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

FORM 10-Q
[Mark One]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 3, 2021
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to      

Commission File Number 01-13697
 __________________________________________
MOHAWK INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware52-1604305
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
160 S. Industrial Blvd.CalhounGeorgia30701
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (706629-7721
Former name, former address and former fiscal year, if changed since last report:
__________________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerx  Accelerated filer¨
Non-accelerated filer¨  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x

Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $.01 par valueMHKNew York Stock Exchange
Floating Rate Notes due 2021New York Stock Exchange
2.000% Senior Notes due 2022New York Stock Exchange
The number of shares outstanding of the issuer’s common stock as of April 28, 2021, the latest practicable date, is as follows: 69,708,006 shares of common stock, $.01 par value.


Table of Contents
MOHAWK INDUSTRIES, INC.
INDEX
 
  Page No
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

Table of Contents
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) 
April 3,
2021
December 31,
2020
(In thousands, except per share data)
ASSETS
Current assets:
Cash and cash equivalents$557,262 768,625 
Short-term investments782,267 571,741 
Receivables, net1,813,858 1,709,493 
Inventories1,996,628 1,913,020 
Prepaid expenses382,062 369,432 
Other current assets33,935 31,343 
Total current assets5,566,012 5,363,654 
Property, plant and equipment8,772,346 8,905,266 
Less: accumulated depreciation4,340,236 4,314,037 
Property, plant and equipment, net4,432,110 4,591,229 
Right of use operating lease assets337,767 323,138 
Goodwill2,594,727 2,650,831 
Tradenames706,708 727,268 
Other intangible assets subject to amortization, net215,138 224,339 
Deferred income taxes and other non-current assets437,611 447,292 
$14,290,073 14,327,751 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt$953,913 377,255 
Accounts payable and accrued expenses1,954,396 1,895,951 
Current operating lease liabilities98,982 98,042 
Total current liabilities3,007,291 2,371,248 
Deferred income taxes485,435 493,668 
Long-term debt, less current portion1,719,115 2,356,887 
Non-current operating lease liabilities248,022 234,726 
Other long-term liabilities331,178 330,064 
Total liabilities5,791,041 5,786,593 
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $.01 par value; 60 shares authorized; no shares issued
  
Common stock, $.01 par value; 150,000 shares authorized; 77,050 and 77,624 shares issued in 2021 and 2020, respectively
770 776 
Additional paid-in capital1,889,540 1,885,142 
Retained earnings7,673,129 7,559,191 
Accumulated other comprehensive loss(855,455)(695,145)
8,707,984 8,749,964 
Less: treasury stock at cost; 7,343 and 7,346 shares in 2021 and 2020, respectively
215,551 215,648 
Total Mohawk Industries, Inc. stockholders’ equity8,492,433 8,534,316 
Nonredeemable noncontrolling interests6,599 6,842 
          Total stockholders’ equity8,499,032 8,541,158 
$14,290,073 14,327,751 
See accompanying notes to condensed consolidated financial statements
3

Table of Contents
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 Three Months Ended
 April 3,
2021
March 28,
2020
(In thousands, except per share data)
Net sales$2,669,026 2,285,763 
Cost of sales1,877,257 1,669,323 
Gross profit791,769 616,440 
Selling, general and administrative expenses474,254 464,957 
Operating income317,515 151,483 
Interest expense15,241 8,671 
Other expense (income) net(2,227)5,679 
Earnings before income taxes304,501 137,133 
Income tax expense67,690 26,668 
Net earnings including noncontrolling interests236,811 110,465 
Net earnings (loss) attributable to noncontrolling interests4 (49)
Net earnings attributable to Mohawk Industries, Inc.$236,807 110,514 
Basic earnings per share attributable to Mohawk Industries, Inc.
Basic earnings per share attributable to Mohawk Industries, Inc.$3.37 1.54 
Weighted-average common shares outstanding—basic70,179 71,547 
Diluted earnings per share attributable to Mohawk Industries, Inc.
Diluted earnings per share attributable to Mohawk Industries, Inc.$3.36 1.54 
Weighted-average common shares outstanding—diluted70,474 71,777 
See accompanying notes to condensed consolidated financial statements.

