$MAS
MASCO CORP /DE/

2018 Q3 Form 10-Q Financial Statement

#000006299618000062 Filed on October 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $1.665B $1.874B $1.936B
YoY Change -14.0% 6.54% 3.14%
Cost Of Revenue $1.281B $13.00M $1.288B
YoY Change -0.54% -98.9% 1.98%
Gross Profit $570.0M $604.0M $657.0M
YoY Change -13.24% 5.41% 7.0%
Gross Profit Margin 34.23% 32.23% 33.94%
Selling, General & Admin $337.0M $121.0M $348.0M
YoY Change -3.16% -63.33% 0.87%
% of Gross Profit 59.12% 20.03% 52.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $337.0M $185.0M $348.0M
YoY Change -3.16% -43.94% 0.87%
Operating Profit $286.0M $256.0M $309.0M
YoY Change -7.44% 5.35% 14.87%
Interest Expense $38.00M -$41.00M $43.00M
YoY Change -11.63% -6.82% 0.0%
% of Operating Profit 13.29% -16.02% 13.92%
Other Income/Expense, Net -$38.00M -$4.000M -$45.00M
YoY Change -15.56% -86.67% 7.14%
Pretax Income $248.0M -$18.00M $264.0M
YoY Change -6.06% -110.29% 16.3%
Income Tax $67.00M $14.00M $100.0M
% Of Pretax Income 27.02% 37.88%
Net Earnings $180.0M $80.00M $152.0M
YoY Change 18.42% -18.37% 13.43%
Net Earnings / Revenue 10.81% 4.27% 7.85%
Basic Earnings Per Share $0.59 $0.25 $0.48
Diluted Earnings Per Share $0.58 $0.25 $0.48
COMMON SHARES
Basic Shares Outstanding 304.0M shares 313.0M shares
Diluted Shares Outstanding 306.0M shares 316.0M shares

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $569.0M $1.302B $1.218B
YoY Change -53.28% 9.32% -0.41%
Cash & Equivalents $569.0M $1.194B $1.141B
Short-Term Investments $0.00 $108.0M $77.00M
Other Short-Term Assets $118.0M $111.0M $96.00M
YoY Change 22.92% -2.63% 10.34%
Inventory $1.005B $784.0M $866.0M
Prepaid Expenses
Receivables $1.298B $1.066B $1.128B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.990B $3.263B $3.308B
YoY Change -9.61% 11.21% 5.96%
LONG-TERM ASSETS
Property, Plant & Equipment $1.211B $1.129B $1.097B
YoY Change 10.39% 6.51% 4.58%
Goodwill $896.0M $453.0M $801.0M
YoY Change 11.86% -45.55% -4.76%
Intangibles $412.0M $187.0M $156.0M
YoY Change 164.1% 21.43% 0.65%
Long-Term Investments
YoY Change
Other Assets $101.0M $114.0M $121.0M
YoY Change -16.53% -27.39% -41.26%
Total Long-Term Assets $2.620B $2.271B $2.175B
YoY Change 20.46% 1.84% -3.38%
TOTAL ASSETS
Total Short-Term Assets $2.990B $3.263B $3.308B
Total Long-Term Assets $2.620B $2.271B $2.175B
Total Assets $5.610B $5.534B $5.483B
YoY Change 2.32% 7.16% 2.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.040B $824.0M $916.0M
YoY Change 13.54% 3.0% 5.77%
Accrued Expenses $711.0M $727.0M $675.0M
YoY Change 5.33% 10.49% 5.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $116.0M $117.0M
YoY Change -98.29% 5700.0% 3800.0%
Total Short-Term Liabilities $1.753B $1.667B $1.708B
YoY Change 2.63% 14.18% 13.04%
LONG-TERM LIABILITIES
Long-Term Debt $2.971B $2.969B $2.969B
YoY Change 0.07% -0.87% -0.8%
Other Long-Term Liabilities $679.0M $715.0M $746.0M
YoY Change -8.98% -8.92% -2.61%
Total Long-Term Liabilities $3.650B $3.684B $3.715B
YoY Change -1.75% -2.54% -1.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.753B $1.667B $1.708B
Total Long-Term Liabilities $3.650B $3.684B $3.715B
Total Liabilities $5.403B $5.351B $5.423B
YoY Change -0.37% 2.12% 2.9%
SHAREHOLDERS EQUITY
Retained Earnings -$154.0M -$298.0M -$343.0M
YoY Change -55.1% -21.78% 35.57%
Common Stock $303.0M $310.0M $311.0M
YoY Change -2.57% -2.52% -4.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.00M -$53.00M -$159.0M
YoY Change
Total Liabilities & Shareholders Equity $5.610B $5.534B $5.483B
YoY Change 2.32% 7.73% 2.05%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $180.0M $80.00M $152.0M
YoY Change 18.42% -18.37% 13.43%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $361.0M $284.0M $312.0M
YoY Change 15.71% -7.19% 6.48%
INVESTING ACTIVITIES
Capital Expenditures -$57.00M -$60.00M -$36.00M
YoY Change 58.33% -4.76% -5.26%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$122.0M $69.00M
YoY Change -100.0% 480.95% -246.81%
Cash From Investing Activities -$57.00M -$182.0M $33.00M
YoY Change -272.73% 116.67% -138.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -119.0M -59.00M -213.0M
YoY Change -44.13% -76.31% 74.59%
NET CHANGE
Cash From Operating Activities 361.0M 284.0M 312.0M
Cash From Investing Activities -57.00M -182.0M 33.00M
Cash From Financing Activities -119.0M -59.00M -213.0M
Net Change In Cash 185.0M 43.00M 132.0M
YoY Change 40.15% -259.26% 53.49%
FREE CASH FLOW
Cash From Operating Activities $361.0M $284.0M $312.0M
Capital Expenditures -$57.00M -$60.00M -$36.00M
Free Cash Flow $418.0M $344.0M $348.0M
YoY Change 20.11% -6.78% 5.14%

