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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Masco Corp | NYSE:MAS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.03% | 69.85 | 70.31 | 69.28 | 69.83 | 1,921,762 | 00:17:56 |
|
|
Delaware
|
|
38-1794485
|
(State of
|
|
(IRS Employer
|
Incorporation)
|
|
Identification No.)
|
17450 Masco Way, Livonia, Michigan
|
|
48152
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
(Do not check if a smaller reporting company)
|
|
Emerging growth company
o
|
Class
|
|
Shares Outstanding at June 30, 2017
|
Common stock, par value $1.00 per share
|
|
318,593,732
|
|
|
|
|
|
|
|
|
Page No.
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash investments
|
$
|
992
|
|
|
$
|
990
|
|
Short-term bank deposits
|
144
|
|
|
201
|
|
||
Receivables
|
1,231
|
|
|
917
|
|
||
Prepaid expenses and other
|
89
|
|
|
114
|
|
||
Inventories:
|
|
|
|
|
|
||
Finished goods
|
471
|
|
|
366
|
|
||
Raw material
|
277
|
|
|
254
|
|
||
Work in process
|
102
|
|
|
92
|
|
||
|
850
|
|
|
712
|
|
||
Total current assets
|
3,306
|
|
|
2,934
|
|
||
Property and equipment, net
|
1,080
|
|
|
1,060
|
|
||
Goodwill
|
797
|
|
|
832
|
|
||
Other intangible assets, net
|
156
|
|
|
154
|
|
||
Other assets
|
150
|
|
|
157
|
|
||
Total assets
|
$
|
5,489
|
|
|
$
|
5,137
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
960
|
|
|
$
|
800
|
|
Notes payable
|
117
|
|
|
2
|
|
||
Accrued liabilities
|
615
|
|
|
658
|
|
||
Total current liabilities
|
1,692
|
|
|
1,460
|
|
||
Long-term debt
|
2,967
|
|
|
2,995
|
|
||
Other liabilities
|
760
|
|
|
785
|
|
||
Total liabilities
|
5,419
|
|
|
5,240
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note N)
|
|
|
|
|
|
||
|
|
|
|
||||
EQUITY
|
|
|
|
|
|
||
Masco Corporation’s shareholders’ equity:
|
|
|
|
|
|
||
Common shares, par value $1 per share
Authorized shares: 1,400,000,000;
Issued and outstanding: 2017 – 315,400,000 ; 2016 – 318,000,000
|
315
|
|
|
318
|
|
||
Preferred shares authorized: 1,000,000;
Issued and outstanding: 2017 and 2016 – None
|
—
|
|
|
—
|
|
||
Paid-in capital
|
—
|
|
|
—
|
|
||
Retained deficit
|
(288
|
)
|
|
(381
|
)
|
||
Accumulated other comprehensive loss
|
(158
|
)
|
|
(235
|
)
|
||
Total Masco Corporation’s shareholders’ deficit
|
(131
|
)
|
|
(298
|
)
|
||
Noncontrolling interest
|
201
|
|
|
195
|
|
||
Total equity
|
70
|
|
|
(103
|
)
|
||
Total liabilities and equity
|
$
|
5,489
|
|
|
$
|
5,137
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
171
|
|
|
$
|
163
|
|
|
$
|
321
|
|
|
$
|
282
|
|
Less: Net income attributable to noncontrolling interest
|
13
|
|
|
13
|
|
|
23
|
|
|
23
|
|
||||
Net income attributable to Masco Corporation
|
$
|
158
|
|
|
$
|
150
|
|
|
$
|
298
|
|
|
$
|
259
|
|
Other comprehensive income (loss), net of tax (Note J):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cumulative translation adjustment
|
$
|
65
|
|
|
$
|
(33
|
)
|
|
$
|
86
|
|
|
$
|
(9
|
)
|
Interest rate swaps
|
2
|
|
|
1
|
|
|
2
|
|
|
1
|
|
||||
Pension and other post-retirement benefits