4

Table of Contents
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
 Three Months Ended
 April 3,
2021
March 28,
2020
(In thousands)
Net earnings including noncontrolling interests$236,811 110,465 
Other comprehensive income (loss):
Foreign currency translation adjustments(160,654)(322,411)
Pension prior service cost and actuarial gain, net of tax97 101 
Other comprehensive (loss)(160,557)(322,310)
Comprehensive income (loss)76,254 (211,845)
Comprehensive (loss) attributable to noncontrolling interests(244)(332)
Comprehensive income (loss) attributable to Mohawk Industries, Inc.$76,498 (211,513)
See accompanying notes to condensed consolidated financial statements.
5

Table of Contents
MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
 Three Months Ended
 April 3,
2021
March 28,
2020
(In thousands)
Cash flows from operating activities:
Net earnings including noncontrolling interests$236,811 110,465 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Restructuring4,256 11,709 
Depreciation and amortization151,216 145,516 
Deferred income taxes3,740 3,481 
Loss on disposal of property, plant and equipment2,522 901 
Stock-based compensation expense5,968 5,041 
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables, net(138,764)(168,740)
Inventories(109,550)24,284 
Other assets and prepaid expenses(34,432)(26,573)
Accounts payable and accrued expenses122,748 66,175 
Other liabilities15,090 22,715 
Net cash provided by operating activities259,605 194,974 
Cash flows from investing activities:
Additions to property, plant and equipment(114,735)(115,632)
Acquisitions, net of cash acquired(6,338) 
Purchases of short-term investments(698,698)(183,300)
Redemption of short-term investments486,489 165,500 
Net cash used in investing activities(333,282)(133,432)
Cash flows from financing activities:
Payments on Senior Credit Facilities (65,661)
Proceeds from Senior Credit Facilities 613,448 
Payments on commercial paper(32,633)(3,644,139)
Proceeds from commercial paper35,600 3,259,341 
Net proceeds (payments) of other financing activities852 (4,203)
Purchase of Mohawk common stock(122,876)(68,640)
Change in outstanding checks in excess of cash(1,126)(2,945)
Net cash (used in) provided by financing activities(120,183)87,201 
Effect of exchange rate changes on cash and cash equivalents(17,503)(20,442)
Net change in cash and cash equivalents(211,363)128,301 
Cash and cash equivalents, beginning of period768,625 134,785 
Cash and cash equivalents, end of period$557,262 263,086 


See accompanying notes to condensed consolidated financial statements.

6

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MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share amounts)
(Unaudited)

1. General

Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms “we,” “our,” “us,” “Mohawk,” or “the Company” as used in this Form 10-Q refer to Mohawk Industries, Inc.

Interim Reporting

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with the consolidated financial statements and notes thereto, and the Company’s description of critical accounting policies, included in the Company’s 2020 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Results for interim periods are not necessarily indicative of the results for the year.

Hedges of Net Investments in Non-U.S. Operations

The Company has numerous investments outside the United States. The net assets of these subsidiaries are exposed to changes and volatility in currency exchange rates. The Company uses foreign currency denominated debt to hedge its non-U.S. net investments against adverse movements in exchange rates. The gains and losses on the Company’s net investments in its non-U.S. operations are economically offset by losses and gains on its foreign currency borrowings. The Company designated its €500,000 2.00% Senior Notes borrowing as a net investment hedge of a portion of its European operations. For the three months ended April 3, 2021 and March 28, 2020, the change in the U.S. dollar value of the Company’s euro denominated debt was a decrease of $27,047 ($20,694 net of taxes) and a decrease of $3,182 ($2,417 net of taxes), respectively, which is recorded in the foreign currency translation adjustment component of accumulated other comprehensive income or (loss). The change in the U.S. dollar value of the Company’s debt partially offsets the euro-to-dollar translation of the Company’s net investment in its European operations.

Recent Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes which simplified the accounting for income taxes in several areas by removing certain exceptions and by clarifying and amending existing guidance applicable to accounting for income taxes. The Company adopted the new standard on January 1, 2021. The effect of adopting the new standard was not material.



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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
2. Acquisitions

2021 Acquisitions

During the first quarter of 2021, the Company made acquisitions in the Flooring Rest of the World segment for $6,338.

3. Revenue from Contracts with Customers

Contract Liabilities

The Company historically records contract liabilities when it receives payment prior to fulfilling a performance obligation. Contract liabilities related to revenues are recorded in accounts payable and accrued expenses on the accompanying condensed consolidating balance sheets. The Company had contract liabilities of $47,908 and $39,466 as of April 3, 2021 and December 31, 2020, respectively.

Performance Obligations

Substantially all of the Company’s revenue is recognized at a point in time when the product is either shipped or received from the Company’s facilities and control of the product is transferred to the customer.  Accordingly, in any period, the Company does not recognize a significant amount of revenue from performance obligations satisfied or partially satisfied in prior periods and the amount of such revenue recognized during the three months ended April 3, 2021 and March 28, 2020 was immaterial.

