Item 1. FINANCIAL STATEMENTS

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In millions, except per share data)

	Three Months Ended
	March 31,				March 31,
	2025				2024
Net Sales	$	1,467.1			$	1,503.3
Cost of sales		807.5				816.3
Gross Profit		659.6				687.0
Marketing expenses		136.6				152.0
Selling, general and administrative expenses		227.7				230.0
Income from Operations		295.3				305.0
Equity in earnings of affiliates		1.6				1.1
Interest income		9.3				3.4
Interest expense		**(**23.3	)			(25.0	)
Other income (expense), net		**(**0.8	)			(0.4	)
Income before Income Taxes		282.1				284.1
Income taxes		62.0				56.4
Net Income	$	220.1			$	227.7
Weighted average shares outstanding - Basic		245.8				243.4
Weighted average shares outstanding - Diluted		248.0				246.1
Net income per share - Basic	$	0.90			$	0.94
Net income per share - Diluted	$	0.89			$	0.93
Cash dividends per share	$	0.29			$	0.28

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In millions)

	Three Months Ended
	March 31,				March 31,
	2025				2024
Net Income	$	220.1			$	227.7
Other comprehensive income, net of tax:
Foreign exchange translation adjustments		6.3				(3.5	)
Defined benefit plan adjustments gain (loss)		0.4				(0.2	)
Income (loss) from derivative agreements		**(**1.9	)			1.6
Other comprehensive income (loss)		4.8				(2.1	)
Comprehensive income	$	224.9			$	225.6

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except share and per share data)

	March 31,				December 31,
	2025				2024
Assets
Current Assets
Cash and cash equivalents	$	1,074.5			$	964.1
Accounts receivable, less allowances of $5.3 and $5.1		597.5				600.8
Inventories		631.9				613.3
Other current assets		54.9				62.4
Total Current Assets		2,358.8				2,240.6
Property, Plant and Equipment, Net		928.9				931.7
Equity Investment in Affiliates		10.9				11.1
Trade Names and Other Intangibles, Net		2,860.0				2,888.5
Goodwill		2,433.2				2,433.2
Other Assets		364.1				378.0
Total Assets	$	8,955.9			$	8,883.1
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable	$	701.2			$	705.1
Accrued expenses and other liabilities		460.0				605.5
Income taxes payable		46.8				5.3
Total Current Liabilities		1,208.0				1,315.9
Long-term Debt		2,205.2				2,204.6
Deferred Income Taxes		664.9				669.2
Deferred and Other Long-term Liabilities		326.8				332.6
Total Liabilities		4,404.9				4,522.3
Commitments and Contingencies
Stockholders' Equity
Preferred Stock, $1.00 par value, Authorized 2,500,000 shares; none issued		0.0				0.0
Common Stock, $1.00 par value, Authorized 600,000,000 shares and 293,709,982 shares issued as of March 31, 2025 and December 31, 2024		293.7				293.7
Additional paid-in capital		590.3				563.1
Retained earnings		6,467.2				6,319.7
Accumulated other comprehensive loss		**(**26.1	)			(30.9	)
Common stock in treasury, at cost: 47,481,238 shares as of March 31, 2025 and 47,830,141 shares as of December 31, 2024		**(**2,774.1	)			(2,784.8	)
Total Stockholders' Equity		4,551.0				4,360.8
Total Liabilities and Stockholders' Equity	$	8,955.9			$	8,883.1

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(In millions)