|
3
|
|
|
3
|
|
|
7
|
|
|
6
|
|
||||
Realized gain on available-for-sale securities
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Other comprehensive income (loss)
|
70
|
|
|
(30
|
)
|
|
95
|
|
|
(3
|
)
|
||||
Less: Other comprehensive income (loss) attributable to noncontrolling interest
|
14
|
|
|
(5
|
)
|
|
18
|
|
|
2
|
|
||||
Other comprehensive income (loss) attributable to Masco Corporation
|
$
|
56
|
|
|
$
|
(25
|
)
|
|
$
|
77
|
|
|
$
|
(5
|
)
|
Total comprehensive income
|
$
|
241
|
|
|
$
|
133
|
|
|
$
|
416
|
|
|
$
|
279
|
|
Less: Total comprehensive income attributable to the noncontrolling interest
|
27
|
|
|
8
|
|
|
41
|
|
|
25
|
|
||||
Total comprehensive income attributable to Masco Corporation
|
$
|
214
|
|
|
$
|
125
|
|
|
$
|
375
|
|
|
$
|
254
|
|
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES:
|
|
|
|
|
|
||
Cash provided by operations
|
$
|
536
|
|
|
$
|
433
|
|
Increase in receivables
|
(335
|
)
|
|
(286
|
)
|
||
Increase in inventories
|
(132
|
)
|
|
(79
|
)
|
||
Increase in accounts payable and accrued liabilities, net
|
86
|
|
|
122
|
|
||
Net cash from operating activities
|
155
|
|
|
190
|
|
||
|
|
|
|
||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Retirement of notes
|
(535
|
)
|
|
(1,300
|
)
|
||
Purchase of Company common stock
|
(134
|
)
|
|
(168
|
)
|
||
Cash dividends paid
|
(64
|
)
|
|
(63
|
)
|
||
Dividends paid to noncontrolling interest
|
(35
|
)
|
|
(31
|
)
|
||
Issuance of notes, net of issuance costs
|
593
|
|
|
889
|
|
||
Debt extinguishment costs
|
(104
|
)
|
|
(40
|
)
|
||
Issuance of Company common stock
|
—
|
|
|
1
|
|
||
Employee withholding taxes paid on stock-based compensation
|
(27
|
)
|
|
(24
|
)
|
||
Increase (decrease) in debt, net
|
1
|
|
|
(2
|
)
|
||
Net cash for financing activities
|
(305
|
)
|
|
(738
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Capital expenditures
|
(77
|
)
|
|
(79
|
)
|
||
Proceeds from disposition of:
|
|
|
|
|
|
||
Business, net of cash disposed
|
126
|
|
|
—
|
|
||
Short-term bank deposits
|
73
|
|
|
117
|
|
||
Other financial investments
|
5
|
|
|
13
|
|
||
Property and equipment
|
6
|
|
|
—
|
|
||
Other, net
|
(9
|
)
|
|
(6
|
)
|
||
Net cash from investing activities
|
124
|
|
|
45
|
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash and cash investments
|
28
|
|
|
(9
|
)
|
||
|
|
|
|
||||
CASH AND CASH INVESTMENTS:
|
|
|
|
|
|
||
Increase (decrease) for the period
|
2
|
|
|
(512
|
)
|
||
At January 1
|
990
|
|
|
1,468
|
|
||
At June 30
|
$
|
992
|
|
|
$
|
956
|
|
|
|
Total
|
|
Common
Shares ($1 par value) |
|
Paid-In
Capital
|
|
Retained Deficit
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Noncontrolling
Interest
|
||||||||||||
Balance, January 1, 2016
|
$
|
58
|
|
|
$
|
330
|
|
|
$
|
—
|
|
|
$
|
(300
|
)
|
|
$
|
(165
|
)
|
|
$
|
193
|
|
Total comprehensive income (loss)
|
279
|
|
|
|
|
|
|
|
|
259
|
|
|
(5
|
)
|
|
25
|
|
||||||
Shares issued
|
(11
|
)
|
|
2
|
|
|
(13
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Shares retired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Repurchased