Facts In Submission

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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q3 us-gaap Income Loss From Equity Method Investments
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CY2018Q3 us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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CY2018Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Receivables
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Proceeds From Issuance Of Common Stock
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CY2017Q4 us-gaap Short Term Investments
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us-gaap Standard Product Warranty Accrual Payments
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us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Prior Period Reclassification Adjustment Description
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<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:Arial;font-size:10pt;font-weight:bold;">Reclassification. </font><font style="font-family:Arial;font-size:10pt;"> Certain prior year amounts have been reclassified to conform to the 2018 presentation in the condensed consolidated financial statements.&#160; </font></div></div>
us-gaap Revenue Recognition Revenue Reductions
RevenueRecognitionRevenueReductions
<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:Arial;font-size:10pt;">We provide customer programs and incentive offerings, including special pricing and co-operative advertising arrangements, promotions and other volume-based incentives. These customer programs and incentives are considered variable consideration. We include in revenue variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the variable consideration is resolved. This determination is made based upon known customer program and incentive offerings at the time of sale, and expected sales volume for</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">ecasts as it relates to our volume-based incentives. This determination is updated each reporting period. We recognized an increase to revenue of</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">$2 million</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">and</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">$4 million</font><font style="font-family:Arial;font-size:10pt;"> for the </font><font style="font-family:Arial;font-size:10pt;">three-month and nine-month periods ended</font><font style="font-family:Arial;font-size:10pt;"> </font><font style="font-family:Arial;font-size:10pt;">September 30, 2018</font><font style="font-family:Arial;font-size:10pt;">, respectively, and </font><font style="font-family:Arial;font-size:10pt;">$4 million</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;">$7 million</font><font style="font-family:Arial;font-size:10pt;"> for the </font><font style="font-family:Arial;font-size:10pt;">three-month and nine-month periods ended</font><font style="font-family:Arial;font-size:10pt;"> </font><font style="font-family:Arial;font-size:10pt;">September 30, 2017</font><font style="font-family:Arial;font-size:10pt;">, respectively, of variable consideration related to performance obligations settled in previous periods.</font></div></div>
us-gaap Revenue Recognition Sales Returns
RevenueRecognitionSalesReturns
<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:Arial;font-size:10pt;">Certain product sales include a right of return. We estimate future product returns at the time of sale based on historical experience and record a corresponding refund liability. We additionally record an asset, based on historical experience, for the amount of product we expect to return to inventory as a result of the return, which is recorded in prepaid expenses and other in the condensed consolidated balance sheets.</font></div></div>

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