UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 3, 2012
MOHAWK INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

Delaware	 	01-13697	 	52-1604305	
(State or Other
Jurisdiction of
Incorporation)	 	(Commission File
Number)	 	(IRS Employer
Identification No.)	

160 South Industrial Blvd., Calhoun, Georgia	 	30701	
(Address of Principal Executive Offices)	 	(Zip Code)	
Registrant’s telephone number, including area code (706) 629-7721

 	  	 	  	 	
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
¨   Written communication pursuant to Rule 425 under Securities Act (17 CFR 230.425)
¨   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act CFR 240.14d-2(b))
¨   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act CFR 240.17R 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.
The following information, including the Exhibit attached hereto, is being furnished pursuant to this Item 2.02 and shall not be deemed “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
On May 3, 2012, Mohawk Industries, Inc., issued a press release announcing its first quarter financial results. A copy of the press release is attached hereto and hereby incorporated by reference as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release dated May 3, 2012.

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

 	 	 	 	 	 	 	 	Mohawk Industries, Inc.	
 	 	 	 	 	
  	 	Date: May 3, 2012	 	  	 	By:	 	/s/ James F. Brunk	
 	 	 	 	 	 	 	 	James F. Brunk	
 	 	 	 	 	 	 	 	V.P. & Corporate Controller	

INDEX TO EXHIBITS

Exhibit	  	 	
 	 	
99.1.	  	Press release dated May 3, 2012.	

Exhibit 99.1

NEWS RELEASE	 	 	

For Release:	  	Immediately	
Contact:	  	Frank H. Boykin, Chief Financial Officer (706) 624-2695	
MOHAWK INDUSTRIES, INC. ANNOUNCES
FIRST QUARTER EARNINGS
Calhoun, Georgia, May 3, 2012 - Mohawk Industries, Inc. (NYSE:MHK) today announced 2012 first quarter net earnings of $40 million and diluted earnings per share (EPS) of $0.58, a 38% increase over last year’s first quarter adjusted EPS. Net sales for the first quarter of 2012 were $1.4 billion, increasing 5% as reported and 6% with a constant exchange rate. For the first quarter of 2011, net earnings were $23 million and EPS was $0.34. Excluding restructuring charges for the first quarter of 2011, adjusted net earnings were $29 million and EPS was $0.42.
Commenting on Mohawk Industries’ performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, “Volume increases, price increases, cost reductions and lower interest expense contributed to our earnings growth in the quarter. In March, Standard & Poor’s upgraded our credit rating and Moody’s elevated our outlook to positive, reducing the interest rate on our notes. In April, we paid our 2012 maturing notes using our bank revolver which has lower interest rates. Our balance sheet remains strong with net debt to adjusted EBITDA at 2.2 times and approximately $500 million available for strategic opportunities, after the payment of the 2012 notes.”
Mohawk segment sales grew 1% as we executed price increases that should cover our material cost in the second period. Higher carpet sales in the segment were offset by lower rug sales from deferred customer promotions, inventory reductions in the channel and lower product mix. In residential, we launched our revolutionary SmartStrand Silk collection, the next generation of soft carpet, with the inherent performance, ease of care and unique environmental features that have made SmartStrand
 
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successful. In the commercial business our hospitality and core business improved, but we experienced weakness in our premium products. To provide greater value in commercial, we have introduced new high-end products, extended our SmartStrand brand into commercial applications and utilized new technology for improved pattern definition in hospitality. Productivity increases, improved yields, product re-engineering, process simplification and reduced complexity improved our cost position and service levels.
Dal-Tile segment net sales grew 14% during the quarter through increased residential remodeling and commercial renovation, successful product launches and growth in the Mexican market. Price increases along with energy surcharges are being implemented to recover material and freight costs. Sales grew in all channels, driven by new products featuring Reveal Imaging, larger sizes, realistic wood designs and a premium commercial collection. In Mexico, we opened our Salamanca plant ahead of schedule. Sales in Mexico are growing dramatically due to our expanded offering of product designs, sizes and price points. We lowered manufacturing costs through higher productivity, reduced waste, and improved formulations that increase production speeds and recycled content.
Unilin segment net sales grew 4% as reported and 7% on a local basis supported by growth of laminate flooring and panels. The impact of the European debt situation on our business has been limited by our lower exposure to Southern European markets. We continue to gain share through new products, channels and regions, offsetting the impact of slowing national economies. We have implemented price increases in European laminate, roofing and most panels to recover higher material costs. We are increasing product placements in the home center and DIY channels with both laminate and wood. Our insulation panels business grew significantly and we are preparing to expand in France. Our strategies to expand internationally are progressing with our new Russian plant increasing production and our Australian distribution being integrated with Unilin.
Low mortgage rates, increasing home sales, and higher employment should sustain industry growth. Our emphasis on product and process innovation, cost management and flexibility has resulted in
 