	Three Months Ended
	March 31,				March 31,
	2025				2024
Cash Flow From Operating Activities
Net Income	$	220.1			$	227.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		22.6				18.4
Amortization expense		38.3				39.2
Deferred income taxes		**(**3.5	)			(1.2	)
Equity in net earnings of affiliates		**(**1.6	)			(1.1	)
Distributions from unconsolidated affiliates		1.8				0.8
Non-cash compensation expense		20.7				28.9
Asset impairment charge and other asset write-offs		1.4				0.0
Other		0.1				2.7
Subtotal		299.9				315.4
Accounts receivable		6.6				(20.0	)
Inventories		**(**16.0	)			16.1
Other current assets		**(**7.0	)			(5.2	)
Accounts payable		**(**7.8	)			31.4
Accrued expenses		**(**141.5	)			(118.7	)
Income taxes payable		55.1				46.6
Other operating assets and liabilities, net		**(**3.6	)			(2.6	)
Change in Working Capital		**(**114.2	)			(52.4	)
Net Cash Provided By Operating Activities		185.7				263.0
Cash Flow From Investing Activities
Additions to property, plant and equipment		**(**16.5	)			(46.3	)
Other		**(**0.2	)			(0.5	)
Net Cash Used In Investing Activities		**(**16.7	)			(46.8	)
Cash Flow From Financing Activities
Long-term debt (repayments)	0.0					(200.0	)
Proceeds from issuance of common stock related to employee equity plans		19.3				59.9
Payment of cash dividends		**(**72.4	)			(69.0	)
Payment of business acquisition liability		**(**5.9	)		0.0
Other		**(**2.0	)			0.0
Net Cash Used In Financing Activities		**(**61.0	)			(209.1	)
Effect of exchange rate changes on cash and cash equivalents		2.4				(1.9	)
Net Change In Cash and Cash Equivalents		110.4				5.2
Cash and Cash Equivalents at Beginning of Period		964.1				344.5
Cash and Cash Equivalents at End of Period	$	1,074.5			$	349.7

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW-CONTINUED

(Unaudited)

(In millions)

	Three Months Ended
	March 31,				March 31,
	2025				2024
Cash paid during the period for:
Interest (net of amounts capitalized)	$	14.9			$	17.0
Income taxes	$	10.3			$	11.2
Supplemental disclosure of non-cash investing activities:
Property, plant and equipment expenditures included in Accounts Payable	$	13.1			$	17.3

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In millions)

	Number of Shares								Amounts
	Common Stock				Treasury Stock				Common Stock				Additional Paid-In Capital				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Treasury Stock				Total Stockholders' Equity
December 31, 2023		293.7				(50.6	)		$	293.7			$	454.8			$	6,012.3			$	(27.2	)		$	(2,878.2	)		$	3,855.4
Net income		0.0				0.0				0.0				0.0				227.7				0.0				0.0				227.7
Other comprehensive income (loss)		0.0				0.0				0.0				0.0				0.0				(2.1	)			0.0				(2.1	)
Cash dividends		0.0				0.0				0.0				0.0				(69.0	)			0.0				0.0				(69.0	)
Stock based compensation expense and stock option plan transactions		0.0				1.4				0.0				43.5				(0.2	)			0.0				45.4				88.7
March 31, 2024		293.7				(49.2	)		$	293.7			$	498.3			$	6,170.8			$	(29.3	)		$	(2,832.8	)		$	4,100.7
December 31, 2024		293.7				(47.8	)		$	293.7			$	563.1			$	6,319.7			$	(30.9	)		$	(2,784.8	)		$	4,360.8
Net income		0.0				0.0				0.0				0.0				220.1				0.0				0.0				220.1
Other comprehensive income (loss)		0.0				0.0				0.0				0.0				0.0				4.8				0.0				4.8
Cash dividends		0.0				0.0				0.0				0.0				**(**72.4	)			0.0				0.0				**(**72.4	)
Stock based compensation expense and stock option plan transactions		0.0				0.3				0.0				27.2				**(**0.2	)			0.0				10.7				37.7
March 31, 2025		293.7				**(**47.5	)		$	293.7			$	590.3			$	6,467.2			$	**(**26.1	)		$	**(**2,774.1	)		$	4,551.0

See Notes to Condensed Consolidated Financial Statements (Unaudited).

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(In millions, except per share data)

1.

Basis of Presentation

These condensed consolidated financial statements have been prepared by Church & Dwight Co., Inc. (the “Company”). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position and results of operations and cash flows for all periods presented have been made. Results of operations for interim periods may not be representative of results to be expected for the full year.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”).

