MASCO CORP DE
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
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FY2023 · Filed Feb 8, 2024
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II. Valuation and Qualifying Accounts
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS
| (In Millions) | |||||||
|---|---|---|---|---|---|---|---|
| Column A · Column B · Column C · Column D · Column E | |||||||
| Additions | |||||||
| Description · Balance at Beginning of Period · Charged to Costs and Expenses · Charged to Other Accounts · Deductions · Balance at End of Period | |||||||
| Allowances for credit losses deducted from accounts receivable in the balance sheet: | |||||||
| 2023 | $8 | $7 | $— | $(5) | (a) | $11 | |
| 2022 | $6 | $5 | $— | $(3) | (a) | $8 | |
| 2021 | $7 | $1 | $— | $(2) | (a) (b) | $6 | |
| Valuation allowance on deferred tax assets: | |||||||
| 2023 | $15 | $2 | $53 | (c) (d) | $(37) | (e) | $33 |
| 2022 | $17 | $— | $— | $(2) | (f) | $15 | |
| 2021 | $35 | $5 | $— | $(23) | (b) | $17 | |
(a)Deductions, representing uncollectible accounts written off, less recoveries of accounts written off in prior years.
(b)As a result of the Hüppe divestiture in May 2021, $1 million was removed from allowance for credit losses and $23 million was removed from valuation allowance on deferred tax assets.
(c)As a result of the acquisition of Sauna360 Group Oy in the third quarter of 2023, $5 million was added to valuation allowance on deferred tax assets.
(d)$48 million was added to valuation allowance resulting from the establishment of certain state deferred tax assets for which the likelihood of utilization is no longer considered remote.
(e)Due to a legal restructuring of certain U.S. businesses that will occur in early 2024, a $37 million reduction in valuation allowance was recorded as a $29 million state income tax benefit, net of federal expense.
(f)Net reduction to valuation allowance recorded as an income tax benefit.
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