Costs to Obtain a Contract

The Company historically incurs certain incremental costs to obtain revenue contracts. These costs relate to marketing display structures and are capitalized when the amortization period is greater than one year, with the amount recorded in other assets on the accompanying condensed consolidated balance sheets. Capitalized costs to obtain contracts were $54,544 and $59,847 as of April 3, 2021 and December 31, 2020, respectively. Straight-line amortization expense recognized during the three months ended April 3, 2021 and March 28, 2020 related to these capitalized costs were $15,581 and $15,540 respectively.



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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Revenue Disaggregation

The following table presents the Company’s segment revenues disaggregated by the geographical market location of customer sales and product categories for the three months ended April 3, 2021 and March 28, 2020:
April 3, 2021Global Ceramic segmentFlooring NA segmentFlooring ROW segmentTotal
Geographical Markets
United States$534,547 936,098 2,419 1,473,064 
Europe207,500 330 558,138 765,968 
Russia62,018 30 27,657 89,705 
Other125,806 32,792 181,691 340,289 
$929,871 969,250 769,905 2,669,026 
Product Categories
Ceramic & Stone$927,459 8,322  935,781 
Carpet & Resilient2,412 772,079 247,724 1,022,215 
Laminate & Wood 188,849 253,213 442,062 
Other(1)
  268,968 268,968 
$929,871 969,250 769,905 2,669,026 

March 28, 2020Global Ceramic segmentFlooring NA segmentFlooring ROW segmentTotal
Geographical Markets
United States$505,105 810,448 707 1,316,260 
Europe169,536 2,636 440,495 612,667 
Russia59,807  26,326 86,133 
Other114,002 35,246 121,455 270,703 
$848,450 848,330 588,983 2,285,763 
Product Categories
Ceramic & Stone$848,450 10,365  858,815 
Carpet & Resilient 683,713 191,295 875,008 
Laminate & Wood 154,252 198,810 353,062 
Other(1)
  198,878 198,878 
$848,450 848,330 588,983 2,285,763 

(1) Other includes roofing elements, insulation boards, chipboards and IP contracts.












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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
4. Restructuring, Acquisition and Integration-Related Costs

The Company incurs costs in connection with acquiring, integrating and restructuring acquisitions and in connection with its global cost-reduction/productivity initiatives. For example:

In connection with acquisition activity, the Company typically incurs costs associated with executing the transactions, integrating the acquired operations (which may include expenditures for consulting and the integration of systems and processes), and restructuring the combined company (which may include charges related to employees, assets and activities that will not continue in the combined company); and

In connection with the Company’s cost-reduction/productivity initiatives, it typically incurs costs and charges associated with site closings and other facility rationalization actions including accelerated depreciation ("Asset write-downs") and workforce reductions.

Restructuring, acquisition transaction and integration-related costs consisted of the following during the three months ended April 3, 2021 and March 28, 2020:
Three Months Ended
April 3, 2021March 28, 2020
Cost of sales
Restructuring costs$10,165 11,172 
Acquisition integration-related costs17 610 
  Restructuring and acquisition integration-related costs$10,182 11,782 
Selling, general and administrative expenses
Restructuring costs$(90)537 
Acquisition transaction-related costs849 (216)
Acquisition integration-related costs243 575 
  Restructuring, acquisition transaction and integration-related costs$1,002 896 



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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
The restructuring activity for the three months ended April 3, 2021 is as follows:
Lease impairmentsAsset write-downsSeveranceOther
restructuring
costs
Total
Balances as of December 31, 2020$  11,576 729 12,305 
Provision
Global Ceramic segment 960  312 1,272 
Flooring NA segment(37)5,844  3,053 8,860 
Flooring ROW segment  (464)409 (55)
Corporate  (2) (2)
Total provision(37)6,804 (466)3,774 10,075 
Cash payments  (2,795)(3,930)(6,725)
Non-cash items37 (6,804)(342)(298)(7,407)
Balances as of April 3, 2021$  7,973 275 8,248 
Provision amounts recorded in:
Cost of sales$ 6,751 (211)3,625 10,165 
Selling, general and administrative expenses(37)53 (255)149 (90)
Total provision$(37)6,804 (466)3,774 10,075 


The Company expects the remaining severance and other restructuring costs to be paid over the next 12 months.
    
5. Fair Value

For publicly-traded investment securities, which consist of the Company’s money market, short-duration bond fund and managed income fund, fair value is determined on the basis of quoted market prices and, accordingly, such investments are classified as Level 1. The Company’s wholly-owned captive insurance company may also invest in the Company’s commercial paper. These short-term commercial paper investments are classified as trading securities and carried at fair value based upon the Level 2 fair value hierarchy.

Items Measured at Fair Value
The following table presents the items measured at fair value as of April 3, 2021 and December 31, 2020:

 Fair Value
April 3,
2021
December 31, 2020
Cash and cash equivalents:
Money market fund (Level 1)$100,898 197,835 
Short-term investments:
Short-term investments (Level 1) (1)
782,267 571,741 
(1) The Company's short-term investments are in a short-duration bond fund and a managed income fund that are designed to deliver current income consistent with the preservation of capital through investing in high-and medium grade fixed income securities. The investments are readily convertible into cash.

The fair values and carrying values of the Company's debt are disclosed in Note 18 - Debt.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
6. Receivables, net

Receivables, net are as follows:
At April 3, 2021At December 31, 2020
Customers, trade$1,716,072 1,591,503 
Income tax receivable105,840 112,580 
Other78,371 89,092 
1,900,283 1,793,175 
Less: allowance for discounts, claims and doubtful accounts(1)
86,425 83,682 
Receivables, net$1,813,858 1,709,493 

(1) The Company adopted the new standard, ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020 using a modified retrospective transition approach, with the cumulative impact being immaterial to the financial statements.


7. Inventories

The components of inventories are as follows:
At April 3, 2021At December 31, 2020
Finished goods$1,447,879 1,372,234 
Work in process129,203 126,231 
Raw materials419,546 414,555 
Total inventories$1,996,628 1,913,020 

8. Goodwill and Intangible Assets

The components of goodwill and other intangible assets are as follows:

Goodwill:
Global Ceramic segmentFlooring NA segmentFlooring ROW segmentTotal
Balance as of December 31, 2020
Goodwill$1,579,491 874,198 1,524,567 3,978,256 
Accumulated impairment losses(531,930)(343,054)(452,441)(1,327,425)
1,047,561 531,144 1,072,126 2,650,831 
Currency translation during the period(11,876) (44,228)(56,104)
Balance as of April 3, 2021
Goodwill1,567,615 874,198 1,480,339 3,922,152 
Accumulated impairment losses(531,930)(343,054)(452,441)(1,327,425)
Balance as of April 3, 2021, net$1,035,685 531,144 1,027,898 2,594,727 



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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Intangible assets not subject to amortization:
    
Tradenames
Balance as of December 31, 2020$727,268 
Currency translation during the period(20,560)
Balance as of April 3, 2021$706,708 
 
Intangible assets subject to amortization:
Gross carrying amounts:Customer
relationships
PatentsOtherTotal
Balance as of December 31, 2020$699,795 273,570 6,945 980,310 
Intangible assets acquired during the period 4,628  4,628 
Currency translation during the period(19,752)(12,096)(9)(31,857)
Balance as of April 3, 2021$680,043 266,102 6,936 953,081 
Accumulated amortization:Customer
relationships
PatentsOtherTotal
Balance as of December 31, 2020$481,256 273,426 1,289 755,971 
Amortization during the period7,039 123 336 7,498 
Currency translation during the period(13,472)(12,031)(23)(25,526)
Balance as of April 3, 2021$474,823 261,518 1,602 737,943 
Intangible assets subject to amortization, net as of April 3, 2021$205,220 4,584 5,334 215,138 

 Three Months Ended
 April 3,
2021
March 28,
2020
Amortization expense$7,498 6,876 

9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses are as follows:
At April 3, 2021At December 31, 2020
Outstanding checks in excess of cash$4,530 5,672 
Accounts payable, trade1,064,785 1,016,897 
Accrued expenses587,876 566,052 
Product warranties55,024 54,692 
Accrued interest22,460 30,403 
Accrued compensation and benefits219,721 222,235 
Total accounts payable and accrued expenses$1,954,396 1,895,951 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
10. Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component for the three months ended April 3, 2021 are as follows:
 Foreign currency translation adjustmentsPensions, net of taxTotal
Balance as of December 31, 2020$(680,255)(14,890)(695,145)
Current period other comprehensive income (loss)(160,407)97 (160,310)
Balance as of April 3, 2021$(840,662)(14,793)(855,455)


11. Stock-Based Compensation

The Company recognizes compensation expense for all share-based payments granted based on the grant-date fair value estimated in accordance with the provisions of ASC 718-10. Compensation expense is recognized on a straight-line basis over the awards’ estimated lives for fixed awards with ratable vesting provisions.

