$MAS
MASCO CORP /DE/

2017 Q1 Form 10-Q Financial Statement

#000006299617000019 Filed on April 25, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $1.778B $1.720B
YoY Change 3.37% 3.68%
Cost Of Revenue $1.173B $1.151B
YoY Change 1.91% -1.12%
Gross Profit $605.0M $569.0M
YoY Change 6.33% 14.95%
Gross Profit Margin 34.03% 33.08%
Selling, General & Admin $348.0M $335.0M
YoY Change 3.88% 1.52%
% of Gross Profit 57.52% 58.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.00M $32.00M
YoY Change -3.13% -5.88%
% of Gross Profit 5.12% 5.62%
Operating Expenses $348.0M $335.0M
YoY Change 3.88% 1.52%
Operating Profit $257.0M $234.0M
YoY Change 9.83% 41.82%
Interest Expense $43.00M $56.00M
YoY Change -23.21% 0.0%
% of Operating Profit 16.73% 23.93%
Other Income/Expense, Net -$47.00M -$57.00M
YoY Change -17.54% 3.64%
Pretax Income $210.0M $177.0M
YoY Change 18.64% 60.91%
Income Tax $62.00M $58.00M
% Of Pretax Income 29.52% 32.77%
Net Earnings $138.0M $109.0M
YoY Change 26.61% 70.31%
Net Earnings / Revenue 7.76% 6.34%
Basic Earnings Per Share $0.43 $0.33
Diluted Earnings Per Share $0.43 $0.32
COMMON SHARES
Basic Shares Outstanding 317.0M shares 330.0M shares
Diluted Shares Outstanding 321.0M shares 333.0M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $883.0M $2.370B
YoY Change -62.74% 33.52%
Cash & Equivalents $689.0M $2.175B
Short-Term Investments $194.0M $195.0M
Other Short-Term Assets $105.0M $87.00M
YoY Change 20.69% -70.31%
Inventory $826.0M $755.0M
Prepaid Expenses
Receivables $1.144B $1.036B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.958B $4.248B
YoY Change -30.37% 1.65%
LONG-TERM ASSETS
Property, Plant & Equipment $1.074B $1.040B
YoY Change 3.27% -5.97%
Goodwill $835.0M $844.0M
YoY Change -1.07%
Intangibles $154.0M $158.0M
YoY Change -2.53%
Long-Term Investments
YoY Change
Other Assets $118.0M $264.0M
YoY Change -55.3% 79.59%
Total Long-Term Assets $2.181B $2.306B
YoY Change -5.42% -29.89%
TOTAL ASSETS
Total Short-Term Assets $2.958B $4.248B
Total Long-Term Assets $2.181B $2.306B
Total Assets $5.139B $6.554B
YoY Change -21.59% -12.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $903.0M $834.0M
YoY Change 8.27% -18.16%
Accrued Expenses $518.0M $652.0M
YoY Change -20.55% -4.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $1.303B
YoY Change -99.77% 157.51%
Total Short-Term Liabilities $1.424B $2.789B
YoY Change -48.94% 26.37%
LONG-TERM LIABILITIES
Long-Term Debt $2.996B $2.993B
YoY Change 0.1% -12.43%
Other Long-Term Liabilities $778.0M $688.0M
YoY Change 13.08% -10.65%
Total Long-Term Liabilities $3.774B $3.681B
YoY Change 2.53% -12.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.424B $2.789B
Total Long-Term Liabilities $3.774B $3.681B
Total Liabilities $5.198B $6.470B
YoY Change -19.66% -3.42%
SHAREHOLDERS EQUITY
Retained Earnings -$370.0M -$310.0M
YoY Change 19.35%
Common Stock $316.0M $329.0M
YoY Change -3.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$268.0M -$126.0M
YoY Change
Total Liabilities & Shareholders Equity $5.139B $6.554B
YoY Change -21.59% -12.24%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $138.0M $109.0M
YoY Change 26.61% 70.31%
Depreciation, Depletion And Amortization $31.00M $32.00M
YoY Change -3.13% -5.88%
Cash From Operating Activities -$149.0M -$70.00M
YoY Change 112.86% -53.95%
INVESTING ACTIVITIES
Capital Expenditures -$37.00M -$37.00M
YoY Change 0.0% 15.63%
Acquisitions $0.00 $0.00
YoY Change -100.0%
Other Investing Activities $9.000M $3.000M
YoY Change 200.0% -80.0%
Cash From Investing Activities -$26.00M $20.00M
YoY Change -230.0% 81.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $87.00M $85.00M
YoY Change 2.35% -17.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$133.0M $751.0M
YoY Change -117.71% 107.46%
NET CHANGE
Cash From Operating Activities -$149.0M -$70.00M
Cash From Investing Activities -$26.00M $20.00M
Cash From Financing Activities -$133.0M $751.0M
Net Change In Cash -$308.0M $701.0M
YoY Change -143.94% 217.19%
FREE CASH FLOW
Cash From Operating Activities -$149.0M -$70.00M
Capital Expenditures -$37.00M -$37.00M
Free Cash Flow -$112.0M -$33.00M
YoY Change 239.39% -72.5%

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PreferredStockSharesAuthorized
1000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
114000000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
105000000 USD
CY2017Q1 us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
7000000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2016Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
889000000 USD
CY2017Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-2000000 USD
CY2017Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0 USD
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
0 USD
CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
3000000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
6000000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
60000000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
11000000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
119000000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
150000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1060000000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1074000000 USD
CY2016Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0 USD
CY2017Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
1000000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
917000000 USD
CY2017Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
1144000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-381000000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-370000000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1720000000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1777000000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
335000000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
355000000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
34
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
201000000 USD
CY2017Q1 us-gaap Short Term Investments
ShortTermInvestments
194000000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
152000000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
192000000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
194000000 USD
CY2016 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
56000000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
14000000 USD
CY2016 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
33000000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
3000000 USD
CY2016 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
66000000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
13000000 USD
CY2016Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-6000000 USD
CY2017Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-1000000 USD
CY2014Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
50000000 shares
CY2017Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
10100000 shares
CY2017Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2800000 shares
CY2016Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
86000000 USD
CY2017Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
92000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-298000000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
-268000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
58000000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
84000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-103000000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-59000000 USD
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1000000 USD
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1000000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
333000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
321000000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
330000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
317000000 shares
CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification. </font><font style="font-family:inherit;font-size:10pt;"> Certain prior year amounts have been reclassified to conform to the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> presentation in the condensed consolidated financial statements.&#160; </font></div></div>

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