During the past two decades, the Company has grown significantly. Its current geographic breadth and diverse product offering are reflected in three reporting segments: Global Ceramic; Flooring NA; and Flooring ROW. The Global Ceramic Segment designs, manufactures, sources and markets a broad line of ceramic tile, porcelain tile, natural stone tile and other products including natural stone, porcelain slabs and quartz countertops, which it distributes primarily in North America, Europe, Brazil and Russia through various selling channels, which include company-owned stores, independent distributors and home centers. The Flooring NA Segment designs, manufactures, sources and markets its floor covering products, including broadloom carpet, carpet tile, carpet cushion, rugs, laminate, resilient, including luxury vinyl tile ("LVT") and sheet vinyl, and wood flooring, all of which it distributes through its network of regional distribution centers and satellite warehouses using Company-operated trucks, common carriers or rail transportation. The Flooring NA Segment's product lines are sold through various channels, including independent floor covering retailers, independent distributors, home centers, mass merchandisers, department stores, shop at home, online retailers, buying groups, commercial contractors and commercial end users. The Flooring ROW Segment designs, manufactures, sources, licenses and markets laminate, resilient, including LVT and sheet vinyl, wood flooring, roofing panels, insulation boards, medium-density fiberboard ("MDF") and chipboards, which it distributes primarily in Europe, Russia, Australia and New Zealand through various channels, including independent floor covering retailers, independent distributors, company-owned distributors, home centers, commercial contractors and commercial end users.

Mohawk is a significant supplier of every major flooring category with manufacturing operations in 18 nations and sales in approximately 170 countries. Based on its annual sales, the Company believes it is the world's largest flooring manufacturer. A majority of the Company's long-lived assets are located in the United States and Europe, which are also the Company's primary markets. Additionally, the Company maintains operations in the United Kingdom, Russia, Mexico, Australia, New Zealand, Brazil and other parts of the world. The Company is a leading provider of flooring for residential and commercial markets and has earned significant recognition for its innovation in design and performance as well as sustainability.

Due to its global footprint, Mohawk's business is sensitive to macroeconomic events in the United States and abroad. In response to Russian military actions in Ukraine, the Company has suspended new investments in Russia. The broader consequences of this conflict, which may include further economic sanctions, embargoes, regional instability, and geopolitical shifts; potential retaliatory actions, including nationalization of foreign-owned businesses and intentional disruption of natural gas supply to Europe; increased tensions between the U.S. and countries in which the Company operates; potential supply chain disruption of raw materials sourced from Ukraine, primarily clay, and materials and spare parts needed in the Company's operations; global increases in the cost of natural gas, oil and oil-based raw materials and chemicals; and the extent of the conflict's effect on the Company's business and results of operations as well as the global economy cannot be predicted. In addition, the current environment has placed demands on the Company's operations as the COVID-19 pandemic has at times caused disruptions in some of the Company's markets and operations. The Company anticipates that new variants of the virus could have an impact on its markets and operations in ways that are difficult to predict due to the inconsistent effect the variants have had in different regions.

During the past year, rapid cost escalations in materials, energy, transportation and labor have impacted the Company's profitability across all segments. Mohawk has, to some extent, offset the impact of inflationary pressures through multiple pricing actions across product categories and geographies; improved mix from sales of higher-value, differentiated products; and productivity gains in manufacturing and logistics. In the near future, the Company may not be able to predict significant changes in these external pressures, which could have an adverse impact on the Company's results. Similarly, inflationary pressures around the globe may impact consumer and commercial investments in flooring and other large, deferrable purchases.

In 2022, the Company plans to invest an additional amount of approximately $785 million to complete existing projects and commence new initiatives. The Company plans to invest in previously initiated expansion projects, cost reduction initiatives and upgrades for recent acquisitions as well as maintenance across the businesses. The main investment areas include the Company's LVT portfolio to upgrade its product offering and improve profitability; premium water-proof laminate in North America and Europe; quartz countertop expansion in North America and porcelain slab expansion in Europe.

Table of Contents The Company announced on June 3, 2022 that it has entered into an agreement to purchase the Vitromex ceramic tile business from Grupo Industrial Saltillo for approximately $293 million in cash. The Vitromex business includes four manufacturing facilities strategically located throughout Mexico. The transaction is expected to close in the second half of 2022 subject to customary government approvals and closing conditions.

