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  "docSlug": "83f2ae0a352a4a6cd7e66f7d7cc539ad",
  "documentTitle": "McDonald's | Shareholder Engagement Presentation Deck | 40 slides",
  "authorId": "mcdonalds",
  "authorName": "McDonald's",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2022-05-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 14,
  "pageCount": 40,
  "prevPage": 13,
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  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "This is a classic 'preempt_rebuttal' slide used in a shareholder letter to discredit an activist investor's proposal by highlighting economic impracticality.",
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  "slideHref": "/slides/019de513-2977-769c-b1d6-0eb293cc0c1b/14",
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      "kind": "list",
      "text": "McDonald’s suppliers only purchase approximately 1% of the pork that is produced in the U.S.\nThe raw material that our suppliers purchase is pork trim (80%), pork bellies for bacon (10%), picnics for McRib (6%) and sow loins for Canadian bacon (4%)\nMcDonald’s is already paying a premium to purchase group housed pork\nFor an additional meaningful increase in the number of group housed sows in the industry, retailers need to purchase and sell more premium group housed products such as hams, ribs and market loins\nIf producers are only selling trim and bellies from a carcass, the premium McDonald’s pays for those items does not fully cover the group housed costs for all the premium cuts\nIn other words, the economics don’t work for pork producers to convert to group housed pork if only selling trim, which represents only 16% of the carcass\nIt comes down to supply and demand and without buyers of the premium cuts of pork, there is not enough market demand for group housed pork to cover the costs of raising sows in this manner",
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      },
      "kind": "subtitle",
      "text": "Going “crate-free” would significantly increase costs, placing a burden on all aspects of our business, our supply chain and McDonald’s customers, while lacking the support of industry experts",
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      "kind": "title",
      "text": "Icahn’s position does not make economic sense",
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      "subkind": "headline",
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  "metrics": [],
  "tools": [
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      "agent": "Storyteller",
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      "evidence": "The slide mentions 'our supply chain and McDonald’s customers', indicating consideration of the audience.",
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      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The deck presents McDonald's commitment to ESG and its strategic plan",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck presents the economic implications of Icahn's demand",
      "position": 1,
      "objective": "What happens if Icahn's 'crate-free' demand is implemented",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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