10-Q Filing

MASCO CORP /DE/ CIK: 62996 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0000062996-17-000019`
Period End Date	20170331
Filing Date	20170425
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	mas-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 30 Cash Flow Statement 48 Stockholders Equity 20 Comprehensive Income 22

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Common share, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common share, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.40B	shares	Point-in-time
Common shares, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.40B	shares	Point-in-time
Common shares, shares issued (in shares)	`CommonStockSharesIssued`	316.10M	shares	Point-in-time
Cash and cash investments	`CashAndCashEquivalentsAtCarryingValue`	$689.00M	USD	Point-in-time
Common shares, shares issued (in shares)	`CommonStockSharesIssued`	318.00M	shares	Point-in-time
Cash and cash investments	`CashAndCashEquivalentsAtCarryingValue`	$990.00M	USD	Point-in-time
Short-term bank deposits	`ShortTermInvestments`	$201.00M	USD	Point-in-time
Short-term bank deposits	`ShortTermInvestments`	$194.00M	USD	Point-in-time
Common shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	318.00M	shares	Point-in-time
Common shares, shares outstanding (in shares)	`CommonStockSharesOutstanding`	316.10M	shares	Point-in-time
Receivables	`ReceivablesNetCurrent`	$1.14B	USD	Point-in-time
Receivables	`ReceivablesNetCurrent`	$917.00M	USD	Point-in-time
Preferred shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred shares, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred shares, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$105.00M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$114.00M	USD	Point-in-time
Preferred shares, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred shares, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred shares, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Finished goods	`InventoryFinishedGoods`	$463.00M	USD	Point-in-time
Finished goods	`InventoryFinishedGoods`	$366.00M	USD	Point-in-time
Raw material	`InventoryRawMaterials`	$254.00M	USD	Point-in-time
Raw material	`InventoryRawMaterials`	$263.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcess`	$100.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcess`	$92.00M	USD	Point-in-time
Total	`InventoryNet`	$712.00M	USD	Point-in-time
Total	`InventoryNet`	$826.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.96B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.93B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.07B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.06B	USD	Point-in-time
Goodwill	`Goodwill`	$832.00M	USD	Point-in-time
Goodwill	`Goodwill`	$835.00M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$154.00M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$154.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$157.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$118.00M	USD	Point-in-time
Total assets	`Assets`	$5.14B	USD	Point-in-time
Total assets	`Assets`	$5.14B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$903.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$800.00M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$2.00M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$3.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$518.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$658.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.46B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.42B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$3.00B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$3.00B	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$778.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$785.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.24B	USD	Point-in-time
Total liabilities	`Liabilities`	$5.20B	USD	Point-in-time
Commitments and contingencies (Note M)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note M)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, par value $1 per share Authorized shares: 1,400,000,000; Issued and outstanding: 2017 316,100,000; 2016 318,000,000	`CommonStockValue`	$316.00M	USD	Point-in-time
Common shares, par value $1 per share Authorized shares: 1,400,000,000; Issued and outstanding: 2017 316,100,000; 2016 318,000,000	`CommonStockValue`	$318.00M	USD	Point-in-time
Preferred shares authorized: 1,000,000; Issued and outstanding: 2017 and 2016 None	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares authorized: 1,000,000; Issued and outstanding: 2017 and 2016 None	`PreferredStockValue`	-	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-381.00M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-370.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-214.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-235.00M	USD	Point-in-time
Total Masco Corporations shareholders deficit	`StockholdersEquity`	$-268.00M	USD	Point-in-time
Total Masco Corporations shareholders deficit	`StockholdersEquity`	$-298.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$195.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$209.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-103.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$58.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-59.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$84.00M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$5.14B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$5.14B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$1.72B	USD	1 Quarter
Net sales	`SalesRevenueNet`	$1.78B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.15B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.17B	USD	1 Quarter
Gross profit	`GrossProfit`	$608.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$569.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$335.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$355.00M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$253.00M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$234.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$43.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$56.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$3.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-40.00M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-57.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$213.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$177.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$58.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$63.00M	USD	1 Quarter
Net income	`ProfitLoss`	$150.00M	USD	1 Quarter
Net income	`ProfitLoss`	$119.00M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$10.00M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$10.00M	USD	1 Quarter
Net income attributable to Masco Corporation	`NetIncomeLoss`	$140.00M	USD	1 Quarter
Net income attributable to Masco Corporation	`NetIncomeLoss`	$109.00M	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasic`	$0.44	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareDiluted`	$0.43	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Cash provided by operations	`CashProvidedByUsedInOperatingActivitiesBeforeReconcilingAdjustments`	$253.00M	USD	1 Quarter
Cash provided by operations	`CashProvidedByUsedInOperatingActivitiesBeforeReconcilingAdjustments`	$219.00M	USD	1 Quarter
Increase in receivables	`IncreaseDecreaseInReceivables`	$237.00M	USD	1 Quarter
Increase in receivables	`IncreaseDecreaseInReceivables`	$198.00M	USD	1 Quarter
Increase in inventories	`IncreaseDecreaseInInventories`	$63.00M	USD	1 Quarter
Increase in inventories	`IncreaseDecreaseInInventories`	$109.00M	USD	1 Quarter
Decrease in accounts payable and accrued liabilities, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-28.00M	USD	1 Quarter
Decrease in accounts payable and accrued liabilities, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-56.00M	USD	1 Quarter
Net cash for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-149.00M	USD	1 Quarter
Net cash for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-70.00M	USD	1 Quarter
Purchase of Company common stock	`PaymentsForRepurchaseOfCommonStock`	$87.00M	USD	1 Quarter
Purchase of Company common stock	`PaymentsForRepurchaseOfCommonStock`	$86.00M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$32.00M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$32.00M	USD	1 Quarter
Issuance of notes, net of issuance costs	`ProceedsFromNotesPayable`	$889.00M	USD	1 Quarter
Issuance of notes, net of issuance costs	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Issuance of Company common stock	`ProceedsFromIssuanceOfCommonStock`	$1.00M	USD	1 Quarter
Issuance of Company common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Employee withholding taxes paid on stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-14.00M	USD	1 Quarter
Employee withholding taxes paid on stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-19.00M	USD	1 Quarter
Decrease in debt, net	`ProceedsFromRepaymentsOfDebt`	$-2.00M	USD	1 Quarter
Decrease in debt, net	`ProceedsFromRepaymentsOfDebt`	-	USD	1 Quarter
Net cash (for) from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-133.00M	USD	1 Quarter
Net cash (for) from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$751.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$37.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$37.00M	USD	1 Quarter
Short-term bank deposits	`ProceedsFromSaleOfShortTermInvestments`	$60.00M	USD	1 Quarter
Short-term bank deposits	`ProceedsFromSaleOfShortTermInvestments`	$11.00M	USD	1 Quarter
Other financial investments	`ProceedsFromSaleAndMaturityOfOtherInvestments`	$3.00M	USD	1 Quarter
Other financial investments	`ProceedsFromSaleAndMaturityOfOtherInvestments`	-	USD	1 Quarter
Property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$6.00M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$9.00M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$3.00M	USD	1 Quarter
Net cash (for) from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-26.00M	USD	1 Quarter
Net cash (for) from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$20.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash investments	`EffectOfExchangeRateOnCashAndCashEquivalents`	$7.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash investments	`EffectOfExchangeRateOnCashAndCashEquivalents`	$6.00M	USD	1 Quarter
(Decrease) increase for the period	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$707.00M	USD	1 Quarter
(Decrease) increase for the period	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-301.00M	USD	1 Quarter
At January 1	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$1.47B	USD	Point-in-time
At January 1	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$689.00M	USD	Point-in-time
At January 1	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$2.17B	USD	Point-in-time
At January 1	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$990.00M	USD	Point-in-time
At March 31	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$1.47B	USD	Point-in-time
At March 31	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$689.00M	USD	Point-in-time
At March 31	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$2.17B	USD	Point-in-time
At March 31	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$990.00M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-103.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$58.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-59.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$84.00M	USD	Point-in-time
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$175.00M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$146.00M	USD	1 Quarter
Shares issued	`StockIssuedDuringPeriodValueNewIssues`	$-6.00M	USD	1 Quarter
Shares issued	`StockIssuedDuringPeriodValueNewIssues`	$-1.00M	USD	1 Quarter
Repurchased	`StockRepurchasedAndRetiredDuringPeriodValue`	$86.00M	USD	1 Quarter
Repurchased	`StockRepurchasedAndRetiredDuringPeriodValue`	$92.00M	USD	1 Quarter
Surrendered (non-cash)	`SurrenderedNonCash`	$11.00M	USD	1 Quarter
Surrendered (non-cash)	`SurrenderedNonCash`	$13.00M	USD	1 Quarter
Cash dividends declared	`DividendsCommonStockCash`	$32.00M	USD	1 Quarter
Cash dividends declared	`DividendsCommonStockCash`	$32.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$15.00M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-103.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$58.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-59.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$84.00M	USD	Point-in-time

