australia, Brazil, Canada, Europe, India, Malaysia, Mexico, New Zealand, Russia and the United States. The Aggregation had anniversary net sales in 2016 of $9.0 billion.
The Aggregation has three advertisement segments, All-around Ceramic, Attic North America ("Flooring NA") and Attic Rest of the Apple ("Flooring ROW"). The All-around Bowl articulation designs, manufactures, sources and markets a ample band of bowl tile, ceramics tile, accustomed bean and added products, which it distributes primarily in North America, Europe and Russia through assorted affairs channels, which accommodate company-owned stores, absolute distributors and home centers. The segment's artefact curve are awash through Company-operated account centers, absolute distributors, home centermost retailers, asphalt and attic retailers and contractors. The Attic NA articulation designs, manufactures, sources and markets its attic accoutrement artefact lines, including carpets, rugs, carpeting pad, hardwood, coat and vinyl products, including LVT, which it distributes through its arrangement of bounded administration centers and accessory warehouses application Company-operated trucks, accepted carrier or abuse transportation. The segment's artefact curve are awash through assorted affairs channels, including absolute attic accoutrement retailers, distributors, home centers, accumulation merchandisers, administration stores, boutique at home, affairs groups, bartering contractors and bartering end users. The Attic ROW articulation designs, manufactures, sources, licenses and markets laminate, balk flooring, beam elements, insulation boards, medium-density agenda ("MDF"), chipboards, added copse articles and vinyl products, including LVT, which it distributes primarily in Europe and Russia through assorted affairs channels, which accommodate retailers, absolute distributors and home centers.
The Aggregation is a cogent actor in every above artefact class above the all-around attic industry. During 2016 industry sales of tile, LVT, area vinyl, coat and copse grew faster than sales of carpeting and rugs. Inside the bendable apparent category, sales of polyester carpets are increasing, which decreases the boilerplate affairs bulk in the bendable apparent category. The Aggregation believes that it is able-bodied positioned in all artefact types to amuse these changes in chump trends.
For the three months concluded July 1, 2017, net balance attributable to the Aggregation were $260.7 million, or adulterated balance per allotment ("EPS") of $3.48, compared to the net balance attributable to the Aggregation of $255.2 million, or adulterated EPS of $3.42, for the three months concluded July 2, 2016. For the six months concluded July 1, 2017, net balance attributable to the Aggregation were $461.2 million, or adulterated balance per allotment ("EPS") of $6.17, compared to the net balance attributable to the Aggregation of $426.7 million, or adulterated EPS of $5.73, for the six months concluded July 2, 2016. The access in adulterated EPS for the three and six months concluded July 1, 2017 was primarily attributable to added sales volumes, accumulation from basic investments and bulk abridgement initiatives, the favorable net appulse of bulk and artefact mix, lower absorption ante and the favorable appulse of adopted barter ante on transactions, partially account by college ascribe costs, added agent costs, costs associated with investments in new artefact development, sales personnel, and marketing, and the abortive appulse of college restructuring, accretion and integration-related, and added costs.
Recent Events
On April 4, 2017, the Aggregation completed the accretion of Emil for about $186.2 million. The Aggregation additionally acquired three added businesses during the added division of 2017 for about $63.4 million.
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Results of Operations
Quarter Concluded July 1, 2017, as compared with Division Concluded July 2, 2016
Net sales
Net sales for the three months concluded July 1, 2017 were $2,453.0 million, absorption an access of $142.7 million, or 6.2%, from the $2,310.3 actor appear for the three months concluded July 2, 2016. The access was primarily attributable to college sales aggregate of about $109 million, or 5%, which includes bequest sales aggregate of about $84 actor and sales aggregate attributable to acquisitions of about $48 million, account by the abortive appulse of beneath aircraft canicule in the added division of 2017 of about $23 million. Additionally accidental to the access in sales was the favorable net appulse of bulk and artefact mix of about $46 million, or 2%, partially account by the net appulse of abortive adopted barter ante of about $12 million.
Global Bowl segment-Net sales added $72.9 million, or 8.8%, to $902.7 actor for the three months concluded July 1, 2017, compared to $829.8 actor for the three months concluded July 2, 2016. The access was primarily attributable to college sales aggregate of about $60 million, or 7%, which includes bequest sales aggregate of about $18 actor and sales aggregate attributable to acquisitions of about $48 million, account by the abortive appulse of beneath aircraft canicule in the added division of 2017 of about $6 million. Additionally accidental to the access in sales was the favorable net appulse of bulk and artefact mix of about $11 million, or 1%.
