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0000313927 us-gaap:OperatingSegmentsMember chd:ConsumerDomesticMember chd:PersonalCareProductsMember 2019-01-01 2019-06-30 0000313927 us-gaap:OperatingSegmentsMember chd:ConsumerDomesticMember chd:PersonalCareProductsMember 2018-01-01 2018-06-30 0000313927 chd:BrazilianConsumerBusinessMember 2019-04-01 2019-06-30 0000313927 chd:BrazilianConsumerBusinessMember 2018-01-01 2018-12-31

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2019

Commission file number 1-10585

 

CHURCH & DWIGHT CO., INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

13-4996950

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

500 Charles Ewing Boulevard, Ewing, N.J. 08628

(Address of principal executive offices)

Registrant’s telephone number, including area code: (609806-1200

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

Name of each exchange

on which registered

Common Stock, $1 par value

 

CHD

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of July 29, 2019, there were 247,096,324 shares of Common Stock outstanding.

 

 

 

 

 


TABLE OF CONTENTS

PART I

 

Item

 

 

 

Page

1.

 

Financial Statements

 

3

 

 

 

 

 

2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

 

 

 

 

 

3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

28

 

 

 

 

 

4.

 

Controls and Procedures

 

28

PART II

 

1.

 

Legal Proceedings

 

29

 

 

 

 

 

1A.

 

Risk Factors

 

29

 

 

 

 

 

6.

 

Exhibits

 

30

 

 

 

 

 

 

 

 

2


PART I – FINANCIAL INFORMATION

ITEM 1:

FINANCIAL STATEMENTS

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In millions, except per share data)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net Sales

$

1,079.4

 

 

$

1,027.9

 

 

$

2,124.1

 

 

$

2,033.9

 

Cost of sales

 

597.9

 

 

 

573.0

 

 

 

1,171.8

 

 

 

1,127.5

 

Gross Profit

 

481.5

 

 

 

454.9

 

 

 

952.3

 

 

 

906.4

 

Marketing expenses

 

129.1

 

 

 

136.4

 

 

 

227.2

 

 

 

236.3

 

Selling, general and administrative expenses

 

165.0

 

 

 

144.7

 

 

 

296.9

 

 

 

276.0

 

Income from Operations

 

187.4

 

 

 

173.8

 

 

 

428.2

 

 

 

394.1

 

Equity in earnings of affiliates

 

1.7

 

 

 

2.4

 

 

 

3.4

 

 

 

4.5

 

Investment earnings

 

0.2

 

 

 

0.1

 

 

 

0.7

 

 

 

0.6

 

Other income (expense), net

 

(0.1

)

 

 

(0.7

)

 

 

(0.2

)

 

 

(2.8

)

Interest expense

 

(18.9

)

 

 

(20.2

)

 

 

(36.7

)

 

 

(40.3

)

Income before Income Taxes

 

170.3

 

 

 

155.4

 

 

 

395.4

 

 

 

356.1

 

Income taxes

 

31.8

 

 

 

33.7

 

 

 

81.2

 

 

 

76.6

 

Net Income

$

138.5

 

 

$

121.7

 

 

$

314.2

 

 

$

279.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - Basic

 

246.4

 

 

 

244.8

 

 

 

246.2

 

 

 

244.9

 

Weighted average shares outstanding - Diluted

 

252.7

 

 

 

249.3

 

 

 

252.3

 

 

 

249.7

 

Net income per share - Basic

$

0.56

 

 

$

0.50

 

 

$

1.28

 

 

$

1.14

 

Net income per share - Diluted

$

0.55

 

 

$

0.49

 

 

$

1.25

 

 

$

1.12

 

Cash dividends per share

$

0.23

 

 

$

0.22

 

 

$

0.45

 

 

$

0.43

 

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In millions)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net Income

$

138.5

 

 

$

121.7

 

 

$

314.2

 

 

$

279.5

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange translation adjustments

 

1.1

 

 

 

(9.9

)

 

 

2.9

 

 

 

(6.4

)

Income (loss) from derivative agreements

 

(10.0

)

 

 

(5.7

)

 

 

(17.7

)

 

 

(5.9

)

Other comprehensive income (loss)

 

(8.9

)

 

 

(15.6

)

 

 

(14.8

)

 

 

(12.3

)

Comprehensive income

$

129.6

 

 

$

106.1

 

 

$

299.4

 

 

$

267.2

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

 

 

3


CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except share and per share data)

 

 

June 30,

 

 

December 31,

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

97.9

 

 

$

316.7

 

Accounts receivable, less allowances of $3.0 and $3.1

 

383.7

 

 

 

345.3

 

Inventories

 

401.5

 

 

 

382.8

 

Other current assets

 

42.8

 

 

 

33.4

 

Total Current Assets

 

925.9

 

 

 

1,078.2

 

 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

559.0

 

 

 

598.2

 

Equity Investment in Affiliates

 

10.3

 

 

 

8.5

 

Trade Names and Other Intangibles, Net

 

2,803.8

 

 

 

2,274.0

 

Goodwill

 

2,079.5

 

 

 

1,992.9

 

Other Assets

 

284.1

 

 

 

117.4

 

Total Assets

$

6,662.6

 

 

$

6,069.2

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Short-term borrowings

$

111.6

 

 

$

1.8

 

Current portion of long-term debt

 

299.0

 

 

 

596.5

 

Accounts payable and accrued expenses

 

769.7

 

 

 

725.1

 

Income taxes payable

 

4.4

 

 

 

2.9

 

Total Current Liabilities

 

1,184.7

 

 

 

1,326.3

 

 

 

 

 

 

 

 

 

Long-term Debt

 

1,809.0

 

 

 

1,508.8

 

Deferred Income Taxes

 

580.6

 

 

 

576.4

 

Deferred and Other Long-term Liabilities

 

296.5

 

 

 

180.9

 

Business Acquisition Liabilities

 

187.0

 

 

 

23.0

 

Total Liabilities

 

4,057.8

 

 

 

3,615.4

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

Preferred Stock, $1.00 par value, Authorized 2,500,000 shares; none issued

 

0.0

 

 

 

0.0

 

Common Stock, $1.00 par value, Authorized 600,000,000 shares and 292,855,100 shares issued

      as of June 30, 2019 and December 31, 2018

 

292.8

 

 

 

292.8

 

Additional paid-in capital

 

288.3

 

 

 

280.8

 

Retained earnings

 

4,047.8

 

 

 

3,832.6

 

Accumulated other comprehensive loss

 

(68.4

)

 

 

(53.6

)

Common stock in treasury, at cost: 45,894,992 shares as of June 30, 2019 and 45,969,515 shares as of December 31, 2018

 

(1,955.7

)

 

 

(1,898.8

)

Total Stockholders' Equity

 

2,604.8

 

 

 

2,453.8

 

Total Liabilities and Stockholders' Equity

$

6,662.6

 

 

$

6,069.2

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

 

 

4


CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(In millions)

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2019

 

 

2018

 

Cash Flow From Operating Activities

 

 

 

 

 

 

 

Net Income

$

314.2

 

 

$

279.5

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation expense

 

31.9

 

 

 

31.4

 

Amortization expense

 

51.0

 

 

 

38.5

 

Deferred income taxes

 

6.0

 

 

 

1.2

 

Equity in net earnings of affiliates

 

(3.4

)

 

 

(4.5

)

Distributions from unconsolidated affiliates

 

1.6

 

 

 

4.4

 

Non-cash compensation expense

 

15.0

 

 

 

15.9

 

Other

 

3.5

 

 

 

(1.3

)

Change in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(37.3

)

 

 

(4.8

)

Inventories

 

(17.9

)

 

 

(39.1

)

Other current assets

 

0.9

 

 

 

(5.5

)

Accounts payable and accrued expenses

 

6.7

 

 

 

13.9

 

Income taxes payable

 

(11.6

)

 

 

(8.1

)

Other operating assets and liabilities, net

 

(9.4

)

 

 

1.2

 

Net Cash Provided By Operating Activities

 

351.2

 

 

 

322.7

 

Cash Flow From Investing Activities

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(23.6

)

 

 

(19.6

)

Acquisitions

 

(475.0

)

 

 

(49.8

)

Other

 

(3.8

)

 

 

(1.8

)

Net Cash Used In Investing Activities

 

(502.4

)

 

 

(71.2

)

Cash Flow From Financing Activities

 

 

 

 

 

 

 

Long-term debt borrowings

 

300.0

 

 

 

0.0

 

Long-term debt (repayments)

 

(300.0

)

 

 

0.0

 

Short-term debt (repayments), net of borrowings

 

109.8

 

 

 

(159.8

)

Proceeds from stock options exercised

 

37.0

 

 

 

28.9

 

Payment of cash dividends

 

(112.0

)

 

 

(106.2

)

Purchase of treasury stock

 

(100.0

)

 

 

(200.0

)

Deferred financing and other

 

(2.5

)

 

 

(2.4

)

Net Cash Used In Financing Activities

 

(67.7

)

 

 

(439.5

)

Effect of exchange rate changes on cash and cash equivalents

 

0.1

 

 

 

(1.6

)

Net Change In Cash and Cash Equivalents

 

(218.8

)

 

 

(189.6

)

Cash and Cash Equivalents at Beginning of Period

 

316.7

 

 

 

278.9

 

Cash and Cash Equivalents at End of Period

$

97.9

 

 

$

89.3

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

 

 

5


CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW-CONTINUED

(Unaudited)

(In millions)

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2019

 

 

2018

 

Cash paid during the period for:

 

 

 

 

 

 

 

Interest (net of amounts capitalized)

$

34.7

 

 

$

38.1

 

Income taxes

$

87.1

 

 

$

83.8

 

Supplemental disclosure of non-cash investing activities:

 

 

 

 

 

 

 

Property, plant and equipment expenditures included in Accounts Payable

$

11.5

 

 

$

6.4

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

 

 

6


CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three and Six Months Ended June 30, 2019 and 2018

(Unaudited)

(In millions)

 

 

Number of Shares

 

 

Amounts

 

 

Common

Stock

 

 

Treasury

Stock

 

 

Common

Stock

 

 

 

 

Additional

Paid-In

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

 

 

Total

Stockholders'

Equity

 

December 31, 2017

 

292.8

 

 

 

(45.2

)

 

$

292.8

 

 

 

 

$

264.6

 

 

$

3,479.0

 

 

$

(36.4

)

 

$

(1,782.0

)

 

$

2,218.0

 

Adoption of new accounting pronouncements

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

 

 

0.0

 

 

 

(1.7

)

 

 

(0.6

)

 

 

0.0

 

 

 

(2.3

)

Net income

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

 

 

0.0

 

 

 

157.8

 

 

 

0.0

 

 

 

0.0

 

 

 

157.8

 

Other comprehensive

   income (loss)

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

 

 

0.0

 

 

 

0.0

 

 

 

3.3

 

 

 

0.0

 

 

 

3.3

 

Cash dividends

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

 

 

0.0

 

 

 

(53.0

)

 

 

0.0

 

 

 

0.0

 

 

 

(53.0

)

Stock purchases

 

0.0

 

 

 

(4.1

)

 

 

0.0

 

 

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

(200.0

)

 

 

(200.0

)

Stock based compensation expense and

    stock option plan transactions

 

0.0

 

 

 

0.9

 

 

 

0.0

 

 

 

 

 

(4.2

)

 

 

0.0

 

 

 

0.0

 

 

 

23.7

 

 

 

19.5

 

March 31, 2018

 

292.8

 

 

 

(48.4

)

 

$

292.8

 

 

 

 

$

260.4

 

 

$

3,582.1

 

 

$

(33.7

)

 

$

(1,958.3

)

 

$

2,143.3

 

Net income

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

 

 

0.0

 

 

 

121.7

 

 

 

0.0

 

 

 

0.0

 

 

 

121.7

 

Other comprehensive

   income (loss)

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

 

 

0.0

 

 

 

0.0

 

 

 

(15.6

)

 

 

0.0

 

 

 

(15.6

)

Cash dividends

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

 

 

0.0

 

 

 

(53.2

)

 

 

0.0

 

 

 

0.0

 

 

 

(53.2

)

Stock purchases

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

Stock based compensation expense and

    stock option plan transactions

 

0.0

 

 

 

0.6

 

 

 

0.0

 

 

 

 

 

11.4

 

 

 

0.0

 

 

 

0.0

 

 

 

13.5

 

 

 

24.9

 

June 30, 2018

 

292.8

 

 

 

(47.8

)

 

$

292.8

 

 

 

 

$

271.8

 

 

$

3,650.6

 

 

$

(49.3

)

 

$

(1,944.8

)

 

$

2,221.1

 

 

 

 

Number of Shares

 

 

Amounts

 

 

Common

Stock

 

 

Treasury

Stock

 

 

Common

Stock

 

 

 

 

Additional

Paid-In

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

 

 

Total

Stockholders'

Equity

 

December 31, 2018

 

292.8

 

 

 

(46.0

)

 

$

292.8

 

 

 

 

$

280.8

 

 

$

3,832.6

 

 

$

(53.6

)

 

$

(1,898.8

)

 

$

2,453.8

 

Adoption of new accounting pronouncements

(Note 2)

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

 

 

0.0