<SEC-DOCUMENT>0000105132-20-000016.txt : 20200429
<SEC-HEADER>0000105132-20-000016.hdr.sgml : 20200429
<ACCEPTANCE-DATETIME>20200331123651
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000105132-20-000016
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WD 40 CO
		CENTRAL INDEX KEY:			0000105132
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS CHEMICAL PRODUCTS [2890]
		IRS NUMBER:				951797918
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9715 BUSINESSPARK AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92131
		BUSINESS PHONE:		6192751400

	MAIL ADDRESS:	
		STREET 1:		9715 BUSINESSPARK AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92131
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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			SEC Comment Letter March 2020
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			<a name="_GoBack"></a><font style="display: inline;font-size:10pt;">March </font><font style="display: inline;font-size:10pt;">31</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;"> 2020</font>
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			<font style="display: inline;font-size:10pt;">Securities and Exchange Commission</font>
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			<font style="display: inline;font-size:10pt;">Division of Corporate Finance</font>
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			<font style="display: inline;font-size:10pt;">Washington, D.C. 20549</font>
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						&nbsp;</p>
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						<font style="display: inline;font-size:10pt;">Ameen Hamady</font></p>
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						<font style="display: inline;font-size:10pt;">Terence O Brien</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">Re:</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">WD-40 Company</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">Form 10-K for the year ended December 31, 2019</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">File</font><font style="display: inline;font-weight:bold;font-size:10pt;">d &nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">October 22, 2019</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">File No. 0</font><font style="display: inline;font-weight:bold;font-size:10pt;">00</font><font style="display: inline;font-weight:bold;font-size:10pt;">-</font><font style="display: inline;font-weight:bold;font-size:10pt;">0</font><font style="display: inline;font-weight:bold;font-size:10pt;">6936</font></p>
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			<font style="display: inline;font-size:10pt;">Dear </font><font style="display: inline;font-size:10pt;">Ameen Hamady</font><font style="display: inline;font-size:10pt;">:</font>
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			<font style="display: inline;font-size:10pt;">This letter is provided in response </font><font style="display: inline;font-size:10pt;">to the comment of the staff of the Division of Corporation Finance of the Securities and Exchange Commission contained in your letter dated </font><font style="display: inline;font-size:10pt;">March 1</font><font style="display: inline;font-size:10pt;">2, </font><font style="display: inline;font-size:10pt;">2020</font><font style="display: inline;font-size:10pt;">, which was received by the Company on March 20, 2020</font><font style="display: inline;font-size:10pt;">. &nbsp;</font><font style="display: inline;font-size:10pt;">For reference purposes, </font><font style="display: inline;font-size:10pt;">the staff&#x2019;s comment </font><font style="display: inline;font-size:10pt;">has </font><font style="display: inline;font-size:10pt;">been</font><font style="display: inline;font-size:10pt;"> reproduce</font><font style="display: inline;font-size:10pt;">d</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">below</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">in italics</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">followed by </font><font style="display: inline;font-size:10pt;">our responses</font><font style="display: inline;font-size:10pt;">.</font>
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			<font style="display: inline;font-style:italic;font-size:10pt;text-decoration:underline;">Form 10-K for the year ended August 31, 2019</font>
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			<font style="display: inline;font-style:italic;font-size:10pt;text-decoration:underline;">Note 10. Revenue Recognition, page F-20</font>
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			<font style="display: inline;font-style:italic;font-size:10pt;text-decoration:underline;">&#xFEFF;</font>
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		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
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				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:10pt;;"> 1.</font>
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		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
			<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">You indicate that you estimate your transaction price using the most likely method. Please tell us why it is appropriate to apply this method rather than the expected value method given the characteristics of your contracts and the nature of your promotional activities. See ASC 606-10-32-8.</font></p></td></tr></table></div>
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			<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;color:#000000;">Response</font><font style="display: inline;font-size:10pt;color:#000000;">: &nbsp;</font>