Flooring NA segment-Net sales added $59.6 million, or 6.1%, to $1,040.3 actor for the three months concluded July 1, 2017, compared to $980.7 actor for the three months concluded July 2, 2016. The access was primarily attributable to college sales aggregate of about $39 million, or 4%, and the favorable net appulse of bulk and artefact mix of about $21 million, or 2%.
Flooring ROW segment-Net sales added $10.2 million, or 2.0%, to $510.1 actor for the three months concluded July 1, 2017, compared to $499.8 actor for the three months concluded July 2, 2016. The access was primarily attributable to college sales aggregate of about $11 million, or 2%, admitting a abatement in apparent revenue, and includes the abortive appulse of beneath aircraft canicule in the added division of 2017 of about $17 million, and the favorable appulse of bulk and artefact mix of about $15 million, or 3%, partially account by the net appulse of abortive adopted barter ante of about $15 million, or 3%.
Gross profit
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146 best Inspiring flooring projects images on Pinterest ... | Quick Step Engineered Wood Flooring ReviewsGross accumulation for the three months concluded July 1, 2017 was $779.1 actor (31.8% of net sales), an access of $23.5 actor or 3.1%, compared to gross accumulation of $755.6 actor (32.7% of net sales) for the three months concluded July 2, 2016. As a allotment of net sales, gross accumulation decreased 90 base points. The access in gross accumulation dollars was primarily attributable to college sales aggregate of about $31 million, accumulation from basic investments and bulk abridgement initiatives of about $38 million, and the favorable net appulse of bulk and artefact mix of about $39 million, partially account by college ascribe costs of about $58 million, including added actual costs of about $41 million, the abortive appulse of college restructuring, accretion and integration-related, and added costs of about $20 million, the net appulse of abortive adopted barter ante of about $3 million, and investments in amplification of assembly accommodation of about $3 million.
Selling, accepted and authoritative expenses
Selling, accepted and authoritative costs for the three months concluded July 1, 2017 were $423.3 actor (17.3% of net sales), an access of $18.4 actor compared to $404.9 actor (17.5% of net sales) for the three months concluded July 2, 2016. As a allotment of net sales, selling, accepted and authoritative costs decreased 20 base points. The access in selling, accepted and authoritative costs in dollars was primarily attributable to about $18 actor of costs due to college sales aggregate and about $7 actor of costs associated with investments in new artefact development, sales personnel, and marketing, partially account by accumulation from basic investments and bulk abridgement initiatives of about $7 million.
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Operating income
Operating assets for the three months concluded July 1, 2017 was $355.8 actor (14.5% of net sales) absorption an access of $5.1 million, or 1.5%, compared to operating assets of $350.7 actor (15.2% of net sales) for the three months concluded July 2, 2016. The access in operating assets was primarily attributable to accumulation from basic investments and bulk abridgement initiatives of about $44 million, the favorable net appulse of bulk and artefact mix of about $38 million, and added sales aggregate of about $13 million, partially account by college ascribe costs of about $58 million, including added actual costs of about $41 million, about $7 actor of costs associated with investments in new artefact development, sales personnel, and marketing, the abortive appulse of college restructuring, accretion and integration-related, and added costs of about $19 million, the net appulse of abortive adopted barter ante of about $2 million, and investments in amplification of assembly accommodation of about $3 million.
Global Bowl segment-Operating assets was $152.6 actor (16.9% of articulation net sales) for the three months concluded July 1, 2017 absorption an access of $12.0 actor compared to operating assets of $140.6 actor (16.9% of articulation net sales) for the three months concluded July 2, 2016. The access in operating assets was primarily attributable to accumulation from basic investments and bulk abridgement initiatives of about $19 million, added sales aggregate of about $14 million, the favorable net appulse of bulk and artefact mix of about $5 million, and the net appulse of favorable barter ante of about $2 million, partially account by college ascribe costs of about $11 million, the abortive appulse of college restructuring, accretion and integration-related, and added costs of about $10 million, and about $3 actor of costs associated with investments in new artefact development, sales personnel, and marketing.