The Company incurred research and development expenses in the first quarter of 2025 and 2024 of $32.8 and $30.1, respectively. These expenses are included in selling, general and administrative (“SG&A”) expenses.

2.

New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The standard was effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and was applied retrospectively to all prior periods presented in the financial statements. The Company has adopted the standard which resulted in additional disclosures. Refer to Note 18.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure which includes amendments that further expand income tax disclosures, by requiring the disaggregation of information in the rate reconciliation table, and income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adoption on the Company’s related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. ASU 2024-03, as clarified by ASU 2025-01 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with prospective or retrospective application permitted. The Company is currently evaluating the impact of adoption on the Company’s related disclosures.

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

3.

Inventories

Inventories consist of the following:

	March 31,				December 31,
	2025				2024
Raw materials and supplies	$	140.7			$	140.4
Work in process		43.0				45.4
Finished goods		448.2				427.5
Total	$	631.9			$	613.3

4.

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

PP&E consists of the following:

	March 31,				December 31,
	2025				2024
Land	$	29.3			$	29.2
Buildings and improvements		350.6				348.2
Machinery and equipment		1,006.4				1,000.4
Software		130.4				129.6
Office equipment and other assets		137.7				129.3
Construction in progress(1)		214.8				215.1
Gross PP&E		1,869.2				1,851.8
Less accumulated depreciation		940.3				920.1
Net PP&E	$	928.9			$	931.7

(1) In connection with the Vitamins, Minerals and Supplements ("VMS") impairment review completed in the third quarter of 2024, the Company recorded an impairment charge of $60.0 in SG&A of Construction in progress assets. The charge was recorded in the Consumer Domestic segment. Refer to Note 11 for additional details.

	Three Months Ended
	March 31,				March 31,
	2025				2024
Depreciation expense on PP&E	$	22.6			$	18.4

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,
	2025				2024
Weighted average common shares outstanding - basic		245.8				243.4
Dilutive effect of stock options and other unvested stock-based awards		2.2				2.7
Weighted average common shares outstanding - diluted		248.0				246.1
Antidilutive stock options outstanding		2.1				1.1

6.

Stock Based Compensation Plans

The Company's Long-Term Incentive Program (“LTIP”) provides employees with an award of stock options and initial grants of restricted stock units (“RSUs”), and grants of performance share units ("PSUs") to members of the Company's Executive Leadership Team ("ELT"). Awards are granted in the first quarter of each year. The Company recognizes the grant-date fair value for each of these awards, less estimated forfeitures, as compensation expense ratably over the vesting period. For employees and directors that meet retirement eligibility requirements, the expense related to share-based compensation is recognized on the date of grant as there is no future service period required for the awards to vest.

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, 2024		8.4			$	77.10
Granted		1.0				111.84
Exercised		(0.3	)			57.50
Outstanding at March 31, 2025		9.1			$	81.42				6.3			$	261.9
Exercisable at March 31, 2025		4.8			$	69.74				4.4			$	192.0

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,
	2025				2024
Intrinsic Value of Stock Options Exercised	$	16.3			$	68.8
Stock Compensation Expense Related to Stock Option Awards	$	13.1			$	16.5
Issued Stock Options		1.0				1.0
Weighted Average Fair Value of Stock Options issued (per share)	$	33.43			$	29.81
Fair Value of Stock Options Issued	$	32.3			$	30.1

	Three Months Ended
	March 31,				March 31,
	2025				2024
Risk-free interest rate		4.2	%			4.2	%
Expected life in years		7.0				7.2
Expected volatility		22.6	%			22.3	%
Dividend yield		1.1	%			1.1	%

Restricted Stock Units

The Company granted employees 95,160 RSUs with a total fair value of $10.5 at a weighted average grant date fair value of $110.86 per RSU during the first quarter of 2025 and granted employees 76,090 RSUs with a total fair value of $7.6 at a weighted average grant date fair value of $100.28 per RSU during the first quarter of 2024. 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 within 60 days following the applicable vesting date.

