chd-11k_20181231.htm

To the Retirement and Administrative Committee and Plan Administrator of Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Salaried Employees

We have audited the accompanying statements of net assets available for benefits of the Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Salaried Employees (the "Plan") as of December 31, 2018 and 2017, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes to the financial statements. In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

The schedule of assets (held at end of year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan's 2018 financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

We are uncertain as to the year we began serving consecutively as the auditor of the Plan’s financial statements; however, we are aware that we have been the Plan’s auditor consecutively since at least 2003.

ASSETS	2018		2017
Investments, at fair value	$	402,908,525	$	408,035,906
Plan's interest in the Church & Dwight Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans		191,178,413		165,066,358
Total investments		594,086,938		573,102,264
Receivables:
Notes receivable from participants		2,681,807		2,538,738
Employer contributions		11,007,794		7,561,473
Participant contributions		-		339,011
Totals		13,689,601		10,439,222
Net assets available for benefits	$	607,776,539	$	583,541,486

	2018			2017
Additions to net assets attributable to:
Investment income:
Net (depreciation) appreciation in fair value of investments	$	(41,436,939	)	$	44,262,848
Plan’s interest in the Church & Dwight Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans investment and dividend income		49,415,768			23,818,960
Dividend and interest income		19,679,607			14,147,871
Totals		27,658,436			82,229,679
Contributions:
Employee		19,282,014			26,707,887
Employer		18,538,756			14,136,252
Totals		37,820,770			40,844,139
Interest income on notes receivable from participants		129,137			95,026
Other additions		197,078			237,719
Totals		326,215			332,745
Total additions		65,805,421			123,406,563
Deductions from net assets attributable to:
Distributions to participants		40,169,044			34,679,508
Other deductions		169,968			186,305
Total deductions		40,339,012			34,865,813
Net increase in Plan assets before transfers		25,466,409			88,540,750
Transfers (to) from other plans, net		(1,231,356	)		271,997
Net increase in Plan assets after transfers		24,235,053			88,812,747
Net assets available for benefits:
Beginning of year		583,541,486			494,728,739
End of year	$	607,776,539		$	583,541,486

The following description of the Church & Dwight Co., Inc. (the "Company") Savings and Profit Sharing Plan for Salaried Employees (the "Plan") provides only general information. Participants should refer to the Summary Plan Description (SPD) for a more complete description of the Plan's provisions.

The Plan is qualified under Internal Revenue Code Section 401(k) and provides for a savings element, including employee contributions, employer matching contributions as well as a profit sharing element, including employer profit sharing contributions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

All salaried employees of the Company are eligible for participation in the Plan.

The portion of the Plan derived from account balances invested in Company stock and all contributions (including pre-tax, Roth 401(k), post-tax, Company match, and profit sharing) made after April 30, 2003 are considered and designated as an Employee Stock Ownership Plan (“ESOP”) component. The principal purpose of the ESOP is to provide participants and beneficiaries an ownership interest in the Company.

On January 17, 2017, the Company acquired the Viviscal business (the “Viviscal Acquisition”). In connection with the Viviscal Acquisition, Viviscal employees were eligible to participate in the Plan for 2017, but prior service was not recognized and employees were treated as new hires.

On May 1, 2017, the Company acquired Agro Biosciences, Inc (“Agro”). The Plan was amended on June 12, 2017 so that each regular Agro employee is eligible to participate in the Plan for 2017 and receive credit for pre-acquisition service to the same extent that they would have been credited had they been employed by the Company prior to the date of acquisition. The June 12, 2017 amendment additionally modified the Plan to include commissions as part of eligible compensation effective May 1, 2017.

On August 7, 2017, the Company acquired Pik Holdings, Inc. (“Waterpik”). The Plan was amended on November 17, 2017 so that each regular Waterpik employee became eligible for employee and employer matching contributions as of the date of acquisition, and starting January 1, 2018, were eligible to receive profit sharing contributions. The amendment also provided that each employee would receive credit for pre-acquisition service to the same extent that they would have been credited had they been employed by the Company prior to the date of acquisition.

On March 8, 2018, the Company acquired Passport Food Safety Solutions, Inc. (“Passport”). The Plan was amended on May 1, 2018 so that each regular Passport employee is eligible to participate in the Plan for 2018 and receive credit for pre-acquisition service to the same extent that they would have been credited had they been employed by the Company prior to the date of acquisition.

Participant contributions are matched by the Company up to 5% of eligible compensation at the rate of $1.00 for each $1.00 of participant contributions. An automatic escalation feature will increase participants’ pre-tax contributions one percentage point each year up to a maximum of 10% of eligible compensation. Participants may opt out of escalation at any time.

Total participant contributions cannot exceed 70% of eligible compensation. Highly compensated employees are subject to separate limits. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions but there is no Company match on catch-up contributions.

