{
  "docId": "019dd923-622c-750b-8b98-c3e7825e1948",
  "docSlug": "8b6a62f49fba",
  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 66,
  "pageCount": 92,
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  "slideType": "comparison_table",
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  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The table contrasts 'Aggressive Current Accounting' with 'Correct Accounting' across five financial categories.",
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      "kind": "callout",
      "text": "In Spruce Point's opinion, CHD's current equity method accounting for its Armand Products business is highly aggressive, if not outright flawed, and allows it to avoid full consolidation of an entity it largely controls.",
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      "text": "EBITDA: $13 - $27m",
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      "kind": "paragraph",
      "text": "In Spruce Point's opinion, CHD's current equity method accounting for its Armand Products business is highly aggressive, if not outright flawed, and allows it to avoid full consolidation of an entity it largely controls.",
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      "kind": "source-note",
      "text": "1) CHD collects both a $2.1 and $2.6m fee from ArmaKleen and Armand Products, respectively. We assume a 15% EBITDA margin on non-related party Armand sales",
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      "text": "Comparison table of accounting methods and financial impacts",
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      "kind": "title",
      "text": "Equity Method vs. Consolidation",
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