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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
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  "notes": "Uses red callout boxes to highlight the contradiction between the press release and the shareholder report.",
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      "kind": "callout",
      "text": "CTC's press release cites the reason for the reduction in the incremental allowance as \"improved customer default rates\" despite the quarterly report mentioning \"increased regular and insolvency write-offs\"",
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      "text": "Company Press Release (November 8, 2018) and 2018 Third Quarter Report to Shareholders (page 17)",
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      "text": "earnings impact: $21.4m",
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      "text": "Management made TWO major changes to its credit-related accounting assumptions in Q3'18 resulting in a boost to earnings for the remainder of the year.",
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      "text": "Based on our research, we estimate that the Q4 effect was ~$6m – far from \"a few million bucks\" the CFO mentioned on the call",
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      "kind": "quote",
      "text": "The impact was relatively minor in the quarter... It's probably a few million bucks on the write-off rate...",
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      "text": "\"The impact was relatively minor in the quarter. When we changed the methodology with respect to how we record recoveries from a cash basis to an accrual basis, we did that in Q3 as we talked about at that time. We said there would be a spillover effect into Q4. It's probably a few million bucks on the write-off rate, and we've disclosed that in the MD&A, in the schedule, the mice print below the, if you will, the table.\" — Dean McCann, CFO, Q4 2018 Call, February 14, 2019",
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      "text": "Credit Assumption Changes In Q3'18 Resulted In Increased Earnings",
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