8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported) February 8, 2018

Masco Corporation

(Exact name of Registrant as Specified in Charter)

Delaware (State or Other Jurisdiction of Incorporation) 1-5794 (Commission File Number) 38-1794485 (IRS Employer Identification No.)

17450 College Parkway, Livonia, Michigan (Address of Principal Executive Offices) 48152 (Zip Code)

(313) 274-7400

Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

o Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02.  Results of Operations and Financial Condition.

Attached and incorporated herein by reference as Exhibit 99 is a copy of the press release dated February 8, 2018 reporting Masco Corporation’s financial results for the fourth quarter and full-year of 2017 and certain other information and supplemental information prepared for use in connection with the financial results for the fourth quarter and full-year of 2017. On February 8, 2018, Masco Corporation will hold an investor conference call and webcast to discuss financial results for the fourth quarter and full-year of 2017.

This information, including the Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits.

99  Press Release of Masco Corporation dated February 8, 2018 reporting Masco Corporation’s financial results for the fourth quarter and full-year of 2017 and certain other information and supplemental information prepared for use in connection with the financial results for the fourth quarter and full-year of 2017.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MASCO CORPORATION
By:	/s/ John G. Sznewajs
Name:	John G. Sznewajs
Title:	Vice President, Chief Financial Officer

February 8, 2018

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EX-99

Exhibit 99

MASCO CORPORATION REPORTS FOURTH QUARTER

AND 2017 YEAR-END RESULTS

2017Fourth Quarter Key Highlights

• Sales for the fourth quarter increased7 percent to $1.9 billion; in local currency, sales increased 5 percent

• Operating profit for the quarter grew 23 percent to $264 million; adjusted operating profit grew 20 percent to $265 million

• Earnings per share for the quarter decreased 10 percent to $0.27 per share; adjusted earnings per share grew 33 percent to $0.44 per share

• Completed the acquisition of Mercury Plastics, Inc. and signed a definitive agreement to acquire The L.D. Kichler Co. for combined expected purchase price of approximately $640 million

• Anticipate 2018 earnings per share to be in the range of $2.36 - $2.51 per share, and on an adjusted basis to be in the range of $2.48 - $2.63 per share

LIVONIA, Mich. (February 8, 2018) - Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported strong net sales and operating profit growth for the fourth quarter and full year of 2017.

2017Fourth Quarter Commentary

• On a reported basis, compared to fourth quarter 2016:

• Net sales increased 7 percent to $1.9 billion; in local currency, net sales increased 5 percent

• In local currency, North American sales increased 5 percent and international sales increased 3 percent

• Gross margin improved to 32.9 percent from 32.6 percent

• Operating margin increased 190 basis points to 14.1 percent from 12.2 percent

• Net income was $0.27 per share compared to $0.30 per share

• Compared to fourth quarter 2016, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 34 percent (36 percent in 2016), were as follows:

• Gross margin improved to 32.9 percent compared to 32.8 percent

• Operating margin increased to 14.1 percent compared to 12.6 percent

• Net income was $0.44 per share compared to $0.33 per share

• Liquidity at the end of the fourth quarter was approximately $1.3 billion

2017Fourth Quarter Operating Segment Highlights

• Plumbing Products’ net sales increased 9 percent (6 percent excluding the impact of foreign currency translation), driven by growth in North America and internationally

• Decorative Architectural Products’ net sales increased 12 percent, driven by strong volume growth in both coatings and builders’ hardware

• Cabinetry Products’ net sales decreased 5 percent; excluding the impact of the divestiture of UK-based Moores Furniture Group in the fourth quarter, net sales decreased 1 percent

• Windows and Other Specialty Products’ net sales decreased 3 percent; excluding the impact of the divestiture of Arrow Fastener in the second quarter, net sales increased 6 percent, driven by net selling price increases at our North American windows business

“We finished 2017 with a great fourth quarter,” said Keith Allman, Masco’s President and CEO. “Our Plumbing Products and Decorative Architectural Products segments delivered strong top- and bottom-line growth. Additionally, we closed on the acquisition of Mercury Plastics, Inc. in our Plumbing Products segment, and reached an agreement to acquire The L.D. Kichler Co.”

