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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

 

img29534850_0.jpg

FORM 11-K

_____________________________

(Mark One)

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

OR

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

For the transition period from __________ to __________

Commission File Number 1-10585

____________________________

 

A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:

CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN

FOR SALARIED EMPLOYEES

 

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

CHURCH & DWIGHT CO., INC.

500 CHARLES EWING BOULEVARD

EWING TOWNSHIP, NEW JERSEY 08628

 

 

 

 


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

 

Table of Contents

 

Page

Financial Statements and Supplemental Schedule:

 

Report of Independent Registered Public Accounting Firm

2

Financial Statements:

 

Statements of Net Assets Available for Benefits December 31, 2024 and 2023

3

Statements of Changes in Net Assets Available for Benefits Years Ended December 31, 2024 and 2023

4

Notes to Financial Statements

5

Supplemental Schedule:

 

Schedule of Assets (Held at End of Year) (Schedule H, Line 4i) December 31, 2024

12

 

 

All other schedules are omitted since they are not applicable or are not required based on the disclosure requirements of the Employee Retirement Income Security Act of 1974 and applicable regulations issued by the Department of Labor.

 

 

Exhibit:

 

23.1 Consent of Independent Registered Public Accounting Firm

 

 

1


 

Report of Independent Registered Public Accounting Firm

To the Retirement and Wealth Accumulation Benefits Committee, Plan Administrator and Participants of Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Salaried Employees

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Salaried Employees (the "Plan") as of December 31, 2024 and 2023, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for purposes of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

We are uncertain as to the year we began serving consecutively as the auditor of the Plan’s financial statements; however, we are aware that we have been the Plan’s auditor consecutively since at least 2003.

 

/s/ CohnReznick LLP

Parsippany, New Jersey

June 18, 2025

 

2


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

 

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2024 AND 2023

 

 

ASSETS

2024

 

 

2023

 

Investments, at fair value

$

763,742,143

 

 

$

651,612,205

 

Plan's interest in the Church & Dwight Co., Inc. Master Trust for Salaried
   and Hourly 401(k) Plans

 

187,674,236

 

 

 

185,258,434

 

Total investments

 

951,416,379

 

 

 

836,870,639

 

Receivables:

 

 

 

 

 

Notes receivable from participants

 

3,696,579

 

 

 

3,104,091

 

Employer contributions

 

20,674,662

 

 

 

19,709,511

 

Totals

 

24,371,241

 

 

 

22,813,602

 

Net assets available for benefits

$

975,787,620

 

 

$

859,684,241

 

 

 

See Notes to Financial Statements.

 

3


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

 

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

YEARS ENDED DECEMBER 31, 2024 AND 2023

 

 

2024

 

 

2023

 

Additions to net assets attributable to:

 

 

 

 

 

Investment income:

 

 

 

 

 

Net appreciation in fair value of investments

$

82,438,594

 

 

$

91,723,911

 

Plan’s interest in the Church & Dwight Co., Inc. Master Trust
    for Salaried and Hourly 401(k) Plans investment and dividend income

 

21,995,772

 

 

 

30,386,363

 

Dividend and interest income

 

15,485,786

 

 

 

10,163,195

 

Totals

 

119,920,152

 

 

 

132,273,469

 

Contributions:

 

 

 

 

 

Employee

 

31,317,018

 

 

 

25,106,777

 

Employer

 

33,349,421

 

 

 

30,630,562

 

Totals

 

64,666,439

 

 

 

55,737,339

 

Interest income on notes receivable from participants

 

255,304

 

 

 

178,056

 

Other additions

 

129,552

 

 

 

243,130

 

Totals

 

384,856

 

 

 

421,186

 

Total additions

 

184,971,447

 

 

 

188,431,994

 

Deductions from net assets attributable to:

 

 

 

 

 

Distributions to participants

 

69,736,729

 

 

 

59,916,553

 

Administrative expenses

 

401,316

 

 

 

356,708

 

Total deductions

 

70,138,045

 

 

 

60,273,261

 

Net increase in Plan assets before transfers

 

114,833,402

 

 

 

128,158,733

 

Transfers from other plans, net

 

1,269,977

 

 

 

2,189,565

 

Net increase in Plan assets after transfers

 

116,103,379

 

 

 

130,348,298

 

Net assets available for benefits:

 

 

 

 

 

Beginning of year

 

859,684,241

 

 

 

729,335,943

 

End of year

$

975,787,620

 

 

$

859,684,241

 

 

 

See Notes to Financial Statements.

