10-Q

\  

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 March 31, 2017

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: (609) 806-1200

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

Title of each class	Name of each exchange on which registered
Common Stock, $1 par value	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting 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 May 2, 2017, there were 249,254,900 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	18
3.	Quantitative and Qualitative Disclosures about Market Risk	23
4.	Controls and Procedures	23

PART II

1.	Legal Proceedings	24
1A.	Risk Factors	25
2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
6.	Exhibits	26

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
	March 31,			March 31,
	2017			2016
Net Sales	$	877.2		$	849.0
Cost of sales		477.9			470.0
Gross Profit		399.3			379.0
Marketing expenses		90.8			92.5
Selling, general and administrative expenses		112.4			107.0
Income from Operations		196.1			179.5
Equity in earnings of affiliates		2.1			1.7
Investment earnings		0.4			0.3
Other income (expense), net		(0.2	)		(1.7	)
Interest expense		(8.2	)		(6.8	)
Income before Income Taxes		190.2			173.0
Income taxes		58.7			60.0
Net Income	$	131.5		$	113.0
Weighted average shares outstanding - Basic		254.1			258.8
Weighted average shares outstanding - Diluted		259.7			263.6
Net income per share - Basic	$	0.52		$	0.44
Net income per share - Diluted	$	0.51		$	0.43
Cash dividends per share	$	0.19		$	0.178

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In millions)

	Three Months Ended
	March 31,			March 31,
	2017			2016
Net Income	$	131.5		$	113.0
Other comprehensive income, net of tax:
Foreign exchange translation adjustments		7.9			9.9
Income (loss) from derivative agreements		(0.6	)		(6.7	)
Other comprehensive income (loss)		7.3			3.2
Comprehensive income	$	138.8			116.2

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)

	March 31,			December 31,
	2017			2016
Assets
Current Assets
Cash and cash equivalents	$	139.5		$	187.8
Accounts receivable, less allowances of $1.8 and $2.1		305.2			287.0
Inventories		280.1			258.2
Other current assets		29.7			23.8
Total Current Assets		754.5			756.8
Property, Plant and Equipment, Net		578.9			588.6
Equity Investment in Affiliates		8.2			8.5
Trade Names and Other Intangibles, Net		1,538.1			1,431.8
Goodwill		1,481.3			1,444.1
Other Assets		126.8			124.3
Total Assets	$	4,487.8		$	4,354.1
Liabilities and Stockholders' Equity
Current Liabilities
Short-term borrowings	$	585.7		$	426.8
Accounts payable and accrued expenses		535.6			568.9
Income taxes payable		45.5			6.2
Total Current Liabilities		1,166.8			1,001.9
Long-term Debt		692.9			693.4
Deferred Income Taxes		521.0			512.2
Deferred and Other Long-term Liabilities		171.4			168.7
Total Liabilities		2,552.1			2,376.2
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 300,000,000 shares; 292,855,100 shares issued		292.8			292.8
Additional paid-in capital		249.4			251.4
Retained earnings		3,009.1			2,926.0
Accumulated other comprehensive loss		(56.5	)		(63.8	)
Common stock in treasury, at cost: 40,959,593 shares in 2017 and 38,892,165 shares in 2016		(1,559.1	)		(1,428.5	)
Total Stockholders' Equity		1,935.7			1,977.9
Total Liabilities and Stockholders’ Equity	$	4,487.8		$	4,354.1

See Notes to Condensed Consolidated Financial Statements (Unaudited).

4

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(In millions)

	Three Months Ended
	March 31,			March 31,
	2017			2016
Cash Flow From Operating Activities
Net Income	$	131.5		$	113.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		14.8			16.0
Amortization expense		14.5			11.9
Deferred income taxes		9.4			7.6
Equity in net earnings of affiliates		(2.1	)		(1.7	)
Distributions from unconsolidated affiliates		2.5			2.0
Non-cash compensation expense		2.0			5.8
Other		0.5			0.9
Change in assets and liabilities:
Accounts receivable		(11.2	)		5.2
Inventories		(21.3	)		(8.7	)
Other current assets		(3.5	)		(1.7	)
Accounts payable and accrued expenses		(47.9	)		(5.5	)
Income taxes payable		39.3			42.4
Excess tax benefit on stock options exercised		0.0			(7.9	)
Other operating assets and liabilities, net		3.0			(1.5	)
Net Cash Provided By Operating Activities		131.5			177.8
Cash Flow From Investing Activities
Additions to property, plant and equipment		(2.8	)		(8.5	)
Acquisitions		(160.3	)		(175.0	)
Other		3.8			(0.6	)
Net Cash Used In Investing Activities		(159.3	)		(184.1	)
Cash Flow From Financing Activities
Short-term debt borrowings (repayments)		158.8			93.8
Proceeds from stock options exercised		22.7			13.3
Excess tax benefit on stock options exercised		0.0			7.9
Payment of cash dividends		(48.4	)		(46.1	)
Purchase of treasury stock		(157.1	)		(200.0	)
Other		(0.4	)		(5.0	)
Net Cash Used In Financing Activities		(24.4	)		(136.1	)
Effect of exchange rate changes on cash and cash equivalents		3.9			6.7
Net Change In Cash and Cash Equivalents		(48.3	)		(135.7	)
Cash and Cash Equivalents at Beginning of Period		187.8			330.0
Cash and Cash Equivalents at End of Period	$	139.5		$	194.3

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)

	Three Months Ended
	March 31,		March 31,
	2017		2016
Cash paid during the year for:
Interest (net of amounts capitalized)	$	4.0	$	2.5
Income taxes	$	9.9	$	10.0
Supplemental disclosure of non-cash investing activities:
Property, plant and equipment expenditures included in Accounts Payable	$	5.4	$	4.3

See Notes to Condensed Consolidated Financial Statements (Unaudited).

6

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three Months Ended March 31, 2017 and 2016

(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, 2015		292.8		(32.8	)	$	292.8	$	230.0		$	2,650.0		$	(45.9	)	$	(1,103.7	)	$	2,023.2
Net income		0.0		0.0			0.0		0.0			113.0			0.0			0.0			113.0
Other comprehensive    income (loss)		0.0		0.0			0.0		0.0			0.0			3.2			0.0			3.2
Cash dividends		0.0		0.0			0.0		0.0			(46.1	)		0.0			0.0			(46.1	)
Stock purchases		0.0		(4.4	)		0.0		0.0			0.0			0.0			(200.0	)		(200.0	)
Stock based compensation expense and     stock option plan transactions, including     related income tax benefits of $7.9		0.0		0.6			0.0		4.6			0.0			0.0			22.4			27.0
March 31, 2016		292.8		(36.6	)	$	292.8	$	234.6		$	2,716.9		$	(42.7	)	$	(1,281.3	)	$	1,920.3
December 31, 2016		292.8		(38.9	)	$	292.8	$	251.4		$	2,926.0		$	(63.8	)	$	(1,428.5	)	$	1,977.9
Net income		0.0		0.0			0.0		0.0			131.5			0.0			0.0			131.5
Other comprehensive    income (loss)		0.0		0.0			0.0		0.0			0.0			7.3			0.0			7.3
Cash dividends		0.0		0.0			0.0		0.0			(48.4	)		0.0			0.0			(48.4	)
Stock purchases		0.0		(3.1	)		0.0		0.0			0.0			0.0			(157.1	)		(157.1	)
Stock based compensation expense and     stock option plan transactions		0.0		1.0			0.0		(2.0	)		0.0			0.0			26.5			24.5
March 31, 2017		292.8		(41.0	)	$	292.8	$	249.4		$	3,009.1		$	(56.5	)	$	(1,559.1	)	$	1,935.7

See Notes to Condensed Consolidated Financial Statements (Unaudited).

7

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(In millions, except per share data)

1. Basis of Presentation

The condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016, the condensed consolidated statements of income and comprehensive income, cash flow and stockholders’ equity for the three months ended March 31, 2017 and March 31, 2016 have been prepared by Church & Dwight Co., Inc. (the “Company”).  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at March 31, 2017 and results of operations and cash flows for all periods presented have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted.  These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “Form 10-K”).  The results of operations for the period ended March 31, 2017 are not necessarily indicative of the operating results for the full year.

On August 4, 2016, the Company announced a two-for-one stock split of the Company’s common stock (“Common Stock”). The stock split was structured in the form of a 100% stock dividend, payable on September 1, 2016 to stockholders of record as of August 15, 2016. All applicable amounts in the condensed consolidated financial statements and related disclosures have been retroactively adjusted to reflect the stock split.

In March 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that makes modifications to how companies account for certain aspects of share-based payment awards to employees, including accounting for income taxes, forfeitures, and statutory withholding requirements, as well as the classification of excess tax benefits in the statement of cash flows.  The Company prospectively adopted the standard in the first quarter of 2017.  The adoption resulted in excess tax benefits of $8.7 or $0.03 per share recorded in the provision for income taxes rather than in the Company’s Stockholders’ Equity Section of the Balance Sheet and an increase to both net cash provided by operating activities and net cash used in financing activities of $8.7 million for the three months ended March 31, 2017. The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of diluted earnings per share, which did not have a material impact on our diluted earnings per share for the three months ended March 31, 2017.  The Company has also elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period.  

The Company incurred research and development expenses in the first quarter of 2017 and 2016 of $14.1 and $14.4, respectively.  These expenses are included in selling, general and administrative expenses.

2. New Accounting Pronouncements

In March 2017, the FASB issued new accounting guidance that requires employers to report the service cost component separate from the other components of net benefit pension and postretirement costs. The employer is required to report the service cost component in the same line item or items as other compensation costs arising from services rendered during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside the subtotal of income from operations.  Only the service cost component is eligible for capitalization.  The guidance is effective for annual and interim periods beginning after December 15, 2017, and requires retrospective adoption, with early adoption permitted. The guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.  

In March, April, and May of 2016, the FASB issued amended guidance that clarifies the principles for recognizing revenue.  The amendments clarify the guidance for identifying performance obligations, licensing arrangements and principal versus agent considerations.  The amendments additionally provide clarification on how to assess collectability, present sales tax, treat noncash consideration, and account for completed and modified contracts at the time of transition.  The guidance is effective for annual periods, including interim reporting periods within those periods, beginning after December 15, 2017, and allows companies to apply the requirements retrospectively, either to all prior periods presented or through a cumulative adjustment in the year of adoption.  The new standard will be effective for the Company at the beginning of its first quarter of fiscal year 2018.  The guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

8

In February 2016, the FASB issued new lease accounting guidance, requiring lessees to recognize right-of-use lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases, with a term greater than a year. The new guidance also expands the required quantitative and qualitative disclosures surrounding leases. The guidance is effective for annual and interim periods beginning after December 15, 2018, and requires a modified retrospective adoption, with early adoption permitted. The Company is currently evaluating the impact that adoption of the guidance will have on the Company’s consolidated financial position, results of operations and cash flows.

There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

3. Inventories

Inventories consist of the following:

	March 31,		December 31,
	2017		2016
Raw materials and supplies	$	70.2	$	69.8
Work in process		28.0		28.8
Finished goods		181.9		159.6
Total	$	280.1	$	258.2

4. Property, Plant and Equipment, Net (“PP&E”)

PP&E consists of the following:

	March 31,		December 31,
	2017		2016
Land	$	25.1	$	25.1
Buildings and improvements		289.5		284.7
Machinery and equipment		686.7		680.1
Software		90.5		90.4
Office equipment and other assets		61.7		60.8
Construction in progress		18.3		24.2
Gross PP&E		1,171.8		1,165.3
Less accumulated depreciation and amortization		592.9		576.7
Net PP&E	$	578.9	$	588.6

	Three Months Ended
	March 31,		March 31,
	2017		2016
Depreciation and amortization on PP&E	$	14.8	$	16.0

9

5. Earnings Per Share (“EPS”)

Basic EPS is calculated based on income available to holders of Common Stock and the weighted average number of shares outstanding during the reported period.  Diluted EPS includes additional dilution from potential Common Stock issuable pursuant to the exercise of outstanding stock options.

The following table sets forth a reconciliation of the weighted average number of shares of Common Stock outstanding to the weighted average number of shares outstanding on a diluted basis:

	Three Months Ended
	March 31,		March 31,
	2017		2016
Weighted average common shares outstanding -  basic		254.1		258.8
Dilutive effect of stock options		5.6		4.8
Weighted average common shares outstanding - diluted		259.7		263.6
Antidilutive stock options outstanding		1.3		1.6

6. Stock Based Compensation Plans

The following table provides a summary of option activity during the three months ended March 31, 2017:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
Outstanding at December 31, 2016		16.0		$	30.06
Exercised		(1.0	)		22.08
Cancelled		(0.1	)		41.97
Outstanding at March 31, 2017		14.9		$	30.54		5.8	$	288.2
Exercisable at March 31, 2017		8.7		$	23.01		4.3	$	233.7

The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards.  

	Three Months Ended
	March 31,		March 31,
	2017		2016
Intrinsic Value of Stock Options Exercised	$	27.2	$	24.2
Stock Compensation Expense Related to Stock Option Awards	$	1.7	$	5.5

7. Share Repurchases

On November 2, 2016, the Board authorized a new share repurchase program, under which the Company may repurchase up to $500 million in shares of Common Stock (the “2016 Share Repurchase Program”).  The 2016 Share Repurchase Program does not have an expiration and replaced the 2015 Share Repurchase Program.  The Company also continued its evergreen share repurchase program, authorized by the Board on January 29, 2014, under which the Company may repurchase, from time to time, Common Stock to reduce or eliminate dilution associated with issuances of Common Stock under the Company’s incentive plans.  

In the first quarter of 2017, the Company purchased approximately 3.1 million shares of Common Stock for $157.1, of which approximately $125.0 was purchased under the evergreen share repurchase program and $32.1 was purchased under the 2016 Share Repurchase Program.  As a result of the Company’s purchases, there remained $267.9 under the 2016 Share Repurchase Program as of March 31, 2017.             

10

8. Fair Value Measurements

Fair Value Hierarchy

Accounting guidance on fair value measurements and disclosures establishes a hierarchy that prioritizes the inputs used to measure fair value (generally, assumptions that market participants would use in pricing an asset or liability) based on the quality and reliability of the information provided by the inputs, as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

Fair Values of Other Financial Instruments

The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at March 31, 2017 and December 31, 2016:

		March 31, 2017						December 31, 2016
	Input	Carrying			Fair			Carrying		Fair
	Level	Amount			Value			Amount		Value
Financial Assets:
Cash equivalents	Level 1	$	75.7		$	75.7		$	72.4	$	72.4
Financial Liabilities:
Short-term borrowings	Level 2		585.7			585.7			426.8		426.8
2.875% Senior notes due October 1, 2022	Level 2		399.8			397.8			399.8		396.9
2.45% Senior notes due December 15, 2019	Level 2		299.9			302.6			299.9		302.0
Fair value adjustment asset (liability) related to hedged fixed rate    debt instrument	Level 2		(0.7	)		(0.7	)		0.2		0.2

The Company recognizes transfers between input levels as of the actual date of the event.  There were no transfers between input levels during the three months ended March 31, 2017.

