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INTERIM FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
INTERIM FINANCIAL INFORMATION (UNAUDITED) | INTERIM FINANCIAL INFORMATION (UNAUDITED) Our quarterly results attributable to Masco Corporation were as follows:
|  |  |  | Quarters Ended
|  |  |  | (In Millions, Except Per Common Share Data)
|  | Total Year |  | December 31 |  | September 30 |  | June 30 |  | March 31
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 6,707 |  |  | $ | 1,639 |  |  | $ | 1,716 |  |  | $ | 1,839 |  |  | $ | 1,513 |
Gross profit |  | $ | 2,371 |  |  | $ | 565 |  |  | $ | 611 |  |  | $ | 673 |  |  | $ | 522 |
Income from continuing operations |  | $ | 639 |  |  | $ | 158 |  |  | $ | 163 |  |  | $ | 211 |  |  | $ | 107 |
Net income (1) |  | $ | 935 |  |  | $ | 453 |  |  | $ | 126 |  |  | $ | 240 |  |  | $ | 116 |
Income per common share: |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 2.21 |  |  | $ | 0.56 |  |  | $ | 0.57 |  |  | $ | 0.73 |  |  | $ | 0.36 |
Net income |  | $ | 3.24 |  |  | $ | 1.60 |  |  | $ | 0.44 |  |  | $ | 0.82 |  |  | $ | 0.39 |
Diluted: |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 2.20 |  |  | $ | 0.56 |  |  | $ | 0.56 |  |  | $ | 0.72 |  |  | $ | 0.36 |
Net income |  | $ | 3.22 |  |  | $ | 1.59 |  |  | $ | 0.44 |  |  | $ | 0.82 |  |  | $ | 0.39 |
2018 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 6,654 |  |  | $ | 1,635 |  |  | $ | 1,665 |  |  | $ | 1,838 |  |  | $ | 1,516 |
Gross profit |  | $ | 2,327 |  |  | $ | 568 |  |  | $ | 570 |  |  | $ | 648 |  |  | $ | 541 |
Income from continuing operations |  | $ | 636 |  |  | $ | 172 |  |  | $ | 150 |  |  | $ | 178 |  |  | $ | 136 |
Net income |  | $ | 734 |  |  | $ | 194 |  |  | $ | 180 |  |  | $ | 211 |  |  | $ | 149 |
Income per common share: |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 2.06 |  |  | $ | 0.57 |  |  | $ | 0.49 |  |  | $ | 0.58 |  |  | $ | 0.43 |
Net income |  | $ | 2.38 |  |  | $ | 0.65 |  |  | $ | 0.59 |  |  | $ | 0.69 |  |  | $ | 0.48 |
Diluted: |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 2.05 |  |  | $ | 0.57 |  |  | $ | 0.49 |  |  | $ | 0.57 |  |  | $ | 0.43 |
Net income |  | $ | 2.37 |  |  | $ | 0.64 |  |  | $ | 0.58 |  |  | $ | 0.68 |  |  | $ | 0.47 |
(1) | Net income includes $295 million and $(37) million of income (loss) from discontinued operations, net for the quarters ended December 31, 2019 and September 30, 2019, respectively, which includes the gain (loss) on the sale of the Milgard and UKWG divestitures, respectively.
Income per common share amounts for the four quarters of December 31, 2019 and 2018 may not total to the income per common share amounts for the years ended December 31, 2019 and 2018 due to the allocation of income to participating securities.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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