4


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

NOTES TO FINANCIAL STATEMENTS

Note 1 - Description of Plan:

The following description of the Church & Dwight Co., Inc. (the "Company") Savings and Profit Sharing Plan for Salaried Employees (the "Plan") provides only general information. Participants should refer to the Summary Plan Description ("SPD") for a more complete description of the Plan's provisions.

General:

The Plan is qualified under Internal Revenue Code Section 401(k) and provides for a savings element, including employee contributions, employer matching contributions as well as a profit sharing element, including employer profit sharing contributions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

All United States salaried employees of the Company are eligible for participation in the Plan.

The portion of the Plan derived from account balances invested in Company stock and all contributions (including pre-tax, Roth 401(k), post-tax, Company match, and profit sharing) made after April 30, 2003 are considered and designated as an Employee Stock Ownership Plan (“ESOP”) component. The principal purpose of the ESOP is to provide participants and beneficiaries an ownership interest in the Company.

Effective August 1, 2024, the Plan was amended to increase the cash-out limit from $5,000 to $7,000 and increase the maximum automatic escalator percentage to 15%, in accordance with the SECURE 2.0 Act of 2022.

On December 4, 2024, the Plan was amended in accordance with the SECURE 2.0 Act of 2022 to allow participants ages 60 through 63, as of the end of the plan year, to make enhanced catch-up contributions. This amendment is effective for plan years beginning on or after January 1, 2025.

Administrative expenses:

Administrative costs are paid by the Company and by the Plan.

Contributions:

Participant contributions are matched by the Company up to 5% of eligible compensation at the rate of $1.00 for each $1.00 of participant contributions. An automatic escalation feature will increase participants’ pre-tax contributions one percentage point each year up to a maximum of 10% of eligible compensation, increased to 15% as of August 1, 2024. Participants may opt out of escalation at any time.

Total participant contributions cannot exceed 70% of eligible compensation. Highly compensated employees are subject to separate limits. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions but there is no Company match on catch-up contributions.

All new hires become automatically enrolled in the Plan, whereby 3% pre-tax contributions would be deducted if no action is taken after 60 days of employment and will be invested in the target date retirement fund nearest the participant’s 65th birthday. Employees have the choice to decline automatic enrollment.

Company matching contributions are directed to the fund allocation selected by the participant. However, if no allocation is on file, the contribution is made to the target date retirement fund nearest the participant’s 65th birthday. Participants specify which investment funds, in increments of 1%, that their contributions are invested in, provided that not more than 20% of such contributions are contributed to the Company stock fund.

Each year, the Company shall make a profit sharing contribution to the fund in such amount as the Company’s Board of Directors in its discretion deems appropriate to Plan participants eligible as of December 31. The minimum contribution shall be 3% of eligible compensation, with the first 1% of eligible compensation invested in the Company stock fund.

A participant will specify in which investment fund, in increments of 1%, that the Company’s profit sharing contributions to their account will be invested. However, if no allocation is on file, the contribution is made to the target date retirement fund nearest the participant’s 65th birthday.

A participant may make a rollover contribution to the Plan at any time. Rollover contributions are assets transferred to the Plan from a qualified retirement plan or a conduit individual retirement account in which employees participated prior to their employment by the Company. The Plan only accepts rollover contributions from a traditional conduit

5


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

NOTES TO FINANCIAL STATEMENTS—(Continued)

 

IRA. For the years ended December 31, 2024 and 2023, employee contributions included $6,273,577 and $3,228,022 of rollovers, respectively.

Participant accounts:

Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s contributions and (b) Plan earnings. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Vesting:

Participants are fully vested at all times in the value of their pre-tax, post-tax, Roth 401(k), rollover contributions and earnings thereon. Effective August 1, 2007, Company matching and profit sharing contributions for employees hired after that date vest in the same time frame as shown below:

 

 

Vested

Service

 

Percentage

Less than 2 years

 

 

0

 

%

2 years but less than 3 years

 

 

25

 

 

3 years but less than 4 years

 

 

50

 

 

4 years but less than 5 years

 

 

75

 

 

5 years or more

 

 

100

 

 

Upon termination of employment for any reason, other than death, a participant shall be entitled to a benefit equal to the vested portion, if any, of the participant’s profit sharing account and Company matching contributions.

A participant shall be 100% vested in the participant’s profit sharing account and Company matching contributions upon the attainment of normal retirement age (age 65) or death.

Notes receivable from participants:

A participant may request a loan to be made from the value of the vested portion of the participant’s account for a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance.

Loans are secured by an equivalent lien on the participant’s non-forfeitable interest in the Plan and bear interest at prime plus 1% at the date of the loan. Principal and interest are paid through payroll deductions. Funds in an employee’s profit sharing account are not available for loans.

Distributions:

Distributions may be taken as a lump sum, cash payment, installment payments or as a rollover contribution to a qualified plan or individual retirement account. Terminated employees with a balance of over $5,000 also have an option to defer payment until age 73.

Forfeitures:

Forfeitures of non-vested Company matching and profit sharing contributions are used to reduce future Company contributions. Company matching and profit sharing contributions were reduced by $1,936,362 and $1,389,729 for such forfeitures during the years ended December 31, 2024 and 2023, respectively. The amount in the forfeitures account was $2,011,908 and $1,492,831 as of December 31, 2024 and 2023, respectively.

Participation in the Master Trust:

Certain of the Plan’s investment assets are in the Church & Dwight Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans (“Master Trust”) which is held in a trust account at Vanguard Fiduciary Trust Company (the “Trustee”). Each participating retirement plan has a divided interest in the Master Trust established by the Company and administered by the Trustee. The Master Trust permits the commingling of the Plan’s assets with the assets of the Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Hourly Employees for investment and administrative purposes. Although the assets of both plans are commingled in the Master Trust, the Trustee maintains records for the

6


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

NOTES TO FINANCIAL STATEMENTS—(Continued)

 

purposes of allocating the net investment income or loss to the plans. The allocation is based on the relationship of the assets of each plan to the total of the assets in the Master Trust.

Note 2 - Summary of significant accounting policies:

Basis of presentation:

The accompanying financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Use of estimates:

The preparation of financial statements in conformity with U.S. GAAP requires Plan management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates and assumptions.

Investment valuation and income recognition:

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan’s Retirement and Wealth Accumulation Benefits Committee determines the Plan’s valuation policies utilizing information provided by the investment advisors and the Trustee.

Investments in mutual funds are carried at fair value as determined by the Trustee, based upon quoted market prices. The investment in Company common stock is valued at the closing price as quoted by a national exchange. In accordance with this policy, the net gain for each year is reflected in the statements of changes in net assets available for benefits. The Plan’s interest in the collective trust at year-end is valued based on information reported by the investment advisor using the audited financial statements of the collective trust at year-end.

Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded as earned on an accrual basis. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Notes receivable from participants:

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Delinquent notes receivable from participants are reclassified as distributions based upon the terms of the Plan document.

Payment of benefits:

Benefits are recorded when paid.

Contributions:

Contributions from Plan participants and the matching contributions from the Company are recorded in the year in which the employee contributions are withheld from compensation.

New accounting pronouncement:

There have been no accounting pronouncements issued but not yet adopted which are expected to have a material impact on the Plan’s financial statements.

7


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

NOTES TO FINANCIAL STATEMENTS—(Continued)

 

Note 3 - Related party transactions:

The Trustee is provided with the direction to invest, sell, dispose of or otherwise deal with such assets held in trust based on the most recent agreement effective October 1, 2008 with the Company. Certain Plan investments are in shares of mutual funds and a collective trust managed by the Trustee and, therefore, these transactions qualify as party-in-interest transactions. The Company is also a party-in-interest to the Plan under the definition provided in Section 3(14) of ERISA. Therefore, the Company’s common stock transactions qualify as party-in-interest transactions.

As of December 31, 2024, the Plan held 1,792,324 shares in the Company’s common stock, with a total fair value of $187,674,236. As of December 31, 2023, the Plan held 1,959,163 shares in the Company’s common stock, with a total fair value of $185,258,434.

For the years ended December 31, 2024 and 2023, the Plan did not purchase or sell any of the Company’s common stock.

Note 4 - Plan termination:

The Company intends to continue the Plan indefinitely, but reserves the right to terminate it at any time, subject to the provisions of ERISA. Upon termination of the Plan or upon complete discontinuance of contributions, all participants will become fully vested in their account balances under the Plan.

Note 5 - Tax status:

The Internal Revenue Service (the “IRS”) has determined and informed the Company by letter dated January 18, 2017 that the Plan is qualified and the trust established under the Plan is tax-exempt, under the appropriate sections of the Internal Revenue Code (the “Code”). The Plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of the financial statement date.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has concluded that the Plan has taken no uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Note 6 - Risks and uncertainties:

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

8


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

NOTES TO FINANCIAL STATEMENTS—(Continued)

 

Note 7 - Fair value measurements:

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820 are described as follows:

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2: Inputs to the valuation methodology include:

quoted prices for similar assets or liabilities in active markets;
quoted prices for identical or similar assets or liabilities in inactive markets;
inputs other than quoted prices that are observable for the asset or liability; and
inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024 and 2023.

Common stocks: Valued at the closing price reported on the active market on which the individual securities are traded.

Mutual funds and money market funds: Valued at the daily closing price as reported by the fund. Mutual funds and money market funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds and money market funds held by the Plan are deemed to be actively traded.

Collective trust fund: Valued at the NAV of units of a bank collective trust. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

9


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

NOTES TO FINANCIAL STATEMENTS—(Continued)

 

The following tables set forth a summary of the Plan’s investments with a reported NAV at December 31, 2024 and 2023:

 

 

 

Fair Value Estimated Using Net Asset Value per Share December 31, 2024

Investment

 

Fair Value

 

 

Unfunded Commitment

 

Redemption Frequency

 

Other
Redemption
Restrictions

 

Redemption
Notice
Period

MFS Mid Cap Growth Fund

 

$

21,637,803

 

 

None

 

Immediate

 

None

 

None

Vanguard Retirement Savings Trust III

 

$

49,644,388

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2020 Trust II

 

$

15,805,926

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2025 Trust II

 

$

35,099,380

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2030 Trust II

 

$

34,175,564

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2035 Trust II

 

$

57,344,525

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2040 Trust II

 

$

44,770,353

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2045 Trust II

 

$

50,445,484

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2050 Trust II

 

$

44,423,475

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2055 Trust II

 

$

30,254,697

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2060 Trust II

 

$

15,743,635

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2065 Trust II

 

$

3,629,313

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2070 Trust II

 

$

143,546

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement Income Trust II

 

$

7,847,514

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement Income And Growth Trust II

 

$

143,899

 

 

None

 

Immediate

 

None

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Estimated Using Net Asset Value per Share December 31, 2023

Investment

 

Fair Value

 

 

Unfunded Commitment

 

Redemption Frequency

 

Other
Redemption
Restrictions

 

Redemption
Notice
Period

MFS Mid Cap Growth Fund

 

$

19,582,794

 

 

None

 

Immediate

 

None

 

None

Vanguard Retirement Savings Trust III

 

$

54,652,630

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2020 Trust II

 

$

22,660,506

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2025 Trust II

 

$

32,609,800

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2030 Trust II

 

$

29,953,082

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2035 Trust II

 

$

49,123,646

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2040 Trust II

 

$

37,042,262

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2045 Trust II

 

$

39,813,719

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2050 Trust II

 

$

34,247,428

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2055 Trust II

 

$

22,133,856

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2060 Trust II

 

$

9,986,935

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2065 Trust II

 

$

1,875,730

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement 2070 Trust II

 

$

8,021

 

 

None

 

Immediate

 

None

 

None

Vanguard Target Retirement Income Trust II

 

$

6,380,547

 

 

None

 

Immediate

 

None

 

None

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2024 and 2023. The following tables do not include the Plan’s interest in the Church & Dwight Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans because that information is presented in a separate disclosure (see Note 8).

2024

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Mutual funds

$

350,083,902

 

 

$

-

 

 

$

-

 

 

$

350,083,902

 

Money market fund

 

2,548,739

 

 

 

-

 

 

 

-

 

 

 

2,548,739

 

Total assets in the fair value hierarchy

 

352,632,641

 

 

 

-

 

 

 

-

 

 

 

352,632,641

 

Investments measured at net asset value(a)

 

-

 

 

 

-

 

 

 

-

 

 

 

411,109,502

 

Total assets excluding Plan's interest in the Church & Dwight
     Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans

$

352,632,641

 

 

$

-

 

 

$

-

 

 

$

763,742,143

 

 

10


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

NOTES TO FINANCIAL STATEMENTS—(Continued)

 

2023

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Mutual funds

$

289,429,902

 

 

$

-

 

 

$

-

 

 

$

289,429,902

 

Money market fund

 

2,111,347

 

 

 

-

 

 

 

-

 

 

 

2,111,347

 

Total assets in the fair value hierarchy

 

291,541,249

 

 

 

-

 

 

 

-

 

 

 

291,541,249

 

Investments measured at net asset value(a)

 

-

 

 

 

-

 

 

 

-

 

 

 

360,070,956

 

Total assets excluding Plan's interest in the Church & Dwight
     Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans

$

291,541,249

 

 

$

-

 

 

$

-

 

 

$

651,612,205

 

 

(a)
In accordance with FASB ASC 820, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

Note 8 - Interest in Master Trust:

The Plan’s investment in Church & Dwight Co., Inc. common stock is held by the Trustee in a Master Trust. The Master Trust also holds the investment in Church & Dwight Co., Inc. common stock of the Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Hourly Employees.

The following table summarizes investment balances for the Plan's interest in the Master Trust, as well as total investments in the Master Trust as of December 31, 2024 and 2023:

 

 

Total Master Trust Assets

 

 

Plan's Interest in Master Trust

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Investments, at fair value:

 

 

 

 

 

 

 

 

 

 

 

Church & Dwight Company Stock Fund

$

242,137,926

 

 

$

240,417,477

 

 

$

187,674,236

 

 

$

185,258,434

 

Total investments

$

242,137,926

 

 

$

240,417,477

 

 

$

187,674,236

 

 

$

185,258,434

 

 

The following are the changes in net assets for the Master Trust for the years ended December 31, 2024 and 2023:

 

2024

 

 

2023

 

Net appreciation in fair value of investments

$

25,640,693

 

 

$

37,379,074

 

Interest and dividends

 

2,778,547

 

 

 

2,839,776

 

Net investment income

 

28,419,240

 

 

 

40,218,850

 

Net transfers

 

(26,698,791

)

 

 

(18,502,189

)

Increase in net assets

 

1,720,449

 

 

 

21,716,661

 

Net assets:

 

 

 

 

 

Beginning of year

 

240,417,477

 

 

 

218,700,816

 

End of year

$

242,137,926

 

 

$

240,417,477

 

Net assets, investment income and gains or losses are allocated to the plans based on shares held by each plan’s participants. Investments in Church & Dwight Co., Inc. common stock are carried at fair value (Level 1) as described in Note 7.

Note 9 - Subsequent events:

The Plan has evaluated subsequent events through June 18, 2025, which is the date the financial statements were issued, and has determined that no significant events occurred after December 31, 2024 that would have a material impact on its financial statements.

 

11


CHURCH & DWIGHT CO., INC.