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a stronger company. In the second quarter, we anticipate continued sales growth and improving margins as selling prices align with material inflation. We believe that our new product launches will improve profitability and sales growth. Improvements in productivity, inventory management, and interest expenses will favorably impact our results. With these factors, our guidance for second quarter earnings is $1.07 to $1.16 per share, excluding any restructuring costs. Our recent investments in new markets, technology, production capacity and R&D will improve our results. We have a strong financial position to pursue new strategic opportunities.
Mohawk is a leading supplier of flooring for both residential and commercial applications. Mohawk provides a complete selection for all markets of carpet, ceramic tile, laminate, wood, stone, vinyl, and rugs. These products are marketed under the premier brands in the industry including Mohawk, Karastan, Lees, Bigelow, Durkan, Daltile, American Olean, Unilin and Quick-Step. Mohawk’s unique merchandising and marketing assists the consumer in creating exquisite floors to fulfill their dreams. Mohawk provides a premium level of service with its own trucking fleet and local distribution in the U.S. Mohawk’s international presence includes operations in Australia, Brazil, China, Europe, Malaysia, Mexico and Russia.
Certain of the statements in the immediately preceding paragraphs, particularly anticipating future performance, business prospects, growth and operating strategies and similar matters and those that include the words “could,” “should,” “believes,” “anticipates,” “expects,” and “estimates,” or similar expressions constitute “forward-looking statements.” For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ: changes in economic or industry conditions; competition; inflation in raw material prices and other input costs; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company’s products; impairment
 
3

charges; integration of acquisitions; international operations; introduction of new products; rationalization of operations; tax, product and other claims; litigation; and other risks identified in Mohawk’s SEC reports and public announcements.
Conference call Friday, May 4, 2012 at 11:00 AM Eastern Time.
The telephone number is 1-800-603-9255 for US/Canada and 1-706-634-2294 for International/Local. Conference ID # 69432176. A replay will also be available until May 18, 2012 by dialing 855-859-2056
for US/local calls and 404-537-3406 for International/Local calls and entering Conference ID # 69432176.
 
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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Statement of Operations

(Amounts in thousands, except per share data)	  	Three Months Ended	 	
 	  	March 31, 2012	 	 	April 2, 2011	 	
 	 	 	
Net sales	  	$	1,409,035	  	 	 	1,343,595	  	
Cost of sales	  	 	1,049,609	  	 	 	1,002,003	  	
 	  	 	 	 	 	 	 	 	
Gross profit	  	 	359,426	  	 	 	341,592	  	
Selling, general and administrative expenses	  	 	287,450	  	 	 	285,508	  	
 	  	 	 	 	 	 	 	 	
Operating income	  	 	71,976	  	 	 	56,084	  	
Interest expense	  	 	22,498	  	 	 	26,595	  	
Other (income) expense, net	  	 	(1,825	) 	 	 	(15	) 	
 	  	 	 	 	 	 	 	 	
Earnings before income taxes	  	 	51,303	  	 	 	29,504	  	
Income tax expense	  	 	10,291	  	 	 	4,966	  	
 	  	 	 	 	 	 	 	 	
Net earnings	  	 	41,012	  	 	 	24,538	  	
 	  	 	 	 	 	 	 	 	
Net earnings attributable to noncontrolling interest	  	 	(635	) 	 	 	(1,096	) 	
 	  	 	 	 	 	 	 	 	
Net earnings attributable to Mohawk Industries, Inc.	  	$	40,377	  	 	 	23,442	  	
 	  	 	 	 	 	 	 	 	
Basic earnings per share attributable to Mohawk Industries, Inc.	  	$	0.59	  	 	 	0.34	  	
 	  	 	 	 	 	 	 	 	
