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  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-09-05 00:00:00",
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  "notes": "Includes a table comparing reported vs. adjusted EPS and a secondary table showing bonus performance metrics.",
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      "text": "Shareholders should be appalled that management (enabled by a sleepy Compensation Committee) are reaping bonuses for a failed deal and an accounting change.",
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      "text": "Excerpt from 10-K regarding Agro acquisition",
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      "text": "Diluted EPS: $2.29",
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      "text": "A more egregious example of management gaming its bonus targets to reap excess compensation is its calculation of Diluted EPS. CHD's acquisition of Agro BioScience started to underperform, and it reversed the earnout liability downward, which boosted earnings by $7.5m. Shareholders should be appalled that management (enabled by a sleepy Compensation Committee) are reaping bonuses for a failed deal and an accounting change.",
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      "text": "Source: 2018 Proxy Statement, p. 46",
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      "text": "Source: 2018 10-K, p. 64",
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      "text": "Comparison of Reported vs Adjusted EPS",
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      "text": "Gaming The Bonus Targets (Example: Diluted EPS)",
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