James F. Brunk
Chief Financial Officer at Mohawk Industries
Thank you, Jeff.
Sales for the quarter were just shy of $2.8 billion. That's a 4.5% increase as reported or 11.8% on a constant days and FX basis, setting a new fourth quarter record. Year-over-year, growth was driven by price mix initiatives across the business to attack rising costs, partially offset by the fewer shipping days and a more normal seasonality. For the full-year, Mohawk also set sales record on a consolidated basis and in each segment, with total sales of $11.2 billion, 17% increase versus prior year as reported.
Gross margin for the quarter was 26.7% as reported or 26.8%, excluding charges, decreasing from 28.8% in the prior year. The year-over-year decrease was primarily driven by inflation of $257 million, lower volume of $49 million with fewer shipping days and a more normal seasonality, partially offset by improved price mix of $242 million and productivity gains of $40 million.
SG&A as reported was 17.5%. On an absolute dollar basis, the increase versus prior year is a result of a return to a more normal selling and marketing activity compared to the prior year of $19 million, inflation of $7 million, unfavorable impact of price mix and volume of $5 million, partially offset by a net FX gain of $5 million.
Operating income as reported was a margin of 9.2%, and excluding charges 9.4% compared to 11.6% in the prior year. The year-over-year decrease was driven by inflation of $264 million, especially in raw material and energy, unfavorable volume of $51 million primarily due to fewer shipping days, partially offset by strong price mix actions at $240 million, productivity gains of $21 million and a net FX gain of $8 million. On a full-year basis, adjusted operating margin of 12.1% significantly increased exceeding prior year by 370 basis points and 2019 by 270 basis points, driven by strong volume, productivity and price mix actions offsetting increased inflation.
Interest expense for the quarter was $12 million, down slightly from prior year. Our non-GAAP tax rate for the quarter was 18.9% versus 14.8% in the prior year, which was favorably impacted by the CARES Act. We expect 2022's tax rate to be between 22% and 23%, with quarterly variations. Our EPS as reported was $2.80, and on an adjusted basis was $2.95, a decrease of 17% primarily due to the volume effect of fewer shipping days and the pace of inflation, especially in Europe. On a full year-basis EPS of $14.86 was an all-time record, increasing 68% versus prior year and 48% versus 2019's pre-pandemic level.
Now turning to the segments. Global Ceramic had sales of $950 million for the quarter, a 3.2% increase as reported or 9.8% on a constant FX and days basis. The year-over-year sales growth is driven by pricing actions with Brazil, Europe, Mexico and our US countertop business showing the strongest growth. Operating margins excluding charges was 6.4% compared to 9.5% in the prior year. The segment has been impacted by the ongoing energy crisis in Europe, with total inflation increasing by $87 million versus prior year, as well as the fewer shipping days driving lower volume of $13 million, partially offset by strong price mix actions of $65 million, favorable productivity of $7 million and net FX gain of $2 million.
Flooring North America had sales of just over $1 billion. That's a 5.4% increase as reported or 12.2% on a constant basis, with the resilient and laminate product categories having the strongest results along with our commercial business which continues to show improvement. Operating margin, excluding charges was 9.1% as compared to 9.5% in the prior year. The year-over-year margin decrease was driven by inflation of $88 million, primarily due to raw materials, offset by continued price mix actions of $85 million, a decrease in volume primarily due to fewer shipping days of $20 million, offset by increased productivity initiatives of $22 million and less temporary shutdowns of $4 million.
And finally, Flooring Rest of the World, had sales of $796 million. That's a 4.9% increase as reported or 13.9% on a constant days and FX basis, with the strongest growth in our panels and installation business as LVT and laminate were negatively impacted by supply and labor constraints. Operating margins excluding charges came in at 14.8% as compared to 18.2% in the prior year. The year-over-year margin decrease is due to unfavorable volume of $18 million driven by fewer shipping days and labor and material constraints, which also negatively impacted productivity by $8 million. In addition, we have seen escalating inflation of $89 million in the fourth quarter, but we're able to offset with price mix actions of $90 million. Lastly, there is slight increase in start-up costs of $2 million, offset by net FX gains of $6 million. In the fourth quarter, our corporate and eliminations were $12 million, in line with the prior year.
Turning to the balance sheet. Cash and short-term investments were $592 million. And due to the increase in inventory and the timing of CapEx, we recorded a use of cash in the quarter of $89 million, but had a strong full-year free cash flow of $633 million. Receivables ended the year just over $1.8 billion and DSOs were very strong at 56 days as compared to 59 in the prior year.
Inventories were just shy of $2.4 billion. That's an increase of approximately $479 million or 25% from the prior year, due primarily to increasing inflation. Inventory days finished at 112 days versus a 103 in the prior year. Property plant and equipment was just over $4.6 billion.
Now based on the timing of our new projects, CapEx for the quarter was $301 million, with D&A of $143 million. For the full-year, CapEx came in at $676 million and D&A at $592 million. For 2022, we are forecasting CapEx to be approximately $800 million and D&A to be approximately $600 million.
Now overall, the balance sheet and ongoing cash flow remained very strong, with gross debt in just over $2.3 billion and a leverage at 0.9 times to adjusted EBITDA.
And with that, I will turn it over to Chris to review our operations.