Additionally, in connection with the Hero Acquisition (see Note 10), 854,882 shares of restricted stock were issued to certain individuals in October 2022 with a total fair value of $61.5. This restricted stock is recognized as compensation expense ratably over the vesting period if those individuals 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, including 427,438 shares which vested as of December 31, 2024, 213,719 shares which vested in April of 2025 and the final 213,725 shares vesting in October of 2025. The restricted stock expense

associated with the Hero Acquisition for the three months ended March 31, 2025 and 2024 was $2.8 and $7.3, respectively, and is included in the non-cash compensation expense caption in the consolidated statement of cash flows.

Performance Stock Units

In the first quarter of each of 2025 and 2024, the Company granted PSUs to members of the Executive Leadership Team including the CEO, with an aggregate award of 18,140 and 19,960 PSUs, respectively. The PSUs were valued at a weighted average grant date fair value equal to $136.76 in 2025 and $122.24 in 2024 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 Board's 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. The number of shares that may be issued ranges from 0% to 200% based on relative TSR during the three-year performance period.

Discounted Employee Stock Purchase Plan

The Company’s discounted Employee Stock Purchase Plan (“ESPP”) was adopted in February 2023 by the Company’s Board of Directors and became effective in April 2023 upon approval by the Company’s stockholders. There are 750,000 shares of Common Stock reserved for issuance under the ESPP. The ESPP, which is intended to be an “employee stock purchase plan” under Section 423 of the Internal Revenue Code, permits eligible employees to purchase Common Stock through after-tax payroll deductions. Currently, the purchase price under the ESPP is 85% of the fair market value of our Common Stock on the last trading day of the applicable quarterly purchase period. The maximum value of Common Stock that an eligible employee may purchase each calendar year is the lesser of 10% of an eligible employee’s annual pay and $25,000. There are four purchase periods in each calendar year under the ESPP, which begin on the first business day of each calendar quarter and end on the last business day of each calendar quarter. The first purchase period commenced in January 2025.

7.

Share Repurchases

On October 28, 2021, the Board authorized the Company's 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 of March 31, 2025, there remains $658.9 of share repurchase availability under the 2021 Share Repurchase Program.

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, 2025 and December 31, 2024:

			March 31, 2025								December 31, 2024
	Input		Carrying				Fair				Carrying				Fair
	Level		Amount				Value				Amount				Value
Financial Assets:
Cash equivalents	Level 1		$	885.9			$	885.9			$	793.3			$	793.3
Financial Liabilities:
3.15% Senior notes due August 1, 2027	Level 2			424.9				414.4				424.9				411.1
2.3% Senior notes due December 15, 2031	Level 2			399.4				343.4				399.4				338.9
5.6% Senior notes due November 15, 2032	Level 2			499.3				522.4				499.2				515.3
3.95% Senior notes due August 1, 2047	Level 2			397.8				312.3				397.8				307.7
5.0% Senior notes due June 15, 2052	Level 2			499.9				454.8				499.9				451.9

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, 2025.

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 and Other liabilities approximated estimated fair values as of March 31, 2025 and December 31, 2024.

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, 2024.

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, 2025				December 31, 2024
Derivatives designated as hedging instruments
Foreign exchange contracts		$	391.0			$	317.0
Diesel fuel contracts		3.6 gallons				0.8 gallons
Commodities contracts		1.8 pounds				0.0 pounds
Derivatives not designated as hedging instruments
Foreign exchange contracts		$	0.3			$	0.0
Equity derivatives		$	23.5			$	24.6

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, 2025.

10.

Acquisitions

On June 3, 2024, the Company acquired substantially all of the issued and outstanding shares of capital stock of Graphico, Inc. ("Graphico"), a Japan-based distributor focused on consumer goods primarily in the Japanese market (the “Graphico Acquisition”). The Company paid $19.9, net of cash acquired, at closing. The Company acquired the remaining minority shares for approximately $2.0 in July 2024. Graphico’s annual net sales for the year ended December 31, 2023 were approximately $38.0. The Graphico Acquisition was financed with cash on hand, is expected to contribute to greater expansion of our business in the Asia-Pacific (APAC) region, and is managed in the Consumer International segment.