Weighted-average common shares outstanding - basic	  	 	68,862	  	 	 	68,674	  	
 	  	 	 	 	 	 	 	 	
Diluted earnings per share attributable to Mohawk Industries, Inc.	  	$	0.58	  	 	 	0.34	  	
 	  	 	 	 	 	 	 	 	
Weighted-average common shares outstanding - diluted	  	 	69,141	  	 	 	68,904	  	
 	  	 	 	 	 	 	 	 	
Other Financial Information
(Amounts in thousands)

 	 	 	
Net cash used in operating activities	  	$	44,470	  	  	 	67,413	  	
 	  	 	 	 	  	 	 	 	
Depreciation and amortization	  	$	73,286	  	  	 	74,253	  	
 	  	 	 	 	  	 	 	 	
Capital expenditures	  	$	43,251	  	  	 	52,811	  	
 	  	 	 	 	  	 	 	 	
Consolidated Balance Sheet Data
(Amounts in thousands)

  	  	March 31, 2012	 	  	April 2, 2011	 	
ASSETS	  	 	 	 	  	 	 	 	
Current assets:	  	 	 	 	  	 	 	 	
Cash and cash equivalents	  	$	304,775	  	  	 	256,231	  	
Receivables, net	  	 	782,000	  	  	 	754,826	  	
Inventories	  	 	1,164,991	  	  	 	1,075,613	  	
Prepaid expenses and other current assets	  	 	136,752	  	  	 	97,846	  	
Deferred income taxes	  	 	156,110	  	  	 	155,159	  	
 	  	 	 	 	  	 	 	 	
Total current assets	  	 	2,544,628	  	  	 	2,339,675	  	
Property, plant and equipment, net	  	 	1,718,396	  	  	 	1,715,895	  	
Goodwill	  	 	1,390,712	  	  	 	1,406,731	  	
Intangible assets, net	  	 	599,625	  	  	 	689,703	  	
Deferred income taxes and other non-current assets	  	 	145,833	  	  	 	114,229	  	
 	  	 	 	 	  	 	 	 	
 	  	$	6,399,194	  	  	 	6,266,233	  	
 	  	 	 	 	  	 	 	 	
LIABILITIES AND STOCKHOLDERS’ EQUITY	  	 	 	 	  	 	 	 	
Current liabilities:	  	 	 	 	  	 	 	 	
Current portion of long-term debt	  	$	57,309	  	  	 	52,706	  	
Accounts payable and accrued expenses	  	 	721,383	  	  	 	739,768	  	
 	  	 	 	 	  	 	 	 	
Total current liabilities	  	 	778,692	  	  	 	792,474	  	
Long-term debt, less current portion	  	 	1,642,419	  	  	 	1,577,188	  	
Deferred income taxes and other long-term liabilities	  	 	458,786	  	  	 	449,984	  	
 	  	 	 	 	  	 	 	 	
Total liabilities	  	 	2,879,897	  	  	 	2,819,646	  	
 	  	 	 	 	  	 	 	 	
Noncontrolling interest	  	 	—  	  	  	 	33,255	  	
 	  	 	 	 	  	 	 	 	
Total stockholders’ equity	  	 	3,519,297	  	  	 	3,413,332	  	
 	  	 	 	 	  	 	 	 	
 	  	$	6,399,194	  	  	 	6,266,233	  	
 	  	 	 	 	  	 	 	 	
Segment Information
(Amounts in thousands)

  	  	As of or for the Three Months Ended	 	
 	  	March 31, 2012	 	 	April 2, 2011	 	
Net sales:	  	 	 	 	 	 	 	 	
Mohawk	  	$	699,880	  	 	 	691,165	  	
Dal-Tile	  	 	392,925	  	 	 	344,415	  	
Unilin	  	 	337,424	  	 	 	325,832	  	
Intersegment sales	  	 	(21,194	) 	 	 	(17,817	) 	
 	  	 	 	 	 	 	 	 	
Consolidated net sales	  	$	1,409,035	  	 	 	1,343,595	  	
 	  	 	 	 	 	 	 	 	
Operating income (loss):	  	 	 	 	 	 	 	 	
Mohawk	  	$	25,282	  	 	 	17,040	  	
Dal-Tile	  	 	26,028	  	 	 	17,700	  	
Unilin	  	 	27,146	  	 	 	26,250	  	
Corporate and eliminations	  	 	(6,480	) 	 	 	(4,906	) 	
 	  	 	 	 	 	 	 	 	