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2017 Full Year Key Highlights

• Sales for the year increased 4 percent to $7.6 billion; in local currency, sales increased 4 percent

• Operating profit grew 11 percent to $1,169 million; adjusted operating profit grew 9 percent to $1,173 million

• Operating profit margin for the year increased to 15.3 percent, a 100 basis point expansion; adjusted operating profit margin increased to 15.3 percent, a 70 basis point expansion

• Earnings per share for the year grew 13 percent to $1.66 per share; adjusted earnings per share grew 28 percent to $1.94 per share

2017 Full Year Commentary

• On a reported basis, compared to full year 2016:

• Net sales increased 4 percent to $7.6 billion

• In local currency, both North American and international sales increased 4 percent

• Gross margin improved to 34.2 percent from 33.4 percent

• Operating margin increased to 15.3 percent from 14.3 percent

• Net income was $1.66 per share compared to $1.47 per share

• Compared to full year 2016, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 34 percent (36 percent in 2016), were as follows:

• Gross margin improved to 34.2 percent compared to 33.6 percent

• Operating margin increased to 15.3 percent compared to 14.6 percent

• Net income was $1.94 per share compared to $1.51 per share

• Free cash flow was $564 million

“We had another good year in 2017 as we continued to execute against the long-term growth and capital allocation strategies that we established in 2015,” said Allman. “Our Plumbing Products segment achieved another year of top- and bottom-line growth, and our Decorative Architectural Products segment continued to grow its successful pro paint initiative. Cabinetry Products grew its KraftMaid^® brand in the repair and remodel market, and late in the fourth quarter, we began setting a new retail program with our Cardell^® cabinetry brand. I am also pleased with the progress we made in our Windows and Other Specialty Products segment, as we delivered a $54 million improvement in adjusted operating profit in 2017. Lastly, we continued our commitment to deploy capital to create shareholder value by increasing our dividend for the fourth year in a row, repurchasing $331 million in shares, and committing approximately $640 million to acquisitions.”

“As we look towards 2018, we believe we are well positioned to drive profitable growth and create shareholder value by continuing to execute on our strategies,” continued Allman. “The fundamentals of our industry remain strong, and with the momentum we have across our segments, the anticipated benefits of the recent tax reform legislation, and the expected accretion of our two acquisitions, we anticipate our adjusted earnings per share to be in the range of $2.48 to $2.63 for 2018.”

About Masco

Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes Behr^® paint; Delta^® and Hansgrohe^® faucets and bath and shower fixtures; KraftMaid^® and Merillat^® cabinets; Milgard^® windows and doors; and Hot Spring^® spas, among others. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. For more information about Masco Corporation, visit www.masco.com.

The 2017fourth quarter and full year supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.

Conference Call Details

A conference call regarding items contained in this release is scheduled for Thursday, February 8, 2018 at 8:00 a.m. ET. Participants in the call are asked to register five to ten minutes prior to the scheduled start time by dialing (855) 226-2726 (855-22MASCO) and from outside the U.S. at (706) 679-3614. Please use the conference identification number 3391036. The conference call will be webcast simultaneously and in its entirety through the Company’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on the Company’s website.

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A replay of the call will be available on Masco’s website or by phone by dialing (855) 859-2056 and from outside the U.S. at (404) 537-3406. Please use the conference identification number 3391036. The telephone replay will be available approximately two hours after the end of the call and continue through March 10, 2018.

Safe Harbor Statement

This press release contains statements that reflect our views about our future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,” and similar references to future periods. Our views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward-looking statements.

Our future performance may be affected by the levels of residential repair and remodel activity and new home construction, our ability to maintain our strong brands and reputation and to develop new products, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of raw materials, our dependence on third-party suppliers, risks associated with international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have and may acquire, our ability to attract, develop and retain talented personnel, our ability to achieve the anticipated benefits from our investments in new technology, risks associated with our reliance on information systems and technology, and our ability to sustain the improved results of our U.S. window business. These and other factors are discussed in detail in Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

