What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2025-02-11 compared with 2024-02-08 · 81 added, 132 removed, 224 unchanged (49% of the section changed)

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We believe that our strong financial position and cash flow generation, together with our investments in our industry-leading branded building products, our continued focus on innovation and disciplined capital allocation, will allow us to drive long-term growth and create value for our shareholders.

We continue to leverage the Masco Operating System, our approach to drive growth and productivity, and continuous improvement initiatives across our enterprise to identify additional opportunities to improve our business operations.

We continue to leverage the Masco Operating System, our methodology to drive growth and productivity, and continuous improvement initiatives across our enterprise to identify additional opportunities to improve our business operations.

From time to time, we may take actions to drive efficiency in the business focused on the strategic rationalization of our businesses, including business consolidations, plant closures, headcount reductions and other cost savings initiatives.

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Due to changing market conditions, we are experiencing, and may continue to experience, lower market demand for our products.

We have been experiencing, and may continue to experience, elevated commodity and other input costs, as well as employee-related cost inflation.

While still elevated, we have recently seen some reduction of certain costs, and we aim to offset the potential unfavorable impact of our costs and lower demand for our products with productivity improvement, pricing, and other initiatives.

We also have been experiencing, and may continue to experience, elevated commodity and other input costs, as well as employee-related cost inflation.

We aim to offset the potential unfavorable impact of our elevated costs and lower demand for our products with productivity improvements, pricing, and other initiatives.

Consolidated Results of Operations

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Non-GAAP performance measures and ratios should be viewed in addition to, and not as an alternative for, our reported results under GAAP.

We discuss our consolidated results as well as our Business Segment and Geographic Area results of operations for the year ended December 31, 2023 versus December 31, 2022.

A detailed discussion of our consolidated, Business Segment and Geographic Area results of operations for the year ended December 31, 2022 compared to the year ended December 31, 2021 can be found under “Item 7.

We discuss our consolidated results as well as our Business Segment results of operations for the year ended December 31, 2024 versus December 31, 2023.

A detailed discussion of our consolidated and Business Segment results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 can be found under “Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 8, 2024.

SALES AND OPERATIONS

Below is a summary of our net sales, in millions, for the years ended December 31, 2024 and 2023:

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Acquisitions (58) —

Net sales, excluding acquisitions 7,939 8,680 (741)

Divestitures — (72)

Net sales, excluding acquisitions and divestitures 7,770 7,895 (2) %

Currency translation 32 —

Net sales, excluding acquisitions and the effect of currency translation $ 7,947 $ 8,680 $ (733)

Our net sales for 2023 were $7,967 million, which decreased eight percent compared to 2022.

Excluding acquisitions and the effect of currency translation, net sales decreased eight percent.

Our net sales for 2023 decreased primarily due to:

Lower sales volume across the entire company which decreased sales by 11 percent.

Unfavorable sales mix of plumbing products which decreased sales by one percent.

These amounts were partially offset by:

Higher net selling prices across the entire company which increased sales by three percent.

Gross Profit and Gross Margin

Below is a summary of our gross profit, in millions, and gross margin for the years ended December 31, 2023 and 2022:

Net sales, excluding acquisitions, divestitures and the effect of currency translation $ 7,802 $ 7,895 (1) %

Our net sales for 2024 were $7,828 million, which decreased two percent compared to 2023.

Excluding acquisitions, divestitures, and the effect of currency translation, net sales decreased one percent.

Our net sales for 2024 decreased primarily due to lower sales volume of North America plumbing products, lower net selling prices of decorative architectural products, and unfavorable sales mix of plumbing products which each decreased sales by one percent.

These amounts were partially offset by higher net selling prices of plumbing products which increased sales by one percent.

RESULTS OF OPERATIONS

Below is a summary of our results of operations, dollars in millions, for the years ended December 31, 2024 and 2023:

Year Ended December 31,

2023 2022 Favorable / (Unfavorable)

2024 2023 Change

$ 7,828 $ 7,967 (2) %

Cost of sales

(4,997) (5,131) (3) %

Gross profit $ 2,831 $ 2,836 — %

Gross margin 36.2 % 35.6 % 60 bps

Our 2023 gross profit margin was positively impacted by:

Higher net selling prices.

