Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 25, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 Interactive Data Current | 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, $1 par value | |
Trading Symbol | CHD | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 244,263,640 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net Sales | $ 1,429.8 | $ 1,297.2 |
Cost of sales | 807.8 | 744.7 |
Gross Profit | 622 | 552.5 |
Marketing expenses | 122.3 | 101.9 |
Selling, general and administrative expenses | 207.8 | 169.9 |
Income from Operations | 291.9 | 280.7 |
Equity in earnings of affiliates | 4.4 | 2.4 |
Other income (expense), net | 1.3 | (0.3) |
Interest expense | (28.8) | (16.6) |
Income before Income Taxes | 268.8 | 266.2 |
Income taxes | 65.6 | 61.8 |
Net Income | $ 203.2 | $ 204.4 |
Weighted average shares outstanding - Basic | 243.8 | 242.6 |
Weighted average shares outstanding - Diluted | 246.8 | 246.7 |
Net income per share - Basic | $ 0.83 | $ 0.84 |
Net income per share - Diluted | 0.82 | 0.83 |
Cash dividends per share | $ 0.27 | $ 0.26 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 203.2 | $ 204.4 |
Other comprehensive income, net of tax: | ||
Foreign exchange translation adjustments | 2.4 | (2.2) |
Defined benefit plan adjustments gain (loss) | 1.5 | 1.9 |
Income (loss) from derivative agreements | (0.8) | 15.3 |
Other comprehensive income (loss) | 3.1 | 15 |
Comprehensive income | $ 206.3 | $ 219.4 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Current Assets | |||
Cash and cash equivalents | $ 202.8 | $ 270.3 | |
Accounts receivable, less allowances of $3.6 and $3.5 | 429.3 | 422 | |
Inventories | 653.3 | 646.6 | |
Other current assets | 49.5 | 57 | |
Total Current Assets | 1,334.9 | 1,395.9 | |
Property, Plant and Equipment, Net | 772.2 | 761.1 | |
Equity Investment in Affiliates | 13.8 | 12.7 | |
Trade Names and Other Intangibles, Net | 3,400.6 | 3,431.6 | |
Goodwill | 2,430.3 | 2,426.8 | |
Other Assets | 314.8 | 317.5 | |
Total Assets | 8,266.6 | 8,345.6 | |
Current Liabilities | |||
Short-term borrowings | 18.7 | 74 | |
Accounts payable and accrued expenses | 1,049.8 | 1,102.8 | |
Income taxes payable | 58.4 | 7 | |
Total Current Liabilities | 1,126.9 | 1,183.8 | |
Long-term Debt | 2,400.1 | 2,599.5 | |
Deferred Income Taxes | 755.8 | 757 | |
Deferred and Other Long-term Liabilities | 274.1 | 273.4 | |
Business Acquisition Liabilities | 42 | 42 | |
Total Liabilities | 4,598.9 | 4,855.7 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred Stock, $1.00 par value, Authorized 2,500,000 shares; none issued | 0 | 0 | |
Common Stock, $1.00 par value, Authorized 600,000,000 shares and 293,709,982 shares issued as of March 31, 2023 and December 31, 2022 | 293.7 | 293.7 | |
Additional paid-in capital | 394 | 366.2 | |
Retained earnings | 5,661.2 | 5,524.6 | |
Accumulated other comprehensive loss | (26.2) | (29.3) | (53.2) |
Common stock in treasury, at cost: 49,515,884 shares as of March 31, 2023 and 49,814,106 shares as of December 31, 2022 | (2,655) | (2,665.3) | |
Total Stockholders' Equity | 3,667.7 | 3,489.9 | $ 3,402.9 |
Total Liabilities and Stockholders' Equity | $ 8,266.6 | $ 8,345.6 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 3.6 | $ 3.5 |
Preferred Stock, par value | $ 1 | $ 1 |
Preferred Stock, Authorized | 2,500,000 | 2,500,000 |
Preferred Stock, issued | 0 | 0 |
Common Stock, par value | $ 1 | $ 1 |
Common Stock, Authorized | 600,000,000 | 600,000,000 |
Common Stock, shares issued | 293,709,982 | 293,709,982 |
Common stock in treasury, shares | 49,515,884 | 49,814,106 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flow From Operating Activities | ||
Net Income | $ 203.2 | $ 204.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 16.9 | 16.6 |
Amortization expense | 38 | 37.1 |
Deferred income taxes | (1.6) | (1) |
Equity in net earnings of affiliates | (4.4) | (2.4) |
Distributions from unconsolidated affiliates | 3.3 | 0.8 |
Non-cash compensation expense | 25.8 | 2.9 |
Other | 1 | (1.5) |
Change in assets and liabilities: | ||
Accounts receivable | (2.4) | (1.8) |
Inventories | (4.8) | (63.7) |
Other current assets | 0.7 | 3.1 |
Accounts payable and accrued expenses | (62) | (95.2) |
Income taxes payable | 57.7 | 57.6 |
Other operating assets and liabilities, net | 1.7 | (4.1) |
Net Cash Provided By Operating Activities | 273.1 | 152.8 |
Cash Flow From Investing Activities | ||
Additions to property, plant and equipment | (25) | (15.6) |
Other | (4.6) | (0.1) |
Net Cash Used In Investing Activities | (29.6) | (15.7) |
Cash Flow From Financing Activities | ||
Long-term debt (repayments) | (200) | 0 |
Short-term debt (repayments), net of borrowings | (55.6) | (149.9) |
Proceeds from stock options exercised | 10.2 | 11 |
Payment of cash dividends | (66.3) | (63.7) |
Net Cash Used In Financing Activities | (311.7) | (202.6) |
Effect of exchange rate changes on cash and cash equivalents | 0.7 | (0.7) |
Net Change In Cash and Cash Equivalents | (67.5) | (66.2) |
Cash and Cash Equivalents at Beginning of Period | 270.3 | 240.6 |
Cash and Cash Equivalents at End of Period | 202.8 | 174.4 |
Cash paid during the period for: | ||
Interest (net of amounts capitalized) | 21.3 | 19.7 |
Income taxes | 9.4 | 5.2 |
Supplemental disclosure of non-cash investing activities: | ||
Property, plant and equipment expenditures included in Accounts Payable | $ 16.5 | $ 13.1 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2021 | $ 3,233.2 | $ 292.8 | $ (2,667.7) | $ 310.3 | $ 5,366 | $ (68.2) |
Beginning Balance (in shares) at Dec. 31, 2021 | 292,800,000 | (50,300,000) | ||||
Net income | 204.4 | $ 0 | $ 0 | 0 | 204.4 | 0 |
Other comprehensive income (loss) | 15 | 0 | 0 | 0 | 0 | 15 |
Cash dividends | (63.7) | 0 | 0 | 0 | (63.7) | 0 |
Stock purchases | 0 | $ 0 | $ (20) | 20 | 0 | 0 |
Stock purchases (in shares) | 0 | (200,000) | ||||
Stock based compensation expense and stock option plan transactions | 14 | $ 0 | $ 10.1 | 3.9 | 0 | 0 |
Stock based compensation expense and stock option plan transactions (in shares) | 0 | 300,000 | ||||
Ending Balance at Mar. 31, 2022 | 3,402.9 | $ 292.8 | $ (2,677.6) | 334.2 | 5,506.7 | (53.2) |
Ending Balance (in shares) at Mar. 31, 2022 | 292,800,000 | (50,200,000) | ||||
Beginning Balance at Dec. 31, 2022 | 3,489.9 | $ 293.7 | $ (2,665.3) | 366.2 | 5,524.6 | (29.3) |
Beginning Balance (in shares) at Dec. 31, 2022 | 293,700,000 | (49,800,000) | ||||
Net income | 203.2 | $ 0 | $ 0 | 0 | 203.2 | 0 |
Other comprehensive income (loss) | 3.1 | 0 | 0 | 0 | 0 | 3.1 |
Cash dividends | (66.3) | 0 | 0 | 0 | (66.3) | 0 |
Stock based compensation expense and stock option plan transactions | 37.8 | 0 | $ 10.3 | 27.8 | (0.3) | 0 |
Stock based compensation expense and stock option plan transactions (in shares) | 300,000 | |||||
Ending Balance at Mar. 31, 2023 | $ 3,667.7 | $ 293.7 | $ (2,655) | $ 394 | $ 5,661.2 | $ (26.2) |
Ending Balance (in shares) at Mar. 31, 2023 | 293,700,000 | (49,500,000) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 (the “Form 10-K”). The Company incurred research and development expenses in the first quarter of 2023 and 2022 of $ 26.7 and $ 24.5 , respectively. These expenses are included in selling, general and administrative (“SG&A”) expenses. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In September 2022, the FASB issued new accounting guidance intended to add certain qualitative and quantitative disclosure requirements for a buyer in a supplier finance program. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. The Company has adopted the standard which resulted in additional disclosures. Refer to Note 13. 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. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories consist of the following: March 31, December 31, 2023 2022 Raw materials and supplies $ 146.3 $ 149.5 Work in process 40.8 46.8 Finished goods 466.2 450.3 Total $ 653.3 $ 646.6 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net ("PP&E") | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net ("PP&E") | 4. Property, Plant and Equipment, Net (“PP&E”) PP&E consists of the following: March 31, December 31, 2023 2022 Land $ 28.2 $ 28.1 Buildings and improvements 302.0 299.1 Machinery and equipment 867.0 856.5 Software 111.3 109.1 Office equipment and other assets 97.6 96.9 Construction in progress 222.2 211.5 Gross PP&E 1,628.3 1,601.2 Less accumulated depreciation and amortization 856.1 840.1 Net PP&E $ 772.2 $ 761.1 Three Months Ended March 31, March 31, 2023 2022 Depreciation expense on PP&E $ 16.9 $ 16.6 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2023 | |
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 Company's stock-based compensation plans. The following table sets forth a reconciliation of the weighted average number of shares of Common Stock outstanding to the weighted average number of shares outstanding on a diluted basis: Three Months Ended March 31, March 31, 2023 2022 Weighted average common shares outstanding - basic 243.8 242.6 Dilutive effect of stock options and other unvested stock-based awards 3.0 4.1 Weighted average common shares outstanding - diluted 246.8 246.7 Antidilutive stock options outstanding 3.9 0.2 |
Stock Based Compensation Plans
Stock Based Compensation Plans | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation Plans | 6. Stock Based Compensation Plans In the first quarter of 2023, the Company updated its Long-Term Incentive Program (“LTIP”) to provide employees with an award of stock options and newly issued restricted stock units (“RSUs”) and made an initial grant of performance share units ("PSUs") to members of the Company's Executive Leadership Team ("ELT"). In connection with these amendments, the awards, which were granted in the second quarter in previous years, were permanently accelerated to the first quarter in 2023. The stock option terms remain unchanged and are summarized in more detail in the Stock Based Compensation footnote within the Company’s 2022 Form 10-K. The Company recognizes the grant-date fair value for each of these awards, less estimated forfeitures, as compensation expense ratably over the vesting period . Stock Options 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, 2022 11.9 $ 62.64 Granted 1.0 83.13 Exercised ( 0.3 ) 44.95 Cancelled ( 0.1 ) 81.43 Outstanding at March 31, 2023 12.5 $ 64.43 5.9 $ 300.1 Exercisable at March 31, 2023 7.0 $ 51.25 3.8 $ 261.8 The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards: Three Months Ended March 31, March 31, 2023 2022 Intrinsic Value of Stock Options Exercised $ 10.7 $ 16.8 Stock Compensation Expense Related to Stock Option Awards $ 14.5 $ 2.8 Issued Stock Options 1.0 - Weighted Average Fair Value of Stock Options issued (per share) $ 23.93 - Fair Value of Stock Options Issued $ 23.7 - Three Months Ended March 31, March 31, 2023 2022 Risk-free interest rate 4.0 % - Expected life in years 7.3 - Expected volatility 12.3 % - Dividend yield 1.3 % - Restricted Stock Units The Company updated its LTIP in the first quarter of 2023 to add RSUs to its annual employee compensation program. As a result of this amendment, the Company granted employees 88,480 RSUs with a total fair value of $ 7.4 at a weighted average grant date fair value of $ 83.13 per RSU. The annual RSU grants vest one-third on each of the first, second and third anniversaries of the grant date, subject to the recipient’s continued employment with the Company from the grant date through the applicable vesting date, and are settled with shares of the Company’s common stock. Additionally, in connection with the Hero Acquisition (see Note 10), 854,882 shares of restricted stock were issued in October 2022. The restricted stock will be recognized as compensation expense as the stock is subject to vesting requirements for individuals who received the restricted stock and will continue to be employed by the Company. The vesting requirements are satisfied at various dates over a three-year period from the date of the acquisition. Performance Stock Units In the first quarter of 2023, the Company granted PSUs to members of the Executive Leadership Team including the CEO, with an aggregate award equal to 19,650 PSUs. The PSUs were valued at a weighted average grant date fair value equal to $ 110.95 per PSU using a Monte Carlo model. The performance target is based on the Company's total shareholder return ("TSR") relative to a Company selected peer group. The PSUs vest on the later of (i) the third anniversary of the grant date, and (ii) the date that the Compensation & Human Capital Committee certifies the achievement of the applicable performance goals, in each case, subject to the recipient’s continued employment with the Company from the grant date through the vesting date, and the number of shares that may be issued ranges from 0 % to 200 % based on relative TSR during the three-year performance period. |
Share Repurchases
Share Repurchases | 3 Months Ended |
Mar. 31, 2023 | |
Payments for Repurchase of Equity [Abstract] | |
Share Repurchases | 7. Share Repurchases On October 28, 2021, the Board authorized a new share repurchase program, under which the Company may repurchase up to $ 1,000.0 in shares of Common Stock (the “2021 Share Repurchase Program”). The 2021 Share Repurchase Program does not have an expiration and replaced the 2017 Share Repurchase Program. The 2021 Share Repurchase Program did not modify the Company’s 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 its incentive plans. As a result of the Company’s recent stock repurchases, there remains $ 729.7 of sha re repurchase availability under the 2021 Share Repurchase Program as of March 31, 2023 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Input Carrying Fair Carrying Fair Level Amount Value Amount Value Financial Assets: Cash equivalents Level 1 $ 90.0 $ 90.0 $ 153.9 $ 153.9 Financial Liabilities: Short-term borrowings Level 2 18.7 18.7 74.0 74.0 Term loan due December 22, 2024 Level 2 200.0 200.0 400.0 400.0 3.15 % Senior notes due August 1, 2027 Level 2 424.8 406.9 424.8 397.3 2.3 % Senior notes due December 15, 2031 Level 2 399.3 333.3 399.3 321.3 5.6 % Senior notes due November 15, 2032 Level 2 499.1 534.5 499.1 518.9 3.95 % Senior notes due August 1, 2047 Level 2 397.6 335.6 397.6 316.7 5.0 % Senior notes due June 15, 2052 Level 2 499.8 492.2 499.7 464.7 The Company recognizes transfers between input levels as of the actual date of the event. There were no transfers between input levels during the three months ended March 31, 2023. 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 carrying amounts of Accounts Receivable, and Accounts Payable and Accrued Expenses, approximated estimated fair values as of March 31, 2023 and December 31, 2022 . |
Derivative Instruments and Risk
Derivative Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2023 | |
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 Company's 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, 2022. The notional amount of a derivative instrument is the nominal or face amount used to calculate payments made on that instrument. Notional amounts are presented in the following table: Notional Notional Amount Amount March 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Foreign exchange contracts $ 243.2 $ 231.5 Diesel fuel contracts 6.0 gallons 5.0 gallons Commodities contracts 19.5 pounds 26.8 pounds Derivatives not designated as hedging instruments Foreign exchange contracts $ 2.6 $ 1.6 Equity derivatives $ 22.8 $ 22.5 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 three months ended March 31, 2023. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | 10. Acquisitions On October 13, 2022, the Company acquired all of the issued and outstanding shares of capital stock of Hero Cosmetics, Inc. ("Hero"), the developer of the HERO® brand which includes the MIGHTY PATCH® acne treatment products (the “Hero Acquisition”). The Company paid $ 546.8 , net of cash acquired, at closing, and deferred an additional cash payment of $ 8.0 for five years to satisfy certain indemnification obligations, if necessary. The Company also issued $ 61.5 of restricted stock which will be recognized as compensation expense as the vesting requirements for individuals who received the restricted stock, and will continue to be employed by the Company, are satisfied. The vesting requirements are satisfied at various dates over a three-year period from the date of the acquisition. Hero’s annual net sales for the year ended December 31, 2022 were approximately $ 179.0 . The Hero Acquisition was financed with cash on hand and commercial paper borrowings and is managed in the Consumer Domestic segment. In the first quarter of 2023, the Company made a net cash payment of $ 3.5 primarily associated with final working capital adjustments. The preliminary fair values of the net assets at acquisition are set forth as follows: Accounts receivable $ 19.5 Inventory 25.4 Other current assets 1.2 Property, plant and equipment 0.4 Trade name 400.0 Other intangible assets 71.9 Goodwill 156.1 Accounts payable and accrued expenses ( 1.1 ) Deferred and Other Long-term Liabilities ( 1.4 ) Deferred income taxes ( 117.2 ) Business acquisition liabilities - long-term ( 8.0 ) Cash purchase price (net of cash acquired) $ 546.8 The trade name and other intangible assets were valued using a discounted cash flow model. The trade name and other intangible assets recognized from the Hero Acquisition have useful lives which range 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 Hero Acquisition are not deductible for U.S. tax purposes. On December 24, 2021, the Company acquired all of the outstanding equity of Dr. Harold Katz, LLC and HK-IP International, Inc. , the owners of the THERABREATH® brand of oral care products business (the “TheraBreath Acquisition”). The Company paid $ 556.0 , net of cash acquired, at closing and deferred an additional cash payment of $ 14.0 related to certain indemnity obligations provided by the seller. The additional amount, to the extent not used in satisfaction of such indemnity obligations, is payable in installments between two and four years from the closing. THERABREATH’s annual net sales for the year ended December 31, 2021 were approximately $ 100.0 . The acquisition was financed by the proceeds from a $ 400.0 three-year term loan and the Company’s underwritten public offering of $ 400.0 aggregate principal Senior Notes due on December 15, 2031 completed on December 10, 2021. The THERABREATH business is managed in the Consumer Domestic and Consumer International segments. In 2022, the Company made net cash payments of $ 3.8 primarily associated with final working capital adjustments. The fair values of the net assets at acquisition are set forth as follows: Accounts receivable $ 11.3 Inventory 12.9 Trade name (indefinite lived) 487.0 Other intangible assets 30.1 Goodwill 43.7 Accounts payable and accrued expenses ( 15.0 ) Business acquisition liabilities - long-term ( 14.0 ) Cash purchase price (net of cash acquired) $ 556.0 The trade names and other intangible assets were valued using a discounted cash flow model. The life of the amortizable intangible assets recognized from the TheraBreath 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 TheraBreath Acquisition are deductible for U.S. tax purposes. |