Consolidated operating income	  	$	71,976	  	 	 	56,084	  	
 	  	 	 	 	 	 	 	 	
Assets:	  	 	 	 	 	 	 	 	
Mohawk	  	$	1,820,785	  	 	 	1,749,625	  	
Dal-Tile	  	 	1,759,934	  	 	 	1,674,408	  	
Unilin	  	 	2,620,013	  	 	 	2,654,268	  	
Corporate and eliminations	  	 	198,462	  	 	 	187,932	  	
 	  	 	 	 	 	 	 	 	
Consolidated assets	  	$	6,399,194	  	 	 	6,266,233	  	

Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.
(Amounts in thousands, except per share data)

 	  	Three Months Ended	 	
 	  	March 31, 2012	 	  	April 2, 2011	 	
Net earnings attributable to Mohawk Industries, Inc.	  	$	40,377	  	  	 	23,442	  	
Unusual items:	  	 	 	 	  	 	 	 	
Business restructurings	  	 	—  	  	  	 	6,813	  	
Income taxes	  	 	—  	  	  	 	(1,018	) 	
 	  	 	 	 	  	 	 	 	
Adjusted net earnings attributable to Mohawk Industries, Inc.	  	$	40,377	  	  	 	29,237	  	
 	  	 	 	 	  	 	 	 	
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.	  	$	0.58	  	  	 	0.42	  	
Weighted-average common shares outstanding - diluted	  	 	69,141	  	  	 	68,904	  	
Reconciliation of Total Debt to Net Debt
(Amounts in thousands)

  	  	March 31, 2012	 	
Current portion of long-term debt	  	$	57,309	  	
Long-term debt, less current portion	  	 	1,642,419	  	
Less: Cash and cash equivalents	  	 	304,775	  	
 	  	 	 	 	
Net Debt	  	$	1,394,953	  	
 	  	 	 	 	
Reconciliation of Operating Income to Adjusted EBITDA
(Amounts in thousands)

  	  	Three Months Ended	 	 	Trailing Twelve
Months Ended	 	 	

 	  	July 2, 2011	 	 	October 1, 2011	 	 	December 31, 2011	 	 	March 31, 2012	 	 	March 31, 2012	 	 	 	
Operating income	  	$	101,700	  	 	 	91,464	  	 	 	66,294	  	 	 	71,976	  	 	 	331,434	  	 	 	
Other (expense) income	  	 	(396	) 	 	 	(13,413	) 	 	 	(257	) 	 	 	1,825	  	 	 	(12,241	) 	 	 	
Net earnings attributable to noncontrolling interest	  	 	(1,191	) 	 	 	(1,050	) 	 	 	(966	) 	 	 	(635	) 	 	 	(3,842	) 	 	 	
Depreciation and amortization	  	 	74,344	  	 	 	74,207	  	 	 	74,930	  	 	 	73,286	  	 	 	296,767	  	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	174,457	  	 	 	151,208	  	 	 	140,001	  	 	 	146,452	  	 	 	612,118	  	 	 	
Unrealized foreign currency losses (1)	  	 	—  	  	 	 	9,085	  	 	 	—  	  	 	 	—  	  	 	 	9,085	  	 	 	
Operating lease correction (2)	  	 	—  	  	 	 	—  	  	 	 	6,035	  	 	 	—  	  	 	 	6,035	  	 	 	
Business restructurings	  	 	6,514	  	 	 	2,186	  	 	 	7,696	  	 	 	—  	  	 	 	16,396	  	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	180,971	  	 	 	162,479	  	 	 	153,732	  	 	 	146,452	  	 	 	643,634	  	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Debt to Adjusted EBITDA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2.2	  	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Net Sales to Adjusted Net Sales
(Amounts in thousands)

 	  	Three Months Ended	 	
 	  	March 31, 2012	 	  	April 2, 2011	 	
Net sales	  	$	1,409,035	  	  	 	1,343,595	  	
Adjustments to net sales:	  	 	 	 	  	 	 	 	
Exchange rate	  	 	13,636	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	
Adjusted net sales	  	$	1,422,671	  	  	 	1,343,595	  	
 	  	 	 	 	  	 	 	 	
Reconciliation of Segment Net Sales to Adjusted Segment Net Sales
(Amounts in thousands)