Flooring NA segment-Operating assets was $127.5 actor (12.3% of articulation net sales) for the three months concluded July 1, 2017 absorption an access of $8.5 actor compared to operating assets of $118.9 actor (12.1% of articulation net sales) for the three months concluded July 2, 2016. The access in operating assets was primarily attributable to the favorable net appulse of bulk and artefact mix of about $20 million, accumulation from basic investments and bulk abridgement initiatives of about $12 million, and added sales volumes of about $6 million, partially account by college ascribe costs of about $22 million, including added actual costs of about $17 million, and the abortive appulse of college restructuring, accretion and integration-related, and added costs of about $6 million.
Flooring ROW segment-Operating assets was $86.1 actor (16.9% of articulation net sales) for the three months concluded July 1, 2017 absorption a abatement of $15.0 actor compared to operating assets of $101.1 actor (20.2% of articulation net sales) for the three months concluded July 2, 2016. The abatement in operating assets was primarily attributable to college ascribe costs of about $23 million, including added actual costs of about $22 million, about $7 actor in decreased sales volumes, primarily attributable to lower apparent revenue, the net appulse of abortive barter ante of about $5 million, investments in new artefact development, sales cadre and business of about $3 actor and the abortive appulse of college restructuring, accretion and integration-related, and added costs of about $3 million. These decreases in operating assets were partially account by the favorable net appulse of bulk and artefact mix of about $14 actor and accumulation from basic investments and bulk abridgement initiatives of about $13 million.
Interest expense
Interest bulk was $8.4 actor for the three months concluded July 1, 2017, absorption a abatement of $2.0 actor compared to absorption bulk of $10.4 actor for the three months concluded July 2, 2016. The abatement was primarily attributable to a about-face in the Company's borrowings to lower absorption bulk instruments.
Other (income) expense, net
Other bulk was $3.0 actor for the three months concluded July 1, 2017, absorption an abortive change of $8.8 actor compared to added assets of $5.8 actor for the three months concluded July 2, 2016. The change was primarily attributable to the abortive appulse of adopted barter ante on transactions.
Income tax expense
For the three months concluded July 1, 2017, the Aggregation recorded assets tax bulk of $82.7 actor on balance afore assets taxes of $344.4 actor for an able tax bulk of 24.0%, as compared to an assets tax bulk of $90.0 actor on balance afore assets taxes of $346.1 million, for an able tax bulk of 26.0% for the three months concluded July 2, 2016. The aberration in the able tax bulk for the allusive aeon is due to a detached account accompanying to Italian accretion planning elections, partially account by an different change in Italian tax law and the geographic burning of balance and losses for the periods.
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Best Quick Step Flooring Quick Step Wood Flooring All About ... | Quick Step Engineered Wood Flooring ReviewsSix Months Concluded July 1, 2017, as compared with Six Months Concluded July 2, 2016
Net sales
Net sales for the six months concluded July 1, 2017 were $4,673.7 million, absorption an access of $191.3 million, or 4.3%, from the $4,482.4 actor appear for the six months concluded July 2, 2016. The access was primarily attributable to college sales aggregate of about $159 million, or 4%, which includes bequest sales aggregate of about $111 actor and sales aggregate attributable to acquisitions of about $48 million, and the favorable net appulse of bulk and artefact mix of about $62 million, or 1%, partially account by the net appulse of abortive adopted barter ante of about $31 million, or 1%.
Global Bowl segment-Net sales added $84.1 million, or 5.2%, to 1,687.6 actor for the six months concluded July 1, 2017, compared to $1,603.5 actor for the six months concluded July 2, 2016. The access was primarily attributable to college sales aggregate of about $63 million, or 4%, which includes bequest sales aggregate of about $15 actor and sales aggregate attributable to acquisitions of about $48 million, and the favorable net appulse of bulk and artefact mix of about $18 million, or 1%.
Flooring NA segment-Net sales added $92.7 million, or 4.9%, to $1,979.8 actor for the six months concluded July 1, 2017, compared to $1,887.1 actor for the six months concluded July 2, 2016. The access was primarily attributable to college sales volumes of about $67 million, or 4%, and the favorable net appulse of bulk and artefact mix of $26 million, or 1%.
Flooring ROW segment-Net sales added $14.4 million, or 1.5%, to $1,006.2 actor for the six months concluded July 1, 2017, compared to $991.8 actor for the six months concluded July 2, 2016. The access was primarily attributable to college sales aggregate of about $31 million, or 3%, admitting a abatement in apparent revenue, and the favorable net appulse of bulk and artefact mix of about $18 million, or 2%, partially account by the net appulse of abortive adopted barter ante of about $34 million, or 3%.