|
(174
|
)
|
|
(6
|
)
|
|
(10
|
)
|
|
(158
|
)
|
|
|
|
|
|
|
||||||
Surrendered (non-cash)
|
(11
|
)
|
|
|
|
|
|
|
|
(11
|
)
|
|
|
|
|
|
|
||||||
Cash dividends declared
|
(63
|
)
|
|
|
|
|
|
|
|
(63
|
)
|
|
|
|
|
|
|
||||||
Dividends paid to noncontrolling interest
|
(31
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31
|
)
|
||||||
Stock-based compensation
|
23
|
|
|
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance, June 30, 2016
|
$
|
70
|
|
|
$
|
326
|
|
|
$
|
—
|
|
|
$
|
(273
|
)
|
|
$
|
(170
|
)
|
|
$
|
187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, January 1, 2017
|
$
|
(103
|
)
|
|
$
|
318
|
|
|
$
|
—
|
|
|
$
|
(381
|
)
|
|
$
|
(235
|
)
|
|
$
|
195
|
|
Total comprehensive income
|
416
|
|
|
|
|
|
|
|
|
298
|
|
|
77
|
|
|
41
|
|
||||||
Shares issued
|
(13
|
)
|
|
2
|
|
|
(15
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Shares retired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Repurchased
|
(134
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(129
|
)
|
|
|
|
|
|
|
||||||
Surrendered (non-cash)
|
(13
|
)
|
|
(1
|
)
|
|
|
|
|
(12
|
)
|
|
|
|
|
|
|
||||||
Cash dividends declared
|
(64
|
)
|
|
|
|
|
|
|
|
(64
|
)
|
|
|
|
|
|
|
||||||
Dividends paid to noncontrolling interest
|
(35
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(35
|
)
|
||||||
Stock-based compensation
|
16
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance, June 30, 2017
|
$
|
70
|
|
|
$
|
315
|
|
|
$
|
—
|
|
|
$
|
(288
|
)
|
|
$
|
(158
|
)
|
|
$
|
201
|
|
|
Gross Goodwill At June 30, 2017
|
|
Accumulated
Impairment Losses |
|
Net Goodwill At June 30, 2017
|
||||||
Plumbing Products
|
$
|
531
|
|
|
$
|
(340
|
)
|
|
$
|
191
|
|
Decorative Architectural Products
|
294
|
|
|
(75
|
)
|
|
219
|
|
|||
Cabinetry Products
|
240
|
|
|
(59
|
)
|
|
181
|
|
|||
Windows and Other Specialty Products
|
717
|
|
|
(511
|
)
|
|
206
|
|
|||
Total
|
$
|
1,782
|
|
|
$
|
(985
|
)
|
|
$
|
797
|
|
|
Gross Goodwill At December 31, 2016
|
|
Accumulated
Impairment
Losses
|
|
Net Goodwill At December 31, 2016
|
|
Other(A)
|
|
Divestitures (B)
|
|
Net Goodwill At June 30, 2017
|
||||||||||||
Plumbing Products
|
$
|
519
|
|
|
$
|
(340
|
)
|
|
$
|
179
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
191
|
|
Decorative Architectural Products
|
294
|
|
|
(75
|
)
|
|
219
|
|
|
—
|
|
|
—
|
|
|
219
|
|
||||||
Cabinetry Products
|
240
|
|
|
(59
|
)
|
|
181
|
|
|
—
|
|
|
—
|
|
|
181
|
|
||||||
Windows and Other Specialty
Products
|
987
|
|
|
(734
|
)
|
|
253
|
|
|
—
|
|
|
(47
|
)
|
|
206
|
|
||||||
Total
|
$
|
2,040
|
|
|
$
|
(1,208
|
)
|
|
$
|
832
|
|
|
$
|
12
|
|
|
$
|
(47
|
)
|
|
$
|
797
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Metals contracts
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Interest rate swaps
|
(3
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(1
|
)
|
||||
Total (loss) gain
|
$
|
(3
|
)
|
|
$
|
1
|
|
|
$
|
(3
|
)
|
|
$
|
3
|
|
|
At June 30, 2017
|
||||||
|
Notional
Amount |
|
Balance Sheet
|
||||