Investor Contact

David Chaika

Vice President, Treasurer and Investor Relations    

313.792.5500

david_chaika@mascohq.com

# # #

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MASCO CORPORATION

Condensed Consolidated Statements of Operations - Unaudited

For the Three Months and Twelve Months Ended December 31, 2017 and 2016

(in millions, except per common share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2017			2016			2017			2016
Net sales	$	1,874		$	1,759		$	7,644		$	7,357
Cost of sales	1,258			1,186			5,033			4,901
Gross profit	616			573			2,611			2,456
Selling, general and administrative expenses	352			358			1,442			1,403
Operating profit	264			215			1,169			1,053
Other income (expense), net:
Interest expense	(39		)	(43		)	(278		)	(229		)
Other, net	(64		)	1			(6		)	6
	(103		)	(42		)	(284		)	(223		)
Income before income taxes	161			173			885			830
Income tax expense	62			67			305			296
Net income	99			106			580			534
Less: Net income attributable to noncontrolling interest	12			8			47			43
Net income attributable to Masco Corporation	$	87		$	98		$	533		$	491
Income per common share attributable to Masco Corporation (diluted):
Net income	$	0.27		$	0.30		$	1.66		$	1.47
Average diluted common shares outstanding	314			323			318			330

Historical information is available on our website.

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MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Twelve Months Ended December 31, 2017 and 2016

(dollars in millions)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2017			2016			2017			2016
Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations
Net sales	$	1,874		$	1,759		$	7,644		$	7,357
Gross profit, as reported	$	616		$	573		$	2,611		$	2,456
Rationalization charges	1			4			4			14
Gross profit, as adjusted	$	617		$	577		$	2,615		$	2,470
Gross margin, as reported	32.9		%	32.6		%	34.2		%	33.4		%
Gross margin, as adjusted	32.9		%	32.8		%	34.2		%	33.6		%
Selling, general and administrative expenses, as reported	$	352		$	358		$	1,442		$	1,403
Rationalization charges	—			2			—			8
Selling, general and administrative expenses, as adjusted	$	352		$	356		$	1,442		$	1,395
Selling, general and administrative expenses as percent of net sales, as reported	18.8		%	20.4		%	18.9		%	19.1		%
Selling, general and administrative expenses as percent of net sales, as adjusted	18.8		%	20.2		%	18.9		%	19.0		%
Operating profit, as reported	$	264		$	215		$	1,169		$	1,053
Rationalization charges	1			6			4			22
Operating profit, as adjusted	$	265		$	221		$	1,173		$	1,075
Operating margin, as reported	14.1		%	12.2		%	15.3		%	14.3		%
Operating margin, as adjusted	14.1		%	12.6		%	15.3		%	14.6		%

	Twelve Months Ended December 31, 2017
Free Cash Flow Reconciliation
Cash from Operations	$	751
Capital expenditures	(173		)
Displays	(14		)
Free Cash Flow	$	564

Historical information is available on our website.

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MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three Months and Twelve Months Ended December 31, 2017 and 2016

(in millions, except per common share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2017			2016			2017			2016
Income Per Common Share Reconciliation
Income before income taxes, as reported	$	161		$	173		$	885		$	830
Rationalization charges	1			6			4			22
(Gain) from auction rate securities	—			(2		)	—			(3		)
(Gains) from private equity funds, net	(1		)	(3		)	(3		)	(5		)
(Earnings) from equity investments, net	—			(1		)	(1		)	(2		)
Impairment of private equity funds	—			—			2			—
Loss on extinguishment of debt	—			—			107			—
Loss on sales of businesses, net	64			—			13			—
Loss from other investments	—			3			—			3
Income before income taxes, as adjusted	225			176			1,007			845
Tax at 34% rate (36% for 2016)	(76		)	(63		)	(342		)	(304		)
Less: Net income attributable to noncontrolling interest	12			8			47			43
Net income, as adjusted	$	137		$	105		$	618		$	498
Net income per common share, as adjusted	$	0.44		$	0.33		$	1.94		$	1.51
Average diluted common shares outstanding	314			323			318			330

Outlook for the Twelve Months Ended December 31, 2018

	Twelve Months Ended December 31, 2018
	Low End		High End
Income Per Common Share Reconciliation
Net income per common share	$	2.36	$	2.51
Rationalization charges	0.01		0.01
Kichler inventory purchase accounting adjustment	0.08		0.08
Allocation to participating securities per share (1)	0.03		0.03
Net income per common share, as adjusted	$	2.48	$	2.63

(1) Represents the impact of distributed dividends and undistributed earnings to unvested restricted stock awards in accordance with the two-class method of calculating earnings per share.

Historical information is available on our website.

