{
  "docId": "019dd923-622b-71dc-a6dc-5ce2b4a778c9",
  "docSlug": "e32b71332b7f",
  "documentTitle": "The Timken Company (TKR)",
  "authorId": "17_Relational_Investors",
  "authorName": "CalSTRS",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 17,
  "pageCount": 42,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": "The slide uses a confrontational tone to challenge the company's financial disclosures.",
  "elementsJson": [
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5ce2b4a778c9/17",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9#slide-17",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The Company's willingness to distort the facts is disappointing",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f91-4cdf178e750a",
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      "bbox": {
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      },
      "kind": "list",
      "text": "Relational and CalSTRS' Response\nTimken's calculation of cash flow is non-standard and misleading\nThe Company's willingness to distort the facts is disappointing\nCash flow should be normalized for temporarily elevated CapEx (which ends in mid-2014), discretionary pension funding (ending in 2013), and inventory build-up (will reverse out in 2014)\nOnce those adjustments are made, Timken trades at a substantial discount to peers",
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      },
      "kind": "title",
      "text": "Timken: Wrong on Timken\nTrading at Premium Based on Cash Flow",
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  "metrics": [],
  "tools": [
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      "evidence": "Timken's calculation of cash flow is non-standard and misleading",
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      "evidence": "The slide explicitly accuses the company of 'distorting facts' and using 'non-standard' calculations to mislead investors.",
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      "beatId": "a260b5ae-5efe-4e94-b2d6-a588af75d8ac",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The presentation agitates the problem by highlighting the volatility and valuation discount created by the combined structure.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
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  ],
  "loops": [
    {
      "to": 19,
      "from": 14,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "c5cbc9e5-731f-4094-bfea-e0da0a6886b2",
      "evidence": "The presentation preempts rebuttals to Timken's arguments against separation.",
      "position": 1,
      "objective": "To show that Timken's arguments against separation lack credibility",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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