Refer to Note 2 in the Form 10-K for the year ended December 31, 2016 for a description of the methods and assumptions used to estimate the fair value of each class of financial instruments reflected in the condensed Consolidated Balance Sheets.  

The carrying amounts of accounts receivable, and accounts payable and accrued expenses, approximated estimated fair values as of March 31, 2017 and December 31, 2016.  

9. Derivative Instruments and Risk Management

Changes in interest rates, foreign exchange rates, the price of Common Stock and commodity prices expose the Company to market risk.  The Company manages these risks through the use of derivative instruments, such as cash flow and fair value hedges, diesel hedge contracts, equity derivatives and foreign exchange forward contracts.  The Company does not use derivatives for trading or speculative purposes.  Refer to Note 3 in the Form 10-K for a discussion of each of the Company’s derivative instruments.  

The notional amount of a derivative instrument is the nominal or face amount used to calculate payments made on that instrument.  Notional amounts are presented in the following table:

	Notional		Notional
	Amount		Amount
	March 31, 2017		December 31, 2016
Derivatives designated as hedging instruments
Foreign exchange contracts	$	107.0	$	94.1
Interest rate swap	$	300.0	$	300.0
Diesel fuel contracts	2.5 gallons		2.0 gallons
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	76.7	$	1.8
Equity derivatives	$	22.9	$	34.4

The fair values and amount of gain (loss) recognized in income and other comprehensive income associated with the derivative instruments disclosed above did not have a material impact on the Company’s condensed consolidated financial statements.

11

10. Acquisition

On January 17, 2017, the Company acquired the VIVISCAL business from Lifes2Good Holdings Limited for approximately $160 (“Viviscal Acquisition”).  VIVISCAL is a leading hair care supplement brand both in the U.S. and the U.K. with global annual sales of $44 in 2016.  This brand is complementary to the Company’s global BATISTE dry shampoo and TOPPIK hair care business. The acquisition was funded with short-term borrowings and will be managed in the Consumer Domestic and Consumer International segments.

The preliminary fair values of the net assets acquired are set forth as follows:

	Acquisition Date
	Preliminary
	Fair Value
Inventory and other working capital	$	10.3
Trade names and other intangibles		119.6
Goodwill		36.9
Current liabilities		(6.5	)
Cash purchase price (net of cash acquired)	$	160.3

The life of the amortizable intangible assets recognized from the Viviscal Acquisition ranges from15 - 20 years.  The goodwill is a result of expected synergies from combined operations of the acquisition and the Company. Pro forma results are not presented because the impact is not material to the Company’s consolidated financial results.

11. Goodwill and Other Intangibles, Net

The following table provides information related to the carrying value of all intangible assets, other than goodwill:

	March 31, 2017								December 31, 2016
	Gross							Amortization	Gross
	Carrying		Accumulated					Period	Carrying		Accumulated
	Amount		Amortization			Net		(Years)	Amount		Amortization			Net
Amortizable intangible assets:
Trade Names	$	550.8	$	(122.3	)	$	428.5	3-20	$	442.6	$	(115.0	)	$	327.6
Customer Relationships		396.1		(170.1	)		226.0	15-20		384.4		(164.2	)		220.2
Patents/Formulas		68.7		(46.2	)		22.5	4-20		68.7		(45.4	)		23.3
Non Compete Agreement		1.8		(1.6	)		0.2	5-10		1.8		(1.6	)		0.2
Total	$	1,017.4	$	(340.2	)	$	677.2		$	897.5	$	(326.2	)	$	571.3

Indefinite lived intangible assets - Carrying value

	March 31,		December 31,
	2017		2016
Trade Names	$	860.9	$	860.5

Intangible amortization expense amounted to $13.9 and $11.3 for the first three months of 2017 and 2016, respectively.  The Company estimates that intangible amortization expense will be approximately $56.0 in 2017 and approximately $49.0 to $56.0 annually over the next five years.

The carrying amount of goodwill as of March 31, 2017 and December 31, 2016, respectively, is as follows:

	Consumer		Consumer		Specialty
	Domestic		International		Products		Total
Balance at December 31, 2016	$	1,280.1	$	113.9	$	50.1	$	1,444.1
VIVISCAL acquired goodwill		25.8		11.1		0.0	$	36.9
Other		0.0		0.3		0.0		0.3
Balance at March 31, 2017	$	1,305.9	$	125.3	$	50.1	$	1,481.3

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12. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	March 31,		December 31,
	2017		2016
Trade accounts payable	$	346.3	$	331.6
Accrued marketing and promotion costs		94.3		82.0
Accrued wages and related benefit costs		29.9		73.2
Other accrued current liabilities		65.1		82.1
Total	$	535.6	$	568.9

13. Short-Term Borrowings and Long-Term Debt

Short-term borrowings and long-term debt consist of the following:

	March 31,			December 31,
	2017			2016
Short-term borrowings
Commercial paper issuances	$	582.2		$	420.0
Various debt due to international banks		3.5			6.8
Total short-term borrowings	$	585.7		$	426.8
Long-term debt
2.875% Senior notes due October 1, 2022	$	400.0		$	400.0
Less: Discount		(0.2	)		(0.2	)
2.45% Senior notes due December 15, 2019		300.0			300.0
Less: Discount		(0.1	)		(0.1	)
Debt issuance costs, net		(6.1	)		(6.5	)
Fair value adjustment related to hedged fixed rate debt instrument		(0.7	)		0.2
Net long-term debt	$	692.9		$	693.4

14. Accumulated Other Comprehensive Income (Loss)

The components of changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2017 and March 31, 2016 are as follows:

										Accumulated
	Foreign			Defined						Other
	Currency			Benefit			Derivative			Comprehensive
	Adjustments			Plans			Agreements			Income (Loss)
Balance at December 31, 2015	$	(38.5	)	$	(11.5	)	$	4.1		$	(45.9	)
Other comprehensive income (loss) before reclassifications		9.9			0.0			(8.6	)		1.3
Amounts reclassified to consolidated statement of    income (a)		0.0			0.0			(0.5	)		(0.5	)
Tax benefit (expense)		0.0			0.0			2.4			2.4
Other comprehensive income (loss)		9.9			0.0			(6.7	)		3.2
Balance at March 31, 2016	$	(28.6	)	$	(11.5	)	$	(2.6	)	$	(42.7	)
Balance at December 31, 2016	$	(50.0	)	$	(13.2	)	$	(0.6	)	$	(63.8	)
Other comprehensive income (loss) before reclassifications		7.9			0.0			(0.9	)		7.0
Amounts reclassified to consolidated statement of    income (a)		0.0			0.0			0.1			0.1
Tax benefit (expense)		0.0			0.0			0.2			0.2
Other comprehensive income (loss)		7.9			0.0			(0.6	)		7.3
Balance at March 31, 2017	$	(42.1	)	$	(13.2	)	$	(1.2	)	$	(56.5	)

(a) Amounts classified to cost of sales and selling, general and administrative expenses.  

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15.Benefit Plans

In 2016 the Company authorized the termination of international defined benefit pension plans under which approximately 336 participants, including 53 active employees, have accrued benefits.  The Company anticipates completing the termination of this plan by the end of the second quarter of 2017, once regulatory approvals are obtained.  In addition to plan assets, the Company estimates it will need to make a one-time payment of $14.0 to $20.0 ($9.0 to $14.0 after tax) to purchase annuities for participants.  The Company estimates that it will incur a one-time expense of $44.0 to $50.0 ($36.0 to $41.0 after tax) in 2017 when the plan settlement is completed.  This expense primarily includes the effect of the additional cash payment required at settlement and pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants.  The estimated expense is subject to change based on valuations at the actual date of settlement.  Upon the termination of these plans in 2017, the Company will have no further obligations with respect to material defined benefit pension plans.

16. Commitments, Contingencies and Guarantees

Commitments

a. The Company has a partnership with a supplier of raw materials that mines and processes sodium-based mineral deposits.  The Company purchases the majority of its sodium-based raw material requirements from the partnership. The partnership agreement for the partnership terminates upon two years’ written notice by either partner.  Under the partnership agreement, the Company has an annual commitment to purchase 240,000 tons of sodium-based raw materials at the prevailing market price.  With the exception of the Natronx Technologies LLC (“Natronx”) joint venture, in which the Company and the partner supplier are each one-third owners, the Company is not engaged in any other material transactions with the partnership or the partner supplier.

b. As of March 31, 2017, the Company had commitments of approximately $236.5.  These commitments include the purchase of raw materials, packaging supplies and services from its vendors at market prices to enable the Company to respond quickly to changes in customer orders or requirements, as well as costs associated with licensing and promotion agreements.

c. As of March 31, 2017, the Company had various guarantees and letters of credit of approximately $21.9.    

d. On November 8, 2011, the Company acquired a license for certain oral care technology for cash consideration of $4.3.  In addition to this initial payment, the Company was required to make advance royalty payments of up to $5.5 upon the launch of a product utilizing the licensed technology, of which the entire $5.5 has been paid as of December 31, 2015.  As of March 31, 2017, no additional payments are required under the license agreement.  However, upon the approval of certain New Drug Applications by the U.S. Food and Drug Administration for products incorporating the acquired technology, the Company would be required to make an additional $7.0 license payment.  

Legal proceedings

e. The Company has been named as a defendant in a breach of contract action filed by Scantibodies Laboratory, Inc. (the “Plaintiff”) on April 1, 2014 in the U.S. District Court for the Southern District of New York.

The complaint alleges, among other things, that the Company (i) breached two agreements for the manufacture and supply of pregnancy and ovulation test kits by switching suppliers, (ii) failed to give Plaintiff the proper notice, (iii) failed to reimburse Plaintiff for costs and expenses under the agreements and (iv) misrepresented its future requirements. The complaint seeks compensatory and punitive damages of an amount in excess of $20.0, as well as declaratory relief, statutory prejudgment interest and attorneys’ fees and costs.

The Company is vigorously defending itself in this matter.  On June 16, 2014, the Company filed an amended answer to the complaint denying all of the Plaintiff’s material allegations.  The parties have been engaged in fact discovery, which is ongoing.

In connection with this matter, the Company has reserved an amount that is immaterial.  However, it is reasonably possible that the Company may ultimately be required to pay all or substantially all of the damages and other amounts sought by Plaintiff.  It is not currently possible to more precisely estimate the amount or range of any amounts that the Company may be required to pay in excess of the reserved amount because expert discovery with respect to damages is not sufficiently advanced and the outcome thereof is uncertain.

f. In addition, in conjunction with the Company’s acquisition and divestiture activities, the Company entered into select guarantees and indemnifications of performance with respect to the fulfillment of the Company’s commitments under applicable purchase and sale agreements.  The arrangements generally indemnify the buyer or seller for damages associated with breach of

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contract, inaccuracies in representations and warranties surviving the closing date and satisfaction of liabilities and commitments retained under the applicable contract.  Representations and warranties that survive the closing date generally survive for periods up to five years or the expiration of the applicable statutes of limitations.  Potential losses under the indemnifications are generally limited to a portion of the original transaction price, or to other lesser specific dollar amounts for select provisions.  With respect to sale transactions, the Company also routinely enters into non-competition agreements for varying periods of time.  Guarantees and indemnifications with respect to acquisition and divestiture activities, if triggered, could have a materially adverse impact on the Company’s financial condition, results of operations and cash flows.

g. In addition to the matters described above, from time to time in the ordinary course of its business the Company is the subject of, or party to, various pending or threatened legal, regulatory or governmental actions or other proceedings, including, without limitation, those relating to, intellectual property, commercial transactions, product liability, purported consumer class actions, employment matters, antitrust, environmental, health, safety and other compliance related matters.  Such proceedings are generally subject to considerable uncertainty and their outcomes, and any related damages, may not be reasonably predictable or estimable. While any such proceedings could result in an adverse outcome for the Company, any such adverse outcome is not expected to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.  

17. Related Party Transactions

The following summarizes the balances and transactions between the Company and each of (i) Armand Products Company (“Armand”) and The ArmaKleen Company (“ArmaKleen”), in each of which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest:  

	Armand				ArmaKleen				Natronx
	Three Months Ended				Three Months Ended				Three Months Ended
	March 31,		March 31,		March 31,		March 31,		March 31,		March 31,
	2017		2016		2017		2016		2017		2016
Purchases by Company	$	4.7	$	4.4	$	0.0	$	0.0	$	0.0	$	0.0
Sales by Company	$	0.0	$	0.0	$	0.3	$	0.3	$	0.0	$	0.5
Outstanding Accounts Receivable	$	0.5	$	0.4	$	0.9	$	0.7	$	0.0	$	0.1
Outstanding Accounts Payable	$	1.8	$	1.7	$	0.0	$	0.0	$	0.0	$	0.0
Administration & Management Oversight Services (1)	$	0.6	$	0.6	$	0.5	$	0.5	$	0.0	$	0.2

⁽¹⁾ Billed by Company and recorded as a reduction of selling, general and administrative expenses.

18. Segments

Segment Information

The Company operates three reportable segments: Consumer Domestic, Consumer International and SPD.  These segments are determined based on differences in the nature of products and organizational and ownership structures.  The Company also has a Corporate segment.

Segment revenues are derived from the sale of the following products:

Segment	Products
Consumer Domestic	Household and personal care products
Consumer International	Primarily personal care products
SPD	Specialty chemical products

The Corporate segment income consists of equity in earnings (losses) of affiliates.  As of March 31, 2017, the Company held 50% ownership interests in each of Armand and ArmaKleen, respectively, and a one-third ownership interest in Natronx.  The Company’s equity in earnings (losses) of Armand and ArmaKleen for the three months ended March 31, 2017 and 2016 are included in the Corporate segment.  

Some of the subsidiaries that are included in the Consumer International segment manufacture and sell personal care products to the Consumer Domestic segment.  These sales are eliminated from the Consumer International segment results set forth in the table below.

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Segment Net Sales and Income before Income Taxes for the three months ended March 31, 2017 and March 31, 2016 respectively, are as follows:

	Consumer		Consumer
	Domestic		International		SPD		Corporate		Total
Net Sales(1)
First Quarter 2017	$	659.7	$	143.1	$	74.4	$	0.0	$	877.2
First Quarter 2016		647.8		127.4		73.8		0.0		849.0
Income before Income Taxes(2)
First Quarter 2017	$	160.9	$	19.4	$	7.8	$	2.1	$	190.2
First Quarter 2016		139.9		18.1		13.3		1.7		173.0

⁽¹⁾ Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

⁽²⁾ In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations.

Product line revenues from external customers are as follows:  

	Three Months Ended
	March 31,		March 31,
	2017		2016
Household Products	$	394.5	$	388.3
Personal Care Products		265.2		259.5
Total Consumer Domestic		659.7		647.8
Total Consumer International		143.1		127.4
Total SPD		74.4		73.8
Total Consolidated Net Sales	$	877.2	$	849.0

Household Products include laundry, deodorizing and cleaning products.  Personal Care Products include condoms, pregnancy kits, oral care products, skin care and hair care products and gummy dietary supplements.  