Cost savings initiatives.

Lower transportation costs.

Receipt of an insurance settlement payment.

Lower excess and obsolete inventory charges.

These amounts were partially offset by:

Lower sales volume.

Unfavorable sales mix.

Selling, general and administrative expenses

Below is a summary of our selling, general and administrative expenses, in millions, and selling, general and administrative expenses as a percentage of net sales for the years ended December 31, 2023 and 2022:

Year Ended December 31,

2023 2022 Favorable / (Unfavorable)

Selling, general and administrative expenses $ (1,473) $ (1,390) $ (83)

Selling, general and administrative expenses as a percentage of net sales

$ (1,468) $ (1,473) — %

Selling, general and administrative expenses of a percent of net sales

(18.8) % (18.5) % (30) bps

Our 2023 selling, general and administrative expenses as a percentage of net sales was negatively impacted by:

Increased employee-related costs.

Increased marketing costs.

Lower net sales resulting from lower volumes.

Operating Profit

Below is a summary of our operating profit, in millions, and operating profit margins for the years ended December 31, 2023 and 2022:

Year Ended December 31,

2023 2022 Change

Impairment charge for other intangible assets

$ — $ (15) (100) %

Operating profit, as reported

$ 1,363 $ 1,348 1 %

Rationalization charges

Impairment charges for goodwill and other intangible assets 15 26 (11)

Impairment charge for other intangible assets

Insurance settlement

Operating profit, excluding rationalization charges, impairment charges and insurance settlement $ 1,336 $ 1,355 $ (19)

— (40) (100) %

Operating profit, excluding rationalization charges, impairment charge, and insurance settlement

$ 1,372 $ 1,336 3 %

Operating profit margin, as reported 17.4 % 16.9 % 50 bps

Operating profit margin, excluding rationalization charges, impairment charges and insurance settlement 16.8 % 15.6 % 120 bps

Our 2023 operating profit was positively impacted by:

Higher net selling prices.

Cost savings initiatives.

Lower transportation costs.

Receipt of an insurance settlement payment.

Lower excess and obsolete inventory charges.

Lower goodwill and other intangible assets impairment charges in our lighting business.

These amounts were partially offset by:

Lower sales volume.

Increased employee-related costs.

Unfavorable sales mix.

Increased marketing costs.

Unfavorable foreign currency translation.

Operating profit margin, excluding rationalization charges, impairment charge, and insurance settlement

17.5 % 16.8 % 70 bps

Our gross profit for 2024 was $2,831 million, which remained flat compared to 2023.

Gross profit was negatively impacted by one percent due to the non-recurrence of the receipt of an insurance settlement payment in 2023, as well as unfavorable sales mix, and one percent each due to lower sales volume and unfavorable foreign currency translation.

These amounts were mostly offset by cost savings initiatives and one percent due to higher net selling prices.

Our selling, general and administrative expenses for 2024 were $1,468 million, which remained flat compared to 2023.

Selling, general and administrative expenses were positively impacted by one percent each due to the divestiture of Kichler in the third quarter of 2024 and lower sales commissions, mostly offset by two percent due to higher employee-related costs.

Our operating profit for 2024 was $1,363 million, which increased one percent, and was positively impacted by the non-recurrence of an impairment charge for other intangible assets in 2023.

OTHER INCOME (EXPENSE), NET

Interest Expense

Below is a summary of our interest expense, in millions, for the years ended December 31, 2023 and 2022:

Below is a summary of our other income (expense), net, in millions, for the years ended December 31, 2024 and 2023:

Year Ended December 31,

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Interest expense $ (99) $ (106) 7 %

Below is a summary of our other, net, in millions, for the years ended December 31, 2023 and 2022:

Year Ended December 31,

2023 2022 Favorable / (Unfavorable)

Other, net (103) (4) (2,475) %

Other, net, for 2022 included $24 million of income from the revaluation of contingent consideration related to the acquisition of Kraus USA Inc.

