SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2015

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

N. SHAREHOLDERS' EQUITY

        On September 30, 2014, we announced that our Board of Directors authorized the repurchase of up to 50 million shares for retirement of our common stock in open-market transactions or otherwise, replacing the previous Board of Directors authorization established in 2007. At December 31, 2015, we have 27.8 million shares remaining under the authorization.

        During 2015, we repurchased and retired 17.2 million shares of our common stock for cash aggregating $456 million (including 741 thousand shares to offset the dilutive impact of long-term stock awards granted in 2015). During 2014, we repurchased and retired 6.7 million shares of our common stock for cash aggregating $158 million (including 1.7 million shares to offset the dilutive impact of long-term stock awards granted in 2014). During 2013, we repurchased and retired 1.7 million shares of our common stock for cash aggregating $35 million to offset the dilutive impact of long-term stock awards granted in 2013.

        On June 30, 2015, we completed the spin off of Top Build as an independent publicly traded company. As a result of the separation, our retained earnings decreased by $828 million in 2015.

        On the basis of amounts paid (declared), cash dividends per common share were $.365 ($.370) in 2015, $.330 ($.345) in 2014 and $.300 ($.300) in 2013.

        Accumulated Other Comprehensive Loss.    The components of accumulated other comprehensive loss attributable to Masco Corporation were as follows, in millions:

	At December 31
	2015			2014
Cumulative translation adjustments	$	245		$	325
Unrealized loss on marketable securities, net		(12	)		(12	)
Unrealized loss on interest rate swaps		(16	)		(18	)
Unrecognized net loss and prior service cost, net		(382	)		(406	)
Accumulated other comprehensive loss	$	(165	)	$	(111	)

        The unrealized loss on marketable securities, net, is reported net of income tax expense of $14 million at both December 31, 2015 and 2014. The unrealized loss on interest rate swaps is reported net of income tax benefit of $1 million at both December 31, 2015 and 2014. The unrecognized net loss and prior service cost, net, is reported net of income tax benefit of $186 million and $199 million at December 31, 2015 and 2014, respectively.