 	  	Three Months Ended	 	
Unilin	  	March 31, 2012	 	  	April 2, 2011	 	
Net sales	  	$	337,424	  	  	 	325,832	  	
Adjustment to net sales:	  	 	 	 	  	 	 	 	
Exchange rate	  	 	11,851	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	
Adjusted net sales	  	$	349,275	  	  	 	325,832	  	
 	  	 	 	 	  	 	 	 	
Reconciliation of Operating Income to Adjusted Operating Income
(Amounts in thousands)

 	  	Three Months Ended	 	
 	  	March 31, 2012	 	 	April 2, 2011	 	
Operating income	  	$	71,976	  	 	 	56,084	  	
Adjustments to operating income:	  	 	 	 	 	 	 	 	
Business restructurings	  	 	—  	  	 	 	6,813	  	
 	  	 	 	 	 	 	 	 	
Adjusted operating income	  	$	71,976	  	 	 	62,897	  	
 	  	 	 	 	 	 	 	 	
Adjusted operating margin as a percent of net sales	  	 	5.1	% 	 	 	4.7	% 	

Reconciliation of Segment Operating Income to Adjusted Segment Operating Income

(Amounts in thousands)
 	  	 	 	 	 	 	 	 	
 	  	Three Months Ended	 	
Mohawk	  	March 31, 2012	 	 	April 2, 2011	 	
Operating income	  	$	25,282	  	 	 	17,040	  	
Adjustments to operating income:	  	 	 	 	 	 	 	 	
Business restructurings	  	 	—  	  	 	 	6,813	  	
 	  	 	 	 	 	 	 	 	
Adjusted operating income	  	$	25,282	  	 	 	23,853	  	
 	  	 	 	 	 	 	 	 	
Adjusted operating margin as a percent of net sales	  	 	3.6	% 	 	 	3.5	% 	
Reconciliation of Earnings Before Income Taxes to Adjusted Earnings Before Income Taxes

(Amounts in thousands)
 	  	 	 	  	 	 	
 	  	Three Months Ended	 	
 	  	March 31, 2012	 	  	April 2, 2011	 	
Earnings before income taxes	  	$	51,303	  	  	 	29,504	  	
Unusual items:	  	 	 	 	  	 	 	 	
Business restructurings	  	 	—  	  	  	 	6,813	  	
 	  	 	 	 	  	 	 	 	
Adjusted earnings before income taxes	  	$	51,303	  	  	 	36,317	  	
 	  	 	 	 	  	 	 	 	
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense

(Amounts in thousands)
 	  	 	 	 	 	 	
 	  	Three Months Ended	 	
 	  	March 31, 2012	 	 	April 2, 2011	 	
Income tax expense	  	$	10,291	  	 	 	4,966	  	
Unusual items:	  	 	 	 	 	 	 	 	
Income taxes	  	 	—  	  	 	 	1,018	  	
 	  	 	 	 	 	 	 	 	
Adjusted income tax expense	  	$	10,291	  	 	 	5,984	  	
 	  	 	 	 	 	 	 	 	
Adjusted income tax rate	  	 	20	% 	 	 	16	% 	
 	  	 	 	 	 	 	 	 	
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses

(Amounts in thousands)
 	  	 	 	 	 	 	
 	  	Three Months Ended	 	
 	  	March 31, 2012	 	 	April 2, 2011	 	
Selling, general and administrative expenses	  	$	287,450	  	 	 	285,508	  	
Adjustments to selling, general and administrative expenses:	  	 	 	 	 	 	 	 	
Business restructurings	  	 	—  	  	 	 	466	  	
Exchange rate	  	 	2,378	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Adjusted selling, general and administrative expenses	  	$	289,828	  	 	 	285,974	  	
 	  	 	 	 	 	 	 	 	
Adjusted selling, general and administrative expenses as a percent of net sales	  	 	20.6	% 	 	 	21.3	% 	
 
(1)	Unrealized foreign currency losses in Q3 2011 for certain of the Company’s consolidated foreign subsidiaries that measure financial position and results using the U.S. dollar rather than the local currency.	
(2)	Correction of an immaterial error related to accounting for operating leases	
The Company believes it is useful for itself and investors to review, as applicable, both GAAP and the above non-GAAP measures in order to assess the performance of the Company’s business for planning and forecasting in subsequent periods.