UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM ll
-
K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK
PURCHASE, SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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(
Mark
O
ne
)
:
|
x
|
ANNU
A
L RE
PORT PURSUA
NT T
O
SE
C
T
I
ON
1
5
(
d
) O
F
T
H
E S
E
CURITI
E
S
E
X
CH
ANG
E
ACT OF
1
93
4
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F
o
r the fis
c
al year ended December 31
,
2015
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OR
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¨
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TRANSITION REP
O
RT PUR
S
UANT TO SE
C
TION 15
(
d
)
OF THE S
ECU
RIT
I
E
S
EX
CHA
NGE A
C
T
O
F 1934
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For the
t
ransit
i
on p
e
riod from _____________ to _____________
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C
ommission file number 001-05794
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A.
|
Full title of th
e
p
l
an and the addres
s o
f the plan, if di
ff
er
e
nt fr
o
m that of the issuer named below
:
|
|
|
M
asco
Cor
p
o
ration H
o
urly 4
0
1
(
k
)
Plan
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|
B.
|
Name
of
issuer o
f
th
e
se
cu
rities held pu
r
suan
t
t
o t
he pla
n
an
d
the address
o
f its prin
ci
pal ex
e
cutive office
:
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|
Masco Corporation
|
21001 Van Born Road
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Taylor, Michigan 48180
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MASCO CORPORATION HOURLY 401(k) PLAN
TABLE OF CONTENTS
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Pages
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Report of Independent Registered Public Accounting Firm
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Financial Statements:
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Statements of Net Assets Available for Benefits at December 31, 2015 and 2014
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Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2015
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Notes to Financial Statements
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Supplemental Schedule:
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Schedule H, line 4i - Schedule of Assets (Held at End of Year)
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Note: Other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.
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Report of Independent Registered Public Accounting Firm
To the Trustee and Participants of
Masco Corporation Hourly 401(k) Plan
We have audited the accompanying statements of net assets available for benefit
s
of Masco Corpo
r
ation Hourly 401(k) Plan (the "Plan") as of
December 31, 2015
and
2014
,
and the related statement of changes in net assets available for benefits for the year ended
December 31, 2015
. These financial statements are the responsibility of the Plan
'
s mana
g
ement
.
Our responsibility is to express an opinion on these finan
ci
al stat
e
ments based on our aud
i
ts
.
We conducted our audits in accordance with the standards of the Public Company Acco
u
nting Oversight Boa
r
d (United States). T
h
ose standards require that we plan
a
nd perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of
the Plan
'
s interna
l
control over financia
l
reporting
.
Our audit
s
included cons
i
derati
o
n of internal control over financia
l
reporting as a basis fo
r
design
i
ng audit procedures that are appropriate in the ci
r
cumstances, but not for the purpose of expressing an opin
i
on on the effectiveness of the Plan
'
s internal control over financ
i
al reporting
.
Accordingly
,
we express no such opinion
.
An audit al
s
o includes exam
in
ing
,
on a t
e
st basis
,
evidence supporting the amounts and disclosures in the financial statements
,
assessing the accounting principles used and s
i
gnificant estimates made by management
,
as well as evaluating the overall financial statement pres
e
ntation
.
We believe that our audits provide a reasonable basis for our opin
i
on
.
In our opinion
,
the financial statements referred to above present fair
l
y
,
in al
l
material respects
,
the net assets available fo
r
benefits of Masco Corporat
i
on Hourly 401(
k
) P
l
an as of
December 31, 2015
and
2014
,
and the changes in net asset
s
avail
ab
le
f
or benefits for the year ended
December 31, 2015
in conformity with accounting principles generally accepted in the United States of America
.
The
s
upplem
e
ntal
i
nformation in the accompanying schedule
,
Schedule H
,
Line 4i
Schedule of Assets (Held at End of Year) as of
December 31, 2015
has been subjected to aud
i
t procedures performed in conjunction with the audit of Masco Corporation Hourly 401(k) Plan
'
s fin
a
ncial statements. The supplement
al
information is pre
s
ented for purp
o
ses o
f
addit
i
onal analysis and is not a requi
r
ed part of the basic finan
c
ial statements but include supplemental info
r
mation required by the Department of Labor
'
s Rules and Regulations fo
r
Reporting and Disclosure under the Employee Retirement Income Security Act of 1974
.
The supplementary information is the respon
s
ibilit
y
of the
P
lan
'
s management
.
Our audit procedures included determining whether the supplemental information reconciles
t
o the basic financial statements or the unde
rl
ying accounting and other records
,
as applicable
,
and performing procedures to test the completeness and acc
u
racy of the information presented in the suppleme
n
tal info
r
mation
.
In forming our opinion on the s
u
pplemental information in the accompanying schedule
,
we evaluated whether the supplemental information
,
includ
i
ng its form and content
,
is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirem
e
nt In
co
me Secu
r
ity Ac
t
of 1974. In our opinion
,
the supplemental information referred to above is fairly stated
,
in all material respects
,
in relation to the basic financial statements taken as a whole
.
/s/ Grant Thornton LLP
Southfield
,
Michigan
Jun
e
24
,
2016
MASCO CORPORATION HOURLY 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2015
and
2014
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2015
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2014
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ASSETS
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Investments, at fair value:
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Collective trust funds
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$
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108,197,069
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$
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—
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Mutual funds
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98,128,548
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183,196,798
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Stock funds
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2,003,670
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2,240,428
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Brokerage account
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368,145
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305,828
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Total investments
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208,697,432
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185,743,054
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Receivables:
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Notes receivable from participants
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17,261,140
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11,691,845
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Participant contributions
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126
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114,033
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Employer contributions
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3,509,825
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68,107
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Total receivables
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20,771,091
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11,873,985
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Net Assets Available for Benefits
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$
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229,468,523
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$
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197,617,039
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The
acco
mpanying notes a
re
an integr
al
part o
f t
he financial stat
e
m
e
n
ts
.
MASCO CORPORATION HOURLY 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the year ended
December 31, 2015
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Additions:
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Investment activity:
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Net depreciation in fair value of investments
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$
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(6,997,861
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)
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Interest and dividend income
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7,627,108
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Total investment activity
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629,247
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Participant contributions
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12,393,604
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Participant rollover contributions
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412,677
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Employer contributions
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10,108,883
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Interest income on notes receivable from participants
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519,052
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Total additions
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24,063,463
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Deductions:
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Benefit payments
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(20,145,990
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)
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Other, net
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(39,905
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)
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Total deductions
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(20,185,895
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)
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Transfers:
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Net transfers into the Plan (Note A)
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27,973,916
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Net increase
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31,851,484
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Net assets available for benefits:
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Beginning of year
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197,617,039
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End of year
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$
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229,468,523
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The accompa
nying note
s are an i
ntegral pa
r
t o
f t
h
e
fin
a
n
ci
a
l statements.
MASCO CORPORATION HOURLY 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
The fol
l
o
w
i
ng description of the
M
asco C
o
rporat
i
on
(
"
Company
"
) Hourly 40
1
(k) Plan (
"
Plan
"
)
pr
ovides
o
nly general inf
o
r
mat
i
o
n
.
Part
i
c
i
pants sh
o
uld refer to the Plan document
f
or a m
o
re c
o
mplete descri
pti
o
n of
the Pl
a
n
'
s pro
v
i
sions
.
1.
G
e
n
e
ral
.
Th
e P
l
a
n
is a defi
ne
d
con
t
ri
bution plan
cov
eri
n
g h
o
ur
l
y
emp
l
o
y
ee
s
at c
e
rtain
div
isi
on
s and subsidiaries
o
f the Compan
y
.
El
i
g
i
ble employees
m
ay pa
r
t
i
c
i
pate in
t
h
e Pl
an on the
i
r
da
t
e o
f
h
ire
.
The
P
la
n
i
s
subj
e
ct t
o
t
h
e pro
v
isi
ons of th
e
Emp
lo
ye
e
Re
ti
re
men
t
I
n
co
me S
e
curit
y Ac
t
o
f 1974
,
as
amend
e
d
(
"
ERI
S
A
"
)
.
2.
Contri
butions
.
Particip
ant
s
m
ay
co
ntribut
e
u
p
to 5
0
percent o
f th
e
ir p
retax
annual co
mpensation
,
as
defi
ne
d i
n
th
e
Pl
an. A
l
l employees who a
re
e
ligibl
e to pa
rticipa
t
e
und
e
r th
i
s Pl
a
n
a
nd who ha
v
e a
ttai
ned the age of 50
bef
o
r
e the clo
se of
the pla
n y
ear
s
hall be eligib
l
e to make c
a
tch
-
u
p con
trib
utions
.
Pa
r
t
i
c
ip
ants
m
ay also mak
e
roll
ov
er
cont
ri
bu
t
i
ons representing dist
r
ibutions from
i
ndivid
u
al IRAs
,
SEP
s
,
4
03(b)
a
n
d 457 p
l
ans
o
r
o
t
her e
m
plo
y
e
r
s
'
tax
qual
ifie
d pl
a
ns. The Compan
y m
ak
es m
atchi
ng and/
or pr
o
f
i
t shar
i
ng cont
ri
buti
o
ns in
ac
c
o
rdanc
e
with
t
h
e p
r
ov
ision
s
of
the
P
lan
.
These Compan
y
co
ntr
i
buti
ons
,
i
f applicabl
e
,
v
ar
y by div
ision or subs
i
d
i
a
ry
and
are i
nvested purs
ua
n
t
t
o
the partic
i
pant
'
s in
v
es
t
men
t
elect
i
on
.
Cont
r
ibu
tio
ns a
re s
ubject to ce
rtai
n Interna
l
Re
v
e
nu
e Serv
i
ce
(
"
IRS
"
)
l
i
mit
ati
ons
.
P
arti
c
ipant
s ma
y direc
t
co
ntrib
ut
i
ons
i
n one pe
r
c
ent in
c
r
e
m
ents in
a
ny of the variou
s inves
tment
option
s.
T
hese options
i
nc
l
ud
e pro
f
ess
i
ona
ll
y m
a
naged mu
t
ual fu
nds
, collective trust funds,
sto
c
k f
u
nds
a
nd a b
r
o
ker
age account
which all
ows
partici
p
a
nts to buy
,
s
e
l
l
or trade
m
os
t pu
b
l
i
c
l
y l
is
t
ed comm
on s
tocks
,
co
rporate
and government bond
s
o
r
c
e
r
t
i
ficates o
f
depos
i
t
;
these o
pti
ons vary in
t
h
eir
resp
ec
t
i
ve
strat
egi
e
s
,
risks a
n
d g
o
a
ls
.
Part
i
cipants
m
ay ch
a
nge thei
r
inv
est
m
e
nt
o
pt
i
o
n
s
d
aily
. At December 31, 2015, profit sharing employer contributions receivable totaled $3,470,733.
3.
P
a
r
ticipa
nt
A
ccoun
ts
.
Each a
ct
i
ve
particip
a
nt
'
s a
cco
u
nt
is cr
ed
ited with the pa
rt
ic
i
pan
t
'
s
cont
ri
buti
on
s a
n
d a
l
loc
a
tions
o
f
(
a
)
th
e C
ompany
'
s
cont
ri
butions
(
i
f app
li
cab
l
e
)
,
and
(
b
)
investm
e
n
t
earnings
,
as
defined
in the Pl
an
.
P
lan adm
i
n
istra
ti
v
e
ex
p
enses ar
e
paid
b
y the Company and n
ot charg
e
d
to
participa
nts
'
account
s
.
Ce
rt
ai
n
expense
s
m
a
y be incurred
by
i
n
d
ivid
ua
l part
ic
ipant
s fo
r
special
ser
v
i
ces re
l
a
tin
g
t
o
the
i
r
accounts
.
Thes
e
costs
are
charg
e
d di
r
e
c
tly to the
i
n
di
vidual part
i
c
i
pa
n
t
'
s
account
.
T
he ben
efit to wh
i
c
h a
pa
r
t
i
ci
pant
i
s entitl
ed
is the be
n
ef
it th
a
t
can be prov
i
d
ed fr
om the p
articipa
nt
'
s
v
es
te
d account
.
4.
V
es
ting a
n
d
F
orf
eited Employer
Con
tribution
s
.
Par
t
icipants are
i
mme
di
ate
l
y vest
e
d in th
ei
r cont
r
ibutions pl
u
s
ac
tual earning
s
ther
eo
n
.
Partici
pa
nts ar
e also
i
mme
d
i
ately v
e
sted in the
C
om
pa
n
y
match
i
ng cont
r
ibuti
on
plus earnin
gs
thereon
.
V
esting
in
Company p
r
o
fit s
haring c
o
ntr
i
bu
t
i
ons
oc
cu
rs a
fter th
r
ee yea
rs of s
ervice comm
enci
ng at d
a
t
e of h
i
re
.
A
t
December 31, 2015
and
2014
,
f
orfe
ited non
vested e
mployer
contribu
t
ions tot
a
l
e
d
$218,221
and
$34,769
,
r
espec
t
ively
.
All forfeit
e
d amoun
ts
wer
e us
e
d in each
s
uccee
din
g
y
ea
r t
o
red
uce employer co
nt
rib
ution
s
.
5.
Voting R
ights
.
Each
parti
cipant w
h
o
has an i
nterest
i
n either the Masco Corporation
Company S
toc
k Fund or the TopBuild Corp. Stock Fund is enti
tle
d
to ex
ercise
vot
i
ng
r
ights
attributa
b
l
e to the sh
ares alloc
ated
to his or
he
r
Company
Stoc
k Fund account
and i
s
n
ot
i
fied
b
y t
he
Tru
s
te
e
(
Fidelit
y Manag
e
ment Tru
st C
o
m
pany
(
"F
idel
i
ty
"
)
as
defi
ne
d by t
he Plan
)
p
r
i
o
r
to th
e tim
e that such
rights
are to be exe
r
c
ise
d
.
If
t
he Tru
s
te
e d
oe
s n
o
t re
c
ei
v
e
timely
i
nstruct
i
on
s
,
the Trustee its
e
l
f
o
r
by proxy sha
ll
vot
e all s
uch
shares in t
he s
a
me rat
i
o
as
the share
s
with
respe
ct to wh
i
ch inst
r
u
ctions
were
r
ec
ei
v
ed fr
o
m pa
r
ti
ci
p
a
nts
.
6.
Notes Re
ce
i
v
a
ble from P
arti
c
i
pants
.
Gen
erally, par
tic
i
pant
s may borrow fr
o
m their accoun
t a
m
in
i
m
u
m
of
$
1
,
0
0
0 up t
o
a
m
axim
u
m
eq
u
al t
o the lesser of $50,000 or 5
0
perc
ent o
f their
ves
t
e
d ac
co
unt bala
nce at
th
e t
ime of the loan
.
Loan terms g
en
e
rally
range fr
om
1-
5
ye
ars, or up
to 15 yea
rs in lim
ite
d circumstance
s
.
The
loans a
re co
ll
ate
rali
z
ed b
y the
b
al
ance in
t
h
e
participant
'
s account
a
n
d ge
n
era
lly bear inte
rest at
a
r
a
t
e equa
l to the
Prime R
a
t
e on t
he la
s
t bus
i
n
ess da
y of
t
he month
pri
or to the
da
te o
f the l
oa
n
a
pplicati
on
.
Princip
al a
n
d
interest ar
e pai
d ratably t
h
rou
g
h
pa
y
r
o
ll dedu
c
ti
on
s
.
7.
Pay
m
e
nt of
Be
nefit
s.
G
e
ne
r
ally
,
afte
r separa
tion from
service due
to
terminati
o
n, de
a
t
h
, disabilit
y o
r
r
et
ir
e
m
ent
,
a p
a
r
t
i
cip
a
nt
may elect t
o
receive an a
mo
un
t e
qual to the
va
l
u
e
of th
e partici
pant
'
s ve
sted interest in his or her a
c
c
o
u
nt i
n either a single
l
ump-sum amoun
t o
r in
an
nual installment
s
over a peri
o
d n
o
t
to
exceed fi
v
e
ye
ar
s.
In
-
ser
v
i
c
e
an
d h
a
rdship withdrawa
ls
are distrib
uted in a
s
i
ngle p
ayment
.
MASCO CORPORATION HOURLY 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
|
|
A.
|
DESCRIPTION OF PLAN (Concluded)
|
8.
Transfe
r
s.
On March 20, 2015
,
certai
n participants
'
a
ccounts of
t
he Ma
sco Corpora
tion Fut
ure Ser
v
i
ce P
r
ofit Sh
ari
ng P
l
an and Masco Corpora
t
ion M
aster Defi
ned Cont
r
i
butio
n Plan were mer
ge
d into the P
l
a
n
.