19. Brazilian Chemical Business

During fourth quarter of 2016, the Company decided to sell its Brazilian chemical business to focus on its Brazilian consumer business, resulting in a plant impairment charge of $4.9 recognized in the fourth quarter of 2016 based upon an expected sales price.  During the first quarter of 2017, the Company sold the business for approximately $4.5, and recorded an approximate $3.5 expense for severance and other charges for the three months ended March 31, 2017.  Sales for the Brazilian chemical business in 2016 were approximately $22.0.  Future costs associated with the sale of the Brazilian chemical business are expected to be immaterial.

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20. Subsequent Events

Share repurchase

The Company purchased approximately 2.9 million shares of Common Stock for $142.9 under the 2016 Share Repurchase Program after March 31, 2017.

Agro BioSciences, Inc. Acquisition

On May 1, 2017, the Company acquired Agro BioSciences, Inc. (“the Agro BioSciences Acquisition”), an innovator and leader in developing custom probiotic products for poultry, cattle and swine.  The total purchase price was approximately $75.0, which is subject to a working capital adjustment, and includes a payment of up to $25.0 after 3 years if certain operating performance is achieved.  Agro Biosciences annual sales were approximately $11.0 in 2016.  The acquisition was funded with short-term borrowings and will be managed in the Specialty Products Division.

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CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

(In millions, except per share data)

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

Results of Operations

Consolidated results

	Three Months Ended			Change vs.		Three Months Ended
	March 31, 2017			Prior Year		March 31, 2016
Net Sales	$	877.2			3.3%	$	849.0
Gross Profit	$	399.3			5.4%	$	379.0
Gross Margin		45.5	%	+90 basis points			44.6	%
Marketing Expenses	$	90.8		(1.8%)		$	92.5
Percent of Net Sales		10.3	%	-60 basis points			10.9	%
Selling, General & Administrative Expenses	$	112.4			5.0%	$	107.0
Percent of Net Sales		12.8	%	+20 basis points			12.6	%
Income from Operations	$	196.1			9.2%	$	179.5
Operating Margin		22.4	%	+130 basis points			21.1	%
Net income per share - Diluted	$	0.51			18.6%	$	0.43

Diluted Net Income per share was $0.51 as compared to $0.43 in the first quarter of 2016. During the first quarter of 2017, the Company closed on the previously announced transaction to sell its chemical business in Brazil. As a result, a pre and post- tax charge of $3.5 was recorded ($1.3 in cost of goods sold and $2.2 in selling, general and administrative expenses). This equated to $0.01 per share. Also during the quarter, the Company adopted a new accounting standard related to certain aspects of share-based payment awards to employees. This standard requires that any excess tax benefits related to share-based payment awards to employees be recorded as a reduction to income tax expense. Previously, this benefit was recorded in the stockholders’ equity section of the Balance Sheet. The amount recorded in the first quarter of 2017 as a reduction to income tax expense was $8.7 or $0.03 per share.

On August 4, 2016, the Company announced a two-for-one stock split of the Company’s common stock (“Common Stock”). The stock split was structured in the form of a 100% stock dividend, payable on September 1, 2016 to stockholders of record as of August 15, 2016. All applicable amounts in the consolidated financial statements and related disclosures have been retroactively adjusted to reflect the stock split.

Net Sales

Net sales for the three months ended March 31, 2017 were $877.2, an increase of $28.2 or 3.3% as compared to the same period in 2016.  The components of the net sales increase are as follows:

	Three Months Ended
	March 31,
Net Sales - Consolidated	2017
Product volumes sold		2.7	%
Pricing/Product mix		(0.4	%)
Foreign exchange rate fluctuations		(0.6	%)
Volume from acquired product lines (1)		1.6	%
Net Sales increase		3.3	%

(1) On December 22, 2016, the Company acquired the ANUSOL and RECTINOL (the “Anusol Acquisition”) business from Johnson & Johnson, Inc.  On January 17, 2017, the Company acquired the VIVISCAL business (the “Viviscal Acquisition”) from Lifes2Good Holdings Limited. Net sales of these acquisitions are included in the Company’s results since the date of acquisition.

For the three months ended March 31, 2017, the volume change primarily reflects increased product sales in both the Consumer Domestic and Consumer International segments, with volume declines in Specialty Products (“SPD”).

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Gross Profit / Gross Margin

The Company’s gross profit was $399.3 for the three months ended March 31, 2017, a $20.3 increase as compared to the same period in 2016.  Gross margin increased 90 basis points (“bps”) in the first quarter of 2017 compared to the same period in 2016, primarily associated with cost improvement projects representing 100 bps and the impact of higher margins on acquired products representing 50 bps, partially offset by a 20 bps charge associated with selling the Company’s SPD business in Brazil, higher commodity costs of 20 bps, the impact of unfavorable foreign exchange rates of 10 bps and unfavorable price/mix of 10 bps.

Operating Expenses

Marketing expenses for the three months ended March 31, 2017 were $90.8, a decrease of $1.7 or 1.8% as compared to the same period in 2016.  Marketing expenses as a percentage of net sales in the first quarter of 2017 were 10.3% as compared to 10.9% in 2016. The impact of higher sales contributed to a 40 bps reduction and the impact of lower costs contributed an additional 20 bps reduction.  

Selling, general and administrative (“SG&A”) expenses were $112.4 in the three months ended March 31, 2017, an increase of $5.4 or 5.0% as compared to the same period in 2016.  The increase is due to one-time and ongoing costs associated with the Viviscal and Anusol acquisitions, higher information technology costs and costs associated with selling the Company’s SPD business in Brazil, partially offset by lower incentive compensation costs.  SG&A as a percentage of net sales increased 20 bps to 12.8% in the first quarter of 2017 as compared to 12.6% in the same period in 2016.  The increase is due to higher costs of 60 bps, partially offset by 40 bps of leverage associated with higher sales.

Other Income and Expenses

Equity in earnings of affiliates for the three months ended March 31, 2017 increased by $0.4 as compared to the same period in 2016, primarily due to profit improvement from Armand Products due to lower raw material costs.

Other expense, net for the three months ended March 31, 2017 decreased $1.5 as compared to the same period in 2016 primarily due to costs incurred in 2016 associated with the Natronx joint venture.

Interest expense for the three months ended March 31, 2017 increased $1.4 as compared to the same periods in 2016 due to a higher amount of average debt outstanding and increased borrowing costs due to an increase in short-term interest rates.  

Income Taxes

The effective tax rate for the three months ended March 31, 2017 was 30.9% compared to 34.7% in the same period in 2016.  The reduction in the tax rate is primarily due to the tax benefit related to the adoption of the new accounting standard which modifies how companies account for certain aspects of share-based payment awards to employees. Previously this tax benefit was accounted for in the Company’s Stockholders’ Equity section of the Balance Sheet. Starting in 2017, the tax benefit is accounted for as a reduction of income tax expense, which represented 450 bps.

Segment results

The Company operates three reportable segments: Consumer Domestic, Consumer International and SPD.These segments are determined based on differences in the nature of products and organizational and ownership structures.  The Company also has a Corporate segment.

Segment	Products
Consumer Domestic	Household and personal care products
Consumer International	Primarily personal care products
SPD	Specialty chemical products

The Corporate segment income consists of equity in earnings of affiliates.  As of March 31, 2017, the Company held 50% ownership interests in each of Armand Products Company (“Armand”) and The ArmaKleen Company (“ArmaKleen”), respectively, and a one-third ownership interest in Natronx.  The Company’s equity in earnings of Armand and ArmaKleen for the three month periods ended March 31, 2017 and 2016 are included in the Corporate segment.  

Some of the subsidiaries that are included in the Consumer International segment manufacture and sell personal care products to the Consumer Domestic segment.These sales are eliminated from the Consumer International segment results set forth below.

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Segment net sales and income before income taxes for the three month period ended March 31, 2017 and March 31, 2016 are as follows:

	Consumer		Consumer
	Domestic		International		SPD		Corporate		Total
Net Sales(1)
First Quarter 2017	$	659.7	$	143.1	$	74.4	$	0.0	$	877.2
First Quarter 2016		647.8		127.4		73.8		0.0		849.0
Income before Income Taxes(2)
First Quarter 2017	$	160.9	$	19.4	$	7.8	$	2.1	$	190.2
First Quarter 2016		139.9		18.1		13.3		1.7		173.0

⁽¹⁾ Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

⁽²⁾ In determining Income before Income Taxes, interest expense and investment earnings were allocated among the segments based upon each segment’s relative Income from Operations.

Product line revenues from external customers are as follows:

	Three Months Ended
	March 31,		March 31,
	2017		2016
Household Products	$	394.5	$	388.3
Personal Care Products		265.2		259.5
Total Consumer Domestic		659.7		647.8
Total Consumer International		143.1		127.4
Total SPD		74.4		73.8
Total Consolidated Net Sales	$	877.2	$	849.0

Household Products include laundry, deodorizing, and cleaning products.  Personal Care Products include condoms, pregnancy kits, oral care products, skin care and hair care products and gummy dietary supplements.

Consumer Domestic

Consumer Domestic net sales for the three months ended March 31, 2017 were $659.7, an increase of $11.9 or 1.8% as compared to the same period in 2016.  The components of the net sales change are the following:

	Three Months Ended
	March 31,
Net Sales - Consumer Domestic	2017
Product volumes sold		1.1	%
Pricing/Product mix		(0.3	%)
Volume from acquired product lines (1)		1.0	%
Net Sales increase		1.8	%

⁽¹⁾ Includes net sales of the brands acquired in the Viviscal Acquisition since the date of acquisition.

The increase in net sales for the three months ended March 31, 2017, reflects higher sales of ARM & HAMMER liquid and unit dose detergents, BATISTE dry shampoo, ARM & HAMMER Baking Soda and ARM & HAMMER cat litter, partially offset by lower sales of TROJAN condoms and XTRA laundry detergent.  

There continues to be significant product and price competition in the laundry detergent category.  For example, the Procter & Gamble Company markets a lower-priced line of laundry detergents that competes directly with the Company’s core value laundry detergents.  Henkel AG & Co. KGaA (“Henkel”) entered the U.S. market with Persil, its leading worldwide premium laundry detergent, and recently acquired The Sun Products Corporation (“Sun Products”), the maker of ALL, WISK and SUN laundry detergents.  These actions have increased price competition and distribution pressures in the premium and extreme value laundry

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categories and could adversely impact sales and market share of the OXICLEAN and XTRA laundry detergents.  The Company continues to evaluate and vigorously combat these pressures through, among other things, new product introductions, increased marketing and trade spending.  

Consumer Domestic income before income taxes for the three months ended March 31, 2017 was $160.9, a $21.0 increase as compared to the same period in 2016.  The increase is due primarily to favorable commodity and manufacturing costs of $10.7, the impact of higher sales volumes of $9.9, lower marketing expenses of $3.5 and lower SG&A costs of $3.0, partially offset by unfavorable price/mix of $4.6.  

Consumer International

Consumer International net sales were $143.1 for the three months ended March 31, 2017, an increase of $15.7 or 12.3% as compared to the same period in 2016.  The components of the net sales change are the following:

	Three Months Ended
	March 31,
Net Sales - Consumer International	2017
Product volumes sold		13.2	%
Pricing/Product mix		(1.4	%)
Foreign exchange rate fluctuations / Other		(3.3	%)
Volume from acquired product lines (1)		3.8	%
Net Sales increase		12.3	%

⁽¹⁾ Includes net sales of the brands acquired in the Anusol Acquisition and the Viviscal Acquisition since the date of acquisition.

Excluding the impact of unfavorable foreign exchange rates, higher sales in the first quarter ended March 31, 2017 occurred in exports, Canada, Europe and Mexico and were attributable to the ARM & HAMMER liquid detergent brands, BATISTE, OXICLEAN and FEMFRESH.  

Consumer International income before income taxes was $19.4 for the three months ended March 31, 2017, an increase of $1.3 compared to the same period in 2016 due primarily to higher volume of $13.2, partially offset by higher SG&A of $5.4, higher marketing costs of $2.8, unfavorable price/mix of $2.8 and unfavorable foreign exchange rates of $1.0.

International Pension Plan Termination

In 2016 the Company authorized the termination of international defined benefit pension plans under which approximately 336 participants, including 53 active employees, have accrued benefits.  The Company anticipates completing the termination of this plan by the end of the second quarter of 2017, once regulatory approvals are obtained.  In addition to plan assets, the Company estimates it will need to make a one-time payment of $14.0 to $20.0 ($9.0 to $14.0 after tax) to purchase annuities for participants.  The Company estimates that it will incur a one-time expense of $44.0 to $50.0 ($36.0 to $41.0 after tax) in 2017 when the plan settlement is completed.  This expense primarily includes the effect of the additional cash payment required at settlement and pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants.  The estimated expense is subject to change based on valuations at the actual date of settlement.  Upon the termination of these plans in 2017, the Company will have no further obligations with respect to material defined benefit pension plans.

Specialty Products (“SPD”)

SPD net sales were $74.4 for the three months ended March 31, 2017, an increase of $0.6 or 0.8% as compared to the same period in 2016.  The components of the net sales change are the following:

	Three Months Ended
	March 31,
Net Sales - SPD	2017
Product volumes sold		(2.1	%)
Pricing/Product mix		1.8	%
Foreign exchange rate fluctuations / Other		1.1	%
Net Sales increase		0.8	%

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The net sales increase in the first quarterof 2017was driven primarily by improved price and volumes in the animal productivity business due to higher demand from the U.S. dairy industry as milk prices and dairy farm profitability have stabilized, partially offset by lower volumes in SPD.

SPD income before income taxes was $7.8 for the three months ended March 31, 2017, a decrease of $5.5 as compared to the same period in 2016 due primarily to higher manufacturing costs of $4.1, costs associated with the sale of the Brazilian chemical business of $3.5, and higher SG&A of $1.3, partially offset by favorable price/mix of $1.3, lower costs associated with the Natronx joint venture of $1.1, and favorable foreign exchange rates of $0.4.  Future costs associated with the sale of the Brazilian chemical business are expected to be immaterial.

Corporate

The administrative costs of the Company’s production, planning and logistics functions are included in the SG&A expenses of each operating segment and as elements of cost of sales in the Company’s Consolidated Statements of Income.  The Corporate segment includes equity in earnings of affiliates from Armand and ArmaKleen in the first quarter of 2017 and 2016.  The Corporate segment income before income taxes was $2.1 in the first quarter of 2017, as compared to $1.7 in the same period in 2016.  

Liquidity and Capital Resources

As of March 31, 2017, the Company had $139.5 in cash and cash equivalents, $200 available under an unsecured Term Loan Credit Facility which became effective March 27, 2017, approximately $414 available through the revolving facility under its principal credit agreement (the “Credit Agreement”) and its commercial paper program, and a commitment increase feature under the Credit Agreement that enables the Company to borrow up to an additional $600.0, subject to lending commitments of the participating lenders and certain conditions as described in the Credit Agreement.  To preserve its liquidity, the Company invests its cash primarily in government money market funds and short term bank deposits.

