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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-11-29 00:00:00",
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  "notes": "Includes a table of actuarial assumptions and a line chart comparing actual vs. survey inflation.",
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      "kind": "callout",
      "text": "Inflation Risk: A significant portion of the defined benefit plans' obligations are linked to inflation, and higher expected future inflation will lead to higher liabilities.",
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      "text": "Spruce Point is concerned that inflation will be sticky and cause a material impact on Saputo's U.K. Dairy Defined Benefit Pension Fund (\"Fund\") obligation.",
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      "kind": "callout",
      "text": "Spruce Point is concerned that inflation will be sticky and cause a material impact on Saputo’s U.K. Dairy Defined Benefit Pension Fund (“Fund”) obligation.",
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      "text": "Actual vs. Survey U.K. Inflation chart showing a sharp spike in 2021-2022.",
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      "text": "pension obligation: $724 million",
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      "kind": "paragraph",
      "text": "SENSITIVITY TO CHANGES IN ASSUMPTIONS: The impact of an increase (decrease) of 0.1% of the discount rate would be a decrease of $31 million...",
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      "kind": "quote",
      "text": "\"BoE raises rates sharply and warns of 13% inflation by year end,\" — Financial Times",
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      "kind": "source-note",
      "text": "Source: FY 22 Consolidated Financials / Source: Bloomberg",
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      "kind": "source-note",
      "text": "1) \"BoE raises rates sharply and warns of 13% inflation by year end,\" Financial Times. 2) Actual inflation less assumed inflation: 10.1% - 2.9% = 7.2%.",
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      "kind": "table",
      "text": "Weighted average assumptions table showing discount rates, duration, and inflation rates for Dairy Division (UK) and Other Plans.",
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      "kind": "title",
      "text": "\"Real\" Debt From U.K. Pension Much Higher Than Currently Stated",
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      "evidence": "Exposing the gap between stated pension liabilities and real-world inflation impact.",
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      "evidence": "The document presents specific examples of the risks associated with not taking action to address Saputo's challenges.",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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