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			<font style="display: inline;font-weight:normal;text-decoration:none;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;color:#000000;">We respectfully acknowledge the </font><font style="display: inline;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-size:10pt;color:#000000;">taff&#x2019;s comment and have reviewed the guidance in ASC 606-10-32-8.</font><font style="display: inline;font-size:10pt;color:#000000;"> &nbsp;Based upon our further review of this guidance and </font><font style="display: inline;font-size:10pt;color:#000000;">analysis of</font><font style="display: inline;font-size:10pt;color:#000000;"> industry practice</font><font style="display: inline;font-size:10pt;color:#000000;"> and disclosures</font><font style="display: inline;font-size:10pt;color:#000000;">, we have </font><font style="display: inline;font-size:10pt;color:#000000;">gained additional perspective with respect to our interpretation of the definitions for the methods specified in ASC 606-10-32-8</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;As a result of this additional </font><font style="display: inline;font-size:10pt;color:#000000;">perspective, we</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">have </font><font style="display: inline;font-size:10pt;color:#000000;">now </font><font style="display: inline;font-size:10pt;color:#000000;">concluded that the estimation process that we follow for our promotion</font><font style="display: inline;font-size:10pt;color:#000000;">al activities</font><font style="display: inline;font-size:10pt;color:#000000;"> in order to determine</font><font style="display: inline;font-size:10pt;color:#000000;"> our transaction price </font><font style="display: inline;font-size:10pt;color:#000000;">uses</font><font style="display: inline;font-size:10pt;color:#000000;"> the expected value method.&nbsp; </font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
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		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">The Company further advises the </font><font style="display: inline;color:#000000;font-size:10pt;">s</font><font style="display: inline;color:#000000;font-size:10pt;">taff that it will </font><font style="display: inline;color:#000000;font-size:10pt;">revise its disclosure as follows</font><font style="display: inline;color:#000000;font-size:10pt;"> in future periodic reports filed with the Commission</font><font style="display: inline;color:#000000;font-size:10pt;">, starting with</font><font style="display: inline;color:#000000;font-size:10pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:10pt;">its Quart</font><font style="display: inline;color:#000000;font-size:10pt;">erly Report on Form 10-Q for the quarterly period ended February 29, 2020, by</font><font style="display: inline;color:#000000;font-size:10pt;"> updating the following </font><font style="display: inline;color:#000000;font-size:10pt;">paragraph</font><font style="display: inline;color:#000000;font-size:10pt;"> in </font><font style="display: inline;color:#000000;font-size:10pt;">the Revenue Recognition Footnote</font><font style="display: inline;color:#000000;font-size:10pt;">:</font>
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		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-style:italic;font-size:10pt;color:#000000;">Variable Consideration - Sales Incentives</font>
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			<font style="display: inline;color:#000000;font-size:10pt;">In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment related to variable consideration to determine the net consideration to which the Company expects to be entitled. The Company records estimates of variable consideration, which primarily includes rebates (cooperative marketing programs and volume-based discounts), coupon offers, cash discount allowances, and sales returns, as a reduction of sales in its consolidated statements of operations. These estimates are based on the </font><font style="display: inline;font-weight:bold;text-decoration:line-through;color:#000000;font-size:10pt;">most likely outcome</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"> expected value </font><font style="display: inline;color:#000000;font-size:10pt;">method</font><font style="display: inline;color:#000000;font-size:10pt;"> considering all reasonably available information, including current and past trade promotion spending patterns, status of trade promotion activities, the interpretation of historical spending trends by customer and category, customer agreements and/or currently known factors that arise in the normal course of business. The Company reviews its assumptions and adjusts these estimates accordingly on a quarterly basis. </font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-size:10pt;">We appreciate your </font><font style="display: inline;font-size:10pt;">comment and</font><font style="display: inline;font-size:10pt;"> hope that we have adequately addressed </font><font style="display: inline;font-size:10pt;">it </font><font style="display: inline;font-size:10pt;">with the foregoing response. If you should have any questions, please contact </font><font style="display: inline;font-size:10pt;">me at (</font><font style="display: inline;font-size:10pt;">858) 251-5603.</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Sincerely,</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;text-decoration:underline;">/s/ JAY </font><font style="display: inline;font-size:10pt;text-decoration:underline;">W. </font><font style="display: inline;font-size:10pt;text-decoration:underline;">REMBOLT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Jay </font><font style="display: inline;font-size:10pt;">W. </font><font style="display: inline;font-size:10pt;">Rembolt</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Vice President and </font><font style="display: inline;font-size:10pt;">Chief Financial Officer</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">WD-40 Company</font>
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			<font style="display: inline;font-size:11pt;">2</font>

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