All new hires become automatically enrolled in the Plan, whereby 3% pre-tax contributions would be deducted if no action is taken after 60 days of employment and will be invested in the target date retirement fund nearest the participant’s 65th birthday. Employees have the choice to decline automatic enrollment.

Company matching contributions are directed to the fund allocation selected by the participant. However, if no allocation is on file, the contribution is made to the target date retirement fund nearest the participant’s 65th birthday. Participants specify which investment funds, in increments of 1%, that their contributions are invested in, provided that not more than 20% of such contributions are contributed to the Company stock fund.

Each year, the Company shall make a profit sharing contribution to the fund in such amount as the Company’s Board of Directors in its discretion deems appropriate to Plan participants eligible as of December 31. The minimum contribution shall be 3% of eligible compensation, with the first 1% of eligible compensation invested in the Company stock fund.

A participant will specify in which investment fund, in increments of 1%, that the Company’s profit sharing contributions to their account will be invested. However, if no allocation is on file, the contribution is made to the target date retirement fund nearest the participant’s 65th birthday.

A participant may make a rollover contribution to the Plan at any time. Rollover contributions are assets transferred to the Plan from a qualified retirement plan or a conduit individual retirement account in which employees participated prior to their employment by the Company. The Plan only accepts rollover contributions from a traditional conduit IRA. For the years ended December 31, 2018 and 2017, employee contributions included $4,598,598 and $13,484,956 of rollovers, respectively. The decrease in 2018 is primarily due to 2017 rollovers from the acquisition of Waterpik.

Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s contributions and (b) Plan earnings. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Participants are fully vested at all times in the value of their pre-tax, post-tax, Roth 401(k), rollover contributions and earnings thereon. Effective August 1, 2007, Company matching and profit sharing contributions for employees hired after that date vest in the same time frame as shown below:

Upon termination of employment for any reason, other than retirement or death, a participant shall be entitled to a benefit equal to the vested portion, if any, of the participant’s profit sharing account and Company matching contributions.

A participant shall be 100% vested in the participant’s profit sharing account and Company matching contributions upon the attainment of normal retirement age (age 65), permanent disability (if hired prior to January 1, 2015), or death.

A participant may request a loan to be made from the value of the vested portion of the participant’s account for a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance.

Loans are secured by an equivalent lien on the participant’s non-forfeitable interest in the Plan and bear interest at prime plus 1% at the date of the loan. Principal and interest are paid through payroll deductions. Funds in an employee’s profit sharing account are not available for loans.

Distributions may be taken as a lump sum, cash payment, installment payments or as a rollover contribution to a qualified plan or individual retirement account. Terminated employees with a balance of over $5,000 also have an option to defer payment until age 70 1/2.

Forfeitures of non-vested Company matching and profit sharing contributions are used to reduce future Company contributions. Company matching and profit sharing contributions were reduced by $1,065,163 and $921,929 for such forfeitures during the years ended December 31, 2018 and 2017, respectively. The amount in the forfeitures account was $1,124,866 and $983,657 as of December 31, 2018 and 2017, respectively.

Certain of the Plan’s investment assets are held in a trust account at Vanguard Fiduciary Trust Company (the “Trustee”) and consist of a divided interest in the Church & Dwight Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans (the “Master Trust”) established by the Company and administered by the Trustee. The Master Trust permits the commingling of the Plan’s assets with the assets of the Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Hourly Employees for investment and administrative purposes. Although the assets of both plans are commingled in the Master Trust, the Trustee maintains records for the purposes of allocating the net investment income or loss to the plans. The allocation is based on the relationship of the assets of each plan to the total of the assets in the Master Trust.

The accompanying financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The preparation of financial statements in conformity with U.S. GAAP requires Plan management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates and assumptions.

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan’s Retirement and Administrative Committee determines the Plan’s valuation policies utilizing information provided by the investment advisors and the Trustee.

Investments in mutual funds are carried at fair value as determined by the Trustee, based upon quoted market prices. The investment in Company common stock is valued at the closing price as quoted by a national exchange. In accordance with this policy, the net gain (loss) for each year is reflected in the statements of changes in net assets available for benefits. The Plan’s interest in the collective trust at year-end is valued based on information reported by the investment advisor using the audited financial statements of the collective trust at year-end.

Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded as earned on an accrual basis. Net (depreciation) appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. No allowance for credit losses was recorded as of December 31, 2018 or 2017. Delinquent notes receivable from participants are reclassified as distributions based upon the terms of the Plan document.

In February 2017, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that will require an employee benefit plan to report an interest in a master trust and the change in the value of that interest as separate line items on the statements of net assets available for benefits and the statements of changes in net assets available for benefits, respectively. A plan will have to disclose the master trust’s investments and other assets and liabilities, as well as the dollar amount of its interest in these balances. Investments measured at fair value will have to be presented by general type of investment. The guidance, which will be applied retrospectively, is effective for fiscal years beginning after December 15, 2018 with early adoption permitted. The Company is currently evaluating the impact that adoption of the guidance will have on the Plan’s financial statements.