Pa
r
t
i
c
i
pants
i
n
the
Masco Corpo
ratio
n Future Servic
e Pr
ofit Sharing P
l
an and Masco Corporat
i
on Maste
r
Defined
C
ontribut
i
on Plan b
e
c
a
me participants in the P
l
an
. As a result of the merger, transfers of net assets into the Plan totaled $82,338,309. On June 30, 2015, the Company completed the spin off of its Installation and Other Services business into an independent, publicly-traded company named TopBuild Corp. ("TopBuild") through a tax-free distribution of the stock of TopBuild to the Company's stockholders.
Upo
n TopBu
ild
'
s sepa
ration f
rom the Company
,
certain part
i
cip
ant
s
'
account balanc
es
were trans
ferred
out of the Plan
i
nto a newly create
d
p
la
n for TopBuild em
p
loyees
. As a result of the spin off, transfers of net assets out of the Plan totaled $55,101,229. During 2015, other transfers of net assets into the Plan totaled $736,836.
Total transf
ers o
f net ass
et
s into th
e
Plan am
o
un
ted
t
o
$27,973,916
f
o
r
the ye
ar ended
December 31, 2015
.
|
|
B.
|
S
UMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
T
he following i
s a summ
ar
y
of sig
n
i
fic
a
nt acco
u
nt
ing
po
li
c
i
e
s
(
in a
cco
rdan
ce
w
it
h
acco
unting pri
nciples gen
erally ac
cepted in the Un
ited
State
s
o
f Am
e
rica
(
"
GAAP
"
)
f
ollow
ed in
the p
re
parat
i
o
n of t
he
s
e f
i
nancial
state
m
e
nts
.
Basis
o
f Ac
co
un
t
in
g.
The accompa
ny
in
g
f
i
n
a
n
c
ial st
a
t
e
m
ent
s
are
prepared
on
t
he ac
crual basis
o
f
ac
counting.
Use of
Est
imates.
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of additions and deductions during the reporting period. Actual results could differ from these estimates and assumptions.
Risks a
n
d Uncertainties.
The Pla
n
provides for
v
ar
i
ous in
v
estment options in collective trust funds, mut
ua
l fund
s an
d oth
er i
nvestm
ent
secu
r
i
tie
s
.
Inv
es
tment sec
uri
ties a
r
e exposed to var
ious
r
i
sk
s
,
i
ncludin
g
interest rate
,
ma
r
ket a
n
d credit risks
.
Due
t
o the lev
e
l of ris
k
ass
o
ciat
e
d with ce
r
tain collective trust funds,
m
utu
a
l fun
d
s and in
v
estment securities and th
e l
e
v
el o
f un
c
e
r
ta
i
nty related t
o c
hanges i
n
the val
u
e o
f
in
v
es
t
ment securiti
e
s
,
it is reasonab
l
y poss
i
b
l
e
t
hat changes in risks in the n
e
ar term could mater
ia
lly affec
t p
artic
ipan
ts
'
account ba
l
ance
s
a
n
d t
h
e
am
ounts re
p
orted in
t
he statem
ents
o
f
n
et a
ssets
avai
lable
f
o
r
benefits
a
nd the st
at
ement o
f
changes in net asse
ts a
vai
l
a
b
l
e
for ben
efi
ts
.
I
n
v
estment
V
a
l
uat
i
on and Income
R
e
co
gnition.
I
nvest
ments
are s
ta
ted at fa
i
r va
l
ue as dete
r
min
e
d by Fide
lit
y Pric
ing a
nd Ca
sh M
anagem
ent
Servic
es
,
Inc
. Mutual funds and common stock are valued
u
s
ing quoted market p
ri
ces at
December 31, 2015
a
nd
2014
. The fair values of the collective trust funds are determined on a daily basis by the Trustee using the net asset value ("NAV") of units held of the funds. The NAV is based on the fair value of the underlying investments held by each collective trust fund less its liabilities.
I
n
v
es
tm
e
nt
transact
i
ons are r
e
fle
c
te
d
on a
t
ra
d
e
-
d
a
te ba
si
s
.
Interest inc
o
me i
s
recogni
ze
d on the accrua
l
ba
si
s of accounting
.
Div
i
dend income is reco
rde
d on th
e e
x
-
div
id
e
nd
da
t
e
.
Income
f
rom othe
r
sec
uri
t
i
e
s i
s
r
eco
rde
d as e
arned
on
a
n
accrual
bas
is
.
The Plan p
r
esents in the stat
e
ment
of
ch
a
nges i
n
n
e
t assets available for benef
i
ts
t
he ne
t a
pprec
i
at
i
o
n
(
depreciati
o
n
)
in the fair v
a
lue
o
f it
s
in
v
estm
e
nts
,
which consist
s
of the rea
li
zed ga
in
s or losses and the un
rea
lized a
ppr
eciatio
n (d
epre
ci
a
ti
on) of
th
ose inve
s
tments
.
Notes R
ece
ivable f
r
om Participan
t
s.
Notes
r
ecei
v
ab
l
e f
r
om pa
r
tic
i
pants are measu
r
ed at their unp
a
id princi
pa
l balanc
e
p
l
us any
a
ccrued bu
t u
npaid
in
tere
s
t
. I
nterest income is r
ec
orded on
the
a
c
cru
al b
as
i
s
.
De
linquen
t
notes rec
e
ivab
l
e
fr
o
m
part
i
c
ip
ants ar
e r
ecorde
d
a
s b
ene
fi
t
paymen
ts b
ased upon the term
s
of the P
la
n.
Payment of Benefit
s.
