<SEC-DOCUMENT>0000062996-19-000047.txt : 20190806
<SEC-HEADER>0000062996-19-000047.hdr.sgml : 20190806
<ACCEPTANCE-DATETIME>20190708161759
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000062996-19-000047
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MASCO CORP /DE/
		CENTRAL INDEX KEY:			0000062996
		STANDARD INDUSTRIAL CLASSIFICATION:	MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS [2430]
		IRS NUMBER:				381794485
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		17450 COLLEGE PARKWAY
		CITY:			LIVONIA
		STATE:			MI
		ZIP:			48152
		BUSINESS PHONE:		3132747400

	MAIL ADDRESS:	
		STREET 1:		17450 COLLEGE PARKWAY
		CITY:			LIVONIA
		STATE:			MI
		ZIP:			48152

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASCO SCREW PRODUCTS CO
		DATE OF NAME CHANGE:	19731025
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2019 Workiva -->
		<title>Document</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s0A69F80C740DEF1018E59449D31E115F"></a></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:78%;"></td><td style="width:22%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><img src="mascologo2019a03.jpg" alt="mascologo2019a03.jpg" style="height:44px;width:168px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Masco Corporation</font></div><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">17450 College Parkway </font></div><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Livonia, Michigan 48152</font></div><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">313 274 7400</font></div><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">www.masco.com</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">July 8, 2019</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">VIA EDGAR TRANSMISSION (CORRESP.)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Office of Manufacturing and Construction</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">100 F Street, NE</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Washington, DC 20549-4561</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Attention:  Kevin Stertzel, Senior Staff Accountant</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Re:&#160;&#160;&#160;&#160;Masco Corporation</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Form 10-K for Fiscal Year Ended December 31, 2018</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Filed February 7, 2019</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">File No. 001-05794</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Response Letter Filed June 10, 2019</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dear Mr. Stertzel:</font></div><div style="line-height:120%;text-align:left;text-indent:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On behalf of Masco Corporation, I am writing to update our June 10, 2019 response to the Staff of the Securities and Exchange Commission&#8217;s comment with respect to the above-referenced Form 10-K in the Staff&#8217;s letter dated May 10, 2019.  </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Pursuant to our phone conversation with you on June 26, 2019, in future filings we will include disclosure in our accounting policy footnote within our consolidated financial statements substantially to the effect: &#8220;We facilitate a voluntary supply chain finance program (the &#8220;program&#8221;) to provide certain of our suppliers with the opportunity to sell receivables due from us to participating financial institutions at the sole discretion of both the suppliers and the financial institutions.  A third party administers the program; our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether the supplier sells its receivable to a financial institution. We do not enter into agreements with any of the participating financial institutions in connection with the program.  The range of payment terms we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the program.  All outstanding payments owed under the program are recorded within accounts payable in our consolidated balance sheet.  The amounts owed to participating financial institutions under the program and included in accounts payable were [$XX] million and [$XX] million at December 31, 2018 and 2017, respectively.  We account for all payments made under the program as a reduction to our cash flows from operations and reported within our increase (decrease) in accounts payable and accrued liabilities, net line within our consolidated statements of cash flows.&#8221;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In future filings we will include disclosure in our management&#8217;s discussion and analysis</font><font style="font-family:Arial;font-size:10pt;font-style:italic;">&#32;</font><font style="font-family:Arial;font-size:10pt;">substantially to the effect: &#8220;As part of our ongoing efforts to improve our cash flow and related liquidity, we work with suppliers to optimize our terms and conditions, including extending payment terms.  We also facilitate a voluntary supply chain finance program (the &#8220;program&#8221;) to provide certain of our suppliers with the opportunity to sell receivables due from us to participating financial institutions at the sole discretion of both the suppliers and the financial institutions.  A third party administers the program; our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether the supplier sells its receivable to a financial institution.  We do not enter into agreements with any of the participating financial institutions in connection with the program.  The range of payment terms we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the program.  The amounts settled through the program and paid to participating financial institutions were [$XX] million, [$XX] million, and [$XX] million in 2018, 2017 and 2016, respectively.  A downgrade in our credit rating or changes in the financial markets could limit the financial institutions&#8217; willingness to commit </font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:144%;text-align:justify;"><img src="mascologo2019a03.jpg" alt="mascologo2019a03.jpg" style="height:45px;width:168px;"></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Mr. Kevin Stertzel</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">July 8, 2019</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Page 2</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">funds to, and participate in, the program.  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.&#8221;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">If you have any further questions or comments, please contact me at 313-792-6044.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><a name="s916656420ADFBAE884919449D3C4FA5C"></a></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:216px;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Sincerely,</font></div><div style="line-height:120%;text-align:left;padding-left:216px;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:216px;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">/s/ John G. Sznewajs&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:216px;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">John G. Sznewajs</font></div><div style="line-height:120%;text-align:left;padding-left:216px;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Vice President, Chief Financial Officer</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>mascologo2019a03.jpg
<TEXT>
begin 644 mascologo2019a03.jpg
M_]C_X  02D9)1@ ! 0$ > !X  #_X1#N17AI9@  34T *@    @ ! $[  (
M   ,   (2H=I  0    !   (5IR=  $    8   0SNH<  <   @,    /@
M   <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                                 %1I;2!38VAM
M:71T   %D ,  @   !0  !"DD 0  @   !0  !"XDI$  @    ,X-P  DI(
M @    ,X-P  ZAP !P  " P   B8     !SJ    "
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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M*BHJ*BHJ*O_  !$( $( [@,!(@ "$0$#$0'_Q  ?   !!0$! 0$! 0
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M><XTZ7-%S>R-IU.62@MV=@?VB_#0'FMHVM"USCSRD&W_ -&X_7/M76:;\6/
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M&GSZ]X/M!;20 RW>G0+B.9!RS1J/NN!S@<-Z9YK.FJ<I)2=C2HZD8MQ5SO/
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MM=)TNZ>+^U)XK>6)1D2$-E&;VCRS_@:^NM-T^WTG2K73K&/R[:TA2"%/[J*
M /R%88NDJ$W!=?R_K\C?"576@IOI^?\ 7YGC?[0'_(:\+_\ 7"^_]"MJY'X8
M?\E:\/?[]Q_Z325UW[0'_(:\+_\ 7"^_]"MJY'X8?\E:\/?[]Q_Z325W4?\
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M#VRD9[LV&;E54YS6WIO[/?@^QD5KB?4[Q5_Y9/,D*G_ORB']:]#T;0M*\/6
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M^%!SA<]R>I)KJJ**YFW)W9TI**L@HHHI#"BBB@ HHHH **** "BBB@ HHHH
F**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH _]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