The Company granted 173 restricted stock units ("RSUs") at a weighted average grant-date fair value of $175.12 per unit for the three months ended April 3, 2021. The Company granted 188 RSUs for the three months ended March 28, 2020. The Company recognized stock-based compensation costs related to the issuance of RSUs of $5,968 ($4,416 net of taxes) and $5,041 ($3,731 net of taxes) for the three months ended April 3, 2021 and March 28, 2020, respectively, which has been allocated to cost of sales and selling, general and administrative expenses. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $35,778 as of April 3, 2021, and will be recognized as expense over a weighted-average period of approximately 2.04 years.

12. Other Expense (Income), net

Other expense (income), net is as follows:
 Three Months Ended
 April 3,
2021
March 28,
2020
Foreign currency losses (gains), net$(1,186)7,608 
Dividend income(2,227) 
Unrealized and realized losses on short-term investments1,683  
All other, net(497)(1,929)
Total other expense (income), net$(2,227)5,679 


13. Income Taxes

For the quarter ended April 3, 2021, the Company recorded income tax expense of $67,690 on earnings before income taxes of $304,501 for an effective tax rate of 22.2%, as compared to an income tax expense of $26,668 on earnings before income taxes of $137,133, for an effective tax rate of 19.4% for the quarter ended March 28, 2020. The difference in the effective tax rates for the comparative periods was impacted by the Company's inability to use an estimated annual effective rate for the quarter ended March 28, 2020, and the geographical dispersion of profits and losses.

In accordance with ASC 740-270, Interim Reporting, at the end of each interim period, the Company is required to determine the best estimate of its annual effective tax rate and then apply that rate in providing for income taxes on an interim period. However, in certain circumstances where the Company is unable to make a reliable estimate of the annual effective tax rate, ASC 740-270 allows the actual effective tax rate for the interim period to be used. For the first quarter ended March 28, 2020, the Company calculated its effective rate for the interim period and applied that rate to the interim period results. The Company used this approach because it was unable to reasonably estimate its annual effective rate due to the variability of the rate as a result of small changes in forecasted income, fluctuations in annual pre-tax income and loss between quarters, and the effects of being taxed in multiple tax jurisdictions.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
14. Stockholders’ Equity

The following tables reflect the changes in stockholders’ equity for the three months ended April 3, 2021 and March 28, 2020 (in thousands).
 Total Stockholders’ Equity
 Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockNonredeemable Noncontrolling InterestsTotal Stockholders' Equity
 SharesAmountSharesAmount
 
December 31, 202077,624 $776 $1,885,142 $7,559,191 $(695,145)(7,346)$(215,648)$6,842 $8,541,158 
Shares issued under employee and director stock plans113 1 (1,570)— — 3 97 — (1,472)
Stock-based compensation expense— — 5,968 — — — — — 5,968 
Repurchases of common stock(687)(7)— (122,869)— — — — (122,876)
Net earnings attributable to noncontrolling interests— — — — — — — 4 4 
Currency translation adjustment on noncontrolling interests— — — — — — — (247)(247)
Currency translation adjustment— — — — (160,407)— — — (160,407)
Prior pension and post-retirement benefit service cost and actuarial gain— — — — 97 — — — 97 
Net earnings— — — 236,807 — — — — 236,807 
April 3, 202177,050 $770 $1,889,540 $7,673,129 $(855,455)(7,343)$(215,551)$6,599 $8,499,032 

 Total Stockholders’ Equity
 Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockNonredeemable Noncontrolling InterestsTotal Stockholders' Equity
 SharesAmountSharesAmount
 
December 31, 201978,980 $790 $1,868,250 $7,232,337 $(765,824)(7,348)$(215,712)$6,607 $8,126,448 
Shares issued under employee and director stock plans130 1 (3,288)— — 2 59 — (3,228)
Stock-based compensation expense— — 5,041 — — — — — 5,041 
Repurchases of common stock(579)(6)— (68,635)— — — — (68,641)
Net (loss) attributable to noncontrolling interests— — — — — — — (49)(49)
Currency translation adjustment on noncontrolling interests— — — — — — — (283)(283)
Currency translation adjustment— — — — (322,129)— — — (322,129)
Prior pension and post-retirement benefit service cost and actuarial gain— — — — 101 — — — 101 
CECL adoption— — — (131)— — — — (131)
Net earnings— — — 110,514 — — — — 110,514 
March 28, 202078,531 $785 $1,870,003 $7,274,085 $(1,087,852)(7,346)$(215,653)$6,275 $7,847,643 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
15. Earnings Per Share

Basic earnings per common share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per common share assumes the exercise of outstanding stock options and the vesting of RSUs using the treasury stock method when the effects of such assumptions are dilutive.