CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash investments	$ 838	$ 1,326
Receivables	1,305	1,138
Prepaid expenses and other	97	149
Assets held for sale	18	0
Inventories:
Finished goods	601	552
Raw material	252	242
Work in process	95	82
Total inventories	948	876
Total current assets	3,206	3,489
Property and equipment, net	894	908
Operating lease right-of-use assets	173	166
Goodwill	588	563
Other intangible assets, net	378	357
Other assets	326	294
Assets held for sale	9	0
Total assets	5,574	5,777
Current Liabilities:
Accounts payable	925	893
Notes payable	6	3
Accrued liabilities	803	1,038
Liabilities held for sale	14	0
Total current liabilities	1,748	1,934
Long-term debt	2,955	2,792
Operating Lease, Liability, Noncurrent	157	149
Other liabilities	458	481
Liabilities held for sale	14	0
Total liabilities	5,332	5,356
Commitments and contingencies (Note P)
Redeemable Noncontrolling Interest, Equity, Redemption Value	25	0
Masco Corporation's shareholders' equity:
Common shares, par value $1 per share Authorized shares: 1,400,000,000; Issued and outstanding: 2021 – 253,100,000; 2020 – 258,200,000	253	258
Preferred shares authorized: 1,000,000; Issued and outstanding: 2021 and 2020 – None	0	0
Paid-in capital	0	0
Retained (deficit) earnings	(116)	79
Accumulated other comprehensive loss	(154)	(142)
Total Masco Corporation's shareholders' (deficit) equity	(17)	195
Noncontrolling interest	234	226
Total equity	217	421
Total liabilities and equity	$ 5,574	$ 5,777

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).