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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "Includes excerpts from 2018 Annual Report and 2019 Results Press Release to highlight the accounting shift.",
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      "text": "In February 2019, the Company opened bank accounts and incurred fees totaling $34. There has been no other activity in the accounts in the period resulting in bank overdrafts in the amount of the fees. As such, the overdrafts have been recorded within Short-term debt and the corresponding expenses have been recorded within General and administrative expenses. (10-Q 3/31/19)",
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      "text": "Amcor changed its presentation of cash post-closing of the transaction. We observe Amcor has been increasing usage of cash overdrafts (up from $4m, $78m to $103m in the past 3yrs), a sign of financial strain in our view.",
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      "text": "cash overdrafts: $103m",
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      "text": "Amcor changed its presentation of cash post-closing of the transaction. We observe Amcor has been increasing usage of cash overdrafts (up from $4m, $78m to $103m in the past 3yrs), a sign of financial strain in our view.",
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      "text": "In February 2019, the Company opened bank accounts and incurred fees totaling $34. There has been no other activity in the accounts in the period resulting in bank overdrafts in the amount of the fees. As such, the overdrafts have been recorded within Short-term debt and the corresponding expenses have been recorded within General and administrative expenses. — 10-Q 3/31/19",
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      "text": "Source: 2018 Amcor Annual Report p.61",
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      "text": "Cash Is Not What It Appears",
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