CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Income Statement [Abstract] | |||
| Net Sales | $ 5,867.9 | $ 5,375.6 | $ 5,190.1 |
| Cost of sales | 3,279.4 | 3,125.6 | 2,926.6 |
| Gross Profit | 2,588.5 | 2,250.0 | 2,263.5 |
| Marketing expenses | 641.3 | 535.2 | 577.7 |
| Selling, general and administrative expenses | 889.8 | 1,117.0 | 606.7 |
| Income from Operations | 1,057.4 | 597.8 | 1,079.1 |
| Equity in earnings of affiliates | 8.7 | 12.3 | 9.4 |
| Other income (expense), net | 12.2 | 2.8 | (2.3) |
| Interest expense | (110.9) | (89.6) | (54.5) |
| Income before Income Taxes | 967.4 | 523.3 | 1,031.7 |
| Income taxes | 211.8 | 109.4 | 204.2 |
| Net Income | $ 755.6 | $ 413.9 | $ 827.5 |
| Weighted average shares outstanding - Basic | 244,900,000 | 242,900,000 | 244,900,000 |
| Weighted average shares outstanding - Diluted | 247,600,000 | 246,300,000 | 249,600,000 |
| Net income per share - Basic | $ 3.09 | $ 1.7 | $ 3.38 |
| Net income per share - Diluted | 3.05 | 1.68 | 3.32 |
| Cash dividends per share | $ 1.09 | $ 1.05 | $ 1.01 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net Income (Loss) | $ 755.6 | $ 413.9 | $ 827.5 |
| Other comprehensive income, net of tax: | |||
| Foreign exchange translation adjustments | 8.6 | (16.2) | (3.8) |
| Defined benefit plan gain (loss) | 2.9 | 2.3 | (0.6) |
| Income (loss) from derivative agreements | (9.4) | 52.8 | 13.8 |
| Other comprehensive income (loss) | 2.1 | 38.9 | 9.4 |
| Comprehensive income | $ 757.7 | $ 452.8 | $ 836.9 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Accounts receivable, allowances | $ 7.3 | $ 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 restricted shares | 293,709,982 | 293,709,982 |
| Common Stock in Treasury | 50,557,219 | 49,814,106 |
Significant Accounting Policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | 1. Significant Accounting Policies Business The Company, founded in 1846, develops, manufactures and markets a broad range of household, personal care and specialty products focused on animal productivity, chemicals and cleaners. The Company sells its consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar, pet and other specialty stores and websites and other e-commerce channels, all of which sell the products to consumers. The Company also sells specialty products to industrial customers, livestock producers and through distributors. Basis of Presentation
The accompanying Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and include the accounts of the Company and its majority‑owned subsidiaries. For equity investments in which the Company does not control or have the ability to exert significant influence over the investee, which generally is when the Company has less than a 20% ownership interest, the investments are accounted for under the cost method. In circumstances where the Company has greater than a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee, the investment is accounted for under the equity method. As a result, the Company accounts for its 50% interest in its Armand Products Company (“Armand”) joint venture and its 50% interest in The ArmaKleen Company (“ArmaKleen”) joint venture under the equity method. Armand and ArmaKleen are specialty chemical businesses. The Company’s equity in earnings of Armand and ArmaKleen are included in the Corporate segment, as described in Note 16. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Management makes estimates regarding inventory valuation, promotional and sales returns reserves, the carrying amount of goodwill and other intangible assets, the realization of deferred tax assets, tax reserves, business acquisition liabilities, liabilities related to other postretirement benefit obligations and other matters that affect the reported amounts and other disclosures in the financial statements. These estimates are based on judgment and available information. Actual results could differ materially from those estimates, and it is possible that changes in such estimates could occur in the near term. Revenue Recognition Revenue is recognized when control of a promised good is transferred to a customer in an amount that reflects the consideration that the Company expects to be entitled to in exchange for that good. This usually occurs when finished goods are delivered to the Company’s customers or when finished goods are picked up by a customer or a customer’s carrier. a. Nature of Goods and Services The Company primarily ships finished goods to its customers and operates in three segments: Consumer Domestic, Consumer International and Specialty Products Division (“SPD”). The segments are based on differences in the nature of products and organizational and ownership structures. The Consumer Domestic and Consumer International segments market a variety of personal care and household products and over-the-counter products, including but not limited to baking soda, cat litter, laundry detergent, condoms, stain removers, hair removal, gummy dietary supplements, dry shampoo, oral care, cold remedy, acne treatment, water flossers and showerheads. The SPD segment focuses on sales to businesses and participates in three product areas: Animal and Food Production, Specialty Chemicals and Specialty Cleaners. The Company’s products are distinct and separately identifiable on customer contracts or invoices, with each product sale representing a separate performance obligation. The Company sells consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar, pet and other specialty stores and websites and other e-commerce channels, all of which sell its products to consumers. The Company sells its specialty products to industrial customers, livestock producers and through distributors. Refer to Note 17 for disaggregated revenue information with respect to each of the Company’s segments.
b. When Performance Obligations are Satisfied For performance obligations related to the shipping and invoicing of products, control transfers at the point in time upon which finished goods are delivered to the Company’s customers or when finished goods are picked up by a customer or a customer’s carrier. Once a product has been delivered or picked up by the customer, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset. The Company considers control to have transferred upon delivery or customer receipt because the Company has an enforceable right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset. c. Variable Consideration The Company conducts extensive promotional activities, primarily through the use of off-list discounts, slotting, coupons, cooperative advertising, periodic price reduction arrangements, and end-aisle and other in-store displays. The costs of such activities are netted against sales and are recorded when the related sale takes place. The reserves for sales returns and consumer and trade promotion liabilities are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses historical trend experience and coupon redemption inputs in arriving at coupon reserve requirements, and uses forecasted appropriations, customer and sales organization inputs, and historical trend analysis in determining the reserves for other promotional activities and sales returns. d. Practical Expedients The Company expenses incremental direct costs of obtaining a contract (broker commissions) when the related sale takes place. These costs are recorded in SG&A expenses in the accompanying consolidated statements of income. The Company accounts for shipping and handling costs as fulfillment activities which are therefore recognized upon shipment of the goods. The Company has applied the portfolio approach to all open contracts as they have similar characteristics and can reasonably expect that the effects on the financial statements of applying this guidance to the portfolio of contracts would not differ materially from applying this guidance to the individual contracts within the portfolio.
The Company excludes from its revenue any amounts collected from customers for sales (and similar) taxes.
Sales of Accounts Receivable The Company entered into a factoring agreement with a financial institution to sell certain customer receivables at discounted rates in 2015. Transactions under this agreement are accounted for as sales of accounts receivable and are removed from the Consolidated Balance Sheet at the time of the sales transaction. The level of customers associated with the Company’s factoring program and the sales performance by those customers has driven the amount factored each year. The total amount factored in each year was $144.2, $211.2, and $181.2 during the years ended December 31, 2023, 2022 and 2021, respectively. Cost of Sales, Marketing and Selling, General and Administrative Expenses Cost of sales include costs related to the manufacture and distribution of the Company’s products, including raw material, inbound freight, import duties and tariffs, direct labor (including employee compensation benefits) and indirect plant costs such as plant supervision, receiving, inspection, maintenance labor and materials, depreciation, taxes and insurance, purchasing, production planning, operations management, logistics, freight to customers, warehousing costs, internal transfer freight costs and plant impairment charges. Marketing expenses include costs for advertising (excluding the costs of cooperative advertising programs, which are reflected in net sales), costs for coupon insertion (mainly the cost of printing and distribution), consumer promotion costs (such as on-shelf advertisements and floor ads), public relations, package design expense and market research costs. Selling, general and administrative (“SG&A”) expenses include, among others, costs related to functions such as sales, corporate management, research and development, marketing administration, information technology and legal. Such costs include salary compensation related costs (such as benefits, incentive compensation and profit sharing), stock option costs, depreciation, travel and entertainment related expenses, professional and other consulting fees and amortization of intangible assets. Foreign Currency Translation Unrealized gains and losses related to currency translation are recorded in Accumulated Other Comprehensive Income (Loss). Gains and losses on foreign currency transactions are recorded in the Consolidated Statements of Income. Cash Equivalents Cash equivalents consist of highly liquid short-term investments and term bank deposits, which mature within three months of their original maturity date. Inventories Inventories are valued at the lower of cost or market (net realizable value, which reflects any costs to sell or dispose). The Company identifies any slow moving, obsolete or excess inventory to determine whether an adjustment is required to establish a new carrying value. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates and assumptions about the future demand for the Company’s products, technological changes, and new product introductions. Estimates as to the future demand used in the valuation of inventory involve judgments regarding the ongoing success of the Company’s products. The Company evaluates its inventory levels and expected usage on a periodic basis and records adjustments as required. Adjustments to reflect inventory at net realizable value were $52.5 at December 31, 2023, and $46.0 at December 31, 2022.
Property, Plant and Equipment Property, Plant and Equipment (“PP&E”) are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for building and improvements, machinery and equipment, and office equipment range from 9-40, 3-20 and 3-10 years, respectively. Routine repairs and maintenance are expensed when incurred. Leasehold improvements are depreciated over a period no longer than the respective lease term, except where a lease renewal has been determined to be reasonably assured and failure to renew the lease results in a significant penalty to the Company. PP&E is reviewed annually and whenever events or changes in circumstances indicate that possible impairment exists. The Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of Company assets and liabilities. The analysis requires management judgment with respect to changes in technology, the continued success of product lines, and future volume, revenue and expense growth rates. The Company conducts annual reviews to identify idle and underutilized equipment, and reviews business plans for possible impairment. An indication of impairment occurs when the carrying value of the asset exceeds the future undiscounted cash flows. When an impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset and an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows. Software The Company capitalizes certain costs of developing computer software. Amortization is recorded using the straight‑line method over the estimated useful life of the software, which is estimated to be no longer than 10 years. Fair Value of Financial Instruments Certain financial instruments are required to be recorded at fair value. The estimated fair values of such financial instruments (including investment securities and other derivatives) have been determined using market information and generally accepted valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates. Other financial instruments, including cash equivalents and short-term debt, are recorded at cost, which approximates fair value. Additional information regarding the Company’s risk management activities, including derivative instruments and hedging activities, are separately disclosed. See Notes 2 and 3. Goodwill and Other Intangible Assets The Company has intangible assets of substantial value on its consolidated balance sheet. 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. Carrying values of goodwill and indefinite-lived trade names are reviewed periodically for possible impairment. The Company’s impairment analysis is based on a discounted cash flow approach that requires significant judgment with respect to unit volume, revenue and expense growth rates, and the selection of an appropriate discount rate and royalty rate. Management uses estimates based on expected trends in making these assumptions. With respect to goodwill, impairment occurs when the carrying value of the reporting unit exceeds the discounted present value of cash flows for that reporting unit. For trade names and other intangible assets, an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows, which represents the estimated fair value of the asset. Judgment is required in assessing whether assets may have become impaired between annual valuations. Indicators such as unexpected adverse economic factors, unanticipated technological change, distribution losses, or competitive activities and acts by governments and courts may indicate that an asset has become impaired. Intangible assets with finite lives are amortized over their estimated useful lives, which range from 3-20 years, using the straight-line method, and reviewed for impairment when changes in market circumstances occur. Research and Development The Company incurred research and development expenses in the amount of $122.4, $110.0 and $105.2 in 2023, 2022 and 2021, respectively. These expenses are included in SG&A expenses and are expensed as incurred. 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 dilution from potential Common Stock issuable pursuant to the exercise of outstanding stock options. The following table sets forth a reconciliation of the weighted-average number of shares of Common Stock outstanding to the weighted-average number of shares outstanding on a diluted basis:
Employee and Director Stock Based Compensation The fair value of stock-based compensation is determined at the grant date and the related expense is generally recognized over the required employee service period in which the share-based compensation vests. For employees and Directors that meet retirement eligibility requirements, the expense related to stock-based compensation is recognized on the date of grant as there is no service period required to vest in the awards. The following table presents the pre-tax expense associated with the fair value of stock awards included in SG&A expenses and in cost of sales:
Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the differences are expected to be recovered or settled. Management provides a valuation allowance against deferred tax assets for amounts which are not considered “more likely than not” to be realized. The Company records liabilities for potential assessments in various tax jurisdictions in accordance with GAAP. The liabilities relate to tax return positions that, although supportable by the Company, may be challenged by the tax authorities and do not meet the minimum recognition threshold required under applicable accounting guidance for the related tax benefit to be recognized in the income statement. The Company adjusts this liability as a result of changes in tax legislation, interpretations of laws by courts, rulings by tax authorities, changes in estimates and the expiration of the statute of limitations. Many of the judgments involved in adjusting the liability involve assumptions and estimates that are highly uncertain and subject to change. In this regard, settlement of any issue with, or an adverse determination in litigation against, a taxing authority could require the use of cash and result in an increase in the Company’s annual effective tax rate. Conversely, favorable resolution of an issue with a taxing authority would be recognized as a reduction to the Company’s annual effective tax rate. Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations, 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 9. Recent Accounting Pronouncements Not Yet Adopted 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 will 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 is 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 will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption on our consolidated financial statements and related disclosures. 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. |
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 2. Fair Value Measurements Fair Value Hierarchy Accounting guidance on fair value measurements and disclosures establishes a hierarchy that prioritizes the inputs used to measure fair value (generally, assumptions that market participants would use in pricing an asset or liability) based on the quality and reliability of the information provided by the inputs, as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Fair Values of Other Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at December 31, 2023 and 2022:
The Company recognizes transfers between input levels as of the actual date of the event. There were no transfers between input levels during the twelve months ended December 31, 2023.