For the three months ended July 2, 2022, net earnings attributable to the Company were $280.4 million, or diluted earnings per share ("EPS") of $4.40, compared to net earnings attributable to the Company of $336.3 million, or diluted earnings per share of $4.82 for the three months ended July 3, 2021. The change in EPS was primarily attributable to higher inflation, lower sales volume, increased short-term manufacturing disruptions, the unfavorable net impact from foreign exchange rates, higher costs associated with investments in new product development and marketing costs and increased startup costs, partially offset by the favorable net impact of price and product mix, productivity gains, reduced share count due to the repurchases of common stock and lower restructuring, acquisition and integration-related costs. The Company believes that a number of circumstances may impact trends in 2022, including Russian military actions in Ukraine, the continuation of the COVID-19 pandemic, impacts to material availability due to disruptions in the global supply chain and inflation, but the extent and duration of such impacts cannot be predicted.

For the six months ended July 2, 2022, net earnings attributable to the Company were $525.8 million, or diluted EPS of $8.17, compared to net earnings attributable to the Company of $573.1 million, or diluted EPS of $8.18 for the six months ended July 3, 2021. The change in EPS was primarily attributable to higher inflation, lower sales volume, the unfavorable net impact from foreign exchange rates, increased short-term manufacturing disruptions and higher costs associated with investments in new product development and marketing costs, partially offset by the favorable net impact of price and product mix, productivity gains, reduced share count due to the repurchases of common stock and lower restructuring, acquisition and integration-related costs. The Company believes that a number of circumstances may impact trends in 2022, including Russian military actions in Ukraine, the continuation of the COVID-19 pandemic, impacts to material availability due to disruptions in the global supply chain and inflation, but the extent and duration of such impacts cannot be predicted.

For the six months ended July 2, 2022, the Company generated $202.7 million of cash from operating activities. As of July 2, 2022, the Company had cash and cash equivalents of $224.0 million, of which $29.1 million was in the United States and $194.9 million was in foreign countries.

Quarter Ended July 2, 2022, as compared with Quarter Ended July 3, 2021

Net sales for the three months ended July 2, 2022 were $3,153.2 million, reflecting an increase of $199.4 million, or 6.8%, from the $2,953.8 million reported for the three months ended July 3, 2021. The increase was primarily attributable to the favorable net impact of price and product mix of approximately $487 million, partially offset by lower sales volume of approximately $160 million, the unfavorable net impact from foreign exchange rates of approximately $117 million and the unfavorable impact from less shipping days in the second quarter of 2022 of approximately $11 million.

Global Ceramic Segment-Net sales increased $119.1 million, or 11.5%, to $1,158.6 million for the three months ended July 2, 2022, compared to $1,039.5 million for the three months ended July 3, 2021. The increase was primarily attributable to the favorable net impact of price and product mix of approximately $177 million, partially offset by lower sales volume of approximately $26 million, the unfavorable net impact from foreign exchange rates of approximately $22 million and the unfavorable impact from less shipping days in the second quarter of 2022 of approximately $11 million.

Flooring NA Segment-Net sales increased $18.3 million, or 1.7%, to $1,099.5 million for the three months ended July 2, 2022, compared to $1,081.2 million for the three months ended July 3, 2021. The increase was primarily attributable to the favorable net impact of price and product mix of approximately $145 million, partially offset by lower sales volume of approximately $127 million.

Flooring ROW Segment-Net sales increased $62.0 million, or 7.4%, to $895.1 million for the three months ended July 2, 2022, compared to $833.1 million for the three months ended July 3, 2021. The increase was primarily attributable to the favorable net impact of price and product mix of approximately $165 million, partially offset by the unfavorable net impact from foreign exchange rates of approximately $95 million and lower sales volume of approximately $8 million.

Gross profit for the three months ended July 2, 2022 was $873.2 million (27.7% of net sales), a decrease of $29.0 million or 3.2%, compared to gross profit of $902.2 million (30.5% of net sales) for the three months ended July 3, 2021. As a percentage of net sales, gross profit decreased 280 basis points. The decrease in gross profit dollars was primarily attributable to higher inflation of approximately $423 million, lower sales volume of approximately $59 million, the unfavorable net impact from foreign exchange rates of approximately $20 million, increased short-term manufacturing disruptions of approximately $5 million and increased startup costs of approximately $4 million, partially offset by the favorable net impact of price and product mix of approximately $445 million, productivity gains of approximately $34 million and lower restructuring, acquisition and integration-related costs of approximately $5 million.