Foreign currency contracts:
|
|
|
|
|
|
||
Exchange contracts
|
$
|
4
|
|
|
|
|
|
Accrued liabilities
|
|
|
|
$
|
—
|
|
|
Forward contracts
|
15
|
|
|
|
|
||
Accrued liabilities
|
|
|
|
(1
|
)
|
|
At December 31, 2016
|
||||||
|
Notional
Amount |
|
Balance Sheet
|
||||
Foreign currency contracts:
|
|
|
|
|
|
||
Forward contracts
|
$
|
21
|
|
|
|
|
|
Accrued liabilities
|
|
|
|
$
|
(2
|
)
|
|
Metals contracts
|
1
|
|
|
|
|
||
Accrued liabilities
|
|
|
|
—
|
|
|
Six Months Ended
June 30, 2017 |
|
Twelve Months Ended December 31, 2016
|
||||
Balance at January 1
|
$
|
192
|
|
|
$
|
152
|
|
Accruals for warranties issued during the period
|
27
|
|
|
66
|
|
||
Accruals related to pre-existing warranties
|
2
|
|
|
33
|
|
||
Settlements made (in cash or kind) during the period
|
(28
|
)
|
|
(56
|
)
|
||
Other, net (including currency translation)
|
1
|
|
|
(3
|
)
|
||
Balance at end of period
|
$
|
194
|
|
|
$
|
192
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Long-term stock awards
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
13
|
|
|
$
|
12
|
|
Stock options
|
1
|
|
|
—
|
|
|
2
|
|
|
1
|
|
||||
Restricted stock units
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Phantom stock awards and stock appreciation rights
|
3
|
|
|
(1
|
)
|
|
5
|
|
|
2
|
|
||||
Total
|
$
|
12
|
|
|
$
|
6
|
|
|
$
|
21
|
|
|
$
|
15
|
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Unvested stock award shares at January 1
|
4
|
|
|
5
|
|
||
Weighted average grant date fair value
|
$
|
20
|
|
|
$
|
17
|
|
|
|
|
|
||||
Stock award shares granted
|
1
|
|
|
1
|
|
||
Weighted average grant date fair value
|
$
|
34
|
|
|
$
|
26
|
|
|
|
|
|
||||
Stock award shares vested
|
2
|
|
|
2
|
|
||
Weighted average grant date fair value
|
$
|
18
|
|
|
$
|
16
|
|
|
|
|
|
||||
Stock award shares forfeited
|
—
|
|
|
—
|
|
||
Weighted average grant date fair value
|
$
|
24
|
|
|
$
|
20
|
|
|
|
|
|
||||
Unvested stock award shares at June 30
|
3
|
|
|
4
|
|
||
Weighted average grant date fair value
|
$
|
24
|
|
|
$
|
20
|
|
|
|
Six Months Ended June 30,
|
|||||
|
|
2017
|
|
|
2016
|
||
Option shares outstanding, January 1
|
|
7
|
|
|
|
12
|
|
Weighted average exercise price
|
$
|
15
|
|
|
$
|
17
|
|
|
|
|
|
|
|
||
Option shares granted
|
|
—
|
|
|
|
—
|
|
Weighted average exercise price
|
$
|
34
|
|
|
$
|
26
|
|
|
|
|
|
|
|
||
Option shares exercised
|
|
1
|
|
|
|
2
|
|
Aggregate intrinsic value on date of exercise
(A)
|
$
|
33 million
|
|
|
$
|
31 million
|
|
Weighted average exercise price
|
$
|
15
|
|
|
$
|
21
|
|
|
|
|
|
|
|
||
Option shares forfeited
|
|
—
|
|
|
|
—
|
|
Weighted average exercise price
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||
Option shares outstanding, June 30
|
|
6
|
|
|
|
10
|
|
Weighted average exercise price
|
$
|
16
|
|
|
$
|
17
|
|
Weighted average remaining option term (in years)
|
|
4
|
|
|
|
4
|
|
|
|
|
|
|
|
||
Option shares vested and expected to vest, June 30
|
|
6
|
|
|
|
10
|
|
Weighted average exercise price
|
$
|
16
|
|
|
$
|
17
|
|
Aggregate intrinsic value
(A)
