10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

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

For the quarter ended June 30, 2021

OR

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

For the transition period from                      to                      

Commission file number 1-10585

CHURCH & DWIGHT CO., INC.

(Exact name of registrant as specified in its charter)

Delaware	13-4996950
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

500 Charles Ewing Boulevard, Ewing, NJ 08628

(Address of principal executive offices)

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	CHD	New York Stock Exchange

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

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

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

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

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

As of July 28, 2021, there were 245,543,207 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	20
3.	Quantitative and Qualitative Disclosures about Market Risk	28
4.	Controls and Procedures	28

PART II

1.	Legal Proceedings	30
1A.	Risk Factors	30
2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
6.	Exhibits	32

2

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In millions, except per share data)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
Net Sales	$	1,271.1		$	1,194.3		$	2,510.0		$	2,359.5
Cost of sales		718.9			634.7			1,406.9			1,267.9
Gross Profit		552.2			559.6			1,103.1			1,091.6
Marketing expenses		117.0			122.3			215.7			218.7
Selling, general and administrative expenses		136.5			186.6			286.1			307.6
Income from Operations		298.7			250.7			601.3			565.3
Equity in earnings of affiliates		2.8			2.0			5.4			3.6
Investment earnings, net		0.2			0.3			0.1			0.4
Other income (expense), net		(0.3	)		(0.2	)		(0.4	)		(0.8	)
Interest expense		(14.1	)		(16.8	)		(28.1	)		(33.1	)
Income before Income Taxes		287.3			236.0			578.3			535.4
Income taxes		69.0			46.3			139.3			115.9
Net Income	$	218.3		$	189.7		$	439.0		$	419.5
Weighted average shares outstanding - Basic		245.2			246.2			245.2			245.9
Weighted average shares outstanding - Diluted		250.0			251.3			249.9			251.2
Net income per share - Basic	$	0.89		$	0.77		$	1.79		$	1.71
Net income per share - Diluted	$	0.87		$	0.75		$	1.76		$	1.67
Cash dividends per share	$	0.25		$	0.24		$	0.50		$	0.48

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In millions)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
Net Income	$	218.3		$	189.7		$	439.0		$	419.5
Other comprehensive income, net of tax:
Foreign exchange translation adjustments		1.0			6.4			0.4			(6.6	)
Defined benefit plan adjustments gain (loss)		0.0			0.0			(0.7	)		0.0
Income (loss) from derivative agreements		(12.2	)		(5.3	)		12.1			(25.0	)
Other comprehensive income (loss)		(11.2	)		1.1			11.8			(31.6	)
Comprehensive income	$	207.1		$	190.8		$	450.8		$	387.9

See Notes to Condensed Consolidated Financial Statements (Unaudited).

3

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except share and per share data)

	June 30,			December 31,
	2021			2020
Assets
Current Assets
Cash and cash equivalents	$	149.8		$	183.1
Accounts receivable, less allowances of $3.7 and $3.7		386.2			398.8
Inventories		555.8			495.4
Other current assets		36.9			35.1
Total Current Assets		1,128.7			1,112.4
Property, Plant and Equipment, Net		613.0			612.8
Equity Investment in Affiliates		9.9			9.1
Trade Names and Other Intangibles, Net		3,049.2			3,110.2
Goodwill		2,229.8			2,229.6
Other Assets		337.9			340.4
Total Assets	$	7,368.5		$	7,414.5
Liabilities and Stockholders' Equity
Current Liabilities
Short-term borrowings	$	233.1		$	351.4
Current portion of long-term debt		200.0			0.0
Accounts payable and accrued expenses		887.5			1,024.5
Income taxes payable		14.5			12.7
Business acquisition liabilities		41.0			0.0
Total Current Liabilities		1,376.1			1,388.6
Long-term Debt		1,513.8			1,812.5
Deferred Income Taxes		732.3			707.3
Deferred and Other Long-term Liabilities		349.1			367.7
Business Acquisition Liabilities		20.0			118.0
Total Liabilities		3,991.3			4,394.1
Commitments and Contingencies
Stockholders' Equity
Preferred Stock, $1.00 par value, Authorized 2,500,000 shares; none issued		0.0			0.0
Common Stock, $1.00 par value, Authorized 600,000,000 shares and 292,855,100 shares issued       as of June 30, 2021 and December 31, 2020		292.8			292.8
Additional paid-in capital		320.5			274.4
Retained earnings		5,101.2			4,786.0
Accumulated other comprehensive loss		(65.8	)		(77.6	)
Common stock in treasury, at cost: 47,502,732 shares as of June 30, 2021 and 47,494,982 shares as of December 31, 2020		(2,271.5	)		(2,255.2	)
Total Stockholders' Equity		3,377.2			3,020.4
Total Liabilities and Stockholders' Equity	$	7,368.5		$	7,414.5

See Notes to Condensed Consolidated Financial Statements (Unaudited).

4

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(In millions)

	Six Months Ended
	June 30,			June 30,
	2021			2020
Cash Flow From Operating Activities
Net Income	$	439.0		$	419.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		34.1			32.0
Amortization expense		76.2			60.4
Change in fair value of business acquisition liabilities		(57.0	)		(20.7	)
Deferred income taxes		20.9			11.4
Equity in net earnings of affiliates		(5.4	)		(3.6	)
Distributions from unconsolidated affiliates		4.5			2.7
Non-cash compensation expense		16.8			15.8
Gain on sale of assets		0.0			(3.0	)
Other		3.8			1.6
Change in assets and liabilities:
Accounts receivable		12.5			5.9
Inventories		(60.3	)		(42.7	)
Other current assets		2.6			(2.1	)
Accounts payable and accrued expenses		(134.5	)		35.8
Income taxes payable		0.1			87.1
Other operating assets and liabilities, net		(9.0	)		(1.5	)
Net Cash Provided By Operating Activities		344.3			598.6
Cash Flow From Investing Activities
Additions to property, plant and equipment		(43.3	)		(30.9	)
Proceeds from sale of assets		0.0			7.0
Other		(4.3	)		(2.5	)
Net Cash Used In Investing Activities		(47.6	)		(26.4	)
Cash Flow From Financing Activities
Long-term debt (repayments)		(100.0	)		0.0
Short-term debt borrowings, net of (repayments)		(118.4	)		(186.2	)
Proceeds from stock options exercised		12.5			44.9
Payment of cash dividends		(123.8	)		(118.1	)
Payment of business acquisition liabilities		0.0			(14.5	)
Deferred financing and other		(0.1	)		(0.1	)
Net Cash Used In Financing Activities		(329.8	)		(274.0	)
Effect of exchange rate changes on cash and cash equivalents		(0.2	)		(2.2	)
Net Change In Cash and Cash Equivalents		(33.3	)		296.0
Cash and Cash Equivalents at Beginning of Period		183.1			155.7
Cash and Cash Equivalents at End of Period	$	149.8		$	451.7

See Notes to Condensed Consolidated Financial Statements (Unaudited).

5

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW-CONTINUED

(Unaudited)

(In millions)

	Six Months Ended
	June 30,		June 30,
	2021		2020
Cash paid during the period for:
Interest (net of amounts capitalized)	$	26.2	$	32.2
Income taxes	$	118.3	$	17.3
Supplemental disclosure of non-cash investing activities:
Property, plant and equipment expenditures included in Accounts Payable	$	10.6	$	10.3

See Notes to Condensed Consolidated Financial Statements (Unaudited).

6

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In millions)  

	Number of Shares					Amounts
	Common Stock		Treasury Stock			Common Stock		Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total Stockholders' Equity
December 31, 2019		292.8		(47.4	)	$	292.8	$	295.5	$	4,237.4		$	(66.7	)	$	(2,091.2	)	$	2,667.8
Net income		0.0		0.0			0.0		0.0		229.8			0.0			0.0			229.8
Other comprehensive    income (loss)		0.0		0.0			0.0		0.0		0.0			(32.7	)		0.0			(32.7	)
Cash dividends		0.0		0.0			0.0		0.0		(59.0	)		0.0			0.0			(59.0	)
Stock based compensation expense and     stock option plan transactions		0.0		0.3			0.0		0.2		0.0			0.0			11.7			11.9
March 31, 2020		292.8		(47.1	)	$	292.8	$	295.7	$	4,408.2		$	(99.4	)	$	(2,079.5	)	$	2,817.8
Net income		0.0		0.0			0.0		0.0		189.7			0.0			0.0			189.7
Other comprehensive    income (loss)		0.0		0.0			0.0		0.0		0.0			1.1			0.0			1.1
Cash dividends		0.0		0.0			0.0		0.0		(59.1	)		0.0			0.0			(59.1	)
Stock based compensation expense and     stock option plan transactions		0.0		1.2			0.0		7.1		0.0			0.0			42.2			49.3
June 30, 2020		292.8		(45.9	)	$	292.8	$	302.8	$	4,538.8		$	(98.3	)	$	(2,037.3	)	$	2,998.8

	Number of Shares					Amounts
	Common Stock		Treasury Stock			Common Stock		Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total Stockholders' Equity
December 31, 2020		292.8		(47.4	)	$	292.8	$	274.4	$	4,786.0		$	(77.6	)	$	(2,255.2	)	$	3,020.4
Net income		0.0		0.0			0.0		0.0		220.7			0.0			0.0			220.7
Other comprehensive    income (loss)		0.0		0.0			0.0		0.0		0.0			23.0			0.0			23.0
Cash dividends		0.0		0.0			0.0		0.0		(61.9	)		0.0			0.0			(61.9	)
Stock purchases		0.0		(0.4	)		0.0		30.0		0.0			0.0			(30.0	)		0.0
Stock based compensation expense and     stock option plan transactions		0.0		0.1			0.0		1.8		0.0			0.0			7.2			9.0
March 31, 2021		292.8		(47.7	)	$	292.8	$	306.2	$	4,944.8		$	(54.6	)	$	(2,278.0	)	$	3,211.2
Net income		0.0		0.0			0.0		0.0		218.3			0.0			0.0			218.3
Other comprehensive    income (loss)		0.0		0.0			0.0		0.0		0.0			(11.2	)		0.0			(11.2	)
Cash dividends		0.0		0.0			0.0		0.0		(61.9	)		0.0			0.0			(61.9	)
Stock based compensation expense and     stock option plan transactions		0.0		0.2			0.0		14.3		0.0			0.0			6.5			20.8
June 30, 2021		292.8		(47.5	)	$	292.8	$	320.5	$	5,101.2		$	(65.8	)	$	(2,271.5	)	$	3,377.2

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

These condensed consolidated financial statements 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 and results of operations and cash flows for all periods presented have been made.  Results of operations for interim periods may not be representative of results to be expected for the full year.

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, 2020 (the “Form 10-K”).  

The Company incurred research and development expenses in the second quarter of 2021 and 2020 of $25.4 and $24.6, respectively.  The Company incurred research and development expenses in the first six months of 2021 and 2020 of $49.5 and $46.3, respectively.  These expenses are included in selling, general and administrative (“SG&A”) expenses.

2. New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued new accounting guidance intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates.  This guidance was effective beginning on March 12, 2020, and the Company may apply the amendments prospectively to contract modifications made or relationships entered into or evaluated through December 31, 2022.  The adoption of this guidance did not have an impact on the Company’s consolidated financial position, results of operations or cash flows in the current period.  The Company will continue to evaluate the impacts of this guidance on future contract modifications through December 31, 2022.  

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:

	June 30,		December 31,
	2021		2020
Raw materials and supplies	$	120.0	$	112.9
Work in process		39.3		33.0
Finished goods		396.5		349.5
Total	$	555.8	$	495.4

8

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

PP&E consists of the following:

	June 30,		December 31,
	2021		2020
Land	$	28.3	$	28.3
Buildings and improvements		276.3		265.3
Machinery and equipment		817.9		793.4
Software		105.5		103.0
Office equipment and other assets		85.8		85.1
Construction in progress		79.7		86.8
Gross PP&E		1,393.5		1,361.9
Less accumulated depreciation and amortization		780.5		749.1
Net PP&E	$	613.0	$	612.8

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Depreciation and amortization on PP&E	$	17.3	$	16.0	$	34.1	$	32.0

5. Earnings Per Share (“EPS”)

Basic EPS is calculated based on income available to holders of the Company’s common stock (“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				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Weighted average common shares outstanding -  basic		245.2		246.2		245.2		245.9
Dilutive effect of stock options		4.8		5.1		4.7		5.3
Weighted average common shares outstanding - diluted		250.0		251.3		249.9		251.2
Antidilutive stock options outstanding		1.5		3.3		1.5		3.3

6. Stock Based Compensation Plans

The following table provides a summary of option activity:

						Weighted
						Average
				Weighted		Remaining
				Average		Contractual		Aggregate
				Exercise		Term		Intrinsic
	Options			Price		(in Years)		Value
Outstanding at December 31, 2020		12.7		$	50.72
Granted		1.4			84.69
Exercised		(0.3	)		33.94
Outstanding at June 30, 2021		13.8		$	54.69		5.8	$	419.3
Exercisable at June 30, 2021		8.9		$	42.17		4.2	$	384.5

9

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				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Intrinsic Value of Stock Options Exercised	$	9.3	$	54.6	$	18.8	$	68.9
Stock Compensation Expense Related to Stock Option Awards	$	13.4	$	12.7	$	16.5	$	15.4
Issued Stock Options		1.4		1.8		1.4		1.8
Weighted Average Fair Value of Stock Options issued (per share)	$	17.34	$	12.74	$	17.31	$	12.73
Fair Value of Stock Options Issued	$	24.6	$	23.1	$	25.1	$	23.6

The following table provides a summary of the assumptions used in the valuation of issued stock options:

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
Risk-free interest rate		1.4	%		0.5	%		1.3	%		0.5	%
Expected life in years		7.2			7.3			7.2			7.3
Expected volatility		20.7	%		19.9	%		20.7	%		19.8	%
Dividend yield		1.2	%		1.3	%		1.2	%		1.3	%

7.Share Repurchases

On November 1, 2017, the Board authorized a share repurchase program, under which the Company may repurchase up to $500.0 in shares of Common Stock (the “2017 Share Repurchase Program”).  The 2017 Share Repurchase Program does not have an expiration.  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 December 2020, the Company entered into an accelerated share repurchase (“ASR”) contract with a commercial bank to purchase Common Stock.  The Company paid $300.0 to the bank, inclusive of fees, and received an initial delivery of shares equal to $270.0, or 3.1 million shares.  The Company used cash on hand and short-term borrowings to fund the initial purchase price.  Upon the completion of the ASR, which ended in February 2021, the bank delivered an additional 0.4 million shares to the Company.  The final shares delivered to the Company were determined by the average price per share paid by the bank during the purchase period.  All 3.5 million shares were purchased under the Company’s evergreen program.  As a result of the Company’s stock repurchases in recent years, there remains $210.0 of share repurchase availability under the 2017 Share Repurchase Program as of June 30, 2021.

10

8.Fair Value Measurements

The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at June 30, 2021 and December 31, 2020:

		June 30, 2021						December 31, 2020
	Input	Carrying			Fair			Carrying			Fair
	Level	Amount			Value			Amount			Value
Financial Assets:
Cash equivalents	Level 1	$	16.0		$	16.0		$	73.7		$	73.7
Financial Liabilities:
Short-term borrowings	Level 2		233.1			233.1			351.4			351.4
Term loan due May 1, 2022	Level 2		200.0			200.0			300.0			300.0
2.45% Senior notes due August 1, 2022	Level 2		299.9			306.9			299.9			310.1
2.875% Senior notes due October 1, 2022	Level 2		400.0			412.7			399.9			416.6
3.15% Senior notes due August 1, 2027	Level 2		424.7			465.1			424.7			472.4
3.95% Senior notes due August 1, 2047	Level 2		397.5			465.2			397.4			502.2
Interest Rate Swap Lock Agreement asset (liability)	Level 2		(42.5	)		(42.5	)		(57.0	)		(57.0	)
Business Acquisition Liabilities	Level 3		61.0			61.0			118.0			118.0

The Company recognizes transfers between input levels as of the actual date of the event.  There were no transfers between input levels during the six months ended June 30, 2021.

Refer to Note 2 in the Form 10-K 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 business acquisition liabilities represent the estimated fair value of additional future contingent consideration payable for acquisitions of businesses that included contingent consideration clauses. The fair value of the business acquisition liabilities is evaluated on an ongoing basis and is based on management estimates and entity-specific assumptions which are considered Level 3 inputs.  In the six months ended June 30, 2021, the Company decreased the fair value estimate of the business acquisition liability for the Flawless Acquisition (as defined in Note 10) by $57.0 from $98.0 to $41.0 based on the revised valuation due to updated sales forecasts.  The $57.0 reduction of SG&A expense was recorded within the Consumer Domestic and Consumer International segments.  The Flawless Acquisition business acquisition liability is expected to be paid in the first half of 2022 and was reclassified to Current Liabilities in the first quarter of 2021.  At both June 30, 2021 and December 31, 2020, the Company had a business acquisition liability of $20.0 in connection with the Zicam Acquisition (as defined in Note 10).  Any amount that may be due for the Zicam Acquisition business acquisition liability is payable five years from the closing.  

The Company has entered into interest rate swap lock agreements (“Interest Rate Swap Lock Agreements”) which are used to hedge the risk of changes in the interest payments attributable to changes in the benchmark U.S. Dollar LIBOR interest rate associated with anticipated issuances of debt.  The liability decreased by $14.5 during the first six months of 2021 primarily due to higher current and projected interest rates and is recorded in Deferred and Other Long-term Liabilities with the offset in Accumulated Other Comprehensive Loss and Deferred Taxes.

The carrying amounts of accounts receivable, and accounts payable and accrued expenses, approximated estimated fair values as of June 30, 2021 and December 31, 2020.  

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9. Derivative Instruments and Risk Management

Changes in interest rates, foreign exchange rates, the price of the Common Stock and commodity prices expose the Company to market risk.  The Company manages these risks by the use of derivative instruments, such as cash flow and fair value hedges, diesel and commodity 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 in effect as of December 31, 2020.  

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
	June 30, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	$	229.5	$	252.7
Interest rate swap lock	$	300.0	$	300.0
Diesel fuel contracts	3.4 gallons		6.7 gallons
Commodities contracts	87.0 pounds		84.0 pounds
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	5.9	$	8.0
Equity derivatives	$	28.1	$	23.3

Excluding the Interest Rate Swap Lock Agreements disclosed in Note 8, the fair values and amount of gain (loss) recognized in income and Other Comprehensive Income (“OCI”) associated with the derivative instruments disclosed above did not have a material impact on the Company’s condensed consolidated financial statements during the second quarter of 2021.

10. Acquisitions

On December 1, 2020, the Company acquired all of the outstanding equity of Consumer Health Holdco LLC, the owner of the ZICAM™ brand and cold remedy products business (the “Zicam Acquisition”).  The Company paid $512.7, net of cash acquired, at closing and deferred an additional cash payment of $20.0 related to certain indemnifications provided by the seller.  The deferred amount is recorded in Business Acquisition Liabilities on the condensed consolidated balance sheet and any amount that may be due for the business acquisition liability is payable five years from the closing.  Zicam’s annual net sales for the year ended December 31, 2020 were approximately $107.0.  The acquisition was financed by the Company with a combination of cash on hand and short-term borrowings.  The ZICAM business is managed in the Consumer Domestic segment.

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

Inventory and other working capital	$	40.2
Property, plant and equipment		0.5
Trade name		367.8
Other intangible assets		93.8
Goodwill		151.4
Current liabilities		(13.1	)
Deferred income taxes		(107.2	)
Long-term liabilities		(20.7	)
Cash purchase price (net of cash acquired)	$	512.7

The purchase price allocation for the Zicam Acquisition has not been finalized for deferred income taxes acquired. The trade names and other intangible assets were valued using a discounted cash flow model.  All of the intangible assets recognized from the Zicam Acquisition have a useful life which ranges from 10 - 20 years.  The goodwill is a result of expected synergies from combined operations of the acquired business and the Company.  Pro forma results are not presented because the impact of the acquisition is not material to the Company’s consolidated financial results.  The goodwill and other intangible assets associated with the Zicam Acquisition are not deductible for U.S. tax purposes.

On May 1, 2019, the Company closed on its previously announced acquisition of the FLAWLESS business (the “Flawless Acquisition”) from Ideavillage Products Corporation (“Ideavillage”). The Company paid $475.0 at closing and may make an additional business acquisition liability payment based on a trailing twelve-month net sales target ending no later than December 31, 2021. The transaction was funded with a three-year term loan and commercial paper borrowings. There was a six-month integration transition period in which the net cash received from Ideavillage was accounted for as other revenue as a component of net sales. The Company purchased the inventory as part of the acquisition following the transition period, and at such time the Company became the principal party to the sales transactions and began recording revenue on a gross basis. The FLAWLESS business is managed in the Consumer Domestic and Consumer International segments and represents an addition to the Company’s specialty haircare portfolio which includes BATISTE dry shampoo, VIVISCAL hair thinning supplements, and TOPPIK hair fibers.

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The fair values of the net assets at acquisition are set forth as follows:

Trade name	$	447.3
Other intangible assets		121.8
Goodwill		87.9
Contingent consideration		(182.0	)
Cash purchase price	$	475.0

As a result of the Company purchasing assets, the goodwill and other intangible assets associated with the Flawless Acquisition are deductible for U.S. tax purposes.  The trade names and other intangible assets were valued using a discounted cash flow model.  All of the intangible assets recognized from the Flawless Acquisition have a useful life which ranges from 15 - 20 years. The goodwill is a result of expected synergies from combined operations of the acquired business and the Company.  Pro forma results are not presented because the impact of the acquisition was not material to the Company’s consolidated financial results.  Ideavillage will continue to help support the business through a separate transition services agreement.  

11. Goodwill and Other Intangibles, Net

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

	June 30, 2021								December 31, 2020
	Gross							Amortization	Gross
	Carrying		Accumulated					Period	Carrying		Accumulated
	Amount		Amortization			Net		(Years)	Amount		Amortization			Net
Amortizable intangible assets:
Trade Names	$	1,389.3	$	(303.6	)	$	1,085.7	3-20	$	1,389.6	$	(269.6	)	$	1,120.0
Customer Relationships		659.5		(310.9	)		348.6	15-20		659.5		(291.2	)		368.3
Patents/Formulas		230.5		(92.3	)		138.2	4-20		230.5		(85.3	)		145.2
Total	$	2,279.3	$	(706.8	)	$	1,572.5		$	2,279.6	$	(646.1	)	$	1,633.5

Indefinite Lived Intangible Assets - Gross Carrying Amount  

	June 30,		December 31,
	2021		2020
Trade Names	$	1,476.7	$	1,476.7

Intangible amortization expense was $30.5 and $24.5 for the second quarter of 2021 and 2020, respectively.  Intangible amortization expense amounted to $61.0 and $49.0  for the first six months of 2021 and 2020, respectively.  The Company estimates that intangible amortization expense will be approximately $120.0 in 2021 and approximately $116.0 to $107.0 annually over the next five years.

Fair value for indefinite lived intangible assets was estimated based on a “relief from royalty” or “excess earnings” discounted cash flow method, which contains numerous variables that are subject to change as business conditions change, and therefore could impact fair values in the future.  The key assumptions used in determining fair value are sales growth, profitability margins, tax rates and discount rates. The Company determined that the fair value of all indefinite lived intangible assets for each of the years in the three-year period ended December 31, 2020 exceeded their respective carrying values based upon the forecasted cash flows and profitability. The Company’s indefinite lived intangible impairment review is completed in the fourth quarter of each year.  

In recent years the Company’s TROJAN business, specifically the condom category, has not grown and competition has increased.  Social distancing requirements due to the COVID-19 pandemic have further negatively impacted the business.  As a result,

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the TROJAN business has experienced sales and profit declines resulting in a reduction in expected future cash flows which has eroded a portion of the excess between the fair and carrying value of the tradename.  This indefinite-lived intangible asset is susceptible to impairment risk and a continued decline in fair value could trigger a future impairment charge of the TROJAN tradename.  The carrying value of the TROJAN tradename is $176.4 and fair value exceeded carrying value by 53% as of December 31, 2020.  The key assumptions used in the projections from the Company’s October 1, 2020 impairment analysis include discount rates of 7.0% in the U.S. and 9.0% internationally, growth assumptions commensurate with its outlook for the brand and the category based on recent trends, and an average royalty rate of approximately 10%.  These discount rates were reduced by 250 basis points from the October 1, 2019 impairment analysis to reflect the inherent reduction in the risk profile of the Company.  

While management can and has implemented strategies to address the risk, including lowering the Company’s production costs, investing in new product ideas, and developing new creative advertising, significant changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate fair value.  More recently, the category is experiencing a recovery, benefiting from an easing of COVID-19 social restrictions leading to an increase in sexual activity. The Company expects this trend will continue into next year with the continued adoption of vaccines and reduction of social distancing restrictions.  

In addition, the Company’s Passport Food Safety business, under pressure as a result of the COVID-19 pandemic and new competitive activities, is experiencing sales and profit declines due to decreased demand for its products that could result in an impairment of the associated tradename and other intangible assets. The assets have a current net book value of approximately $22.0 and are being amortized over their remaining weighted average life of 11 years.  The Company is implementing strategies to address the decline. However, if unsuccessful, this decline could trigger a future impairment charge.  

The carrying amount of goodwill is as follows:

	Consumer		Consumer		Specialty
	Domestic		International		Products		Total
Balance at December 31, 2020	$	1,859.3	$	234.3	$	136.0	$	2,229.6
Zicam adjustment		0.2		0.0		0.0		0.2
Balance at June 30, 2021	$	1,859.5	$	234.3	$	136.0	$	2,229.8

The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2021, determined that the estimated fair value substantially exceeded the carrying values of all reporting units.  The determination of fair value contains numerous variables that are subject to change as business conditions change and therefore could impact fair value in the future.  The Company has never incurred a goodwill impairment charge.

12. Leases

The Company leases certain manufacturing facilities, warehouses, office space, railcars and equipment. Leases with an initial term of twelve months or less are not recorded on the condensed consolidated balance sheet.  All recorded leases are classified as operating leases and lease expense is recognized on a straight-line basis over the lease term. For leases beginning in 2019, lease components (base rental costs) are accounted for separately from the nonlease components (e.g., common-area maintenance costs).  For leases that do not provide an implicit rate, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

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A summary of the Company’s lease information is as follows:

		June 30,			December 31,
	Classification	2021			2020
Assets
Right of use assets	Other Assets	$	172.9		$	181.6
Liabilities
Current lease liabilities	Accounts Payable and Accrued Expenses	$	25.5		$	25.0
Long-term lease liabilities	Deferred and Other Long-term Liabilities		159.2			168.3
Total lease liabilities		$	184.7		$	193.3
Other information
Weighted-average remaining lease term (years)			9.3			9.7
Weighted-average discount rate			4.2	%		4.3	%

	Three Months			Three Months		Six Months		Six Months
	Ended			Ended		Ended		Ended
	June 30, 2021			June 30, 2020		June 30, 2021		June 30, 2020
Statement of Income
Lease cost(1)	$	8.2		$	6.8	$	16.5	$	13.4
Other information
Leased assets obtained in exchange for new lease liabilities net of modifications(2)	$	(0.3	)	$	6.3	$	4.1	$	16.5
Cash paid for amounts included in the measurement of lease liabilities	$	8.3		$	6.4	$	16.5	$	12.6

⁽¹⁾ Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item.  Short-term lease expense is excluded from this amount and is not material.  The Company also has certain variable leases which are not material.  The noncash component of lease expense for the first six months of 2021 and 2020 was $12.8 and $9.7, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows. 

⁽²⁾ In June 2021, the Company determined that a renewal option was no longer likely to be exercised.  This resulted in a decrease to the Company’s right of use assets and corresponding lease liabilities of approximately $0.8 recorded in the second quarter of 2021.  In March 2020, the Company approved a capital project to purchase additional machinery and equipment at one of its leased manufacturing facilities. This led to a lease modification to include a renewal option that would extend the lease for an additional five years through 2029.  The modification resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $7.3 recorded in the first quarter of 2020.      

The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:

	Operating
	Leases
2021	$	15.9
2022		31.7
2023		26.5
2024		24.1
2025		23.0
2026 and thereafter		106.6
Total future minimum lease commitments		227.8
Less: Imputed Interest		(43.1	)
Present value of lease liabilities	$	184.7

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13. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	June 30,		December 31,
	2021		2020
Trade accounts payable	$	566.8	$	588.1
Accrued marketing and promotion costs		134.2		177.8
Accrued wages and related benefit costs		53.9		124.2
Other accrued current liabilities		132.6		134.4
Total	$	887.5	$	1,024.5

14. Short-Term Borrowings and Long-Term Debt

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

	June 30,			December 31,
	2021			2020
Short-term borrowings
Commercial paper issuances	$	229.8		$	349.0
Various debt due to international banks		3.3			2.4
Total short-term borrowings	$	233.1		$	351.4
Long-term debt
Term loan due May 1, 2022(1)		200.0			300.0
2.45% Senior notes due August 1, 2022		300.0			300.0
Less: Discount		(0.1	)		(0.1	)
2.875% Senior notes due October 1, 2022		400.0			400.0
Less: Discount		0.0			(0.1	)
3.15% Senior notes due August 1, 2027		425.0			425.0
Less: Discount		(0.3	)		(0.3	)
3.95% Senior notes due August 1, 2047		400.0			400.0
Less: Discount		(2.5	)		(2.6	)
Debt issuance costs, net		(8.3	)		(9.4	)
Total long-term debt		1,713.8			1,812.5
Less: current maturities(1)		(200.0	)		0.0
Net long-term debt	$	1,513.8		$	1,812.5

⁽¹⁾ In June 2021, the Company repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand. 

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15. Accumulated Other Comprehensive Income (Loss)

The components of changes in accumulated other comprehensive income (loss) are as follows:  

										Accumulated
	Foreign			Defined						Other
	Currency			Benefit			Derivative			Comprehensive
	Adjustments			Plans			Agreements			Income (Loss)
Balance at December 31, 2019	$	(36.8	)	$	0.0		$	(29.9	)	$	(66.7	)
Other comprehensive income (loss) before reclassifications		(6.6	)		0.0			(35.5	)		(42.1	)
Amounts reclassified to consolidated statement of    income (a) (b)		0.0			0.0			1.9			1.9
Tax benefit (expense)		0.0			0.0			8.6			8.6
Other comprehensive income (loss)		(6.6	)		0.0			(25.0	)		(31.6	)
Balance at June 30, 2020	$	(43.4	)	$	0.0		$	(54.9	)	$	(98.3	)
Balance at December 31, 2020	$	(26.4	)	$	0.0		$	(51.2	)	$	(77.6	)
Other comprehensive income (loss) before reclassifications		0.4			(0.9	)		17.0			16.5
Amounts reclassified to consolidated statement of    income  (a) (b)		0.0			0.0			(0.4	)		(0.4	)
Tax benefit (expense)		0.0			0.2			(4.5	)		(4.3	)
Other comprehensive income (loss)		0.4			(0.7	)		12.1			11.8
Balance at June 30, 2021	$	(26.0	)	$	(0.7	)	$	(39.1	)	$	(65.8	)

(a) Amounts reclassified to cost of sales, selling, general and administrative expenses or interest expense.  

(b) The Company reclassified a gain of $1.2 and a loss of $0.8 to the condensed consolidated statements of income during the three months ended June 30, 2021 and 2020, respectively.

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 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.  The Company is not engaged in any other material transactions with the partnership or the partner supplier.  

b. As of June 30, 2021, the Company had commitments of approximately $258.5.  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 June 30, 2021, the Company had various guarantees and letters of credit totaling $4.6.     

d. In connection with the Flawless Acquisition, the Company is obligated to pay an additional amount based on sales performance through 2021.  The initial fair value of this business acquisition liability was $182.0.  That amount was established in the purchase price allocation.  Since the initial fair value was established, the Company has decreased the liability by $141.0 of which $38.0 and $57.0 was recorded in the three and six months ended June 30, 2021, respectively, based on the revised valuation due to updated sales forecasts.  As a result of these adjustments, the fair value of this business acquisition liability was $41.0 as of June 30, 2021.  The change in fair value was recorded within the Consumer Domestic and Consumer International segments.  The business acquisition liability will be reassessed at each balance sheet date until the completion of the earn-out period.  Any amount due is expected to be paid in the first half of 2022.  The liability was reclassified to Current Liabilities in the first quarter of 2021.  

In connection with the Zicam Acquisition, the Company deferred an additional cash payment of $20.0 related to certain indemnifications provided by the seller.  Any amount that may be due is payable five years from the closing.

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Legal proceedings

e. 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.

f. 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.   Any such proceedings could result in a material adverse outcome negatively impacting 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 Armand Products Company (“Armand”) and The ArmaKleen Company (“ArmaKleen”), in each of which the Company holds a 50% ownership interest:   

	Armand				ArmaKleen
	Six Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Purchases by Company	$	6.0	$	6.8	$	0.0	$	0.0
Sales by Company	$	0.0	$	0.0	$	0.6	$	0.5
Outstanding Accounts Receivable	$	0.4	$	0.4	$	0.6	$	1.0
Outstanding Accounts Payable	$	1.0	$	1.2	$	0.0	$	0.0
Administration & Management Oversight Services (1)	$	1.1	$	1.1	$	1.0	$	1.1

⁽¹⁾ Billed by the Company and recorded as a reduction of SG&A expenses.

18. Segments

Segment Information

The Company operates three reportable segments: Consumer Domestic, Consumer International and Specialty Products Division.  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 of affiliates.  As of June 30, 2021, the Company held 50% ownership interests in each of Armand and ArmaKleen, respectively.  The Company’s equity in earnings of Armand and ArmaKleen, totaling $2.8 and $2.0 for the three months ended June 30, 2021 and 2020, respectively, and $5.4 and $3.6 for the six months ended June 30, 2021 and 2020, respectively, are included in the Corporate segment.

Certain 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 are as follows:

	Consumer		Consumer
	Domestic		International		SPD		Corporate(3)		Total
Net Sales(1)
Second Quarter 2021	$	959.7	$	226.8	$	84.6	$	0.0	$	1,271.1
Second Quarter 2020		931.1		187.5		75.7		0.0		1,194.3
First Six Months of 2021	$	1,902.1	$	443.2	$	164.7	$	0.0	$	2,510.0
First Six Months of 2020		1,822.1		386.1		151.3		0.0		2,359.5
Income before Income Taxes(2)
Second Quarter 2021(4)	$	234.2	$	38.2	$	12.1	$	2.8	$	287.3
Second Quarter 2020(5)		200.4		23.4		10.2		2.0		236.0
First Six Months of 2021(4)	$	475.1	$	76.4	$	21.4	$	5.4	$	578.3
First Six Months of 2020(5)		451.2		61.6		19.0		3.6		535.4

⁽¹⁾ Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $2.8 for the three months ended June 30, 2021 and June 30, 2020, respectively, and were $5.2 and $5.8 for the six months ended June 30, 2021 and June 30, 2020, respectively.

⁽²⁾ In determining income before income taxes, interest expense, investment earnings and certain aspects of other income and expense were allocated among segments based upon each segment’s relative income from operations.

⁽³⁾ Corporate segment consists of equity in earnings of affiliates from Armand and ArmaKleen for the three and six months ended June 30, 2021 and June 30, 2020.

⁽⁴⁾ Results for the three months ended June 30, 2021 include a $38.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $32.3 was recorded to Consumer Domestic and $5.7 was recorded to Consumer International.  Results for the six months ended June 30, 2021 include a $57.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $48.4 was recorded to Consumer Domestic and $8.6 was recorded to Consumer International.  

⁽⁵⁾ Results for the three months ended June 30, 2020 include a $6.0 increase of SG&A expenses to adjust the Flawless business acquisition liability, of which $5.1 was recorded to Consumer Domestic and $0.9 was recorded to Consumer International.  Results for the six months ended June 30, 2020 include a $21.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $17.9 was recorded to Consumer Domestic and $3.1 was recorded to Consumer International.  In the first quarter of 2020, the Company sold its PERL WEISS® toothpaste brand in Germany resulting in a reduction in SG&A expenses of $3.0 recorded in Consumer International.

Product line revenues from external customers are as follows:  

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Household Products	$	523.0	$	544.7	$	1,018.2	$	1,039.0
Personal Care Products		436.7		386.4		883.9		783.1
Total Consumer Domestic		959.7		931.1		1,902.1		1,822.1
Total Consumer International		226.8		187.5		443.2		386.1
Total SPD		84.6		75.7		164.7		151.3
Total Consolidated Net Sales	$	1,271.1	$	1,194.3	$	2,510.0	$	2,359.5

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. Subsequent Event

In June 2021, the Company repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand.

19

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

Recent Developments

COVID-19 and Other Recent Developments

The COVID-19 pandemic continues to impact certain of our businesses.  During the second quarter ended June 30, 2021, as certain government restrictions were reduced or removed, we began to experience increased demand for certain product categories, mainly in the United States, including WaterPik water flossers, Batiste dry shampoo, Nair depilatories, Trojan condoms, and A&H cat litter, in particular, that had been negatively impacted by the temporary and permanent closures of certain retailers, reduced consumer foot traffic at retailers, and COVID-19 related precautionary measures. Overall, we have continued to experience increased online sales.

We are experiencing challenges to meet customer demand and significant inflation of manufacturing and distribution costs due to shortages in supplier labor and many key raw and packaging materials as well as transportation challenges experienced by our suppliers and third-party manufacturers due primarily to the pandemic.  We expect this input cost inflation to continue for the remainder of 2021.  Accordingly, we have taken steps to increase short-term manufacturing capacity for our cleaning products (including laundry detergent, baking soda, and cleaners) and health care products (including vitamins), and continue to work closely with our suppliers, contract manufacturers and retail partners to ensure sustained supply to keep pace with increased demand.  We have also made investments in the expansion of long-term, in-house and third-party manufacturing capacity and are working to qualify additional suppliers.  To attempt to offset some of these cost pressures, we have recently enacted and continue to evaluate price increases and have reduced marketing and promotional spending.  There is no assurance that these challenges will abate in the near future or that our customers will accept all or a portion of these price increases or that the other measures we have or may implement will mitigate the impact of supply disruptions or rising costs.

The extent of COVID-19’s effect on our operational and financial performance in the future will depend on future developments, including the duration, spread and intensity of the pandemic, the spread and severity of new variants, the impact of vaccines, and our continued ability to manufacture and distribute our products, as well as any future government actions affecting consumers and the economy generally, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. Our priorities during the COVID-19 pandemic continue to be protecting the health and safety of our employees; maximizing the availability of products that help consumers with their health, hygiene and cleaning needs; and using our employees’ talents and our resources to help society meet and overcome the current challenges.

For additional information on the impacts and our response to the COVID-19 pandemic and the risks that could impact our results, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.  

20

Results of Operations

Consolidated results

	Three Months Ended			Change vs.	Three Months Ended
	June 30, 2021			Prior Year	June 30, 2020
Net Sales	$	1,271.1		6.4%	$	1,194.3
Gross Profit	$	552.2		-1.3%	$	559.6
Gross Margin		43.4	%	-340 basis points		46.8	%
Marketing Expenses	$	117.0		-4.3%	$	122.3
Percent of Net Sales		9.2	%	-100 basis points		10.2	%
Selling, General & Administrative Expenses	$	136.5		-26.8%	$	186.6
Percent of Net Sales		10.7	%	-490 basis points		15.6	%
Income from Operations	$	298.7		19.1%	$	250.7
Operating Margin		23.5	%	+250 basis points		21.0	%
Net income per share - Diluted	$	0.87		16.0%	$	0.75
	Six Months Ended			Change vs.	Six Months Ended
	June 30, 2021			Prior Year	June 30, 2020
Net Sales	$	2,510.0		6.4%	$	2,359.5
Gross Profit	$	1,103.1		1.1%	$	1,091.6
Gross Margin		44.0	%	-230 basis points		46.3	%
Marketing Expenses	$	215.7		-1.4%	$	218.7
Percent of Net Sales		8.6	%	-70 basis points		9.3	%
Selling, General & Administrative Expenses	$	286.1		-7.0%	$	307.6
Percent of Net Sales		11.4	%	-160 basis points		13.0	%
Income from Operations	$	601.3		6.4%	$	565.3
Operating Margin		24.0	%	0 basis points		24.0	%
Net income per share - Diluted	$	1.76		5.4%	$	1.67

Diluted Net Income per share was $0.87 in the second quarter of 2021 as compared to $0.75 in the second quarter of 2020.  Diluted Net Income per share was $1.76 in the first six months of 2021 as compared to $1.67 in the same period in 2020.  

During the second quarter of 2021 we decreased the fair value of our business acquisition liability associated with the 2019 acquisition of the FLAWLESS hair removal business (the “Flawless Acquisition”) by $38.0 ($28.5 after tax or $0.11 diluted per share), for a total net reduction of $57.0 ($42.8 after tax or $0.16 diluted per share) for the six months ended June 30, 2021, based on updated sales forecasts.  The business acquisition liability adjustments are recorded in SG&A expense.

During the second quarter of 2020 we increased the fair value of our contingent liability associated with the Flawless Acquisition by $6.0 ($4.5 after tax or $0.02 diluted per share), for a total net reduction of $21.0 ($15.8 after tax or $0.06 diluted per share) for the six months ended June 30, 2020 based on updated sales forecasts and the passage of time.  The business acquisition liability adjustments are recorded in SG&A expense.

The Flawless business acquisition liability was reclassified to Current Liabilities in the first quarter of 2021.

Also during the first quarter of 2020, we completed the sale of the PERL WEISS® toothpaste brand in Germany which resulted in a gain of $3.0 ($2.2 after tax or $0.01 diluted per share) recorded in SG&A expense.

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Net Sales

Net sales for the quarter ended June 30, 2021 were $1,271.1, an increase of $76.8 or 6.4% as compared to the same period in 2020.  Net sales for the six months ended June 30, 2021 were $2,510.0, an increase of $150.5 or 6.4% over the comparable six month period of 2020. The components of the net sales increase are as follows:

	Three Months Ended			Six Months Ended
	June 30,			June 30,
Net Sales - Consolidated	2021			2021
Product volumes sold		4.3	%		3.7	%
Pricing/Product mix		0.2	%		1.0	%
Foreign exchange rate fluctuations		1.7	%		1.3	%
Acquired product lines (net of divestiture) (1)		0.2	%		0.4	%
Net Sales increase		6.4	%		6.4	%

⁽¹⁾ On December 1, 2020, we acquired all of the outstanding equity of Consumer Health Holdco LLC, the owner of the ZICAM™ brand and cold remedy products business (the “Zicam Acquisition”).  The results of this acquisition are included in our results since the date of acquisition.  During the first quarter of 2020 we completed the sale of the PERL WEISS brand.  

For both the three and six months ended June 30, 2021, the volume change reflects increased product unit sales in all three of our segments.  For both the three and six months ended June 30, 2021, price/mix was favorable in the Consumer Domestic and Specialty Products (“SPD”) segments, but was partially offset by unfavorable price/mix in the Consumer International segment.  

Gross Profit / Gross Margin

Our gross profit was $552.2 for the three months ended June 30, 2021, a $7.4 decrease as compared to the same period in 2020.  Gross margin decreased 340 basis points (“bps”) in the second quarter of 2021 compared to the same period in 2020, due to the impact of higher manufacturing costs including commodities of 410 bps, higher transportation costs of 70 bps, and higher costs of 50 bps as a result of incremental tariffs, partially offset by the impact of productivity programs of 140 bps and favorable price/volume/mix of 50 bps.  Gross profit was $1,103.1 for the six months ended June 30, 2021, an $11.5 increase compared to the same period in 2020.  Gross margin decreased 230 bps in the first six months of 2021 compared to the same period in 2020, due to the impact of higher manufacturing costs including commodities of 460 bps, and higher costs of 40 bps as a result of incremental tariffs, partially offset by the impact of productivity programs of 150 bps and favorable price/volume/mix of 120 bps.  

Operating Expenses

Marketing expenses for the three months ended June 30, 2021 were $117.0, a decrease of $5.3 or 4.3% as compared to the same period in 2020. Marketing expenses as a percentage of net sales in the second quarter of 2021 decreased by 100 bps to 9.2% as compared to 10.2% in the same period in 2020 due to 60 bps of leverage on higher net sales and 40 bps on lower expenses.  We reduced marketing spending in the quarter, mainly in household products, as supply shortages impacted our ability to meet customer demand.  Marketing expenses for the six months ended June 30, 2021 were $215.7, a decrease of $3.0 or 1.4% as compared to the same period in 2020. Marketing expenses as a percentage of net sales for the first six months of 2021 decreased by 70 bps to 8.6% as compared to 9.3% in the same period in 2020 due to 60 bps of leverage on higher net sales and 10 bps on lower expenses.

SG&A expenses were $136.5 in the second quarter of 2021, a decrease of $50.1 or 26.8% as compared to the same period in 2020. SG&A as a percentage of net sales decreased 490 bps to 10.7% in the second quarter of 2021 as compared to 15.6% in the same period in 2020.  The decrease is due to 390 bps on lower expenses and 100 bps of leverage associated with higher sales.  The lower expenses for the three-month period ended June 30, 2021 are primarily due to the favorable year-over-year adjustment to the fair value of the Flawless business acquisition liability (350 bps) and lower incentive compensation and litigation costs, partially offset by higher expense related to the Zicam Acquisition (including amortization).   SG&A expenses for the first six months of 2021 were $286.1, a decrease of $21.5 or 7.0% as compared to the same period in 2020.  SG&A as a percentage of net sales decreased 160 bps to 11.4% in the first six months of 2021 compared to 13.0% in 2020 due to 90 bps on lower expenses and 70 bps of leverage associated with higher sales.  The lower expenses for the six-month period ended June 30, 2021 included a higher year-over-year favorable adjustment to the fair value of the Flawless business acquisition liability (140 bps) and lower incentive compensation and litigation costs, partially offset by higher expense related to the Zicam Acquisition (including amortization) and the prior year gain on the sale of PERL WEISS.   

Other (income) expense, net was nominal for the three and six months ended June 30, 2021 and 2020.

Interest expense for the three and six months ended June 30, 2021 decreased $2.7 and $5.0 to $14.1 and $28.1 respectively, as compared to the same period in 2020, primarily due to lower interest rates.

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Income Taxes

The effective tax rate for the three and six months ended June 30, 2021 was 24.0% and 24.1% respectively, compared to 19.6% and 21.6% in the same periods in 2020.  The increase in the tax rate for both periods is primarily due to a lower tax benefit related to lower stock option exercises.

Segment results

We operate 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.  We also have 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 June 30, 2021, we held 50% ownership interests in each of Armand Products Company (“Armand”) and The ArmaKleen Company (“ArmaKleen”), respectively.  Our equity in earnings of Armand and ArmaKleen, totaling $2.8 and $2.0 for the three months ended June 30, 2021 and 2020, respectively, and $5.4 and $3.6 for the six months ended June 30, 2021 and 2020, respectively are included in the Corporate segment.   Certain 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 months ended June 30, 2021 and June 30, 2020 are as follows:

	Consumer		Consumer
	Domestic		International		SPD		Corporate(3)		Total
Net Sales(1)
Second Quarter 2021	$	959.7	$	226.8	$	84.6	$	0.0	$	1,271.1
Second Quarter 2020		931.1		187.5		75.7		0.0		1,194.3
First Six Months of 2021	$	1,902.1	$	443.2	$	164.7	$	0.0	$	2,510.0
First Six Months of 2020		1,822.1		386.1		151.3		0.0		2,359.5
Income before Income Taxes(2)
Second Quarter 2021(4)	$	234.2	$	38.2	$	12.1	$	2.8	$	287.3
Second Quarter 2020(5)		200.4		23.4		10.2		2.0		236.0
First Six Months of 2021(4)	$	475.1	$	76.4	$	21.4	$	5.4	$	578.3
First Six Months of 2020(5)		451.2		61.6		19.0		3.6		535.4

⁽¹⁾  Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $2.8 for the three months ended June 30, 2021 and June 30, 2020, respectively, and were $5.2 and $5.8 for the six months ended June 30, 2021 and June 30, 2020, respectively.

⁽²⁾  In determining income before income taxes, interest expense, investment earnings and certain aspects of other income and expense were allocated among the segments based upon each segment’s relative income from operations. 

⁽³⁾   Corporate segment consists of equity in earnings of affiliates from Armand and ArmaKleen for the three and six months ended June 30, 2021 and June 30, 2020.

⁽⁴⁾   Results for the three months ended June 30, 2021 include a $38.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $32.3 was recorded to Consumer Domestic and $5.7 was recorded to Consumer International.  Results for the six months ended June 30, 2021 include a $57.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $48.4 was recorded to Consumer Domestic and $8.6 was recorded to Consumer International.

⁽⁵⁾   Results for the three months ended June 30, 2020 include a $6.0 increase of SG&A expenses to adjust the Flawless business acquisition liability, of which $5.1 was recorded to Consumer Domestic and $0.9 was recorded to Consumer International.  Results for the six months ended June 30, 2020 include a $21.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $17.9 was recorded to Consumer Domestic and $3.1 was recorded to Consumer International.  In the first quarter of 2020, the Company sold its PERL WEISS® toothpaste brand in Germany resulting in a reduction in SG&A expenses of $3.0 recorded in Consumer International.

Product line revenues from external customers are as follows:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Household Products	$	523.0	$	544.7	$	1,018.2	$	1,039.0
Personal Care Products		436.7		386.4		883.9		783.1
Total Consumer Domestic		959.7		931.1		1,902.1		1,822.1
Total Consumer International		226.8		187.5		443.2		386.1
Total SPD		84.6		75.7		164.7		151.3
Total Consolidated Net Sales	$	1,271.1	$	1,194.3	$	2,510.0	$	2,359.5

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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Consumer Domestic

Consumer Domestic net sales in the second quarter of 2021 were $959.7, an increase of $28.6 or 3.1% as compared to the same period in 2020.  Consumer Domestic net sales for the six months ended June 30, 2021 were $1,902.1, an increase of $80.0 or 4.4% as compared to the same period in 2020. The components of the net sales change are the following:

	Three Months Ended			Six Months Ended
	June 30,			June 30,
Net Sales - Consumer Domestic	2021			2021
Product volumes sold		2.5	%		2.9	%
Pricing/Product mix		0.3	%		1.0	%
Acquired product lines (1)		0.3	%		0.5	%
Net Sales increase		3.1	%		4.4	%

⁽¹⁾  Includes the Zicam Acquisition since the date of acquisition.

The increase in net sales for the three months ended June 30, 2021, reflects the impact of the Zicam Acquisition, higher net sales in WATERPIK® oral care products, ARM & HAMMER® clumping cat litter, BATISTE® dry shampoo, NAIR® hair removal products, and TROJAN condoms.  The increase in net sales for the six-month period ending June 30, 2021, reflects the impact of the Zicam Acquisition, higher net sales in WATERPIK® oral care products, VITAFUSION® and L’IL CRITTERS® gummy vitamins, ARM & HAMMER® clumping cat litter, KABOOM® bathroom cleaners, ARM & HAMMER scent booster, and ARM & HAMMER liquid detergent.

In recent years the Company’s TROJAN business, specifically the condom category, has not grown and competition has increased.  Social distancing requirements due to the COVID-19 pandemic have further negatively impacted the business.  As a result, the TROJAN business has experienced sales and profit declines resulting in a reduction in expected future cash flows which has eroded a portion of the excess between the fair and carrying value of the tradename.  This indefinite-lived intangible asset is susceptible to impairment risk and a continued decline in fair value could trigger a future impairment charge of the TROJAN tradename.  While management can and has implemented strategies to address the risk, including lowering our production costs, investing in new product ideas, and developing new creative advertising, significant changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate fair value.  More recently, the category is experiencing a recovery as it is benefiting from an easing of COVID-19 social restrictions leading to an increase in sexual activity. We expect this trend will continue into next year with the continued adoption of vaccines and reduction of social distancing restrictions.  

The carrying value of the TROJAN tradename is $176.4 and fair value exceeded carrying value by 53% as of December 31, 2020.    

Consumer Domestic income before income taxes for the second quarter of 2021 was $234.2, a $33.8 increase as compared to the second quarter of 2020.  The increase is due primarily to lower SG&A expenses of $46.5 (including a $37.4 favorable year-over-year fair value adjustment to the Flawless business acquisition liability), $18.9 benefit from higher volumes, lower marketing expenses of $11.7, and lower interest and other expenses of $2.9, partially offset by unfavorable manufacturing and distribution expenses of $43.0 and unfavorable price/mix of $3.0.  For the six-month period ended June 30, 2021, income before income taxes was $475.1, a $23.9 increase as compared to the first six months of 2020.  The increase is due primarily to a $42.7 benefit from higher volumes, lower SG&A expenses of $22.7 (including a $30.5 favorable year-over-year fair value adjustment to the Flawless business acquisition liability), lower marketing expenses of $13.2, favorable price/mix of $13.6 and lower interest and other expenses of $5.0, partially offset by unfavorable manufacturing and distribution expenses of $73.0.

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Consumer International

Consumer International net sales were $226.8 in the second quarter of 2021, an increase of $39.3 or 21.0% as compared to the same period in 2020.  Consumer International net sales in the first six months of 2021 were $443.2, an increase of $57.1 or 14.8% as compared to the same period in 2020. The components of the net sales change are the following:

	Three Months Ended			Six Months Ended
	June 30,			June 30,
Net Sales - Consumer International	2021			2021
Product volumes sold		12.5	%		7.9	%
Pricing/Product mix		(2.1	%)		(1.2	%)
Foreign exchange rate fluctuations		10.6	%		8.1	%
Net Sales increase		21.0	%		14.8	%

Excluding the impact of foreign exchange rates, higher sales in the second quarter ended June 30, 2021 were driven primarily by WATERPIK and ARM & HAMMER liquid laundry detergent in the Global Markets Group (“GMG”), WATERPIK, BATISTE, and STERIMAR® nasal spray in Europe, and GRAVOL® nausea relief products and ARM & HAMMER cat litter in Canada.  For the six months ended June 30, 2021 higher sales were driven primarily by WATERPIK, ARM & HAMMER liquid laundry detergent, OXICLEAN® stain removers, and FIRST RESPONSE® pregnancy kits in GMG, FLAWLESS, BATISTE, and FIRST RESPONSE in Australia, and WATERPIK in Europe.

Consumer International income before income taxes was $38.2 in the second quarter of 2021, a $14.8 increase as compared to the second quarter of 2020.  An $11.8 benefit from higher sales volumes, lower SG&A costs of $6.5 (including a $6.6 favorable year-over-year fair value adjustment to the Flawless business acquisition liability), and favorable foreign exchange rates of $4.9, were partially offset by higher marketing expenses of $3.5, unfavorable manufacturing and commodity costs of $2.3, unfavorable price/product mix of $2.2, and higher interest and other expense of $0.5. For the first six months of 2021, income before income taxes was $76.4, a $14.8 increase as compared to the same period in 2020, due to a $15.8 benefit from higher sales volumes, favorable foreign exchange rates of $7.7, lower interest and other expense of $0.3, and lower SG&A costs of $1.0 (including a $5.5 favorable year-over-year fair value adjustment to the Flawless business acquisition liability), offset by higher marketing expenses of $5.6, unfavorable price/product mix of $2.4, and unfavorable manufacturing and commodity costs of $2.0.

Specialty Products (“SPD”)

SPD net sales were $84.6 in the second quarter of 2021, an increase of $8.9 or 11.8% as compared to the same period in 2020.  SPD net sales were $164.7 for the first six months of 2021, an increase of $13.4, or 8.9% as compared to the same period in 2020.  The components of the net sales change are the following:

	Three Months Ended			Six Months Ended
	June 30,			June 30,
Net Sales - SPD	2021			2021
Product volumes sold		6.3	%		2.3	%
Pricing/Product mix		5.5	%		6.6	%
Net Sales increase		11.8	%		8.9	%

Net sales increased in the second quarter and the six months of 2021 due to higher pricing and volumes for our dairy segment products.

SPD income before income taxes was $12.1 in the second quarter of 2021, an increase of $1.9 as compared to the same period in 2020, due to favorable price/product mix of $4.2, lower SG&A costs of $1.6, and a $0.8 benefit from higher volumes, offset by unfavorable manufacturing costs of $4.5 and higher marketing expenses of $0.2.  SPD income before income taxes was $21.4 in the first six months of 2021, an increase of $2.4 as compared to the same period in 2020 due primarily to favorable price/product mix of $9.9 and lower SG&A costs of $2.1, partially offset by unfavorable manufacturing costs of $9.2, higher marketing expenses of $0.3 and a $0.2 unfavorable impact from lower volumes.  

Corporate

The Corporate segment includes equity in earnings of affiliates from Armand and ArmaKleen in the three and six months of 2021 and 2020.  The Corporate segment income before income taxes was $2.8 in the second quarter of 2021, as compared to $2.0 in the same period in 2020.  The Corporate segment income before income taxes was $5.4 for the first six months of 2021, as compared to $3.6 in the same period in 2020.  

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Liquidity and Capital Resources

On May 1, 2019, we amended the credit agreement (the “Credit Agreement”) that provides for our $1,000.0 unsecured revolving credit facility (the “Revolving Credit Facility”) to extend the term of the Revolving Credit Facility from March 29, 2023 to March 29, 2024.  We continue to have the ability to increase our borrowing up to an additional $600.0, subject to lender commitments and certain conditions as described in the Credit Agreement.  Borrowings under the Credit Agreement are available for general corporate purposes.  

As of June 30, 2021, we had $149.8 in cash and cash equivalents, and approximately $767.0 available through the Revolving Credit Facility and our commercial paper program.  To preserve our liquidity, we invest cash primarily in government money market funds, prime money market funds, short-term commercial paper and short-term bank deposits.  

The current economic environment presents risks that could have adverse consequences for our liquidity.  See “Unfavorable economic conditions could adversely affect demand for our products” under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Form 10-K”).  Although there is uncertainty related to the impact of the COVID-19 pandemic on our future results, we believe our efficient business model and strong balance sheet position us to manage our business through this crisis. We continue to manage all aspects of our business including, but not limited to, monitoring the financial health of our customers, suppliers and other third-party relationships, implementing gross margin enhancement strategies and developing new opportunities for growth. We do not anticipate that current economic conditions will adversely affect our ability to comply with the financial covenant in the Credit Agreement because we currently are, and anticipate that we will continue to be, in compliance with the maximum leverage ratio requirement under the Credit Agreement.  

In June 2021, we repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand.  

On January 29, 2021, the Board declared a 5.2% increase in the regular quarterly dividend from $0.24 to $0.2525 per share, equivalent to an annual dividend of $1.01 per share payable to stockholders of record as of February 16, 2021.  The increase raises the annual dividend payout from $237.0 to approximately $250.0.  

In December 2020, we entered into an accelerated share repurchase (“ASR”) contract with a commercial bank to purchase Common Stock.  We paid $300.0 to the bank, inclusive of fees, and received an initial delivery of shares equal to $270.0, or 3.1 million shares.  We used cash on hand and short-term borrowings to fund the initial purchase price.  Upon the completion of the ASR, which ended in February 2021, the bank delivered to us an additional 0.4 million shares.  The final shares delivered to us were determined by the average price per share paid by the bank during the purchase period.  All 3.5 million shares were purchased under our evergreen stock repurchase program.  

There remains $210.0 of the initial $500.0 of share repurchase availability under our share repurchase plan approved by the Board of Directors on November 1, 2017 (the “2017 Share Repurchase Program”) as of June 30, 2021.

We anticipate that our cash from operations, together with our current borrowing capacity, will be sufficient to fund our share repurchase programs to the extent implemented by management, pay debt and interest as it comes due and pay dividends at the latest approved rate, and meet our capital expenditure program costs, which are expected to be approximately $140 in 2021 primarily for manufacturing capacity investments in laundry, litter and vitamins to support expected future sales growth.  We do not have any mandatory fixed rate debt principal payments due in 2021.  Cash, together with our current borrowing capacity, may be used for acquisitions that would complement our existing product lines or geographic markets.

Cash Flow Analysis  

	Six Months Ended
	June 30,			June 30,
	2021			2020
Net cash provided by operating activities	$	344.3		$	598.6
Net cash used in investing activities	$	(47.6	)	$	(26.4	)
Net cash used in financing activities	$	(329.8	)	$	(274.0	)

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Net Cash Provided by Operating Activities – Our primary source of liquidity is the cash flow provided by operating activities, which is dependent on net income and changes in working capital.  Our net cash provided by operating activities in the six months ended June 30, 2021 decreased by $254.3 to $344.3 as compared to $598.6 in the same period in 2020 due to an increase in working capital partially offset by higher cash earnings (net income adjusted for non-cash items such as depreciation, amortization, non-cash compensation and changes in business acquisition liabilities and deferred taxes). The increase in working capital is primarily related to lower accrued expense balances as well as the deferral of U.S. Federal income tax payments from the second to the third quarter in the prior year.  We measure working capital effectiveness based on our cash conversion cycle.  The following table presents our cash conversion cycle information for the quarters ended June 30, 2021 and 2020:

	As of
	June 30, 2021		June 30, 2020		Change
Days of sales outstanding in accounts receivable ("DSO")		28		26		2
Days of inventory outstanding ("DIO")		69		60		9
Days of accounts payable outstanding ("DPO")		70		69		(1	)
Cash conversion cycle		27		17		10

Our cash conversion cycle (defined as the sum of DSO and DIO less DPO) which is calculated using a two-period average method, increased 10 days from the prior year due to higher inventory to support expected sales growth and improvement in service levels, as well as higher accounts receivable primarily related to the timing of sales. We continue to focus on reducing our working capital requirements.

Net Cash Used in Investing Activities – Net cash used in investing activities during the first six months of 2021 was $47.6, primarily reflecting $43.3 for property, plant and equipment additions.  Net cash used in investing activities during the first six months of 2020 was $26.4, primarily reflecting $30.9 for property, plant and equipment additions, partially offset by cash proceeds of $7.0 from the sale of the PERL WEISS® toothpaste brand in Germany.

Net Cash Used in Financing Activities – Net cash used in financing activities during the first six months of 2021 was $329.8, reflecting $218.4 of net debt payments and $123.8 of cash dividend payments, partially offset by $12.5 of proceeds from stock option exercises.  Net cash used in financing activities during the first six months of 2020 was $274.0, reflecting $186.2 of net debt payments, $118.1 of cash dividend payments, and $14.5 for the Agro business acquisition liability settlement, partially offset by $44.9 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 in the Form 10-K.  

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.

28

b) Change in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurring during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

This report contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; the impact of the COVID-19 pandemic and the Company’s response; 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 decline of condom usage; the Company’s hedge programs; the impact of foreign exchange, tariffs, and commodity price fluctuations; impairments and other charges; the Company’s investments in joint ventures; the impact of acquisitions and divestitures; capital expenditures; the Company’s effective tax rate; the impact of tax audits; tax changes and the lapse of applicable statutes of limitations; the effect of the credit environment on the Company’s liquidity and capital resources; the Company’s fixed rate debt; compliance with covenants under the Company’s debt instruments; the Company’s commercial paper program; the Company’s current and anticipated future borrowing capacity to meet capital expenditure program costs; and the Company’s share repurchase programs; payment of dividends; environmental and regulatory matters; the availability and adequacy of raw materials, including trona reserves and the conversion of such reserves; and the customers and consumer acceptance of certain ingredients in our products.  Other forward-looking statements in this report are generally identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. 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), including those relating to the outbreak of contagious diseases; other impacts of the COVID-19 pandemic and its impact on the Company’s operations, customers, suppliers, employees, and other constituents, and market volatility and impact on the economy (including causing recessionary conditions), resulting from global, nationwide or local or regional outbreaks or increases in infections, new variants, and the risk that the Company will not be able to successfully execute its response plans with respect to the pandemic or localized outbreaks and the corresponding uncertainty; the impact of regulatory changes or policies associated with the COVID-19 pandemic, including continuing or renewed shutdowns of retail and other businesses in various jurisdictions; the impact of the CARES Act and other governmental actions; the impact of continued shifts in consumer behavior, including accelerating shifts to on-line shopping; increases in raw material and energy prices; delays and increased costs in manufacturing and distribution; increases in transportation costs; the impact of price increases for our products; the impact of supply chain disruptions; the impact of inclement weather on raw material and transportation costs; adverse developments affecting the financial condition of major customers and suppliers; competition; 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 or on-line share of private label and retailer-branded products or other changes in the retail environment; 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; shifting economic policies in the United States; potential changes in export/import and trade laws, regulations and policies of the United States and other countries, including any increased trade restrictions or tariffs, including the actual and potential effect of tariffs on Chinese goods imposed by the United States; increased or changing regulation regarding the Company’s products in the United States and other countries where it or its suppliers operate; market volatility; issues relating to the Company’s information technology and controls; the impact of natural disasters, including those related to climate change, 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 United States federal securities laws.  You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the United States Securities and Exchange Commission (the “Commission”).

29

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

General

The Company, in the ordinary course of its business, is subject of, or party to, various pending or threatened legal actions, government investigations and proceedings from time to time, including, without limitation, those relating to commercial transactions, product liability, purported consumer class actions, employment matters, antitrust, environmental, health, safety and other compliance related matters.  Such proceedings are subject to many uncertainties and the outcome of certain pending or threatened legal actions may not be reasonably predictable and any related damages may not be estimable.  Certain legal actions could result in an adverse outcome for us, and any such adverse outcome could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

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.

30

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.  

During the second quarter of 2021 the Company did not repurchase any shares of Common Stock pursuant to its share repurchase programs. The following table contains information for shares repurchased during the second quarter of 2021, which was solely due to shares of Common Stock withheld by the Company to satisfy tax withholding obligations in connection with the vesting of restricted stock.

In December 2020, the Company entered into an accelerated share repurchase (“ASR”) contract with a commercial bank to purchase Common Stock.  The Company paid $300.0 to the bank, inclusive of fees, and received an initial delivery of shares equal to $270.0, or 3.1 million shares.  The Company used cash on hand and short-term borrowings to fund the initial purchase price.  Upon the completion of the ASR, which ended in February 2021, the bank delivered an additional 0.4 million shares to the Company.  The final shares delivered to the Company were determined by the average price per share paid by the bank during the purchase period.  All 3.5 million shares were purchased under the Company’s evergreen program.  As a result of the Company’s stock repurchases in recent years, there remains $210.0 of share repurchase availability under the 2017 Share Repurchase Program as of June 30, 2021.   

Period	Total Number of Shares Purchased		Average Price Paid per Share		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
4/1/2021 to 4/30/2021		-	$	-		-	$	210,000,000
5/1/2021 to 5/31/2021		-		-		-	$	210,000,000
6/1/2021 to 6/30/2021		694		83.68		-	$	210,000,000
Total		694	$	83.68		-

31

ITEM 6. EXHIBITS

Exhibit Index

	(3.1)		Amended and Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Company’s quarterly report on Form 10-Q filed on June 30, 2020.
	(3.2)		Amendment to the Company’s Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on April 30, 2021.
	(3.3)		By-laws of the Company, amended and restated as of May 1, 2020, incorporated by reference to Exhibit 3.2 to the Company’s current report on Form 8-K filed on May 1, 2020.
•	(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.INS)		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
		(101.SCH)	Inline XBRL Taxonomy Extension Schema Document.
		(101.CAL)	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
		(101.DEF)	Inline XBRL Taxonomy Extension Definition Linkbase Document.
		(101.LAB)	Inline XBRL Taxonomy Extension Label Linkbase Document.
		(101.PRE)	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
		(104)	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

• Indicates documents filed herewith.

32

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:	July 30, 2021	/s/ Richard A. Dierker
		RICHARD A. DIERKER
		Executive Vice President
		and Chief Financial Officer
		(Principal Financial Officer)
DATE:	July 30, 2021	/s/ Joseph J. Longo
		JOSEPH J. LONGO
		VICE PRESIDENT AND
		CONTROLLER
		(PRINCIPAL ACCOUNTING OFFICER)

33

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:	July 30, 2021	/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:	July 30, 2021	/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 June 30, 2021 (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:	July 30, 2021

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 June 30, 2021 (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:	July 30, 2021

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	CHD
Entity Registrant Name	CHURCH & DWIGHT CO., INC.
Entity Central Index Key	0000313927
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-10585
Entity Tax Identification Number	13-4996950
Entity Address, Address Line One	500 Charles Ewing Boulevard
Entity Address, City or Town	Ewing
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08628
City Area Code	609
Local Phone Number	806-1200
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $1 par value
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		245,543,207

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net Sales	[1]	$ 1,271.1	$ 1,194.3	$ 2,510.0	$ 2,359.5
Cost of sales		718.9	634.7	1,406.9	1,267.9
Gross Profit		552.2	559.6	1,103.1	1,091.6
Marketing expenses		117.0	122.3	215.7	218.7
Selling, general and administrative expenses		136.5	186.6	286.1	307.6
Income from Operations		298.7	250.7	601.3	565.3
Equity in earnings of affiliates		2.8	2.0	5.4	3.6
Investment earnings, net		0.2	0.3	0.1	0.4
Other income (expense), net		(0.3)	(0.2)	(0.4)	(0.8)
Interest expense		(14.1)	(16.8)	(28.1)	(33.1)
Income before Income Taxes	[2]	287.3	236.0	578.3	535.4
Income taxes		69.0	46.3	139.3	115.9
Net Income		$ 218.3	$ 189.7	$ 439.0	$ 419.5
Weighted average shares outstanding - Basic		245.2	246.2	245.2	245.9
Weighted average shares outstanding - Diluted		250.0	251.3	249.9	251.2
Net income per share - Basic		$ 0.89	$ 0.77	$ 1.79	$ 1.71
Net income per share - Diluted		0.87	0.75	1.76	1.67
Cash dividends per share		$ 0.25	$ 0.24	$ 0.50	$ 0.48

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $2.8 for the three months ended June 30, 2021 and June 30, 2020, respectively, and were $5.2 and $5.8 for the six months ended June 30, 2021 and June 30, 2020, respectively.

[2] In determining income before income taxes, interest expense, investment earnings and certain aspects of other income and expense 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 218.3	$ 189.7	$ 439.0	$ 419.5
Other comprehensive income, net of tax:
Foreign exchange translation adjustments	1.0	6.4	0.4	(6.6)
Defined benefit plan adjustments gain (loss)	(0.0)	(0.0)	(0.7)	(0.0)
Income (loss) from derivative agreements	(12.2)	(5.3)	12.1	(25.0)
Other comprehensive income (loss)	(11.2)	1.1	11.8	(31.6)
Comprehensive income	$ 207.1	$ 190.8	$ 450.8	$ 387.9

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents		$ 149.8	$ 183.1
Accounts receivable, less allowances of $3.7 and $3.7		386.2	398.8
Inventories		555.8	495.4
Other current assets		36.9	35.1
Total Current Assets		1,128.7	1,112.4
Property, Plant and Equipment, Net		613.0	612.8
Equity Investment in Affiliates		9.9	9.1
Trade Names and Other Intangibles, Net		3,049.2	3,110.2
Goodwill		2,229.8	2,229.6
Other Assets		337.9	340.4
Total Assets		7,368.5	7,414.5
Current Liabilities
Short-term borrowings		233.1	351.4
Current portion of long-term debt	[1]	200.0	0.0
Accounts payable and accrued expenses		887.5	1,024.5
Income taxes payable		14.5	12.7
Business acquisition liabilities		41.0	0.0
Total Current Liabilities		1,376.1	1,388.6
Long-term Debt		1,513.8	1,812.5
Deferred Income Taxes		732.3	707.3
Deferred and Other Long-term Liabilities		349.1	367.7
Business Acquisition Liabilities		20.0	118.0
Total Liabilities		3,991.3	4,394.1
Commitments and Contingencies
Stockholders' Equity
Preferred Stock, $1.00 par value, Authorized 2,500,000 shares; none issued		0.0	0.0
Common Stock, $1.00 par value, Authorized 600,000,000 shares and 292,855,100 shares issued as of June 30, 2021 and December 31, 2020		292.8	292.8
Additional paid-in capital		320.5	274.4
Retained earnings		5,101.2	4,786.0
Accumulated other comprehensive loss		(65.8)	(77.6)
Common stock in treasury, at cost: 47,502,732 shares as of June 30, 2021 and 47,494,982 shares as of December 31, 2020		(2,271.5)	(2,255.2)
Total Stockholders' Equity		3,377.2	3,020.4
Total Liabilities and Stockholders' Equity		$ 7,368.5	$ 7,414.5

[1] In June 2021, the Company repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand.

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 3.7	$ 3.7
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	600,000,000	600,000,000
Common Stock, shares issued	292,855,100	292,855,100
Common stock in treasury, shares	47,502,732	47,494,982

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flow From Operating Activities
Net Income	$ 439.0	$ 419.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	34.1	32.0
Amortization expense	76.2	60.4
Change in fair value of business acquisition liabilities	(57.0)	(20.7)
Deferred income taxes	20.9	11.4
Equity in net earnings of affiliates	(5.4)	(3.6)
Distributions from unconsolidated affiliates	4.5	2.7
Non-cash compensation expense	16.8	15.8
Gain on sale of assets	(0.0)	(3.0)
Other	3.8	1.6
Change in assets and liabilities:
Accounts receivable	12.5	5.9
Inventories	(60.3)	(42.7)
Other current assets	2.6	(2.1)
Accounts payable and accrued expenses	(134.5)	35.8
Income taxes payable	0.1	87.1
Other operating assets and liabilities, net	(9.0)	(1.5)
Net Cash Provided By Operating Activities	344.3	598.6
Cash Flow From Investing Activities
Additions to property, plant and equipment	(43.3)	(30.9)
Proceeds from sale of assets	0.0	7.0
Other	(4.3)	(2.5)
Net Cash Used In Investing Activities	(47.6)	(26.4)
Cash Flow From Financing Activities
Long-term debt (repayments)	(100.0)	(0.0)
Short-term debt borrowings, net of (repayments)	(118.4)	(186.2)
Proceeds from stock options exercised	12.5	44.9
Payment of cash dividends	(123.8)	(118.1)
Payment of business acquisition liabilities	(0.0)	(14.5)
Deferred financing and other	(0.1)	(0.1)
Net Cash Used In Financing Activities	(329.8)	(274.0)
Effect of exchange rate changes on cash and cash equivalents	(0.2)	(2.2)
Net Change In Cash and Cash Equivalents	(33.3)	296.0
Cash and Cash Equivalents at Beginning of Period	183.1	155.7
Cash and Cash Equivalents at End of Period	149.8	451.7
Cash paid during the period for:
Interest (net of amounts capitalized)	26.2	32.2
Income taxes	118.3	17.3
Supplemental disclosure of non-cash investing activities:
Property, plant and equipment expenditures included in Accounts Payable	$ 10.6	$ 10.3

XML

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, 2019	$ 2,667.8	$ 292.8	$ (2,091.2)	$ 295.5	$ 4,237.4	$ (66.7)
Beginning Balance (in shares) at Dec. 31, 2019		292.8	(47.4)
Net income	229.8	$ 0.0	$ 0.0	0.0	229.8	0.0
Other comprehensive income (loss)	(32.7)	0.0	0.0	0.0	0.0	(32.7)
Cash dividends	(59.0)	(0.0)	(0.0)	(0.0)	(59.0)	(0.0)
Stock based compensation expense and stock option plan transactions	11.9	$ 0.0	$ 11.7	0.2	0.0	0.0
Stock based compensation expense and stock option plan transactions (in shares)		0.0	0.3
Ending Balance at Mar. 31, 2020	2,817.8	$ 292.8	$ (2,079.5)	295.7	4,408.2	(99.4)
Ending Balance (in shares) at Mar. 31, 2020		292.8	(47.1)
Beginning Balance at Dec. 31, 2019	2,667.8	$ 292.8	$ (2,091.2)	295.5	4,237.4	(66.7)
Beginning Balance (in shares) at Dec. 31, 2019		292.8	(47.4)
Net income	419.5
Other comprehensive income (loss)	(31.6)
Ending Balance at Jun. 30, 2020	2,998.8	$ 292.8	$ (2,037.3)	302.8	4,538.8	(98.3)
Ending Balance (in shares) at Jun. 30, 2020		292.8	(45.9)
Beginning Balance at Mar. 31, 2020	2,817.8	$ 292.8	$ (2,079.5)	295.7	4,408.2	(99.4)
Beginning Balance (in shares) at Mar. 31, 2020		292.8	(47.1)
Net income	189.7	$ 0.0	$ 0.0	0.0	189.7	0.0
Other comprehensive income (loss)	1.1	0.0	0.0	0.0	0.0	1.1
Cash dividends	(59.1)	(0.0)	(0.0)	(0.0)	(59.1)	(0.0)
Stock based compensation expense and stock option plan transactions	49.3	$ 0.0	$ 42.2	7.1	0.0	0.0
Stock based compensation expense and stock option plan transactions (in shares)		0.0	1.2
Ending Balance at Jun. 30, 2020	2,998.8	$ 292.8	$ (2,037.3)	302.8	4,538.8	(98.3)
Ending Balance (in shares) at Jun. 30, 2020		292.8	(45.9)
Beginning Balance at Dec. 31, 2020	3,020.4	$ 292.8	$ (2,255.2)	274.4	4,786.0	(77.6)
Beginning Balance (in shares) at Dec. 31, 2020		292.8	(47.4)
Net income	220.7	$ 0.0	$ 0.0	0.0	220.7	0.0
Other comprehensive income (loss)	23.0	0.0	0.0	0.0	0.0	23.0
Cash dividends	(61.9)	(0.0)	(0.0)	(0.0)	(61.9)	(0.0)
Stock purchases	(0.0)	(0.0)	$ (30.0)	30.0	(0.0)	(0.0)
Stock purchases (in shares)			(0.4)
Stock based compensation expense and stock option plan transactions	9.0	$ 0.0	$ 7.2	1.8	0.0	0.0
Stock based compensation expense and stock option plan transactions (in shares)		0.0	0.1
Ending Balance at Mar. 31, 2021	3,211.2	$ 292.8	$ (2,278.0)	306.2	4,944.8	(54.6)
Ending Balance (in shares) at Mar. 31, 2021		292.8	(47.7)
Beginning Balance at Dec. 31, 2020	3,020.4	$ 292.8	$ (2,255.2)	274.4	4,786.0	(77.6)
Beginning Balance (in shares) at Dec. 31, 2020		292.8	(47.4)
Net income	439.0
Other comprehensive income (loss)	11.8
Ending Balance at Jun. 30, 2021	3,377.2	$ 292.8	$ (2,271.5)	320.5	5,101.2	(65.8)
Ending Balance (in shares) at Jun. 30, 2021		292.8	(47.5)
Beginning Balance at Mar. 31, 2021	3,211.2	$ 292.8	$ (2,278.0)	306.2	4,944.8	(54.6)
Beginning Balance (in shares) at Mar. 31, 2021		292.8	(47.7)
Net income	218.3	$ 0.0	$ 0.0	0.0	218.3	0.0
Other comprehensive income (loss)	(11.2)	0.0	0.0	0.0	0.0	(11.2)
Cash dividends	(61.9)	(0.0)	(0.0)	(0.0)	(61.9)	(0.0)
Stock based compensation expense and stock option plan transactions	20.8	$ 0.0	$ 6.5	14.3	0.0	0.0
Stock based compensation expense and stock option plan transactions (in shares)		0.0	0.2
Ending Balance at Jun. 30, 2021	$ 3,377.2	$ 292.8	$ (2,271.5)	$ 320.5	$ 5,101.2	$ (65.8)
Ending Balance (in shares) at Jun. 30, 2021		292.8	(47.5)

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Basis of Presentation

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

1. Basis of Presentation

These condensed consolidated financial statements 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 and results of operations and cash flows for all periods presented have been made.  Results of operations for interim periods may not be representative of results to be expected for the full year.

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, 2020 (the “Form 10-K”).  

The Company incurred research and development expenses in the second quarter of 2021 and 2020 of $25.4 and $24.6, respectively.  The Company incurred research and development expenses in the first six months of 2021 and 2020 of $49.5 and $46.3, respectively.  These expenses are included in selling, general and administrative (“SG&A”) expenses.

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New Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

Accounting Changes And Error Corrections [Abstract]

New Accounting Pronouncements

2. New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued new accounting guidance intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates.  This guidance was effective beginning on March 12, 2020, and the Company may apply the amendments prospectively to contract modifications made or relationships entered into or evaluated through December 31, 2022.  The adoption of this guidance did not have an impact on the Company’s consolidated financial position, results of operations or cash flows in the current period.  The Company will continue to evaluate the impacts of this guidance on future contract modifications through December 31, 2022.  

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

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

3. Inventories

Inventories consist of the following:

	June 30,		December 31,
	2021		2020
Raw materials and supplies	$	120.0	$	112.9
Work in process		39.3		33.0
Finished goods		396.5		349.5
Total	$	555.8	$	495.4

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

6 Months Ended

Jun. 30, 2021

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:

	June 30,		December 31,
	2021		2020
Land	$	28.3	$	28.3
Buildings and improvements		276.3		265.3
Machinery and equipment		817.9		793.4
Software		105.5		103.0
Office equipment and other assets		85.8		85.1
Construction in progress		79.7		86.8
Gross PP&E		1,393.5		1,361.9
Less accumulated depreciation and amortization		780.5		749.1
Net PP&E	$	613.0	$	612.8

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Depreciation and amortization on PP&E	$	17.3	$	16.0	$	34.1	$	32.0

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Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

5. Earnings Per Share (“EPS”)

Basic EPS is calculated based on income available to holders of the Company’s common stock (“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				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Weighted average common shares outstanding -  basic		245.2		246.2		245.2		245.9
Dilutive effect of stock options		4.8		5.1		4.7		5.3
Weighted average common shares outstanding - diluted		250.0		251.3		249.9		251.2
Antidilutive stock options outstanding		1.5		3.3		1.5		3.3

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Stock Based Compensation Plans

6 Months Ended

Jun. 30, 2021

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:

						Weighted
						Average
				Weighted		Remaining
				Average		Contractual		Aggregate
				Exercise		Term		Intrinsic
	Options			Price		(in Years)		Value
Outstanding at December 31, 2020		12.7		$	50.72
Granted		1.4			84.69
Exercised		(0.3	)		33.94
Outstanding at June 30, 2021		13.8		$	54.69		5.8	$	419.3
Exercisable at June 30, 2021		8.9		$	42.17		4.2	$	384.5

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				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Intrinsic Value of Stock Options Exercised	$	9.3	$	54.6	$	18.8	$	68.9
Stock Compensation Expense Related to Stock Option Awards	$	13.4	$	12.7	$	16.5	$	15.4
Issued Stock Options		1.4		1.8		1.4		1.8
Weighted Average Fair Value of Stock Options issued (per share)	$	17.34	$	12.74	$	17.31	$	12.73
Fair Value of Stock Options Issued	$	24.6	$	23.1	$	25.1	$	23.6

The following table provides a summary of the assumptions used in the valuation of issued stock options:

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
Risk-free interest rate		1.4	%		0.5	%		1.3	%		0.5	%
Expected life in years		7.2			7.3			7.2			7.3
Expected volatility		20.7	%		19.9	%		20.7	%		19.8	%
Dividend yield		1.2	%		1.3	%		1.2	%		1.3	%

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Share Repurchases

6 Months Ended

Jun. 30, 2021

Payments For Repurchase Of Equity [Abstract]

Share Repurchases

7.Share Repurchases

On November 1, 2017, the Board authorized a share repurchase program, under which the Company may repurchase up to $500.0 in shares of Common Stock (the “2017 Share Repurchase Program”).  The 2017 Share Repurchase Program does not have an expiration.  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 December 2020, the Company entered into an accelerated share repurchase (“ASR”) contract with a commercial bank to purchase Common Stock.  The Company paid $300.0 to the bank, inclusive of fees, and received an initial delivery of shares equal to $270.0, or 3.1 million shares.  The Company used cash on hand and short-term borrowings to fund the initial purchase price.  Upon the completion of the ASR, which ended in February 2021, the bank delivered an additional 0.4 million shares to the Company.  The final shares delivered to the Company were determined by the average price per share paid by the bank during the purchase period.  All 3.5 million shares were purchased under the Company’s evergreen program.  As a result of the Company’s stock repurchases in recent years, there remains $210.0 of share repurchase availability under the 2017 Share Repurchase Program as of June 30, 2021.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

8.Fair Value Measurements

The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at June 30, 2021 and December 31, 2020:

		June 30, 2021						December 31, 2020
	Input	Carrying			Fair			Carrying			Fair
	Level	Amount			Value			Amount			Value
Financial Assets:
Cash equivalents	Level 1	$	16.0		$	16.0		$	73.7		$	73.7
Financial Liabilities:
Short-term borrowings	Level 2		233.1			233.1			351.4			351.4
Term loan due May 1, 2022	Level 2		200.0			200.0			300.0			300.0
2.45% Senior notes due August 1, 2022	Level 2		299.9			306.9			299.9			310.1
2.875% Senior notes due October 1, 2022	Level 2		400.0			412.7			399.9			416.6
3.15% Senior notes due August 1, 2027	Level 2		424.7			465.1			424.7			472.4
3.95% Senior notes due August 1, 2047	Level 2		397.5			465.2			397.4			502.2
Interest Rate Swap Lock Agreement asset (liability)	Level 2		(42.5	)		(42.5	)		(57.0	)		(57.0	)
Business Acquisition Liabilities	Level 3		61.0			61.0			118.0			118.0

The Company recognizes transfers between input levels as of the actual date of the event.  There were no transfers between input levels during the six months ended June 30, 2021.

Refer to Note 2 in the Form 10-K 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 business acquisition liabilities represent the estimated fair value of additional future contingent consideration payable for acquisitions of businesses that included contingent consideration clauses. The fair value of the business acquisition liabilities is evaluated on an ongoing basis and is based on management estimates and entity-specific assumptions which are considered Level 3 inputs.  In the six months ended June 30, 2021, the Company decreased the fair value estimate of the business acquisition liability for the Flawless Acquisition (as defined in Note 10) by $57.0 from $98.0 to $41.0 based on the revised valuation due to updated sales forecasts.  The $57.0 reduction of SG&A expense was recorded within the Consumer Domestic and Consumer International segments.  The Flawless Acquisition business acquisition liability is expected to be paid in the first half of 2022 and was reclassified to Current Liabilities in the first quarter of 2021.  At both June 30, 2021 and December 31, 2020, the Company had a business acquisition liability of $20.0 in connection with the Zicam Acquisition (as defined in Note 10).  Any amount that may be due for the Zicam Acquisition business acquisition liability is payable five years from the closing.  

The Company has entered into interest rate swap lock agreements (“Interest Rate Swap Lock Agreements”) which are used to hedge the risk of changes in the interest payments attributable to changes in the benchmark U.S. Dollar LIBOR interest rate associated with anticipated issuances of debt.  The liability decreased by $14.5 during the first six months of 2021 primarily due to higher current and projected interest rates and is recorded in Deferred and Other Long-term Liabilities with the offset in Accumulated Other Comprehensive Loss and Deferred Taxes.

The carrying amounts of accounts receivable, and accounts payable and accrued expenses, approximated estimated fair values as of June 30, 2021 and December 31, 2020.  

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Derivative Instruments and Risk Management

6 Months Ended

Jun. 30, 2021

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 the Common Stock and commodity prices expose the Company to market risk.  The Company manages these risks by the use of derivative instruments, such as cash flow and fair value hedges, diesel and commodity 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 in effect as of December 31, 2020.  

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
	June 30, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	$	229.5	$	252.7
Interest rate swap lock	$	300.0	$	300.0
Diesel fuel contracts	3.4 gallons		6.7 gallons
Commodities contracts	87.0 pounds		84.0 pounds
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	5.9	$	8.0
Equity derivatives	$	28.1	$	23.3

Excluding the Interest Rate Swap Lock Agreements disclosed in Note 8, the fair values and amount of gain (loss) recognized in income and Other Comprehensive Income (“OCI”) associated with the derivative instruments disclosed above did not have a material impact on the Company’s condensed consolidated financial statements during the second quarter of 2021.

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Acquisitions

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Acquisitions

10. Acquisitions

On December 1, 2020, the Company acquired all of the outstanding equity of Consumer Health Holdco LLC, the owner of the ZICAM™ brand and cold remedy products business (the “Zicam Acquisition”).  The Company paid $512.7, net of cash acquired, at closing and deferred an additional cash payment of $20.0 related to certain indemnifications provided by the seller.  The deferred amount is recorded in Business Acquisition Liabilities on the condensed consolidated balance sheet and any amount that may be due for the business acquisition liability is payable five years from the closing.  Zicam’s annual net sales for the year ended December 31, 2020 were approximately $107.0.  The acquisition was financed by the Company with a combination of cash on hand and short-term borrowings.  The ZICAM business is managed in the Consumer Domestic segment.

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

Inventory and other working capital	$	40.2
Property, plant and equipment		0.5
Trade name		367.8
Other intangible assets		93.8
Goodwill		151.4
Current liabilities		(13.1	)
Deferred income taxes		(107.2	)
Long-term liabilities		(20.7	)
Cash purchase price (net of cash acquired)	$	512.7

The purchase price allocation for the Zicam Acquisition has not been finalized for deferred income taxes acquired. The trade names and other intangible assets were valued using a discounted cash flow model.  All of the intangible assets recognized from the Zicam Acquisition have a useful life which ranges from 10 - 20 years.  The goodwill is a result of expected synergies from combined operations of the acquired business and the Company.  Pro forma results are not presented because the impact of the acquisition is not material to the Company’s consolidated financial results.  The goodwill and other intangible assets associated with the Zicam Acquisition are not deductible for U.S. tax purposes.

On May 1, 2019, the Company closed on its previously announced acquisition of the FLAWLESS business (the “Flawless Acquisition”) from Ideavillage Products Corporation (“Ideavillage”). The Company paid $475.0 at closing and may make an additional business acquisition liability payment based on a trailing twelve-month net sales target ending no later than December 31, 2021. The transaction was funded with a three-year term loan and commercial paper borrowings. There was a six-month integration transition period in which the net cash received from Ideavillage was accounted for as other revenue as a component of net sales. The Company purchased the inventory as part of the acquisition following the transition period, and at such time the Company became the principal party to the sales transactions and began recording revenue on a gross basis. The FLAWLESS business is managed in the Consumer Domestic and Consumer International segments and represents an addition to the Company’s specialty haircare portfolio which includes BATISTE dry shampoo, VIVISCAL hair thinning supplements, and TOPPIK hair fibers.

The fair values of the net assets at acquisition are set forth as follows:

Trade name	$	447.3
Other intangible assets		121.8
Goodwill		87.9
Contingent consideration		(182.0	)
Cash purchase price	$	475.0

As a result of the Company purchasing assets, the goodwill and other intangible assets associated with the Flawless Acquisition are deductible for U.S. tax purposes.  The trade names and other intangible assets were valued using a discounted cash flow model.  All of the intangible assets recognized from the Flawless Acquisition have a useful life which ranges from 15 - 20 years. The goodwill is a result of expected synergies from combined operations of the acquired business and the Company.  Pro forma results are not presented because the impact of the acquisition was not material to the Company’s consolidated financial results.  Ideavillage will continue to help support the business through a separate transition services agreement.  

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Goodwill and Other Intangibles, Net

6 Months Ended

Jun. 30, 2021

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:

	June 30, 2021								December 31, 2020
	Gross							Amortization	Gross
	Carrying		Accumulated					Period	Carrying		Accumulated
	Amount		Amortization			Net		(Years)	Amount		Amortization			Net
Amortizable intangible assets:
Trade Names	$	1,389.3	$	(303.6	)	$	1,085.7	3-20	$	1,389.6	$	(269.6	)	$	1,120.0
Customer Relationships		659.5		(310.9	)		348.6	15-20		659.5		(291.2	)		368.3
Patents/Formulas		230.5		(92.3	)		138.2	4-20		230.5		(85.3	)		145.2
Total	$	2,279.3	$	(706.8	)	$	1,572.5		$	2,279.6	$	(646.1	)	$	1,633.5

Indefinite Lived Intangible Assets - Gross Carrying Amount  

	June 30,		December 31,
	2021		2020
Trade Names	$	1,476.7	$	1,476.7

Intangible amortization expense was $30.5 and $24.5 for the second quarter of 2021 and 2020, respectively.  Intangible amortization expense amounted to $61.0 and $49.0  for the first six months of 2021 and 2020, respectively.  The Company estimates that intangible amortization expense will be approximately $120.0 in 2021 and approximately $116.0 to $107.0 annually over the next five years.

Fair value for indefinite lived intangible assets was estimated based on a “relief from royalty” or “excess earnings” discounted cash flow method, which contains numerous variables that are subject to change as business conditions change, and therefore could impact fair values in the future.  The key assumptions used in determining fair value are sales growth, profitability margins, tax rates and discount rates. The Company determined that the fair value of all indefinite lived intangible assets for each of the years in the three-year period ended December 31, 2020 exceeded their respective carrying values based upon the forecasted cash flows and profitability. The Company’s indefinite lived intangible impairment review is completed in the fourth quarter of each year.  

In recent years the Company’s TROJAN business, specifically the condom category, has not grown and competition has increased.  Social distancing requirements due to the COVID-19 pandemic have further negatively impacted the business.  As a result,

the TROJAN business has experienced sales and profit declines resulting in a reduction in expected future cash flows which has eroded a portion of the excess between the fair and carrying value of the tradename.  This indefinite-lived intangible asset is susceptible to impairment risk and a continued decline in fair value could trigger a future impairment charge of the TROJAN tradename.  The carrying value of the TROJAN tradename is $176.4 and fair value exceeded carrying value by 53% as of December 31, 2020.  The key assumptions used in the projections from the Company’s October 1, 2020 impairment analysis include discount rates of 7.0% in the U.S. and 9.0% internationally, growth assumptions commensurate with its outlook for the brand and the category based on recent trends, and an average royalty rate of approximately 10%.  These discount rates were reduced by 250 basis points from the October 1, 2019 impairment analysis to reflect the inherent reduction in the risk profile of the Company.  

While management can and has implemented strategies to address the risk, including lowering the Company’s production costs, investing in new product ideas, and developing new creative advertising, significant changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate fair value.  More recently, the category is experiencing a recovery, benefiting from an easing of COVID-19 social restrictions leading to an increase in sexual activity. The Company expects this trend will continue into next year with the continued adoption of vaccines and reduction of social distancing restrictions.  

In addition, the Company’s Passport Food Safety business, under pressure as a result of the COVID-19 pandemic and new competitive activities, is experiencing sales and profit declines due to decreased demand for its products that could result in an impairment of the associated tradename and other intangible assets. The assets have a current net book value of approximately $22.0 and are being amortized over their remaining weighted average life of 11 years.  The Company is implementing strategies to address the decline. However, if unsuccessful, this decline could trigger a future impairment charge.  

The carrying amount of goodwill is as follows:

	Consumer		Consumer		Specialty
	Domestic		International		Products		Total
Balance at December 31, 2020	$	1,859.3	$	234.3	$	136.0	$	2,229.6
Zicam adjustment		0.2		0.0		0.0		0.2
Balance at June 30, 2021	$	1,859.5	$	234.3	$	136.0	$	2,229.8

The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2021, determined that the estimated fair value substantially exceeded the carrying values of all reporting units.  The determination of fair value contains numerous variables that are subject to change as business conditions change and therefore could impact fair value in the future.  The Company has never incurred a goodwill impairment charge.

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Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

12. Leases

The Company leases certain manufacturing facilities, warehouses, office space, railcars and equipment. Leases with an initial term of twelve months or less are not recorded on the condensed consolidated balance sheet.  All recorded leases are classified as operating leases and lease expense is recognized on a straight-line basis over the lease term. For leases beginning in 2019, lease components (base rental costs) are accounted for separately from the nonlease components (e.g., common-area maintenance costs).  For leases that do not provide an implicit rate, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

A summary of the Company’s lease information is as follows:

		June 30,			December 31,
	Classification	2021			2020
Assets
Right of use assets	Other Assets	$	172.9		$	181.6
Liabilities
Current lease liabilities	Accounts Payable and Accrued Expenses	$	25.5		$	25.0
Long-term lease liabilities	Deferred and Other Long-term Liabilities		159.2			168.3
Total lease liabilities		$	184.7		$	193.3
Other information
Weighted-average remaining lease term (years)			9.3			9.7
Weighted-average discount rate			4.2	%		4.3	%

	Three Months			Three Months		Six Months		Six Months
	Ended			Ended		Ended		Ended
	June 30, 2021			June 30, 2020		June 30, 2021		June 30, 2020
Statement of Income
Lease cost(1)	$	8.2		$	6.8	$	16.5	$	13.4
Other information
Leased assets obtained in exchange for new lease liabilities net of modifications(2)	$	(0.3	)	$	6.3	$	4.1	$	16.5
Cash paid for amounts included in the measurement of lease liabilities	$	8.3		$	6.4	$	16.5	$	12.6

⁽¹⁾ Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item.  Short-term lease expense is excluded from this amount and is not material.  The Company also has certain variable leases which are not material.  The noncash component of lease expense for the first six months of 2021 and 2020 was $12.8 and $9.7, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows. 

⁽²⁾ In June 2021, the Company determined that a renewal option was no longer likely to be exercised.  This resulted in a decrease to the Company’s right of use assets and corresponding lease liabilities of approximately $0.8 recorded in the second quarter of 2021.  In March 2020, the Company approved a capital project to purchase additional machinery and equipment at one of its leased manufacturing facilities. This led to a lease modification to include a renewal option that would extend the lease for an additional five years through 2029.  The modification resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $7.3 recorded in the first quarter of 2020.      

The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:

	Operating
	Leases
2021	$	15.9
2022		31.7
2023		26.5
2024		24.1
2025		23.0
2026 and thereafter		106.6
Total future minimum lease commitments		227.8
Less: Imputed Interest		(43.1	)
Present value of lease liabilities	$	184.7

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Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

13. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	June 30,		December 31,
	2021		2020
Trade accounts payable	$	566.8	$	588.1
Accrued marketing and promotion costs		134.2		177.8
Accrued wages and related benefit costs		53.9		124.2
Other accrued current liabilities		132.6		134.4
Total	$	887.5	$	1,024.5

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Short-Term Borrowings and Long-Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Short-Term Borrowings and Long-Term Debt

14. Short-Term Borrowings and Long-Term Debt

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

	June 30,			December 31,
	2021			2020
Short-term borrowings
Commercial paper issuances	$	229.8		$	349.0
Various debt due to international banks		3.3			2.4
Total short-term borrowings	$	233.1		$	351.4
Long-term debt
Term loan due May 1, 2022(1)		200.0			300.0
2.45% Senior notes due August 1, 2022		300.0			300.0
Less: Discount		(0.1	)		(0.1	)
2.875% Senior notes due October 1, 2022		400.0			400.0
Less: Discount		0.0			(0.1	)
3.15% Senior notes due August 1, 2027		425.0			425.0
Less: Discount		(0.3	)		(0.3	)
3.95% Senior notes due August 1, 2047		400.0			400.0
Less: Discount		(2.5	)		(2.6	)
Debt issuance costs, net		(8.3	)		(9.4	)
Total long-term debt		1,713.8			1,812.5
Less: current maturities(1)		(200.0	)		0.0
Net long-term debt	$	1,513.8		$	1,812.5

⁽¹⁾ In June 2021, the Company repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand. 

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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

15. Accumulated Other Comprehensive Income (Loss)

The components of changes in accumulated other comprehensive income (loss) are as follows:  

										Accumulated
	Foreign			Defined						Other
	Currency			Benefit			Derivative			Comprehensive
	Adjustments			Plans			Agreements			Income (Loss)
Balance at December 31, 2019	$	(36.8	)	$	0.0		$	(29.9	)	$	(66.7	)
Other comprehensive income (loss) before reclassifications		(6.6	)		0.0			(35.5	)		(42.1	)
Amounts reclassified to consolidated statement of    income (a) (b)		0.0			0.0			1.9			1.9
Tax benefit (expense)		0.0			0.0			8.6			8.6
Other comprehensive income (loss)		(6.6	)		0.0			(25.0	)		(31.6	)
Balance at June 30, 2020	$	(43.4	)	$	0.0		$	(54.9	)	$	(98.3	)
Balance at December 31, 2020	$	(26.4	)	$	0.0		$	(51.2	)	$	(77.6	)
Other comprehensive income (loss) before reclassifications		0.4			(0.9	)		17.0			16.5
Amounts reclassified to consolidated statement of    income  (a) (b)		0.0			0.0			(0.4	)		(0.4	)
Tax benefit (expense)		0.0			0.2			(4.5	)		(4.3	)
Other comprehensive income (loss)		0.4			(0.7	)		12.1			11.8
Balance at June 30, 2021	$	(26.0	)	$	(0.7	)	$	(39.1	)	$	(65.8	)

(a) Amounts reclassified to cost of sales, selling, general and administrative expenses or interest expense.  

(b) The Company reclassified a gain of $1.2 and a loss of $0.8 to the condensed consolidated statements of income during the three months ended June 30, 2021 and 2020, respectively.

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Commitments, Contingencies and Guarantees

6 Months Ended

Jun. 30, 2021

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 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.  The Company is not engaged in any other material transactions with the partnership or the partner supplier.  

b. As of June 30, 2021, the Company had commitments of approximately $258.5.  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 June 30, 2021, the Company had various guarantees and letters of credit totaling $4.6.     

d. In connection with the Flawless Acquisition, the Company is obligated to pay an additional amount based on sales performance through 2021.  The initial fair value of this business acquisition liability was $182.0.  That amount was established in the purchase price allocation.  Since the initial fair value was established, the Company has decreased the liability by $141.0 of which $38.0 and $57.0 was recorded in the three and six months ended June 30, 2021, respectively, based on the revised valuation due to updated sales forecasts.  As a result of these adjustments, the fair value of this business acquisition liability was $41.0 as of June 30, 2021.  The change in fair value was recorded within the Consumer Domestic and Consumer International segments.  The business acquisition liability will be reassessed at each balance sheet date until the completion of the earn-out period.  Any amount due is expected to be paid in the first half of 2022.  The liability was reclassified to Current Liabilities in the first quarter of 2021.  

In connection with the Zicam Acquisition, the Company deferred an additional cash payment of $20.0 related to certain indemnifications provided by the seller.  Any amount that may be due is payable five years from the closing.

Legal proceedings

e. 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.

f. 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.   Any such proceedings could result in a material adverse outcome negatively impacting the Company’s business, financial condition, results of operations or cash flows.

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Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

17.Related Party Transactions

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

	Armand				ArmaKleen
	Six Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Purchases by Company	$	6.0	$	6.8	$	0.0	$	0.0
Sales by Company	$	0.0	$	0.0	$	0.6	$	0.5
Outstanding Accounts Receivable	$	0.4	$	0.4	$	0.6	$	1.0
Outstanding Accounts Payable	$	1.0	$	1.2	$	0.0	$	0.0
Administration & Management Oversight Services (1)	$	1.1	$	1.1	$	1.0	$	1.1

⁽¹⁾ Billed by the Company and recorded as a reduction of SG&A expenses.

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Segments

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segments

18. Segments

Segment Information

The Company operates three reportable segments: Consumer Domestic, Consumer International and Specialty Products Division.  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 of affiliates.  As of June 30, 2021, the Company held 50% ownership interests in each of Armand and ArmaKleen, respectively.  The Company’s equity in earnings of Armand and ArmaKleen, totaling $2.8 and $2.0 for the three months ended June 30, 2021 and 2020, respectively, and $5.4 and $3.6 for the six months ended June 30, 2021 and 2020, respectively, are included in the Corporate segment.

Certain 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 are as follows:

	Consumer		Consumer
	Domestic		International		SPD		Corporate(3)		Total
Net Sales(1)
Second Quarter 2021	$	959.7	$	226.8	$	84.6	$	0.0	$	1,271.1
Second Quarter 2020		931.1		187.5		75.7		0.0		1,194.3
First Six Months of 2021	$	1,902.1	$	443.2	$	164.7	$	0.0	$	2,510.0
First Six Months of 2020		1,822.1		386.1		151.3		0.0		2,359.5
Income before Income Taxes(2)
Second Quarter 2021(4)	$	234.2	$	38.2	$	12.1	$	2.8	$	287.3
Second Quarter 2020(5)		200.4		23.4		10.2		2.0		236.0
First Six Months of 2021(4)	$	475.1	$	76.4	$	21.4	$	5.4	$	578.3
First Six Months of 2020(5)		451.2		61.6		19.0		3.6		535.4

^{(1) Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $2.8 for the three months ended June 30, 2021 and June 30, 2020, respectively, and were $5.2 and $5.8 for the six months ended June 30, 2021 and June 30, 2020, respectively.}

^{(2) In determining income before income taxes, interest expense, investment earnings and certain aspects of other income and expense were allocated among segments based upon each segment’s relative income from operations.}

^{(3) Corporate segment consists of equity in earnings of affiliates from Armand and ArmaKleen for the three and six months ended June 30, 2021 and June 30, 2020.}

^{(4) Results for the three months ended June 30, 2021 include a $38.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $32.3 was recorded to Consumer Domestic and $5.7 was recorded to Consumer International.  Results for the six months ended June 30, 2021 include a $57.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $48.4 was recorded to Consumer Domestic and $8.6 was recorded to Consumer International.}  

^{(5) Results for the three months ended June 30, 2020 include a $6.0 increase of SG&A expenses to adjust the Flawless business acquisition liability, of which $5.1 was recorded to Consumer Domestic and $0.9 was recorded to Consumer International.  Results for the six months ended June 30, 2020 include a $21.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $17.9 was recorded to Consumer Domestic and $3.1 was recorded to Consumer International.  In the first quarter of 2020, the Company sold its PERL WEISS® toothpaste brand in Germany resulting in a reduction in SG&A expenses of $3.0 recorded in Consumer International.}

Product line revenues from external customers are as follows:  

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Household Products	$	523.0	$	544.7	$	1,018.2	$	1,039.0
Personal Care Products		436.7		386.4		883.9		783.1
Total Consumer Domestic		959.7		931.1		1,902.1		1,822.1
Total Consumer International		226.8		187.5		443.2		386.1
Total SPD		84.6		75.7		164.7		151.3
Total Consolidated Net Sales	$	1,271.1	$	1,194.3	$	2,510.0	$	2,359.5

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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Subsequent Event

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Event

In June 2021, the Company repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Research and Development

The Company incurred research and development expenses in the second quarter of 2021 and 2020 of $25.4 and $24.6, respectively.  The Company incurred research and development expenses in the first six months of 2021 and 2020 of $49.5 and $46.3, respectively.  These expenses are included in selling, general and administrative (“SG&A”) expenses.

New Accounting Pronouncements Adopted and Issued

Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued new accounting guidance intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates.  This guidance was effective beginning on March 12, 2020, and the Company may apply the amendments prospectively to contract modifications made or relationships entered into or evaluated through December 31, 2022.  The adoption of this guidance did not have an impact on the Company’s consolidated financial position, results of operations or cash flows in the current period.  The Company will continue to evaluate the impacts of this guidance on future contract modifications through December 31, 2022.  

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.  

Earnings Per Share ("EPS")

Basic EPS is calculated based on income available to holders of the Company’s common stock (“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				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Weighted average common shares outstanding -  basic		245.2		246.2		245.2		245.9
Dilutive effect of stock options		4.8		5.1		4.7		5.3
Weighted average common shares outstanding - diluted		250.0		251.3		249.9		251.2
Antidilutive stock options outstanding		1.5		3.3		1.5		3.3

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Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consist of the following:

	June 30,		December 31,
	2021		2020
Raw materials and supplies	$	120.0	$	112.9
Work in process		39.3		33.0
Finished goods		396.5		349.5
Total	$	555.8	$	495.4

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

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Components of Property, Plant and Equipment

PP&E consists of the following:

	June 30,		December 31,
	2021		2020
Land	$	28.3	$	28.3
Buildings and improvements		276.3		265.3
Machinery and equipment		817.9		793.4
Software		105.5		103.0
Office equipment and other assets		85.8		85.1
Construction in progress		79.7		86.8
Gross PP&E		1,393.5		1,361.9
Less accumulated depreciation and amortization		780.5		749.1
Net PP&E	$	613.0	$	612.8

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Depreciation and amortization on PP&E	$	17.3	$	16.0	$	34.1	$	32.0

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Earnings Per Share ("EPS") (Tables)

6 Months Ended

Jun. 30, 2021

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				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Weighted average common shares outstanding -  basic		245.2		246.2		245.2		245.9
Dilutive effect of stock options		4.8		5.1		4.7		5.3
Weighted average common shares outstanding - diluted		250.0		251.3		249.9		251.2
Antidilutive stock options outstanding		1.5		3.3		1.5		3.3

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Stock Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Option Activity

The following table provides a summary of option activity:

						Weighted
						Average
				Weighted		Remaining
				Average		Contractual		Aggregate
				Exercise		Term		Intrinsic
	Options			Price		(in Years)		Value
Outstanding at December 31, 2020		12.7		$	50.72
Granted		1.4			84.69
Exercised		(0.3	)		33.94
Outstanding at June 30, 2021		13.8		$	54.69		5.8	$	419.3
Exercisable at June 30, 2021		8.9		$	42.17		4.2	$	384.5

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				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Intrinsic Value of Stock Options Exercised	$	9.3	$	54.6	$	18.8	$	68.9
Stock Compensation Expense Related to Stock Option Awards	$	13.4	$	12.7	$	16.5	$	15.4
Issued Stock Options		1.4		1.8		1.4		1.8
Weighted Average Fair Value of Stock Options issued (per share)	$	17.34	$	12.74	$	17.31	$	12.73
Fair Value of Stock Options Issued	$	24.6	$	23.1	$	25.1	$	23.6

Assumptions Used in Valuation of Issued Stock Options

The following table provides a summary of the assumptions used in the valuation of issued stock options:

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
Risk-free interest rate		1.4	%		0.5	%		1.3	%		0.5	%
Expected life in years		7.2			7.3			7.2			7.3
Expected volatility		20.7	%		19.9	%		20.7	%		19.8	%
Dividend yield		1.2	%		1.3	%		1.2	%		1.3	%

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and December 31, 2020:

		June 30, 2021						December 31, 2020
	Input	Carrying			Fair			Carrying			Fair
	Level	Amount			Value			Amount			Value
Financial Assets:
Cash equivalents	Level 1	$	16.0		$	16.0		$	73.7		$	73.7
Financial Liabilities:
Short-term borrowings	Level 2		233.1			233.1			351.4			351.4
Term loan due May 1, 2022	Level 2		200.0			200.0			300.0			300.0
2.45% Senior notes due August 1, 2022	Level 2		299.9			306.9			299.9			310.1
2.875% Senior notes due October 1, 2022	Level 2		400.0			412.7			399.9			416.6
3.15% Senior notes due August 1, 2027	Level 2		424.7			465.1			424.7			472.4
3.95% Senior notes due August 1, 2047	Level 2		397.5			465.2			397.4			502.2
Interest Rate Swap Lock Agreement asset (liability)	Level 2		(42.5	)		(42.5	)		(57.0	)		(57.0	)
Business Acquisition Liabilities	Level 3		61.0			61.0			118.0			118.0

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Derivative Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 2021

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
	June 30, 2021		December 31, 2020
Derivatives designated as hedging instruments
Foreign exchange contracts	$	229.5	$	252.7
Interest rate swap lock	$	300.0	$	300.0
Diesel fuel contracts	3.4 gallons		6.7 gallons
Commodities contracts	87.0 pounds		84.0 pounds
Derivatives not designated as hedging instruments
Foreign exchange contracts	$	5.9	$	8.0
Equity derivatives	$	28.1	$	23.3

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Acquisition (Tables)

6 Months Ended

Jun. 30, 2021

Zicam Acquisition

Business Acquisition [Line Items]

Fair Values of Assets Acquired

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

Inventory and other working capital	$	40.2
Property, plant and equipment		0.5
Trade name		367.8
Other intangible assets		93.8
Goodwill		151.4
Current liabilities		(13.1	)
Deferred income taxes		(107.2	)
Long-term liabilities		(20.7	)
Cash purchase price (net of cash acquired)	$	512.7

Flawless Acquisition

Business Acquisition [Line Items]

Fair Values of Assets Acquired

The fair values of the net assets at acquisition are set forth as follows:

Trade name	$	447.3
Other intangible assets		121.8
Goodwill		87.9
Contingent consideration		(182.0	)
Cash purchase price	$	475.0

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Goodwill and Other Intangibles, Net (Tables)

6 Months Ended

Jun. 30, 2021

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:

	June 30, 2021								December 31, 2020
	Gross							Amortization	Gross
	Carrying		Accumulated					Period	Carrying		Accumulated
	Amount		Amortization			Net		(Years)	Amount		Amortization			Net
Amortizable intangible assets:
Trade Names	$	1,389.3	$	(303.6	)	$	1,085.7	3-20	$	1,389.6	$	(269.6	)	$	1,120.0
Customer Relationships		659.5		(310.9	)		348.6	15-20		659.5		(291.2	)		368.3
Patents/Formulas		230.5		(92.3	)		138.2	4-20		230.5		(85.3	)		145.2
Total	$	2,279.3	$	(706.8	)	$	1,572.5		$	2,279.6	$	(646.1	)	$	1,633.5

Indefinite Lived Intangible Assets

Indefinite Lived Intangible Assets - Gross Carrying Amount  

	June 30,		December 31,
	2021		2020
Trade Names	$	1,476.7	$	1,476.7

Carrying Amount of Goodwill

The carrying amount of goodwill is as follows:

	Consumer		Consumer		Specialty
	Domestic		International		Products		Total
Balance at December 31, 2020	$	1,859.3	$	234.3	$	136.0	$	2,229.6
Zicam adjustment		0.2		0.0		0.0		0.2
Balance at June 30, 2021	$	1,859.5	$	234.3	$	136.0	$	2,229.8

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Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Summary of Lease Information

A summary of the Company’s lease information is as follows:

		June 30,			December 31,
	Classification	2021			2020
Assets
Right of use assets	Other Assets	$	172.9		$	181.6
Liabilities
Current lease liabilities	Accounts Payable and Accrued Expenses	$	25.5		$	25.0
Long-term lease liabilities	Deferred and Other Long-term Liabilities		159.2			168.3
Total lease liabilities		$	184.7		$	193.3
Other information
Weighted-average remaining lease term (years)			9.3			9.7
Weighted-average discount rate			4.2	%		4.3	%

	Three Months			Three Months		Six Months		Six Months
	Ended			Ended		Ended		Ended
	June 30, 2021			June 30, 2020		June 30, 2021		June 30, 2020
Statement of Income
Lease cost(1)	$	8.2		$	6.8	$	16.5	$	13.4
Other information
Leased assets obtained in exchange for new lease liabilities net of modifications(2)	$	(0.3	)	$	6.3	$	4.1	$	16.5
Cash paid for amounts included in the measurement of lease liabilities	$	8.3		$	6.4	$	16.5	$	12.6

⁽¹⁾ Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item.  Short-term lease expense is excluded from this amount and is not material.  The Company also has certain variable leases which are not material.  The noncash component of lease expense for the first six months of 2021 and 2020 was $12.8 and $9.7, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows. 

⁽²⁾ In June 2021, the Company determined that a renewal option was no longer likely to be exercised.  This resulted in a decrease to the Company’s right of use assets and corresponding lease liabilities of approximately $0.8 recorded in the second quarter of 2021.  In March 2020, the Company approved a capital project to purchase additional machinery and equipment at one of its leased manufacturing facilities. This led to a lease modification to include a renewal option that would extend the lease for an additional five years through 2029.  The modification resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $7.3 recorded in the first quarter of 2020.      

Summary of Minimum Annual Rentals Including Reasonably Assured Renewal Options under Lease Agreements

The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:

	Operating
	Leases
2021	$	15.9
2022		31.7
2023		26.5
2024		24.1
2025		23.0
2026 and thereafter		106.6
Total future minimum lease commitments		227.8
Less: Imputed Interest		(43.1	)
Present value of lease liabilities	$	184.7

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Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

	June 30,		December 31,
	2021		2020
Trade accounts payable	$	566.8	$	588.1
Accrued marketing and promotion costs		134.2		177.8
Accrued wages and related benefit costs		53.9		124.2
Other accrued current liabilities		132.6		134.4
Total	$	887.5	$	1,024.5

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

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Components of Short-Term Borrowings and Long-Term Debt

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

	June 30,			December 31,
	2021			2020
Short-term borrowings
Commercial paper issuances	$	229.8		$	349.0
Various debt due to international banks		3.3			2.4
Total short-term borrowings	$	233.1		$	351.4
Long-term debt
Term loan due May 1, 2022(1)		200.0			300.0
2.45% Senior notes due August 1, 2022		300.0			300.0
Less: Discount		(0.1	)		(0.1	)
2.875% Senior notes due October 1, 2022		400.0			400.0
Less: Discount		0.0			(0.1	)
3.15% Senior notes due August 1, 2027		425.0			425.0
Less: Discount		(0.3	)		(0.3	)
3.95% Senior notes due August 1, 2047		400.0			400.0
Less: Discount		(2.5	)		(2.6	)
Debt issuance costs, net		(8.3	)		(9.4	)
Total long-term debt		1,713.8			1,812.5
Less: current maturities(1)		(200.0	)		0.0
Net long-term debt	$	1,513.8		$	1,812.5

⁽¹⁾ In June 2021, the Company repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand. 

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Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Components of Changes in Accumulated Other Comprehensive Income (Loss)

The components of changes in accumulated other comprehensive income (loss) are as follows:  

										Accumulated
	Foreign			Defined						Other
	Currency			Benefit			Derivative			Comprehensive
	Adjustments			Plans			Agreements			Income (Loss)
Balance at December 31, 2019	$	(36.8	)	$	0.0		$	(29.9	)	$	(66.7	)
Other comprehensive income (loss) before reclassifications		(6.6	)		0.0			(35.5	)		(42.1	)
Amounts reclassified to consolidated statement of    income (a) (b)		0.0			0.0			1.9			1.9
Tax benefit (expense)		0.0			0.0			8.6			8.6
Other comprehensive income (loss)		(6.6	)		0.0			(25.0	)		(31.6	)
Balance at June 30, 2020	$	(43.4	)	$	0.0		$	(54.9	)	$	(98.3	)
Balance at December 31, 2020	$	(26.4	)	$	0.0		$	(51.2	)	$	(77.6	)
Other comprehensive income (loss) before reclassifications		0.4			(0.9	)		17.0			16.5
Amounts reclassified to consolidated statement of    income  (a) (b)		0.0			0.0			(0.4	)		(0.4	)
Tax benefit (expense)		0.0			0.2			(4.5	)		(4.3	)
Other comprehensive income (loss)		0.4			(0.7	)		12.1			11.8
Balance at June 30, 2021	$	(26.0	)	$	(0.7	)	$	(39.1	)	$	(65.8	)

(a) Amounts reclassified to cost of sales, selling, general and administrative expenses or interest expense.  

(b) The Company reclassified a gain of $1.2 and a loss of $0.8 to the condensed consolidated statements of income during the three months ended June 30, 2021 and 2020, respectively.

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2021

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

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

	Armand				ArmaKleen
	Six Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Purchases by Company	$	6.0	$	6.8	$	0.0	$	0.0
Sales by Company	$	0.0	$	0.0	$	0.6	$	0.5
Outstanding Accounts Receivable	$	0.4	$	0.4	$	0.6	$	1.0
Outstanding Accounts Payable	$	1.0	$	1.2	$	0.0	$	0.0
Administration & Management Oversight Services (1)	$	1.1	$	1.1	$	1.0	$	1.1

⁽¹⁾ Billed by the Company and recorded as a reduction of SG&A expenses.

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Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Selected Financial Information Relating To Company's Segments

Segment net sales and income before income taxes are as follows:

	Consumer		Consumer
	Domestic		International		SPD		Corporate(3)		Total
Net Sales(1)
Second Quarter 2021	$	959.7	$	226.8	$	84.6	$	0.0	$	1,271.1
Second Quarter 2020		931.1		187.5		75.7		0.0		1,194.3
First Six Months of 2021	$	1,902.1	$	443.2	$	164.7	$	0.0	$	2,510.0
First Six Months of 2020		1,822.1		386.1		151.3		0.0		2,359.5
Income before Income Taxes(2)
Second Quarter 2021(4)	$	234.2	$	38.2	$	12.1	$	2.8	$	287.3
Second Quarter 2020(5)		200.4		23.4		10.2		2.0		236.0
First Six Months of 2021(4)	$	475.1	$	76.4	$	21.4	$	5.4	$	578.3
First Six Months of 2020(5)		451.2		61.6		19.0		3.6		535.4

^{(1) Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $2.8 for the three months ended June 30, 2021 and June 30, 2020, respectively, and were $5.2 and $5.8 for the six months ended June 30, 2021 and June 30, 2020, respectively.}

^{(2) In determining income before income taxes, interest expense, investment earnings and certain aspects of other income and expense were allocated among segments based upon each segment’s relative income from operations.}

^{(3) Corporate segment consists of equity in earnings of affiliates from Armand and ArmaKleen for the three and six months ended June 30, 2021 and June 30, 2020.}

^{(4) Results for the three months ended June 30, 2021 include a $38.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $32.3 was recorded to Consumer Domestic and $5.7 was recorded to Consumer International.  Results for the six months ended June 30, 2021 include a $57.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $48.4 was recorded to Consumer Domestic and $8.6 was recorded to Consumer International.}  

^{(5) Results for the three months ended June 30, 2020 include a $6.0 increase of SG&A expenses to adjust the Flawless business acquisition liability, of which $5.1 was recorded to Consumer Domestic and $0.9 was recorded to Consumer International.  Results for the six months ended June 30, 2020 include a $21.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $17.9 was recorded to Consumer Domestic and $3.1 was recorded to Consumer International.  In the first quarter of 2020, the Company sold its PERL WEISS® toothpaste brand in Germany resulting in a reduction in SG&A expenses of $3.0 recorded in Consumer International.}

Product Line Revenues From External Customers

Product line revenues from external customers are as follows:  

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Household Products	$	523.0	$	544.7	$	1,018.2	$	1,039.0
Personal Care Products		436.7		386.4		883.9		783.1
Total Consumer Domestic		959.7		931.1		1,902.1		1,822.1
Total Consumer International		226.8		187.5		443.2		386.1
Total SPD		84.6		75.7		164.7		151.3
Total Consolidated Net Sales	$	1,271.1	$	1,194.3	$	2,510.0	$	2,359.5

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Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Research and development expenses	$ 25.4	$ 24.6	$ 49.5	$ 46.3

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Components of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory, Finished Goods and Work in Process, Net of Reserves [Abstract]
Raw materials and supplies	$ 120.0	$ 112.9
Work in process	39.3	33.0
Finished goods	396.5	349.5
Total	$ 555.8	$ 495.4

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Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 1,393.5	$ 1,361.9
Less accumulated depreciation and amortization	780.5	749.1
Net PP&E	613.0	612.8
Land
Property, Plant and Equipment [Line Items]
Gross PP&E	28.3	28.3
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Gross PP&E	276.3	265.3
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Gross PP&E	817.9	793.4
Software
Property, Plant and Equipment [Line Items]
Gross PP&E	105.5	103.0
Office equipment and other assets
Property, Plant and Equipment [Line Items]
Gross PP&E	85.8	85.1
Construction in progress
Property, Plant and Equipment [Line Items]
Gross PP&E	$ 79.7	$ 86.8

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Depreciation and Interest Charges on Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation and amortization on PP&E	$ 17.3	$ 16.0	$ 34.1	$ 32.0

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Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Weighted average shares outstanding - Basic	245.2	246.2	245.2	245.9
Dilutive effect of stock options	4.8	5.1	4.7	5.3
Weighted average common shares outstanding - diluted	250.0	251.3	249.9	251.2
Antidilutive stock options outstanding	1.5	3.3	1.5	3.3

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Summary of Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance, Options | shares	12.7
Granted, Options | shares	1.4
Exercised, Options | shares	(0.3)
Ending Balance, Options | shares	13.8
Exercisable at June 30, 2021, Options | shares	8.9
Beginning Balance, Weighted-Average Exercise Price | $ / shares	$ 50.72
Granted, Weighted-Average Exercise Price | $ / shares	84.69
Exercised, Weighted-Average Exercise Price | $ / shares	33.94
Ending Balance, Weighted-Average Exercise Price | $ / shares	54.69
Exercisable at June 30, 2021 Weighted-Average Exercise Price | $ / shares	$ 42.17
Outstanding at June 30, 2021, Weighted-Average Remaining Contractual Term, years	5 years 9 months 18 days
Exercisable at June 30, 2021, Weighted-Average Remaining Contractual Term, years	4 years 2 months 12 days
Outstanding at June 30, 2021, Aggregate Intrinsic Value | $	$ 419.3
Exercisable at June 30, 2021, Aggregate Intrinsic Value | $	$ 384.5

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Schedule of Share Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Intrinsic Value of Stock Options Exercised	$ 9.3	$ 54.6	$ 18.8	$ 68.9
Stock Compensation Expense Related to Stock Option Awards	$ 13.4	$ 12.7	$ 16.5	$ 15.4
Issued Stock Options	1.4	1.8	1.4	1.8
Weighted Average Fair Value of Stock Options issued (per share)	$ 17.34	$ 12.74	$ 17.31	$ 12.73
Fair Value of Stock Options Issued	$ 24.6	$ 23.1	$ 25.1	$ 23.6

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Assumptions Used in Valuation of Issued Stock Options (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	1.40%	0.50%	1.30%	0.50%
Expected life in years	7 years 2 months 12 days	7 years 3 months 18 days	7 years 2 months 12 days	7 years 3 months 18 days
Expected volatility	20.70%	19.90%	20.70%	19.80%
Dividend yield	1.20%	1.30%	1.20%	1.30%

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Share Repurchases - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		6 Months Ended
	Feb. 28, 2021	Dec. 31, 2020	Jun. 30, 2021	Nov. 01, 2017
Accelerated Share Repurchases [Line Items]
Stock repurchase program, authorized amount				$ 500.0
Commercial Bank
Accelerated Share Repurchases [Line Items]
Stock repurchase program, authorized amount		$ 270.0
Accelerated share repurchases, settlement payment		$ 300.0
Accelerated share repurchases received	0.4	3.1
Repurchase Program
Accelerated Share Repurchases [Line Items]
Stock repurchase program remaining authorized repurchase amount			$ 210.0
Evergreen Program
Accelerated Share Repurchases [Line Items]
Accelerated share repurchases received			3.5

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Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Short-term borrowings	$ 233.1	$ 351.4
Senior Notes	1,713.8	1,812.5
Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	16.0	73.7
Short-term borrowings	233.1	351.4
Business Acquisition Liabilities	61.0	118.0
Fair Value | Fair Value, Inputs, Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	16.0	73.7
Fair Value | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Short-term borrowings	233.1	351.4
Fair Value | Fair Value, Inputs, Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Business Acquisition Liabilities	61.0	118.0
Interest Rate Swap Lock Agreement Asset (Liability) | Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest Rate Swap Lock Agreement asset (liability)	(42.5)	(57.0)
Interest Rate Swap Lock Agreement Asset (Liability) | Fair Value | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest Rate Swap Lock Agreement asset (liability)	(42.5)	(57.0)
Term Loan Due May 1, 2022 | Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term loan	200.0	300.0
Term Loan Due May 1, 2022 | Fair Value | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term loan	200.0	300.0
2.45% Senior notes due August 1, 2022 | Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes	299.9	299.9
2.45% Senior notes due August 1, 2022 | Fair Value | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	306.9	310.1
2.875% Senior notes due October 1, 2022 | Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes	400.0	399.9
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	412.7	416.6
3.15% Senior notes due August 1, 2027 | Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes	424.7	424.7
3.15% Senior notes due August 1, 2027 | Fair Value | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	465.1	472.4
3.95% Senior notes due August 1, 2047 | Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes	397.5	397.4
3.95% Senior notes due August 1, 2047 | Fair Value | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	$ 465.2	$ 502.2

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Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Parenthetical) (Details)	Jun. 30, 2021	Dec. 31, 2020
2.45% Senior notes due August 1, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	2.45%	2.45%
2.45% Senior notes due August 1, 2022 | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	2.45%	2.45%
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%
3.15% Senior notes due August 1, 2027
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	3.15%	3.15%
3.15% Senior notes due August 1, 2027 | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	3.15%	3.15%
3.95% Senior notes due August 1, 2047
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	3.95%	3.95%
3.95% Senior notes due August 1, 2047 | Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate of debt	3.95%	3.95%

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Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Decrease in interest rate swap lock agreements liability		$ 14.5	$ 14.5
Consumer Domestic and Consumer International Segment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Increase (decrease) in estimate of contingent consideration liability			(57.0)
Flawless Acquisition
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business Acquisition Liabilities	$ 182.0	41.0	41.0	$ 98.0
Flawless Acquisition | Updated Sales Forecasts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business Acquisition Liabilities		41.0	41.0
Increase (decrease) in estimate of contingent consideration liability	$ (141.0)	(38.0)	(57.0)
Zicam Acquisition
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business Acquisition Liabilities		$ 20.0	$ 20.0	$ 20.0
Acquisition payable period			5 years

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Schedule of Notional Amounts (Details) lb in Millions, gal in Millions, $ in Millions	Jun. 30, 2021 USD ($) gal lb	Dec. 31, 2020 USD ($) gal lb
Designated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivatives, Notional Amount	$ 229.5	$ 252.7
Designated as Hedging Instrument | Interest Rate Swap Lock
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	3.4	6.7
Designated as Hedging Instrument | Commodities Contracts
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivatives, Notional Amount, Volume | lb	87.0	84.0
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivatives, Notional Amount	$ 5.9	$ 8.0
Not Designated as Hedging Instrument | Equity derivatives
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivatives, Notional Amount	$ 28.1	$ 23.3

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Acquisitions - Additional Information (Details) - USD ($) $ in Millions				3 Months Ended		6 Months Ended		12 Months Ended
		Dec. 01, 2020	May 01, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Net Sales	[1]			$ 1,271.1	$ 1,194.3	$ 2,510.0	$ 2,359.5
Zicam Acquisition
Business Acquisition [Line Items]
Closing payment of net of cash acquired		$ 512.7
Additional cash payment		$ 20.0	$ 20.0
Business acquisition, period		5 years	5 years
Net Sales								$ 107.0
Zicam Acquisition | Maximum
Business Acquisition [Line Items]
Average life of the intangible assets, years		20 years
Zicam Acquisition | Minimum
Business Acquisition [Line Items]
Average life of the intangible assets, years		10 years
Flawless Acquisition
Business Acquisition [Line Items]
Closing payment of net of cash acquired			$ 475.0
Purchase price paid at closing			$ 475.0
Commercial paper borrowings and loan term			3 years
Net sales target period			12 months
Net sales target ending date			Dec. 31, 2021
Flawless Acquisition | Maximum
Business Acquisition [Line Items]
Average life of the intangible assets, years			20 years
Flawless Acquisition | Minimum
Business Acquisition [Line Items]
Average life of the intangible assets, years			15 years

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $2.8 for the three months ended June 30, 2021 and June 30, 2020, respectively, and were $5.2 and $5.8 for the six months ended June 30, 2021 and June 30, 2020, respectively.

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Fair Values of Net Assets Acquired (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 01, 2020	May 01, 2019
Business Acquisition [Line Items]
Goodwill	$ 2,229.8	$ 2,229.6
Zicam Acquisition
Business Acquisition [Line Items]
Inventory and other working capital			$ 40.2
Property, plant and equipment			0.5
Trade name			367.8
Other intangible assets			93.8
Goodwill			151.4
Current liabilities			(13.1)
Deferred income taxes			(107.2)
Long-term liabilities			(20.7)
Contingent consideration	(20.0)	(20.0)
Cash purchase price (net of cash acquired)			$ 512.7
Flawless Acquisition
Business Acquisition [Line Items]
Trade name				$ 447.3
Other intangible assets				121.8
Goodwill				87.9
Contingent consideration	$ (41.0)	$ (98.0)		(182.0)
Cash purchase price (net of cash acquired)				$ 475.0

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Amortizable Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,279.3	$ 2,279.6
Accumulated Amortization	(706.8)	(646.1)
Net	1,572.5	1,633.5
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,389.3	1,389.6
Accumulated Amortization	(303.6)	(269.6)
Net	$ 1,085.7	1,120.0
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	$ 659.5	659.5
Accumulated Amortization	(310.9)	(291.2)
Net	$ 348.6	368.3
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	$ 230.5	230.5
Accumulated Amortization	(92.3)	(85.3)
Net	$ 138.2	$ 145.2
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

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Indefinite Lived Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount, Trade names	$ 1,476.7	$ 1,476.7

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Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization expense of intangible assets	$ 30.5	$ 24.5	$ 61.0	$ 49.0
Estimated amortization expense, 2021	120.0		120.0
Gross Carrying Amount	2,279.3		2,279.3		$ 2,279.6
Percent of fair value in excess of carrying value					53.00%
Average royalty rate					10.00%
Net book value	1,572.5		1,572.5		$ 1,633.5
U.S
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Fair value assumptions discount rate					7.00%
International
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Fair value assumptions discount rate					9.00%
Trojan Trade Name
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Gross Carrying Amount					$ 176.4
Trade Name and Other Intangible Assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net book value	22.0		$ 22.0
Remaining amortization period			11 years
Maximum
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated amortization expense, 2022	116.0		$ 116.0
Estimated amortization expense, 2023	116.0		116.0
Estimated amortization expense, 2024	116.0		116.0
Estimated amortization expense, 2025	116.0		116.0
Estimated amortization expense, 2026	116.0		116.0
Minimum
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated amortization expense, 2022	107.0		107.0
Estimated amortization expense, 2023	107.0		107.0
Estimated amortization expense, 2024	107.0		107.0
Estimated amortization expense, 2025	107.0		107.0
Estimated amortization expense, 2026	$ 107.0		$ 107.0

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Carrying Amount of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Line Items]
Beginning balance	$ 2,229.6
Ending balance	2,229.8
Zicam Acquisition
Goodwill [Line Items]
Zicam adjustment	0.2
Consumer Domestic
Goodwill [Line Items]
Beginning balance	1,859.3
Ending balance	1,859.5
Consumer Domestic | Zicam Acquisition
Goodwill [Line Items]
Zicam adjustment	0.2
Consumer International
Goodwill [Line Items]
Beginning balance	234.3
Ending balance	234.3
Consumer International | Zicam Acquisition
Goodwill [Line Items]
Zicam adjustment	0.0
Specialty Products
Goodwill [Line Items]
Beginning balance	136.0
Ending balance	136.0
Specialty Products | Zicam Acquisition
Goodwill [Line Items]
Zicam adjustment	$ 0.0

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Summary of Lease information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Leases [Abstract]
Right of use assets		$ 172.9		$ 172.9		$ 181.6
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]						us-gaap:OtherAssetsNoncurrent
Current lease liabilities		25.5		25.5		$ 25.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]						us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Long-term lease liabilities		159.2		159.2		$ 168.3
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]						us-gaap:OtherLiabilitiesNoncurrent
Total lease liabilities		$ 184.7		$ 184.7		$ 193.3
Weighted-average remaining lease term (years)		9 years 3 months 18 days		9 years 3 months 18 days		9 years 8 months 12 days
Weighted-average discount rate		4.20%		4.20%		4.30%
Lease cost	[1]	$ 8.2	$ 6.8	$ 16.5	$ 13.4
Leased assets obtained in exchange for new lease liabilities net of modifications	[2]	(0.3)	6.3	4.1	16.5
Cash paid for amounts included in the measurement of lease liabilities		$ 8.3	$ 6.4	$ 16.5	$ 12.6

[1] Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item.  Short-term lease expense is excluded from this amount and is not material.  The Company also has certain variable leases which are not material.  The noncash component of lease expense for the first six months of 2021 and 2020 was $12.8 and $9.7, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows.

[2] In June 2021, the Company determined that a renewal option was no longer likely to be exercised.  This resulted in a decrease to the Company’s right of use assets and corresponding lease liabilities of approximately $0.8 recorded in the second quarter of 2021.  In March 2020, the Company approved a capital project to purchase additional machinery and equipment at one of its leased manufacturing facilities. This led to a lease modification to include a renewal option that would extend the lease for an additional five years through 2029.  The modification resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $7.3 recorded in the first quarter of 2020.

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Summary of Lease information (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Noncash component of lease expense			$ 12.8	$ 9.7
Lease extension term		5 years
Lease expiration period		2029
Increase (decrease) in right-of-use asset	$ 0.8	$ 7.3
Increase (decrease) in operating lease liabilities	$ 0.8	$ 7.3

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Summary of Minimum Annual Rentals Including Reasonably Assured Renewal Options under Lease Agreements (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Operating Leases
2021	$ 15.9
2022	31.7
2023	26.5
2024	24.1
2025	23.0
2026 and thereafter	106.6
Total future minimum lease commitments	227.8
Less: Imputed Interest	(43.1)
Present value of lease liabilities	$ 184.7	$ 193.3

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Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Trade accounts payable	$ 566.8	$ 588.1
Accrued marketing and promotion costs	134.2	177.8
Accrued wages and related benefit costs	53.9	124.2
Other accrued current liabilities	132.6	134.4
Total	$ 887.5	$ 1,024.5

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Summary of Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Short-term borrowings
Commercial paper issuances		$ 229.8	$ 349.0
Various debt due to international banks		3.3	2.4
Total short-term borrowings		233.1	351.4
Long-term debt
Debt issuance costs, net		(8.3)	(9.4)
Total long-term debt		1,713.8	1,812.5
Less: current maturities	[1]	(200.0)	(0.0)
Net long-term debt		1,513.8	1,812.5
Term Loan
Long-term debt
Term loan	[1]	200.0	300.0
2.45% Senior notes due August 1, 2022
Long-term debt
Senior notes		300.0	300.0
Less: Discount		(0.1)	(0.1)
2.875% Senior notes due October 1, 2022
Long-term debt
Senior notes		400.0	400.0
Less: Discount		(0.0)	(0.1)
3.15% Senior notes due August 1, 2027
Long-term debt
Senior notes		425.0	425.0
Less: Discount		(0.3)	(0.3)
3.95% Senior notes due August 1, 2047
Long-term debt
Senior notes		400.0	400.0
Less: Discount		$ (2.5)	$ (2.6)

[1] In June 2021, the Company repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand.

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Summary of Short-Term Borrowings and Long-Term Debt (Parenthetical) (Details) - USD ($) $ in Millions		1 Months Ended		6 Months Ended
		Jul. 31, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Debt instrument, principal periodic payment				$ 100.0	$ 0.0
Term Loan
Debt Instrument [Line Items]
Debt instrument, principal periodic payment			$ 100.0
Debt instrument amount	[1]		$ 200.0	$ 200.0		$ 300.0
Debt instrument maturity date			May 01, 2022
Term Loan | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, principal periodic payment		$ 200.0

[1] In June 2021, the Company repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand.

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Components of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance				$ (77.6)		$ (66.7)
Other comprehensive income (loss) before reclassifications				16.5		(42.1)
Amounts reclassified to consolidated statement of income		$ 1.2	$ 0.8	(0.4)	[1],[2]	1.9	[1],[2]
Tax benefit (expense)				(4.3)		8.6
Other comprehensive income (loss)				11.8		(31.6)
Ending balance		(65.8)	(98.3)	(65.8)		(98.3)
Foreign Currency Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance				(26.4)		(36.8)
Other comprehensive income (loss) before reclassifications				0.4		(6.6)
Amounts reclassified to consolidated statement of income	[1],[2]			(0.0)		(0.0)
Tax benefit (expense)				(0.0)		(0.0)
Other comprehensive income (loss)				0.4		(6.6)
Ending balance		(26.0)	(43.4)	(26.0)		(43.4)
Defined Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance				0.0		0.0
Other comprehensive income (loss) before reclassifications				(0.9)		0.0
Amounts reclassified to consolidated statement of income	[1],[2]			(0.0)		(0.0)
Tax benefit (expense)				0.2		(0.0)
Other comprehensive income (loss)				(0.7)		0.0
Ending balance		(0.7)	0.0	(0.7)		0.0
Derivative Agreements
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance				(51.2)		(29.9)
Other comprehensive income (loss) before reclassifications				17.0		(35.5)
Amounts reclassified to consolidated statement of income	[1],[2]			(0.4)		1.9
Tax benefit (expense)				(4.5)		8.6
Other comprehensive income (loss)				12.1		(25.0)
Ending balance		$ (39.1)	$ (54.9)	$ (39.1)		$ (54.9)

[1] The Company reclassified a gain of $1.2 and a loss of $0.8 to the condensed consolidated statements of income during the three months ended June 30, 2021 and 2020, respectively.

[2] Amounts reclassified to cost of sales, selling, general and administrative expenses or interest expense

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Components of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020
Statement Of Stockholders Equity [Abstract]
Amounts reclassified to consolidated statement of income	$ 1.2	$ 0.8	$ (0.4)	[1],[2]	$ 1.9	[1],[2]

[1] The Company reclassified a gain of $1.2 and a loss of $0.8 to the condensed consolidated statements of income during the three months ended June 30, 2021 and 2020, respectively.

[2] Amounts reclassified to cost of sales, selling, general and administrative expenses or interest expense

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Commitments, Contingencies and Guarantees - Additional Information (Details) $ in Millions			3 Months Ended	6 Months Ended
	Dec. 01, 2020 USD ($)	May 01, 2019 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) T	Dec. 31, 2020 USD ($)
Commitments And Contingencies Disclosure [Line Items]
Annual purchase commitment, in tons | T				240,000
Commitments				$ 258.5
Outstanding guarantees and letters of credit			$ 4.6	4.6
Flawless Acquisition
Commitments And Contingencies Disclosure [Line Items]
Payment year of achieving certain operating performance		2021
Payment to be made if certain operating performance is achieved		$ 182.0	41.0	41.0	$ 98.0
Zicam Acquisition
Commitments And Contingencies Disclosure [Line Items]
Payment to be made if certain operating performance is achieved			20.0	20.0	$ 20.0
Additional cash payment	$ 20.0	$ 20.0
Business acquisition, period	5 years	5 years
Updated Sales Forecasts | Flawless Acquisition
Commitments And Contingencies Disclosure [Line Items]
Payment to be made if certain operating performance is achieved			41.0	41.0
Increase (decrease) in estimate of contingent consideration liability		$ (141.0)	$ (38.0)	$ (57.0)

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Related Party Transactions - Additional Information (Details)	Jun. 30, 2021	Jun. 30, 2020
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%

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Balance and Transactions Between Company and Related Party (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Armand Products Company
Related Party Transaction [Line Items]
Purchases by Company		$ 6.0	$ 6.8
Sales by Company		0.0	0.0
Outstanding Accounts Receivable		0.4	0.4
Outstanding Accounts Payable		1.0	1.2
Administration & Management Oversight Services	[1]	1.1	1.1
ArmaKleen Company
Related Party Transaction [Line Items]
Purchases by Company		0.0	0.0
Sales by Company		0.6	0.5
Outstanding Accounts Receivable		0.6	1.0
Outstanding Accounts Payable		0.0	0.0
Administration & Management Oversight Services	[1]	$ 1.0	$ 1.1

[1] Billed by the Company and recorded as a reduction of SG&A expenses.

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Segments - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Segment	Jun. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			3
Equity in earnings of affiliates	$ 2.8	$ 2.0	$ 5.4	$ 3.6
Armand Products Company
Segment Reporting Information [Line Items]
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%
ArmaKleen Company
Segment Reporting Information [Line Items]
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%
Armand Products Company and ArmaKleen Company
Segment Reporting Information [Line Items]
Equity in earnings of affiliates	$ 2.8	$ 2.0	$ 5.4	$ 3.6

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Selected Financial Information Relating To Company's Segments (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net Sales	[1]	$ 1,271.1	$ 1,194.3	$ 2,510.0	$ 2,359.5
Income before Income Taxes	[2]	287.3	236.0	578.3	535.4
Operating Segments | Consumer Domestic
Segment Reporting Information [Line Items]
Net Sales	[1]	959.7	931.1	1,902.1	1,822.1
Income before Income Taxes	[2]	234.2	200.4	475.1	451.2
Operating Segments | Consumer International
Segment Reporting Information [Line Items]
Net Sales	[1]	226.8	187.5	443.2	386.1
Income before Income Taxes	[2]	38.2	23.4	76.4	61.6
Operating Segments | Specialty Products
Segment Reporting Information [Line Items]
Net Sales	[1]	84.6	75.7	164.7	151.3
Income before Income Taxes	[2]	12.1	10.2	21.4	19.0
Corporate
Segment Reporting Information [Line Items]
Net Sales	[1],[3]	0.0	0.0	0.0	0.0
Income before Income Taxes	[2],[3]	$ 2.8	$ 2.0	$ 5.4	$ 3.6

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $2.8 for the three months ended June 30, 2021 and June 30, 2020, respectively, and were $5.2 and $5.8 for the six months ended June 30, 2021 and June 30, 2020, respectively.

[2] In determining income before income taxes, interest expense, investment earnings and certain aspects of other income and expense were allocated among segments based upon each segment’s relative income from operations.

[3] Corporate segment consists of equity in earnings of affiliates from Armand and ArmaKleen for the three and six months ended June 30, 2021 and June 30, 2020.

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Selected Financial Information Relating To Company's Segments (Parenthetical) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net Sales	[1]	$ 1,271.1	$ 1,194.3	$ 2,510.0	$ 2,359.5
Increase (decrease) in expenses				0.0	3.0
Selling General and Administrative Expenses
Segment Reporting Information [Line Items]
Increase (decrease) in expenses		(38.0)	6.0	(57.0)	(21.0)
Consumer International | Perl Weiss Toothpaste | Selling General and Administrative Expenses
Segment Reporting Information [Line Items]
Increase (decrease) in expenses					3.0
Flawless Acquisition | Consumer Domestic
Segment Reporting Information [Line Items]
Increase (decrease) in estimate of contingent consideration liability		32.3	5.1	48.4	17.9
Flawless Acquisition | Consumer International
Segment Reporting Information [Line Items]
Increase (decrease) in estimate of contingent consideration liability		5.7	0.9	8.6	3.1
Intersegment Sales
Segment Reporting Information [Line Items]
Net Sales		$ 2.6	$ 2.8	$ 5.2	$ 5.8

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $2.8 for the three months ended June 30, 2021 and June 30, 2020, respectively, and were $5.2 and $5.8 for the six months ended June 30, 2021 and June 30, 2020, respectively.

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Product Line Revenues from External Customers (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net Sales	[1]	$ 1,271.1	$ 1,194.3	$ 2,510.0	$ 2,359.5
Operating Segments | Consumer Domestic
Segment Reporting Information [Line Items]
Net Sales	[1]	959.7	931.1	1,902.1	1,822.1
Operating Segments | Consumer Domestic | Household Products
Segment Reporting Information [Line Items]
Net Sales		523.0	544.7	1,018.2	1,039.0
Operating Segments | Consumer Domestic | Personal Care Products
Segment Reporting Information [Line Items]
Net Sales		436.7	386.4	883.9	783.1
Operating Segments | Consumer International
Segment Reporting Information [Line Items]
Net Sales	[1]	226.8	187.5	443.2	386.1
Operating Segments | Specialty Products
Segment Reporting Information [Line Items]
Net Sales	[1]	$ 84.6	$ 75.7	$ 164.7	$ 151.3

[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $2.8 for the three months ended June 30, 2021 and June 30, 2020, respectively, and were $5.2 and $5.8 for the six months ended June 30, 2021 and June 30, 2020, respectively.

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Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended		6 Months Ended
		Jul. 31, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Subsequent Event [Line Items]
Debt instrument, principal periodic payment				$ 100.0	$ 0.0
Term Loan
Subsequent Event [Line Items]
Debt instrument, principal periodic payment			$ 100.0
Debt instrument amount	[1]		$ 200.0	$ 200.0		$ 300.0
Debt instrument maturity date			May 01, 2022
Term Loan | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, principal periodic payment		$ 200.0

[1] In June 2021, the Company repaid $100.0 principal of the $300.0 term loan due May 1, 2022, with the remaining $200.0 principal repaid in early July 2021.  The term loan was repaid with proceeds from commercial paper borrowings and cash on hand.