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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarter ended September 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission file number 1-10585

 

img10664338_0.jpg 

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, NJ 08628

(Address of principal executive offices)

Registrant’s telephone number, including area code: (609) 806-1200

 

 

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 October 26, 2022, there were 243,868,347 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

 

23

 

 

 

 

 

3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

33

 

 

 

 

 

4.

 

Controls and Procedures

 

33

PART II

 

1.

 

Legal Proceedings

 

35

 

 

 

 

 

1A.

 

Risk Factors

 

35

 

 

 

 

 

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

36

 

 

 

 

 

6.

 

Exhibits

 

37

 

 

 

 

 

 

 

 

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

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Sales

$

1,317.3

 

 

$

1,311.4

 

 

$

3,939.6

 

 

$

3,821.4

 

Cost of sales

 

767.6

 

 

 

732.2

 

 

 

2,292.1

 

 

 

2,139.1

 

Gross Profit

 

549.7

 

 

 

579.2

 

 

 

1,647.5

 

 

 

1,682.3

 

Marketing expenses

 

140.7

 

 

 

160.9

 

 

 

345.5

 

 

 

376.6

 

Selling, general and administrative expenses

 

155.1

 

 

 

116.9

 

 

 

505.8

 

 

 

403.0

 

Income from Operations

 

253.9

 

 

 

301.4

 

 

 

796.2

 

 

 

902.7

 

Equity in earnings of affiliates

 

3.7

 

 

 

2.0

 

 

 

10.0

 

 

 

7.4

 

Investment earnings, net

 

1.5

 

 

 

0.0

 

 

 

1.8

 

 

 

0.1

 

Other income (expense), net

 

(0.9

)

 

 

(0.7

)

 

 

(1.2

)

 

 

(1.1

)

Interest expense

 

(23.7

)

 

 

(13.4

)

 

 

(59.6

)

 

 

(41.5

)

Income before Income Taxes

 

234.5

 

 

 

289.3

 

 

 

747.2

 

 

 

867.6

 

Income taxes

 

47.4

 

 

 

58.9

 

 

 

168.6

 

 

 

198.2

 

Net Income

$

187.1

 

 

$

230.4

 

 

$

578.6

 

 

$

669.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - Basic

 

242.8

 

 

 

245.3

 

 

 

242.7

 

 

 

245.2

 

Weighted average shares outstanding - Diluted

 

246.0

 

 

 

249.8

 

 

 

246.4

 

 

 

249.9

 

Net income per share - Basic

$

0.77

 

 

$

0.94

 

 

$

2.38

 

 

$

2.73

 

Net income per share - Diluted

$

0.76

 

 

$

0.92

 

 

$

2.35

 

 

$

2.68

 

Cash dividends per share

$

0.26

 

 

$

0.25

 

 

$

0.79

 

 

$

0.76

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In millions)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Income

$

187.1

 

 

$

230.4

 

 

$

578.6

 

 

$

669.4

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange translation adjustments

 

(13.3

)

 

 

(5.1

)

 

 

(27.8

)

 

 

(4.7

)

Defined benefit plan adjustments gain (loss)

0.0

 

 

0.0

 

 

 

1.9

 

 

 

(0.7

)

Income (loss) from derivative agreements

 

14.3

 

 

 

10.0

 

 

 

48.0

 

 

 

22.1

 

Other comprehensive income (loss)

 

1.0

 

 

 

4.9

 

 

 

22.1

 

 

 

16.7

 

Comprehensive income

$

188.1

 

 

$

235.3

 

 

$

600.7

 

 

$

686.1

 

 

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)

 

 

September 30,

 

 

 

December 31,

 

 

2022

 

 

 

2021

 

Assets

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

$

437.6

 

 

 

$

240.6

 

Accounts receivable, less allowances of $4.0 and $5.5

 

391.3

 

 

 

 

405.5

 

Inventories

 

675.3

 

 

 

 

535.4

 

Other current assets

 

60.2

 

 

 

 

51.9

 

Total Current Assets

 

1,564.4

 

 

 

 

1,233.4

 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

716.3

 

 

 

 

652.7

 

Equity Investment in Affiliates

 

11.9

 

 

 

 

9.1

 

Trade Names and Other Intangibles, Net

 

3,404.1

 

 

 

 

3,494.3

 

Goodwill

 

2,270.7

 

 

 

 

2,274.5

 

Other Assets

 

320.4

 

 

 

 

332.5

 

Total Assets

$

8,287.8

 

 

 

$

7,996.5

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Short-term borrowings

$

3.3

 

 

 

$

252.8

 

Current portion of long-term debt

 

400.0

 

 

 

 

699.4

 

Accounts payable and accrued expenses

 

1,032.0

 

 

 

 

1,119.7

 

Income taxes payable

 

15.3

 

 

 

 

3.3

 

Total Current Liabilities

 

1,450.6

 

 

 

 

2,075.2

 

 

 

 

 

 

 

 

Long-term Debt

 

2,104.4

 

 

 

 

1,610.7

 

Deferred Income Taxes

 

738.9

 

 

 

 

745.1

 

Deferred and Other Long-term Liabilities

 

272.1

 

 

 

 

298.3

 

Business Acquisition Liabilities

 

34.0

 

 

 

 

34.0

 

Total Liabilities

 

4,600.0

 

 

 

 

4,763.3

 

 

 

 

 

 

 

 

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 September 30, 2022 and December 31, 2021

 

292.8

 

 

 

 

292.8

 

Additional paid-in capital

 

355.9

 

 

 

 

310.3

 

Retained earnings

 

5,753.4

 

 

 

 

5,366.0

 

Accumulated other comprehensive loss

 

(46.1

)

 

 

 

(68.2

)

Common stock in treasury, at cost: 49,896,366 shares as of September 30, 2022 and 50,309,124 shares as of December 31, 2021

 

(2,668.2

)

 

 

 

(2,667.7

)

Total Stockholders' Equity

 

3,687.8

 

 

 

 

3,233.2

 

Total Liabilities and Stockholders' Equity

$

8,287.8

 

 

 

$

7,996.5

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

 

4


 

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(In millions)

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2022

 

 

2021

 

Cash Flow From Operating Activities

 

 

 

 

 

Net Income

$

578.6

 

 

$

669.4

 

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

 

 

 

 

 

Depreciation expense

 

50.1

 

 

 

51.3

 

Amortization expense

 

110.5

 

 

 

113.6

 

Change in fair value of business acquisition liabilities

 

0.0

 

 

 

(98.0

)

Deferred income taxes

 

(12.7

)

 

 

32.8

 

Equity in net earnings of affiliates

 

(10.0

)

 

 

(7.4

)

Distributions from unconsolidated affiliates

 

7.2

 

 

 

7.5

 

Non-cash compensation expense

 

22.0

 

 

 

20.3

 

Other

 

(1.5

)

 

 

5.8

 

Change in assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(1.7

)

 

 

(12.0

)

Inventories

 

(152.7

)

 

 

(59.9

)

Other current assets

 

4.7

 

 

 

6.1

 

Accounts payable and accrued expenses

 

(56.0

)

 

 

(50.8

)

Income taxes payable

 

16.5

 

 

 

(10.3

)

Other operating assets and liabilities, net

 

(20.9

)

 

 

(14.8

)

Net Cash Provided By Operating Activities

 

534.1

 

 

 

653.6

 

Cash Flow From Investing Activities

 

 

 

 

 

Additions to property, plant and equipment

 

(98.1

)

 

 

(64.1

)

Other

 

(2.6

)

 

 

(5.6

)

Net Cash Used In Investing Activities

 

(100.7

)

 

 

(69.7

)

Cash Flow From Financing Activities

 

 

 

 

 

Long-term debt borrowings

 

499.8

 

 

 

0.0

 

Long-term debt (repayments)

 

(300.0

)

 

 

(300.0

)

Short-term debt (repayments), net of borrowings

 

(249.5

)

 

 

(71.6

)

Proceeds from stock options exercised

 

22.4

 

 

 

26.9

 

Payment of cash dividends

 

(191.2

)

 

 

(185.8

)

Purchase of treasury stock

 

0.0

 

 

 

(54.9

)

Deferred financing and other

 

(7.5

)

 

 

0.0

 

Net Cash Provided By (Used In) Financing Activities

 

(226.0

)

 

 

(585.4

)

Effect of exchange rate changes on cash and cash equivalents

 

(10.4

)

 

 

(1.6

)

Net Change In Cash and Cash Equivalents

 

197.0

 

 

 

(3.1

)

Cash and Cash Equivalents at Beginning of Period

 

240.6

 

 

 

183.1

 

Cash and Cash Equivalents at End of Period

$

437.6

 

 

$

180.0

 

 

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)

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2022

 

 

2021

 

Cash paid during the period for:

 

 

 

 

 

Interest (net of amounts capitalized)

$

54.0

 

 

$

45.4

 

Income taxes

$

165.5

 

 

$

175.7

 

Supplemental disclosure of non-cash investing activities:

 

 

 

 

 

Property, plant and equipment expenditures included in Accounts Payable

$

34.4

 

 

$

11.2

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

 

 

 

 

 

6


 

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(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, 2020

 

292.8

 

 

 

(47.4

)

 

$

292.8

 

 

$

274.4

 

 

$

4,786.0

 

 

$

(77.6

)

 

$

(2,255.2

)

 

$

3,020.4

 

Net income

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

220.7

 

 

 

0.0

 

 

 

0.0

 

 

 

220.7

 

Other comprehensive
   income (loss)

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

23.0

 

 

 

0.0

 

 

 

23.0

 

Cash dividends

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

(61.9

)

 

 

0.0

 

 

 

0.0

 

 

 

(61.9

)

Stock purchases

 

0.0

 

 

 

(0.4

)

 

 

0.0

 

 

 

30.0

 

 

 

0.0

 

 

 

0.0

 

 

 

(30.0

)

 

 

0.0

 

Stock based compensation expense and
   stock option plan transactions

 

0.0

 

 

 

0.1

 

 

 

0.0

 

 

 

1.8

 

 

 

0.0

 

 

 

0.0

 

 

 

7.2

 

 

 

9.0

 

March 31, 2021

 

292.8

 

 

 

(47.7

)

 

$

292.8

 

 

$

306.2