SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2014

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

N. SHAREHOLDERS' EQUITY

        On September 30, 2014, we announced that our Board of Directors authorized the repurchase of up to 50 million shares for retirement of our common stock in open-market transactions or otherwise, replacing the previous Board of Directors authorization established in 2007. During the fourth quarter of 2014, we repurchased and retired 5 million common shares for cash of $119 million; we have 45 million shares remaining under the authorization.

        In addition, during 2014, we repurchased and retired 1.7 million shares of our common stock for cash aggregating $39 million, to offset the dilutive impact of the 2014 grant of 1.7 million shares of long-term stock awards. During 2013, we repurchased and retired 1.7 million shares of our common stock for cash aggregating $35 million, to offset the dilutive impact of the 2013 grant of 1.7 million shares of long-term stock awards. During 2012, we repurchased and retired one million shares of our common stock, for cash aggregating $8 million to offset the dilutive impact of the 2012 grant of one million shares of long-term stock awards.

        On the basis of amounts paid (declared), cash dividends per common share were $.33 ($.345) in 2014 and $.30 ($.30) in each of 2013 and 2012.

        Accumulated Other Comprehensive (Loss) Income.    The components of accumulated other comprehensive (loss) income attributable to Masco Corporation were as follows, in millions:

	At December 31
	2014			2013
Cumulative translation adjustments	$	325		$	418
Unrealized loss on marketable securities, net		(12	)		(12	)
Unrealized loss on interest rate swaps		(18	)		(19	)
Unrecognized prior service cost and net loss, net		(406	)		(272	)
Accumulated other comprehensive (loss) income	$	(111	)	$	115

        The unrealized loss on marketable securities, net, is reported net of income tax expense of $14 million at both December 31, 2014 and 2013. The unrealized loss on interest rate swaps is reported net of income tax of $1 million and $-- million at December 2014 and 2013, respectively. The unrecognized prior service cost and net loss, net, is reported net of income tax benefit of $199 million and $105 million at December 31, 2014 and 2013, respectively.