Goodwill and Other Intangibles,
Goodwill and Other Intangibles, Net | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles, Net | 11. Goodwill and Other Intangibles, Net The Company has intangible assets of substantial value on its consolidated balance sheet. These intangible assets are generally related to intangible assets with a useful life, indefinite-lived trade names and goodwill. The Company determines whether an intangible asset (other than goodwill) has a useful life based on multiple factors, including how long the Company intends to generate cash flows from the asset. These intangible assets are more fully explained in the following sections. Intangible Assets With a Useful Life The following table provides information related to the carrying value of intangible assets with a useful life: March 31, 2023 December 31, 2022 Gross Amortization Gross Carrying Accumulated Period Carrying Accumulated Amount Amortization Net (Years) Amount Amortization Impairments Net Amortizable intangible assets: Trade Names $ 1,385.1 $ ( 344.1 ) $ 1,041.0 3 - 20 $ 1,785.8 $ ( 406.2 ) $ ( 319.0 ) $ 1,060.6 Customer Relationships 644.9 ( 348.1 ) 296.8 15 - 20 723.4 ( 358.9 ) ( 59.3 ) 305.2 Patents/Formulas 208.3 ( 107.0 ) 101.3 4 - 20 251.7 ( 114.6 ) ( 32.7 ) 104.4 Total $ 2,238.3 $ ( 799.2 ) $ 1,439.1 $ 2,760.9 $ ( 879.7 ) $ ( 411.0 ) $ 1,470.2 Intangible amortization expense was $ 31.1 and $ 29.5 for t he first quarter of 2023 and 2022, respectively. The Company estimates that intangible amortization expense will be approximately $ 124.0 in 2023 and approximately $ 123.0 to $ 94.0 a nnually over the next five years. In the fourth quarter of 2022, the Company determined that a review of our ability to recover the carrying values of the global FINISHING TOUCH FLAWLESS intangible assets was necessary based on the discontinuance of certain products at a major retailer. The FINISHING TOUCH FLAWLESS assets consist of the definite-lived trade name, customer relationships and technology assets recorded at acquisition. The Company evaluated our ability to recover the intangible assets by comparing the carrying amount to the future undiscounted cash flows and determined that the cash flows would not be sufficient to recover the carrying value of the assets. After determining the estimated fair value of the assets, which included a reduction in cash flows due to the loss of distribution mentioned above along with an expected continued decline in discretionary consumption and higher interest rates, a non-cash impairment charge of $ 411.0 was recorded in the fourth quarter of 2022. The impairment charge was applied as a full impairment of the customer relationship and technology assets and a partial impairment of the trade name. The remaining net book value of the trade name as of December 31, 2022 is $ 46.3 and will be amortized over a remaining useful life of three years . The estimated fair value of the intangible assets was determined using the income approach with Level 3 inputs. The Level 3 inputs include the discount rate of 8.5 % applied to management’s estimates of future cash flows based on projections of revenue, gross margin, marketing expense and tax rates considering the loss of product distribution and the reduction in customer demand that FINISHING TOUCH FLAWLESS had been experiencing through December 31, 2022. The Company is implementing strategies to address the decline in profitability. However, if unsuccessful, a further decline could trigger a future impairment charge. Indefinite-Lived Intangible Assets The following table presents the carrying value of indefinite lived intangible assets: March 31, December 31, 2023 2022 Trade Names $ 1,961.5 $ 1,961.4 The Company’s indefinite lived intangible impairment review is completed in the fourth quarter of each year. 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, discount rates and royalty 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, 2022 exceeded their respective carrying values based upon the forecasted cash flows and profitability. In recent years the Company’s global TROJAN® business, specifically the condom category, has not grown and competition has increased. In addition, profitability was negatively impacted by inflation throughout 2022, resulting in higher input costs and discount rates, and supply shortages for packaging materials. As a result, the TROJAN business has experienced declining sales and profits resulting in a reduction in expected future cash flows which have eroded a portion of the excess between the fair and carrying value of the trade name. This indefinite-lived intangible asset may be susceptible to impairment and a continued decline in fair value could trigger a future impairment charge of the TROJAN trade name. The carrying value of the TROJAN trade name is $ 176.4 and fair value exceeded carrying value by 46 % as of October 1, 2022. The key assumptions used in the projections from the Company’s October 1, 2022 impairment analysis include discount rates of 8.0 % in the U.S. and 9.5 % internationally, revenue assumptions based on recent trends adjusted for management’s estimates of the success of its growth strategies and the impact of improvement in the supply chain, and an average royalty rate of approximately 10 %. While management has implemented strategies to address the risk, including lowering 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. The Company’s global WATERPIK business has recently experienced a significant decline in customer demand for many of its products, primarily due to lower consumer spending for discretionary products from inflation and a growing number of water flosser consumers switching to more value-branded products. As a result, the WATERPIK business has experienced declining sales and profits resulting in a reduction in expected future cash flows which have eroded a substantial portion of the excess between the fair and carrying value of the trade name. This indefinite-lived intangible asset may be susceptible to impairment and a continued decline in fair value could trigger a future impairment charge of the WATERPIK trade name. The carrying value of the WATERPIK trade name is $ 644.7 and fair value exceeded carrying value by 7 % as of October 1, 2022. The key assumptions used in the projections from the Company’s October 1, 2022 impairment analysis include a discount rate of 8.4 %, revenue growth rates between 0% and 6% and EBITA margins between 18% and 21%. These assumptions are based on current market conditions, recent trends and management’s expectation of the success of initiatives to lower costs (including tariffs) and to develop lower-cost water flosser alternatives as well as improvement in the supply chain. While management has implemented strategies to address the risk, significant changes in operating plans or adverse changes in the future could reduce the underlying cash flows used to estimate fair value. Goodwill The carrying amount of goodwill is as follows: Consumer Consumer Specialty Domestic International Products Total Balance at December 31, 2022 $ 2,056.4 $ 234.4 $ 136.0 $ 2,426.8 Hero working capital adjustment 3.5 0.0 0.0 3.5 Balance at March 31, 2023 $ 2,059.9 $ 234.4 $ 136.0 $ 2,430.3 The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2022, 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 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, December 31, Classification 2023 2022 Assets Right of use assets Other Assets $ 158.0 $ 162.6 Liabilities Current lease liabilities Accounts Payable and Accrued Expenses $ 21.9 $ 21.9 Long-term lease liabilities Deferred and Other Long-term Liabilities 148.8 151.9 Total lease liabilities $ 170.7 $ 173.8 Other information Weighted-average remaining lease term (years) 8.8 8.9 Weighted-average discount rate 4.5 % 4.4 % Three Months Three Months Ended Ended March 31, 2023 March 31, 2022 Statement of Income Lease cost (1) $ 7.7 $ 7.9 Other information Leased assets obtained in exchange for new lease liabilities net of modifications $ 1.0 $ 1.5 Cash paid for amounts included in the measurement of lease liabilities $ 7.6 $ 7.5 (1) Lease expense is included in cost of sales or SG&A expens es 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 non-cash component of lease expense for the first three months of 2023 and 2022 was $ 5.9 and $ 6.2 , respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows. The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows: Operating Leases 2023 $ 21.9 2024 28.4 2025 27.0 2026 19.3 2027 18.5 2028 and thereafter 94.8 Total future minimum lease commitments 209.9 Less: Imputed interest ( 39.2 ) Present value of lease liabilities $ 170.7 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 13. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: March 31, December 31, 2023 2022 Trade accounts payable $ 651.5 $ 666.7 Accrued marketing and promotion costs 211.8 234.4 Accrued wages and related benefit costs 47.4 66.8 Other accrued current liabilities 139.1 134.9 Total $ 1,049.8 $ 1,102.8 In 2015, the Company initiated a Supply Chain Finance program (“SCF Program”). Under the SCF Program, qualifying suppliers may elect to sell their receivables from the Company for early payment. Participating suppliers negotiate their receivables sales arrangements directly with a third party. The Company is not party to those agreements and do not have an economic interest in the suppliers' decisions to sell their receivables and has not been required to pledge any assets as security nor to provide any guarantee to third-party finance providers or intermediaries . The SCF Program may allow suppliers more favorable terms than they could secure on their own. The terms of the Company's payment obligations are not impacted by a supplier’s participation in the SCF Program. The Company's payment terms with suppliers are consistent between suppliers that elect to participate in the SCF Program and those that do not participate. As a result, the program does not have an impact to the Company's average days outstanding . As of March 31, 2023, the obligations outstanding related to the SCF program amount to $ 88.3 , recorded within Accounts Payable in the Consolidated Balance Sheets and $ 103.6 payments included in operating activities within the Company's Consolidated Statements of Cash Flows. |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, December 31, 2023 2022 Short-term borrowings Commercial paper issuances $ 15.0 $ 70.6 Various debt due to international banks 3.7 3.4 Total short-term borrowings $ 18.7 $ 74.0 Long-term debt Term loan due December 22, 2024 200.0 400.0 3.15 % Senior notes due August 1, 2027 425.0 425.0 Less: Discount ( 0.2 ) ( 0.2 ) 2.3 % Senior notes due December 15, 2031 400.0 400.0 Less: Discount ( 0.7 ) ( 0.7 ) 5.6 % Senior notes due November 15, 2032 500.0 500.0 Less: Discount ( 0.9 ) ( 0.9 ) 3.95 % Senior notes due August 1, 2047 400.0 400.0 Less: Discount ( 2.4 ) ( 2.4 ) 5.0 % Senior notes due June 15, 2052 500.0 500.0 Less: Discount ( 0.2 ) ( 0.3 ) Debt issuance costs, net ( 20.5 ) ( 21.0 ) Net long-term debt $ 2,400.1 $ 2,599.5 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2021 $ ( 30.2 ) $ ( 0.6 ) $ ( 37.4 ) $ ( 68.2 ) Other comprehensive income (loss) before reclassifications ( 2.2 ) 2.5 20.6 20.9 Amounts reclassified to consolidated statement of (a) 0.0 0.0 ( 0.4 ) ( 0.4 ) Tax benefit (expense) 0.0 ( 0.6 ) ( 4.9 ) ( 5.5 ) Other comprehensive income (loss) ( 2.2 ) 1.9 15.3 15.0 Balance at March 31, 2022 $ ( 32.4 ) $ 1.3 $ ( 22.1 ) $ ( 53.2 ) Balance at December 31, 2022 $ ( 46.4 ) $ 1.7 $ 15.4 $ ( 29.3 ) Other comprehensive income (loss) before reclassifications 2.4 2.0 ( 0.2 ) 4.2 Amounts reclassified to consolidated statement of (a) 0.0 0.0 ( 0.9 ) ( 0.9 ) Tax benefit (expense) 0.0 ( 0.5 ) 0.3 ( 0.2 ) Other comprehensive income (loss) 2.4 1.5 ( 0.8 ) 3.1 Balance at March 31, 2023 $ ( 44.0 ) $ 3.2 $ 14.6 $ ( 26.2 ) (a) Amounts reclassified to cost of sales, selling, general and administrative expenses or interest expense. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 , the Company had commitments of approximately $ 396.7 . These commitments include the purchase of raw materials, packaging supplies and services from its vendors at market prices to enable the Company to respond quickly to changes in customer orders or requirements, as well as costs associated with licensing and promotion agreements. c. As of March 31, 2023 , the Company had various guarantees and letters of credit totaling $ 6.3 . d. 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. In connection with the TheraBreath Acquisition, the Company deferred an additional cash payment of $ 14.0 related to certain indemnity obligations provided by the seller. The additional amount, to the extent not used in satisfaction of such indemnity obligations, is payable in installments between two and four years from the closing. In connection with the Hero Acquisition, the Company deferred an additional cash payment of $ 8.0 to satisfy certain indemnification obligations. The additional amount 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
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 Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Purchases by Company $ 3.7 $ 3.0 $ 0.0 $ 0.0 Sales by Company $ 0.0 $ 0.0 $ 0.0 $ 0.1 Outstanding Accounts Receivable $ 0.6 $ 0.4 $ 1.6 $ 0.6 Outstanding Accounts Payable $ 1.2 $ 1.6 $ 0.0 $ 0.0 Administration & Management Oversight Services (1) $ 0.6 $ 0.6 $ 0.5 $ 0.5 (1) Billed by the Company and recorded as a reduction of SG&A expenses . |
Segments
Segments | 3 Months Ended |
Mar. 31, 2023 | |
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 structure. 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 March 31, 2023 , the Company held 50 % ownership interests in each of Armand and ArmaKleen, respectively. The Company’s equity in earnings of Armand and ArmaKleen, totaled $ 4.4 and $ 2.4 for the three months ended March 31, 2023 and 2022. 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) First Quarter of 2023 $ 1,116.9 $ 230.6 $ 82.3 $ 0.0 $ 1,429.8 First Quarter of 2022 995.1 214.6 87.5 0.0 1,297.2 Income before Income Taxes (2) First Quarter of 2023 $ 228.7 $ 28.9 $ 6.8 $ 4.4 $ 268.8 First Quarter of 2022 222.7 29.6 11.5 2.4 266.2 (1) Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, we re $ 3.6 and $ 4.8 for the three months ended March 31, 2023 and March 31, 2022, 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 months ended March 31, 2023 and March 31, 2022. Product line revenues from external customers are as follows: Three Months Ended March 31, March 31, 2023 2022 Household Products $ 601.6 $ 520.5 Personal Care Products 515.3 474.6 Total Consumer Domestic 1,116.9 995.1 Total Consumer International 230.6 214.6 Total SPD 82.3 87.5 Total Consolidated Net Sales $ 1,429.8 $ 1,297.2 Household Products include laundry, deodorizing and cleaning products. Personal Care Products include condoms, pregnancy kits, oral care products, skin care and hair care products, cold and remedy products, and gummy dietary supplements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In September 2022, the FASB issued new accounting guidance intended to add certain qualitative and quantitative disclosure requirements for a buyer in a supplier finance program. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. The Company has adopted the standard which resulted in additional disclosures. Refer to Note 13. 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. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: March 31, December 31, 2023 2022 Raw materials and supplies $ 146.3 $ 149.5 Work in process 40.8 46.8 Finished goods 466.2 450.3 Total $ 653.3 $ 646.6 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net ("PP&E") (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | PP&E consists of the following: March 31, December 31, 2023 2022 Land $ 28.2 $ 28.1 Buildings and improvements 302.0 299.1 Machinery and equipment 867.0 856.5 Software 111.3 109.1 Office equipment and other assets 97.6 96.9 Construction in progress 222.2 211.5 Gross PP&E 1,628.3 1,601.2 Less accumulated depreciation and amortization 856.1 840.1 Net PP&E $ 772.2 $ 761.1 Three Months Ended March 31, March 31, 2023 2022 Depreciation expense on PP&E $ 16.9 $ 16.6 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Weighted Average Number Of Common Shares Outstanding | The following table sets forth a reconciliation of the weighted average number of shares of Common Stock outstanding to the weighted average number of shares outstanding on a diluted basis: Three Months Ended March 31, March 31, 2023 2022 Weighted average common shares outstanding - basic 243.8 242.6 Dilutive effect of stock options and other unvested stock-based awards 3.0 4.1 Weighted average common shares outstanding - diluted 246.8 246.7 Antidilutive stock options outstanding 3.9 0.2 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [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, 2022 11.9 $ 62.64 Granted 1.0 83.13 Exercised ( 0.3 ) 44.95 Cancelled ( 0.1 ) 81.43 Outstanding at March 31, 2023 12.5 $ 64.43 5.9 $ 300.1 Exercisable at March 31, 2023 7.0 $ 51.25 3.8 $ 261.8 |
Information Regarding Intrinsic Value of Stock Options Exercised and Stock Compensation Expense Related to Stock Option Awards | The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards: Three Months Ended March 31, March 31, 2023 2022 Intrinsic Value of Stock Options Exercised $ 10.7 $ 16.8 Stock Compensation Expense Related to Stock Option Awards $ 14.5 $ 2.8 Issued Stock Options 1.0 - Weighted Average Fair Value of Stock Options issued (per share) $ 23.93 - Fair Value of Stock Options Issued $ 23.7 - |
Assumptions Used in Valuation of Issued Stock Options | Three Months Ended March 31, March 31, 2023 2022 Risk-free interest rate 4.0 % - Expected life in years 7.3 - Expected volatility 12.3 % - Dividend yield 1.3 % - |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Values of Other Financial Instruments | The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Input Carrying Fair Carrying Fair Level Amount Value Amount Value Financial Assets: Cash equivalents Level 1 $ 90.0 $ 90.0 $ 153.9 $ 153.9 Financial Liabilities: Short-term borrowings Level 2 18.7 18.7 74.0 74.0 Term loan due December 22, 2024 Level 2 200.0 200.0 400.0 400.0 3.15 % Senior notes due August 1, 2027 Level 2 424.8 406.9 424.8 397.3 2.3 % Senior notes due December 15, 2031 Level 2 399.3 333.3 399.3 321.3 5.6 % Senior notes due November 15, 2032 Level 2 499.1 534.5 499.1 518.9 3.95 % Senior notes due August 1, 2047 Level 2 397.6 335.6 397.6 316.7 5.0 % Senior notes due June 15, 2052 Level 2 499.8 492.2 499.7 464.7 |
Derivative Instruments and Ri_2
Derivative Instruments and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts | The notional amount of a derivative instrument is the nominal or face amount used to calculate payments made on that instrument. Notional amounts are presented in the following table: Notional Notional Amount Amount March 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Foreign exchange contracts $ 243.2 $ 231.5 Diesel fuel contracts 6.0 gallons 5.0 gallons Commodities contracts 19.5 pounds 26.8 pounds Derivatives not designated as hedging instruments Foreign exchange contracts $ 2.6 $ 1.6 Equity derivatives $ 22.8 $ 22.5 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Acquisition [Line Items] | |
Fair Values of Assets Acquired | The preliminary fair values of the net assets at acquisition are set forth as follows: Accounts receivable $ 19.5 Inventory 25.4 Other current assets 1.2 Property, plant and equipment 0.4 Trade name 400.0 Other intangible assets 71.9 Goodwill 156.1 Accounts payable and accrued expenses ( 1.1 ) Deferred and Other Long-term Liabilities ( 1.4 ) Deferred income taxes ( 117.2 ) Business acquisition liabilities - long-term ( 8.0 ) Cash purchase price (net of cash acquired) $ 546.8 |
Therabreath Acquisition | |
Business Acquisition [Line Items] | |
Fair Values of Assets Acquired | The fair values of the net assets at acquisition are set forth as follows: Accounts receivable $ 11.3 Inventory 12.9 Trade name (indefinite lived) 487.0 Other intangible assets 30.1 Goodwill 43.7 Accounts payable and accrued expenses ( 15.0 ) Business acquisition liabilities - long-term ( 14.0 ) Cash purchase price (net of cash acquired) $ 556.0 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | The following table provides information related to the carrying value of intangible assets with a useful life: March 31, 2023 December 31, 2022 Gross Amortization Gross Carrying Accumulated Period Carrying Accumulated Amount Amortization Net (Years) Amount Amortization Impairments Net Amortizable intangible assets: Trade Names $ 1,385.1 $ ( 344.1 ) $ 1,041.0 3 - 20 $ 1,785.8 $ ( 406.2 ) $ ( 319.0 ) $ 1,060.6 Customer Relationships 644.9 ( 348.1 ) 296.8 15 - 20 723.4 ( 358.9 ) ( 59.3 ) 305.2 Patents/Formulas 208.3 ( 107.0 ) 101.3 4 - 20 251.7 ( 114.6 ) ( 32.7 ) 104.4 Total $ 2,238.3 $ ( 799.2 ) $ 1,439.1 $ 2,760.9 $ ( 879.7 ) $ ( 411.0 ) $ 1,470.2 |
Indefinite Lived Intangible Assets | The following table presents the carrying value of indefinite lived intangible assets: March 31, December 31, 2023 2022 Trade Names $ 1,961.5 $ 1,961.4 |
Carrying Amount of Goodwill | The carrying amount of goodwill is as follows: Consumer Consumer Specialty Domestic International Products Total Balance at December 31, 2022 $ 2,056.4 $ 234.4 $ 136.0 $ 2,426.8 Hero working capital adjustment 3.5 0.0 0.0 3.5 Balance at March 31, 2023 $ 2,059.9 $ 234.4 $ 136.0 $ 2,430.3 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Summary of Lease Information | A summary of the Company’s lease information is as follows: March 31, December 31, Classification 2023 2022 Assets Right of use assets Other Assets $ 158.0 $ 162.6 Liabilities Current lease liabilities Accounts Payable and Accrued Expenses $ 21.9 $ 21.9 Long-term lease liabilities Deferred and Other Long-term Liabilities 148.8 151.9 Total lease liabilities $ 170.7 $ 173.8 Other information Weighted-average remaining lease term (years) 8.8 8.9 Weighted-average discount rate 4.5 % 4.4 % Three Months Three Months Ended Ended March 31, 2023 March 31, 2022 Statement of Income Lease cost (1) $ 7.7 $ 7.9 Other information Leased assets obtained in exchange for new lease liabilities net of modifications $ 1.0 $ 1.5 Cash paid for amounts included in the measurement of lease liabilities $ 7.6 $ 7.5 (1) Lease expense is included in cost of sales or SG&A expens es 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 non-cash component of lease expense for the first three months of 2023 and 2022 was $ 5.9 and $ 6.2 , respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows. |
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 2023 $ 21.9 2024 28.4 2025 27.0 2026 19.3 2027 18.5 2028 and thereafter 94.8 Total future minimum lease commitments 209.9 Less: Imputed interest ( 39.2 ) Present value of lease liabilities $ 170.7 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following: March 31, December 31, 2023 2022 Trade accounts payable $ 651.5 $ 666.7 Accrued marketing and promotion costs 211.8 234.4 Accrued wages and related benefit costs 47.4 66.8 Other accrued current liabilities 139.1 134.9 Total $ 1,049.8 $ 1,102.8 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components of Short-Term Borrowings and Long-Term Debt | Short-term borrowings and long-term debt consist of the following: March 31, December 31, 2023 2022 Short-term borrowings Commercial paper issuances $ 15.0 $ 70.6 Various debt due to international banks 3.7 3.4 Total short-term borrowings $ 18.7 $ 74.0 Long-term debt Term loan due December 22, 2024 200.0 400.0 3.15 % Senior notes due August 1, 2027 425.0 425.0 Less: Discount ( 0.2 ) ( 0.2 ) 2.3 % Senior notes due December 15, 2031 400.0 400.0 Less: Discount ( 0.7 ) ( 0.7 ) 5.6 % Senior notes due November 15, 2032 500.0 500.0 Less: Discount ( 0.9 ) ( 0.9 ) 3.95 % Senior notes due August 1, 2047 400.0 400.0 Less: Discount ( 2.4 ) ( 2.4 ) 5.0 % Senior notes due June 15, 2052 500.0 500.0 Less: Discount ( 0.2 ) ( 0.3 ) Debt issuance costs, net ( 20.5 ) ( 21.0 ) Net long-term debt $ 2,400.1 $ 2,599.5 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2021 $ ( 30.2 ) $ ( 0.6 ) $ ( 37.4 ) $ ( 68.2 ) Other comprehensive income (loss) before reclassifications ( 2.2 ) 2.5 20.6 20.9 Amounts reclassified to consolidated statement of (a) 0.0 0.0 ( 0.4 ) ( 0.4 ) Tax benefit (expense) 0.0 ( 0.6 ) ( 4.9 ) ( 5.5 ) Other comprehensive income (loss) ( 2.2 ) 1.9 15.3 15.0 Balance at March 31, 2022 $ ( 32.4 ) $ 1.3 $ ( 22.1 ) $ ( 53.2 ) Balance at December 31, 2022 $ ( 46.4 ) $ 1.7 $ 15.4 $ ( 29.3 ) Other comprehensive income (loss) before reclassifications 2.4 2.0 ( 0.2 ) 4.2 Amounts reclassified to consolidated statement of (a) 0.0 0.0 ( 0.9 ) ( 0.9 ) Tax benefit (expense) 0.0 ( 0.5 ) 0.3 ( 0.2 ) Other comprehensive income (loss) 2.4 1.5 ( 0.8 ) 3.1 Balance at March 31, 2023 $ ( 44.0 ) $ 3.2 $ 14.6 $ ( 26.2 ) (a) Amounts reclassified to cost of sales, selling, general and administrative expenses or interest expense. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Purchases by Company $ 3.7 $ 3.0 $ 0.0 $ 0.0 Sales by Company $ 0.0 $ 0.0 $ 0.0 $ 0.1 Outstanding Accounts Receivable $ 0.6 $ 0.4 $ 1.6 $ 0.6 Outstanding Accounts Payable $ 1.2 $ 1.6 $ 0.0 $ 0.0 Administration & Management Oversight Services (1) $ 0.6 $ 0.6 $ 0.5 $ 0.5 (1) Billed by the Company and recorded as a reduction of SG&A expenses . |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) First Quarter of 2023 $ 1,116.9 $ 230.6 $ 82.3 $ 0.0 $ 1,429.8 First Quarter of 2022 995.1 214.6 87.5 0.0 1,297.2 Income before Income Taxes (2) First Quarter of 2023 $ 228.7 $ 28.9 $ 6.8 $ 4.4 $ 268.8 First Quarter of 2022 222.7 29.6 11.5 2.4 266.2 (1) Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, we re $ 3.6 and $ 4.8 for the three months ended March 31, 2023 and March 31, 2022, 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 months ended March 31, 2023 and March 31, 2022. |
Product Line Revenues From External Customers | Product line revenues from external customers are as follows: Three Months Ended March 31, March 31, 2023 2022 Household Products $ 601.6 $ 520.5 Personal Care Products 515.3 474.6 Total Consumer Domestic 1,116.9 995.1 Total Consumer International 230.6 214.6 Total SPD 82.3 87.5 Total Consolidated Net Sales $ 1,429.8 $ 1,297.2 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Research and development expenses | $ 26.7 | $ 24.5 |
Components of Inventories (Deta
Components of Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory, Finished Goods and Work in Process, Net of Reserves [Abstract] | ||
Raw materials and supplies | $ 146.3 | $ 149.5 |
Work in process | 40.8 | 46.8 |
Finished goods | 466.2 | 450.3 |
Total | $ 653.3 | $ 646.6 |
Components of Property, Plant a
Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | $ 1,628.3 | $ 1,601.2 |
Less accumulated depreciation and amortization | 856.1 | 840.1 |
Net PP&E | 772.2 | 761.1 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 28.2 | 28.1 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 302 | 299.1 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 867 | 856.5 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 111.3 | 109.1 |
Office equipment and other assets | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 97.6 | 96.9 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | $ 222.2 | $ 211.5 |
Depreciation and Interest Charg
Depreciation and Interest Charges on Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense on PP&E | $ 16.9 | $ 16.6 |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding - Basic | 243.8 | 242.6 |
Dilutive effect of stock options | 3 | 4.1 |
Weighted average common shares outstanding - diluted | 246.8 | 246.7 |
Antidilutive stock options outstanding | 3.9 | 0.2 |
Summary of Option Activity (Det
Summary of Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Beginning Balance, Options | shares | 11.9 |
Granted, Options | shares | 1 |
Exercised, Options | shares | (0.3) |
Cancelled, Options | shares | (0.1) |
Ending Balance, Options | shares | 12.5 |
Exercisable at March 31, 2022 | shares | 7 |
Beginning Balance, Weighted-Average Exercise Price | $ / shares | $ 62.64 |
Granted, Weighted-Average Exercise Price | $ / shares | 83.13 |
Exercised, Weighted-Average Exercise Price | $ / shares | 44.95 |
Cancelled, Weighted-Average Exercise Price | $ / shares | 81.43 |
Ending Balance, Weighted-Average Exercise Price | $ / shares | 64.43 |
Exercisable at March 31, 2022 Weighted-Average Exercise Price | $ / shares | $ 51.25 |
Outstanding at March 31, 2022, Weighted-Average Remaining Contractual Term, years | 5 years 10 months 24 days |
Exercisable at March 31, 2022, Weighted-Average Remaining Contractual Term, years | 3 years 9 months 18 days |
Outstanding at March 31, 2022, Aggregate Intrinsic Value | $ | $ 300.1 |
Exercisable at March 31, 2022, Aggregate Intrinsic Value | $ | $ 261.8 |
Schedule of Share Based Compens
Schedule of Share Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Intrinsic Value of Stock Options Exercised | $ 10.7 | $ 16.8 |
Stock Compensation Expense Related to Stock Option Awards | $ 14.5 | $ 2.8 |
Issued Stock Options | 1 | 0 |
Weighted Average Fair Value of Stock Options issued (per share) | $ 23.93 | $ 0 |
Fair Value of Stock Options Issued | $ 23.7 | $ 0 |
Assumptions Used in Valuation o
Assumptions Used in Valuation of Issued Stock Options (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Risk-free interest rate | 4% |
Expected life in years | 7 years 3 months 18 days |
Expected volatility | 12.30% |
Dividend yield | 1.30% |
Stock Based Compensation Plan_2
Stock Based Compensation Plans (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Oct. 01, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Performance shares | 293,709,982 | 293,709,982 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted, Options | 854,882 | 88,480 | |
Weighted-Average grant date fair value | $ 83.13 | ||
Total Fair Value | $ 7.4 | ||
Hero Restricted Shares | 854,882 | 88,480 | |
Vesting period | 3 years | ||
Performance Stock Units (PSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted-Average grant date fair value | $ 110.95 | ||
Performance shares | 19,650 | ||
Performance Stock Units (PSUs) [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Performance stock issued range | 0% | ||
Performance Stock Units (PSUs) [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Performance stock issued range | 200% |
Share Repurchases - Additional
Share Repurchases - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Oct. 28, 2021 | |
Accelerated Share Repurchases [Line Items] | ||
Stock repurchase program, authorized amount | $ 1,000 | |
Share Repurchase Program | ||
Accelerated Share Repurchases [Line Items] | ||
Stock repurchased during period, shares | 729.7 |
Carrying Amounts and Estimated
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Short-term borrowings | $ 18.7 | $ 74 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 90 | 153.9 |
Short-term borrowings | 18.7 | 74 |
Fair Value | Fair Value, Inputs, Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 90 | 153.9 |
Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Short-term borrowings | 18.7 | 74 |
Term Loan Due December 22, 2024 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Term loan | 200 | 400 |
Term Loan Due December 22, 2024 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 200 | 400 |
Term Loan Due December 22, 2024 | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 200 | 400 |
3.15% Senior notes due August 1, 2027 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 424.8 | 424.8 |
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 | 406.9 | 397.3 |
2.3% Senior notes due December 15, 2031 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 399.3 | 399.3 |
2.3% Senior notes due December 15, 2031 | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 333.3 | 321.3 |
3.95% Senior notes due August 1, 2047 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 397.6 | 397.6 |
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 | 335.6 | 316.7 |
5.6% Senior notes due November 15, 2032 [Member] | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 499.1 | 499.1 |
5.6% Senior notes due November 15, 2032 [Member] | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 534.5 | 518.9 |
5.00% Senior notes due June 15, 2052 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 499.8 | 499.7 |
5.00% Senior notes due June 15, 2052 | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | $ 492.2 | $ 464.7 |
Carrying Amounts and Estimate_2
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Parenthetical) (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
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% |
2.3% Senior notes due December 15, 2031 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate of debt | 2.30% | 2.30% |
2.3% Senior notes due December 15, 2031 | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate of debt | 2.30% | 2.30% |
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% |
5.00% Senior notes due June 15, 2052 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate of debt | 5% | 5% |
5.00% Senior notes due June 15, 2052 | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate of debt | 5% | 5% |
5.6% Senior notes due November 15, 2032 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate of debt | 5.60% | 5.60% |
5.6% Senior notes due November 15, 2032 [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate of debt | 5.60% | 5.60% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Thera Breath Acquisition | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Business Acquisition Liabilities | $ 14 |
Schedule of Notional Amounts (D
Schedule of Notional Amounts (Details) lb in Millions, gal in Millions, $ in Millions | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) lb gal | Mar. 31, 2022 USD ($) lb gal |
Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivatives, Notional Amount | $ 243.2 | $ 231.5 | |
Designated as Hedging Instrument | Diesel fuel contracts | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivatives, Notional Amount, Volume | gal | 6 | 5 | |
Designated as Hedging Instrument | Commodities Contracts | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivatives, Notional Amount, Volume | lb | 19.5 | 26.8 | |
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivatives, Notional Amount | $ 2.6 | $ 1.6 | |
Not Designated as Hedging Instrument | Equity derivatives | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivatives, Notional Amount | $ 22.8 | $ 22.5 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 01, 2020 | May 01, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Oct. 11, 2022 | Dec. 24, 2021 | |
Business Acquisition [Line Items] | ||||||||
Closing payment of net of cash acquired | $ 546.8 | |||||||
Additional cash payment | 8 | |||||||
Net Sales | 1,429.8 | $ 1,297.2 | $ 179 | |||||
Compensation expenses recognized from issuance of restricted stock | 61.5 | |||||||
Net cash payment | $ 3.8 | |||||||
Working capital adjustments | 3.5 | |||||||
Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Average life of the intangible assets, years | 20 years | |||||||
Thera Breath Acquisition | ||||||||
Business Acquisition [Line Items] | ||||||||
Closing payment of net of cash acquired | $ 556 | |||||||
Additional cash payment | 14 | |||||||
Net Sales | 100 | |||||||
Proceeds from term loan for business acquisition | $ 400 | |||||||
Financing term loan period | 3 years | |||||||
Underwritten public offering senior notes | $ 400 | |||||||
Business Acquisition Liabilities | $ 14 | |||||||
Thera Breath Acquisition | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, period | 4 years | |||||||
Average life of the intangible assets, years | 20 years | |||||||
Thera Breath Acquisition | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, period | 2 years | |||||||
Average life of the intangible assets, years | 10 years | |||||||
Zicam Acquisition | ||||||||
Business Acquisition [Line Items] | ||||||||
Additional cash payment | $ 20 | |||||||
Business acquisition, period | 5 years | |||||||
Zicam Acquisition | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Average life of the intangible assets, years | 20 years |
Fair Values of Net Assets Acqui
Fair Values of Net Assets Acquired (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Business Acquisition [Line Items] | |||
Other current assets | $ 49.5 | $ 57 | |
Goodwill | 2,430.3 | 2,426.8 | |
Cash purchase price (net of cash acquired) | 546.8 | ||
Zicam Acquisition | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 2,426.8 | ||
THERABREATH | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Total | 8 | $ 14 | |
Inventory | 25.4 | 12.9 | |
Other current assets | 1.2 | ||
Accounts receivable | 19.5 | 11.3 | |
Property, plant and equipment | 0.4 | ||
Trade name | 400 | 487 | |
Other intangible assets | 71.9 | 30.1 | |
Goodwill | 156.1 | 43.7 | |
Accounts payable and accrued expenses | (1.1) | (15) | |
Liabilities, Other than Long-Term Debt, Noncurrent, Total | 1.4 | ||
Deferred income taxes | (117.2) | ||
Long-term liabilities | (8) | (14) | |
Cash purchase price (net of cash acquired) | $ 546.8 | $ 556 |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,238.3 | $ 2,760.9 |
Accumulated Amortization | $ (799.2) | (879.7) |
Impairment Of Intangible Assets | (411) | |
Finite Lived Intangible Asset Useful Life | 3 years | |
Net | $ 1,439.1 | 1,470.2 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,385.1 | 1,785.8 |
Accumulated Amortization | (344.1) | (406.2) |
Impairment Of Intangible Assets | (319) | |
Net | 1,041 | $ 1,060.6 |
Trade Names | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset Useful Life | 3 years | |
Trade Names | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset Useful Life | 20 years | |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 644.9 | $ 723.4 |
Accumulated Amortization | (348.1) | 358.9 |
Impairment Of Intangible Assets | (59.3) | |
Net | 296.8 | $ 305.2 |
Customer Relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset Useful Life | 15 years | |
Customer Relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset Useful Life | 20 years | |
Patents/Formulas | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 208.3 | $ 251.7 |
Accumulated Amortization | (107) | 114.6 |
Impairment Of Intangible Assets | (32.7) | |
Net | $ 101.3 | $ 104.4 |
Patents/Formulas | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset Useful Life | 4 years | |
Patents/Formulas | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite Lived Intangible Asset Useful Life | 20 years |
Indefinite Lived Intangible Ass
Indefinite Lived Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, Trade names | $ 1,961.5 | $ 1,961.4 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Oct. 01, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Amortization expense of intangible assets | $ 31.1 | $ 29.5 | ||
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths | 124 | |||
Impairment Charge On Reclassified Assets | 411 | |||
Disposal Group Including Discontinued Operation Intangible Assets Non current | $ 46.3 | |||
Finite Lived Intangible Asset Useful Life | 3 years | |||
Discount On Estimated Future Cash flow | 8.50% | |||
Gross Carrying Amount | $ 2,238.3 | $ 2,760.9 | ||
Percent of fair value in excess of carrying value | 46% | |||
Net book value | $ 1,439.1 | 1,470.2 | ||
Trojan Trade Name | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Indefinite Lived Trade Names | $ 176.4 | |||
Average royalty rate | 10% | |||
Trojan Trade Name | U.S | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Fair value assumptions discount rate | 8% | |||
Trojan Trade Name | International | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Fair value assumptions discount rate | 9.50% | |||
Trade Names | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Indefinite Lived Trade Names | $ 644.7 | |||
Fair Value Exceeded Carrying Value | 7% | |||
Gross Carrying Amount | $ 1,385.1 | 1,785.8 | ||
Net book value | 1,041 | $ 1,060.6 | ||
Waterpik [Member] | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Discount On Estimated Future Cash flow | 8.40% | |||
Maximum | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Estimated amortization expense, 2026 | 123 | |||
Maximum | Trade Names | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Finite Lived Intangible Asset Useful Life | 20 years | |||
Minimum | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Estimated amortization expense, 2026 | $ 94 | |||
Minimum | Trade Names | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Finite Lived Intangible Asset Useful Life | 3 years |
Carrying Amount of Goodwill (De
Carrying Amount of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 2,426.8 |
Ending balance | 2,430.3 |
Zicam Acquisition | |
Goodwill [Line Items] | |
Beginning balance | 2,426.8 |
Thera Breath Acquisition | |
Goodwill [Line Items] | |
TheraBreath adjustment | 3.5 |
Consumer Domestic | Zicam Acquisition | |
Goodwill [Line Items] | |
Beginning balance | 2,056.4 |
Ending balance | 2,059.9 |
Consumer Domestic | Thera Breath Acquisition | |
Goodwill [Line Items] | |
TheraBreath adjustment | 3.5 |
Consumer International | Zicam Acquisition | |
Goodwill [Line Items] | |
Beginning balance | 234.4 |
Ending balance | 234.4 |
Consumer International | Thera Breath Acquisition | |
Goodwill [Line Items] | |
TheraBreath adjustment | 0 |
Specialty Products | Zicam Acquisition | |
Goodwill [Line Items] | |
Beginning balance | 136 |
Ending balance | 136 |
Specialty Products | Thera Breath Acquisition | |
Goodwill [Line Items] | |
TheraBreath adjustment | $ 0 |
Summary of Lease information (D
Summary of Lease information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Leases [Abstract] | ||||
Right of use assets | $ 158 | $ 162.6 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent | ||
Current lease liabilities | $ 21.9 | $ 21.9 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current | ||
Long-term lease liabilities | $ 148.8 | $ 151.9 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||
Total lease liabilities | $ 170.7 | $ 173.8 | ||
Weighted-average remaining lease term (years) | 8 years 9 months 18 days | 8 years 10 months 24 days | ||
Weighted-average discount rate | 4.50% | 4.40% | ||
Lease cost | [1] | $ 7.7 | $ 7.9 | |
Leased assets obtained in exchange for new lease liabilities net of modifications | 1 | 1.5 | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 7.6 | $ 7.5 | ||
[1] Lease expense is included in cost of sales or SG&A expens es 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 non-cash component of lease expense for the first three months of 2023 and 2022 was $ 5.9 and $ 6.2 , respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows. |
Summary of Lease information (P
Summary of Lease information (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Non-cash component of lease expense | $ 5.9 | $ 6.2 |
Summary of Minimum Annual Renta
Summary of Minimum Annual Rentals Including Reasonably Assured Renewal Options under Lease Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2023 | $ 21.9 | |
2024 | 28.4 | |
2025 | 27 | |
2026 | 19.3 | |
2027 | 18.5 | |
2028 and thereafter | 94.8 | |
Total future minimum lease commitments | 209.9 | |
Less: Imputed interest | (39.2) | |
Present value of lease liabilities | $ 170.7 | $ 173.8 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Trade accounts payable | $ 651.5 | $ 666.7 |
Accrued marketing and promotion costs | 211.8 | 234.4 |
Accrued wages and related benefit costs | 47.4 | 66.8 |
Other accrued current liabilities | 139.1 | 134.9 |
Total | $ 1,049.8 | $ 1,102.8 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Expenses (Additional Information) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Payables and Accruals [Abstract] | |
Supply Chain Finance Program Outstanding Obligations | $ 88.3 |
Supply Chain Financing Payments | $ 103.6 |
Summary of Short-Term Borrowing
Summary of Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Short-term borrowings | ||
Commercial paper issuances | $ 15 | $ 70.6 |
Various debt due to international banks | 3.7 | 3.4 |
Total short-term borrowings | 18.7 | 74 |
Long-term debt | ||
Debt issuance costs, net | (20.5) | (21) |
Net long-term debt | 2,400.1 | 2,599.5 |
5.6% Senior notes due November 15, 2032 [Member] | ||
Long-term debt | ||
Senior notes | 500 | 500 |
Less: Discount | (0.9) | (0.9) |
Senior Notes | 500 | 500 |
FivePointZeroZeroPercentageNotesDueJuneFifteenTwoThousandFiftyTwoMember | ||
Long-term debt | ||
Senior notes | 500 | 500 |
Senior Notes | 500 | 500 |
Debt issuance costs, net | (0.2) | (0.3) |
Term Loan Due December 22, 2024 | ||
Long-term debt | ||
Term loan | 200 | 400 |
3.15% Senior notes due August 1, 2027 | ||
Long-term debt | ||
Senior notes | 425 | 425 |
Less: Discount | (0.2) | (0.2) |
Senior Notes | 425 | 425 |
2.3% Senior notes due December 15, 2031 | ||
Long-term debt | ||
Senior notes | 400 | 400 |
Less: Discount | (0.7) | (0.7) |
Senior Notes | 400 | 400 |
3.95% Senior notes due August 1, 2047 | ||
Long-term debt | ||
Senior notes | 400 | 400 |
Less: Discount | (2.4) | (2.4) |
Senior Notes | $ 400 | $ 400 |
Summary of Short-Term Borrowi_2
Summary of Short-Term Borrowings and Long-Term Debt (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Debt instrument, principal periodic payment | $ 200 | $ 0 | |
5.0% Senior notes due June 15, 2052 | |||
Debt Instrument [Line Items] | |||
Interest rate of debt | 5% | 5% | |
Maturity date of debt | Jun. 15, 2052 | Jun. 15, 2052 | |
5.6% Senior notes due November 15, 2032 | |||
Debt Instrument [Line Items] | |||
Interest rate of debt | 5.60% | 5.60% | |
Maturity date of debt | Nov. 15, 2032 | Nov. 15, 2032 | |
3.15% Senior notes due August 1, 2027 | |||
Debt Instrument [Line Items] | |||
Interest rate of debt | 3.15% | 3.15% | |
Maturity date of debt | Aug. 01, 2027 | Aug. 01, 2027 | |
2.3% Senior notes due December 15, 2031 | |||
Debt Instrument [Line Items] | |||
Interest rate of debt | 2.30% | 2.30% | |
Maturity date of debt | Dec. 15, 2031 | Dec. 15, 2031 | |
3.95% Senior notes due August 1, 2047 | |||
Debt Instrument [Line Items] | |||
Interest rate of debt | 3.95% | 3.95% | |
Maturity date of debt | Aug. 01, 2047 | Aug. 01, 2047 |
Components of Changes in Accumu
Components of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ (29.3) | $ (68.2) | |
Other comprehensive income (loss) before reclassifications | 4.2 | 20.9 | |
Amounts reclassified to consolidated statement of income | 0.9 | [1] | (0.4) |
Tax benefit (expense) | (0.2) | (5.5) | |
Other comprehensive income (loss) | 3.1 | 15 | |
Ending balance | (26.2) | (53.2) | |
Foreign Currency Adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (46.4) | (30.2) | |
Other comprehensive income (loss) before reclassifications | (2.4) | (2.2) | |
Amounts reclassified to consolidated statement of income | 0 | [1] | 0 |
Tax benefit (expense) | 0 | 0 | |
Other comprehensive income (loss) | (2.4) | (2.2) | |
Ending balance | (44) | (32.4) | |
Defined Benefit Plans | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 1.7 | (0.6) | |
Other comprehensive income (loss) before reclassifications | (2) | 2.5 | |
Amounts reclassified to consolidated statement of income | 0 | [1] | 0 |
Tax benefit (expense) | 0.5 | (0.6) | |
Other comprehensive income (loss) | (1.5) | 1.9 | |
Ending balance | (3.2) | 1.3 | |
Derivative Agreements | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (15.4) | (37.4) | |
Other comprehensive income (loss) before reclassifications | 0.2 | 20.6 | |
Amounts reclassified to consolidated statement of income | 0.9 | [1] | (0.4) |
Tax benefit (expense) | (0.3) | (4.9) | |
Other comprehensive income (loss) | 0.8 | 15.3 | |
Ending balance | $ (14.6) | $ (22.1) | |
[1] Amounts reclassified to cost of sales, selling, general and administrative expenses or interest expense. |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees - Additional Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) Tons | Dec. 31, 2023 USD ($) | |
Commitments And Contingencies Disclosure [Line Items] | ||
Annual purchase commitment, in tons | Tons | 240,000 | |
Commitments | $ 396.7 | |
Outstanding guarantees and letters of credit | 6.3 | |
Additional cash payment | 8 | |
Hero Acquisition | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Additional cash payment | $ 8 | |
Business acquisition, period | 5 years | |
Zicam Acquisition | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Additional cash payment | $ 20 | |
Business acquisition, period | 5 years | |
Thera Breath Acquisition | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Payment to be made if certain operating performance is achieved | $ 14 | |
Additional cash payment | $ 14 | |
Minimum | Thera Breath Acquisition | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Business acquisition, period | 2 years | |
Maximum | Thera Breath Acquisition | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Business acquisition, period | 4 years |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Ownership Interest [Member] | Mar. 31, 2023 | Mar. 31, 2022 |
Armand Products Company | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership interest | 50% | 50% |
ArmaKleen Company | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership interest | 50% | 50% |
Balance and Transactions Betwee
Balance and Transactions Between Company and Related Party (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Armand Products Company | |||
Related Party Transaction [Line Items] | |||
Purchases by Company | $ 3.7 | $ 3 | |
Sales by Company | 0 | 0 | |
Outstanding Accounts Receivable | 0.6 | 0.4 | |
Outstanding Accounts Payable | 1.2 | 1.6 | |
Administration & Management Oversight Services | [1] | 0.6 | 0.6 |
ArmaKleen Company | |||
Related Party Transaction [Line Items] | |||
Purchases by Company | 0 | 0 | |
Sales by Company | 0 | 0.1 | |
Outstanding Accounts Receivable | 1.6 | 0.6 | |
Outstanding Accounts Payable | 0 | 0 | |
Administration & Management Oversight Services | [1] | $ 0.5 | $ 0.5 |
[1] Billed by the Company and recorded as a reduction of SG&A expenses |
Segments - Additional Informati
Segments - Additional Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) Segment | Mar. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 3 | |
Equity in earnings of affiliates | $ 4.4 | $ 2.4 |
ArmaKleen Company | ||
Segment Reporting Information [Line Items] | ||
Equity in earnings of affiliates | $ 4.4 | |
Armand Products Company and ArmaKleen Company | ||
Segment Reporting Information [Line Items] | ||
Equity in earnings of affiliates | $ 2.4 | |
Ownership Interest [Member] | Armand Products Company | ||
Segment Reporting Information [Line Items] | ||
Percentage of ownership interest | 50% | 50% |
Ownership Interest [Member] | ArmaKleen Company | ||
Segment Reporting Information [Line Items] | ||
Percentage of ownership interest | 50% | 50% |
Selected Financial Information
Selected Financial Information Relating To Company's Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 1,429.8 | $ 1,297.2 | $ 179 | |
Income before Income Taxes | 268.8 | 266.2 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1] | 1,429.8 | 1,297.2 | |
Income before Income Taxes | [2] | 268.8 | 266.2 | |
Operating Segments | Consumer Domestic | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1] | 1,116.9 | 995.1 | |
Income before Income Taxes | [2] | 228.7 | 222.7 | |
Operating Segments | Consumer International | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1] | 230.6 | 214.6 | |
Income before Income Taxes | [2] | 28.9 | 29.6 | |
Operating Segments | Specialty Products | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1] | 82.3 | 87.5 | |
Income before Income Taxes | [2] | 6.8 | 11.5 | |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1],[3] | 0 | 0 | |
Income before Income Taxes | [2],[3] | $ 4.4 | $ 2.4 | |
[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, we re $ 3.6 and $ 4.8 for the three months ended March 31, 2023 and March 31, 2022, respectively . 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. Corporate segment consists of equity in earnings of affiliates from Armand and ArmaKleen for the three months ended March 31, 2023 and March 31, 2022. |
Selected Financial Informatio_2
Selected Financial Information Relating To Company's Segments (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 1,429.8 | $ 1,297.2 | $ 179 |
Intersegment Sales | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 3.6 | $ 4.8 |
Product Line Revenues from Exte
Product Line Revenues from External Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 1,429.8 | $ 1,297.2 | $ 179 | |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1] | 1,429.8 | 1,297.2 | |
Operating Segments | Consumer Domestic | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1] | 1,116.9 | 995.1 | |
Operating Segments | Consumer Domestic | Household Products | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 601.6 | 520.5 | ||
Operating Segments | Consumer Domestic | Personal Care Products | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 515.3 | 474.6 | ||
Operating Segments | Consumer International | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1] | 230.6 | 214.6 | |
Operating Segments | Specialty Products | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | [1] | $ 82.3 | $ 87.5 | |
[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, we re $ 3.6 and $ 4.8 for the three months ended March 31, 2023 and March 31, 2022, respectively . |