There have been no other accounting pronouncements issued but not yet adopted which are expected to have a material impact on the Plan’s financial statements.

The Trustee is provided with the direction to invest, sell, dispose of or otherwise deal with such assets held in trust based on the most recent agreement effective October 1, 2008 with the Company. Certain Plan investments are in shares of mutual funds and a collective trust managed by the Trustee and, therefore, these transactions qualify as party-in-interest transactions. The Company is also a party-in-interest to the Plan under the definition provided in Section 3(14) of ERISA. Therefore, the Company’s common stock transactions qualify as party-in-interest transactions.

As of December 31, 2018, the Plan held 2,907,214 shares in the Company’s common stock, with a total fair value of $191,178,413. As of December 31, 2017, the Plan held 3,290,141 shares in the Company’s common stock, with a total fair value of $165,066,358.

For the year ended December 31, 2018, the Plan purchased and sold $15,995,931 and $36,633,398 of the Company’s common stock, respectively. For the year ended December 31, 2017, the Plan purchased and sold $14,739,035 and $33,872,486 of the Company’s common stock, respectively.

The Company intends to continue the Plan indefinitely, but reserves the right to terminate it at any time, subject to the provisions of ERISA. Upon termination of the Plan or upon complete discontinuance of contributions, all participants will become fully vested in their account balances under the Plan.

The Internal Revenue Service (the “IRS”) has determined and informed the Company by letter dated January 18, 2017 that the Plan is qualified and the trust established under the Plan is tax-exempt, under the appropriate sections of the Internal Revenue Code (the “Code”). The Plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of the financial statement date.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the

IRS. The Plan administrator has concluded that the Plan has taken no uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under FASB Accounting Standards Codification (“ASC”) 820 are described as follows:

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2018 and 2017.

Common stocks: Valued at the closing price reported on the active market on which the individual securities are traded.

Mutual funds and money market funds: Valued at the daily closing price as reported by the fund. Mutual funds and money market funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds and money market funds held by the Plan are deemed to be actively traded.

Collective trust fund: Valued at the NAV of units of a bank collective trust. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

The following tables set forth a summary of the Plan’s investments with a reported NAV at December 31, 2018 and 2017:

Fair Value Estimated Using Net Asset Value per Share December 31, 2018

Investment

Fair Value

Unfunded Commitment

Redemption Frequency

Other

Redemption

Restrictions

Redemption

Notice

Period

Vanguard Retirement Savings Trust III

48,174,361

None

Immediate

None

Fair Value Estimated Using Net Asset Value per Share December 31, 2017

Investment

Fair Value

Unfunded Commitment

Redemption Frequency

Other

Redemption

Restrictions

Redemption

Notice

Period

Vanguard Retirement Savings Trust III

35,545,174

None

Immediate

None

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2018 and 2017. The following tables do not include the Plan’s interest in the Church & Dwight Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans because that information is presented in a separate disclosure (see Note 9).

2018	Level 1		Level 2		Level 3		Total
Mutual funds	$	353,190,588		-		-	$	353,190,588
Money market fund		1,543,576		-		-		1,543,576
Total assets in the fair value hierarchy		354,734,164		-		-		354,734,164
Investments measured at net asset value^(a)		-		-		-		48,174,361
Total assets excluding Plan's interest in the Church & Dwight Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans	$	354,734,164	$	-	$	-	$	402,908,525

2017	Level 1		Level 2		Level 3		Total
Mutual funds	$	371,161,232		-		-	$	371,161,232
Money market fund		1,329,500		-		-		1,329,500
Total assets in the fair value hierarchy		372,490,732		-		-		372,490,732
Investments measured at net asset value^(a)		-		-		-		35,545,174
Total assets excluding Plan's interest in the Church & Dwight Co., Inc. Master Trust for Salaried and Hourly 401(k) Plans	$	372,490,732	$	-	$	-	$	408,035,906

The following is a reconciliation of amounts reported in the 2018 and 2017 financial statements to amounts reported in the 2018 and 2017 Form 5500. The difference in 2017 is due to the collective trust fund being measured at fair value on the financial statements while the Form 5500 measures the investment at contract value.

The Plan’s investment in Church & Dwight Co., Inc. common stock is held by the Trustee in a Master Trust. The Master Trust also holds the investment in Church & Dwight Co., Inc. common stock of the Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Hourly Employees. At December 31, 2018 and 2017, the Plan’s interest in the net

assets of the Master Trust were $191,178,413 and $165,066,358, representing approximately 74% and 73% of the Master Trust, respectively.