Gross profit
Gross accumulation for the six months concluded July 1, 2017 was $1,459.5 actor (31.2% of net sales), an access of $64.2 actor or 4.6%, compared to gross accumulation of $1,395.3 actor (31.1% of net sales) for the six months concluded July 2, 2016. As a allotment of net sales, gross accumulation added 10 base points. The access in gross accumulation dollars was primarily attributable to college sales aggregate of about $46 million, accumulation from basic investments and bulk abridgement initiatives of about $74 million, and the favorable net appulse of bulk and artefact mix of about $49 million, partially account by college ascribe costs of about $81 million, including added actual costs of about $51 million, the abortive appulse of college restructuring, accretion and integration-related, and added costs of about $17 actor and the net appulse of abortive adopted barter ante of about $7 million.
Selling, accepted and authoritative expenses
Selling, accepted and authoritative costs for the six months concluded July 1, 2017 were $828.9 actor (17.7% of net sales), an access of $30.0 actor compared to $798.9 actor (17.8% of net sales) for the six months concluded July 2, 2016. As a allotment of net sales, selling, accepted and authoritative costs decreased 10 base points. The access in selling, accepted and authoritative costs in dollars was primarily attributable to about $24 actor of costs due to college sales aggregate and about $14 actor of costs associated with investments in new artefact development, sales personnel, and marketing, partially account by accumulation from basic investments and bulk abridgement initiatives of about $11 million.
Operating income
Operating assets for the six months concluded July 1, 2017 was $630.6 actor (13.5% of net sales) absorption an access of $34.2 million, or 5.7%, compared to operating assets of $596.4 actor (13.3% of net sales) for the six months concluded July 2, 2016. The access in operating assets was primarily attributable to accumulation from basic investments and bulk abridgement initiatives of about $85 million, the favorable net appulse of bulk and artefact mix of about $48 million, and added sales aggregate of about $22 million, partially account by college ascribe costs of about $81 million, including added actual costs of about $51 million, about $14 actor of costs associated with investments in new artefact development, sales personnel, and marketing, and the abortive appulse of college restructuring, accretion and integration-related, and added costs of about $17 million.
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Global Bowl segment-Operating assets was $268.6 actor (15.9% of articulation net sales) for the six months concluded July 1, 2017 absorption an access of $28.2 actor compared to operating assets of $240.4 actor (15.0% of articulation net sales) for the six months concluded July 2, 2016. The access in operating assets was primarily attributable to accumulation from basic investments and bulk abridgement initiatives of about $38 million, and added sales volumes of about $14 million, partially account by college ascribe costs of about $20 million, and the abortive appulse of college restructuring, accretion and integration-related, and added costs of about $10 million.
Flooring NA segment-Operating assets was $219.6 actor (11.1% of articulation net sales) for the six months concluded July 1, 2017 absorption an access of $25.3 actor compared to operating assets of $194.3 actor (10.3% of articulation net sales) for the six months concluded July 2, 2016. The access in operating assets was primarily attributable to accumulation from basic investments and bulk abridgement initiatives of about $25 million, the favorable net appulse of bulk and artefact mix of about $21 actor and added sales volumes of about $12 million, partially account by college ascribe costs of about $23 million, including added actual costs of about $15 million, and the abortive appulse of college restructuring, accretion and integration-related, and added costs of about $5 million.
Flooring ROW segment-Operating assets was $162.1 actor (16.1% of articulation net sales) for the six months concluded July 1, 2017 absorption a abatement of $18.5 actor compared to operating assets of $180.6 actor (18.2% of articulation net sales) for the six months concluded July 2, 2016. The abatement in operating assets was primarily attributable to college ascribe costs of about $35 million, including added actual costs of about $33 million, the net appulse of abortive barter ante of about $10 million, about $6 actor of costs associated with investments in new artefact development, sales personnel, and marketing,and about $4 actor in decreased sales volumes, primarily attributable to lower apparent revenue. These decreases in operating assets were partially account by accumulation from basic investments and bulk abridgement initiatives of about $22 million, and the favorable net appulse of bulk and artefact mix of about $17 million.
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Interest bulk was $16.6 actor for the six months concluded July 1, 2017, absorption a abatement of $6.1 actor compared to absorption bulk of $22.7 actor for the six months concluded July 2, 2016. The abatement was primarily attributable to a about-face in the Company's borrowings to lower absorption bulk instruments.
Other expense, net
Other bulk was $0.2 actor for the six months concluded July 1, 2017, absorption an abortive change of $2.5 actor compared to added assets of $2.4 actor for the six months concluded July 2, 2016. The change was primarily due to added assorted settlements.