The current economic environment presents risks that could have adverse consequences for the Company’s liquidity.  (See “Unfavorable economic conditions could adversely affect demand for the Company’s products” under “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the “Form 10-K”.)  The Company does not anticipate that current economic conditions will adversely affect its ability to comply with the financial covenant in the Credit Agreement because the Company currently is, and anticipates that it will continue to be, in compliance with the maximum leverage ratio requirement under the Credit Agreement.  

On February 7, 2017, the Board declared a 7% increase in the regular quarterly dividend from $0.1775 to $0.19 per share, equivalent to an annual dividend of $0.76 per share payable to stockholders of record as of February 21, 2017.  The increase raises the annual dividend payout from $183 to approximately $195, and maintains the Company’s payout of dividends relative to net income at approximately 40%.  

In connection with the Company’s share repurchase program authorized by the Board in November 2016 (the “2016 Share Repurchase Program”) and its evergreen repurchase program, the Company purchased approximately 3.1 million shares in the first quarter of 2017 at a cost of approximately $157.1, of which approximately $125.0 was purchased under the evergreen share repurchase program and $32.1 was purchased under the 2016 Share Repurchase Program.  The Company will continue its evergreen share repurchase program.

The Company anticipates that its cash from operations, together with its current borrowing capacity, will be sufficient to meet its capital expenditure program costs, which are expected to be a total of approximately $50.0 in 2017, fund its share repurchase programs to the extent implemented by management and pay dividends at the latest approved rate.  Cash, together with the Company’s current borrowing capacity, may be used for acquisitions that would complement the Company’s existing product lines or geographic markets.  The Company does not have any mandatory fixed rate debt principal payments in 2017.  

Cash Flow Analysis

	Three Months Ended
	March 31,			March 31,
	2017			2016
Net cash provided by operating activities	$	131.5		$	177.8
Net cash used in investing activities	$	(159.3	)	$	(184.1	)
Net cash used in financing activities	$	(24.4	)	$	(136.1	)

22

Net Cash Provided by Operating Activities – The Company’s primary source of liquidity is the strong cash flow provided by operating activities, which is dependent on the level of net income and changes in working capital.  The Company’s net cash provided by operating activities in the three months ended March 31, 2017decreased by $46.3 to $131.5 as compared to $177.8 in the same period in 2016 due to an increase in working capital, partially offset by higher cash earnings (net income plus non-cash expenses such as depreciation, amortization, non-cash compensation and asset impairment charges).  The change in working capital is primarily due to a larger decrease in accounts payable and accrued expenses due to higher deferred compensation, incentive compensation and profit sharing payments of approximately $25.0,and larger increases in inventoryand accounts receivable.However, the Company measures working capital effectiveness based on its cash conversion cycle.  The following table presents the Company’s cash conversion cycle information for the three monthsended March 31, 2017 and 2016:

	As of
	March 31, 2017		March 31, 2016		Change
Days of sales outstanding in accounts receivable ("DSO")		30		29		1
Days of inventory outstanding ("DIO")		51		54		(3	)
Days of accounts payable outstanding ("DPO")		64		57		(7	)
Cash conversion cycle		17		26		(9	)

The Company's cash conversion cycle (defined as the sum of DSO and DIO less DPO) which is calculated using a 2 period average method, improved 9 days from the prior year amount of 26 days to 17 days at March 31, 2017 due primarily to improved DPO of 7 days as the Company continues to extend payment terms with its suppliers. DIO improved 3 days from 54 to 51 days, offset by DSO which increased 1 day from 29 to 30 days.  The improvement in the Company's cash conversion cycle reflects the Company's continued focus on reducing its average working capital requirements.

Net Cash Used in Investing Activities – Net cash used in investing activities during the first three months of 2017 was $159.3, primarily reflecting $160.3 for the Viviscal Acquisition and $2.8 for property, plant and equipment expenditures, partially offset by $4.5 of cash proceeds from the sale of the Brazil chemical business.  

Net Cash Used in Financing Activities – Net cash used in financing activities during the first three months of 2017 was $24.4, primarily reflecting $157.1 of repurchases of the Company’s Common Stock, $48.4 of cash dividend payments, and $3.4 of short term debt repayments at an international subsidiary, partially offset by of $162.2 of commercial paper borrowings, and $22.7 of proceeds from stock option exercises.  

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Market risk

For quantitative and qualitative disclosures about market risk affecting the Company, see “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.  Our exposure to market risk has not changed materially since December 31, 2016.  

ITEM 4. CONTROLS AND PROCEDURES

a) Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) at the end of the period covered by this report.  Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this report, are effective to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the United States Securities and Exchange Commission (the “Commission”), and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding the disclosure.

b) Change in Internal Control over Financial Reporting

No change in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

23

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

This report contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; gross margin changes; trade and marketing spending; marketing expense as a percentage of net sales; sufficiency of cash flows from operations; earnings per share; the impact of new accounting pronouncements; cost savings programs; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact of competitive laundry detergent products, including unit dose laundry detergent; the impact of foreign exchange and commodity price fluctuations; the Company’s investments in joint ventures; the impact of acquisitions and divestitures; capital expenditures; pension settlement charges; the Company’s share repurchase programs and the Company’s effective tax rate. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect.  In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events); unanticipated increases in raw material and energy prices; delays or other problems in manufacturing or distribution; adverse developments affecting the financial condition of major customers and suppliers; competition, including The Procter & Gamble Company’s participation in the value laundry detergent category and Henkel AG & Co. KGaA's ("Henkel") entry into the U.S. premium laundry detergent category; Henkel’s acquisition of The Sun Products Co., Inc.; changes in marketing and promotional spending; growth or declines in various product categories and the impact of customer actions in response to changes in consumer demand and the economy, including increasing shelf space of private label products; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; the Company’s ability to maintain product quality and characteristics at a level acceptable to our customers and consumers; disruptions in the banking system and financial markets; foreign currency exchange rate fluctuations; implications of the United Kingdom’s withdrawal from the European Union; issues relating to the Company’s information technology and controls; the impact of natural disasters on the Company and its customers and suppliers, including third party information technology service providers; the acquisition or divestiture of assets; the outcome of contingencies, including litigation, pending regulatory proceedings and environmental matters; and changes in the regulatory environment.

The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the U. S. federal securities laws.  You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the Commission.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

General

In addition to the matters described below, from time to time in the ordinary course of its business, the Company is the subject of, or party to, various pending or threatened legal, regulatory or governmental actions.  Such proceedings are generally subject to considerable uncertainty, and their outcomes, and any related damages, may not be reasonably predictable or estimable.  While any such proceedings could result in an adverse outcome for the Company, any such adverse outcome is not expected to have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows.

Scantibodies Laboratory, Inc.

The Company has been named as a defendant in a breach of contract action filed by Scantibodies Laboratory, Inc. (the “Plaintiff”) on April 1, 2014, in the U.S. District Court for the Southern District of New York.  

The complaint alleges, among other things, that the Company (i) breached two agreements for the manufacture and supply of pregnancy and ovulation test kits by switching suppliers, (ii) failed to give Plaintiff the proper notice, (iii) failed to reimburse Plaintiff for costs and expenses under the agreements and (iv) misrepresented its future requirements.  The complaint seeks compensatory and punitive damages of an amount in excess of $20 million, as well as declaratory relief, statutory prejudgment interest and attorneys’ fees and costs.

The Company is vigorously defending itself in this matter.  On June 16, 2014, the Company filed an amended answer to the complaint denying all of the Plaintiff’s material allegations.  The parties have been engaged in fact discovery, which is ongoing.

In connection with this matter, the Company has reserved an amount that is immaterial.  However, it is reasonably possible that the Company may ultimately be required to pay all or substantially all of the damages and other amounts sought by Plaintiff.  It is not currently possible to more precisely estimate the amount or range of any amounts that the Company may be required to pay in excess

24

of the reserved amount because expert discovery with respect to damages is not sufficiently advanced and the outcomethereof is uncertain.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A, “Risk Factors” in the Form 10-K, which could materially affect the Company’s business, financial condition or future results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The Company repurchases shares of its Common Stock from time to time pursuant to its publicly announced share repurchase programs.  The following table contains information for shares repurchased during the first quarter of 2017.

Period	Total Number of Shares Purchased		Average Price Paid per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under All Programs(2)
1/1/2017 to 1/31/2017		0		0		0	$	300,000,000
2/1/2017 to 2/28/2017		0		0		0	$	300,000,000
3/1/2017 to 3/31/2017		3,136,713	$	50.09		3,136,713	$	267,877,838
Total		3,136,713	$	50.09		3,136,713

 ⁽¹⁾Average price paid per share in the period includes commission.    

⁽²⁾In the first quarter of 2017, the Company purchased 3.1 million shares for $157.1, of which approximately $125.0 was purchased under the evergreen share repurchase program and approximately $32.1 was purchased under the 2016 Share Repurchase Program.  The evergreen share repurchase program has no specified cap and therefore is not reflected in this column.

25

ITEM6. EXHIBITS

	(3.1)	Restated Certificate of Incorporation of the Company, as amended, incorporated by reference to Exhibit 3.2 to the Company’s quarterly report on Form 10-Q for the quarter ended March 27, 2009.
	(3.2)	By-laws of the Company, amended and restated as of January 27, 2016, incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on February 2, 2016.
	(10.1)	Credit Agreement dated March 27, 2017, among Church & Dwight Co., Inc., each of the lenders from time to time party thereto and Bank of America, N.A., as administrative agent and a lender, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 28, 2017.
•	(31.1)	Certification of the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) under the Securities Exchange Act.
•	(31.2)	Certification of the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) under the Securities Exchange Act.
•	(32.1)	Certification of the Chief Executive Officer of the Company pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
•	(32.2)	Certification of the Chief Financial Officer of the Company pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
	(101)	The following materials from Church & Dwight Co., Inc.’s quarterly report on Form 10-Q for the quarter ended March 31, 2017 formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Income for the three months ended March 31, 2017 and March 31, 2016, (ii) Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2017 and March 31, 2016, (iii) Condensed Consolidated Balance Sheets at March 31, 2017 and December 31, 2016, (iv) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2017 and March 31, 2016, (v) Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2017 and March 31, 2016 and (vi) Notes to Consolidated Financial Statements.

• Indicates documents filed herewith.

26

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		CHURCH & DWIGHT CO., INC.
		(REGISTRANT)
DATE:	May 4, 2017	/s/ Richard A. Dierker
		RICHARD A. DIERKER
		Executive Vice President
		and Chief Financial Officer
		(Principal Financial Officer)
DATE:	May 4, 2017	/s/ Steven J. Katz
		STEVEN J. KATZ
		VICE PRESIDENT AND
		CONTROLLER
		(PRINCIPAL ACCOUNTING OFFICER)

27

EXHIBIT INDEX

	(3.1)	Restated Certificate of Incorporation of the Company, as amended, incorporated by reference to Exhibit 3.2 to the Company’s quarterly report on Form 10-Q for the quarter ended March 27, 2009.
	(3.2)	By-laws of the Company, amended and restated as of January 27, 2016, incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on February 2, 2016.
	(10.1)	Credit Agreement dated March 27, 2017, among Church & Dwight Co., Inc., each of the lenders from time to time party thereto and Bank of America, N.A., as administrative agent and a lender, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 28, 2017.
•	(31.1)	Certification of the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) under the Securities Exchange Act.
•	(31.2)	Certification of the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) under the Securities Exchange Act.
•	(32.1)	Certification of the Chief Executive Officer of the Company pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
•	(32.2)	Certification of the Chief Financial Officer of the Company pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
	(101)	The following materials from Church & Dwight Co., Inc.’s quarterly report on Form 10-Q for the quarter ended March 31, 2017 formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Income for the three months ended March 31, 2017 and March 31, 2016, (ii) Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2017 and March 31, 2016, (iii) Condensed Consolidated Balance Sheets at March 31, 2017 and December 31, 2016, (iv) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2017 and March 31, 2016, (v) Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2017 and March 31, 2016 and (vi) Notes to Consolidated Financial Statements.

• Indicates documents filed herewith.

28

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Matthew T. Farrell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Church & Dwight Co., Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of any material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on our evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 4, 2017	/s/ Matthew T. Farrell
		Matthew T. Farrell
		President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Richard A. Dierker, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Church & Dwight Co., Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of any material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on our evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 4, 2017	/s/ Richard A. Dierker
		Richard A. Dierker
		Executive Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

RULE 13a-14(b) UNDER THE SECURITIES EXCHANGE ACT AND
18 U.S.C. SECTION 1350

I, Matthew T. Farrell, President and Chief Executive Officer of Church & Dwight Co., Inc. (the “Company”), hereby certify that, based on my knowledge:

1.The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Matthew T. Farrell
	Matthew T. Farrell
	President and Chief Executive Officer
Dated:	May 4, 2017

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

RULE 13a-14(b) UNDER THE SECURITIES EXCHANGE ACT AND

18 U.S.C. SECTION 1350

     I, Richard A. Dierker, Executive Vice President and Chief Financial Officer of Church & Dwight Co., Inc. (the “Company”), hereby certify that, based on my knowledge:

1.The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Richard A.Dierker
	Richard A. Dierker
	Executive Vice President and Chief Financial Officer
Dated:	May 4, 2017

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 02, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	CHD
Entity Registrant Name	CHURCH & DWIGHT CO INC /DE/
Entity Central Index Key	0000313927
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		249,254,900

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net Sales	[1]	$ 877.2	$ 849.0
Cost of sales		477.9	470.0
Gross Profit		399.3	379.0
Marketing expenses		90.8	92.5
Selling, general and administrative expenses		112.4	107.0
Income from Operations		196.1	179.5
Equity in earnings of affiliates		2.1	1.7
Investment earnings		0.4	0.3
Other income (expense), net		(0.2)	(1.7)
Interest expense		(8.2)	(6.8)
Income before Income Taxes	[2]	190.2	173.0
Income taxes		58.7	60.0
Net Income		$ 131.5	$ 113.0
Weighted average shares outstanding - Basic		254.1	258.8
Weighted average shares outstanding - Diluted		259.7	263.6
Net income per share - Basic		$ 0.52	$ 0.44
Net income per share - Diluted		0.51	0.43
Cash dividends per share		$ 0.19	$ 0.178

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

[2] In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations.

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 131.5	$ 113.0
Other comprehensive income, net of tax:
Foreign exchange translation adjustments	7.9	9.9
Income (loss) from derivative agreements	(0.6)	(6.7)
Other comprehensive income (loss)	7.3	3.2
Comprehensive income	$ 138.8	$ 116.2

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 139.5	$ 187.8
Accounts receivable, less allowances of $1.8 and $2.1	305.2	287.0
Inventories	280.1	258.2
Other current assets	29.7	23.8
Total Current Assets	754.5	756.8
Property, Plant and Equipment, Net	578.9	588.6
Equity Investment in Affiliates	8.2	8.5
Trade Names and Other Intangibles, Net	1,538.1	1,431.8
Goodwill	1,481.3	1,444.1
Other Assets	126.8	124.3
Total Assets	4,487.8	4,354.1
Current Liabilities
Short-term borrowings	585.7	426.8
Accounts payable and accrued expenses	535.6	568.9
Income taxes payable	45.5	6.2
Total Current Liabilities	1,166.8	1,001.9
Long-term Debt	692.9	693.4
Deferred Income Taxes	521.0	512.2
Deferred and Other Long-term Liabilities	171.4	168.7
Total Liabilities	2,552.1	2,376.2
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 300,000,000 shares; 292,855,100 shares issued	292.8	292.8
Additional paid-in capital	249.4	251.4
Retained earnings	3,009.1	2,926.0
Accumulated other comprehensive loss	(56.5)	(63.8)
Common stock in treasury, at cost: 40,959,593 shares in 2017 and 38,892,165 shares in 2016	(1,559.1)	(1,428.5)
Total Stockholders' Equity	1,935.7	1,977.9
Total Liabilities and Stockholders’ Equity	$ 4,487.8	$ 4,354.1

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 1.8	$ 2.1
Preferred Stock, par value	$ 1.00	$ 1.00
Preferred Stock, Authorized	2,500,000	2,500,000
Preferred Stock, issued	0	0
Common Stock, par value	$ 1.00	$ 1.00
Common Stock, Authorized	300,000,000	300,000,000
Common Stock, shares issued	292,855,100	292,855,100
Common stock in treasury, shares	40,959,593	38,892,165

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flow From Operating Activities
Net Income	$ 131.5	$ 113.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	14.8	16.0
Amortization expense	14.5	11.9
Deferred income taxes	9.4	7.6
Equity in net earnings of affiliates	(2.1)	(1.7)
Distributions from unconsolidated affiliates	2.5	2.0
Non-cash compensation expense	2.0	5.8
Other	0.5	0.9
Change in assets and liabilities:
Accounts receivable	(11.2)	5.2
Inventories	(21.3)	(8.7)
Other current assets	(3.5)	(1.7)
Accounts payable and accrued expenses	(47.9)	(5.5)
Income taxes payable	39.3	42.4
Excess tax benefit on stock options exercised	0.0	(7.9)
Other operating assets and liabilities, net	3.0	(1.5)
Net Cash Provided By Operating Activities	131.5	177.8
Cash Flow From Investing Activities
Additions to property, plant and equipment	(2.8)	(8.5)
Acquisitions	(160.3)	(175.0)
Other	3.8	(0.6)
Net Cash Used In Investing Activities	(159.3)	(184.1)
Cash Flow From Financing Activities
Short-term debt borrowings (repayments)	158.8	93.8
Proceeds from stock options exercised	22.7	13.3
Excess tax benefit on stock options exercised	0.0	7.9
Payment of cash dividends	(48.4)	(46.1)
Purchase of treasury stock	(157.1)	(200.0)
Other	(0.4)	(5.0)
Net Cash Used In Financing Activities	(24.4)	(136.1)
Effect of exchange rate changes on cash and cash equivalents	3.9	6.7
Net Change In Cash and Cash Equivalents	(48.3)	(135.7)
Cash and Cash Equivalents at Beginning of Period	187.8	330.0
Cash and Cash Equivalents at End of Period	139.5	194.3
Cash paid during the year for:
Interest (net of amounts capitalized)	4.0	2.5
Income taxes	9.9	10.0
Supplemental disclosure of non-cash investing activities:
Property, plant and equipment expenditures included in Accounts Payable	$ 5.4	$ 4.3

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2015	$ 2,023.2	$ 292.8	$ (1,103.7)	$ 230.0	$ 2,650.0	$ (45.9)
Beginning Balance (in shares) at Dec. 31, 2015		292.8	(32.8)
Net Income	113.0	$ 0.0	$ 0.0	0.0	113.0	0.0
Other comprehensive income (loss)	3.2	0.0	0.0	0.0	0.0	3.2
Cash dividends	(46.1)	0.0	0.0	0.0	(46.1)	0.0
Stock purchases	(200.0)	$ 0.0	$ (200.0)	0.0	0.0	0.0
Stock purchases (in shares)		0.0	(4.4)
Stock based compensation expense and stock option plan transactions, including related income tax benefits	27.0	$ 0.0	$ 22.4	4.6	0.0	0.0
Stock based compensation expense and stock option plan transactions, including related income tax benefits (in shares)		0.0	0.6
Ending Balance at Mar. 31, 2016	1,920.3	$ 292.8	$ (1,281.3)	234.6	2,716.9	(42.7)
Ending Balance (in shares) at Mar. 31, 2016		292.8	(36.6)
Beginning Balance at Dec. 31, 2016	1,977.9	$ 292.8	$ (1,428.5)	251.4	2,926.0	(63.8)
Beginning Balance (in shares) at Dec. 31, 2016		292.8	(38.9)
Net Income	131.5	$ 0.0	$ 0.0	0.0	131.5	0.0
Other comprehensive income (loss)	7.3	0.0	0.0	0.0	0.0	7.3
Cash dividends	(48.4)	0.0	0.0	0.0	(48.4)	0.0
Stock purchases	$ (157.1)	$ 0.0	$ (157.1)	0.0	0.0	0.0
Stock purchases (in shares)	(3.1)	0.0	(3.1)
Stock based compensation expense and stock option plan transactions, including related income tax benefits	$ 24.5	$ 0.0	$ 26.5	(2.0)	0.0	0.0
Stock based compensation expense and stock option plan transactions, including related income tax benefits (in shares)		0.0	1.0
Ending Balance at Mar. 31, 2017	$ 1,935.7	$ 292.8	$ (1,559.1)	$ 249.4	$ 3,009.1	$ (56.5)
Ending Balance (in shares) at Mar. 31, 2017		292.8	(41.0)

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Statement Of Stockholders Equity [Abstract]
Stock based compensation expense and stock option plan transactions, income tax benefits	$ 7.9

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Basis of Presentation

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

1. Basis of Presentation

The condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016, the condensed consolidated statements of income and comprehensive income, cash flow and stockholders’ equity for the three months ended March 31, 2017 and March 31, 2016 have been prepared by Church & Dwight Co., Inc. (the “Company”).  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at March 31, 2017 and results of operations and cash flows for all periods presented have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted.  These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “Form 10-K”).  The results of operations for the period ended March 31, 2017 are not necessarily indicative of the operating results for the full year.

On August 4, 2016, the Company announced a two-for-one stock split of the Company’s common stock (“Common Stock”). The stock split was structured in the form of a 100% stock dividend, payable on September 1, 2016 to stockholders of record as of August 15, 2016. All applicable amounts in the condensed consolidated financial statements and related disclosures have been retroactively adjusted to reflect the stock split.

In March 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that makes modifications to how companies account for certain aspects of share-based payment awards to employees, including accounting for income taxes, forfeitures, and statutory withholding requirements, as well as the classification of excess tax benefits in the statement of cash flows.  The Company prospectively adopted the standard in the first quarter of 2017.  The adoption resulted in excess tax benefits of $8.7 or $0.03 per share recorded in the provision for income taxes rather than in the Company’s Stockholders’ Equity Section of the Balance Sheet and an increase to both net cash provided by operating activities and net cash used in financing activities of $8.7 million for the three months ended March 31, 2017. The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of diluted earnings per share, which did not have a material impact on our diluted earnings per share for the three months ended March 31, 2017.  The Company has also elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period.  

The Company incurred research and development expenses in the first quarter of 2017 and 2016 of $14.1 and $14.4, respectively.  These expenses are included in selling, general and administrative expenses.

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New Accounting Pronouncements

3 Months Ended

Mar. 31, 2017

Accounting Changes And Error Corrections [Abstract]

New Accounting Pronouncements

2. New Accounting Pronouncements

In March 2017, the FASB issued new accounting guidance that requires employers to report the service cost component separate from the other components of net benefit pension and postretirement costs. The employer is required to report the service cost component in the same line item or items as other compensation costs arising from services rendered during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside the subtotal of income from operations.  Only the service cost component is eligible for capitalization.  The guidance is effective for annual and interim periods beginning after December 15, 2017, and requires retrospective adoption, with early adoption permitted. The guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.  

In March, April, and May of 2016, the FASB issued amended guidance that clarifies the principles for recognizing revenue.  The amendments clarify the guidance for identifying performance obligations, licensing arrangements and principal versus agent considerations.  The amendments additionally provide clarification on how to assess collectability, present sales tax, treat noncash consideration, and account for completed and modified contracts at the time of transition.  The guidance is effective for annual periods, including interim reporting periods within those periods, beginning after December 15, 2017, and allows companies to apply the requirements retrospectively, either to all prior periods presented or through a cumulative adjustment in the year of adoption.  The new standard will be effective for the Company at the beginning of its first quarter of fiscal year 2018.  The guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In February 2016, the FASB issued new lease accounting guidance, requiring lessees to recognize right-of-use lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases, with a term greater than a year. The new guidance also expands the required quantitative and qualitative disclosures surrounding leases. The guidance is effective for annual and interim periods beginning after December 15, 2018, and requires a modified retrospective adoption, with early adoption permitted. The Company is currently evaluating the impact that adoption of the guidance will have on the Company’s consolidated financial position, results of operations and cash flows.

There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

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Inventories

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Inventories

3. Inventories

Inventories consist of the following:

	March 31,		December 31,
	2017		2016
Raw materials and supplies	$	70.2	$	69.8
Work in process		28.0		28.8
Finished goods		181.9		159.6
Total	$	280.1	$	258.2

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Property, Plant and Equipment, Net ("PP&E")

3 Months Ended

Mar. 31, 2017

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, Net ("PP&E")

4. Property, Plant and Equipment, Net (“PP&E”)

PP&E consists of the following:

	March 31,		December 31,
	2017		2016
Land	$	25.1	$	25.1
Buildings and improvements		289.5		284.7
Machinery and equipment		686.7		680.1
Software		90.5		90.4
Office equipment and other assets		61.7		60.8
Construction in progress		18.3		24.2
Gross PP&E		1,171.8		1,165.3
Less accumulated depreciation and amortization		592.9		576.7
Net PP&E	$	578.9	$	588.6

	Three Months Ended
	March 31,		March 31,
	2017		2016
Depreciation and amortization on PP&E	$	14.8	$	16.0

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Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

5. Earnings Per Share (“EPS”)

Basic EPS is calculated based on income available to holders of Common Stock and the weighted average number of shares outstanding during the reported period.  Diluted EPS includes additional dilution from potential Common Stock issuable pursuant to the exercise of outstanding stock options.

The following table sets forth a reconciliation of the weighted average number of shares of Common Stock outstanding to the weighted average number of shares outstanding on a diluted basis:

	Three Months Ended
	March 31,		March 31,
	2017		2016
Weighted average common shares outstanding -  basic		254.1		258.8
Dilutive effect of stock options		5.6		4.8
Weighted average common shares outstanding - diluted		259.7		263.6
Antidilutive stock options outstanding		1.3		1.6

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Stock Based Compensation Plans

3 Months Ended

Mar. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation Plans

6. Stock Based Compensation Plans

The following table provides a summary of option activity during the three months ended March 31, 2017:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
Outstanding at December 31, 2016		16.0		$	30.06
Exercised		(1.0	)		22.08
Cancelled		(0.1	)		41.97
Outstanding at March 31, 2017		14.9		$	30.54		5.8	$	288.2
Exercisable at March 31, 2017		8.7		$	23.01		4.3	$	233.7

The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards.  

	Three Months Ended
	March 31,		March 31,
	2017		2016
Intrinsic Value of Stock Options Exercised	$	27.2	$	24.2
Stock Compensation Expense Related to Stock Option Awards	$	1.7	$	5.5

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Share Repurchases

3 Months Ended

Mar. 31, 2017

Payments For Repurchase Of Equity [Abstract]

Share Repurchases

7. Share Repurchases

On November 2, 2016, the Board authorized a new share repurchase program, under which the Company may repurchase up to $500 million in shares of Common Stock (the “2016 Share Repurchase Program”).  The 2016 Share Repurchase Program does not have an expiration and replaced the 2015 Share Repurchase Program.  The Company also continued its evergreen share repurchase program, authorized by the Board on January 29, 2014, under which the Company may repurchase, from time to time, Common Stock to reduce or eliminate dilution associated with issuances of Common Stock under the Company’s incentive plans.  

In the first quarter of 2017, the Company purchased approximately 3.1 million shares of Common Stock for $157.1, of which approximately $125.0 was purchased under the evergreen share repurchase program and $32.1 was purchased under the 2016 Share Repurchase Program.  As a result of the Company’s purchases, there remained $267.9 under the 2016 Share Repurchase Program as of March 31, 2017.             

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Fair Value Measurements

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. Fair Value Measurements

Fair Value Hierarchy

Accounting guidance on fair value measurements and disclosures establishes a hierarchy that prioritizes the inputs used to measure fair value (generally, assumptions that market participants would use in pricing an asset or liability) based on the quality and reliability of the information provided by the inputs, as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

Fair Values of Other Financial Instruments

The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at March 31, 2017 and December 31, 2016:

		March 31, 2017						December 31, 2016
	Input	Carrying			Fair			Carrying		Fair
	Level	Amount			Value			Amount		Value
Financial Assets:
Cash equivalents	Level 1	$	75.7		$	75.7		$	72.4	$	72.4
Financial Liabilities:
Short-term borrowings	Level 2		585.7			585.7			426.8		426.8
2.875% Senior notes due October 1, 2022	Level 2		399.8			397.8			399.8		396.9
2.45% Senior notes due December 15, 2019	Level 2		299.9			302.6			299.9		302.0
Fair value adjustment asset (liability) related to hedged fixed rate    debt instrument	Level 2		(0.7	)		(0.7	)		0.2		0.2

The Company recognizes transfers between input levels as of the actual date of the event.  There were no transfers between input levels during the three months ended March 31, 2017.

Refer to Note 2 in the Form 10-K for the year ended December 31, 2016 for a description of the methods and assumptions used to estimate the fair value of each class of financial instruments reflected in the condensed Consolidated Balance Sheets.  

The carrying amounts of accounts receivable, and accounts payable and accrued expenses, approximated estimated fair values as of March 31, 2017 and December 31, 2016.  

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Derivative Instruments and Risk Management

3 Months Ended

Mar. 31, 2017

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Risk Management

9. Derivative Instruments and Risk Management

Changes in interest rates, foreign exchange rates, the price of Common Stock and commodity prices expose the Company to market risk.  The Company manages these risks through the use of derivative instruments, such as cash flow and fair value hedges, diesel hedge contracts, equity derivatives and foreign exchange forward contracts.  The Company does not use derivatives for trading or speculative purposes.  Refer to Note 3 in the Form 10-K for a discussion of each of the Company’s derivative instruments.  

