XML 34 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Pay vs Performance Disclosure
Unit_pure in Thousands
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
 
Pay Versus Performance
As required by Item 402(v) of Regulation
S-K,
we are providing the following
information
regarding the relationship between “compensation actually paid” or “CAP”, as defined in Item 402(v), and certain financial performance metrics for
each
of the last three completed fiscal years. In determining the CAP to our NEOs, we are required to make various adjustments to amounts that have been reported in the Summary Compensation Table (“SCT”) in previous years, as the SEC’s valuation methods for this section differ from those required in the SCT. The table below summarizes compensation values both previously reported in our SCT, as well as the adjusted values required in this section for the 2022, 2021 and 2020 fiscal years. Note that for our NEOs other than our principal executive officer (the “PEO”), compensation is reported as an average.
 
                                                                                           
   Year
 
SCT Total
for PEO
(1)
 
Compensation
actually paid
to PEO
(2)
 
Average
SCT Total
for non-PEO

NEOs
(1)
 
Average
Compensation
actually paid
to non-PEO

NEOs
(2)
      
Value of Initial Fixed $100
Investment based on:
  
Net Income
(in millions)
(5)
 
Adjusted   
EPS
(6)
   
 
TSR
(3)
 
Peer Group
TSR
(3)
(4)
                   
2022
      4,259,954         2,404,723         2,290,221         724,896                   74.95         151.52        $ 25.2       $ 12.85     
                   
2021
      5,190,696         6,087,743         3,148,501         3,608,823                   133.58         196.28        $ 1,033.2       $ 14.86     
                   
2020
      3,636,376         3,695,354         2,287,047         1,944,389      
 
 
 
 
 
 
      103.35         122.96        $ 515.6       $ 8.83     
 
(1)
The PEO and the
non-PEO
NEOs for each year are as follows:
 
  a.
2022: Jeffrey S. Lorberbaum, PEO; W.
Christopher Wellborn, James F. Brunk, Bernard P. Thiers and Paul F. De Cock,
non-PEO NEOs.
 
  b.
2021: Jeffrey S. Lorberbaum, PEO; W. Christopher Wellborn, James F. Brunk, Bernard P. Thiers, Paul F. De Cock and Frank H. Boykin, non-PEO NEOs. Mr. Boykin served the Company as Chief Financial Officer through April 1, 2021. Mr. Boykin did not receive an equity award in 2021.
 
  c.
2020: Jeffrey S. Lorberbaum, PEO; W. Christopher Wellborn, James F. Brunk, Bernard P. Thiers, Paul F. De Cock, Frank H. Boykin and Glenn R. Landau, non-PEO NEOs. Mr. Landau resigned as Executive Vice President and Chief Financial Officer of the Company in April 2020. Pursuant to the terms of his separation agreement with the Company, Mr. Landau received a payment equal to nine months cash compensation and the continued vesting of 1,878 shares of restricted stock. Mr. Landau did not otherwise receive compensation from the Company after his departure from the Company in 2020. Mr. Boykin had previously served as the Company’s Chief Financial Officer through his retirement on March 31, 2019, and continued to serve as a consultant to the Company following his retirement in March 2019 and until his appointment as Chief Financial Officer on April 15, 2020. Mr. Boykin did not receive an equity award in 2020.
 
(2)
The CAP was calculated beginning with the PEO’s SCT total and the non-PEO NEO’s average SCT total for each respective year. The table below describes the adjustments, each of which is
required
by SEC rules, to calculate CAP from the SCT total of our PEO and our non-PEO NEOs.
 