Income tax expense
For the six months concluded July 1, 2017, the Aggregation recorded assets tax bulk of $151.0 actor on balance afore assets taxes of $613.8 actor for an able tax bulk of 24.6%, as compared to an assets tax bulk of $147.9 actor on balance afore assets taxes of $576.1 million, for an able tax bulk of 25.7% for the six months concluded July 2, 2016. The aberration in the able tax bulk for the allusive aeon is due to a detached account accompanying to Italian accretion planning elections, partially account by an different change in Italian tax law and the geographic burning of balance and losses for the periods.
Liquidity and Basic Resources
The Company's primary basic requirements are for alive capital, basic expenditures and acquisitions. The Company's basic needs are met primarily through a aggregate of internally generated funds, bartering paper, coffer acclaim lines, appellation and chief addendum and acclaim agreement from suppliers. As of July 1, 2017, the Aggregation had a absolute of $174.1 actor accessible beneath its 2015 Chief Acclaim Facility and $350.0 actor beneath its Securitization Facility.
Net banknote provided by operating activities in the aboriginal six months of 2017 was $413.9 million, compared to net banknote provided by operating activities of $564.7 actor in the aboriginal six months of 2016. The abatement of $150.9 actor in 2017 was primarily attributable to changes in alive capital. These changes in alive basic reflect accustomed fluctuations about to the timing and attributes of these transactions.
Net banknote acclimated in advance activities in the aboriginal six months of 2017 was $675.9 actor compared to net banknote acclimated in advance activities of $276.9 actor in the aboriginal six months of 2016. The access was primarily due to acquisitions in the current
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year of $250.5 million. Also, basic expenditures added by $148.5 actor to $425.4 actor in the accepted year. The Aggregation continues to advance to optimize sales and accumulation advance this year and above with artefact amplification and bulk abridgement projects in the business. Basic spending during the butt of 2017 is accepted to beat $450 million, consistent in the abounding year spending actuality in balance of $850 million.
Net banknote provided by costs activities in the aboriginal six months of 2017 was $257.3 actor compared to net banknote acclimated in costs activities of $264.7 actor in the six months of 2016. The change in banknote provided by costs is primarily attributable to the claim of chief addendum of $646 actor in the above-mentioned year, partially account by decreased borrowings in the accepted year.
Senior Acclaim Facility
On March 26, 2015, the Aggregation adapted and restated its 2013 Chief Acclaim Facility accretion its admeasurement from $1,000.0 actor to $1,800.0 actor and extending the ability from September 25, 2018 to March 26, 2020 (as adapted and restated, the "2015 Chief Acclaim Facility"). The 2015 Chief Acclaim Facility alone assertive accoutrement in the 2013 Chief Acclaim Facility, including those that: (a) accelerated the ability date to 90 canicule above-mentioned to the ability of chief addendum due in January 2016 if assertive defined clamminess levels were not met; and (b) appropriate that assertive subsidiaries agreement the Company's obligations if the Company's acclaim ratings fell beneath advance grade. The 2015 Chief Acclaim Facility additionally adapted assertive abrogating covenants to accommodate the Aggregation with added flexibility, including adaptability to accomplish acquisitions and acquire added indebtedness. On March 1, 2016, the Aggregation adapted the 2015 Chief Acclaim Facility to, amid added things, carve out from the accepted limitation on accessory acknowledgment with account to the arising of Euro-denominated bartering cardboard addendum by subsidiaries. Additionally, at several credibility in 2016, the Aggregation continued the ability date of the 2015 Chief Acclaim Facility from March 26, 2020 to March 26, 2021. In March 2017, the Aggregation adapted the 2015 Chief Acclaim Facility to extend the ability date from March 26, 2021 to March 26, 2022 with account to all but $75.0 actor of the absolute bulk committed beneath the 2015 Chief Acclaim Facility. In April 2017 and June 2017, the Aggregation continued the ability for the actual $75.0 actor to March 26, 2022.
At the Company's election, revolving loans beneath the 2015 Chief Acclaim Facility buck absorption at anniversary ante according to either (a) LIBOR for 1, 2, 3 or 6 ages periods, as called by the Company, additional an applicative allowance alignment amid 1.00% and 1.75% (1.125% as of July 1, 2017), or (b) the college of the Wells Fargo Bank, National Association prime rate, the Federal Funds bulk additional 0.5%, . . .
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