Other income (expense), net

$ (202) $ (110) (84) %

Other, net included a loss on the sale of Kichler Lighting ("Kichler") of $88 million, inclusive of costs to sell, for the year ended December 31, 2024.

Below is a summary of our income tax expense, in millions, and our effective tax rate for the years ended December 31, 2024 and 2023:

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Income tax expense $ (287) $ (278) (3) %

Effective tax rate (22) % (24) % 2 %

Effective tax rate (25) % (22) % (300) bps

Our 2023 income tax expense included a $29 million state income tax benefit, net of federal expense, from the recognition of certain state deferred tax assets due to a legal restructuring of certain U.S.

businesses that will occur in early 2024.

Refer to Note R to the consolidated financial statements for additional information.

businesses that occurred in early 2024.

This state income tax benefit did not recur in 2024.

Refer to Note P to the consolidated financial statements for additional information.

NET INCOME AND INCOME PER COMMON SHARE - ATTRIBUTABLE TO MASCO CORPORATION

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Diluted income per common share $ 3.76 $ 4.02 (6) %

Business Segment and Geographic Area Results

The following table sets forth our net sales and operating profit information by Business Segment and Geographic Area, dollars in millions.

Business Segment Results

The following table sets forth our net sales and operating profit information by Business Segment, dollars in millions.

Year Ended December 31, Percent Change

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Total $ 7,828 $ 7,967 (2) %

North America $ 6,384 $ 6,978 (9) %

International, particularly Europe

1,583 1,702 (7) %

Total $ 7,967 $ 8,680 (8) %

Year Ended December 31, Percent Change

2024 2023 2024 vs.

Operating Profit (A):

Operating Profit:

Plumbing Products $ 911 $ 861 6 %

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Total $ 1,460 $ 1,439 1 %

North America $ 1,210 $ 1,116 8 %

International, particularly Europe

229 268 (15) %

Total 1,439 1,384 4 %

General corporate expense, net (97) (91) 7 %

Total operating profit $ 1,363 $ 1,348 1 %

(A) Before general corporate expense, net;

refer to Note P to the consolidated financial statements for additional information.

BUSINESS SEGMENT RESULTS DISCUSSION

Changes in operating profit in the following Business Segment and Geographic Area Results discussion exclude general corporate expense, net, and compares each respective period to the same period of the immediately preceding year.

Changes in operating profit in the following Business Segment Results discussion exclude general corporate expense, net, and compares each respective period to the same period of the immediately preceding year.

Plumbing Products

Net sales in the Plumbing Products segment decreased eight percent in 2023.

In local currencies (including sales in currencies outside their respective functional currencies), net sales decreased seven percent in 2023.

Lower sales volume decreased sales by 11 percent and unfavorable sales mix decreased sales by one percent.

These amounts were partially offset by higher net selling prices, which increased sales by four percent and the acquisition of Sauna360 which increased sales by one percent.

Net sales in the Plumbing Products segment were flat in 2024.

In local currencies (including sales in currencies outside their respective functional currencies), net sales increased one percent in 2024.

Higher net selling prices increased sales by two percent and the acquisition of Sauna360 Group Oy ("Sauna360") in 2023 increased sales by one percent.

These increases were mostly offset by lower sales volume and unfavorable sales mix which each decreased sales by one percent.

Operating Results

Operating profit in the Plumbing Products segment in 2023 was positively impacted by higher net selling prices, lower transportation and commodity costs, cost savings initiatives, and lower excess and obsolete inventory charges.

These amounts were partially offset by lower sales volume, increased employee-related costs, unfavorable sales mix, unfavorable foreign currency translation and increased marketing costs.

Operating profit in the Plumbing Products segment in 2024 was positively impacted by cost savings initiatives and higher net selling prices, partially offset by higher commodity costs, unfavorable sales mix, lower sales volume and higher employee-related costs.

Decorative Architectural Products

Net sales in the Decorative Architectural Products segment decreased nine percent in 2023, primarily due to lower sales volume, partially offset by higher net selling prices.