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

Accounts receivable	$	3.5
Inventory		11.3
Other current assets		1.5
Other long-term assets		5.8
Customer relationship intangible asset		8.4
Goodwill		2.8
Accounts payable, accrued and other liabilities		**(**6.9	)
Long-term debt		**(**4.4	)
Deferred income taxes		**(**2.1	)
Cash purchase price (net of cash acquired)	$	19.9

The customer relationship intangible asset was valued using a discounted cash flow model and has a useful life of 15 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 Graphico Acquisition are not deductible for U.S. tax purposes.

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, 2025														December 31, 2024
	Gross												Amortization		Gross
	Carrying				Accumulated								Period		Carrying				Accumulated
	Amount				Amortization				Net				(Years)		Amount				Amortization				Impairments**(1)**				Net
Amortizable intangible assets:
Trade Names	$	1,383.9			$	**(**499.4	)		$	884.5			3-20		$	1,383.4			$	(479.6	)		$	0.0			$	903.8
Customer Relationships		566.1				**(**345.7	)			220.4			15-20			644.9				(402.1	)			(15.8	)			227.0
Patents/Formulas		205.6				**(**130.2	)			75.4			4-20			205.5				(127.2	)			0.0				78.3
Total	$	2,155.6			$	**(**975.3	)		$	1,180.3					$	2,233.8			$	(1,008.9	)		$	(15.8	)		$	1,209.1

(1) The $15.8 impairment charge relates to the VMS customer relationship intangible asset, which had a gross value of $79.2 and accumulated amortization of $63.4 prior to full impairment.

Intangible amortization expense was $29.3 and $30.8 for the first quarter of 2025 and 2024, respectively. The Company estimates that intangible amortization expense will be approximately $116.0 in 2025 and approximately $97.0 declining to $84.0 annually over the next five years.

Indefinite-Lived Intangible Assets

The following table presents the carrying value of indefinite lived intangible assets:

	March 31,				December 31,
	2025				2024
Gross Carrying Value Trade Names	$	1,679.7			$	1,960.7
VMS impairment		0.0				281.3
Net Carrying Value Trade Names	$	1,679.7			$	1,679.4

The Company’s indefinite lived intangible impairment review is completed in the fourth quarter of each year.

Fair value of indefinite-lived trade names 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 trade names for each of the years in the three-year period ended December 31, 2024 exceeded their respective carrying values based upon the forecasted cash flows and profitability, with the exception of the Vitamins, Minerals and Supplements ("VMS") business described below.

During the third quarter of 2024, the Company continued to experience a decline in market share and a deterioration in the financial performance of its VMS business, which includes the VITAFUSION® and L'IL CRITTERS® trade name, primarily due to significant product competition coming from new category entrants, including private label. The continued decline in profitability caused management to reassess its long-term strategy and financial outlook of the business. The revised financial outlook reflects lower estimates of future sales growth and cash flows which resulted in a triggering event in the third quarter. The triggering event required the Company to review the carrying value of assets supporting the business. The assets supporting the VMS business include the VITAFUSION® and L'IL CRITTERS® indefinite-lived trade name, a definite-lived customer relationship intangible asset and PP&E specific to the VMS business.

The Company used an excess earnings discounted cash flow model to determine the fair value of the trade name. The assumptions used in the model require significant judgment in determining the expected future cash flows. The key assumptions utilized in the Company's impairment analysis included, but were not limited to, net sales growth rates between -15.2% and 2.1%, EBITA margins in the low single digits, and a discount rate of 8.25%. Estimates are based on market conditions and management’s current expectation of the success of growth and profitability initiatives. The valuation resulted in a full impairment of the $281.3 trade name. Accordingly, the remaining carry value of the trade name at December 31, 2024 is $0.0.

The Company also evaluated its ability to recover the carrying value of long-lived assets supporting the VMS business by comparing the carrying amount of those assets to the future undiscounted cash flows over the estimated life of the identified primary asset. The result of this evaluation was that the cash flows would not be sufficient to recover the carrying value of the assets requiring the Company to compare the carrying value of those assets to their fair value. The Company used an excess earnings discounted cash flow model to determine the estimated fair value of the long-lived assets. The key assumptions utilized in the Company's impairment analysis were the same as those used to estimate the fair value of the trade name. The valuation resulted in a fair value of the long-lived assets that is below their carry value requiring a pre-tax impairment charge of $75.8. The impairment charge was allocated $60.0 to the PP&E of the VMS business and $15.8 to the remaining customer relationship intangible asset. The remaining carrying values of the PP&E and the customer relationship intangible asset specific to the VMS business at March 31, 2025 are $144.6 and $0.0, respectively.

A summary of the VMS intangible and fixed asset impairment charges recorded in the third quarter of 2024 are as follows:

	December 31,
	2024
Trade Name	$	281.3
Customer Relationship Intangible Asset		15.8
PP&E		60.0
Total VMS impairment charges	$	357.1

The Company’s global WATERPIK® business has continued to experience 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 was $644.7 and fair value represented 135% of the carrying value as of October 1, 2024 (the date of the Company's last annual impairment test). The key assumptions used in the projections from the Company’s October 1, 2024 impairment analysis include a discount rate of 8.1%, revenue growth rates between 2% and 7% and EBITA margins between 25% and 29%. These assumptions were based on current market conditions as of the date of the impairment analysis, recent trends and management’s expectation of the success of initiatives to lower costs and to develop lower-cost water flosser alternatives. While management has implemented strategies to address the risk, significant changes in operating plans, adverse changes in the global macro-economic environment or in global government policy decisions (including tariffs) could reduce the underlying cash flows used to estimate fair value which may result in an impairment.

Goodwill

The carrying amount of goodwill is as follows:

	Consumer				Consumer				Specialty
	Domestic				International				Products				Total
Balance at December 31, 2024	$	2,061.1			$	237.2			$	134.9			$	2,433.2
Balance at March 31, 2025	$	2,061.1			$	237.2			$	134.9			$	2,433.2

The Company tests goodwill for each reporting unit which are also the Company's reportable segments. The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2024, 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.

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	2025			2024
Assets
Right of use assets	Other Assets	$	180.8		$	182.3
Liabilities
Current lease liabilities	Accrued and Other Liabilities	$	31.5		$	32.4
Long-term lease liabilities	Deferred and Other Long-term Liabilities		167.9			168.5
Total lease liabilities		$	199.4		$	200.9
Other information
Weighted-average remaining lease term (years)			7.3			7.4
Weighted-average discount rate			4.7	%		4.6	%

	Three Months				Three Months
	Ended				Ended
	March 31, 2025				March 31, 2024
Statement of Income
Lease cost(1)	$	10.5			$	9.9
Other information
Leased assets obtained in exchange for new lease liabilities net of modifications(2)	$	6.5			$	16.7
Cash paid for amounts included in the measurement of lease liabilities	$	10.5			$	7.8

(1)

Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item. Short-term lease expense is excluded from this amount and is not material. The Company also has certain variable leases which are not material. The non-cash component of lease expense for the first three months of 2025 and 2024 was $8.1 and $7.5, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows.

(2)

In January 2024, the Company expanded space at one of its leased manufacturing facilities. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $15.4 recorded in the first quarter of 2024.

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

		Operating
		Leases
2025		$	31.5
2026			33.9
2027			30.7
2028			27.0
2029			26.7
2030 and thereafter			87.9
Total future minimum lease commitments			237.7
Less: Imputed interest			(38.3	)
Present value of lease liabilities		$	199.4

13.

Accounts Payable, Accrued and Other Liabilities

Accounts payable, accrued and other liabilities consist of the following:

	March 31,					December 31,
	2025					2024
Trade accounts payable	$	701.2				$	705.1
Accrued marketing and promotion costs		209.6					259.6
Accrued wages and related benefit costs		57.8					151.4
Other accrued current liabilities		192.6					194.5
Total	$	1,161.2				$	1,310.6

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, 2025 and December 31, 2024, the obligations outstanding related to the SCF program amounted to $102.4 and $98.5, respectively, and were recorded within Accounts Payable in the Condensed Consolidated Balance Sheets. Payments included in operating activities within the Company's Condensed Consolidated Statements of Cash Flows amounted to $106.5 and $99.9 as of March 31, 2025 and 2024 respectively.

14.

Long-Term Debt

Long-term debt consist of the following:

	March 31,				December 31,
	2025				2024
Long-term debt
3.15% Senior notes due August 1, 2027		425.0				425.0
Less: Discount		**(**0.1	)			(0.1	)
2.3% Senior notes due December 15, 2031		400.0				400.0
Less: Discount		**(**0.6	)			(0.6	)
5.6% Senior notes due November 15, 2032		500.0				500.0
Less: Discount		**(**0.7	)			(0.8	)
3.95% Senior notes due August 1, 2047		400.0				400.0
Less: Discount		**(**2.2	)			(2.2	)
5.0% Senior notes due June 15, 2052		500.0				500.0
Less: Discount		**(**0.1	)			(0.1	)
Debt issuance costs, net		**(**16.1	)			(16.6	)
Total long-term debt	$	2,205.2			$	2,204.6

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, 2023	$	(37.8	)		$	4.6			$	6.0			$	(27.2	)
Other comprehensive income (loss) before reclassifications		(3.5	)			(0.2	)			3.0				(0.7	)
Amounts reclassified to consolidated statement of income (a)		0.0				0.0				(0.7	)			(0.7	)
Tax benefit (expense)		0.0				0.0				(0.7	)			(0.7	)
Other comprehensive income (loss)		(3.5	)			(0.2	)			1.6				(2.1	)
Balance at March 31, 2024	$	(41.3	)		$	4.4			$	7.6			$	(29.3	)
Balance at December 31, 2024	$	(53.2	)		$	4.4			$	17.9			$	(30.9	)
Other comprehensive income (loss) before reclassifications		6.3				0.5				**(**0.3	)			6.5
Amounts reclassified to consolidated statement of income (a)		0.0				0.0				**(**2.3	)			**(**2.3	)
Tax benefit (expense)		0.0				**(**0.1	)			0.7				0.6
Other comprehensive income (loss)		6.3				0.4				**(**1.9	)			4.8
Balance at March 31, 2025	$	**(**46.9	)		$	4.8			$	16.0			$	**(**26.1	)

(a)

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

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, 2025, the Company had commitments of approximately $403.9. 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, 2025, the Company had various guarantees and letters of credit totaling $7.6.

d. In connection with the December 1, 2020 acquisition of the ZICAM® brand (the “Zicam Acquisition”), the Company deferred an additional cash payment of $20.0 related to certain indemnifications provided by the seller, of which $2.8 was paid in April of 2025. The additional amount, to the extent not used in satisfaction of such indemnity obligations, is payable in the fourth quarter of 2025.

In connection with the December 24, 2021 acquisition of the THERABREATH® brand (the "TheraBreath Acquisition"), the Company deferred payment of a $14.0 portion of the purchase price related to certain indemnity obligations provided by the seller. The deferred amount is payable in installments between two and four years from the closing, with the first installment payment of $2.0 paid in January 2024, an additional $5.9 paid in the first quarter of 2025, and the remaining $6.1, to the extent not used or withheld in satisfaction of such indemnity obligations, to be paid in the fourth quarter of 2025.

In connection with the October 13, 2022 Hero Acquisition, the Company deferred an additional cash payment of $8.0 to satisfy certain indemnification obligations. The additional amount, to the extent not used in satisfaction of such indemnity obligations, 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.

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 held a 50% ownership interest:

	Armand								ArmaKleen**(2)**
	Three Months Ended								Three Months Ended
	March 31,				March 31,				March 31,				March 31,
	2025				2024				2025				2024
Purchases by Company	$	3.1			$	3.0			$	0.0			$	0.0
Sales by Company	$	0.0			$	0.0			$	0.0			$	0.3
Outstanding Accounts Receivable	$	0.6			$	0.4			$	0.0			$	0.8
Outstanding Accounts Payable	$	1.0			$	1.1			$	0.0			$	0.0
Administration & Management Oversight Services (1)	$	0.6			$	0.6			$	0.0			$	0.5

(1)

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

(2)

In October 2024, the Company sold its 50% interest in ArmaKleen to our joint venture partner.

