{
  "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": 68,
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  "slideType": "expose_contradiction",
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  "notes": "Uses red arrows and a warning callout to highlight the change in disclosure between 1995 and 2005 filings.",
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  "components": [
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      "kind": "callout",
      "text": "Warning: Armand Products Company is not even its legal name! The real legal name is C&D Chemical Products, Inc. C&D = Church & Dwight. This appears to be more evidence that CHD controls Armand Products as a named subsidiary. Notice that by 2005, CHD changed its subsidiary disclosure to hide that the subsidiary is D/B/A “Doing Business As” Armand Products Co. Post 2010, CHD completely eliminated disclosure of the Delaware entity and it was liquidated.(1) Armand Products still exists, so what legal entity is being used to run it?",
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      "kind": "callout",
      "text": "Warning: Armand Products Company is not even its legal name! The real legal name is C&D Chemical Products, Inc. C&D = Church & Dwight. This appears to be more evidence that CHD controls Armand Products as a named subsidiary.",
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      "subkind": null,
      "toolName": "Visual emphasis",
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      "kind": "image",
      "text": "Excerpts from 1995 and 2004 10-K filings showing subsidiary lists.",
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      "kind": "source-note",
      "text": "Source: CHD 1995 10-K; Source: CHD 2004 10-K, filed 2005; (1) Subsidiary list Ex. 21 to the 2010 10-K and the 2011 10-K",
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      "kind": "title",
      "text": "CHD Obscuring The JV's Business Entity And Fails To Now Disclose Its Existence",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The overall thesis implies that failing to act on Spruce Point's analysis could lead to significant financial losses for investors holding onto CHD stock.",
      "position": 2,
      "objective": "The cost of not selling CHD",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
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