{
  "docId": "019dd923-622c-750b-8b98-ff42cd6c571b",
  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 43,
  "pageCount": 89,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "precedent_table",
  "function": "cite_precedent",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses red boxes to highlight the specific line items where tax-affected pension contributions are added back to free cash flow.",
  "elementsJson": [
    "headline_text",
    "screenshot",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/43",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-43",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.175
      },
      "kind": "callout",
      "text": "There are clear examples of companies properly tax-affecting the pension contribution.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1878ec0-272b-4206-9957-16489a66c5f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.4,
        "x": 0.55,
        "y": 0.23
      },
      "kind": "image",
      "text": "SPX Corp reconciliation table",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17de7ec7-9638-4905-a30a-cd73894f550b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.5,
        "x": 0.25,
        "y": 0.63
      },
      "kind": "image",
      "text": "Timken reconciliation table",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87a926ad-6cfc-497d-89f9-030b7fdf3009",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.05,
        "y": 0.23
      },
      "kind": "image",
      "text": "Northrop Grumman reconciliation table",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa96b45b-7b7a-4774-9fe8-62a13961c650",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.65,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: SPX Corp",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b8e7fc2-8df8-474c-8802-9aaed0a77b90",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.05,
        "y": 0.62
      },
      "kind": "source-note",
      "text": "Source: Northrop Grumman",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c855ffaf-2aa5-4c0f-a19a-877370e804de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.65,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Timken",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfac682e-78a4-443f-98ed-c49d22f4f3bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Correct Examples of Pension Contribution On Adjusted Free Cash Flow",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1bff5b2a-e09d-4a77-9743-89c3d6156a65",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "evidence-matrix",
      "slug": null,
      "matchId": "82af4b06-4b48-4eb3-8002-c383b3e75d82",
      "evidence": "Presents multiple company examples to support a specific accounting thesis.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 45,
      "from": 30,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "68f4906a-25c3-4a6f-951c-526fc7a66652",
      "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable",
      "position": 1,
      "objective": "Is Avery Dennison's financial performance sustainable?",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.6,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}