Operating Results

Operating profit in the Decorative Architectural Products segment in 2023 was positively impacted by higher net selling prices, cost savings initiatives, receipt of an insurance settlement payment, lower transportation costs, lower excess and obsolete inventory charges, and lower goodwill and other intangible assets impairment charges in our lighting business.

These amounts were partially offset by lower sales volume, increased commodity costs and increased employee-related costs.

GEOGRAPHIC AREA RESULTS DISCUSSION

North America

North America net sales decreased nine percent in 2023.

Lower sales volume decreased sales by 11 percent and unfavorable sales mix decreased sales by one percent.

These amounts were partially offset by higher net selling prices, which increased sales by two percent.

Operating Results

North America operating profit in 2023 was positively impacted by higher net selling prices, cost savings initiatives, lower transportation costs, receipt of an insurance settlement payment, lower excess and obsolete inventory charges, and lower goodwill and other intangible assets impairment charges in our lighting business.

These amounts were partially offset by lower sales volume, increased employee-related costs, unfavorable sales mix and increased marketing costs.

International, Particularly Europe

International net sales decreased seven percent in 2023.

In local currencies (including sales in currencies outside their respective functional currencies), net sales decreased six percent.

Lower sales volume decreased sales by 11 percent and unfavorable sales mix decreased sales by one percent.

These amounts were partially offset by higher net selling prices which increased sales by five percent.

Net sales in the Decorative Architectural Products segment decreased five percent in 2024, primarily due to the divestiture of Kichler in the third quarter of 2024, lower net selling prices across the segment and lower sales volume of builders' hardware products, partially offset by higher sales volume of paints and other coating products.

Operating Results

International operating profit in 2023 was negatively impacted by lower sales volume, unfavorable sales mix and unfavorable foreign currency translation.

These amounts were partially offset by higher net selling prices and lower transportation and commodity costs.

Operating profit in the Decorative Architectural Products segment in 2024 was negatively impacted by lower net selling prices and the non-recurrence of the receipt of an insurance settlement payment in 2023, partially offset by cost savings initiatives, the non-recurrence of an other intangible asset impairment charge in 2023 and lower sales commissions.

Liquidity and Capital Resources

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Our capital allocation strategy includes reinvesting in our business, maintaining an investment grade credit rating, maintaining a relevant dividend and deploying excess free cash flow to share repurchases or acquisitions.

We had cash and cash investments of approximately $634 million and $452 million at December 31, 2023 and 2022, respectively.

We had cash and cash investments of approximately $634 million at both December 31, 2024 and 2023.

Our cash and cash investments consist of overnight interest bearing money market demand accounts, time deposit accounts, and money market mutual funds containing government securities and treasury obligations.

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income tax or foreign withholding tax, as we have recorded such taxes on substantially all undistributed foreign earnings, except for those that are legally restricted.

Our current ratio was 1.7 to 1 and 1.6 to 1 at December 31, 2023 and 2022, respectively.

The increase in our current ratio is primarily due to the repayment of the 364-day term loan during 2023.

Our total debt as a percent of total capitalization was 102 percent and 97 percent at December 31, 2024 and 2023, respectively.

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Capital expenditures for 2024 were $168 million, compared with $243 million for 2023.

The increase in capital expenditures in 2023 was primarily due to capacity expansion plans in our Plumbing Products and Decorative Architectural Products segments.

The decrease in capital expenditures in 2024 was primarily due to capacity expansion plans in our Plumbing Products and Decorative Architectural Products segments in 2023.

For 2025, capital expenditures, excluding any potential future acquisitions, are expected to be approximately $175 million.

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Sauna360 has a portfolio of products that includes traditional, infrared, and wood-burning saunas as well as steam showers.

In the third quarter of 2024, we sold our Kichler business, a provider of decorative residential and light commercial lighting products, ceiling fans, and LED lighting systems, for consideration of $125 million, net of cash disposed, and subject to final closing adjustments.

Post-closing adjustments were finalized in the fourth quarter of 2024.

Share Repurchases

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This included 0.5 million shares to offset the dilutive impact of restricted stock units granted in 2024.

At December 31, 2023, we had $1.6 billion remaining under the 2022 authorization.