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MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

December 31, 2017 and 2016

(dollars in millions)

	December 31, 2017		December 31, 2016
Balance Sheet
Assets
Current Assets:
Cash and cash investments	$	1,194	$	990
Short-term bank deposits	108		201
Receivables	1,021		917
Inventories	796		712
Prepaid expenses and other	96		114
Total Current Assets	3,215		2,934
Property and equipment, net	1,129		1,060
Goodwill	841		832
Other intangible assets, net	187		154
Other assets	116		157
Total Assets	$	5,488	$	5,137
Liabilities
Current Liabilities:
Accounts payable	$	824	$	800
Notes payable	116		2
Accrued liabilities	688		658
Total Current Liabilities	1,628		1,460
Long-term debt	2,969		2,995
Other liabilities	715		785
Total Liabilities	5,312		5,240
Equity	176		(103		)
Total Liabilities and Equity	$	5,488	$	5,137

	As of
	December 31, 2017			December 31, 2016
Other Financial Data
Working Capital Days
Receivable days	51			49
Inventory days	59			54
Payable days	72			70
Working capital	$	993		$	829
Working capital as a % of sales (LTM)	13.0		%	11.3		%

Historical information is available on our website.

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MASCO CORPORATION

Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited

For the Twelve Months Ended December 31, 2017 and 2016

(in millions)

	Twelve Months Ended December 31,
	2017			2016
Cash Flows From (For) Operating Activities:
Cash provided by operating activities	$	901		$	877
Working capital changes	(150		)	(88		)
Net cash from operating activities	751			789
Cash Flows From (For) Financing Activities:
Retirement of notes	(535		)	(1,300		)
Purchase of Company common stock	(331		)	(459		)
Cash dividends paid	(129		)	(128		)
Dividends paid to noncontrolling interest	(35		)	(31		)
Issuance of notes, net of issuance costs	593			889
Debt extinguishment costs	(104		)	(40		)
Issuance of Company common stock	—			1
Employee withholding taxes paid on stock-based compensation	(33		)	(40		)
Decrease in debt, net	(3		)	(1		)
Net cash for financing activities	(577		)	(1,109		)
Cash Flows From (For) Investing Activities:
Capital expenditures	(173		)	(180		)
Acquisition of businesses, net of cash acquired	(89		)	—
Proceeds from disposition of businesses, net of cash disposed	128			—
Proceeds from disposition of short-term bank deposits, net of cash purchases	112			40
Other, net	(3		)	16
Net cash for investing activities	(25		)	(124		)
Effect of exchange rate changes on cash and cash investments	55			(34		)
Cash and Cash Investments:
Increase (decrease) for the period	204			(478		)
At January 1	990			1,468
At December 31	$	1,194		$	990

	As of
	December 31, 2017		December 31, 2016
Liquidity
Cash and cash investments	$	1,194	$	990
Short-term bank deposits	108		201
Total Liquidity	$	1,302	$	1,191

Historical information is available on our website.

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MASCO CORPORATION

Segment Data - Unaudited

For the Three Months and Twelve Months Ended December 31, 2017 and 2016

(dollars in millions)

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2017			2016			Change		2017			2016			Change
Plumbing Products
Net sales	$	972		$	891		9	%	$	3,735		$	3,526		6	%
Operating profit, as reported	$	169		$	151				$	698		$	642
Operating margin, as reported	17.4		%	16.9		%			18.7		%	18.2		%
Rationalization charges	1			2					1			13
Accelerated depreciation related to rationalization activity	—			—					1			—
Operating profit, as adjusted	170			153					700			655
Operating margin, as adjusted	17.5		%	17.2		%			18.7		%	18.6		%
Depreciation and amortization	17			15					62			57
EBITDA, as adjusted	$	187		$	168				$	762		$	712
Decorative Architectural Products
Net sales	$	494		$	443		12	%	$	2,205		$	2,092		5	%
Operating profit, as reported	$	88		$	75				$	434		$	430
Operating margin, as reported	17.8		%	16.9		%			19.7		%	20.6		%
Depreciation and amortization	4			4					16			16
EBITDA	$	92		$	79				$	450		$	446
Cabinetry Products
Net sales	$	223		$	234		(5	)%	$	934		$	970		(4	)%
Operating profit, as reported	$	25		$	16				$	90		$	93
Operating margin, as reported	11.2		%	6.8		%			9.6		%	9.6		%
Rationalization charges	—			—					2			4
Accelerated depreciation related to rationalization activity	—			3					—			4
Operating profit, as adjusted	25			19					92			101
Operating margin, as adjusted	11.2		%	8.1		%			9.9		%	10.4		%
Depreciation and amortization	3			3					14			17
EBITDA, as adjusted	$	28		$	22				$	106		$	118

Historical information is available on our website.

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MASCO CORPORATION

Segment Data - Unaudited

For the Three Months and Twelve Months Ended December 31, 2017 and 2016

(dollars in millions)

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2017			2016			Change		2017			2016			Change
Windows and Other Specialty Products
Net sales	$	185		$	191		(3	)%	$	770		$	769		—	%
Operating profit (loss), as reported	$	5		$	6				$	52		$	(3	)
Operating margin, as reported	2.7		%	3.1		%			6.8		%	(0.4		)%
Rationalization charges	—			1					—			1
Operating profit (loss), as adjusted	5			7					52			(2		)
Operating margin, as adjusted	2.7		%	3.7		%			6.8		%	(0.3		)%
Depreciation and amortization	5			5					21			21
EBITDA, as adjusted	$	10		$	12				$	73		$	19
Total
Net sales	$	1,874		$	1,759		7	%	$	7,644		$	7,357		4	%
Operating profit, as reported - segment	$	287		$	248				$	1,274		$	1,162
General corporate expense, net (GCE)	(23		)	(33		)			(105		)	(109		)
Operating profit, as reported	264			215					1,169			1,053
Operating margin, as reported	14.1		%	12.2		%			15.3		%	14.3		%
Rationalization charges - segment	1			3					3			18
Accelerated depreciation - segment	—			3					1			4
Operating profit, as adjusted	265			221					1,173			1,075
Operating margin, as adjusted	14.1		%	12.6		%			15.3		%	14.6		%
Depreciation and amortization - segment	29			27					113			111
Depreciation and amortization - non-operating	3			4					13			19
EBITDA, as adjusted	$	297		$	252				$	1,299		$	1,205

Historical information is available on our website.

10

MASCO CORPORATION

North American and International Data - Unaudited

For the Three Months and Twelve Months Ended December 31, 2017 and 2016

(dollars in millions)

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2017			2016			Change		2017				2016			Change
North American
Net sales	$	1,469		$	1,389		6	%	$	6,069			$	5,834		4	%
Operating profit, as reported	$	237		$	212				$	1,072			$	961
Operating margin, as reported	16.1		%	15.3		%			17.7		%		16.5		%
Rationalization charges	1			—					3				11
Accelerated depreciation related to rationalization activity	—			3					1				4
Operating profit, as adjusted	238			215					1,076			—	976
Operating margin, as adjusted	16.2		%	15.5		%			17.7		%		16.7		%
Depreciation and amortization	18			17					74				74
EBITDA, as adjusted	$	256		$	232				$	1,150			$	1,050
International
Net sales	$	405		$	370		9	%	$	1,575			$	1,523		3	%
Operating profit, as reported	$	50		$	36				$	202			$	201
Operating margin, as reported	12.3		%	9.7		%			12.8		%		13.2		%
Rationalization charges	—			3					—				7
Operating profit, as adjusted	50			39					202				208
Operating margin, as adjusted	12.3		%	10.5		%			12.8		%		13.7		%
Depreciation and amortization	11			10					39				37
EBITDA, as adjusted	$	61		$	49				$	241			$	245
Total
Net sales	$	1,874		$	1,759		7	%	$	7,644			$	7,357		4	%
Operating profit, as reported - segment	$	287		$	248				$	1,274			$	1,162
General corporate expense, net (GCE)	(23		)	(33		)			(105		)		(109		)
Operating profit, as reported	264			215					1,169				1,053
Operating margin, as reported	14.1		%	12.2		%			15.3		%		14.3		%
Rationalization charges - segment	1			3					3				18
Accelerated depreciation - segment	—			3					1				4
Operating profit, as adjusted	265			221					1,173				1,075
Operating margin, as adjusted	14.1		%	12.6		%			15.3		%		14.6		%
Depreciation and amortization - segment	29			27					113				111
Depreciation and amortization - non-operating	3			4					13				19
EBITDA, as adjusted	$	297		$	252				$	1,299			$	1,205

Historical information is available on our website.

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