SAVINGS AND PROFIT SHARING PLAN FOR

SALARIED EMPLOYEES

EIN #13-4996950

Plan #008

 

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

(Schedule H, Line 4i)

DECEMBER 31, 2024

 

 

Investment

 

 

 

 

Current

 

Identity of Issue, Borrower, Lessor or Similar Party

Description

 

Cost

 

 

Value

 

  American Funds EuroPacific Growth Fund R6

Mutual Fund

 

$

14,901,386

 

 

$

14,873,537

 

  JP Morgan Lg Cap Gr

Mutual Fund

 

 

69,497,676

 

 

 

94,624,152

 

  John Hancock Disciplined Value Mid Cap Fund

Mutual Fund

 

 

17,611,272

 

 

 

15,705,593

 

  PIMCO Total Return Institutional Fund

Mutual Fund

 

 

21,646,992

 

 

 

18,541,857

 

  T. Rowe Price Small Cap Value I Class Fund

Mutual Fund

 

 

14,092,350

 

 

 

15,775,371

 

*Vanguard Equity Income Fund

Mutual Fund

 

 

21,045,427

 

 

 

21,716,105

 

*Vanguard Extended Market Index Institutional Fund

Mutual Fund

 

 

14,036,220

 

 

 

20,926,908

 

*Vanguard Federal Money Market

Money Market

 

 

2,548,739

 

 

 

2,548,739

 

*Vanguard Institutional Index Fund

Mutual Fund

 

 

60,521,677

 

 

 

97,237,445

 

*Vanguard Total Bond Market Index Institutional Fund

Mutual Fund

 

 

18,398,459

 

 

 

16,974,061

 

*Vanguard Total International Stock Index Fund

Mutual Fund

 

 

9,040,994

 

 

 

9,463,459

 

*Vanguard Wellington Fund

Mutual Fund

 

 

23,628,809

 

 

 

24,245,414

 

  MFS Mid Cap Growth Fund

Collective Trust

 

 

17,392,634

 

 

 

21,637,803

 

*Vanguard Retirement Savings Trust III

Collective Trust

 

 

49,644,388

 

 

 

49,644,388

 

*Vanguard Target Retirement 2020 Trust II

Collective Trust

 

 

14,842,888

 

 

 

15,805,926

 

*Vanguard Target Retirement 2025 Trust II

Collective Trust

 

 

32,178,697

 

 

 

35,099,380

 

*Vanguard Target Retirement 2030 Trust II

Collective Trust

 

 

30,685,716

 

 

 

34,175,564

 

*Vanguard Target Retirement 2035 Trust II

Collective Trust

 

 

50,698,366

 

 

 

57,344,525

 

*Vanguard Target Retirement 2040 Trust II

Collective Trust

 

 

39,024,344

 

 

 

44,770,353

 

*Vanguard Target Retirement 2045 Trust II

Collective Trust

 

 

43,380,383

 

 

 

50,445,484

 

*Vanguard Target Retirement 2050 Trust II

Collective Trust

 

 

37,595,037

 

 

 

44,423,475

 

*Vanguard Target Retirement 2055 Trust II

Collective Trust

 

 

25,592,106

 

 

 

30,254,697

 

*Vanguard Target Retirement 2060 Trust II

Collective Trust

 

 

13,525,589

 

 

 

15,743,635

 

*Vanguard Target Retirement 2065 Trust II

Collective Trust

 

 

3,169,125

 

 

 

3,629,313

 

*Vanguard Target Retirement 2070 Trust II

Collective Trust

 

 

141,580

 

 

 

143,546

 

*Vanguard Target Retirement Income Trust II

Collective Trust

 

 

7,364,668

 

 

 

7,847,514

 

*Vanguard Tgt Ret Inc Gr Tr II

Collective Trust

 

 

144,319

 

 

 

143,899

 

*Participant loans
  (various maturity dates with interest rates ranging from 4.25% to 9.5%)

Loan

 

 

-

 

 

 

3,696,579

 

Totals

 

 

$

652,349,841

 

 

$

767,438,722

 

 

*Party-in-interest

See Report of Independent Registered Public Accounting Firm.

 

12


 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees (or other persons who administer the plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

                          Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Salaried Employees

 

 

 

 

Date: June 18, 2025

By:

/s/ Daniel Melski

 

Name:

Daniel Melski

 

Title:

Vice President, Finance & Treasurer

 

 

13



ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-23.1