B
enef
i
t
s ar
e
r
eco
r
d
e
d when p
a
i
d.
MASCO CORPORATION HOURLY 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
|
|
B.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concluded)
|
Recently Issued
Account
i
n
g Prono
unc
e
me
n
ts.
I
n
May 2015, th
e
Fi
nanc
ial Acc
ount
i
ng S
t
an
da
r
ds B
o
ard ("FASB") i
ss
ue
d Accounting Standards Update 2015-07 ("ASU 2015-07")
, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)", which exempts investments measured using the NAV (or its equivalent) practical expedient in ASC 820, Fair Value Measurement, from categorization within the fair value hierarchy.
The guidance is effective for the Plan for fiscal years beginning after December 15, 2015 and shall be applied retrospectively to all periods presented. The Plan's administrator is currently evaluating the impact adoption of the standard will have on the Plan's financial statements.
In July 2015,
th
e
FASB i
ss
ue
d Accounting Standards Update 2015-12 ("ASU 2015-12")
, "Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965): Part (I) Fully Benefit-Responsive Investment Contracts, Part (II) Plan Investment Disclosures, Part (III) Measurement Date Practical Expedient". This three-part standard simplifies employee benefit plan reporting with respect to fully benefit-responsive investment contracts and plan investment disclosures, and provides for a measurement-date practical expedient. We retrospectively adopted Part II of the new standard as of December 31, 2015. As a result of the retrospective adoption of Part II of this standard, we removed the disclosures for individual investments greater than 5 percent of net assets, the aggregation of net appreciation (depreciation) by type of investment in the Plan's investments disclosure (Note C), and grouped our investments only by general type, as opposed to disaggregating by nature and risk (Note D). Parts I and III are not applicable to this Plan.
During
2015
, t
he Pl
an
'
s in
v
estmen
t
s
(
in
c
luding realized gains an
d
l
osse
s on investments sold during the year, as well as unrealized appreciation (depreciation) on investments held at year-end) depreciated in value by
$6,997,861
.
At
December 31, 2015
, the s
tock funds were mad
e u
p
o
f the Masco Corporat
io
n Company Stock Fund totaling
$1,801,139
(which was comprised exclusively of Masco Corporation Common Stock), and the TopBuild Corp. Stock Fund totaling
$202,531
. At
December 31, 2014
,
the
stock funds were mad
e u
p exclusively of Masco Corporation Common Stock Fund, which was comprised
o
f Masco Corporat
io
n
Co
mmon Sto
c
k t
ota
ling
$2,202,713
,
and cash and m
o
ne
y
market investments
o
f
$37,715
.
|
|
D.
|
FAIR VALUE MEASUREMENTS
|
Accounting Poli
cy
.
T
he
Plan foll
ows
f
a
i
r v
alue
g
uidan
ce (
A
SC 820)
that defin
es fa
ir value
,
es
tab
l
ishes
a fra
mewor
k
for
measuring f
a
ir
val
u
e
and expa
nds
d
i
sclosures about f
air v
alue meas
urem
en
ts
. T
h
e
g
uida
nce d
efin
e
s fair val
ue as
"t
h
e price tha
t wou
l
d be
received
to se
ll
an a
sset or
p
aid
to tr
ansf
e
r a
li
ab
i
l
ity in
an orderl
y t
r
an
s
act
i
on
bet
w
ee
n mark
e
t part
icipa
n
ts
at the
m
e
as
u
r
e
ment dat
e
." Fur
t
her
,
i
t de
f
ine
s
a fai
r
v
al
u
e
h
i
era
r
ch
y
,
a
s follo
w
s
:
L
e
v
e
l l inpu
ts as qu
ote
d
p
ri
c
es in a
c
ti
ve
ma
rket
s
fo
r ide
nt
i
cal asset
s or liab
iliti
e
s
;
Leve
l 2 inp
u
t
s as ob
ser
v
a
b
le inpu
t
s
ot
h
e
r than Le
vel 1
p
rices
, such as
quot
e
d ma
rket prices
fo
r
s
imi
l
ar assets
o
r liab
i
lities
o
r
oth
e
r
i
n
p
u
ts that ar
e observ
able or can
be
c
o
rroborated b
y ma
rk
et
data; and Le
ve
l
3
i
n
p
ut
s as unobser
v
abl
e
inputs that are supported by little
or no
market act
ivi
t
y a
nd
t
hat are fi
na
n
c
i
a
l instruments whose value is determin
e
d u
s
ing pricing m
o
d
e
ls or ins
t
rumen
t
s for which the determination
of fa
ir
v
al
u
e r
e
quires
si
gni
f
icant
m
a
n
a
g
e
me
nt judgment
o
r
e
stimation
.
A
desc
ri
ption
of the
valua
ti
on metho
dol
o
gi
e
s u
sed fo
r assets m
e
asur
ed at f
air value is as follows:
Collective trust funds:
Valued based on NAV, which approximates fair value as of
December 31, 2015
. Such basis is determined by reference to the respective fund’s underlying assets, which are primarily marketable equity and fixed income securities.
Mutual funds:
Valu
e
d at the daily
c
losing price as rep
o
rt
e
d by the fund
.
Mutual funds held by th
e
Plan are open
-
end mutual fun
d
s that are r
e
gistered with the
S
ecurities and E
xc
ha
nge
Commissi
o
n. T
hese
funds are r
equi
r
ed to
publish t
he
ir d
a
ily
NAV
and
t
r
a
n
s
ac
t at
tha
t
pric
e
. Th
e
m
u
tual funds
h
eld b
y
the Plan ar
e de
e
med to
be acti
v
e
ly
tr
aded
.
Stock funds
:
V
al
ue
d at
t
he
c
l
o
s
ing p
r
ice re
p
o
rted on
the
a
ctive
market on whi
c
h th
e
individual s
ec
u
ri
ties are
t
ra
d
e
d
.
MASCO CORPORATION HOURLY 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
|
|
D.
|
FAIR VALUE MEASURMENTS (Continued)
|
B
r
ok
erage acc
ount
:
Part
icipant dir
ected inve
stments
coul
d
inclu
de c
o
mm
on
st
ocks
, mutual funds, c
o
rpo
rate o
r go
v
er
nment b
o
nds o
r other i
nvestment
s.
T
h
e methods desc
r
ib
e
d ab
o
v
e
m
a
y
pr
oduc
e
a
f
air
value ca
lcu
lat
io
n that may not be
i
ndicative of
n
et
r
ealizable
va
lu
e or re
flective
of
f
ut
ure fair values
.
Furthermore
,
while t
h
e Pla
n
belie
v
e
s
i
ts
va
l
uation meth
o
d
s are
appropriate and consistent with oth
er
market partici
p
ants
,
the use of dif
f
er
e
nt methodologies or assumptions to d
e
term
in
e the fair
v
alue of certain fina
nc
i
a
l
i
nstruments cou
l
d result in a dif
fe
re
nt
fair value
me
a
su
r
e
m
e
nt at the rep
o
r
t
in
g
da
t
e.
T
h
e f
ollowing table sets fort
h by
l
ev
e
l
,
w
it
hi
n t
h
e fair value hierarchy
,
th
e P
l
a
n
's
assets at fair value as
o
f
December 31, 2015
and
2014
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets at Fair Value as of December 31, 2015
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Collective trust funds
|
$
|
—
|
|
$
|
108,197,069
|
|
$
|
—
|
|
$
|
108,197,069
|
|
Mutual funds
|
98,128,548
|
|
—
|
|
—
|
|
98,128,548
|
|
Stock funds
|
2,003,670
|
|
—
|
|
—
|
|
2,003,670
|
|
Br
ok
e
r
a
ge account
|
368,145
|
|
—
|
|
—
|
|
368,145
|
|
Total assets at fair value
|
$
|
100,500,363
|
|
$
|
108,197,069
|
|
$
|
—
|
|
$
|
208,697,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets at Fair Value as of December 31, 2014
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Mutual funds
|
$
|
183,196,798
|
|
$
|
—
|
|
$
|
—
|
|
$
|
183,196,798
|
|
Stock funds
|
2,240,428
|
|
—
|
|
—
|
|
2,240,428
|
|
Br
ok
e
r
a
ge account
|
305,828
|
|
—
|
|
—
|
|
305,828
|
|
Total assets at fair value
|
$
|
185,743,054
|
|
$
|
—
|
|
$
|
—
|
|
$
|
185,743,054
|
|
MASCO CORPORATION HOURLY 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
|
|
D.
|
FAIR VALUE MEASUREMENTS (Concluded)
|
The following table summarizes investments measured at fair value using the NAV per share practical expedient as of
December 31, 2015
.
Were the Plan to initiate a full redemption of the collective trust fund, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure the securities liquidations will be carried out in an orderly business manner.
|
|
|
|
|
|
|
|
December 31, 2015
|
Fair Value
|
Unfunded Commitments
|
Redemption Frequency (if currently eligible)
|
Redemption Notice Period
|
Collective trust funds:
|
|
|
|
|
FIAM Small Capitalization Core Commingled Pool Class D
1
|
$
|
3,150,678
|
|
None
|
Daily
|
30 days
|
Fidelity® Diversified International Commingled Pool
|
$
|
6,525,648
|
|
None
|
Daily
|
90 days
|
Fidelity® Low-Priced Stock Commingled Pool
|
$
|
5,298,013
|
|
None
|
Daily
|
90 days
|
FIAM Target Date 2005 Commingled Pool Class X
1
|
$
|
130,586
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2010 Commingled Pool Class X
1
|
$
|
1,171,794
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2015 Commingled Pool Class X
1
|
$
|
3,835,854
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2020 Commingled Pool Class X
1
|
$
|
11,491,277
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2025 Commingled Pool Class X
1
|
$
|
12,949,837
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2030 Commingled Pool Class X
1
|
$
|
15,314,829
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2035 Commingled Pool Class X
1
|
$
|
12,158,052
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2040 Commingled Pool Class X
1
|
$
|
9,898,675
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2045 Commingled Pool Class X
1
|
$
|
7,876,073
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2050 Commingled Pool Class X
1
|
$
|
4,533,431
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2055 Commingled Pool Class X
1
|
$
|
2,046,582
|
|
None
|
Daily
|
30 days
|
FIAM Target Date 2060 Commingled Pool Class X
1
|
$
|
410,346
|
|
None
|
Daily
|
30 days
|
FIAM Target Date Income Commingled Pool Class X
1
|
$
|
491,592
|
|
None
|
Daily
|
30 days
|
FIAM Core Plus Commingled Pool Class K
1
|
$
|
10,913,802
|
|
None
|
Daily
|
30 days
|
Total Investments Measured at NAV
|
$
|
108,197,069
|
|
|
|
|
1
These funds changed their legal names on February 12, 2016. The fund names listed represent the new legal name of the funds.
The IRS determined and informed the Company by letter dated November 6, 2014 that the Plan is designed in accordance with the applicable sections of the Internal Revenue Code ("Code"). The Plan has since been amended; however, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements.
Acco
un
ti
ng p
r
inciples generall
y
ac
c
ep
t
ed
i
n the United States of Ame
ri
c
a require Pla
n m
a
n
age
ment to evaluate tax pos
i
t
i
o
ns taken b
y
the Plan and recogn
ize a tax liabili
ty if the Plan has take
n
an uncer
t
ai
n
position that more l
i
k
e
ly
t
h
an not would
not b
e s
ustained upon exa
m
inat
i
o
n b
y
the IRS. The Plan admini
s
t
rator has anal
y
zed
th
e
tax positions take
n
b
y
t
he Pla
n
,
and has conclud
e
d
t
h
at as of
December 31, 2015
,
there are n
o
un
c
e
rt
ai
n
positions taken or exp
e
ct
e
d to
be taken that
would r
e
qu
i
re recognition of a
li
ab
ili
t
y
or disclosure
i
n th
e financial state
m
e
n
ts.
The Plan is subject to
r
o
u
tine audits by taxing ju
risdictions; ho
w
e
v
er,
th
e
re
a
re currently no audi
t
s f
o
r
an
y
tax period in prog
ress.
MASCO CORPORATION HOURLY 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS, Concluded
Altho
ugh the
Company has not
e
xpressed an
i
n
t
e
nt
to do so
,
the Com
pany
h
a
s the right
at an
y time to discontinue its contribu
ti
on
s
a
n
d to terminat
e t
h
e
Plan
,
subjec
t to
the provisions of ERISA
.
At the date o
f
a
n
y such termin
a
t
i
on
,
all partic
ipan
t
s
would become fully vested in their accounts and the Adm
ini
st
r
ative Committ
ee
of the Pl
a
n shall direct the
T
r
u
s
t
ee to
dist
rib
ut
e
to the participant
s
all assets of th
e
Plan
,
net of any t
er
minatio
n
expen
s
e
s
w
hi
ch wi
ll
be prorat
e
d among the partici
pa
nts
'
accou
n
ts
.
|
|
G.
|
RELATED PARTY TRANSACTIONS
|
Cert
ain Plan
invest
m
ents a
r
e
shar
es of
collective trust funds
and
m
utual funds managed by Fidel
ity
.
Fid
e
l
ity is
also the T
rustee as defin
ed
by
t
he P
l
an and
,
th
eref
ore
,
the purch
ases and
sales qual
ify as pa
rty
-
in
-
interest transactions
.
The
r
e were no fees paid
by the
Pla
n
for
in
v
est
m
e
nt management
ser
v
i
ces for the year ended
December 31, 2015
.
Notes receiv
a
b
le
f
r
om participant
s ar
e also considered party
-i
n
-
interest
t
ran
s
actions.
The Pla
n
inv
e
sts in a Masco Co
r
poration Common Stock Fund
.
As of
December 31, 2015
a
n
d
2014
, t
h
e
v
a
lue of Masco Corporation Comm
o
n Stock Fund was
$1,801,139
and
$2,240,428
,
respect
i
vely
.
On January 1, 2016, Wellness Marketing Corporation was added as a currently participating employer; as a result, $447,382 in net assets were transferred into the Plan.
Effective January 1, 2016, Milgard Corporation's hourly employees are no longer eligible for profit sharing benefits.
The Plan has evaluated subsequ
e
nt events through th
e
date the financ
ial
s
t
a
t
eme
n
ts wer
e
issued
.
MASCO CORPORATION HOURLY 401(k) PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
(b)
Identity of Issue,
Borrower or
Similar Party
|
|
(c)
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value and Number of Shares Outstanding
|
|
(d)
Cost*
|
|
(e)
Current Value
|
|
|
|
|
|
|
|
|
|
|
|
Artisan Mid Cap Fund
|
|
Mutual Fund
|
|
|
|
|
|
|
- Institutional Class
|
|
92,873 shares
|
|
|
|
$
|
3,958,201
|
|
|
|
JP Morgan Mid Cap Value Fund
|
|
Mutual Fund
|
|
|
|
|
|
|
- Institutional Class
|
|
206,099 shares
|
|
|
|
7,001,184
|
|
|
|
Vanguard Wellington Fund
™
|
|
Mutual Fund
|
|
|
|
|
|
|
- Admiral™ Shares
|
|
324,075 shares
|
|
|
|
20,591,748
|
|
|
|
Dodge & Cox Stock Fund
|
|
Mutual Fund
|
|
|
|
|
|
|
|
|
27,113 shares
|
|
|
|
4,413,129
|
|
|
|
Harbor Capital Appreciation Fund
|
|
Mutual Fund
|
|
|
|
|
|
|
- Institutional Class
|
|
265,910 shares
|
|
|
|
16,169,966
|
|
**
|
|
Spartan® Extended Market Index Fund
|
|
Mutual Fund
|
|
|
|
|
|
|
- Fidelity Advantage Class
|
|
53 shares
|
|
|
|
2,673
|
|
**
|
|
Fidelity® Institutional Money Market
|
|
Mutual Fund
|
|
|
|
|
|
|
Government Portfolio - Institutional Class
|
|
23,621,330 shares
|
|
|
|
23,621,330
|
|
**
|
|
Fidelity® Independence Fund - Class K
|
|
Mutual Fund
|
|
|
|
|
|
|
|
|
240,832 shares
|
|
|
|
8,667,529
|
|
**
|
|
Spartan® 500 Index Fund
|
|
Mutual Fund
|
|
|
|
|
|
|
- Institutional Class
|
|
154,381 shares
|
|
|
|
11,086,076
|
|
**
|
|
Fidelity® Emerging Markets Fund - Class K
|
|
Mutual Fund
|
|
|
|
|
|
|
|
|
74,899 shares
|
|
|
|
1,629,045
|
|
**
|
|
Spartan® International Index Fund
|
|
Mutual Fund
|
|
|
|
|
|
|
- Fidelity Advantage Class
|
|
14,164 shares
|
|
|
|
508,929
|
|
**
|
|
Spartan® U.S. Bond Index Fund
|
|
Mutual Fund
|
|
|
|
|
|
|
- Fidelity Advantage Class
|
|
41,666 shares
|
|
|
|
478,738
|
|
**
|
|
Fidelity® Diversified International
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool
|
|
615,627 shares
|
|
|
|
6,525,648
|
|
**
|
|
Fidelity® Low-Priced Stock
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool
|
|
490,557 shares
|
|
|
|
5,298,013
|
|
**
|
|
FIAM Small Capitalization Core
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class D
|
|
34,452 shares
|
|
|
|
3,150,678
|
|
**
|
|
FIAM Target Date Income
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
40,394 shares
|
|
|
|
491,592
|
|
**
|
|
FIAM Core Plus
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class K
|
|
612,103 shares
|
|
|
|
10,913,802
|
|
|
|
|
|
|
|
|
|
|
MASCO CORPORATION HOURLY 401(k) PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR), Concluded
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
(b)
Identity of Issue,
Borrower or
Similar Party
|
|
(c)
Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value and Number of Shares Outstanding
|
|
(d)
Cost*
|
|
(e)
Current Value
|
|
|
|
|
|
|
|
|
|
**
|
|
FIAM Target Date 2005
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
10,250 shares
|
|
|
|
130,586
|
|
**
|
|
FIAM Target Date 2010
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
86,543 shares
|
|
|
|
1,171,794
|
|
**
|
|
FIAM Target Date 2015
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
284,559 shares
|
|
|
|
3,835,854
|
|
**
|
|
FIAM Target Date 2020
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
875,860 shares
|
|
|
|
11,491,277
|
|
**
|
|
FIAM Target Date 2025
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
957,828 shares
|
|
|
|
12,949,837
|
|
**
|
|
FIAM Target Date 2030
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
1,172,652 shares
|
|
|
|
15,314,829
|
|
**
|
|
FIAM Target Date 2035
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
914,827 shares
|
|
|
|
12,158,052
|
|
**
|
|
FIAM Target Date 2040
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
755,048 shares
|
|
|
|
9,898,675
|
|
**
|
|
FIAM Target Date 2045
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
597,578 shares
|
|
|
|
7,876,073
|
|
**
|
|
FIAM Target Date 2050
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
348,994 shares
|
|
|
|
4,533,431
|
|
**
|
|
FIAM Target Date 2055
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
146,919 shares
|
|
|
|
2,046,582
|
|
**
|
|
FIAM Target Date 2060
|
|
Collective Trust Fund
|
|
|
|
|
|
|
Commingled Pool Class X
|
|
43,981 shares
|
|
|
|
410,346
|
|
|
|
TopBuild Corp. Stock Fund
|
|
Other Stock Fund
|
|
|
|
|
|
|
|
|
6,582 shares
|
|
|
|
202,531
|
|
**
|
|
Masco Corporation Company Stock Fund
|
|
Company Stock Fund
|
|
|
|
|
|
|
|
|
63,644 shares
|
|
|
|
1,801,139
|
|
|
|
Brokerage account
|
|
Brokerage Account
|
|
|
|
|
|
|
|
|
368,145 shares
|
|
|
|
368,145
|
|
**
|
|
Notes Receivable from Participants
|
|
Ranging 1-15 years maturity with Rates of Interest, 3.25% - 8.25%
|
|
|
|
17,261,140
|
|
|
|
|
|
|
|
|
|
$
|
225,958,572
|
|
*
His
t
orical cost informa
tio
n
is no lo
nger req
u
ir
ed on
t
he Sch
edule
o
f
As
se
ts
(
He
l
d a
t En
d o
f Year
)
for
par
t
ic
ipant directed
in
v
es
tme
nts
.
** Th
ese inv
estments are
with a party
-
i
n
-interes
t.
MASCO CORPORATION HOURLY 401(k) PLAN
SIGNATURE
The Plan
.
Pursuant to t
h
e re
qu
ire
m
ents
o
f t
h
e Sec
u
rities Exchange Act o
f
1
934, the tr
u
s
t
ees
(or other persons
who
adm
i
n
i
s
t
er the employee benefit plan) h
a
v
e duly caused t
h
is a
nnual report to be sig
n
ed
o
n i
t
s behalf by the undersigned h
ere
u
nto duly authorize
d
.
|
|
|
|
|
Masco Corporation Hourly 401(k) Plan
|
|
|
|
|
|
|
By:
|
Masco Corporation, Plan Administrator of the Masco Corporation Hourly 401(k) Plan
|
|
|
|
|
|
Date:
|
June 24, 2016
|
By:
|
/s/ John G. Sznewajs
|
|
|
|
John G. Sznewajs
|
|
|
|
Vice President, Chief Financial Officer
|
|
|
|
Authorized Signatory
|
MASCO CORPORATION HOURLY 401 (k) PLAN
EXHIBIT INDEX
|
|
|
|
Exhibit Number
|
|
Description
|
23.1
|
|
Consent of Grant Thornton LLP relating to the Plan's financial statements
|
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated June 24
,
2016
,
with respect to the financial statements and supplemental schedule included
in
the Annual Report of the Masco Corporation Hourly 401(k) Plan on Form ll-K for the year ended December 31, 2015
.
We hereb
y
consent to the incorporation by reference of said report in the Registration Statements of Masco Corporation on Form S-8 (File Nos. 333-74815 and 333-168827).
/s/ Grant Thornton LLP
Southfield, Michigan
June 24, 2016
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