The following methods and assumptions were used to estimate the fair value of each class of financial instruments reflected in the Consolidated Balance Sheets: Cash Equivalents: Cash equivalents consist of highly liquid short-term investments and term bank deposits, which mature within three months. The estimated fair value of the Company’s cash equivalents approximates their carrying value. Short-Term Borrowings: The carrying amounts of the Company’s unsecured lines of credit and commercial paper issuances approximates fair value because of their short maturities and variable interest rates. Senior Notes: The Company determines the fair value of its senior notes based on their quoted market value or broker quotes, when possible. In the absence of observable market quotes, the notes are valued using non-binding market consensus prices that the Company seeks to corroborate with observable market data. Other: The carrying amounts of Accounts Receivable, and Accounts Payable and Accrued Expenses, approximated estimated fair values as of December 31, 2023 and 2022. |
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Derivative Instruments and Risk Management |
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| Derivative Instruments and Risk Management | 3. Derivative Instruments and Risk Management Changes in interest rates, foreign exchange rates, the price of the Common Stock and commodity prices expose the Company to market risk. The Company manages these risks by the use of derivative instruments, such as cash flow and fair value hedges, diesel and commodity hedge contracts, equity derivatives and foreign exchange forward contracts. The Company does not use derivatives for trading or speculative purposes. The Company formally designates and documents qualifying instruments as hedges of underlying exposures when it enters into derivative arrangements. Changes in the fair value of derivatives designated as hedges and qualifying for hedge accounting are recorded in other comprehensive income and reclassified into earnings during the period in which the hedged exposure affects earnings. The Company reviews the effectiveness of its hedging instruments on a quarterly basis. If the Company determines that a derivative instrument is no longer effective in offsetting changes in fair values or cash flows, it recognizes the hedge ineffectiveness in current period earnings and discontinues hedge accounting with respect to the derivative instrument. Changes in the fair value of derivatives not designated as hedges or those not qualifying for hedge accounting are recognized in current period earnings. Upon termination of cash flow hedges, the Company reclassifies gains and losses from accumulated other comprehensive income based on the timing of the underlying cash flows, unless the termination results from the failure of the intended transaction to occur in the expected timeframe. Such untimely transactions require immediate recognition in earnings of gains and losses previously recorded in other comprehensive income. During 2023 and 2022, the Company used derivative instruments to mitigate risk, some of which were designated as hedging instruments. The tables following the discussion of the derivative instruments below summarize the fair value of the Company’s derivative instruments and the effect of derivative instruments on the Company’s consolidated Statements of Income and on other comprehensive income. Derivatives Designated as Hedging Instruments Diesel Fuel Hedges The Company uses independent freight carriers to deliver its products. The carriers charge the Company a basic rate per mile for diesel fuel. The Company has entered into hedge agreements with counterparties to mitigate the volatility of diesel fuel prices, and not to speculate in the future price of diesel fuel. Under the hedge agreements, the Company agreed to pay a fixed price per gallon of diesel fuel determined at the time the agreements were executed and to receive a floating rate payment that is determined on a monthly basis based on the average price of the Department of Energy’s Diesel Fuel Index during the applicable month and is designed to offset any increase or decrease in fuel costs that the Company pays to it common carriers. The agreements covered approximately 75.0% of the Company’s 2023 diesel fuel requirements. These diesel fuel hedge agreements qualified for hedge accounting. Therefore, changes in the fair value of such agreements are recorded under Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet. Foreign Currency The Company is subject to exposure from fluctuations in foreign currency exchange rates, primarily U.S. Dollar/Euro, U.S. Dollar/ Pound, U.S. Dollar/Canadian Dollar, U.S. Dollar/Mexican Peso, U.S Dollar/Chinese Yuan and U.S. Dollar/Australian Dollar. The Company enters into forward exchange contracts to reduce the impact of foreign exchange rate fluctuations related to anticipated but not yet committed sales or purchases denominated in U.S. Dollar, Canadian Dollar, Pound, Euro, Mexican Peso, Chinese Yuan, and Australian Dollar. The Company entered into forward exchange contracts to hedge itself from the risk that, due to fluctuations in currency exchange rates, it would be adversely affected by net cash outflows. The face value of the unexpired contracts as of December 31, 2023 totaled $228.9 in U.S. Dollars, of which $228.9 qualifies as foreign currency cash flow hedges and, therefore, changes in the fair value of the contracts are recorded in Accumulated Other Comprehensive Income (Loss) and reclassified to earnings when the hedged transaction affected earnings. Interest Rate Lock Agreements From time to time the Company will enter into interest rate lock agreements to hedge the risk of changes in the interest payments attributable to changes in the interest rates associated with anticipated issuances of debt. The interest rate lock agreements outstanding at December 31, 2021 were settled in the second quarter of 2022 for a loss of $4.2. The Company entered into additional interest rate lock agreements in the third quarter of 2022 which were settled in the fourth quarter of 2022 for a gain of $21.9. These agreements were used to hedge the interest rate risk associated with the first ten years of semi-annual interest payments associated with the Senior Notes due in 2052 and 2032, respectively, and will each be amortized over a ten-year period to interest expense. There were no interest rate lock agreements outstanding as of December 31, 2023 or 2022. The net gain on the settlement of these interest rate lock agreements was included in Accumulated Other Comprehensive Income ("AOCI"). Commodity Hedges The Company is subject to exposure due to changes in prices of commodities used in production. To limit the effects of fluctuations in the future market price paid and related volatility in cash flows, the Company enters into commodity forward swap contracts. These hedges are designated as cash flow hedges for accounting purposes and, therefore, changes in the fair value of the contracts are recorded in AOCI and reclassified to earnings when the hedged transaction affected earnings. The fair value of these commodity hedge agreements is reflected in the Consolidated Balance Sheet within Other Current Assets and Accounts Payable and Accrued Expenses. Derivatives not Designated as Hedging Instruments Equity Derivatives The Company has entered into equity derivative contracts covering its Common Stock in order to minimize its liability under its Executive Deferred Compensation Plan resulting from changes in the quoted fair values of its Common Stock to participants who have investments under the Plan in a notional Common Stock fund. The contracts are settled in cash. Since the equity derivatives contracts do not qualify for hedge accounting, the Company is required to mark such contracts to market throughout the contract term and record changes in fair value in the consolidated Statements of Income. 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:
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | 4. Inventories Inventories consist of the following:
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Property, Plant and Equipment, Net ("PP&E") |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment, Net ("PP&E") | 5. Property, Plant and Equipment, Net (“PP&E”) PP&E consists of the following:
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Acquisitions |
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | 6. 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 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 and Consumer International segments. In the first quarter of 2023, the Company made a net cash payment of $3.5 primarily associated with final working capital adjustments. In the third quarter of 2023, the Company completed its determination of the acquired tax position of Hero Cosmetics Inc. resulting in a $1.3 adjustment to increase goodwill.
The fair values of the net assets at acquisition are set forth as follows:
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 (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 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. 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:
The trade names and other intangible assets were valued using a discounted cash flow model. The trade name has an indefinite life. The life of the other intangible assets recognized from the TheraBreath 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 TheraBreath Acquisition are deductible for U.S. tax purposes. |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangibles, Net | 7. 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 amortizable intangible assets:
(1) The gross carrying value of the Flawless intangible assets was reduced by impairment charges and accumulated amortization as of December 31, 2022. Intangible amortization expense amounted to $124.3 for 2023, $122.4 for 2022 and $120.3 for 2021, respectively. The Company estimates that intangible amortization expense will be approximately $123.0 in 2024 and approximately $122.0 to $92.0 annually 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 is included in SG&A with $349.3 recorded in the Consumer Domestic segment and $61.7 recorded in the Consumer International segment. 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, 2023 is $30.9 and will be amortized over a remaining useful life of two 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 has implemented strategies to address the decline in profitability. However, if unsuccessful, a further decline could trigger a future impairment charge. The Company’s Passport Food Safety business has experienced sales and profit declines primarily due to decreased demand driven by the COVID-19 pandemic and pressures from new competitive activities resulting from the loss of exclusivity on a key product line. In the fourth quarter of 2021, management’s review of the outlook for the Passport business indicated an assessment of our ability to recover the carrying values of the long-lived assets associated with the business was necessary. That review determined that the estimated future cash flows would not be sufficient to recover the carrying value of the assets resulting in an impairment of the associated trade name and other intangible assets of $11.3 in the fourth quarter of 2021. The charge was recorded in SG&A. In the fourth quarter of 2023, management re-evaluated the outlook for this business and recorded an additional impairment charge of $3.5. The assets have a current net book value of $3.3 and are being amortized over their remaining weighted average life of 2 years. 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:
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, 2023 exceeded their respective carrying values based upon the forecasted cash flows and profitability.
Recently, the Company’s global TROJAN® business has benefited from the successful introduction of new products, such as TROJAN BARESKIN RAW®, which has contributed to expanded distribution resulting in sales growth in 2023 and an improvement in the expected sales growth outlook for this business. While the Company cannot predict future changes in economic or competitive factors that may adversely impact the underlying cash flows used to estimate fair value of the trade name, it believes that the improved growth and profitability outlook for this business has reduced the near-term risk of impairment of the TROJAN trade name. The carrying value of the TROJAN trade name is $176.4 and fair value represented 162% of the carrying value as of October 1, 2023. The key assumptions used in the projections from the Company’s October 1, 2023 impairment analysis include discount rates of 8.5% in the U.S. and 10.0% internationally, revenue assumptions including management’s estimates of the success of new product launches, and an average royalty rate of approximately 10%. 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. Waterpik's profitability has also been impacted by tariffs imposed on its products imported into the United States that were manufactured in China. 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 represented 109% of the carrying value as of October 1, 2023. The key assumptions used in the projections from the Company’s October 1, 2023 impairment analysis include a discount rate of 8.8%, revenue growth rates between 0% and 4.5% and EBITA margins between 19% and 26%. These assumptions are based on current market conditions, recent trends and management’s expectation of the success of initiatives to lower costs 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. The vitamin category continues to experience a softening of growth from record high levels during the COVID-19 pandemic and significant product competition coming from new category entrants. The category has grown from about 6 competitors a decade ago to more than 60 of significance in recent years. In addition, residual impacts from previous vitamin-specific supply chain challenges have resulted in reduced shelf space for VITAFUSION and LIL' CRITTERS at certain retailers and consumers switching to competitor’s brands. These factors along with higher interest rates have resulted in a reduction in the 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 VITAFUSION and LIL' CRITTERS trade name. The carrying value of the VITAFUSION and LIL' CRITTERS trade name is $281.3 and fair value represented 154% of the carrying value as of October 1, 2023. The key assumptions used in the projections from the Company’s October 1, 2023 impairment analysis include a discount rate of 8.6%, revenue growth rates between 3% and 5% and EBITA margins between 12% and 15%. These assumptions are based on current market conditions, recent trends and management’s expectation of the success of growth initiatives primarily from higher promotional and marketing spend, new product introductions as well as e-Commerce and international expansion. 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 changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows:
The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2023, 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. |
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Leases |
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| Leases | 8. 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 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:
(1) Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item. Short-term lease expense is excluded from this amount and is not material. The Company also has certain variable leases which are not material. The noncash component of lease expense for the twelve months ended December 31, 2023, 2022 and 2021 was $24.3, $24.0 and $25.4, respectively, is included in the amortization caption in the consolidated statement of cash flows. (2) Leased assets obtained in exchange for new lease liabilities in 2023 consisted of $40.9 of real estate lease additions and $6.3 of equipment lease additions, net of modifications. These additions included $36.9 for an agreement between the Company and a third-party warehouse provider for warehouse space. Leased assets obtained in exchange for new lease liabilities in 2022 primarily consisted of a contract amendment to one of the Company's international locations, which resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $8.2 recorded in the third quarter of 2022, and an amendment to its contract at one of its leased manufacturing facilities, which resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $15.2 recorded in the second quarter of 2022.
The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:
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Accounts Payable, Accrued and Other Liabilities |
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| Accounts Payable and Accrued Expenses | 9. Accounts Payable, Accrued and Other Liabilities Accounts payable, accrued and other liabilities consist of the following:
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-Term Borrowings and Long-Term Debt | 10. Short-Term Borrowings and Long-Term Debt Short-term borrowings and long-term debt consist of the following:
Commercial Paper Under the Company’s commercial paper program, the Company may issue commercial paper notes up to an aggregate principal amount outstanding at any given time of $1,500.0. The maturities of the notes will vary but may not exceed 397 days. The interest rates on the notes will vary based on market conditions and the ratings assigned to the notes by the rating agencies designated in the agreement at the time of issuance. Subject to market conditions, the Company intends to utilize the commercial paper program as its primary short-term borrowing facility. If, for any reason, the Company is unable to access the commercial paper market, the Company's Revolving Credit Facility would be utilized to meet the Company’s short-term liquidity needs. The Company did not have any commercial paper outstanding as of December 31, 2023 and had $70.6 of commercial paper outstanding as of December 31, 2022 with a weighted-average interest rate of approximately 4.0%. As of December 31, 2023, the Company had approximately $1,495.0 available through the Revolving Credit Facility and commercial paper program. December 22, 2024 Term Loan On December 22, 2021, the Company entered into a $400.0 unsecured term loan facility (as amended on June 16, 2022, the “Term Loan Facility”) with various banks. The loan under the Term Loan Facility (the "Term Loan") was fully drawn at closing. Unless prepaid, the Term Loan is due on December 22, 2024. The interest rate is the Secured Overnight Financing Rate (“SOFR”) plus a spread and an applicable margin based on the Company’s credit rating, which can range from 60 basis points to 125 bps. The proceeds of the Loan were used to partially fund the TheraBreath Acquisition, with the remaining proceeds used for the repayment of commercial paper. In 2023, the Company repaid $200.0 of the Term Loan with cash on hand and commercial paper borrowings. In January 2024, the Company repaid an additional $100.0 of the Term Loan with cash on hand. The Term Loan Facility also contains customary events of default, including failure to make certain payments under the Term Loan Facility when due, breach of covenants, materially incorrect representations and warranties, default on other material indebtedness, events of bankruptcy, material adverse judgments, certain events relating to pension plans, the failure of any of the loan documents to remain in full force and effect and the occurrence of any change in control with respect to the Company.
3.15% Senior Notes due August 1, 2027 On July 25, 2017, the Company issued $425.0 aggregate principal amount of 3.15% Senior Notes due 2027 (the “2027 Notes”). The 2027 Notes bear interest at 3.15%. Interest on the 2027 Notes is payable semi-annually, on each February 1 and August 1. The 2027 Notes will mature on August 1, 2027 unless earlier retired or redeemed. 2.3% Senior Notes due December 15, 2031 The Company financed the TheraBreath Acquisition with a portion of the proceeds from an underwritten public offering of $400.0 aggregate principal amount Senior Notes due 2031 (the “2031 Notes”). The 2031 Notes bear interest at 2.30%. Interest on the 2031 Notes is payable semi-annually, on each June 15 and December 15. The 2031 Notes will mature on December 15, 2031, unless earlier retired or redeemed. 5.6% Senior Notes due November 15, 2032 On October 31, 2022, the Company issued $500.0 aggregate principal amount of 5.60% Senior Notes due 2032 (the “2032 Notes”). The proceeds from the sale of the 2032 Notes were used to repay commercial paper borrowings incurred to finance the Company’s acquisition of Hero Cosmetics, Inc. The 2032 Notes will mature on November 15, 2032, unless earlier retired or redeemed. 3.95% Senior Notes due August 1, 2047 On July 25, 2017, the Company issued $400.0 aggregate principal amount of 3.95% Senior Notes due August 1, 2047 (the “2047 Notes”) to partially finance the Waterpik Acquisition and repay a portion of the Company’s outstanding commercial paper borrowings. The 2047 Notes bear interest at 3.95%. Interest on the 2047 Notes is payable semi-annually, on each February 1 and August 1. The 2047 Notes will mature on August 1, 2047, unless earlier retired or redeemed. 5.0% Senior Notes due June 15, 2052 On June 2, 2022, the Company issued $500.0 aggregate principal amount of 5.00% Senior Notes due 2052 (the “2052 Notes”). In July 2022 a portion of the proceeds from the sale of the Notes were used to repay all of the Company's outstanding $300.0 2.45% Senior Notes due August 1, 2022. The remaining proceeds were used to pay a portion of the Company's $400.0 outstanding 2.875% Senior Notes due October 1, 2022. The 2052 Notes will mature on June 15, 2052, unless earlier retired.
Revolving Credit Facility On June 16, 2022, the Company entered into a $1,500 Credit Agreement providing for a revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility matures on June 16, 2027, unless extended. Prior to the maturity date, the Company may request a one-year extension of the facility (not to exceed a total of two years beyond the initial maturity date). We have the ability to increase our borrowing up to an additional $750.0, subject to lender commitments and certain conditions as described in the Credit Agreement. Borrowings under the Credit Agreement are available for general corporate purposes and are used to support our $1,500.0 commercial paper program. The Revolving Credit Facility also contains customary events of default, including failure to make certain payments under the Term Loan Facility when due beyond the grace period, event of default on other material indebtedness, breach of covenants, materially incorrect representations and warranties, events of bankruptcy, material adverse judgments, certain events relating to pension plans, the failure of any of the loan documents to remain in full force and effect and the occurrence of any change in control with respect to the Company. |
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 11. Income Taxes The components of income before taxes are as follows:
The following table summarizes the provision for U.S. federal, state and foreign income taxes:
Deferred tax assets (liabilities) consist of the following at December 31, 2023 and 2022:
The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows:
At December 31, 2023, certain foreign subsidiaries of the Company had net operating loss carryforwards of approximately $9.0. The net operating loss carryforwards are not subject to expiration. The Company believes that it is more likely than not that the benefit from these net operating loss carryforwards will not be realized. In recognition of this risk, the Company has provided a valuation allowance of $9.0 and $8.9 at December 31, 2023 and 2022, respectively, on the deferred tax asset relating to these net operating loss carryforwards. The Company also believes that it is more likely than not that the benefit from certain additional deferred tax assets of a foreign subsidiary will not be realized. In recognition of this risk, the Company maintains a valuation allowance of $0.8 and $0.5 at December 31, 2023 and 2022, respectively, on these deferred tax assets. As of December 31, 2020 the Company maintained a valuation allowance of $12.6 relating to certain foreign tax credit carryforwards. During 2021, the Company determined that it was able to utilize approximately $8.5 in foreign tax credits in 2018, 2019, and 2020, resulting in a reduction in the valuation allowance, and a corresponding tax benefit. Accordingly, the Company filed amended returns with the Internal Revenue Service claiming refunds for 2018 and 2019, totaling $6.5, and utilized $2.0 of foreign tax credits in 2020. During 2022, the Company determined that it was able to utilize the remaining foreign tax credit carryforwards in 2022 and future years. This resulted in a reduction of the remaining valuation allowance and a corresponding tax benefit of approximately $4.0. The Company has received the refunds related to 2018 and 2019. The Company does not have any undistributed earnings of foreign subsidiaries that are considered to be indefinitely reinvested outside of the U.S. The Company has recorded liabilities in connection with uncertain tax positions, which, although supportable by the Company, may be challenged by tax authorities. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Included in the balance of unrecognized tax benefits at December 31, 2023, 2022 and 2021 are $4.2, $4.8 and $4.1, respectively, of tax benefits that, if recognized, would affect the effective tax rate. Also included in the balance of unrecognized tax benefits at December 31, 2023, 2022 and 2021 are $0.9, $1.0 and $0.6, respectively, of tax benefits that, if recognized, would result in adjustments to deferred taxes. The Company is subject to U.S. federal income tax as well as income tax in multiple state and international jurisdictions. The Company’s U.S. federal income tax returns are closed for tax years through 2019. The Company is currently under audit by several state taxing authorities for the years 2017 through 2021. It is reasonably possible that a decrease of approximately $0.5 in the unrecognized tax benefits may occur within the next twelve months related to the settlement of these audits or the lapse of applicable statutes of limitations. The Company’s policy for recording interest associated with income tax examinations is to record interest as a component of Income before Income Taxes. During the twelve months ended December 31, 2023, 2022, and 2021, the Company recognized interest expense associated with uncertain tax positions of approximately $0.3, $0.1 and $0.5, respectively. As of December 31, 2023, 2022, and 2021, the Company had accrued interest expense related to unrecognized tax benefits of $0.9, $0.7 and $0.5, respectively. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Act”), which contains provisions effective January 1, 2023, including a 15% corporate minimum tax and a 1% excise tax on stock buybacks. The law did not have any material impacts on the Company's consolidated financial position, results of operations or cash flows during the year ended December 31, 2023. |
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Stock Based Compensation Plans and Other Benefit Plans |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Based Compensation Plans and Other Benefit Plans | 12. Stock Based Compensation Plans and Other Benefit 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 initial grants of 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 this update, the awards, which were granted in the second quarter in previous years, were granted in the first quarter of 2023 and are expected to be granted in the first quarter in subsequent years. 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 to vest in the awards. Stock Options The Company has non-qualified options outstanding under the LTIP. Stock options outstanding are issued at market value on the date of grant, vest on the third anniversary of the date of grant and must be exercised within 10 years of the date of grant. However, upon a participant’s termination of employment (other than termination for cause, death, disability or retirement), a participant will generally have 30 days (90 days for grants made after May 13, 2022) to exercise any vested stock options, subject to specified conditions. If, upon termination of a participant’s employment (other than a termination for cause), a participant is at least 55 years old, has at least five years of service, and the sum of the participant’s age and years of service is at least 65, the participant may exercise any vested stock options granted between 2007 through 2017 within a period of three years from the date of termination or, if earlier, the date such stock options otherwise would have expired, subject to specified conditions. Starting with stock options granted in 2018, a terminated employee who meets the above conditions may exercise any stock options until the date such stock options otherwise would have expired, subject to specified conditions. Issuances of Common Stock to satisfy employee stock option exercises currently are made from treasury stock. Stock option transactions for the year ended December 31, 2023 were as follows:
The following table summarizes information relating to options outstanding and exercisable as of December 31, 2023:
The table above represents the Company’s estimate of stock options fully vested and expected to vest. Expected forfeitures are not material and, therefore, are not reflected in the table above. The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards:
The following table provides a summary of the assumptions used in the valuation of issued stock options:
The fair value of stock options is based upon the Black Scholes option pricing model. The Company determined the stock options’ lives based on historical exercise behavior and their expected volatility and dividend yield based on the historical changes in stock price and dividend payments. The risk-free interest rate is based on the yield of an applicable term Treasury instrument. As of December 31, 2023, there was a fair value of $19.1 related to unamortized stock option compensation expense, which is expected to be recognized over the next three years. The Company’s Consolidated Statements of Cash Flow reflect an add back related to stock option awards of $26.3, $25.7 and $23.3 in 2023, 2022 and 2021, respectively, for non-cash compensation expense.
Restricted Stock Units The Company granted employees 120,080 RSUs with a total fair value of $10.4 at a weighted average grant date fair value of $86.20 per RSU during the year ended December 31, 2023. 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 6), 854,882 shares of restricted stock were issued in October 2022 with a total fair value of $61.5. 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. The restricted stock expense associated with the Hero Acquisition for the twelve months ended December 31, 2023 and 2022 was $29.2 and $6.0, respectively, and is included in the non-cash compensation expense caption in the consolidated statement of cash flows. In January 2021, the Company issued cash-settled stock units under the Omnibus Equity Plan to all employees at the level of vice president and below. These restricted stock units are scheduled to vest and be settled on the third anniversary of the date of grant, subject to continued employment through such date. As a result of the issued cash-settled stock units, the Company recorded stock compensation expense of $1.3, $0.3 and $1.9 in 2023, 2022 and 2021, respectively. The liability was approximately $3.5 and $2.2 as of December 31, 2023 and 2022, respectively.
Performance Stock Units
In the first quarter of 2023, the Company granted PSUs to members of the ELT including the CEO, with an aggregate award fair value equal to $2.2. 19,650 PSUs were issued 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. The number of shares that may be issued ranges from 0% to 200% based on relative TSR during the three-year performance period. Vested PSUs will be settled into shares of the Company’s Common Stock, if at all, within 60 days following the vesting date. Other Benefit Plans Deferred Compensation Plans The Company maintains a non-qualified deferred compensation plan under which certain members of management are eligible to defer a maximum of 85% of their regular compensation (i.e., salary) and, in general, up to 85% of their incentive bonus. As of January 1, 2024, the limit was decreased from 85% to a maximum of 70% for both regular compensation and incentive bonus. The amounts deferred under this plan are credited with earnings or losses based upon changes in values of notional investments selected by the plan participant. The investment options available include notional investments in various stock, bond and money market funds as well as the Company’s Common Stock. Each plan participant is fully vested in the amounts the participant defers. The plan permits the Company to make profit sharing contributions that cannot otherwise be contributed to the qualified savings and profit-sharing plan due to limitations established by the Internal Revenue Service. These contributions vest under the same vesting schedule applicable to the qualified plan. The liability to plan participants for contributions designated for notional investment in Common Stock is based on the quoted fair value of the Common Stock plus any dividends credited. The Company uses cash-settled hedging instruments to minimize the cost related to the volatility of Common Stock. At December 31, 2023 and 2022, the amount of the Company’s liability under the deferred compensation plan is included in Current and Deferred and Other Long-term Liabilities and was $118.2 and $105.8, respectively and the funded balances recorded in Other Assets amounted to $112.9 and $92.6, respectively. The amounts charged to earnings, including the effect of the hedges, totaled expense of $3.7, $1.2 and $2.2 in 2023, 2022 and 2021, respectively. Non-employee members of the Company’s Board are eligible to defer up to 100% of their directors’ compensation into a similar plan; however, the only option for investment is Common Stock. Members of the Board are fully vested in their account balance. As of December 31, 2023, there were approximately 109,000 shares of Common Stock from shares held as Treasury Stock in a rabbi trust to protect the interest of the directors’ deferred compensation plan participants in the event of a change of control. |
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Share Repurchases |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Payments for Repurchase of Equity [Abstract] | |
| Share Repurchases | 13. Share Repurchases
On November 1, 2017, the Board authorized a share repurchase program, under which the Company may repurchase up to $500.0 in shares of Common Stock (the “2017 Share Repurchase Program”). In August 2021, the Company executed an agreement to purchase up to $200.0 of its Common Stock through October 31, 2021. The Company purchased 1.6 million shares for approximately $130.0 through October, inclusive of fees, all of which was purchased under the 2017 Share Repurchase Program. 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. All remaining dollars authorized for repurchase under the 2017 Share Repurchase Plan have been cancelled. 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. In December 2021, the Company executed open market purchases of 1.8 million shares for $170.3, inclusive of fees, of which $100.0 was purchased under the evergreen share repurchase program and $70.3 was purchased under the 2021 Share Repurchase Program. In December 2021, the Company also entered into an accelerated share repurchase ("ASR") contract with a commercial bank to purchase Common Stock. The Company paid $200.0 to the bank, inclusive of fees, and received an initial delivery of shares equal to $180.0, or 1.8 million shares. The Company used cash on hand and short-term borrowings to fund the initial purchase price. Upon the completion of the ASR, which ended in February 2022, the bank delivered an additional 0.2 million shares to the Company. The final shares delivered to the Company were determined by the average price per share paid by the bank during the purchase period. All 2.0 million shares were purchased under the 2021 Share Repurchase Program. In November 2023, the Company executed an agreement to purchase 3.3 million shares for $300.1, inclusive of fees, of which $229.3 was purchased under the evergreen share repurchase program and $70.8 was purchased under the 2021 Share Repurchase Program. As a result of the Company’s stock repurchases, there remains $658.9 of share repurchase availability under the 2021 Share Repurchase Program as of December 31, 2023. |
Accumulated Other Comprehensive Income (Loss) |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) Comprehensive income is defined as net income and other changes in stockholders’ equity from transactions and other events from sources other than stockholders. The components of changes in accumulated other comprehensive income (“AOCI”) are as follows:
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Commitments, Contingencies and Guarantees |
12 Months Ended |
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Dec. 31, 2023 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments, Contingencies and Guarantees | 15. 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 December 31, 2023, the Company had commitments of approximately $369.6. 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 December 31, 2023, the Company had various guarantees and letters of credit totaling $6.1. 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. The additional amount is payable five years from the closing. In connection with the December 24, 2021 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 and four years from the closing, with the first installment payment of $2.0 paid in January 2024. 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 is payable five years from the closing. 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. Legal proceedings 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 |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | 16. Related Party Transactions The following summarizes the balances and transactions between the Company and each of Armand and ArmaKleen, in which the Company holds a 50% ownership interest:
(1) Billed by Company and recorded as a reduction of SG&A expenses. |
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Segments |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | 17. Segments Segment Information The Company operates three reportable segments: Consumer Domestic, Consumer International and Specialty Products Division. These segments are determined based on differences in the nature of products and organizational and ownership structures. The Company also has a Corporate segment. Segment revenues are derived from the sale of the following products:
The Corporate segment income consists of equity in earnings of affiliates. As of December 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, totaling $8.7, $12.3, and $9.4 for the three years ending December 31, 2023, 2022 and 2021, respectively, are included in the Corporate segment. Certain subsidiaries that are included in the Consumer International segment manufacture and sell personal care products to the Consumer Domestic segment. These sales are eliminated from the Consumer International segment results set forth in the table below.
The following table presents selected financial information relating to the Company’s segments for each of the three years in the period ended December 31, 2023:
(1) Corporate reflects the following: (A) 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. Such amounts were $60.4, $34.3, and $47.1 for 2023, 2022 and 2021, respectively. The increase in 2023 compared to 2022 is primarily due to higher incentive compensation costs. (B) Equity in earnings (loss) of affiliates from Armand and ArmaKleen for the year ended December 31, 2023, 2022 and 2021. (C) Corporate assets include deferred compensation investments and the Company's investment in unconsolidated affiliates. Other than the differences noted in the footnote above, the accounting policies followed by each of the segments, including intersegment transactions, are substantially consistent with the accounting policies described in Note 1. Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table above, were $17.0, $15.1 and $10.8 for the twelve months ended December 31, 2023, 2022 and 2021, respectively. Product line revenues from external customers for each of the three years ended December 31, 2023, 2022 and 2021 were as follows:
Household Products include laundry, deodorizing, and cleaning products. Personal Care Products include condoms, pregnancy kits, oral care products, skin care products, hair care products and gummy dietary supplements. Geographic Information Approximately 83%, 83% and 82% of the net sales reported in the accompanying consolidated financial statements in 2023, 2022 and 2021, respectively, were to customers in the U.S. Approximately 96%, 97% and 96% of long-lived assets were located in the U.S. at December 31, 2023, 2022 and 2021, respectively. Other than the U.S., no one country accounts for more than 5% of consolidated net sales and 5% of total assets. Customers A group of four customers accounted for approximately 44% and 42% of consolidated net sales in 2023 and 2022, respectively. A group of three customers accounted for approximately 37% of consolidated net sales in 2021, of which a single customer (Walmart Inc. and its affiliates) accounted for approximately 23%, 24% and 24% in 2023, 2022 and 2021, respectively. |
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Pay vs Performance Disclosure - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 755.6 | $ 413.9 | $ 827.5 |
Insider Trading Arrangements |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | ITEM 9B. OTHER INFORMATION (c) During the quarter ended December 31, 2023, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K). |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
SCHEDULE II-Valuation and Qualifying Accounts |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II-Valuation and Qualifying Accounts | SCHEDULE II - Valuation and Qualifying Accounts For each of the three years in the period ended December 31, 2023 (Dollars in millions)
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Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and include the accounts of the Company and its majority‑owned subsidiaries. For equity investments in which the Company does not control or have the ability to exert significant influence over the investee, which generally is when the Company has less than a 20% ownership interest, the investments are accounted for under the cost method. In circumstances where the Company has greater than a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee, the investment is accounted for under the equity method. As a result, the Company accounts for its 50% interest in its Armand Products Company (“Armand”) joint venture and its 50% interest in The ArmaKleen Company (“ArmaKleen”) joint venture under the equity method. Armand and ArmaKleen are specialty chemical businesses. The Company’s equity in earnings of Armand and ArmaKleen are included in the Corporate segment, as described in Note 16. |
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| Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Management makes estimates regarding inventory valuation, promotional and sales returns reserves, the carrying amount of goodwill and other intangible assets, the realization of deferred tax assets, tax reserves, business acquisition liabilities, liabilities related to other postretirement benefit obligations and other matters that affect the reported amounts and other disclosures in the financial statements. These estimates are based on judgment and available information. Actual results could differ materially from those estimates, and it is possible that changes in such estimates could occur in the near term. |
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| Revenue Recognition | Revenue Recognition Revenue is recognized when control of a promised good is transferred to a customer in an amount that reflects the consideration that the Company expects to be entitled to in exchange for that good. This usually occurs when finished goods are delivered to the Company’s customers or when finished goods are picked up by a customer or a customer’s carrier. a. Nature of Goods and Services The Company primarily ships finished goods to its customers and operates in three segments: Consumer Domestic, Consumer International and Specialty Products Division (“SPD”). The segments are based on differences in the nature of products and organizational and ownership structures. The Consumer Domestic and Consumer International segments market a variety of personal care and household products and over-the-counter products, including but not limited to baking soda, cat litter, laundry detergent, condoms, stain removers, hair removal, gummy dietary supplements, dry shampoo, oral care, cold remedy, acne treatment, water flossers and showerheads. The SPD segment focuses on sales to businesses and participates in three product areas: Animal and Food Production, Specialty Chemicals and Specialty Cleaners. The Company’s products are distinct and separately identifiable on customer contracts or invoices, with each product sale representing a separate performance obligation. The Company sells consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar, pet and other specialty stores and websites and other e-commerce channels, all of which sell its products to consumers. The Company sells its specialty products to industrial customers, livestock producers and through distributors. Refer to Note 17 for disaggregated revenue information with respect to each of the Company’s segments.
b. When Performance Obligations are Satisfied For performance obligations related to the shipping and invoicing of products, control transfers at the point in time upon which finished goods are delivered to the Company’s customers or when finished goods are picked up by a customer or a customer’s carrier. Once a product has been delivered or picked up by the customer, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset. The Company considers control to have transferred upon delivery or customer receipt because the Company has an enforceable right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset. c. Variable Consideration The Company conducts extensive promotional activities, primarily through the use of off-list discounts, slotting, coupons, cooperative advertising, periodic price reduction arrangements, and end-aisle and other in-store displays. The costs of such activities are netted against sales and are recorded when the related sale takes place. The reserves for sales returns and consumer and trade promotion liabilities are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses historical trend experience and coupon redemption inputs in arriving at coupon reserve requirements, and uses forecasted appropriations, customer and sales organization inputs, and historical trend analysis in determining the reserves for other promotional activities and sales returns. d. Practical Expedients The Company expenses incremental direct costs of obtaining a contract (broker commissions) when the related sale takes place. These costs are recorded in SG&A expenses in the accompanying consolidated statements of income. The Company accounts for shipping and handling costs as fulfillment activities which are therefore recognized upon shipment of the goods. The Company has applied the portfolio approach to all open contracts as they have similar characteristics and can reasonably expect that the effects on the financial statements of applying this guidance to the portfolio of contracts would not differ materially from applying this guidance to the individual contracts within the portfolio. The Company excludes from its revenue any amounts collected from customers for sales (and similar) taxes. |
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| Sales of Accounts Receivable | Sales of Accounts Receivable The Company entered into a factoring agreement with a financial institution to sell certain customer receivables at discounted rates in 2015. Transactions under this agreement are accounted for as sales of accounts receivable and are removed from the Consolidated Balance Sheet at the time of the sales transaction. The level of customers associated with the Company’s factoring program and the sales performance by those customers has driven the amount factored each year. The total amount factored in each year was $144.2, $211.2, and $181.2 during the years ended December 31, 2023, 2022 and 2021, respectively. |
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| Cost of Sales | Cost of Sales, Marketing and Selling, General and Administrative Expenses Cost of sales include costs related to the manufacture and distribution of the Company’s products, including raw material, inbound freight, import duties and tariffs, direct labor (including employee compensation benefits) and indirect plant costs such as plant supervision, receiving, inspection, maintenance labor and materials, depreciation, taxes and insurance, purchasing, production planning, operations management, logistics, freight to customers, warehousing costs, internal transfer freight costs and plant impairment charges. |
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| Marketing | Marketing expenses include costs for advertising (excluding the costs of cooperative advertising programs, which are reflected in net sales), costs for coupon insertion (mainly the cost of printing and distribution), consumer promotion costs (such as on-shelf advertisements and floor ads), public relations, package design expense and market research costs. |
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| Selling, General and Administrative Expenses | Selling, general and administrative (“SG&A”) expenses include, among others, costs related to functions such as sales, corporate management, research and development, marketing administration, information technology and legal. Such costs include salary compensation related costs (such as benefits, incentive compensation and profit sharing), stock option costs, depreciation, travel and entertainment related expenses, professional and other consulting fees and amortization of intangible assets. |
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| Foreign Currency Translation | Foreign Currency Translation Unrealized gains and losses related to currency translation are recorded in Accumulated Other Comprehensive Income (Loss). Gains and losses on foreign currency transactions are recorded in the Consolidated Statements of Income. |
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| Cash Equivalents | Cash Equivalents Cash equivalents consist of highly liquid short-term investments and term bank deposits, which mature within three months of their original maturity date. |
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| Inventories | Inventories Inventories are valued at the lower of cost or market (net realizable value, which reflects any costs to sell or dispose). The Company identifies any slow moving, obsolete or excess inventory to determine whether an adjustment is required to establish a new carrying value. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates and assumptions about the future demand for the Company’s products, technological changes, and new product introductions. Estimates as to the future demand used in the valuation of inventory involve judgments regarding the ongoing success of the Company’s products. The Company evaluates its inventory levels and expected usage on a periodic basis and records adjustments as required. Adjustments to reflect inventory at net realizable value were $52.5 at December 31, 2023, and $46.0 at December 31, 2022. |
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| Property, Plant and Equipment | Property, Plant and Equipment Property, Plant and Equipment (“PP&E”) are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for building and improvements, machinery and equipment, and office equipment range from 9-40, 3-20 and 3-10 years, respectively. Routine repairs and maintenance are expensed when incurred. Leasehold improvements are depreciated over a period no longer than the respective lease term, except where a lease renewal has been determined to be reasonably assured and failure to renew the lease results in a significant penalty to the Company. PP&E is reviewed annually and whenever events or changes in circumstances indicate that possible impairment exists. The Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of Company assets and liabilities. The analysis requires management judgment with respect to changes in technology, the continued success of product lines, and future volume, revenue and expense growth rates. The Company conducts annual reviews to identify idle and underutilized equipment, and reviews business plans for possible impairment. An indication of impairment occurs when the carrying value of the asset exceeds the future undiscounted cash flows. When an impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset and an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows. |
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| Software | Software The Company capitalizes certain costs of developing computer software. Amortization is recorded using the straight‑line method over the estimated useful life of the software, which is estimated to be no longer than 10 years. |
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| Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain financial instruments are required to be recorded at fair value. The estimated fair values of such financial instruments (including investment securities and other derivatives) have been determined using market information and generally accepted valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates. Other financial instruments, including cash equivalents and short-term debt, are recorded at cost, which approximates fair value. Additional information regarding the Company’s risk management activities, including derivative instruments and hedging activities, are separately disclosed. See Notes 2 and 3. |
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| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company has intangible assets of substantial value on its consolidated balance sheet. 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. Carrying values of goodwill and indefinite-lived trade names are reviewed periodically for possible impairment. The Company’s impairment analysis is based on a discounted cash flow approach that requires significant judgment with respect to unit volume, revenue and expense growth rates, and the selection of an appropriate discount rate and royalty rate. Management uses estimates based on expected trends in making these assumptions. With respect to goodwill, impairment occurs when the carrying value of the reporting unit exceeds the discounted present value of cash flows for that reporting unit. For trade names and other intangible assets, an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows, which represents the estimated fair value of the asset. Judgment is required in assessing whether assets may have become impaired between annual valuations. Indicators such as unexpected adverse economic factors, unanticipated technological change, distribution losses, or competitive activities and acts by governments and courts may indicate that an asset has become impaired. Intangible assets with finite lives are amortized over their estimated useful lives, which range from 3-20 years, using the straight-line method, and reviewed for impairment when changes in market circumstances occur. |
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| Research and Development | Research and Development The Company incurred research and development expenses in the amount of $122.4, $110.0 and $105.2 in 2023, 2022 and 2021, respectively. These expenses are included in SG&A expenses and are expensed as incurred. |
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| Earnings Per Share ("EPS") | 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 dilution from potential Common Stock issuable pursuant to the exercise of outstanding stock options. The following table sets forth a reconciliation of the weighted-average number of shares of Common Stock outstanding to the weighted-average number of shares outstanding on a diluted basis:
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| Employee and Director Stock Option Based Compensation | Employee and Director Stock Based Compensation The fair value of stock-based compensation is determined at the grant date and the related expense is generally recognized over the required employee service period in which the share-based compensation vests. For employees and Directors that meet retirement eligibility requirements, the expense related to stock-based compensation is recognized on the date of grant as there is no service period required to vest in the awards. The following table presents the pre-tax expense associated with the fair value of stock awards included in SG&A expenses and in cost of sales:
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| Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the differences are expected to be recovered or settled. Management provides a valuation allowance against deferred tax assets for amounts which are not considered “more likely than not” to be realized. The Company records liabilities for potential assessments in various tax jurisdictions in accordance with GAAP. The liabilities relate to tax return positions that, although supportable by the Company, may be challenged by the tax authorities and do not meet the minimum recognition threshold required under applicable accounting guidance for the related tax benefit to be recognized in the income statement. The Company adjusts this liability as a result of changes in tax legislation, interpretations of laws by courts, rulings by tax authorities, changes in estimates and the expiration of the statute of limitations. Many of the judgments involved in adjusting the liability involve assumptions and estimates that are highly uncertain and subject to change. In this regard, settlement of any issue with, or an adverse determination in litigation against, a taxing authority could require the use of cash and result in an increase in the Company’s annual effective tax rate. Conversely, favorable resolution of an issue with a taxing authority would be recognized as a reduction to the Company’s annual effective tax rate. |
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| Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations, 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 9. Recent Accounting Pronouncements Not Yet Adopted 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 will 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 is 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 will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption on our consolidated financial statements and related disclosures. 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. There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
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Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [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:
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| Summary of Pre-Tax Expense Associated with Fair value of Unvested Stock Options and Restricted Stock Awards | The following table presents the pre-tax expense associated with the fair value of stock awards included in SG&A expenses and in cost of sales:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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 December 31, 2023 and 2022:
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Derivative Instruments and Risk Management (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 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:
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Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Inventories | Inventories consist of the following:
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Property, Plant and Equipment, Net ("PP&E") (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Property, Plant and Equipment | PP&E consists of the following:
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Acquisitions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| TheraBreath Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Values of Assets Acquired | The fair values of the net assets at acquisition are set forth as follows:
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| Hero acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Values of Assets Acquired | The fair values of the net assets at acquisition are set forth as follows:
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Goodwill and Other Intangibles, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortizable Intangible Assets | The following table provides information related to the carrying value of amortizable intangible assets:
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| Indefinite Lived Intangible Assets |
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| Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Lease Information | A summary of the Company’s lease information is as follows:
(1) Leased assets obtained in exchange for new lease liabilities in 2023 consisted of $40.9 of real estate lease additions and $6.3 of equipment lease additions, net of modifications. These additions included $36.9 for an agreement between the Company and a third-party warehouse provider for warehouse space. Leased assets obtained in exchange for new lease liabilities in 2022 primarily consisted of a contract amendment to one of the Company's international locations, which resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $8.2 recorded in the third quarter of 2022, and an amendment to its contract at one of its leased manufacturing facilities, which resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $15.2 recorded in the second quarter of 2022.
Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item. Short-term lease expense is excluded from this amount and is not material. The Company also has certain variable leases which are not material. The noncash component of lease expense for the twelve months ended December 31, 2023, 2022 and 2021 was $24.3, $24.0 and $25.4, respectively, is included in the amortization caption in the consolidated statement of cash flows. |
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| 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:
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Accounts Payable, Accrued and Other Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable and Accrued Expenses | Accounts payable, accrued and other liabilities consist of the following:
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Short-Term Borrowings and Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Income Before Taxes | The components of income before taxes are as follows:
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| Schedule of U.S. Federal, State and Foreign Income Taxes | The following table summarizes the provision for U.S. federal, state and foreign income taxes:
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| Components of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) consist of the following at December 31, 2023 and 2022:
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| Effective Tax Rate Reconciliation | The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows:
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| Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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Stock Based Compensation Plans and Other Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Option Activity | Stock option transactions for the year ended December 31, 2023 were as follows:
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| Summary of Information Relating to Options Outstanding and Exercisable | The following table summarizes information relating to options outstanding and exercisable as of December 31, 2023:
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| 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:
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| Assumptions Used in Valuation of Issued Stock Options | The following table provides a summary of the assumptions used in the valuation of issued stock options:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Changes in Accumulated Other Comprehensive Income (Loss) | The components of changes in accumulated other comprehensive income (“AOCI”) are as follows:
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | The following summarizes the balances and transactions between the Company and each of Armand and ArmaKleen, in which the Company holds a 50% ownership interest:
(1)
Billed by Company and recorded as a reduction of SG&A expenses. |
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Segments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selected Financial Information Relating To Company's Segments | The following table presents selected financial information relating to the Company’s segments for each of the three years in the period ended December 31, 2023:
(1) Corporate reflects the following: (A) 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. Such amounts were $60.4, $34.3, and $47.1 for 2023, 2022 and 2021, respectively. The increase in 2023 compared to 2022 is primarily due to higher incentive compensation costs. (B) Equity in earnings (loss) of affiliates from Armand and ArmaKleen for the year ended December 31, 2023, 2022 and 2021. (C) Corporate assets include deferred compensation investments and the Company's investment in unconsolidated affiliates. |
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| Product Line Revenues From External Customers | Product line revenues from external customers for each of the three years ended December 31, 2023, 2022 and 2021 were as follows:
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Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Earnings Per Share [Abstract] | |||
| Weighted average shares outstanding - Basic | 244,900,000 | 242,900,000 | 244,900,000 |
| Dilutive effect of stock options | 2,700,000 | 3,400,000 | 4,700,000 |
| Weighted average common shares outstanding - diluted | 247,600,000 | 246,300,000 | 249,600,000 |
| Antidilutive stock options outstanding | 2,600,000 | 3,000,000 | 1,600,000 |
Summary of Pre-Tax Expense Associated with Fair value of Unvested Stock Options and Restricted Stock Awards (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
| Stock compensation expense | $ 26.3 | $ 25.7 | $ 23.3 |
| Cost of Sales | |||
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
| Stock compensation expense | 3.4 | 2.5 | 3.3 |
| Selling, General and Administrative Expenses | |||
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
| Stock compensation expense | 61.5 | 30.1 | 22.3 |
| Unvested Stock Options Fair Value | |||
| Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
| Stock compensation expense | $ 64.9 | $ 32.6 | $ 25.6 |
Summary of Adjustments to Balance Sheet due to Adoption of Guidance (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
| Property, Plant and Equipment, Net | $ 927.7 | $ 761.1 |
| Other Assets | 366.0 | 317.5 |
| Accounts payable and accrued expenses | 1,211.0 | 1,102.8 |
| Deferred and Other Long-term Liabilities | 313.7 | 273.4 |
| Deferred Income Taxes | 743.1 | 757.0 |
| Retained earnings | $ 6,012.3 | $ 5,524.6 |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 24, 2021 |
|---|---|---|---|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
| Business acquisition liabilities - long-term | $ 14.0 | ||
| Interest Rate Swap Lock | |||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
| Notional amount | $ 0.0 | $ 0.0 |
Components of Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Inventory, Finished Goods and Work in Process, Net of Reserves [Abstract] | ||
| Raw materials and supplies | $ 137.5 | $ 149.5 |
| Work in process | 40.2 | 46.8 |
| Finished goods | 435.6 | 450.3 |
| Total | $ 613.3 | $ 646.6 |
Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Gross PP&E | $ 1,817.4 | $ 1,601.2 |
| Less accumulated depreciation and amortization | 889.7 | 840.1 |
| Net PP&E | 927.7 | 761.1 |
| Land | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross PP&E | 28.3 | 28.1 |
| Building and Building Improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross PP&E | 317.8 | 299.1 |
| Machinery and Equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross PP&E | 895.1 | 856.5 |
| Software | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross PP&E | 122.6 | 109.1 |
| Office equipment and other assets | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross PP&E | 105.2 | 96.9 |
| Construction in progress | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross PP&E | $ 348.4 | $ 211.5 |
Depreciation and Interest Charges on Property, Plant and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Property, Plant and Equipment [Abstract] | |||
| Depreciation expense | $ 72.8 | $ 67.0 | $ 68.4 |
Goodwill and Other Intangibles, Net - Summary of Indefinite Lived Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Trade Names | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Gross Carrying Value, Trade names | $ 1,961.9 | $ 1,961.4 |
Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Oct. 01, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Amortization expense of intangible assets | $ 124.3 | $ 122.4 | $ 120.3 | |
| Finite Lived Intangible Assets Amortization Expense Current Year Estimate | 123 | |||
| Impairment Charge On Assets | 411,000,000 | |||
| Impairment Charge On Assets | 8,900,000 | 2,400,000 | 14,900,000 | |
| Percent of fair value in excess of carrying value | 162.00% | |||
| Net book value | 1,340,400,000 | 1,470,200,000 | ||
| Net book value of trade name | $ 30.9 | |||
| Amortization period (Years) | 2 years | |||
| Trojan Trade Name | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Average royalty rate | 10.00% | |||
| Carrying value of assets | $ 176,400,000 | |||
| Trade Name And Other Intangible Assets | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Carrying value of assets | $ 11,300,000 | |||
| Net book value | $ 3,300,000 | |||
| Remaining amortization period | 2 years | |||
| Trade Names | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Carrying value of assets | $ 281.3 | |||
| Net book value | $ 982,000,000 | $ 1,060,600,000 | ||
| Discount on estimated future cashflow | 8.60% | |||
| Fair value exceeded carrying value | 154.00% | |||
| FLAWLESS | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Discount on estimated future cashflow | 8.50% | |||
| WATERPIK | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Carrying value of assets | $ 644,700,000 | |||
| Discount on estimated future cashflow | 8.80% | |||
| Fair value exceeded carrying value | 109.00% | |||
| UNITED STATES | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Impairment Charge On Assets | $ 349,300,000 | |||
| UNITED STATES | Trojan Trade Name | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Fair value assumptions discount rate | 8.50% | |||
| International | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Impairment Charge On Assets | $ 61,700,000 | |||
| International | Trojan Trade Name | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Fair value assumptions discount rate | 10.00% | |||
| Maximum | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Estimated amortization expense, 2026 | $ 122,000,000 | |||
| Amortization period (Years) | 20 years | |||
| Maximum | Trade Names | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Amortization period (Years) | 20 years | |||
| Minimum | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Estimated amortization expense, 2026 | $ 92,000,000 | |||
| Amortization period (Years) | 3 years | |||
| Minimum | Trade Names | ||||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
| Amortization period (Years) | 3 years | |||
Goodwill and Other Intangibles, Net - Summary of Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill [Line Items] | ||
| Beginning balance | $ 2,426.8 | $ 2,274.5 |
| Goodwill acquired during the period | 1.3 | |
| Tax related and other | 4.7 | |
| Ending balance | 2,431.5 | 2,426.8 |
| TheraBreath Acquisition | ||
| Goodwill [Line Items] | ||
| PERL WEISS divestiture | 3.8 | |
| Hero acquisition | ||
| Goodwill [Line Items] | ||
| Goodwill acquired during the period | 156.1 | |
| Ending balance | 156.1 | |
| Consumer Domestic | ||
| Goodwill [Line Items] | ||
| Beginning balance | 2,056.4 | 1,899.8 |
| Tax related and other | 4.7 | |
| Ending balance | 2,061.1 | 2,056.4 |
| Consumer Domestic | TheraBreath Acquisition | ||
| Goodwill [Line Items] | ||
| PERL WEISS divestiture | (0.5) | |
| Consumer Domestic | Hero acquisition | ||
| Goodwill [Line Items] | ||
| Goodwill acquired during the period | 156.1 | |
| Consumer International | ||
| Goodwill [Line Items] | ||
| Beginning balance | 234.4 | 238.7 |
| Tax related and other | 0.0 | |
| Ending balance | 234.4 | |
| Consumer International | TheraBreath Acquisition | ||
| Goodwill [Line Items] | ||
| PERL WEISS divestiture | 4.3 | |
| Consumer International | Hero acquisition | ||
| Goodwill [Line Items] | ||
| Goodwill acquired during the period | 0.0 | |
| Specialty Products | ||
| Goodwill [Line Items] | ||
| Beginning balance | $ 136.0 | 136.0 |
| Tax related and other | 0.0 | |
| Ending balance | 136.0 | |
| Specialty Products | TheraBreath Acquisition | ||
| Goodwill [Line Items] | ||
| PERL WEISS divestiture | 0.0 | |
| Specialty Products | Hero acquisition | ||
| Goodwill [Line Items] | ||
| Goodwill acquired during the period | $ 0.0 | |
Summary of Lease information (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||||
| Leases [Abstract] | |||||||
| Right of use assets | $ 186.0 | $ 162.6 | |||||
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets | |||||
| Current lease liabilities | $ 24.7 | $ 21.9 | |||||
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | |||||
| Long-term lease liabilities | $ 174.9 | $ 151.9 | |||||
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Deferred and Other Long-term Liabilities | Deferred and Other Long-term Liabilities | |||||
| Total lease liabilities | $ 199.6 | $ 173.8 | |||||
| Weighted-average remaining lease term (years) | 8 years 1 month 6 days | 8 years 10 months 24 days | |||||
| Weighted-average discount rate | 4.50% | 4.40% | |||||
| Lease cost | [1] | $ 31.7 | $ 31.0 | $ 32.7 | |||
| Leased assets obtained in exchange for new lease liabilities net of modifications | [2] | 47.2 | 27.9 | ||||
| Cash paid for amounts included in the measurement of lease liabilities | $ 30.9 | $ 31.4 | |||||
| |||||||
Summary of Lease information (Parenthetical) (Details) - USD ($) $ in Millions |
6 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Jun. 30, 2022 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Leases [Abstract] | |||||
| Noncash component of lease expense | $ 24.3 | $ 24.0 | $ 25.4 | ||
| Real estate lease additions | 40.9 | ||||
| Lease liability agreement with third-party | 36.9 | ||||
| Equipment lease addition | $ 6.3 | ||||
| Increase Decrease In Right Of Use Asset | $ 15.2 | $ 8.2 | |||
Summary of Minimum Annual Rentals Including Reasonably Assured Renewal Options under Lease Agreements (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Operating Leases | ||
| 2024 | $ 32.7 | |
| 2025 | 25.6 | |
| 2026 | 35.3 | |
| 2027 | 26.9 | |
| 2028 | 23.1 | |
| 2029 and thereafter | 98.5 | |
| Total future minimum lease commitments | 242.1 | |
| Less: Imputed Interest | (42.5) | |
| Present value of lease liabilities | $ 199.6 | $ 173.8 |
Accounts Payable, Accrued and Other Liabilities (Additional Information) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Payables and Accruals [Abstract] | |
| Supply Chain Finance Program Outstanding Obligations | $ 82.0 |
| Supply Chain Financing payments included in operating activities within the Company's Consolidated Statements of Cash Flows | $ 387.1 |
Accounts Payable, Accrued and Other Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
| Trade accounts payable | $ 630.6 | $ 666.7 |
| Accrued marketing and promotion costs | 276.7 | 234.4 |
| Accrued wages and related benefit costs | 152.3 | 66.8 |
| Other accrued current liabilities | 151.4 | 134.9 |
| Total | $ 1,211.0 | $ 1,102.8 |
Summary of Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jul. 25, 2017 |
|---|---|---|---|---|
| Short-term borrowings | ||||
| Commercial paper issuances | $ 0.0 | $ 70.6 | ||
| Various debt due to international banks | 3.9 | 3.4 | ||
| Total short-term borrowings | 3.9 | 74.0 | ||
| Long-term debt | ||||
| Debt issuance costs, net | (18.7) | (21.0) | ||
| Total long-term debt | 2,402.1 | 2,599.5 | ||
| Less: current maturities | (199.9) | 0.0 | ||
| Net long-term debt | 2,202.2 | 2,599.5 | $ 2,202.2 | |
| Term loan due December 22, 2024 | ||||
| Long-term debt | ||||
| Term loan | 200.0 | 400.0 | ||
| 3.15% Senior notes due August 1, 2027 | ||||
| Long-term debt | ||||
| Underwritten public offering senior notes | 425.0 | 425.0 | ||
| Less: Discount | (0.2) | (0.2) | ||
| Term loan | $ 425.0 | |||
| 2.3% Senior notes due December 15, 2031 | ||||
| Long-term debt | ||||
| Underwritten public offering senior notes | 400.0 | 400.0 | ||
| Less: Discount | (0.7) | (0.7) | ||
| 5.6% Senior notes due November 15, 2032 | ||||
| Long-term debt | ||||
| Underwritten public offering senior notes | 500.0 | 500.0 | ||
| Less: Discount | (0.8) | (0.9) | ||
| 3.95% Senior notes due August 1, 2047 | ||||
| Long-term debt | ||||
| Underwritten public offering senior notes | 400.0 | 400.0 | ||
| Less: Discount | (2.3) | (2.4) | ||
| Term loan | $ 400.0 | |||
| 5.00% Senior notes due June 15, 2052 | ||||
| Long-term debt | ||||
| Underwritten public offering senior notes | 500.0 | 500.0 | ||
| Less: Discount | (0.2) | $ (0.3) | ||
| Term loan | $ 500.0 |
Summary of Short-Term Borrowings and Long-Term Debt (Parenthetical) (Details) |
12 Months Ended | |||
|---|---|---|---|---|
Jun. 02, 2022 |
Jul. 25, 2017 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Debt Instrument [Line Items] | ||||
| Maturity date of debt | Jun. 16, 2027 | |||
| 3.15% Senior notes due August 1, 2027 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate of debt | 3.15% | 3.15% | 3.15% | |
| Maturity date of debt | Aug. 01, 2027 | 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 | ||
| 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 | ||
| 3.95% Senior notes due August 1, 2047 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate of debt | 3.95% | 3.95% | 3.95% | |
| Maturity date of debt | Aug. 01, 2047 | Aug. 01, 2047 | ||
| 5.0% Senior notes due June 15, 2052 | ||||
| Debt Instrument [Line Items] | ||||
| Interest rate of debt | 5.00% | 5.00% | ||
| Maturity date of debt | Jun. 15, 2052 | Jun. 15, 2052 | ||
Short-Term Borrowings and Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2022 |
Aug. 31, 2022 |
Jun. 02, 2022 |
Dec. 22, 2021 |
Jul. 25, 2017 |
Jul. 25, 2017 |
Jan. 31, 2024 |
Jul. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 15, 2031 |
Oct. 31, 2022 |
Aug. 01, 2022 |
Jun. 16, 2022 |
|
| Debt Instrument [Line Items] | |||||||||||||||
| Maximum borrowing capacity | $ 1,500.0 | ||||||||||||||
| Maturity date of debt | Jun. 16, 2027 | ||||||||||||||
| Other Commitment | 750.0 | ||||||||||||||
| Credit agreement | $ (1,500.0) | ||||||||||||||
| Repayments of long-term debt | $ 100.0 | 200.0 | $ 700.0 | $ 300.0 | |||||||||||
| Commercial paper issuances | $ 0.0 | $ 70.6 | |||||||||||||
| 3.15% Senior notes due August 1, 2027 | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Maturity date of debt | Aug. 01, 2027 | Aug. 01, 2027 | Aug. 01, 2027 | ||||||||||||
| Debt instrument, variable interest rate | 3.15% | ||||||||||||||
| Term loan | $ 425.0 | $ 425.0 | |||||||||||||
| Interest rate of debt | 3.15% | 3.15% | 3.15% | 3.15% | |||||||||||
| 3.95% Senior notes due August 1, 2047 | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Maturity date of debt | Aug. 01, 2047 | Aug. 01, 2047 | |||||||||||||
| Term loan | $ 400.0 | $ 400.0 | |||||||||||||
| Interest rate of debt | 3.95% | 3.95% | 3.95% | 3.95% | |||||||||||
| 5.00% Senior notes due June 15, 2052 | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Maturity date of debt | Jun. 15, 2052 | ||||||||||||||
| Term loan | $ 500.0 | ||||||||||||||
| Interest rate of debt | 2.875% | 5.00% | 2.45% | ||||||||||||
| Repayments of long-term debt | $ 400.0 | $ 300.0 | |||||||||||||
| 5.6% Senior Notes due November 15, 2032 | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Maturity date of debt | Nov. 15, 2032 | ||||||||||||||
| Term loan | $ 500.0 | ||||||||||||||
| Interest rate of debt | 5.60% | ||||||||||||||
| 2.3% Senior Notes | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Maturity date of debt | Dec. 15, 2031 | ||||||||||||||
| 2.3% Senior Notes | TheraBreath | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Proceeds from long term borrowing | $ 400.0 | ||||||||||||||
| 2.3% Senior Notes | Floating Rate Senior Notes due 2031 | TheraBreath | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Interest rate of debt | 2.30% | ||||||||||||||
| Commercial Paper | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Maximum borrowing capacity | $ 1,500.0 | ||||||||||||||
| Amount borrowed under unsecured revolving credit facility | $ 1,495.0 | ||||||||||||||
| Weighted average interest rate | 4.00% | ||||||||||||||
| Notes maximum maturity days | 397 days | ||||||||||||||
| Term Loan | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Maturity date of debt | Dec. 22, 2024 | ||||||||||||||
| Term loan | $ 400.0 | ||||||||||||||
| Term Loan | Minimum | London Interbank Offered Rate[Member] | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt instrument, variable interest rate | 0.60% | ||||||||||||||
| Term Loan | Maximum | London Interbank Offered Rate[Member] | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt instrument, variable interest rate | 1.25% | ||||||||||||||
Components of Income Before Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| Domestic | $ 872.4 | $ 447.1 | $ 958.6 |
| Foreign | 95.0 | 76.2 | 73.1 |
| Income before Income Taxes | $ 967.4 | $ 523.3 | $ 1,031.7 |
Schedule of U.S. Federal, State and Foreign Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| U.S. federal | $ 159.1 | $ 162.0 | $ 130.6 |
| State, Current | 40.9 | 44.8 | 34.1 |
| Foreign, Current | 25.6 | 20.3 | 19.2 |
| Current income tax expense (benefit) | 225.6 | 227.1 | 183.9 |
| U.S. federal, Deferred | (11.3) | (78.8) | 16.5 |
| State, Deferred | (2.8) | (38.3) | 4.5 |
| Foreign, Deferred | 0.3 | (0.6) | (0.7) |
| Deferred income tax expense (benefit) | (13.8) | (117.7) | 20.3 |
| Recorded tax expense | $ 211.8 | $ 109.4 | $ 204.2 |
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Deferred tax assets: | ||
| Accounts receivable | $ 10.1 | $ 8.9 |
| Deferred compensation | 50.7 | 46.9 |
| Pension, postretirement and postemployment benefits | 4.8 | 5.0 |
| Inventory reserve | 9.0 | 8.8 |
| Other | 9.9 | 7.3 |
| Sec 174 R&D Capitalization | 41.9 | 22.0 |
| Tax credit carryforwards/other tax attributes | 2.6 | 2.8 |
| International operating loss carryforwards | 9.0 | 8.8 |
| Total gross deferred tax assets | 138.0 | 110.5 |
| Valuation allowances | (9.8) | (9.4) |
| Total deferred tax assets | 128.2 | 101.1 |
| Deferred tax liabilities: | ||
| Goodwill | (285.7) | (272.1) |
| Trade names and other intangibles | (496.3) | (504.5) |
| Property, plant and equipment | (81.1) | (74.2) |
| Interest rate swaps | 4.1 | 4.5 |
| Total deferred tax liabilities | (867.2) | (855.3) |
| Net deferred tax liability | (739.0) | (754.2) |
| Long term net deferred tax asset | 4.1 | 2.8 |
| Long term net deferred tax liability | $ (743.1) | $ (757.0) |
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| Statutory rate | 21.00% | 21.00% | 21.00% |
| Tax that would result from use of the federal statutory rate | $ 203.1 | $ 109.9 | $ 216.6 |
| State and local income tax, net of federal effect | 30.1 | 5.2 | 30.5 |
| Varying tax rates of foreign affiliates | 6.8 | 2.9 | 2.6 |
| Valuation Allowances | 0.0 | (4.1) | (8.5) |
| Stock Options Exercised | (21.8) | (5.2) | (29.0) |
| Reserve for Uncertain Tax Position | (0.3) | (0.9) | 0.0 |
| Other | (6.1) | 1.6 | (8.0) |
| Recorded tax expense | $ 211.8 | $ 109.4 | $ 204.2 |
| Effective tax rate | 21.90% | 20.90% | 19.80% |
Income Taxes - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Aug. 16, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Income Tax [Line Items] | |||||||
| Valuation allowance | $ 9.0 | $ 8.9 | |||||
| Deferred tax assets, valuation allowances | 9.8 | 9.4 | |||||
| Reserve for uncertain tax position relating to worthless stock deduction for investment | (0.3) | (0.9) | $ 0.0 | ||||
| Decrease in unrecognized tax benefits is reasonably possible | 0.5 | ||||||
| Uncertain tax positions that would affect the effective tax rate | 4.2 | 4.8 | 4.1 | ||||
| Uncertain tax positions that would result in adjustments to deferred taxes | 0.9 | 1.0 | 0.6 | ||||
| Interest expense associated with uncertain tax positions | 0.3 | 0.1 | 0.5 | ||||
| Unrecognized tax benefits, accrued interest expense | 0.9 | 0.7 | $ 0.5 | ||||
| Corporate Minimum Tax | 15.00% | ||||||
| Excise tax on stock buybacks | 1.00% | ||||||
| Quimica Geral Do Nordeste Sa | |||||||
| Income Tax [Line Items] | |||||||
| Deferred tax assets, valuation allowances | 0.8 | 0.5 | |||||
| Foreign Country Member | |||||||
| Income Tax [Line Items] | |||||||
| Loss carryforward | $ 9.0 | ||||||
| Foreign Country Member | Unrealized Foreign Tax Credit Carryforwards | |||||||
| Income Tax [Line Items] | |||||||
| Deferred tax assets, valuation allowances | $ 4.0 | $ 12.6 | |||||
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 8.5 | $ 8.5 | $ 8.5 | ||||
| Foreign Country Member | Unrealized Foreign Tax Credit Carryforwards | Internal Revenue Service (IRS) | |||||||
| Income Tax [Line Items] | |||||||
| Deferred Tax Assets, Tax Credit Total Value, Foreign | 6.5 | ||||||
| Deferred Tax Assets, Tax Credit Utilized, Foreign | $ 2.0 | ||||||
Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| Unrecognized tax benefits at January 1 | $ 5.8 | $ 4.7 | $ 7.3 |
| Gross increases - tax positions in current period | 0.0 | 2.4 | 0.3 |
| Gross increases - tax positions in prior period | 0.0 | 0.0 | 0.8 |
| Gross decreases - tax positions in prior period | 0.0 | (0.1) | 0.0 |
| Decreases due to settlements and payments | 0.0 | 0.0 | 0.0 |
| Lapse of statute of limitations | (0.7) | (1.2) | (3.7) |
| Unrecognized tax benefits at December 31 | $ 5.1 | $ 5.8 | $ 4.7 |
Stock Based Compensation Plans and Other Benefit Plans - Additional Information (Details) - USD ($) |
12 Months Ended | ||||
|---|---|---|---|---|---|
Jan. 01, 2024 |
Oct. 01, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Non-cash compensation expense | $ 63,600,000 | $ 32,300,000 | $ 23,700,000 | ||
| Common stock restricted shares | 293,709,982 | 293,709,982 | |||
| Percentage of incentive bonus contribution | 85.00% | ||||
| Deferred Compensation Plans | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Stock compensation, liability | $ 118,200,000 | $ 105,800,000 | |||
| Amounts charged to earnings | 3,700,000 | $ 1,200,000 | $ 2,200,000 | ||
| Shares held in rabbi trust | 109,000 | ||||
| Deferred Compensation Plans | Other Assets | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Funded balances | $ 112,900,000 | $ 92,600,000 | |||
| Deferred Compensation Plans | Management | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Percentage of compensation contribution | 70.00% | 85.00% | |||
| Deferred Compensation Plans | Director | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Percentage of compensation contribution | 100.00% | ||||
| Exercise Options Granted Between Two Thousand Seven Through Two Thousand Seventeen Within Three Year From Date Of Termination | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Minimum required participant age and years of service | 65 years | ||||
| Employee Stock Option | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Stock exercise period, years | 10 years | ||||
| Vesting period | 3 years | ||||
| Minimum service period, years | 5 years | ||||
| Minimum required participant age with five years of service | 55 years | ||||
| Compensation cost not yet recognized | $ 19,100,000 | ||||
| Period of amortization expected to be recognized | 3 years | ||||
| Non-cash compensation expense | $ 26,300,000 | $ 25,700,000 | $ 23,300,000 | ||
| Restricted Stock Units (RSUs) [Member] | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Compensation cost not yet recognized | 10.4 | ||||
| Restricted shares, stock compensation expense | 1,300,000 | 300,000 | $ 1.9 | ||
| Stock compensation, liability | $ 3.5 | 2.2 | |||
| RSU awarded to employees | 120,080 | ||||
| Weighted average grant fair value | $ 86.2 | ||||
| Restricted Stock Units (RSUs) [Member] | Hero Acquisition [Member] | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Vesting period | 3 years | ||||
| Restricted shares, stock compensation expense | $ 29,200,000 | $ 6,000,000 | |||
| RSU awarded to employees | 854,882 | ||||
| RSU awarded total fair value | $ 61.5 | ||||
| Performance Stock Units (PSUs) [Member] | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Common stock restricted shares | 19,650 | ||||
| Weighted average grant fair value | $ 110.95 | ||||
| RSU awarded total fair value | $ 2.2 | ||||
| Performance Stock Units (PSUs) [Member] | Maximum [Member] | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Performance Stock Issued Range | 200.00% | ||||
| Performance Stock Units (PSUs) [Member] | Minimum [Member] | |||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
| Performance Stock Issued Range | 0.00% | ||||
Stock Based Compensation Plans and Other Benefit Plans - Summary of Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
$ / shares
shares
| |
| Share-Based Payment Arrangement [Abstract] | |
| Beginning Balance, Options | shares | 11.9 |
| Granted, Options | shares | 1.0 |
| Exercised, Options | shares | (2.5) |
| Cancelled, Options | shares | (0.2) |
| Ending Balance, Options | shares | 10.2 |
| Exercisable as of December 31, 2023, Options | shares | 6.4 |
| Beginning Balance, Weighted-Average Exercise Price | $ / shares | $ 62.64 |
| Granted, Weighted-Average Exercise Price | $ / shares | 83.64 |
| Exercised, Weighted-Average Exercise Price | $ / shares | 44.72 |
| Cancelled, Weighted-Average Exercise Price | $ / shares | 81.33 |
| Ending Balance, Weighted-Average Exercise Price | $ / shares | 68.77 |
| Exercisable as of December 31, 2023, Weighted-Average Exercise Price | $ / shares | $ 59.26 |
| Outstanding as of December 31, 2023, Weighted-Average Remaining Contractual Term, years | 5 years 9 months 18 days |
| Exercisable as of December 31, 2023, Weighted-Average Remaining Contractual Term, years | 4 years 3 months 18 days |
| Outstanding as of December 31, 2023, Aggregate Intrinsic Value | $ | $ 265.1 |
| Exercisable as of December 31, 2023, Aggregate Intrinsic Value | $ | $ 226.4 |
Stock Based Compensation Plans and Other Benefit Plans - Summary of Information Relating to Options Outstanding and Exercisable (Details) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Outstanding as of 12/31/2023 | 10,200,000 | |
| Weighted Average Remaining Contractual Life | 5 years 9 months 18 days | |
| Options Outstanding Weighted-Average Exercise Price | $ 68.77 | $ 62.64 |
| Exercisable as of 12/31/2023 | 6,400,000 | |
| Options Exercisable Weighted-Average Exercise Price | $ 59.26 | |
| $30.01 - $40.00 | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Range of Exercise Prices, Lower Limit | 30.01 | |
| Range of Exercise Prices, Upper Limit | 40 | |
| Outstanding as of 12/31/2023 | 200,000 | |
| Weighted Average Remaining Contractual Life | 6 months | |
| Options Outstanding Weighted-Average Exercise Price | $ 34.81 | |
| Exercisable as of 12/31/2023 | 200,000 | |
| Options Exercisable Weighted-Average Exercise Price | $ 34.81 | |
| $40.01 - $50.00 | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Range of Exercise Prices, Lower Limit | 40.01 | |
| Range of Exercise Prices, Upper Limit | 50 | |
| Outstanding as of 12/31/2023 | 1,300,000 | |
| Weighted Average Remaining Contractual Life | 2 years 1 month 6 days | |
| Options Outstanding Weighted-Average Exercise Price | $ 44.25 | |
| Exercisable as of 12/31/2023 | 1,300,000 | |
| Options Exercisable Weighted-Average Exercise Price | $ 44.25 | |
| $50.01 - $60.00 | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Range of Exercise Prices, Lower Limit | 50.01 | |
| Range of Exercise Prices, Upper Limit | 60 | |
| Outstanding as of 12/31/2023 | 2,300,000 | |
| Weighted Average Remaining Contractual Life | 4 years | |
| Options Outstanding Weighted-Average Exercise Price | $ 51.85 | |
| Exercisable as of 12/31/2023 | 2,300,000 | |
| Options Exercisable Weighted-Average Exercise Price | $ 51.85 | |
| $60.01 - $70.00 | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Range of Exercise Prices, Lower Limit | 60.01 | |
| Range of Exercise Prices, Upper Limit | 70 | |
| Outstanding as of 12/31/2023 | 0 | |
| Weighted Average Remaining Contractual Life | 0 years | |
| Options Outstanding Weighted-Average Exercise Price | $ 0 | |
| Exercisable as of 12/31/2023 | 0 | |
| Options Exercisable Weighted-Average Exercise Price | $ 0 | |
| $70.01 - $80.00 | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Range of Exercise Prices, Lower Limit | 70.01 | |
| Range of Exercise Prices, Upper Limit | $ 80 | |
| Outstanding as of 12/31/2023 | 2.5 | |
| Weighted Average Remaining Contractual Life | 6 years | |
| Options Outstanding Weighted-Average Exercise Price | $ 75.33 | |
| Exercisable as of 12/31/2023 | 2.5 | |
| Options Exercisable Weighted-Average Exercise Price | $ 75.33 | |
| $80.01 - $90.00 | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Range of Exercise Prices, Lower Limit | 80.01 | |
| Range of Exercise Prices, Upper Limit | $ 90 | |
| Outstanding as of 12/31/2023 | 3.8 | |
| Weighted Average Remaining Contractual Life | 8 years 3 months 18 days | |
| Options Outstanding Weighted-Average Exercise Price | $ 84.35 | |
| Exercisable as of 12/31/2023 | 0 | |
| Options Exercisable Weighted-Average Exercise Price | $ 0 | |
| $90.01 - $100.00 | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Range of Exercise Prices, Lower Limit | 90.01 | |
| Range of Exercise Prices, Upper Limit | $ 100 | |
| Outstanding as of 12/31/2023 | 0.1 | |
| Weighted Average Remaining Contractual Life | 8 years 1 month 6 days | |
| Options Outstanding Weighted-Average Exercise Price | $ 94.13 | |
| Exercisable as of 12/31/2023 | 0.1 | |
| Options Exercisable Weighted-Average Exercise Price | $ 90.83 | |
Stock Based Compensation Plans and Other Benefit Plans - Schedule of Share Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Intrinsic Value of Stock Options Exercised | $ 125.5 | $ 32.1 | $ 157.3 |
| Stock Compensation Expense Related to Stock Option Awards | $ 26.3 | $ 25.7 | $ 23.3 |
| Issued Stock Options | 1.0 | 1.6 | 1.5 |
| Weighted Average Fair Value of Stock Options issued (per share) | $ 24.06 | $ 21.5 | $ 17.32 |
| Fair Value of Stock Options Issued | $ 24.9 | $ 33.6 | $ 26.6 |
Stock Based Compensation Plans and Other Benefit Plans - Assumptions Used in Valuation of Issued Stock Options (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Risk-free interest rate | 4.00% | 2.90% | 1.30% |
| Expected life in years | 7 years 3 months 18 days | 7 years 1 month 6 days | 7 years 2 months 12 days |
| Expected volatility | 22.40% | 21.70% | 20.70% |
| Dividend yield | 1.30% | 1.20% | 1.20% |
Share Repurchases - Additional Information (Details) - USD ($) |
1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2023 |
Dec. 31, 2021 |
Feb. 28, 2021 |
Oct. 31, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 28, 2021 |
Aug. 31, 2021 |
Nov. 01, 2017 |
|
| Accelerated Share Repurchases [Line Items] | ||||||||||
| Stock repurchase program, authorized amount | $ 1,000,000,000 | $ 200,000,000 | $ 500,000,000 | |||||||
| Open market share repurchase amount | $ 170,300,000 | |||||||||
| Payment for share repurchase | $ 300,100,000 | $ (0) | $ 500,000,000 | |||||||
| Commercial Bank | ||||||||||
| Accelerated Share Repurchases [Line Items] | ||||||||||
| Stock repurchase program, authorized amount | 180,000,000 | 180,000,000 | ||||||||
| Accelerated share repurchases, settlement payment | $ 200,000,000 | $ 200,000,000 | ||||||||
| Accelerated share repurchases received | 1,800,000 | 200,000 | ||||||||
| Stock repurchase program remaining authorized repurchase amount | $ 658,900,000 | |||||||||
| Evergreen Program | ||||||||||
| Accelerated Share Repurchases [Line Items] | ||||||||||
| Open market share repurchase amount | $ 100,000,000 | |||||||||
| Payment for share repurchase | $ 229,300,000 | |||||||||
| Repurchase Program | ||||||||||
| Accelerated Share Repurchases [Line Items] | ||||||||||
| Accelerated share repurchases received | 2,000,000 | |||||||||
| Open market share repurchase | 3,300,000 | 1,800,000 | 1,600,000 | |||||||
| Open market share repurchase amount | $ 300,100,000 | $ 130,000,000 | ||||||||
| Payment for share repurchase | $ 70,800,000 | $ 70,300,000 | ||||||||
Components of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||||
| Beginning balance | $ (29.3) | $ (68.2) | $ (77.6) | ||
| Other comprehensive income (loss) before reclassifications | 7.6 | 59.5 | 22.1 | ||
| Amounts reclassified to consolidated statement of income | [1] | (7.3) | (2.5) | (8.2) | |
| Tax benefit (expense) | 1.8 | (18.1) | (4.5) | ||
| Other comprehensive income (loss) | 2.1 | 38.9 | 9.4 | ||
| Ending balance | (27.2) | (29.3) | (68.2) | ||
| Foreign Currency Adjustments | |||||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||||
| Beginning balance | (46.4) | (30.2) | (26.4) | ||
| Other comprehensive income (loss) before reclassifications | 8.6 | (16.2) | (3.8) | ||
| Amounts reclassified to consolidated statement of income | [1] | 0.0 | 0.0 | 0.0 | |
| Tax benefit (expense) | 0.0 | 0.0 | 0.0 | ||
| Other comprehensive income (loss) | 8.6 | (16.2) | (3.8) | ||
| Ending balance | (37.8) | (46.4) | (30.2) | ||
| Defined Benefit Plans | |||||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||||
| Beginning balance | 1.7 | (0.6) | 0.0 | ||
| Other comprehensive income (loss) before reclassifications | (3.9) | 3.1 | (0.8) | ||
| Amounts reclassified to consolidated statement of income | [1] | 0.0 | 0.0 | 0.0 | |
| Tax benefit (expense) | (1.0) | (0.8) | 0.2 | ||
| Other comprehensive income (loss) | 2.9 | 2.3 | (0.6) | ||
| Ending balance | 4.6 | 1.7 | (0.6) | ||
| Derivative Agreements | |||||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||||
| Beginning balance | 15.4 | (37.4) | (51.2) | ||
| Other comprehensive income (loss) before reclassifications | 4.9 | 72.6 | 26.7 | ||
| Amounts reclassified to consolidated statement of income | [1] | (7.3) | (2.5) | (8.2) | |
| Tax benefit (expense) | 2.8 | (17.3) | (4.7) | ||
| Other comprehensive income (loss) | (9.4) | 52.8 | 13.8 | ||
| Ending balance | $ 6.0 | $ 15.4 | $ (37.4) | ||
| |||||
Commitments, Contingencies and Guarantees - Additional Information (Details) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Oct. 13, 2022
USD ($)
|
Dec. 24, 2021
USD ($)
|
Dec. 01, 2020
USD ($)
|
Dec. 31, 2023
USD ($)
Tons
|
Dec. 31, 2021 |
|
| Commitments And Contingencies Disclosure [Line Items] | |||||
| Annual purchase commitment, in tons | Tons | 240,000 | ||||
| Commitments | $ 369.6 | ||||
| Outstanding guarantees and letters of credit | 6.1 | ||||
| Payment to be made if certain operating performance is achieved | $ 14.0 | ||||
| Additional cash payment | 8.0 | ||||
| First installment payable | 2.0 | ||||
| Zicam Acquisition | |||||
| Commitments And Contingencies Disclosure [Line Items] | |||||
| Additional cash payment | $ 20.0 | ||||
| Business acquisition, period | 5 years | ||||
| TheraBreath Acquisition | |||||
| Commitments And Contingencies Disclosure [Line Items] | |||||
| Additional cash payment | 14.0 | ||||
| Hero acquisition | |||||
| Commitments And Contingencies Disclosure [Line Items] | |||||
| Payment to be made if certain operating performance is achieved | $ 8.0 | ||||
| Additional cash payment | $ 8.0 | ||||
| Business acquisition, period | 5 years | ||||
| Maximum | TheraBreath Acquisition | |||||
| Commitments And Contingencies Disclosure [Line Items] | |||||
| Business acquisition, period | 4 years | ||||
| Minimum | TheraBreath Acquisition | |||||
| Commitments And Contingencies Disclosure [Line Items] | |||||
| Business acquisition, period | 2 years | 2 years | 2 years | ||
Related Party Transactions - Additional Information (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Armand Products Company | |||
| Related Party Transaction [Line Items] | |||
| Percentage of ownership interest | 50.00% | 50.00% | 50.00% |
| ArmaKleen Company | |||
| Related Party Transaction [Line Items] | |||
| Percentage of ownership interest | 50.00% | 50.00% | 50.00% |
Related Party Transactions - Balance and Transactions Between Company and Related Party (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Armand Products Company | |||||
| Related Party Transaction [Line Items] | |||||
| Purchases by Company | $ 14.9 | $ 13.7 | $ 12.9 | ||
| Sales By Company | 0.0 | 0.0 | 0.0 | ||
| Outstanding Accounts Receivable | 1.6 | 0.9 | 1.0 | ||
| Outstanding Accounts Payable | 0.8 | 1.0 | 1.2 | ||
| Administration & Management Oversight Services | [1] | 2.3 | 2.2 | 2.2 | |
| ArmaKleen Company | |||||
| Related Party Transaction [Line Items] | |||||
| Purchases by Company | 0.0 | 0.0 | 0.0 | ||
| Sales By Company | 1.4 | 0.9 | 1.2 | ||
| Outstanding Accounts Receivable | 1.4 | 1.1 | 0.9 | ||
| Outstanding Accounts Payable | 0.0 | 0.0 | 0.0 | ||
| Administration & Management Oversight Services | [1] | $ 2.1 | $ 2.0 | $ 2.1 | |
| |||||
Segments - Additional Information (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
Segment
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Segment Reporting Information [Line Items] | |||
| Number of reportable segments | Segment | 3 | ||
| Equity in earnings of affiliates | $ 8.7 | $ 12.3 | $ 9.4 |
| Net Sales | $ 5,867.9 | $ 5,375.6 | $ 5,190.1 |
| Geographic Concentration Risk | Sales Revenue, Goods, Net | Major Customer | |||
| Segment Reporting Information [Line Items] | |||
| Concentration risk, percentage | 5.00% | ||
| Geographic Concentration Risk | Long Lived Assets | Major Customer | |||
| Segment Reporting Information [Line Items] | |||
| Concentration risk, percentage | 5.00% | ||
| Customer Concentration Risk | Sales Revenue, Goods, Net | Major Customers Group | |||
| Segment Reporting Information [Line Items] | |||
| Concentration risk, percentage | 44.00% | 42.00% | 37.00% |
| Customer Concentration Risk | Sales Revenue, Goods, Net | Wal-Mart Stores Inc And Affiliates | |||
| Segment Reporting Information [Line Items] | |||
| Concentration risk, percentage | 23.00% | 24.00% | 24.00% |
| Customer name | Walmart Inc. and its affiliates | ||
| UNITED STATES | Geographic Concentration Risk | Sales Revenue, Goods, Net | |||
| Segment Reporting Information [Line Items] | |||
| Concentration risk, percentage | 83.00% | 83.00% | 82.00% |
| UNITED STATES | Geographic Concentration Risk | Long Lived Assets | |||
| Segment Reporting Information [Line Items] | |||
| Concentration risk, percentage | 96.00% | 97.00% | 96.00% |
| Intersegment Eliminations | |||
| Segment Reporting Information [Line Items] | |||
| Net Sales | $ 17.0 | $ 15.1 | $ 10.8 |
| Armand Products Company | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of ownership interest | 50.00% | 50.00% | 50.00% |
| ArmaKleen Company | |||
| Segment Reporting Information [Line Items] | |||
| Percentage of ownership interest | 50.00% | 50.00% | 50.00% |
| Armand Products Company and ArmaKleen Company | |||
| Segment Reporting Information [Line Items] | |||
| Equity in earnings of affiliates | $ 8.7 | $ 12.3 | $ 9.4 |
Segments - Selected Financial Information Relating To Company's Segments (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Segment Reporting Information [Line Items] | |||||
| Net Sales | $ 5,867.9 | $ 5,375.6 | $ 5,190.1 | ||
| Gross profit | 2,588.5 | 2,250.0 | 2,263.5 | ||
| Marketing Expenses | 641.3 | 535.2 | 577.7 | ||
| Selling, General and Administrative Expenses | 889.8 | 1,117.0 | 606.7 | ||
| Income from Operations | 1,057.4 | 597.8 | 1,079.1 | ||
| Equity in Earnings (Losses) of Affiliates | 8.7 | 12.3 | 9.4 | ||
| Income Before Income Taxes | 967.4 | 523.3 | 1,031.7 | ||
| Identifiable Assets | 8,569.2 | 8,345.6 | 7,996.5 | ||
| Capital Expenditures | 223.5 | 178.8 | 118.8 | ||
| Segment, Expenditure, Addition to Long-Lived Assets | 223.5 | 178.8 | 118.8 | ||
| Depreciation & Amortization | 225.2 | 219.0 | 219.1 | ||
| Operating Segments | Consumer Domestic | |||||
| Segment Reporting Information [Line Items] | |||||
| Net Sales | 4,571.2 | 4,131.0 | 3,941.9 | ||
| Gross profit | 2,137.2 | 1,794.1 | 1,795.8 | ||
| Marketing Expenses | 509.5 | 412.9 | 442.1 | ||
| Selling, General and Administrative Expenses | 698.0 | 882.1 | 445.3 | ||
| Income from Operations | 929.7 | 499.1 | 908.4 | ||
| Equity in Earnings (Losses) of Affiliates | 0.0 | 0.0 | 0.0 | ||
| Income Before Income Taxes | 842.7 | 427.3 | 861.4 | ||
| Identifiable Assets | 7,011.4 | 6,846.9 | 6,354.5 | ||
| Segment, Expenditure, Addition to Long-Lived Assets | 190.0 | 159.1 | 100.3 | ||
| Depreciation & Amortization | 182.7 | 172.1 | 170.0 | ||
| Operating Segments | Consumer International | |||||
| Segment Reporting Information [Line Items] | |||||
| Net Sales | 975.7 | 896.1 | 912.2 | ||
| Gross profit | 407.0 | 372.4 | 402.1 | ||
| Marketing Expenses | 127.7 | 117.7 | 131.1 | ||
| Selling, General and Administrative Expenses | 175.1 | 208.5 | 135.7 | ||
| Income from Operations | 104.2 | 46.2 | 135.3 | ||
| Equity in Earnings (Losses) of Affiliates | 0.0 | 0.0 | 0.0 | ||
| Income Before Income Taxes | 94.8 | 38.8 | 127.3 | ||
| Identifiable Assets | 1,106.1 | 1,060.5 | 1,192.9 | ||
| Segment, Expenditure, Addition to Long-Lived Assets | 20.4 | 10.0 | 8.4 | ||
| Depreciation & Amortization | 27.7 | 30.1 | 31.1 | ||
| Operating Segments | Specialty Products | |||||
| Segment Reporting Information [Line Items] | |||||
| Net Sales | 321.0 | 348.5 | 336.0 | ||
| Gross profit | 104.7 | 117.8 | 112.7 | ||
| Marketing Expenses | 4.1 | 4.6 | 4.5 | ||
| Selling, General and Administrative Expenses | 77.1 | 60.7 | 72.8 | ||
| Income from Operations | 23.5 | 52.5 | 35.4 | ||
| Equity in Earnings (Losses) of Affiliates | 0.0 | 0.0 | 0.0 | ||
| Income Before Income Taxes | 21.2 | 44.9 | 33.6 | ||
| Identifiable Assets | 326.8 | 332.9 | 332.7 | ||
| Segment, Expenditure, Addition to Long-Lived Assets | 13.1 | 9.7 | 10.1 | ||
| Depreciation & Amortization | 13.6 | 13.8 | 15.4 | ||
| Corporate | |||||
| Segment Reporting Information [Line Items] | |||||
| Net Sales | [1] | 0.0 | 0.0 | 0.0 | |
| Gross profit | [1] | (60.4) | (34.3) | (47.1) | |
| Marketing Expenses | [1] | 0.0 | 0.0 | 0.0 | |
| Selling, General and Administrative Expenses | [1] | (60.4) | (34.3) | (47.1) | |
| Income from Operations | [1] | 0.0 | 0.0 | 0.0 | |
| Equity in Earnings (Losses) of Affiliates | [1] | 8.7 | 12.3 | 9.4 | |
| Income Before Income Taxes | [1] | 8.7 | 12.3 | 9.4 | |
| Identifiable Assets | [1] | 124.9 | 105.3 | 116.4 | |
| Segment, Expenditure, Addition to Long-Lived Assets | [1] | 0.0 | 0.0 | 0.0 | |
| Depreciation & Amortization | [1] | $ 1.2 | $ 3.0 | $ 2.6 | |
| |||||
Selected Financial Information Relating To Company's Segments (Parenthetical) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Segment Reporting Information [Line Items] | |||||
| Selling, general and administrative expenses | $ 889.8 | $ 1,117.0 | $ 606.7 | ||
| Corporate | |||||
| Segment Reporting Information [Line Items] | |||||
| Selling, general and administrative expenses | [1] | (60.4) | (34.3) | (47.1) | |
| Corporate | Cost of Sales | |||||
| Segment Reporting Information [Line Items] | |||||
| Selling, general and administrative expenses | $ 60.4 | $ 34.3 | $ 47.1 | ||
| |||||
Product Line Revenues from External Customers (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Segment Reporting Information [Line Items] | |||
| Net Sales | $ 5,867.9 | $ 5,375.6 | $ 5,190.1 |
| Operating Segments | Consumer Domestic | |||
| Segment Reporting Information [Line Items] | |||
| Net Sales | 4,571.2 | 4,131.0 | 3,941.9 |
| Operating Segments | Consumer Domestic | Household Products | |||
| Segment Reporting Information [Line Items] | |||
| Net Sales | 2,484.1 | 2,272.0 | 2,103.0 |
| Operating Segments | Consumer Domestic | Personal Care Products | |||
| Segment Reporting Information [Line Items] | |||
| Net Sales | 2,087.1 | 1,859.0 | 1,838.9 |
| Operating Segments | Consumer International | |||
| Segment Reporting Information [Line Items] | |||
| Net Sales | 975.7 | 896.1 | 912.2 |
| Operating Segments | Specialty Products | |||
| Segment Reporting Information [Line Items] | |||
| Net Sales | $ 321.0 | $ 348.5 | $ 336.0 |
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Allowance for Doubtful Accounts | |||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
| Beginning Balance | $ 3.5 | $ 5.5 | $ 3.7 |
| Additions, Charged to Expenses | 4.0 | 0.4 | 0.6 |
| Additions, Acquired | 0.0 | 0.0 | 1.9 |
| Deductions, Amounts Written Off | (0.2) | (2.4) | (0.7) |
| Foreign Exchange | 0.0 | 0.0 | 0.0 |
| Ending Balance | 7.3 | 3.5 | 5.5 |
| Allowance for Cash Discounts | |||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
| Beginning Balance | 6.6 | 5.9 | 6.0 |
| Additions, Charged to Expenses | 115.1 | 106.0 | 98.4 |
| Additions, Acquired | 0.0 | 0.0 | 0.0 |
| Deductions, Amounts Written Off | (112.7) | (105.2) | (98.5) |
| Foreign Exchange | (0.1) | (0.1) | 0.0 |
| Ending Balance | 8.9 | 6.6 | 5.9 |
| Sales Returns and Allowances | |||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
| Beginning Balance | 34.8 | 32.4 | 24.5 |
| Additions, Charged to Expenses | 128.9 | 128.5 | 129.4 |
| Additions, Acquired | 0.0 | 0.0 | 0.0 |
| Deductions, Amounts Written Off | (128.7) | (126.0) | (121.5) |
| Foreign Exchange | 0.0 | (0.1) | 0.0 |
| Ending Balance | 35.0 | 34.8 | 32.4 |
| Inventory Reserves | |||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
| Beginning Balance | 46.0 | 36.2 | 17.8 |
| Additions, Charged to Expenses | 40.5 | 48.1 | 40.5 |
| Additions, Acquired | 0.0 | 0.0 | 0.4 |
| Deductions, Amounts Written Off | (34.5) | (37.7) | (22.3) |
| Foreign Exchange | 0.5 | (0.6) | (0.2) |
| Ending Balance | $ 52.5 | $ 46.0 | $ 36.2 |