Selling, general and administrative expenses

Selling, general and administrative expenses for the three months ended July 2, 2022 were $505.3 million (16.0% of net sales), an increase of $7.5 million compared to $497.8 million (16.9% of net sales) for the three months ended July 3, 2021. As a percentage of net sales, selling, general and administrative expenses decreased 90 basis points. The increase in selling, general and administrative expenses in dollars was primarily attributable to the unfavorable net impact of price and product mix of approximately $20 million, higher inflation of approximately $9 million and higher costs associated with investments in new product development and marketing costs of approximately $4 million, partially offset by the favorable net impact from foreign exchange rates of approximately $16 million and productivity gains of approximately $10 million.

Operating income for the three months ended July 2, 2022 was $367.9 million (11.7% of net sales), reflecting a decrease of $36.5 million, or 9.0%, compared to operating income of $404.4 million (13.7% of net sales) for the three months ended July 3, 2021. The decrease in operating income was primarily attributable to higher inflation of approximately $432 million, lower sales volume of approximately $60 million, increased short-term manufacturing disruptions of approximately $5 million, the unfavorable net impact from foreign exchange rates of approximately $5 million, higher costs associated with investments in new product development and marketing costs of approximately $4 million and increased startup costs of approximately $4 million, partially offset by the favorable net impact of price and product mix of approximately $424 million, productivity gains of approximately $44 million and lower restructuring, acquisition and integration-related costs of approximately $5 million.

Global Ceramic Segment-Operating income was $154.3 million (13.3% of segment net sales) for the three months ended July 2, 2022, reflecting an increase of $17.9 million compared to operating income of $136.4 million (13.1% of segment net sales) for the three months ended July 3, 2021. The increase in operating income was primarily attributable to the favorable net impact of price and product mix of approximately $150 million and productivity gains of approximately $20 million, partially offset by higher inflation of approximately $136 million, lower sales volume of approximately $12 million and the unfavorable net impact from foreign exchange rates of approximately $2 million.

Flooring NA Segment-Operating income was $100.0 million (9.1% of segment net sales) for the three months ended July 2, 2022, reflecting a decrease of $15.9 million compared to operating income of $115.9 million (10.7% of segment net sales) for the three months ended July 3, 2021. The decrease in operating income was primarily attributable to higher inflation of approximately $131 million, lower sales volume of approximately $41 million, increased startup costs of approximately $3 million and higher costs associated with investments in new product development and marketing costs of approximately $2 million, partially offset by the favorable net impact of price and product mix of approximately $124 million, productivity gains of approximately $32 million and lower restructuring, acquisition and integration-related costs of approximately $6 million.

Flooring ROW Segment-Operating income was $124.1 million (13.9% of segment net sales) for the three months ended July 2, 2022, reflecting a decrease of $39.8 million compared to operating income of $163.9 million (19.7% of segment net sales) for the three months ended July 3, 2021. The decrease in operating income was primarily attributable to higher inflation of approximately $166 million, productivity losses of approximately $8 million, lower sales volume of approximately $7 million, increased short-term manufacturing disruptions of approximately $4 million and the unfavorable net impact from foreign exchange rates of approximately $3 million, partially offset by the favorable net impact of price and product mix of approximately $151 million.

Interest expense was $12.1 million for the three months ended July 2, 2022, reflecting a decrease of $2.8 million compared to interest expense of $14.9 million for the three months ended July 3, 2021. The decrease in interest expense was primarily due to the Company's redemption of the 2.00% Senior Notes on October 19, 2021.

Other income, net was $2.8 million for the three months ended July 2, 2022, reflecting an unfavorable change of $8.4 million compared to other income, net of $11.2 million for the three months ended July 3, 2021. The change was primarily attributable to the resolution of foreign non-income tax contingencies of approximately $6 million during the three months ended July 3, 2021 and other miscellaneous items of approximately $4 million, partially offset by the favorable net impact of foreign exchange rates of approximately $2 million.

For the three months ended July 2, 2022, the Company recorded income tax expense of $78.2 million on earnings before income taxes of $358.7 million, for an effective tax rate of 21.8%, as compared to an income tax expense of $64.2 million on earnings before income taxes of $400.7 million, for an effective tax rate of 16.0% for the three months ended July 3, 2021. The difference in the effective tax rates for the comparative periods was impacted by the Company's geographic dispersion of profits and losses for the respective periods, lower U.S. tax on foreign earnings, and a one-time Italian tax planning election allowing for the realignment of tax asset values in the quarter ended July 3, 2021.

Net sales for the six months ended July 2, 2022 were $6,168.9 million, reflecting an increase of $546.0 million, or 9.7%, from the $5,622.9 million reported for the six months ended July 3, 2021. The increase was primarily attributable to the favorable net impact of price and product mix of approximately $918 million, partially offset by the unfavorable net impact from foreign exchange rates of approximately $211 million, lower sales volume of approximately $133 million and the unfavorable impact from fewer shipping days for the six months ended July 2, 2022 of approximately $32 million.

Global Ceramic Segment-Net sales increased $253.9 million, or 12.9%, to $2,223.3 million for the six months ended July 2, 2022, compared to $1,969.4 million for the six months ended July 3, 2021. The increase was primarily attributable to the favorable net impact of price and product mix of approximately $319 million and higher sales volume of approximately $4 million, partially offset by the unfavorable net impact from foreign exchange rates of approximately $54 million and unfavorable impact from fewer shipping days for the six months ended July 2, 2022 of approximately $15 million.

Flooring NA Segment-Net sales increased $121.0 million, or 5.9%, to $2,171.4 million for the six months ended July 2, 2022, compared to $2,050.4 million for the six months ended July 3, 2021. The increase was primarily attributable to the favorable net impact of price and product mix of approximately $285 million, partially offset by lower sales volume of approximately $147 million and the unfavorable impact from fewer shipping days for the six months ended July 2, 2022 of approximately $17 million.

Flooring ROW Segment-Net sales increased $171.1 million, or 10.7%, to $1,774.1 million for the six months ended July 2, 2022, compared to $1,603.0 million for the six months ended July 3, 2021. The increase was primarily attributable to the favorable net impact of price and product mix of approximately $314 million and higher sales volume of approximately $9 million, partially offset by the unfavorable net impact from foreign exchange rates of approximately $156 million.

Gross profit for the six months ended July 2, 2022 was $1,675.3 million (27.2% of net sales), a decrease of $18.7 million or 1.1%, compared to gross profit of $1,694.0 million (30.1% of net sales) for the six months ended July 3, 2021. As a percentage of net sales, gross profit decreased 290 basis points. The decrease in gross profit dollars was primarily attributable to higher inflation of approximately $754 million, lower sales volume of approximately $65 million, the unfavorable net impact from foreign exchange rates of approximately $43 million and increased short-term manufacturing disruptions of approximately $14 million, partially offset by the favorable net impact of price and product mix of approximately $791 million, productivity gains of approximately $53 million and lower restructuring, acquisition and integration-related costs of approximately $14 million.

Selling, general and administrative expenses

Selling, general and administrative expenses for the six months ended July 2, 2022 were $986.6 million (16.0% of net sales), an increase of $14.6 million compared to $972.0 million (17.3% of net sales) for the six months ended July 3, 2021. As a percentage of net sales, selling, general and administrative expenses decreased 130 basis points. The increase in selling, general and administrative expenses in dollars was primarily attributable to the unfavorable net impact of price and product mix of approximately $36 million, higher inflation of approximately $19 million, the unfavorable impact due to sales volume changes of approximately $7 million and higher costs associated with investments in new product development and marketing costs of approximately $3 million, partially offset by the favorable net impact from foreign exchange rates of approximately $27 million and productivity gains of approximately $23 million.

Operating income for the six months ended July 2, 2022 was $688.7 million (11.2% of net sales), reflecting a decrease of $33.2 million, or 4.6%, compared to operating income of $721.9 million (12.8% of net sales) for the six months ended July 3, 2021. The decrease in operating income was primarily attributable to higher inflation of approximately $773 million, lower sales volume of approximately $72 million, the unfavorable net impact from foreign exchange rates of approximately $16 million, increased short-term manufacturing disruptions of approximately $14 million and higher costs associated with investments in new product development and marketing costs of approximately $3 million, partially offset by the favorable net impact of price and product mix of approximately $755 million, productivity gains of approximately $76 million and lower restructuring, acquisition and integration-related costs of approximately $14 million.

Global Ceramic Segment-Operating income was $254.6 million (11.5% of segment net sales) for the six months ended July 2, 2022, reflecting an increase of $30.4 million compared to operating income of $224.2 million (11.4% of segment net sales) for the six months ended July 3, 2021. The increase in operating income was primarily attributable to the favorable net impact of price and product mix of approximately $252 million and productivity gains of approximately $31 million, partially offset by higher inflation of approximately $242 million, the unfavorable net impact from foreign exchange rates of approximately $5 million and lower sales volume of approximately $3 million.

Flooring NA Segment-Operating income was $195.4 million (9.0% of segment net sales) for the six months ended July 2, 2022, reflecting a decrease of $1.8 million compared to operating income of $197.2 million (9.6% of segment net sales) for the six months ended July 3, 2021. The decrease in operating income was primarily attributable to higher inflation of approximately $235 million, lower sales volume of approximately $62 million, increased startup costs of approximately $3 million and increased short-term manufacturing disruptions of approximately $2 million, partially offset by the favorable net impact of price and product mix of approximately $225 million, productivity gains of approximately $62 million and lower restructuring, acquisition and integration-related costs of approximately $14 million.

Flooring ROW Segment-Operating income was $258.8 million (14.6% of segment net sales) for the six months ended July 2, 2022, reflecting a decrease of $64.4 million compared to operating income of $323.2 million (20.2% of segment net sales) for the six months ended July 3, 2021. The decrease in operating income was primarily attributable to higher inflation of approximately $299 million, decreased productivity of approximately $17 million, the unfavorable net impact of foreign exchange rates of approximately $11 million, increased short-term manufacturing disruptions of approximately $8 million and lower sales volume of approximately $6 million, partially offset by the favorable net impact of price and product mix of approximately $278 million.

Interest expense was $23.5 million for the six months ended July 2, 2022, reflecting a decrease of $6.6 million compared to interest expense of $30.1 million for the six months ended July 3, 2021. Approximately $6 million of the decrease in interest expense was due to the Company's redemption of the 2.00% Senior Notes on October 19, 2021.

Other income, net was $0.4 million for the six months ended July 2, 2022, reflecting an unfavorable change of $13.0 million compared to other income, net of $13.4 million for the six months ended July 3, 2021. The change was primarily driven by the release of an indemnification receivable related to the resolution of foreign non-income tax contingencies of approximately $6 million during the six months ended July 3, 2021, the reversal of uncertain tax positions recorded with the Emil acquisition of approximately $7 million and other miscellaneous items.

For the six months ended July 2, 2022, the Company recorded income tax expense of $139.6 million on earnings before income taxes of $665.6 million for an effective tax rate of 21.0%, as compared to an income tax expense of $131.9 million on earnings before income taxes of $705.2 million, for an effective tax rate of 18.7% for the six months ended July 3, 2021. The difference in the effective tax rates for the comparative periods was impacted by the geographical dispersion of profits and losses for the respective periods, lower U.S. tax on foreign earnings, a one-time Italian tax planning election allowing for the realignment of tax asset values in the quarter ended July 3, 2021, and an Italian benefit associated with a release of an uncertain tax liability for the six months ended July 2, 2022.

The Company's primary capital requirements are for working capital, capital expenditures and acquisitions. The Company's capital needs are met primarily through a combination of internally generated funds, commercial paper, bank credit lines, term and senior notes and credit terms from suppliers.

Net cash provided by operating activities in the first six months of 2022 was $202.7 million, compared to net cash provided by operating activities of $598.0 million in the first six months of 2021. The decrease of $395.3 million in 2022 was primarily attributable to the change in working capital and lower net earnings.

Net cash used in investing activities in the first six months of 2022 was $221.1 million compared to net cash used in investing activities of $328.5 million in the first six months of 2021. The decrease was primarily due to the increase in the redemptions of short-term investments of $152.7 million (net of purchases of short-term investments), partially offset by the increase of capital expenditures of $52.6 million.

Net cash used in financing activities in the first six months of 2022 was $42.8 million compared to net cash used in financing activities of $275.8 million in the six months of 2021. The change in cash used in financing activities is primarily attributable to the higher net proceeds from commercial paper of $278.2 million, partially offset by higher share repurchases of $42.7 million.

As of July 2, 2022, the Company had cash of $224.0 million, of which $194.9 million was held outside the United States. The Company plans to permanently reinvest the cash held outside the United States. The Company believes that its cash and cash equivalents on hand, cash generated from operations and availability under its existing credit facilities will be sufficient to meet its capital expenditure, working capital and debt servicing requirements over at least the next twelve months. The Company continually evaluates its projected needs and may conduct additional debt financings, subject to market conditions, to increase its liquidity and to take advantage of attractive financing opportunities.

On February 10, 2022, the Company's Board of Directors approved a new share repurchase program, authorizing the Company to repurchase up to $500 million of its common stock (the "2022 Share Repurchase Program"). For the six months ended July 2, 2022, the Company purchased $307.2 million of its common stock, exhausting the $36.8 million remaining under the prior share repurchase program authorized on September 16, 2021 (the "2021 Share Repurchase Program"), and utilizing $270.4 million under the 2022 Share Repurchase Program. As of July 2, 2022, there remains $229.6 million authorized under the 2022 Share Repurchase Program.

See Note 18. Debt, of the notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Form 10-Q for further discussion of the Company's long-term debt. The Company may continue, from time to time, to retire its outstanding debt through cash purchases in the open market, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, the Company's liquidity requirements, contractual restrictions and other factors. The amount involved may be material.

There have been no significant changes to the Company's contractual obligations as disclosed in the Company's 2021 Annual Report filed on Form 10-K except as described herein.

Critical Accounting Policies and Estimates

The Company's critical accounting policies and estimates are described in its 2021 Annual Report filed on Form 10-K.

See Note 1 in the Notes to Condensed Consolidated Financial Statements of this Form 10-Q under the heading "Recent Accounting Pronouncements" for a discussion of new accounting pronouncements which is incorporated herein by reference.

Inflation affects the Company's manufacturing costs, distribution costs and operating expenses. The Company expects raw material prices, many of which are petroleum-based, to fluctuate based upon worldwide supply and demand of commodities utilized in the Company's production process. Although the Company attempts to pass on increases in raw material, labor, energy and fuel-related costs to its customers, the Company's ability to do so is dependent upon the rate and magnitude of any increase, competitive pressures and market conditions for the Company's products. There have been in the past, and may be in the future, periods of time during which increases in these costs cannot be fully recovered. In the past, the Company has often been able to enhance productivity, reduce costs and develop new product innovations to help offset increases in costs resulting from inflation in its operations.

The Company did not have any off-balance sheet arrangements as of July 2, 2022.

The Company is a calendar year-end company. With respect to its Global Ceramic Segment, the second quarter typically sees higher net sales, followed by the third and first quarters, while the fourth quarter shows weaker net sales. For the Global Ceramic Segment's operating income, generally, the second quarter shows stronger earnings, followed by third and first quarters, and the fourth quarter shows weaker earnings. The Flooring NA Segment's second quarter typically produces higher net sales followed by moderate third and fourth quarters, and a weaker first quarter. For the Flooring NA Segment's operating income, historically, the third quarter shows stronger earnings, followed by second and fourth quarters, and a weaker first quarter. The Flooring ROW Segment's second quarter historically produces higher net sales followed by moderate fourth and third quarters, and a weaker first quarter. For the Flooring ROW Segment's operating income, generally, the second quarter shows stronger earnings, followed by first and third quarters, and the fourth quarter shows weaker earnings.

The COVID-19 pandemic has created volatility in the global economy, has led to unpredictable economic activity and has impacted the supply chain for raw materials and sourced finished goods. The COVID-19 pandemic and the global economic slowdown may impact normal seasonality trends in 2022, but the extent and duration of such impacts cannot be predicted.

Certain of the statements in this Form 10-Q, particularly those 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" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 and deflation in raw material prices, freight and other input costs; inflation and deflation in consumer markets; currency fluctuations; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company's products; impairment charges; integration of acquisitions; international operations; introduction of new products; rationalization of operations; tax and tax reform, product and other claims; litigation; Russian military actions in Ukraine or other geopolitical events; the risks and uncertainty related to the COVID-19 pandemic; regulatory and political changes in the jurisdictions in which the Company does business; and other risks identified in Mohawk's SEC reports and public announcements.

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