The notional amount of a derivative instrument is the nominal or face amount used to calculate payments made on that instrument.  Notional amounts are presented in the following table:

	Notional		Notional
	Amount		Amount
	March 31, 2017		December 31, 2016
Derivatives designated as hedging instruments
Foreign exchange contracts	$	107.0	$	94.1
Interest rate swap	$	300.0	$	300.0
Diesel fuel contracts	2.5 gallons		2.0 gallons
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	76.7	$	1.8
Equity derivatives	$	22.9	$	34.4

The fair values and amount of gain (loss) recognized in income and other comprehensive income associated with the derivative instruments disclosed above did not have a material impact on the Company’s condensed consolidated financial statements.

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Acquisition

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Acquisition

10. Acquisition

On January 17, 2017, the Company acquired the VIVISCAL business from Lifes2Good Holdings Limited for approximately $160 (“Viviscal Acquisition”).  VIVISCAL is a leading hair care supplement brand both in the U.S. and the U.K. with global annual sales of $44 in 2016.  This brand is complementary to the Company’s global BATISTE dry shampoo and TOPPIK hair care business. The acquisition was funded with short-term borrowings and will be managed in the Consumer Domestic and Consumer International segments.

The preliminary fair values of the net assets acquired are set forth as follows:

	Acquisition Date
	Preliminary
	Fair Value
Inventory and other working capital	$	10.3
Trade names and other intangibles		119.6
Goodwill		36.9
Current liabilities		(6.5	)
Cash purchase price (net of cash acquired)	$	160.3

The life of the amortizable intangible assets recognized from the Viviscal Acquisition ranges from15 - 20 years.  The goodwill is a result of expected synergies from combined operations of the acquisition and the Company. Pro forma results are not presented because the impact is not material to the Company’s consolidated financial results.

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Goodwill and Other Intangibles, Net

3 Months Ended

Mar. 31, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles, Net

11. Goodwill and Other Intangibles, Net

The following table provides information related to the carrying value of all intangible assets, other than goodwill:

	March 31, 2017								December 31, 2016
	Gross							Amortization	Gross
	Carrying		Accumulated					Period	Carrying		Accumulated
	Amount		Amortization			Net		(Years)	Amount		Amortization			Net
Amortizable intangible assets:
Trade Names	$	550.8	$	(122.3	)	$	428.5	3-20	$	442.6	$	(115.0	)	$	327.6
Customer Relationships		396.1		(170.1	)		226.0	15-20		384.4		(164.2	)		220.2
Patents/Formulas		68.7		(46.2	)		22.5	4-20		68.7		(45.4	)		23.3
Non Compete Agreement		1.8		(1.6	)		0.2	5-10		1.8		(1.6	)		0.2
Total	$	1,017.4	$	(340.2	)	$	677.2		$	897.5	$	(326.2	)	$	571.3

Indefinite lived intangible assets - Carrying value

	March 31,		December 31,
	2017		2016
Trade Names	$	860.9	$	860.5

Intangible amortization expense amounted to $13.9 and $11.3 for the first three months of 2017 and 2016, respectively.  The Company estimates that intangible amortization expense will be approximately $56.0 in 2017 and approximately $49.0 to $56.0 annually over the next five years.

The carrying amount of goodwill as of March 31, 2017 and December 31, 2016, respectively, is as follows:

	Consumer		Consumer		Specialty
	Domestic		International		Products		Total
Balance at December 31, 2016	$	1,280.1	$	113.9	$	50.1	$	1,444.1
VIVISCAL acquired goodwill		25.8		11.1		0.0	$	36.9
Other		0.0		0.3		0.0		0.3
Balance at March 31, 2017	$	1,305.9	$	125.3	$	50.1	$	1,481.3

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Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2017

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

12. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	March 31,		December 31,
	2017		2016
Trade accounts payable	$	346.3	$	331.6
Accrued marketing and promotion costs		94.3		82.0
Accrued wages and related benefit costs		29.9		73.2
Other accrued current liabilities		65.1		82.1
Total	$	535.6	$	568.9

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Short-Term Borrowings and Long-Term Debt

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Short-Term Borrowings and Long-Term Debt

13. Short-Term Borrowings and Long-Term Debt

Short-term borrowings and long-term debt consist of the following:

	March 31,			December 31,
	2017			2016
Short-term borrowings
Commercial paper issuances	$	582.2		$	420.0
Various debt due to international banks		3.5			6.8
Total short-term borrowings	$	585.7		$	426.8
Long-term debt
2.875% Senior notes due October 1, 2022	$	400.0		$	400.0
Less: Discount		(0.2	)		(0.2	)
2.45% Senior notes due December 15, 2019		300.0			300.0
Less: Discount		(0.1	)		(0.1	)
Debt issuance costs, net		(6.1	)		(6.5	)
Fair value adjustment related to hedged fixed rate debt instrument		(0.7	)		0.2
Net long-term debt	$	692.9		$	693.4

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

14. Accumulated Other Comprehensive Income (Loss)

The components of changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2017 and March 31, 2016 are as follows:

										Accumulated
	Foreign			Defined						Other
	Currency			Benefit			Derivative			Comprehensive
	Adjustments			Plans			Agreements			Income (Loss)
Balance at December 31, 2015	$	(38.5	)	$	(11.5	)	$	4.1		$	(45.9	)
Other comprehensive income (loss) before reclassifications		9.9			0.0			(8.6	)		1.3
Amounts reclassified to consolidated statement of    income (a)		0.0			0.0			(0.5	)		(0.5	)
Tax benefit (expense)		0.0			0.0			2.4			2.4
Other comprehensive income (loss)		9.9			0.0			(6.7	)		3.2
Balance at March 31, 2016	$	(28.6	)	$	(11.5	)	$	(2.6	)	$	(42.7	)
Balance at December 31, 2016	$	(50.0	)	$	(13.2	)	$	(0.6	)	$	(63.8	)
Other comprehensive income (loss) before reclassifications		7.9			0.0			(0.9	)		7.0
Amounts reclassified to consolidated statement of    income (a)		0.0			0.0			0.1			0.1
Tax benefit (expense)		0.0			0.0			0.2			0.2
Other comprehensive income (loss)		7.9			0.0			(0.6	)		7.3
Balance at March 31, 2017	$	(42.1	)	$	(13.2	)	$	(1.2	)	$	(56.5	)

(a) Amounts classified to cost of sales and selling, general and administrative expenses.  

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Benefit Plans

3 Months Ended

Mar. 31, 2017

Compensation And Retirement Disclosure [Abstract]

Benefit Plans

15.Benefit Plans

In 2016 the Company authorized the termination of international defined benefit pension plans under which approximately 336 participants, including 53 active employees, have accrued benefits.  The Company anticipates completing the termination of this plan by the end of the second quarter of 2017, once regulatory approvals are obtained.  In addition to plan assets, the Company estimates it will need to make a one-time payment of $14.0 to $20.0 ($9.0 to $14.0 after tax) to purchase annuities for participants.  The Company estimates that it will incur a one-time expense of $44.0 to $50.0 ($36.0 to $41.0 after tax) in 2017 when the plan settlement is completed.  This expense primarily includes the effect of the additional cash payment required at settlement and pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants.  The estimated expense is subject to change based on valuations at the actual date of settlement.  Upon the termination of these plans in 2017, the Company will have no further obligations with respect to material defined benefit pension plans.

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Commitments, Contingencies and Guarantees

3 Months Ended

Mar. 31, 2017

Commitments And Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

16. Commitments, Contingencies and Guarantees

Commitments

a. The Company has a partnership with a supplier of raw materials that mines and processes sodium-based mineral deposits.  The Company purchases the majority of its sodium-based raw material requirements from the partnership. The partnership agreement for the partnership terminates upon two years’ written notice by either partner.  Under the partnership agreement, the Company has an annual commitment to purchase 240,000 tons of sodium-based raw materials at the prevailing market price.  With the exception of the Natronx Technologies LLC (“Natronx”) joint venture, in which the Company and the partner supplier are each one-third owners, the Company is not engaged in any other material transactions with the partnership or the partner supplier.

b. As of March 31, 2017, the Company had commitments of approximately $236.5.  These commitments include the purchase of raw materials, packaging supplies and services from its vendors at market prices to enable the Company to respond quickly to changes in customer orders or requirements, as well as costs associated with licensing and promotion agreements.

c. As of March 31, 2017, the Company had various guarantees and letters of credit of approximately $21.9.     

d. On November 8, 2011, the Company acquired a license for certain oral care technology for cash consideration of $4.3.  In addition to this initial payment, the Company was required to make advance royalty payments of up to $5.5 upon the launch of a product utilizing the licensed technology, of which the entire $5.5 has been paid as of December 31, 2015.  As of March 31, 2017, no additional payments are required under the license agreement.  However, upon the approval of certain New Drug Applications by the U.S. Food and Drug Administration for products incorporating the acquired technology, the Company would be required to make an additional $7.0 license payment.  

Legal proceedings

e. The Company has been named as a defendant in a breach of contract action filed by Scantibodies Laboratory, Inc. (the “Plaintiff”) on April 1, 2014 in the U.S. District Court for the Southern District of New York.

The complaint alleges, among other things, that the Company (i) breached two agreements for the manufacture and supply of pregnancy and ovulation test kits by switching suppliers, (ii) failed to give Plaintiff the proper notice, (iii) failed to reimburse Plaintiff for costs and expenses under the agreements and (iv) misrepresented its future requirements. The complaint seeks compensatory and punitive damages of an amount in excess of $20.0, as well as declaratory relief, statutory prejudgment interest and attorneys’ fees and costs.

The Company is vigorously defending itself in this matter.  On June 16, 2014, the Company filed an amended answer to the complaint denying all of the Plaintiff’s material allegations.  The parties have been engaged in fact discovery, which is ongoing.

In connection with this matter, the Company has reserved an amount that is immaterial.  However, it is reasonably possible that the Company may ultimately be required to pay all or substantially all of the damages and other amounts sought by Plaintiff.  It is not currently possible to more precisely estimate the amount or range of any amounts that the Company may be required to pay in excess of the reserved amount because expert discovery with respect to damages is not sufficiently advanced and the outcome thereof is uncertain.

f. In addition, in conjunction with the Company’s acquisition and divestiture activities, the Company entered into select guarantees and indemnifications of performance with respect to the fulfillment of the Company’s commitments under applicable purchase and sale agreements.  The arrangements generally indemnify the buyer or seller for damages associated with breach of contract, inaccuracies in representations and warranties surviving the closing date and satisfaction of liabilities and commitments retained under the applicable contract.  Representations and warranties that survive the closing date generally survive for periods up to five years or the expiration of the applicable statutes of limitations.  Potential losses under the indemnifications are generally limited to a portion of the original transaction price, or to other lesser specific dollar amounts for select provisions.  With respect to sale transactions, the Company also routinely enters into non-competition agreements for varying periods of time.  Guarantees and indemnifications with respect to acquisition and divestiture activities, if triggered, could have a materially adverse impact on the Company’s financial condition, results of operations and cash flows.

g. In addition to the matters described above, from time to time in the ordinary course of its business the Company is the subject of, or party to, various pending or threatened legal, regulatory or governmental actions or other proceedings, including, without limitation, those relating to, intellectual property, commercial transactions, product liability, purported consumer class actions, employment matters, antitrust, environmental, health, safety and other compliance related matters.  Such proceedings are generally subject to considerable uncertainty and their outcomes, and any related damages, may not be reasonably predictable or estimable. While any such proceedings could result in an adverse outcome for the Company, any such adverse outcome is not expected to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.  

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Related Party Transactions

3 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions

17. Related Party Transactions

The following summarizes the balances and transactions between the Company and each of (i) Armand Products Company (“Armand”) and The ArmaKleen Company (“ArmaKleen”), in each of which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest:  

	Armand				ArmaKleen				Natronx
	Three Months Ended				Three Months Ended				Three Months Ended
	March 31,		March 31,		March 31,		March 31,		March 31,		March 31,
	2017		2016		2017		2016		2017		2016
Purchases by Company	$	4.7	$	4.4	$	0.0	$	0.0	$	0.0	$	0.0
Sales by Company	$	0.0	$	0.0	$	0.3	$	0.3	$	0.0	$	0.5
Outstanding Accounts Receivable	$	0.5	$	0.4	$	0.9	$	0.7	$	0.0	$	0.1
Outstanding Accounts Payable	$	1.8	$	1.7	$	0.0	$	0.0	$	0.0	$	0.0
Administration & Management Oversight Services (1)	$	0.6	$	0.6	$	0.5	$	0.5	$	0.0	$	0.2

⁽¹⁾ Billed by Company and recorded as a reduction of selling, general and administrative expenses.

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Segments

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segments

18. Segments

Segment Information

The Company operates three reportable segments: Consumer Domestic, Consumer International and SPD.  These segments are determined based on differences in the nature of products and organizational and ownership structures.  The Company also has a Corporate segment.

Segment revenues are derived from the sale of the following products:

Segment	Products
Consumer Domestic	Household and personal care products
Consumer International	Primarily personal care products
SPD	Specialty chemical products

The Corporate segment income consists of equity in earnings (losses) of affiliates.  As of March 31, 2017, the Company held 50% ownership interests in each of Armand and ArmaKleen, respectively, and a one-third ownership interest in Natronx.  The Company’s equity in earnings (losses) of Armand and ArmaKleen for the three months ended March 31, 2017 and 2016 are included in the Corporate segment.  

Some of the subsidiaries that are included in the Consumer International segment manufacture and sell personal care products to the Consumer Domestic segment.  These sales are eliminated from the Consumer International segment results set forth in the table below.

Segment Net Sales and Income before Income Taxes for the three months ended March 31, 2017 and March 31, 2016 respectively, are as follows:

	Consumer		Consumer
	Domestic		International		SPD		Corporate		Total
Net Sales(1)
First Quarter 2017	$	659.7	$	143.1	$	74.4	$	0.0	$	877.2
First Quarter 2016		647.8		127.4		73.8		0.0		849.0
Income before Income Taxes(2)
First Quarter 2017	$	160.9	$	19.4	$	7.8	$	2.1	$	190.2
First Quarter 2016		139.9		18.1		13.3		1.7		173.0

⁽¹⁾ Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

⁽²⁾ In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations.

Product line revenues from external customers are as follows:  

	Three Months Ended
	March 31,		March 31,
	2017		2016
Household Products	$	394.5	$	388.3
Personal Care Products		265.2		259.5
Total Consumer Domestic		659.7		647.8
Total Consumer International		143.1		127.4
Total SPD		74.4		73.8
Total Consolidated Net Sales	$	877.2	$	849.0

Household Products include laundry, deodorizing and cleaning products.  Personal Care Products include condoms, pregnancy kits, oral care products, skin care and hair care products and gummy dietary supplements.  

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Brazilian Chemical Business

3 Months Ended

Mar. 31, 2017

Discontinued Operations And Disposal Groups [Abstract]

Brazilian Chemical Business

19. Brazilian Chemical Business

During fourth quarter of 2016, the Company decided to sell its Brazilian chemical business to focus on its Brazilian consumer business, resulting in a plant impairment charge of $4.9 recognized in the fourth quarter of 2016 based upon an expected sales price.  During the first quarter of 2017, the Company sold the business for approximately $4.5, and recorded an approximate $3.5 expense for severance and other charges for the three months ended March 31, 2017.  Sales for the Brazilian chemical business in 2016 were approximately $22.0.  Future costs associated with the sale of the Brazilian chemical business are expected to be immaterial.