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.

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

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

The Company also has equity in earnings of affiliates which is not reflected in a reportable segment. As of March 31, 2025, the Company held 50% ownership interest in Armand. The Company's 50% interest in ArmaKleen was sold to our joint venture partner in

October of 2024. The Company’s equity in earnings of Armand and ArmaKleen, totaled $1.6 and $1.1 for the three months ended March 31, 2025 and 2024, respectively.

Our reportable segments comprise the structure used by our Chief Executive Officer, who has been determined to be the Chief Operating Decision Maker ("CODM") to make key operating decisions and assess performance. The CODM considers Operating Income for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment. Asset information and capital expenditures are not regularly provided to the CODM.

The following tables present financial information relating to the Company’s segments for the three months ended March 31, 2025 and 2024:

		Three Months Ended March 31, 2025
		Consumer Domestic				Consumer International				SPD				Consolidating Reclassification**(1)**				Total Consolidated
Net Sales		$	1,129.8			$	261.9			$	75.4				-			$	1,467.1
Cost of sales			597.4				147.3				46.4				16.4				807.5
Gross Profit			532.4				114.6				29.0				(16.4	)			659.6
Marketing expenses			107.7				28.0				0.9				-				136.6
Research and Development(2)			29.2				3.0				0.6				-				32.8
Selling, general and administrative expenses			150.7				45.9				14.7				(16.4	)			194.9
Income from Operations			244.8				37.7				12.8				-				295.3
		Three Months Ended March 31, 2024
		Consumer Domestic				Consumer International				SPD				Consolidating Reclassification**(1)**				Total Consolidated
Net Sales		$	1,165.2			$	255.0			$	83.1			$	-			$	1,503.3
Cost of sales			602.3				144.1				53.3				16.6				816.3
Gross Profit			562.9				110.9				29.8				(16.6	)			687.0
Marketing expenses			122.0				29.4				0.6				-				152.0
Research and Development(2)			26.4				2.9				0.8				-				30.1
Selling, general and administrative expenses			157.0				42.7				16.8				(16.6	)			199.9
Income from Operations			257.5				35.9				11.6				-				305.0

(1)

Reflects the administrative costs of the production planning and logistics functions which are elements of Cost of Sales in the Company’s Consolidated Statements of Income but are allocated to the operating segments in Selling, General and Administrative expenses to determine operating segment income before income taxes.

(2)

All costs for Research & Development administration, global compliance, technology support, packaging and sustainability are reported in the Consumer Domestic segment.

Other segment expenses for the first quarter of 2025 and the first quarter of 2024 include the following:

		Consumer Domestic				Consumer International				SPD				Total Consolidated
Depreciation & Amortization
First Quarter of 2025		$	51.3			$	6.7			$	2.9			$	60.9
First Quarter of 2024			48.4				6.6				2.6				57.6

Product line revenues from external customers are as follows:

	Three Months Ended
	March 31,				March 31,
	2025				2024
Household Products	$	614.9			$	638.9
Personal Care Products		514.9				526.3
Total Consumer Domestic		1,129.8				1,165.2
Total Consumer International		261.9				255.0
Total SPD		75.4				83.1
Total Consolidated Net Sales	$	1,467.1			$	1,503.3

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.

19.

Subsequent Events

Strategic Business Decisions

The Company announced on May 1, 2025 that it will be taking strategic actions for the Flawless, Spinbrush and Waterpik showerhead businesses, which includes shutting down or selling these businesses. These businesses generate approximately $150.0 of annual Net Sales. The Company expects to record a charge of $60.0 to $80.0 in the second quarter of 2025, as a direct result of these actions, primarily comprised of non-cash charges related to impairments of intangible and fixed assets, as well as inventory reserves.

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

(In millions, except per share data)