The following are the changes in net assets for the Master Trust for the years ended December 31, 2018 and 2017:

	2018			2017
Net appreciation in fair value of investments	$	63,480,599		$	28,955,093
Interest and dividends		3,640,278			3,545,656
Net investment income		67,120,877			32,500,749
Net transfers		(33,397,656	)		(28,263,102	)
Increase in net assets		33,723,221			4,237,647
Net assets:
Beginning of year		226,050,305			221,812,658
End of year	$	259,773,526		$	226,050,305

Net assets, investment income and gains or losses are allocated to the plans based on shares held by each plan’s participants. Investments in Church & Dwight Co., Inc. common stock are carried at fair value (level 1) as described in Note 7.

Effective January 1, 2019, the Plan was amended to incorporate certain changes to hardship withdrawals permitted by the Bipartisan Budget Act of 2018.

	Investment			Current
Identity of Issue, Borrower, Lessor or Similar Party	Description	Cost		Value
American Funds EuroPacific Growth Fund R6	Mutual Fund	$	14,063,198	$	12,568,844
Glenmede Small Cap Equity Institutional Fund	Mutual Fund		15,926,957		12,971,360
Invesco Growth and Income Fund R6	Mutual Fund		15,096,710		11,582,560
JP Morgan Mid Cap Value	Mutual Fund		13,323,571		12,625,239
Munder Mid Cap Growth Fund R6	Mutual Fund		22,040,623		13,687,071
PIMCO Total Return Institutional Fund	Mutual Fund		21,496,707		20,267,438
T. Rowe Price Institutional Large Cap Core Growth Fund	Mutual Fund		37,113,902		50,290,179
*Vanguard Extended Market Index Institutional Fund	Mutual Fund		10,186,603		10,934,965
*Vanguard Federal Money Market	Money Market		1,543,576		1,543,576
*Vanguard Institutional Index Fund	Mutual Fund		30,321,470		35,798,826
*Vanguard Target Retirement 2015	Mutual Fund		4,551,099		4,568,417
*Vanguard Target Retirement 2020	Mutual Fund		21,604,501		23,055,369
*Vanguard Target Retirement 2025	Mutual Fund		21,157,234		22,922,841
*Vanguard Target Retirement 2030	Mutual Fund		15,265,369		16,986,740
*Vanguard Target Retirement 2035	Mutual Fund		18,232,898		20,117,282
*Vanguard Target Retirement 2040	Mutual Fund		15,036,802		17,131,414
*Vanguard Target Retirement 2045	Mutual Fund		13,936,131		15,156,240
*Vanguard Target Retirement 2050	Mutual Fund		10,415,772		11,292,640
*Vanguard Target Retirement 2055	Mutual Fund		4,389,168		4,343,632
*Vanguard Target Retirement 2060	Mutual Fund		1,085,709		1,035,593
*Vanguard Target Retirement 2065	Mutual Fund		14,467		13,158
*Vanguard Target Retirement Income Investor Fund	Mutual Fund		4,250,789		4,206,204
*Vanguard Total Bond Market Index Institutional Fund	Mutual Fund		9,412,529		9,105,700
*Vanguard Total International Stock Index Fund	Mutual Fund		6,058,913		5,451,418
*Vanguard Wellington Fund	Mutual Fund		18,095,014		17,077,458
*Vanguard Retirement Savings Trust III	Collective Trust		48,174,361		48,174,361
*Participant loans (various maturity dates with interest rates ranging from 4.25% to 6.25%)	Loan		-		2,681,807
Totals		$	392,794,073	$	405,590,332

Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees (or other persons who administer the plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


	Page
Financial Statements and Supplemental Schedule:
Report of Independent Registered Public Accounting Firm	2
Financial Statements:
Statements of Net Assets Available for Benefits December 31, 2018 and 2017	3
Statements of Changes in Net Assets Available for Benefits Years Ended December 31, 2018 and 2017	4
Notes to Financial Statements	5
Supplemental Schedule:
Schedule of Assets (Held at End of Year) (Schedule H, Line 4i) December 31, 2018	12

All other schedules are omitted since they are not applicable or are not required based on the disclosure requirements of the Employee Retirement Income Security Act of 1974 and applicable regulations issued by the Department of Labor.

Exhibit:
23.1 Consent of Independent Registered Public Accounting Firm

	Vested
Service	Percentage
Less than 2 years	0	%
2 years but less than 3 years	25
3 years but less than 4 years	50
4 years but less than 5 years	75
5 years or more	100

Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Salaried Employees

Date: June 20, 2019	By:	/s/ Daniel Melski
	Name:	Daniel Melski
	Title:	Vice President, Finance & Treasurer

	2018		2017
Total additions, per the financial statements	$	65,805,421	$	123,406,563
Adjustment for difference in valuation methodology		-		(297,818	)
Total additions, per Form 5500	$	65,805,421	$	123,108,745