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Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Events

Share repurchase

The Company purchased approximately 2.9 million shares of Common Stock for $142.9 under the 2016 Share Repurchase Program after March 31, 2017.

Agro BioSciences, Inc. Acquisition

On May 1, 2017, the Company acquired Agro BioSciences, Inc. (“the Agro BioSciences Acquisition”), an innovator and leader in developing custom probiotic products for poultry, cattle and swine.  The total purchase price was approximately $75.0, which is subject to a working capital adjustment, and includes a payment of up to $25.0 after 3 years if certain operating performance is achieved.  Agro Biosciences annual sales were approximately $11.0 in 2016.  The acquisition was funded with short-term borrowings and will be managed in the Specialty Products Division.

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Inventories (Tables)

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consist of the following:

	March 31,		December 31,
	2017		2016
Raw materials and supplies	$	70.2	$	69.8
Work in process		28.0		28.8
Finished goods		181.9		159.6
Total	$	280.1	$	258.2

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Property, Plant and Equipment, Net ("PP&E") (Tables)

3 Months Ended

Mar. 31, 2017

Property Plant And Equipment [Abstract]

Components of Property, Plant and Equipment

PP&E consists of the following:

	March 31,		December 31,
	2017		2016
Land	$	25.1	$	25.1
Buildings and improvements		289.5		284.7
Machinery and equipment		686.7		680.1
Software		90.5		90.4
Office equipment and other assets		61.7		60.8
Construction in progress		18.3		24.2
Gross PP&E		1,171.8		1,165.3
Less accumulated depreciation and amortization		592.9		576.7
Net PP&E	$	578.9	$	588.6

	Three Months Ended
	March 31,		March 31,
	2017		2016
Depreciation and amortization on PP&E	$	14.8	$	16.0

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Earnings Per Share ("EPS") (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Reconciliation Of Weighted Average Number Of Common Shares Outstanding

The following table sets forth a reconciliation of the weighted average number of shares of Common Stock outstanding to the weighted average number of shares outstanding on a diluted basis:

	Three Months Ended
	March 31,		March 31,
	2017		2016
Weighted average common shares outstanding -  basic		254.1		258.8
Dilutive effect of stock options		5.6		4.8
Weighted average common shares outstanding - diluted		259.7		263.6
Antidilutive stock options outstanding		1.3		1.6

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Stock Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Option Activity

The following table provides a summary of option activity during the three months ended March 31, 2017:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
Outstanding at December 31, 2016		16.0		$	30.06
Exercised		(1.0	)		22.08
Cancelled		(0.1	)		41.97
Outstanding at March 31, 2017		14.9		$	30.54		5.8	$	288.2
Exercisable at March 31, 2017		8.7		$	23.01		4.3	$	233.7

Information Regarding Intrinsic Value of Stock Options Exercised and Stock Compensation Expense Related to Stock Option Awards

The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards.  

	Three Months Ended
	March 31,		March 31,
	2017		2016
Intrinsic Value of Stock Options Exercised	$	27.2	$	24.2
Stock Compensation Expense Related to Stock Option Awards	$	1.7	$	5.5

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Carrying Amounts and Estimated Fair Values of Other Financial Instruments

The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at March 31, 2017 and December 31, 2016:

		March 31, 2017						December 31, 2016
	Input	Carrying			Fair			Carrying		Fair
	Level	Amount			Value			Amount		Value
Financial Assets:
Cash equivalents	Level 1	$	75.7		$	75.7		$	72.4	$	72.4
Financial Liabilities:
Short-term borrowings	Level 2		585.7			585.7			426.8		426.8
2.875% Senior notes due October 1, 2022	Level 2		399.8			397.8			399.8		396.9
2.45% Senior notes due December 15, 2019	Level 2		299.9			302.6			299.9		302.0
Fair value adjustment asset (liability) related to hedged fixed rate    debt instrument	Level 2		(0.7	)		(0.7	)		0.2		0.2

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Derivative Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts

The notional amount of a derivative instrument is the nominal or face amount used to calculate payments made on that instrument.  Notional amounts are presented in the following table:

	Notional		Notional
	Amount		Amount
	March 31, 2017		December 31, 2016
Derivatives designated as hedging instruments
Foreign exchange contracts	$	107.0	$	94.1
Interest rate swap	$	300.0	$	300.0
Diesel fuel contracts	2.5 gallons		2.0 gallons
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	76.7	$	1.8
Equity derivatives	$	22.9	$	34.4

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Acquisition (Tables)

3 Months Ended

Mar. 31, 2017

VIVISCAL

Fair Values of Assets Acquired

The preliminary fair values of the net assets acquired are set forth as follows:

	Acquisition Date
	Preliminary
	Fair Value
Inventory and other working capital	$	10.3
Trade names and other intangibles		119.6
Goodwill		36.9
Current liabilities		(6.5	)
Cash purchase price (net of cash acquired)	$	160.3

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Goodwill and Other Intangibles, Net (Tables)

3 Months Ended

Mar. 31, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

The following table provides information related to the carrying value of all intangible assets, other than goodwill:

	March 31, 2017								December 31, 2016
	Gross							Amortization	Gross
	Carrying		Accumulated					Period	Carrying		Accumulated
	Amount		Amortization			Net		(Years)	Amount		Amortization			Net
Amortizable intangible assets:
Trade Names	$	550.8	$	(122.3	)	$	428.5	3-20	$	442.6	$	(115.0	)	$	327.6
Customer Relationships		396.1		(170.1	)		226.0	15-20		384.4		(164.2	)		220.2
Patents/Formulas		68.7		(46.2	)		22.5	4-20		68.7		(45.4	)		23.3
Non Compete Agreement		1.8		(1.6	)		0.2	5-10		1.8		(1.6	)		0.2
Total	$	1,017.4	$	(340.2	)	$	677.2		$	897.5	$	(326.2	)	$	571.3

Indefinite Lived Intangible Assets

Indefinite lived intangible assets - Carrying value

	March 31,		December 31,
	2017		2016
Trade Names	$	860.9	$	860.5

Carrying Amount of Goodwill

The carrying amount of goodwill as of March 31, 2017 and December 31, 2016, respectively, is as follows:

	Consumer		Consumer		Specialty
	Domestic		International		Products		Total
Balance at December 31, 2016	$	1,280.1	$	113.9	$	50.1	$	1,444.1
VIVISCAL acquired goodwill		25.8		11.1		0.0	$	36.9
Other		0.0		0.3		0.0		0.3
Balance at March 31, 2017	$	1,305.9	$	125.3	$	50.1	$	1,481.3

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Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2017

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	March 31,		December 31,
	2017		2016
Trade accounts payable	$	346.3	$	331.6
Accrued marketing and promotion costs		94.3		82.0
Accrued wages and related benefit costs		29.9		73.2
Other accrued current liabilities		65.1		82.1
Total	$	535.6	$	568.9

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Short-Term Borrowings and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Components of Short-Term Borrowings and Long-Term Debt

Short-term borrowings and long-term debt consist of the following:

	March 31,			December 31,
	2017			2016
Short-term borrowings
Commercial paper issuances	$	582.2		$	420.0
Various debt due to international banks		3.5			6.8
Total short-term borrowings	$	585.7		$	426.8
Long-term debt
2.875% Senior notes due October 1, 2022	$	400.0		$	400.0
Less: Discount		(0.2	)		(0.2	)
2.45% Senior notes due December 15, 2019		300.0			300.0
Less: Discount		(0.1	)		(0.1	)
Debt issuance costs, net		(6.1	)		(6.5	)
Fair value adjustment related to hedged fixed rate debt instrument		(0.7	)		0.2
Net long-term debt	$	692.9		$	693.4

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Components of Changes in Accumulated Other Comprehensive Income (Loss)

The components of changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2017 and March 31, 2016 are as follows:

										Accumulated
	Foreign			Defined						Other
	Currency			Benefit			Derivative			Comprehensive
	Adjustments			Plans			Agreements			Income (Loss)
Balance at December 31, 2015	$	(38.5	)	$	(11.5	)	$	4.1		$	(45.9	)
Other comprehensive income (loss) before reclassifications		9.9			0.0			(8.6	)		1.3
Amounts reclassified to consolidated statement of    income (a)		0.0			0.0			(0.5	)		(0.5	)
Tax benefit (expense)		0.0			0.0			2.4			2.4
Other comprehensive income (loss)		9.9			0.0			(6.7	)		3.2
Balance at March 31, 2016	$	(28.6	)	$	(11.5	)	$	(2.6	)	$	(42.7	)
Balance at December 31, 2016	$	(50.0	)	$	(13.2	)	$	(0.6	)	$	(63.8	)
Other comprehensive income (loss) before reclassifications		7.9			0.0			(0.9	)		7.0
Amounts reclassified to consolidated statement of    income (a)		0.0			0.0			0.1			0.1
Tax benefit (expense)		0.0			0.0			0.2			0.2
Other comprehensive income (loss)		7.9			0.0			(0.6	)		7.3
Balance at March 31, 2017	$	(42.1	)	$	(13.2	)	$	(1.2	)	$	(56.5	)

(a) Amounts classified to cost of sales and selling, general and administrative expenses.  

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

The following summarizes the balances and transactions between the Company and each of (i) Armand Products Company (“Armand”) and The ArmaKleen Company (“ArmaKleen”), in each of which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest:  

	Armand				ArmaKleen				Natronx
	Three Months Ended				Three Months Ended				Three Months Ended
	March 31,		March 31,		March 31,		March 31,		March 31,		March 31,
	2017		2016		2017		2016		2017		2016
Purchases by Company	$	4.7	$	4.4	$	0.0	$	0.0	$	0.0	$	0.0
Sales by Company	$	0.0	$	0.0	$	0.3	$	0.3	$	0.0	$	0.5
Outstanding Accounts Receivable	$	0.5	$	0.4	$	0.9	$	0.7	$	0.0	$	0.1
Outstanding Accounts Payable	$	1.8	$	1.7	$	0.0	$	0.0	$	0.0	$	0.0
Administration & Management Oversight Services (1)	$	0.6	$	0.6	$	0.5	$	0.5	$	0.0	$	0.2

⁽¹⁾ Billed by Company and recorded as a reduction of selling, general and administrative expenses.

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Segments (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Selected Financial Information Relating To Company's Segments

Segment Net Sales and Income before Income Taxes for the three months ended March 31, 2017 and March 31, 2016 respectively, are as follows:

	Consumer		Consumer
	Domestic		International		SPD		Corporate		Total
Net Sales(1)
First Quarter 2017	$	659.7	$	143.1	$	74.4	$	0.0	$	877.2
First Quarter 2016		647.8		127.4		73.8		0.0		849.0
Income before Income Taxes(2)
First Quarter 2017	$	160.9	$	19.4	$	7.8	$	2.1	$	190.2
First Quarter 2016		139.9		18.1		13.3		1.7		173.0

⁽¹⁾ Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

⁽²⁾ In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations.

Product Line Revenues From External Customers

Product line revenues from external customers are as follows:  

	Three Months Ended
	March 31,		March 31,
	2017		2016
Household Products	$	394.5	$	388.3
Personal Care Products		265.2		259.5
Total Consumer Domestic		659.7		647.8
Total Consumer International		143.1		127.4
Total SPD		74.4		73.8
Total Consolidated Net Sales	$	877.2	$	849.0

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Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended
	Aug. 04, 2016	Mar. 31, 2017 USD ($) $ / shares	Mar. 31, 2016 USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Common stock split ratio	2
Stock dividend payable percentage of common stock	100.00%
Stock dividend payable date		Sep. 01, 2016
Stock dividend record date		Aug. 15, 2016
Excess tax benefit from operating activities		$ 0.0	$ 7.9
Excess tax benefit from financing activities		0.0	7.9
Research and development expenses		14.1	$ 14.4
ASU 2016-09
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Excess tax benefit from operating activities		$ 8.7
Excess tax benefit per share from operating activities | $ / shares		$ 0.03
Excess tax benefit from financing activities		$ 8.7
Excess tax benefit per share from financing activities | $ / shares		$ 0.03

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Components of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Inventory, Finished Goods and Work in Process, Net of Reserves [Abstract]
Raw materials and supplies	$ 70.2	$ 69.8
Work in process	28.0	28.8
Finished goods	181.9	159.6
Total	$ 280.1	$ 258.2

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Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 1,171.8	$ 1,165.3
Less accumulated depreciation and amortization	592.9	576.7
Net PP&E	578.9	588.6
Land
Property, Plant and Equipment [Line Items]
Gross PP&E	25.1	25.1
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Gross PP&E	289.5	284.7
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Gross PP&E	686.7	680.1
Software
Property, Plant and Equipment [Line Items]
Gross PP&E	90.5	90.4
Office equipment and other assets
Property, Plant and Equipment [Line Items]
Gross PP&E	61.7	60.8
Construction in progress
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 18.3	$ 24.2

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Depreciation and Interest Charges on Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property Plant And Equipment [Abstract]
Depreciation and amortization on PP&E	$ 14.8	$ 16.0

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Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Weighted average common shares outstanding - basic	254.1	258.8
Dilutive effect of stock options	5.6	4.8
Weighted average common shares outstanding - diluted	259.7	263.6
Antidilutive stock options outstanding	1.3	1.6

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Summary of Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance, Options | shares	16.0
Exercised, Options | shares	(1.0)
Cancelled, Options | shares	(0.1)
Ending Balance, Options | shares	14.9
Exercisable at March 31, 2017, Options | shares	8.7
Beginning Balance, Weighted-Average Exercise Price | $ / shares	$ 30.06
Exercised, Weighted-Average Exercise Price | $ / shares	22.08
Cancelled, Weighted-Average Exercise Price | $ / shares	41.97
Ending Balance, Weighted-Average Exercise Price | $ / shares	30.54
Exercisable at March 31, 2017, Weighted-Average Exercise Price | $ / shares	$ 23.01
Outstanding at March 31, 2017, Weighted-Average Remaining Contractual Term, years	5 years 9 months 18 days
Exercisable at March 31, 2017, Weighted-Average Remaining Contractual Term, years	4 years 3 months 18 days
Outstanding at March 31, 2017, Aggregate Intrinsic Value | $	$ 288.2
Exercisable at March 31, 2017, Aggregate Intrinsic Value | $	$ 233.7

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Schedule of Share Based Compensation Stock Options (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Intrinsic Value of Stock Options Exercised	$ 27.2	$ 24.2
Stock Compensation Expense Related to Stock Option Awards	$ 1.7	$ 5.5

