Company: CHD
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000950170-25-019801
Chunk: 95

Company: CHURCH & DWIGHT CO INC /DE/
Filing Date: 2025-02-13
Form: 10-K
Item: Item 1B
Chunk 95
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, increased one day from the prior year.  The change in cash conversion cycle is due to an increase in DSO primarily from a reduction in our accounts receivable factoring program in response to higher interest rates, partially offset with a decrease in DIO mainly from a reduction in inventory related to our discretionary brands and an increase in DPO primarily from agreeing to extended payment terms with some vendors.  We continue to focus on reducing our working capital requirements.

Net Cash Used in Investing Activities – Net cash used in investing activities during 2024 was $183.3, primarily reflecting property, plant and equipment additions of $179.8 and $19.9 for the Graphico Acquisition, partially offset by $14.0 of proceeds from the sale of assets (including the ArmaKleen joint venture).  Net cash used in investing activities during 2023 was $234.3, primarily reflecting property, plant and equipment additions of $223.5.

Net Cash Used in Financing Activities – Net cash used in financing activities during the twelve months of 2024 was $343.4 reflecting $208.2 of net debt payments and $277.0 of cash dividend payments, partially offset by $142.9 of proceeds from stock option exercises.  Net cash used in financing activities during the twelve months of 2023 was $725.6, reflecting $300.1 of treasury stock purchases, $266.5 of cash dividend payments and $270.6 of net debt repayments, partially offset by $111.7 of proceeds from stock option exercises.

49

CHURCH & DWIGHT CO., INC AND SUBSIDIARIES(Dollars in millions, except share and per share data) 

OTHER ITEMS 

Market risk 

Concentration of Risk

A group of four customers accounted for approximately 43% and 44% of consolidated net sales in 2024 and 2023, respectively.  A group of four customers accounted for approximately 42% of consolidated net sales in 2022, of which a single customer (Walmart Inc. and its affiliates) accounted for approximately 23%, 23% and 24% in 2024, 2023 and 2022, respectively.  

Interest Rate Risk

We had outstanding total debt at December 31, 2024, of $2,204.6, net of debt issuance costs, all of which has a fixed weighted average interest rate of 4.1%.  From time to time the Company will enter into interest