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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-18 00:00:00",
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  "notes": "Includes specific annotations (blue arrows) highlighting inter-company eliminations for rent and franchise fees.",
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      "text": "The analysis demonstrates that the Brand McDonald's contributed approximately 78% of total EBITDA.",
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      "text": "The analysis assumes that 75% of the total G&A is allocated to Brand McDonald's and 25% is allocated to McOpCo. McDonald's management has indicated that this is a conservative assumption regarding the real estate and franchise business. Note: Analysis excludes $441 mm of non-recurring other net operating expenses.",
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      "text": "Blue arrows indicate inter-company eliminations for rent and franchise fees.",
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      "text": "EBITDA: 78%",
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      "kind": "paragraph",
      "text": "Set forth below is a table which reconciles McOpCo's, Brand McDonald's and stand-alone McDonald's FY 2004A income statements, assuming McOpCo pays a market rent and franchise fee. The analysis demonstrates that the Brand McDonald's contributed approximately 78% of total EBITDA.",
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      "text": "Financial reconciliation table with columns: 2004 Income Statement, McOpCo P&L, Brand McDonald's P&L, Inter-Company Eliminations, 2004 Consolidated Sum of Parts.",
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      "text": "Reconciling McDonald's 2004A P&L",
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