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  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
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  "pageNumber": 72,
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  "nextPage": 73,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses a before-and-after comparison of financial statements to highlight accounting manipulation.",
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      "kind": "callout",
      "text": "Warning: Although CHD runs its equity income through the income statement below the line as non-operating, and claims not to control it, but in 2005, started attributing more of its cash from operations as coming from these entities. So then why isn't it consolidated?",
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      "kind": "callout",
      "text": "Warning: Although CHD runs its equity income through the income statement below the line as non-operating, and claims not to control it, but in 2005, started attributing more of its cash from operations as coming from these entities. So then why isn’t it consolidated?",
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      "text": "Cash Flow From Operating Activities",
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      "text": "Source: 2005 10-K",
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      "text": "Source: 2004 10-K",
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      "text": "Post 2005: Moving Excess Distributions Into Operating Cash Flow",
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      "text": "Pre 2004: Conservative Running JV Distributions Through Investing Section",
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      "kind": "title",
      "text": "Changing Presentation To Inflate Cash Flow",
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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.",
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