|
$
|
130 million
|
|
|
$
|
137 million
|
|
Weighted average remaining option term (in years)
|
|
4
|
|
|
|
4
|
|
|
|
|
|
|
|
||
Option shares exercisable (vested), June 30
|
|
4
|
|
|
|
8
|
|
Weighted average exercise price
|
$
|
13
|
|
|
$
|
16
|
|
Aggregate intrinsic value
(A)
|
$
|
113 million
|
|
|
$
|
122 million
|
|
Weighted average remaining option term (in years)
|
|
3
|
|
|
|
3
|
|
|
(A)
|
Aggregate intrinsic value is calculated using our stock price at each respective date, less the exercise price (grant date price), multiplied by the number of shares.
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Weighted average grant date fair value
|
$
|
9.68
|
|
|
$
|
6.43
|
|
Risk-free interest rate
|
2.16
|
%
|
|
1.41
|
%
|
||
Dividend yield
|
1.19
|
%
|
|
1.49
|
%
|
||
Volatility factor
|
30.00
|
%
|
|
29.00
|
%
|
||
Expected option life
|
6 years
|
|
|
6 years
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
|
Qualified
|
|
Non-Qualified
|
|
Qualified
|
|
Non-Qualified
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
13
|
|
|
2
|
|
|
10
|
|
|
3
|
|
||||
Expected return on plan assets
|
(12
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
||||
Amortization of net loss
|
5
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Net periodic pension cost
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
3
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
|
Qualified
|
|
Non-Qualified
|
|
Qualified
|
|
Non-Qualified
|
||||||||
Service cost
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Interest cost
|
25
|
|
|
3
|
|
|
21
|
|
|
4
|
|
||||
Expected return on plan assets
|
(24
|
)
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
||||
Amortization of net loss
|
10
|
|
|
1
|
|
|
7
|
|
|
1
|
|
||||
Net periodic pension cost
|
$
|
12
|
|
|
$
|
4
|
|
|
$
|
10
|
|
|
$
|
5
|
|
|
|
Amounts Reclassified
|
|
|
||||||||||||||
Accumulated Other Comprehensive Loss
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
Statement of Operations Line Item
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||||
Amortization of defined benefit pension and other postretirement benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Actuarial losses, net
|
|
$
|
5
|
|
|
$
|
3
|
|
|
$
|
11
|
|
|
$
|
8
|
|
|
Selling, general and administrative expenses
|
Tax (benefit)
|
|
(2
|
)
|
|
—
|
|
|
(4
|
)
|
|
(2
|
)
|
|
|
||||
Net of tax
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
Interest expense
|
Tax (benefit)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
|
||||
Net of tax
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
Other, net
|
Tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
||||
Net of tax
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
Net Sales(A)
|
|
Operating
Profit (Loss)
|
|
Net Sales(A)
|
|
Operating
Profit (Loss)
|
||||||||||||||||||||||||
Operations by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plumbing Products
|
$
|
949
|
|
|
$
|
923
|
|
|
$
|
198
|
|
|
$
|
188
|
|
|
$
|
1,812
|
|
|
$
|
1,736
|
|
|
$
|
354
|
|
|
$
|
317
|
|
Decorative Architectural Products
|
653
|
|
|
620
|
|
|
141
|
|
|
139
|
|
|
1,158
|
|
|
1,113
|
|
|
242
|
|
|
244
|
|
||||||||
Cabinetry Products
|
251
|
|
|
261
|
|
|
30
|
|
|
34
|
|
|
482
|
|
|
497
|
|
|
46
|
|
|
58
|
|
||||||||
Windows and Other Specialty Products
|
204
|
|
|
197
|
|
|
18
|
|
|
(2
|
)
|
|
382
|
|
|
375
|
|
|
24
|
|
|
1
|
|
||||||||
Total
|
$
|
2,057
|
|
|
$
|
2,001
|
|
|
$
|
387
|
|
|
$
|
359
|
|
|
$
|
3,834
|
|
|
$
|
3,721
|
|
|
$
|
666
|
|
|
$
|
620
|
|
Operations by geographic area:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North America
|
$
|
1,660
|
|
|
$
|
1,598
|
|
|
$
|
330
|
|
|
$
|
299
|
|
|
$
|
3,071
|
|
|
$
|
2,948
|
|
|
$
|
569
|
|
|
$
|
514
|
|
International, principally Europe
|
397
|
|
|
403
|
|
|
57
|
|
|
60
|
|
|
763
|
|
|
773
|
|
|
97
|
|
|
106
|
|
||||||||
Total
|
$
|
2,057
|
|
|
$
|
2,001
|
|
|
387
|
|
|
359
|
|
|
$
|
3,834
|
|
|
$
|
3,721
|
|
|
666
|
|
|
620
|
|
||||
General corporate expense, net
|
|
|
|
|
|
|
(30
|
)
|
|
(24
|
)
|
|
|
|
|
|
(56
|
)
|
|
(51
|
)
|
||||||||||
Operating profit
|
|
|
|
|
|
|
357
|
|
|
335
|
|
|
|
|
|
|
610
|
|
|
569
|
|
||||||||||
Other income (expense), net
|
|
|
|
|
|
|
(102
|
)
|
|
(82
|
)
|
|
|
|
|
|
(142
|
)
|
|
(139
|
)
|
||||||||||
Income before income taxes
|
|
|
|
|
|
|
$
|
255
|
|
|
$
|
253
|
|
|
|
|
|
|
$
|
468
|
|
|
$
|
430
|
|
|
(A)
|
Inter-segment sales were not material.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Gain on sale of business
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
—
|
|
Income from cash and cash investments and short-term bank deposits
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Equity investment income, net
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Realized gain from auction rate securities
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Realized gains from private equity funds
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
||||
Foreign currency transaction (losses) gains
|
(1
|
)
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
Other items, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||
Total other, net
|
$
|
51
|
|
|
$
|
5
|
|
|
$
|
54
|
|
|
$
|
4
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator (basic and diluted):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
158
|
|
|
$
|
150
|
|
|
$
|
298
|
|
|
$
|
259
|
|
Less: Allocation to unvested restricted stock awards
|
1
|
|
|
2
|
|
|
3
|
|
|
3
|
|
||||
Net income available to common shareholders
|
$
|
157
|
|
|
$
|
148
|
|
|
$
|
295
|
|
|
$
|
256
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic common shares (based upon weighted average)
|
315
|
|
|
328
|
|
|
316
|
|
|
329
|
|
||||
Add: Stock option dilution
|
4
|
|
|
3
|
|
|
4
|
|
|
4
|
|
||||
Diluted common shares
|
319
|
|
|
331
|
|
|
320
|
|
|
333
|
|
|
Three Months Ended June 30,
|
|
Percent Change
|
|||||||
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|||||
Net Sales:
|
|
|
|
|
|
|
|
|
||
Plumbing Products
|
$
|
949
|
|
|
$
|
923
|
|
|
3
|
%
|
Decorative Architectural Products
|
653
|
|
|
620
|
|
|
5
|
%
|
||
Cabinetry Products
|
251
|
|
|
261
|
|
|
(4
|
)%
|
||
Windows and Other Specialty Products
|
204
|
|
|
197
|
|
|
4
|
%
|
||
Total
|
$
|
2,057
|
|
|
$
|
2,001
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
||
North America
|
$
|
1,660
|
|
|
$
|
1,598
|
|
|
4
|
%
|
International, principally Europe
|
397
|
|
|
403
|
|
|
(1
|
)%
|
||
Total
|
$
|
2,057
|
|
|
$
|
2,001
|
|
|
3
|
%
|
|
Six Months Ended June 30,
|
|
Percent Change
|
|||||||
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|||||
Net Sales:
|
|
|
|
|
|
|
|
|
||
Plumbing Products
|
$
|
1,812
|
|
|
$
|
1,736
|
|
|
4
|
%
|
Decorative Architectural Products
|
1,158
|
|
|
1,113
|
|
|
4
|
%
|
||
Cabinetry Products
|
482
|
|
|
497
|
|
|
(3
|
)%
|
||
Windows and Other Specialty Products
|
382
|
|
|
375
|
|
|
2
|
%
|
||
Total
|
$
|
3,834
|
|
|
$
|
3,721
|
|
|
3
|
%
|
|
|
|
|
|
|
|||||
North America
|
$
|
3,071
|
|
|
$
|
2,948
|
|
|
4
|
%
|
International, principally Europe
|
763
|
|
|
773
|
|
|
(1
|
)%
|
||
Total
|
$
|
3,834
|
|
|
$
|
3,721
|
|
|
3
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Operating Profit (Loss) Margins: (A)
|
|
|
|
|
|
|
|
|
|
||
Plumbing Products
|
20.9
|
%
|
|
20.4
|
%
|
|
19.5
|
%
|
|
18.3
|
%
|
Decorative Architectural Products
|
21.6
|
%
|
|
22.4
|
%
|
|
20.9
|
%
|
|
21.9
|
%
|
Cabinetry Products
|
12.0
|
%
|
|
13.0
|
%
|
|
9.5
|
%
|
|
11.7
|
%
|
Windows and Other Specialty Products
|
8.8
|
%
|
|
(1.0
|
)%
|
|
6.3
|
%
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
||||
North America
|
19.9
|
%
|
|
18.7
|
%
|
|
18.5
|
%
|
|
17.4
|
%
|
International, principally Europe
|
14.4
|
%
|
|
14.9
|
%
|
|
12.7
|
%
|
|
13.7
|
%
|
Total
|
18.8
|
%
|
|
17.9
|
%
|
|
17.4
|
%
|
|
16.7
|
%
|
Total operating profit margin, as reported
|
17.4
|
%
|
|
16.7
|
%
|
|
15.9
|
%
|
|
15.3
|
%
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales, as reported
|
$
|
2,057
|
|
|
$
|
2,001
|
|
|
$
|
3,834
|
|
|
$
|
3,721
|
|
Acquisitions (none)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net sales, excluding acquisitions
|
2,057
|
|
|
2,001
|
|
|
3,834
|
|
|
3,721
|
|
||||
Currency translation
|
23
|
|
|
—
|
|
|
45
|
|
|
—
|
|
||||
Net sales, excluding acquisitions and the effect of currency translation
|
$
|
2,080
|
|
|
$
|
2,001
|
|
|
$
|
3,879
|
|
|
$
|
3,721
|
|
Period
|
Total Number
Of Shares
Purchased
|
|
Average Price
Paid Per
Common Share
|
|
Total Number Of
Shares Purchased
As Part Of
Publicly Announced
Plans or Programs (A)
|
|
Maximum Number Of
Shares That May
Yet Be Purchased
Under The Plans Or Programs
|
|||||
4/1/17-4/30/17
|
846,400
|
|
|
$
|
33.67
|
|
|
846,400
|
|
|
9,246,513
|
|
5/1/17-5/12/17
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
9,246,513
|
|
Total for the period
|
846,400
|
|
|
$
|
33.67
|
|
|
846,400
|
|
|
|
|
(A)
|
In September 2014, our Board of Directors authorized the purchase of up to 50 million shares of our common stock in open-market transactions or otherwise. This authorization was replaced in May 2017.
|
Period
|
Total Number
Of Shares
Purchased
|
|
Average Price
Paid Per
Common Share
|
|
Total Number Of
Shares Purchased
As Part Of
Publicly Announced
Plans or Programs (A)
|
|
Maximum Value Of
Shares That May
Yet Be Purchased
Under The Plans Or Programs
|
||||||
5/13/17-5/31/17
|
100,000
|
|
|
$
|
37.05
|
|
|
100,000
|
|
|
$
|
1,496,294,590
|
|
6/1/17-6/30/17
|
264,047
|
|
|
$
|
37.20
|
|
|
264,047
|
|
|
$
|
1,486,473,118
|
|
Total for the period
|
364,047
|
|
|
$
|
37.16
|
|
|
364,047
|
|
|
$
|
1,486,473,118
|
|
|
(A)
|
In May 2017, our Board of Directors authorized the repurchase, for retirement, of up to $1.5 billion of shares of our common stock in open-market transactions or otherwise, replacing the previous Board of Directors authorization established in 2014.
|
|
|
|
|
|
4.1
|
|
Resolutions establishing the terms of the 3.500% Notes Due 2027 and form of global note. Incorporated by reference to Exhibit 4.1 to Masco Corporation’s Current Report on Form 8-K dated June 12, 2017 and filed on June 15, 2017
|
|
|
|
|
|
4.2
|
–
|
Resolutions establishing the terms of the 4.500% Notes Due 2047 and form of global note. Incorporated by reference to Exhibit 4.2 to Masco Corporation’s Current Report on Form 8-K dated June 12, 2017 and filed on June 15, 2017
|
|
|
|
|
|
12
|
–
|
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
|
|
|
|
|
|
31a
|
–
|
Certification by Chief Executive Officer Required by Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934
|
|
|
|
|
|
31b
|
–
|
Certification by Chief Financial Officer Required by Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934
|
|
|
|
|
|
32
|
–
|
Certification Required by Rule 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code
|
|
|
|
|
|
101
|
–
|
Interactive Data File
|
|
MASCO CORPORATION
|
|
|
|
|
|
By:
|
/s/ John G. Sznewajs
|
|
Name: John G. Sznewajs
|
|
|
Title: Vice President, Chief Financial Officer
|
Exhibit
|
|
|
|
|
|
Exhibit 4.1
|
|
Resolutions establishing the terms of the 3.500% Notes Due 2027 and form of global note. Incorporated by reference to Exhibit 4.1 to Masco Corporation’s Current Report on Form 8-K dated June 12, 2017 and filed on June 15, 2017
|
|
|
|
Exhibit 4.2
|
|
Resolutions establishing the terms of the 4.500% Notes Due 2047 and form of global note. Incorporated by reference to Exhibit 4.2 to Masco Corporation’s Current Report on Form 8-K dated June 12, 2017 and filed on June 15, 2017
|
|
|
|
Exhibit 12
|
|
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
|
|
|
|
Exhibit 31a
|
|
Certification by Chief Executive Officer Required by Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934
|
|
|
|
Exhibit 31b
|
|
Certification by Chief Financial Officer Required by Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934
|
|
|
|
Exhibit 32
|
|
Certification Required by Rule 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code
|
|
|
|
Exhibit 101
|
|
Interactive Data File
|
1 Year Masco Chart |
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