EXECUTIVE COMPENSATION
 
 
 
                                                                                 
    
2022
      
2021
      
2020
Adjustments
 
PEO
 
non-PEO

NEOs*
      
PEO
 
non-PEO

NEOs*
      
PEO
 
non-PEO   

NEOs*   
                 
SCT Total
   
$
4,259,954
     
 
2,290,221
               
$
5,190,696
     
 
3,148,501
               
$
3,636,376
     
 
2,287,047
 
                 
Adjustments for stock awards
                                                                               
                 
(Deduct): Aggregate value for stock awards included in SCT Total for the covered fiscal year
      (2,055,992 )       (1,056,428 )                 (1,901,669 )       (1,594,926 )                 (1,364,847 )       (664,280 )   
                 
Add: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end
      1,530,131         786,225                   1,971,916         1,594,330                   1,561,867         624,831  
                 
Add (Deduct): Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end
      (872,284 )       (1,035,142 )                 423,886         268,176                   44,064         30,128  
                 
Add: Vesting date fair value of awards granted and vested during the covered fiscal year
      0         0                   0         0                   0         0  
                 
Add (Deduct): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year
      (457,087 )       (259,980 )                 402,914         192,742                   (182,106 )       (77,216 )
                 
(Deduct): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year
      0         0                   0         0                   0         (256,122 )
                 
Add: Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year
      0         0                   0         0                   0         0  
                 
CAP Amounts (as calculated)
   
 
2,404,723
     
 
724,896
     
 
 
 
   
 
6,087,743
     
 
3,608,823
     
 
 
 
   
 
3,695,354
     
 
1,944,389
 
 
*
Amounts presented are averages for the entire group of
non-PEO
NEOs in each respective year.
 
(3)
The values disclosed in these TSR columns represent the measurement period value of an investment of $100 made on January 1, 2020 as of December 31, 2020, and then valued again on each of December 31, 2021 and December 31, 2022.
 
(4)
The peer group used for purposes of this disclosure is our proxy-disclosed peer group used for compensation benchmarking practices. Please refer to the “
Compensation Discussion & Analysis
” for the peer group list.
 
(5)
Net earnings attributable to Mohawk Industries, Inc. as reported in our Consolidated Statements of Operations included in our Form 10-K.
 
(6)
Please see
Annex A
to this Proxy Statement for a reconciliation of
Non-GAAP
financial measures.
 
   
Company Selected Measure Name Adjusted EPS    
Named Executive Officers, Footnote [Text Block] Jeffrey S. Lorberbaum, PEO; W.
Christopher Wellborn, James F. Brunk, Bernard P. Thiers and Paul F. De Cock,
Jeffrey S. Lorberbaum, PEO; W. Christopher Wellborn, James F. Brunk, Bernard P. Thiers, Paul F. De Cock and Frank H. Boykin Jeffrey S. Lorberbaum, PEO; W. Christopher Wellborn, James F. Brunk, Bernard P. Thiers, Paul F. De Cock, Frank H. Boykin and Glenn R. Landau
Peer Group Issuers, Footnote [Text Block] The peer group used for purposes of this disclosure is our proxy-disclosed peer group used for compensation benchmarking practices. Please refer to the “
Compensation Discussion & Analysis
” for the peer group list.
   
PEO Total Compensation Amount $ 4,259,954 $ 5,190,696 $ 3,636,376
PEO Actually Paid Compensation Amount $ 2,404,723 6,087,743 3,695,354
Adjustment To PEO Compensation, Footnote [Text Block]
 
                                                                                 
    
2022
      
2021
      
2020
Adjustments
 
PEO
 
non-PEO

NEOs*
      
PEO
 
non-PEO

NEOs*
      
PEO
 
non-PEO   

NEOs*   
                 
SCT Total
   
$
4,259,954
     
 
2,290,221
               
$
5,190,696
     
 
3,148,501
               
$
3,636,376
     
 
2,287,047
 
                 
Adjustments for stock awards
                                                                               
                 
(Deduct): Aggregate value for stock awards included in SCT Total for the covered fiscal year
      (2,055,992 )       (1,056,428 )                 (1,901,669 )       (1,594,926 )                 (1,364,847 )       (664,280 )   
                 
Add: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end
      1,530,131         786,225                   1,971,916         1,594,330                   1,561,867         624,831  
                 
Add (Deduct): Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end
      (872,284 )       (1,035,142 )                 423,886         268,176                   44,064         30,128  
                 
Add: Vesting date fair value of awards granted and vested during the covered fiscal year
      0         0                   0         0                   0         0  
                 
Add (Deduct): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year
      (457,087 )       (259,980 )                 402,914         192,742                   (182,106 )       (77,216 )
                 
(Deduct): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year
      0         0                   0         0                   0         (256,122 )
                 
Add: Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year
      0         0                   0         0                   0         0  
                 
CAP Amounts (as calculated)
   
 
2,404,723
     
 
724,896
     
 
 
 
   
 
6,087,743
     
 
3,608,823
     
 
 
 
   
 
3,695,354
     
 
1,944,389
 
   
Non-PEO NEO Average Total Compensation Amount $ 2,290,221 3,148,501 2,287,047
Non-PEO NEO Average Compensation Actually Paid Amount $ 724,896 3,608,823 1,944,389
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
 
                                                                                 
    
2022
      
2021
      
2020
Adjustments
 
PEO
 
non-PEO

NEOs*
      
PEO
 
non-PEO

NEOs*
      
PEO
 
non-PEO   

NEOs*   
                 
SCT Total
   
$
4,259,954
     
 
2,290,221
               
$
5,190,696
     
 
3,148,501
               
$
3,636,376
     
 
2,287,047
 
                 
Adjustments for stock awards
                                                                               
                 
(Deduct): Aggregate value for stock awards included in SCT Total for the covered fiscal year
      (2,055,992 )       (1,056,428 )                 (1,901,669 )       (1,594,926 )                 (1,364,847 )       (664,280 )   
                 
Add: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end
      1,530,131         786,225                   1,971,916         1,594,330                   1,561,867         624,831  
                 
Add (Deduct): Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end
      (872,284 )       (1,035,142 )                 423,886         268,176                   44,064         30,128  
                 
Add: Vesting date fair value of awards granted and vested during the covered fiscal year
      0         0                   0         0                   0         0  
                 
Add (Deduct): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year
      (457,087 )       (259,980 )                 402,914         192,742                   (182,106 )       (77,216 )
                 
(Deduct): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year
      0         0                   0         0                   0         (256,122 )
                 
Add: Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year
      0         0                   0         0                   0         0  
                 
CAP Amounts (as calculated)
   
 
2,404,723
     
 
724,896
     
 
 
 
   
 
6,087,743
     
 
3,608,823
     
 
 
 
   
 
3,695,354
     
 
1,944,389
 
   
Tabular List [Table Text Block]
Required Tabular Disclosure of Most Important Measures to Determine 2022 CAP
 
   
Adjusted EPS
 
   
Total Stockholder Return (TSR) as compared to the S&P 500
 
   
Adjusted Operating Income
   
Total Shareholder Return Amount $ 74.95 133.58 103.35
Peer Group Total Shareholder Return Amount 151.52 196.28 122.96
Net Income (Loss) $ 25,200,000 $ 1,033,200,000 $ 515,600,000
Company Selected Measure Amount 12,850 14,860 8,830
PEO Name Jeffrey S. Lorberbaum    
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted EPS    
Non-GAAP Measure Description [Text Block] Please see
Annex A
to this Proxy Statement for a reconciliation of
Non-GAAP
financial measures.
   
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Total Stockholder Return (TSR) as compared to the S&P 500    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted Operating Income    
PEO [Member] | Aggregate value for stock awards included in SCT Total for the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (2,055,992) $ (1,901,669) $ (1,364,847)
PEO [Member] | Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 1,530,131 1,971,916 1,561,867
PEO [Member] | Yearoveryear change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (872,284) 423,886 44,064
PEO [Member] | Vesting date fair value of awards granted and vested during the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO [Member] | Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (457,087) 402,914 (182,106)
PEO [Member] | Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO [Member] | Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
Non-PEO NEO [Member] | Aggregate value for stock awards included in SCT Total for the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,056,428) (1,594,926) (664,280)
Non-PEO NEO [Member] | Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 786,225 1,594,330 624,831
Non-PEO NEO [Member] | Yearoveryear change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,035,142) 268,176 30,128
Non-PEO NEO [Member] | Vesting date fair value of awards granted and vested during the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
Non-PEO NEO [Member] | Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (259,980) 192,742 (77,216)
Non-PEO NEO [Member] | Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 (256,122)
Non-PEO NEO [Member] | Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 0 $ 0 $ 0