Comprehensive Income 22 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$150.00M	USD	1 Quarter
Net income	`ProfitLoss`	$119.00M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$10.00M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$10.00M	USD	1 Quarter
Net income attributable to Masco Corporation	`NetIncomeLoss`	$140.00M	USD	1 Quarter
Net income attributable to Masco Corporation	`NetIncomeLoss`	$109.00M	USD	1 Quarter
Cumulative translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$21.00M	USD	1 Quarter
Cumulative translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$24.00M	USD	1 Quarter
Pension and other post-retirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-3.00M	USD	1 Quarter
Pension and other post-retirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-4.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$25.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$27.00M	USD	1 Quarter
Less: Other comprehensive income attributable to noncontrolling interest	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest`	$-7.00M	USD	1 Quarter
Less: Other comprehensive income attributable to noncontrolling interest	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest`	$-4.00M	USD	1 Quarter
Other comprehensive income attributable to Masco Corporation	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$20.00M	USD	1 Quarter
Other comprehensive income attributable to Masco Corporation	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$21.00M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$175.00M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$146.00M	USD	1 Quarter
Less: Total comprehensive income attributable to the noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$17.00M	USD	1 Quarter
Less: Total comprehensive income attributable to the noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$14.00M	USD	1 Quarter
Total comprehensive income attributable to Masco Corporation	`ComprehensiveIncomeNetOfTax`	$129.00M	USD	1 Quarter
Total comprehensive income attributable to Masco Corporation	`ComprehensiveIncomeNetOfTax`	$161.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.