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Share Repurchases - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Nov. 02, 2016
Accelerated Share Repurchases [Line Items]
Stock repurchase program, authorized amount			$ 500.0
Stock purchases, shares	3.1
Payment for share repurchase	$ 157.1	$ 200.0
Evergreen Program
Accelerated Share Repurchases [Line Items]
Payment for share repurchase	125.0
Repurchase Program
Accelerated Share Repurchases [Line Items]
Payment for share repurchase	32.1
Remaining amount for share repurchase program	$ 267.9

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Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Short-term borrowings	$ 585.7	$ 426.8
Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	75.7	72.4
Short-term borrowings	585.7	426.8
Fair value adjustment asset (liability) related to hedged fixed rate debt instrument	(0.7)	0.2
Fair Value | Fair Value, Inputs, Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	75.7	72.4
Fair Value | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value adjustment asset (liability) related to hedged fixed rate debt instrument	(0.7)	0.2
Short-term borrowings	585.7	426.8
2.875% Senior notes due October 1, 2022 | Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes	399.8	399.8
2.875% Senior notes due October 1, 2022 | Fair Value | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	397.8	396.9
2.45% Senior notes due December 15, 2019 | Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes	299.9	299.9
2.45% Senior notes due December 15, 2019 | Fair Value | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	$ 302.6	$ 302.0

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Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Parenthetical) (Details)	Mar. 31, 2017	Dec. 31, 2016
2.875% Senior notes due October 1, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	2.875%	2.875%
2.875% Senior notes due October 1, 2022 | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	2.875%	2.875%
2.45% Senior notes due December 15, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	2.45%	2.45%
2.45% Senior notes due December 15, 2019 | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	2.45%	2.45%

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Schedule of Notional Amounts (Details) gal in Millions, $ in Millions	Mar. 31, 2017 USD ($) gal	Dec. 31, 2016 USD ($) gal
Designated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivatives, Notional Amount	$ 107.0	$ 94.1
Designated as Hedging Instrument | Interest Rate Swaps
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivatives, Notional Amount	$ 300.0	$ 300.0
Designated as Hedging Instrument | Diesel fuel contracts
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivatives, Notional Amount, Volume | gal	2.5	2.0
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivatives, Notional Amount	$ 76.7	$ 1.8
Not Designated as Hedging Instrument | Equity derivatives
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivatives, Notional Amount	$ 22.9	$ 34.4

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Acquisition - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
		Jan. 17, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Net Sales	[1]		$ 877.2	$ 849.0
VIVISCAL
Business Acquisition [Line Items]
Date of business acquisition			Jan. 17, 2017
Purchase price		$ 160.0
Net Sales					$ 44.0
VIVISCAL | Minimum
Business Acquisition [Line Items]
Average life of the amortizable intangible assets, years		15 years
VIVISCAL | Maximum
Business Acquisition [Line Items]
Average life of the amortizable intangible assets, years		20 years

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

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Fair Values of Net Assets Acquired (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 1,481.3	$ 1,444.1
VIVISCAL
Business Acquisition [Line Items]
Inventory and other working capital	10.3
Trade names and other intangibles	119.6
Goodwill	36.9
Current liabilities	(6.5)
Cash purchase price (net of cash acquired)	$ 160.3

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Amortizable Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,017.4	$ 897.5
Accumulated Amortization	(340.2)	(326.2)
Net	677.2	571.3
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	550.8	442.6
Accumulated Amortization	(122.3)	(115.0)
Net	$ 428.5	327.6
Trade Names | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	3 years
Trade Names | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	20 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 396.1	384.4
Accumulated Amortization	(170.1)	(164.2)
Net	$ 226.0	220.2
Customer Relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	15 years
Customer Relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	20 years
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 68.7	68.7
Accumulated Amortization	(46.2)	(45.4)
Net	$ 22.5	23.3
Patents | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	4 years
Patents | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	20 years
Noncompete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1.8	1.8
Accumulated Amortization	(1.6)	(1.6)
Net	$ 0.2	$ 0.2
Noncompete Agreements | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	5 years
Noncompete Agreements | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (Years)	10 years

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Indefinite Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Value, Trade names	$ 860.9	$ 860.5

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Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization expense of intangible assets	$ 13.9	$ 11.3
Estimated amortization expense, 2017	56.0
Minimum
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated amortization expense, 2018	49.0
Estimated amortization expense, 2019	49.0
Estimated amortization expense, 2020	49.0
Estimated amortization expense, 2021	49.0
Estimated amortization expense, 2022	49.0
Maximum
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated amortization expense, 2018	56.0
Estimated amortization expense, 2019	56.0
Estimated amortization expense, 2020	56.0
Estimated amortization expense, 2021	56.0
Estimated amortization expense, 2022	$ 56.0

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Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
Goodwill [Line Items]
Beginning balance	$ 1,444.1
Other	0.3
Ending balance	1,481.3
VIVISCAL Acquisition
Goodwill [Line Items]
Goodwill acquired during the period	36.9
Consumer Domestic
Goodwill [Line Items]
Beginning balance	1,280.1
Other	0.0
Ending balance	1,305.9
Consumer Domestic | VIVISCAL Acquisition
Goodwill [Line Items]
Goodwill acquired during the period	25.8
Consumer International
Goodwill [Line Items]
Beginning balance	113.9
Other	0.3
Ending balance	125.3
Consumer International | VIVISCAL Acquisition
Goodwill [Line Items]
Goodwill acquired during the period	11.1
Specialty Products
Goodwill [Line Items]
Beginning balance	50.1
Other	0.0
Ending balance	50.1
Specialty Products | VIVISCAL Acquisition
Goodwill [Line Items]
Goodwill acquired during the period	$ 0.0

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Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Accounts Payable and Accrued Liabilities, Current [Abstract]
Trade accounts payable	$ 346.3	$ 331.6
Accrued marketing and promotion costs	94.3	82.0
Accrued wages and related benefit costs	29.9	73.2
Other accrued current liabilities	65.1	82.1
Total	$ 535.6	$ 568.9

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Summary of Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Short-term borrowings
Commercial paper issuances	$ 582.2	$ 420.0
Various debt due to international banks	3.5	6.8
Total short-term borrowings	585.7	426.8
Long-term debt
Debt issuance costs, net	(6.1)	(6.5)
Fair value adjustment related to hedged fixed rate debt instrument	(0.7)	0.2
Net long-term debt	692.9	693.4
2.875% Senior notes due October 1, 2022
Long-term debt
Senior notes	400.0	400.0
Less: Discount	(0.2)	(0.2)
2.45% Senior notes due December 15, 2019
Long-term debt
Senior notes	300.0	300.0
Less: Discount	$ (0.1)	$ (0.1)

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Summary of Short-Term Borrowings and Long-Term Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
2.875% Senior notes due October 1, 2022
Debt Instrument [Line Items]
Interest rate of debt	2.875%	2.875%
Maturity date of debt	Oct. 01, 2022	Oct. 01, 2022
2.45% Senior notes due December 15, 2019
Debt Instrument [Line Items]
Interest rate of debt	2.45%	2.45%
Maturity date of debt	Dec. 15, 2019	Dec. 15, 2019

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Components of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance		$ (63.8)	$ (45.9)
Other comprehensive income (loss) before reclassifications		7.0	1.3
Amounts reclassified to consolidated statement of income	[1]	0.1	(0.5)
Tax benefit (expense)		0.2	2.4
Other comprehensive income (loss)		7.3	3.2
Ending balance		(56.5)	(42.7)
Foreign Currency Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance		(50.0)	(38.5)
Other comprehensive income (loss) before reclassifications		7.9	9.9
Amounts reclassified to consolidated statement of income	[1]	0.0	0.0
Tax benefit (expense)		0.0	0.0
Other comprehensive income (loss)		7.9	9.9
Ending balance		(42.1)	(28.6)
Defined Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance		(13.2)	(11.5)
Other comprehensive income (loss) before reclassifications		0.0	0.0
Amounts reclassified to consolidated statement of income	[1]	0.0	0.0
Tax benefit (expense)		0.0	0.0
Other comprehensive income (loss)		0.0	0.0
Ending balance		(13.2)	(11.5)
Derivative Agreements
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance		(0.6)	4.1
Other comprehensive income (loss) before reclassifications		(0.9)	(8.6)
Amounts reclassified to consolidated statement of income	[1]	0.1	(0.5)
Tax benefit (expense)		0.2	2.4
Other comprehensive income (loss)		(0.6)	(6.7)
Ending balance		$ (1.2)	$ (2.6)

[1] Amounts classified to cost of sales and selling, general and administrative expenses.

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Benefit Plans - Additional Information (Details) - International Defined Benefit Pension Plans $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)	Dec. 31, 2016 Participants Employee
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, number of plan participants | Participants		336
Defined benefit plan, plan participants, number of active employees | Employee		53
Minimum
Defined Benefit Plan Disclosure [Line Items]
Estimated one time termination payment to purchase annuities	$ 14.0
Estimated one time termination payment to purchase annuities, net of tax	9.0
One-time settlement expense	44.0
One-time settlement expense, net of tax	36.0
Maximum
Defined Benefit Plan Disclosure [Line Items]
Estimated one time termination payment to purchase annuities	20.0
Estimated one time termination payment to purchase annuities, net of tax	14.0
One-time settlement expense	50.0
One-time settlement expense, net of tax	$ 41.0

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Commitments, Contingencies and Guarantees - Additional Information (Details) $ in Millions		3 Months Ended
	Nov. 08, 2011 USD ($)	Mar. 31, 2017 USD ($) T	Dec. 31, 2015 USD ($)
Commitments And Contingencies Disclosure [Line Items]
Annual purchase commitment, in tons | T		240,000
Commitments		$ 236.5
Outstanding guarantees and letters of credit		21.9
Estimated minimum compensatory punitive damages		20.0
Oral Care Technology
Commitments And Contingencies Disclosure [Line Items]
Cash consideration to acquired a license for certain oral care technology	$ 4.3
Royalty guarantees commitments amount	5.5
Potential license payment	$ 7.0	$ 0.0
Advance royalty payments			$ 5.5

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Related Party Transactions - Additional Information (Details)	Mar. 31, 2017	Mar. 31, 2016
Armand Products Company
Related Party Transaction [Line Items]
Percentage of ownership interest	50.00%	50.00%
ArmaKleen Company
Related Party Transaction [Line Items]
Percentage of ownership interest	50.00%	50.00%
Natronx Technologies LLC
Related Party Transaction [Line Items]
Percentage of ownership interest	33.33%	33.33%

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Balance and Transactions Between Company and Related Party (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Armand Products Company
Related Party Transaction [Line Items]
Purchases by Company		$ 4.7	$ 4.4
Sales by Company		0.0	0.0
Outstanding Accounts Receivable		0.5	0.4
Outstanding Accounts Payable		1.8	1.7
Administration & Management Oversight Services	[1]	0.6	0.6
ArmaKleen Company
Related Party Transaction [Line Items]
Purchases by Company		0.0	0.0
Sales by Company		0.3	0.3
Outstanding Accounts Receivable		0.9	0.7
Outstanding Accounts Payable		0.0	0.0
Administration & Management Oversight Services	[1]	0.5	0.5
Natronx Technologies LLC
Related Party Transaction [Line Items]
Purchases by Company		0.0	0.0
Sales by Company		0.0	0.5
Outstanding Accounts Receivable		0.0	0.1
Outstanding Accounts Payable		0.0	0.0
Administration & Management Oversight Services	[1]	$ 0.0	$ 0.2

[1] Billed by Company and recorded as a reduction of selling, general and administrative expenses.

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Segments - Additional Information (Details) - Segment	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Number of reportable segments	3
Armand Products Company
Segment Reporting Information [Line Items]
Percentage of ownership interest	50.00%	50.00%
ArmaKleen Company
Segment Reporting Information [Line Items]
Percentage of ownership interest	50.00%	50.00%
Natronx Technologies LLC
Segment Reporting Information [Line Items]
Percentage of ownership interest	33.33%	33.33%

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Selected Financial Information Relating To Company's Segments (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net Sales	[1]	$ 877.2	$ 849.0
Income Before Income Taxes	[2]	190.2	173.0
Operating Segments | Consumer Domestic
Segment Reporting Information [Line Items]
Net Sales	[1]	659.7	647.8
Income Before Income Taxes	[2]	160.9	139.9
Operating Segments | Consumer International
Segment Reporting Information [Line Items]
Net Sales	[1]	143.1	127.4
Income Before Income Taxes	[2]	19.4	18.1
Operating Segments | Specialty Products
Segment Reporting Information [Line Items]
Net Sales	[1]	74.4	73.8
Income Before Income Taxes	[2]	7.8	13.3
Corporate
Segment Reporting Information [Line Items]
Net Sales	[1]	0.0	0.0
Income Before Income Taxes	[2]	$ 2.1	$ 1.7

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

[2] In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations.

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Selected Financial Information Relating To Company's Segments (Parenthetical) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net Sales	[1]	$ 877.2	$ 849.0
Intersegment sales
Segment Reporting Information [Line Items]
Net Sales		$ 1.4	$ 1.0

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

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Product Line Revenues from External Customers (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net Sales	[1]	$ 877.2	$ 849.0
Operating Segments | Consumer Domestic
Segment Reporting Information [Line Items]
Net Sales	[1]	659.7	647.8
Operating Segments | Consumer Domestic | Household Products
Segment Reporting Information [Line Items]
Net Sales		394.5	388.3
Operating Segments | Consumer Domestic | Personal Care Products
Segment Reporting Information [Line Items]
Net Sales		265.2	259.5
Operating Segments | Consumer International
Segment Reporting Information [Line Items]
Net Sales	[1]	143.1	127.4
Operating Segments | Specialty Products
Segment Reporting Information [Line Items]
Net Sales	[1]	$ 74.4	$ 73.8

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

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Brazilian Chemical Business - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2016
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net Sales	[1]	$ 877.2		$ 849.0
Brazilian Chemical
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Plant impairment charge			$ 4.9
Sale of business		4.5
Severance and other charges		$ 3.5
Net Sales					$ 22.0

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.

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Subsequent Events - Additional Information (Details) - USD ($) shares in Millions, $ in Millions			1 Months Ended	3 Months Ended		12 Months Ended
		May 01, 2017	May 04, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Subsequent Event [Line Items]
Stock purchases, shares				3.1
Payment for share repurchase				$ 157.1	$ 200.0
Net Sales	[1]			877.2	$ 849.0
Agro Bio Sciences Inc
Subsequent Event [Line Items]
Net Sales						$ 11.0
Repurchase Program
Subsequent Event [Line Items]
Payment for share repurchase				$ 32.1
Subsequent Event | Agro Bio Sciences Inc
Subsequent Event [Line Items]
Purchase price subject to working capital adjustment		$ 75.0
Contingent consideration arrangements, basis for amount		payment of up to $25.0 after 3 years if certain operating performance is achieved
Payment period for achieving certain operating performance target		3 years
Subsequent Event | Agro Bio Sciences Inc | Maximum
Subsequent Event [Line Items]
Payment to be made if certain operating performance is achieved		$ 25.0
Subsequent Event | Repurchase Program
Subsequent Event [Line Items]
Stock purchases, shares			2.9
Payment for share repurchase			$ 142.9

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively.