佐治亚州卡尔霍恩, Oct. 30, 2022 (GLOBE NEWSWIRE) -- Mohawk Industries, Inc.（纽约证券交易所代码：MHK）今天宣布，2022年第三季度净亏损为5.34亿美元，摊薄每股亏损为8.40美元，其中包括非现金减值费用6.96亿美元的影响。该公司目前的市值，以及具有挑战性的经济条件和较高的贴现率，促使对其商誉和无形资产余额进行审查，从而导致减值支出。调整后净收益为2.12亿美元，调整后每股收益（EPS）为3.34美元，不包括减值和其他非经常性费用。2022年第三季度报告净销售额为29亿美元，增长3.6%，按固定标准计算增长8.3%。2021年第三季度净销售额为28亿美元，净收益为2.71亿美元，每股收益为3.93美元。调整后净收益为2.72亿美元，调整后每股收益为3.95美元，不包括重组、收购和其他费用。

截至2022年10月1日的九个月期间，净亏损和每股亏损分别为800万美元和0.13美元，包括上述非现金减值费用的影响。调整后净收益（不包括减值和其他非经常性费用）为7.39亿美元，调整后每股收益为11.56美元。在2022年的这九个月期间，报告净销售额为91亿美元，相比上年同期增长7.7%，按固定标准计算增长12.1％。在截至2021年10月2日的九个月期间，净销售额为84亿美元，净收益为8.44亿美元，每股收益为12.11美元; 不包括重组、收购和其他费用，调整后净收益和每股收益分别为8.28亿美元和11.89美元。

董事长兼首席执行官Jeffrey S. Lorberbaum在评价Mohawk Industries第三季度业绩时表示：“Mohawk的第三季度销售额上涨主要来自价格上涨和商用地材部门的强劲表现。我们的销售弱于预期，因为所有地区和产品类别的零售渠道表现疲软。美元走强也对我们的换算后销售额产生了1.17亿美元或4.1%的负面影响。由于销量下降导致未吸收成本升高、材料、能源和运输通胀影响了我们的业绩，我们的营业收入下滑。我们的全球组织通过额外的行动来优化成本、生产力和库存水平来应对这些经济挑战。

“在前所未有的能源危机和高通胀夹击下，欧洲经济放缓，因此我们在欧洲的业务受到的影响比其他地区大。我们的成本继续上涨，而我们在欧洲的定价并没有跟上最近出现的材料和能源通胀，这就压缩了我们的利润率。意大利政府在第三季度提供了能源补贴，欧盟和个别国家的其他行动目前正在讨论之中。高昂的能源成本迫使欧洲消费者将注意力集中在必需品上，推迟非必需品的购买。我们在市场上的销售额和利润率将继续承受压力，直至该地区克服这些挑战。这些被延后的消费将在经济反弹时需求增加，从而提高我们的业绩。

“美国则受到整体高通胀和按揭利率（从不到3%上升到大约7%）的影响。住宅市场是我们业务中最重要的一部分，预计将进一步下滑，直至出现拐点。改造速度放缓，随着消费者转向适合其预算的选项，我们的产品组合受到了影响。据估计，美国有500万套住房短缺，半数以上的美国住宅房龄已超过50年。随着美国住房存量房龄增加和低按揭利率家庭选择保留原有房屋，长期来看改造投资预计将增长。

“在我们应对当前状况的同时，我们还长期投资于我们的业务。我们正在扩大不断增长的产品类别的产能，包括LVT、层压板、石英台面以及优质瓷砖和绝缘材料。我们最近完成了一系列规模较小的战略收购，这些收购将增强我们目前的产品供应并利用我们现有的市场地位。在欧洲，我们收购了一个乙烯基板材企业、一家夹层地材公司和一家木板厂。在美国，我们收购了一家无纺布地板生产商和一家地板配件公司。

第三季度，我们的全球瓷砖业务部门净销售额达11亿美元，报告增长9.8％，按固定标准计算增长12.4％。该部门的营业利润率为负51.0%，其中包括非现金商誉减值费用和通胀上升的影响，其中部分被定价、产品组合改进和生产力所抵消。剔除减值和重组费用的影响后，该部门调整后营业利润率为12.1%。尽管欧洲存在严重的通胀不利因素，但该部门在本季度的经营表现最强劲。在大多数地区，新住宅建筑渠道的销售表现强劲，商用地材渠道表现出韧性，新建筑和改造项目持续进行。在大多数市场，由于非必需消费支出收紧和利率上升，住宅改造速度已经放缓。这一季度，我们美国瓷砖业务的销售额有所增长，我们推出的高利润产品得到支持，它们是欧洲进口产品的替代品。这一季度，在高端石英系列的引领下，我们的柜台销售额有所增长。得益于我们的销售和定价措施、积极产品组合和意大利能源补贴，我们的欧洲瓷砖业绩超出了我们的预期。我们的高端系列产品销售保持强劲，而天然气价格上涨则影响到我们户外和低端产品的销售。在我们的其他瓷砖市场，销售增长主要来自定价、产品组合和商用地材渠道的强劲表现。第四季度，所有企业都在减少产量，这将增加我们的成本。

“在此季度，我们全球其他地区地材业务的报告净销售额达7亿美元，报告下滑4.8%，按固定标准计算增长9.4%。该部门的营业利润率为6.2%，原因是通胀上升、临时生产关停和销量下降，部分被产品组合改进所抵消。该部门调整后营业利润率为8.5%，不包括重组活动和某些无形资产减值的影响。该部门的销售额上升主要来自我们板材、绝缘材料和大洋洲业务的价格上涨和增长。该部门的销售以住宅为主，受消费者支出受限的影响更大。零售部门正在减少库存，并且消费者在所有品类别上的消费都在下降。我们的利润率因通胀、销量下降和产量下降而受到压缩。疲弱的市场使得涨价更加难以实施。随着地板销售疲软，我们增加了促销活动，以鼓励消费者加大消费力度。虽然我们的优质层压板和LVT面临更大的压力，但我们更为价值导向的乙烯基板材的销售额却有增加。我们完成了对波兰一家小型乙烯基板材生产商的收购，这将扩大我们在中欧和东欧的业务。西欧的新建筑项目开始放缓，我们正在通过扩大客户群和出口来加强绝缘材料分销。我们的绝缘材料销售价格略低于通胀，随着需求疲软和竞争加剧，我们的板材业绩有所减弱。我们去年收购的法国板材工厂正在增加销售额，我们已提高其生产力和运营成本。我们扩大了高端装饰性板材的分销，并收购了德国一家小型夹层地材公司，该公司将并入我们的现有业务。澳大利亚市场随着澳大利亚放松新冠疫情限制正在改善，而新西兰则随着住宅销售疲软而更加困难。

第二季度，我们北美地板业务部门报告净销售额11亿美元，增长3.7％，该部门的营业利润率为5.9％，这是由于通胀上升、销量下降以及临时生产关停，其中有部分被定价、产品组合改进和生产率所抵消。该部门调整后营业利润率为8.0%，不包括重组、收购和整合相关成本以及某些无形资产减值的影响。该部门的销售额主要来自定价，硬质表面产品业绩因我们对优质层压板和LVT的投资而表现优异。住宅市场因通胀影响到消费者的非必需支出以及零售商减少库存而表现疲软。我们的定价措施抵消了材料和能源通胀，但产量下降导致了不利的吸收。我们正在实施重组计划，通过关闭成本较高的资产、减少人员配备和根据需求调整生产来降低我们的固定成本和可变成本。我们的弹性销售继续改善，在新建住宅、多户住房和商用地材渠道方面表现最强劲。乙烯基板材销售随着通胀提升了对价值导向地板选项的兴趣而走强。我们新的西海岸LVT工厂的第一阶段正按计划生产水平运行，明年将安装更多生产线。我们优质层压板作为其他地材的高性能、高价值替代产品，其需求继续增长。我们承诺将我们目前的层压板产能提升至饱和水平，并启动进一步的扩张投资。第三季度地毯的市场状况疲软超过了我们预期，我们减少了产量，造成未吸收成本。在第二季度，我们宣布随着通胀持续上升而在第三季度实施的地毯涨价。随着需求疲软，我们无法在宣布之后进一步提高价格以弥补通胀。当我们的高成本库存耗尽时，我们看到原材料成本降低应该与我们当前的定价相一致。我们的商用地材业务保持良好，建筑账单指数反映了持续的建筑活动。我们的商用地材利润率强劲，因为定价和产品组合覆盖了我们本季度的通胀。我们收购了一家生产装饰条（主要用于商用地材安装）的小型橡胶制造商。由于主要的国家零售商继续调整库存，我们的地毯业务销售额低于去年。7月，我们收购了一家无纺布地毯业务，整合正在产生协同效应。

“预测当前经济状况的持续时间或其对我们行业的影响极具挑战。随着各国央行继续加息和通胀降低了非必需支出，我们预计我们的企业将继续承受压力。住宅改造驱动我们的大部分销售，而消费者的购买和交易也将被推迟。在欧洲，天然气和电力价格降低了需求，增加了我们的制造和材料成本。我们预计欧洲各国政府将采取行动降低对经济、企业和消费者的影响。我们专注于应对当前环境，同时进行投资以最大限度地提高长期盈利能力。我们预计第四季度的需求将进一步放缓，我们将减少产量，进而增加未吸收开销。为了提高销售，我们正在增加促销活动，推出差异化的产品系列，并对竞争行为做出反应。我们正在实施重组措施，降低行政和制造成本，并减少营销和广告投资。在此期间，材料价格大幅上涨，许多品类都已开始疲软。在欧洲，地材项目被推迟并压缩了行业销量；与此同时，我们正在增加特定产品的库存，以应对预计今年冬天能源成本的上涨。在我们宣布第二季度美国定价后，我们的地毯材料成本达到高峰，这将压缩我们的利润，直到它们流入我们的库存。 我们正在推迟不会影响我们长期战略的资本项目，同时完成对我们近期业务表现至关重要的项目。最后，我们预计美元走强将继续降低我们的换算后业绩。鉴于这些因素，预计我们第四季度调整后每股收益为1.40至1.50美元，不包括任何重组费用或其他一次性费用。

“在过去几十年中，Mohawk成功地应对了许多充满挑战的时期和行业衰退。我们的业务基础仍然强劲，地材仍然是所有新建筑和改造的重要组成部分。Mohawk在全球关键市场建立了领先地位，拥有知名品牌和广泛的产品组合。在此期间，我们投资市场反弹，这通常会在我们的行业收缩之后发生。我们正在扩大LVT、层压板、石英台面、优质瓷砖和绝缘材料等更高增长的类别，这将在下一个增长周期中增加我们的收入和盈利能力。我们还进行了战略收购，并入我们的业务并创造了显著的协同效应，从而提升合并后的业绩。Mohawk拥有强大的资产负债表，净债务杠杆率较低，为EBITDA的1.2倍，可用流动性超过18亿美元，足以应对当前环境，并优化长期业绩。”

关于MOHAWK INDUSTRIES
Mohawk Industries是全球领先的地材制造商，致力于创造可提升全球住宅和商业空间的优质产品。Mohawk的垂直整合生产和分销流程在生产地毯、块毯、瓷砖、复合地板、木质地板、石材地板和塑胶地板方面提供了竞争优势。依托业内领先的创新方式，我们的产品和技术令公司品牌在市场上脱颖而出，满足各种改造和新建工程的需求。我们拥有业内最受认可的品牌，包括：American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step和Unilin。过去十年里，Mohawk已从一家美国地毯生产商成功转型为全球最大的地材公司，业务遍及澳大利亚、巴西、加拿大、欧洲、马来西亚、墨西哥、新西兰和美国等地。

前面几段中的某些陈述，特别是预测未来业绩、业务前景、增长、经营策略以及类似事项和包括“可能”、“应该”、“相信”、“预期”、“预测”、“估计”或类似表达词语的内容均构成“前瞻性陈述”。针对以上陈述，Mohawk要求受到1995年《私人证券诉讼改革法案》中关于前瞻性陈述的安全港保护。前瞻性陈述建立于诸多涉及风险和不确定性的假设基础上，因此无法保证其准确性。以下重要因素的改变可能导致未来业绩发生变化：经济或行业状况、竞争、原材料价格和其他投入成本的上涨和下降、消费市场的膨胀和紧缩、能源成本和供应、资本支出的时间和水平、公司产品价格上涨的时间和实施、减值费用、收购整合、国际业务、推出新产品、运营合理化、税收和税收改革、产品和其他索赔、诉讼、与新冠疫情相关的风险及不确定性以及Mohawk提交给美国证券交易委员会的报告和公告中提及的其他风险。

电话会议于美国东部时间2022年10月28日星期五上午11:00举行
电话号码：1-833-630-1962（美国/加拿大）和1-412-317-1843（国际/本地）。录播将持续到2022年11月25日，请拨打1-877-344-7529（美国/本地）和1-412-317-0088（国际/本地），并输入访问代码#8886985。

联系人：James Brunk，首席财务官（706) 624-2239

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
(Unaudited)
Condensed Consolidated Statement of Operations Data	Three Months Ended							Nine Months Ended
(Amounts in thousands, except per share data)	October 1, 2022				October 2, 2021			October 1, 2022				October 2, 2021
Net sales	$	2,917,539			2,817,017				9,086,390			8,439,876
Cost of sales		2,203,878			1,979,702				6,697,404			5,908,585
Gross profit		713,661			837,315				2,388,986			2,531,291
Selling, general and administrative expenses		523,479			477,341				1,510,076			1,449,378
Impairment of goodwill and indefinite-lived intangibles		695,771			-				695,771			-
Operating (loss) income		(505,589	)		359,974				183,139			1,081,913
Interest expense		13,797			14,948				37,337			45,083
Other (income) expense, net		(1,242	)		21				(1,622	)		(13,374	)
(Loss) earnings before income taxes		(518,144	)		345,005				147,424			1,050,204
Income tax expense		15,569			73,821				155,193			205,756
Net (loss) earnings including noncontrolling interests		(533,713	)		271,184				(7,769	)		844,448
Net earnings attributable to noncontrolling interests		256			206				440			378
Net (loss) earnings attributable to Mohawk Industries, Inc.	$	(533,969	)		270,978				(8,209	)		844,070
Basic (loss) earnings per share attributable to Mohawk Industries, Inc.
Basic (loss) earnings per share attributable to Mohawk Industries, Inc.	$	(8.40	)		3.95				(0.13	)		12.16
Weighted-average common shares outstanding - basic		63,534			68,541				63,923			69,389
Diluted (loss) earnings per share attributable to Mohawk Industries, Inc.
Diluted (loss) earnings per share attributable to Mohawk Industries, Inc.	$	(8.40	)		3.93				(0.13	)		12.11
Weighted-average common shares outstanding - diluted		63,534			68,864				63,923			69,683
Other Financial Information
(Amounts in thousands)
Net cash provided by operating activities	$	224,774			498,739				427,435			1,096,735
Less: Capital expenditures		150,043			147,740				430,084			375,179
Free cash flow	$	74,731			350,999				(2,649	)		721,556
Depreciation and amortization	$	153,466			148,618				436,449			448,299
Condensed Consolidated Balance Sheet Data
(Amounts in thousands)
								October 1, 2022				October 2, 2021
ASSETS
Current assets:
Cash and cash equivalents								$	326,971			1,128,027
Short-term investments									110,000			-
Receivables, net									2,003,261			1,880,476
Inventories									2,900,116			2,215,630
Prepaid expenses and other current assets									513,981			421,944
Total current assets									5,854,329			5,646,077
Property, plant and equipment, net									4,524,536			4,442,339
Right of use operating lease assets									400,412			385,606
Goodwill									1,827,968			2,612,201
Intangible assets, net									823,100			911,271
Deferred income taxes and other non-current assets									370,689			452,806
Total assets								$	13,801,034			14,450,300
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt								$	1,542,139			588,669
Accounts payable and accrued expenses									2,256,097			2,209,942
Current operating lease liabilities									106,511			103,132
Total current liabilities									3,904,747			2,901,743
Long-term debt, less current portion									1,019,984			1,710,207
Non-current operating lease liabilities									306,617			292,806
Deferred income taxes and other long-term liabilities									744,629			793,095
Total liabilities									5,975,977			5,697,851
Total stockholders' equity									7,825,057			8,752,449
Total liabilities and stockholders' equity								$	13,801,034			14,450,300
Segment Information	Three Months Ended							As of or for the Nine Months Ended
(Amounts in thousands)	October 1, 2022				October 2, 2021			October 1, 2022				October 2, 2021
Net sales:
Global Ceramic	$	1,096,656			998,444				3,319,982			2,967,818
Flooring NA		1,089,634			1,050,453				3,261,082			3,100,892
Flooring ROW		731,249			768,120				2,505,326			2,371,166
Consolidated net sales	$	2,917,539			2,817,017				9,086,390			8,439,876
Operating (loss) income:
Global Ceramic	$	(559,706	)		118,896				(305,099	)		343,135
Flooring NA		64,672			118,625				260,026			315,866
Flooring ROW		45,508			133,595				304,265			456,787
Corporate and intersegment eliminations		(56,063	)		(11,142	)			(76,053	)		(33,875	)
Consolidated operating (loss) income	$	(505,589	)		359,974				183,139			1,081,913
Assets:
Global Ceramic								$	4,866,822			5,174,981
Flooring NA									4,490,502			3,960,037
Flooring ROW									4,036,675			4,276,310
Corporate and intersegment eliminations									407,035			1,038,972
Consolidated assets								$	13,801,034			14,450,300

Reconciliation of Net (Loss) 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							Nine Months Ended
				October 1, 2022				October 2, 2021			October 1, 2022			October 2, 2021
Net (loss) earnings attributable to Mohawk Industries, Inc.				$	(533,969	)		270,978			(8,209	)		844,070
Adjusting items:
Restructuring, acquisition and integration-related and other costs					34,460			1,044			38,118			18,560
Acquisitions purchase accounting, including inventory step-up					1,401			226			1,544			682
Impairment of goodwill and indefinite-lived intangibles					695,771			-			695,771			-
Resolution of foreign non-income tax contingencies					-			-			-			(6,211	)
Income tax effect on resolution of foreign non-income tax contingencies					-			-			-			2,302
One-time tax planning election					-			-			-			(26,731	)
Legal settlements and reserves					45,000			-			45,000			-
Release of indemnification asset					-			-			7,324			-
Income taxes - reversal of uncertain tax position					-			-			(7,324	)		-
Income taxes - impairment of goodwill and indefinite-lived intangibles					(10,168	)		-			(10,168	)		-
Income taxes					(20,487	)		(203	)		(23,291	)		(4,317	)
Adjusted net earnings attributable to Mohawk Industries, Inc.				$	212,008			272,045			738,765			828,355
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.				$	3.34			3.95			11.56			11.89
Weighted-average common shares outstanding - diluted					63,534			68,864			63,923			69,683
Reconciliation of Total Debt to Net Debt Less Short-Term Investments
(Amounts in thousands)
				October 1, 2022
Short-term debt and current portion of long-term debt				$	1,542,139
Long-term debt, less current portion					1,019,984
Total debt					2,562,123
Less: Cash and cash equivalents					326,971
Net debt					2,235,152
Less: Short-term investments					110,000
Net debt less short-term investments				$	2,125,152
Reconciliation of Operating Income (Loss) to Adjusted EBITDA
(Amounts in thousands)																	Trailing Twelve
				Three Months Ended													Months Ended
				December 31,2021				April 2,2022			July 2,2022			October 1, 2022			October 1, 2022
Operating income (loss)				$	253,098			320,801			367,927			(505,589	)		436,237
Other income (expense)					(1,140	)		(2,438	)		2,818			1,242			482
Net income attributable to noncontrolling interests					(11	)		(105	)		(79	)		(256	)		(451	)
Depreciation and amortization(1)					143,411			141,415			141,569			153,466			579,861
EBITDA					395,358			459,673			512,235			(351,137	)		1,016,129
Restructuring, acquisition and integration-related and other costs					4,641			1,857			1,801			21,375			29,674
Acquisitions purchase accounting, including inventory step-up					1,067			-			143			1,401			2,611
Impairment of goodwill and indefinite-lived intangibles					-			-			-			695,771			695,771
Legal settlements and reserves					-			-			-			45,000			45,000
Release of indemnification asset					-			7,324			-			-			7,324
Adjusted EBITDA				$	401,066			468,854			514,179			412,410			1,796,509
Net debt less short-term investments to adjusted EBITDA																	1.2
(1) Includes accelerated depreciation of $13,085 for Q3 2022.
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
				Three Months Ended							Nine Months Ended
				October 1, 2022				October 2, 2021			October 1, 2022			October 2, 2021
Net sales				$	2,917,539			2,817,017			9,086,390			8,439,876
Adjustment to net sales on constant shipping days					17,504			-			49,315			-
Adjustment to net sales on a constant exchange rate					116,782			-			327,350			-
Net sales on a constant exchange rate and constant shipping days				$	3,051,825			2,817,017			9,463,055			8,439,876
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
				Three Months Ended
Global Ceramic				October 1, 2022				October 2, 2021
Net sales				$	1,096,656			998,444
Adjustment to segment net sales on constant shipping days					4,542			-
Adjustment to segment net sales on a constant exchange rate					20,774			-
Segment net sales on a constant exchange rate and constant shipping days				$	1,121,972			998,444
Reconciliation of Segment Net Sales to Adjusted Segment Net Sales
(Amounts in thousands)
				Three Months Ended
Flooring NA				October 1, 2022				October 2, 2021
Net sales				$	1,089,634			1,050,453
Rug adjustment					40,000			-
Adjusted segment net sales				$	1,129,634			1,050,453
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
				Three Months Ended
Flooring ROW				October 1, 2022				October 2, 2021
Net sales				$	731,249			768,120
Adjustment to segment net sales on constant shipping days					12,962			-
Adjustment to segment net sales on a constant exchange rate					96,008			-
Segment net sales on a constant exchange rate and constant shipping days				$	840,219			768,120
Reconciliation of Gross Profit to Adjusted Gross Profit
(Amounts in thousands)
				Three Months Ended
				October 1, 2022				October 2, 2021
Gross Profit				$	713,661			837,315
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs					30,422			552
Acquisitions purchase accounting, including inventory step-up					1,401			226
Adjusted gross profit				$	745,484			838,093
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
(Amounts in thousands)
				Three Months Ended
				October 1, 2022				October 2, 2021
Selling, general and administrative expenses				$	523,479			477,341
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs					(4,117	)		(521	)
Legal settlements and reserves					(45,000	)		-
Adjusted selling, general and administrative expenses				$	474,362			476,820
Reconciliation of Operating (Loss) Income to Adjusted Operating Income
(Amounts in thousands)
				Three Months Ended
				October 1, 2022				October 2, 2021
Operating (loss) income				$	(505,589	)		359,974
Adjustments to operating (loss) income:
Restructuring, acquisition and integration-related and other costs					34,539			1,073
Acquisitions purchase accounting, including inventory step-up					1,401			226
Impairment of goodwill and indefinite-lived intangibles					695,771			-
Legal settlements and reserves					45,000			-
Adjusted operating income				$	271,122			361,273
Reconciliation of Segment Operating (Loss) Income to Adjusted Segment Operating Income
(Amounts in thousands)
				Three Months Ended
Global Ceramic				October 1, 2022				October 2, 2021
Operating (loss) income				$	(559,706	)		118,896
Adjustments to segment operating (loss) income:
Restructuring, acquisition and integration-related and other costs					3,366			212
Impairment of goodwill					688,514			-
Adjusted segment operating income				$	132,174			119,108
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
				Three Months Ended
Flooring NA				October 1, 2022				October 2, 2021
Operating income				$	64,672			118,625
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs					20,223			1,396
Acquisitions purchase accounting, including inventory step-up					1,401			-
Impairment of indefinite-lived intangibles					1,407			-
Adjusted segment operating income				$	87,703			120,021
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
				Three Months Ended
Flooring ROW				October 1, 2022				October 2, 2021
Operating income				$	45,508			133,595
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs					10,950			(454	)
Acquisitions purchase accounting, including inventory step-up					-			226
Impairment of indefinite-lived intangibles					5,850			-
Adjusted segment operating income				$	62,308			133,367
Reconciliation of Segment Operating (Loss) to Adjusted Segment Operating (Loss)
(Amounts in thousands)
				Three Months Ended
Corporate and intersegment eliminations				October 1, 2022				October 2, 2021
Operating (loss)				$	(56,063	)		(11,142	)
Adjustments to segment operating (loss):
Restructuring, acquisition and integration-related and other costs					-			(82	)
Legal settlements and reserves					45,000			-
Adjusted segment operating (loss)				$	(11,063	)		(11,224	)
Reconciliation of (Loss) Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes
(Amounts in thousands)
				Three Months Ended
				October 1, 2022				October 2, 2021
(Loss) earnings before income taxes				$	(518,144	)		345,005
Net earnings attributable to noncontrolling interests					(256	)		(206	)
Adjustments to (loss) earnings including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs					34,460			1,044
Acquisitions purchase accounting, including inventory step-up					1,401			226
Impairment of goodwill and indefinite-lived intangibles					695,771			-
Legal settlements and reserves					45,000			-
Adjusted earnings including noncontrolling interests before income taxes				$	258,232			346,069
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
(Amounts in thousands)
				Three Months Ended
				October 1, 2022				October 2, 2021
Income tax expense				$	15,569			73,821
Income tax effect on impairment of goodwill and indefinite-lived intangibles					10,168			-
Income tax effect of adjusting items					20,487			203
Adjusted income tax expense				$	46,224			74,024
Adjusted income tax rate					17.9	%		21.4	%
The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company's non-GAAP financial measures to the most directly comparable US GAAP measure. Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company's business and in comparisons of its profits with prior and future periods.
The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company's non-GAAP revenue measures include: foreign currency transactions and translation and the impact of acquisitions.
The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company's core operating performance. Items excluded from the Company's non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, legal settlements and reserves, impairment of goodwill and indefinite-lived intangibles, acquisition purchase accounting, including inventory step-up, release of indemnification assets and the reversal of uncertain tax positions.