{
  "docId": "019dd923-622b-71dc-a6db-548937484e86",
  "docSlug": "67e30c6378be",
  "documentTitle": "General Electric (GE)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-10-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 38,
  "pageCount": 81,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 11,
  "notes": "The slide argues that the industrial business was forced to carry an inefficient capital structure to subsidize the financial arm.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-548937484e86/38",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-548937484e86",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-548937484e86.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-548937484e86#slide-38",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "GE' s industrial balance sheet supported GE Capital's credit rating and therefore precluded GE Industrial from utilizing an efficient capital structure",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8dbc-1002448429d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "chart",
      "text": null,
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e295952f-ffa5-4045-9871-9609a268545f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Net Leverage: 0.0x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8dbc-16d5f5bf6c9f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.07,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "GE's industrial balance sheet supported GE Capital's credit rating and therefore precluded GE Industrial from utilizing an efficient capital structure",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "597273c1-05ae-4728-8215-63550bb833ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Company SEC filings. (1) Net leverage is defined as debt, minus cash & short-term investment securities, divided by earnings before interest, taxes, depreciation, amortization, non-operating pension cost and other non-recurring items over the prior twelve-month period. Excludes cash and debt held at GE Capital.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eab1eee3-a0e4-402c-86ea-82b787360f7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "It Encumbered GE Industrial's Balance Sheet...",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da44881a-339f-4acc-9e21-36075bfbd1cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.27,
        "y": 0.23
      },
      "kind": "title",
      "text": "GE Industrial Net Leverage Over Time(1)",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ddcac758-4ab3-4c21-b24a-2bada0c3d231",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "348e4eea-895c-4bd2-bbd7-ee34fc0af1e6",
      "evidence": "The slide critiques the capital structure efficiency of the industrial business relative to the financial arm.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 31,
      "beatId": "1b5e71fd-cf2b-439e-aeae-40dc620a50cf",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": null,
      "evidence": "The presentation emphasizes the need for change and the consequences of not addressing GE's problems",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}