At December 31, 2024, we had $896 million remaining under the 2022 authorization.

Consistent with past practice and as part of our long-term capital allocation strategy, outside of any potential acquisitions, we anticipate using approximately $600 million of cash for share repurchases (including shares which will be purchased to offset any dilution from restricted stock units granted as part of our compensation programs) in 2025.

Refer to Note N to the consolidated financial statements for additional information.

During 2022, we repurchased and retired 16.6 million shares of our common stock (including 0.6 million shares to offset the dilutive impact of restricted stock units granted during the year), for approximately $914 million.

During 2023, we repurchased and retired 6.2 million shares of our common stock (including 0.2 million shares to offset the dilutive impact of restricted stock units granted during the year), for approximately $356 million, inclusive of excise tax of $3 million.

Dividend to holders of our Common Shares

We paid a quarterly dividend of $0.285 per common share for an annual dividend of $1.14 per share.

In 2024, we paid a quarterly dividend of $0.29 per common share for an annual dividend of $1.16 per share.

Total cash dividends paid was $254 million in 2024.

As part of our capital allocation strategy, the Board of Directors declared a quarterly dividend of $0.31 per share in the first quarter of 2025 with the intention to increase the annual dividend 7 percent to $1.24 per share.

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We do not believe such risk would have a material impact on our working capital or cash flows, as substantially all of our payments are made outside of the program.

We utilize derivative and hedging instruments to manage our exposure to currency fluctuations, primarily related to the European euro, British pound sterling, the Chinese renminbi and the U.S.

occasionally, we have also used derivative and hedging instruments to manage interest rate fluctuations, primarily related to debt issuances.

We utilize derivative and hedging instruments to manage our exposure to currency fluctuations, primarily related to the European euro, British pound sterling, Chinese renminbi, Mexican peso and the U.S.

We review our hedging program, derivative positions and overall risk management on a regular basis.

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Purchase of Company common stock (751) (353)

Excise tax paid on the purchase of Company common stock (3) —

Cash dividends paid (254) (257)

Purchase of redeemable noncontrolling interest (15) —

Dividends paid to noncontrolling interest (37) (49)

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Payment of short-term borrowings — (77)

Proceeds from term loan — 500

Payment of term loan — (200)

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Capital expenditures (168) (243)

Acquisition of business, net of cash acquired

Acquisition of businesses, net of cash acquired

Proceeds from disposition of business, net of cash disposed 126 —

Effect of exchange rate changes on cash and cash investments (9) 6

Other, net (4) (4)

Cash increase (decrease) $ 182 $ (474)

Cash (decrease) increase $ (1) $ 182

Our working capital days were as follows:

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Operating Activities

Net cash provided by operations was $1,413 million, primarily driven by operating profit and changes in working capital, mostly attributable to lower inventory.

Net cash provided by operations was $1,075 million, primarily driven by operating profit, partially offset by changes in working capital.

Financing Activities

Net cash used for financing activities was $854 million, primarily due to $353 million for the repurchase and retirement of our common stock (including 0.2 million shares repurchased to offset the dilutive impact of restricted stock units granted in 2023), $257 million for the payment of cash dividends, $200 million for the repayment of the 364-day term loan, $49 million for dividends paid to noncontrolling interest and $29 million for employee withholding taxes paid on stock-based compensation.

Net cash used for financing activities was $1,017 million, primarily due to $751 million for the repurchase and retirement of our common stock, $254 million for the payment of cash dividends, $37 million for dividends paid to noncontrolling interest, $35 million for employee withholding taxes paid on stock-based compensation, and $15 million for the purchase of the remaining equity interest in Easy Sanitary Solutions B.V.

These uses of cash were partially offset by $79 million of proceeds from the exercise of stock options.

Investing Activities

Net cash used for investing activities was $383 million, primarily driven by $243 million of capital expenditures and $136 million for the acquisition of Sauna360.

Net cash used for investing activities was $50 million, primarily driven by $168 million of capital expenditures, partially offset by $126 million of proceeds from the sale of Kichler.

Commitments and Contingencies

Information regarding our legal proceedings is set forth in Note T to the consolidated financial statements, which is incorporated herein by reference.

Information regarding our legal proceedings is set forth in Note R to the consolidated financial statements, which is incorporated herein by reference.

Other Commitments

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Amounts include finance lease obligations.

(B) Excludes contracts that do not require volume commitments and open or pending purchase orders.

(B) Includes purchase commitments for vendor contracts and contracts for the purchase of renewable energy credits and transferable tax credits.

Excludes contracts that do not require volume commitments and open or pending purchase orders.

(C) Due to the high degree of uncertainty regarding the timing of future cash outflows associated with uncertain tax positions, we are unable to make a reasonable estimate for the year in which cash settlements may occur with applicable tax authorities.

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Goodwill and Other Intangible Assets

We record the excess of purchase cost over the fair value of net tangible assets of acquired companies as goodwill or other identifiable intangible assets.

We record the excess of purchase price over the fair value of net tangible assets of acquired companies as goodwill or other identifiable intangible assets.

In the fourth quarter of each year, or as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, we complete the impairment testing of goodwill utilizing a discounted cash flow method.

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While we believe that the estimates and assumptions underlying the valuation methodology are reasonable, different estimates and assumptions could result in different outcomes.

In estimating future cash flows, we rely on internally generated five-year forecasts for sales and operating profits, and, currently, a two percent to three percent long-term assumed annual growth rate of cash flows for periods after the five-year forecast.

In estimating future cash flows, we rely on internally generated five-year forecasts for sales and operating profits, and, currently, a two percent long-term assumed annual growth rate of cash flows for periods after the five-year forecast.

We generally develop these forecasts based upon, among other things, recent sales data for existing products, planned timing of new product launches, estimated repair and remodel activity and, to a lesser extent, estimated housing starts.

Our assumptions included U.S.

and Eurozone Gross Domestic Product both growing at approximately 1.0 percent in 2024, and 2.0 percent and 1.5 percent, respectively, per annum over the remainder of the five-year forecast.

and Eurozone Gross Domestic Product growing at approximately 1.8 percent and 1.4 percent, respectively, in 2025, and 2.0 percent and 1.4 percent, respectively, per annum over the remainder of the five-year forecast.

We utilize our weighted average cost of capital of approximately 8.50 percent as the basis to determine the discount rate to apply to the estimated future cash flows.

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If the carrying amount of an other indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized to the extent that an other indefinite-lived intangible asset's recorded carrying value exceeds its fair value, not to exceed the carrying amount of the other indefinite-lived intangible asset.

In the fourth quarter of 2023, we recognized a $15 million non-cash impairment charge related to a registered trademark within our Decorative Architectural Products segment due to competitive market conditions and increased cost of capital in our lighting business.

As of December 31, 2023, the impaired other indefinite-lived intangible asset had a remaining net carrying value of $28 million.

A 10 percent decrease in the estimated fair value of our other indefinite-lived intangibles assets would have resulted in a $2 million impairment for another one of our other indefinite-lived intangible assets.

In the fourth quarter of 2024, we estimated that the future discounted cash flows projected for all of our other indefinite-lived intangible assets were greater than the carrying values.

Accordingly, we did not recognize any impairment charges for other indefinite-lived intangible assets.

A 10 percent decrease in the estimated fair value of our other indefinite-lived intangible assets would have resulted in a $1 million impairment of one of our other indefinite-lived intangible assets.

Refer to Note H for additional information.

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Changes in these estimates and assumptions may result in a change in judgment regarding the realizability of deferred tax assets.

We have loss carryforwards in certain state jurisdictions resulting from perpetual losses for which deferred tax assets were not recognized as the likelihood of utilization was remote.

Due to a legal restructuring of certain U.S.

businesses that will occur in early 2024, it is more likely than not a significant portion of these loss carryforwards will be utilized.

As a result, we recognized a $29 million state income tax benefit, net of federal expense, in the fourth quarter of 2023.

Refer to Note R for additional information.

Refer to Note P for additional information.

Recently Adopted and Issued Accounting Pronouncements

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis