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  "notes": "Uses a causal chain structure to dismantle management's narrative on productivity savings.",
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      "text": "If the $3bn of remaining productivity dropped to the bottom line, operating profit would have been ~20% higher in 2016",
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      "text": "Breakdown of $10bn productivity plan: $3bn reinvested vs $7bn lost to FX.",
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      "kind": "source-note",
      "text": "Source: SEC filings, investor presentations, transcripts, Wall Street research. (1) Deutsche Bank Global Consumer Conference (June 15, 2017). (2) Deutsche Bank Global Consumer Conference (June 16, 2016).",
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      "text": "The First Cost Program Did Not Create Value (2012-2016)",
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