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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2005-11-15 00:00:00",
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  "notes": "The slide includes a yellow callout box explaining the derivation of Free Cash Flows and the impact of proceeds from closures.",
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      "text": "Set forth herein is a table which demonstrates net capital expenditures by category for McOpCo, PF McDonald's and the standalone (consolidated) McDonald's. Note: Our Free Cash Flows are derived using Net Capital Expenditures, net of proceeds received from closures. We note that the Company typically generates $300 - $400mm of proceeds annually from closings.",
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      "text": "Note: Our Free Cash Flows are derived using Net Capital Expenditures, net of proceeds received from closures. We note that the Company typically generates $300 - $400mm of proceeds annually from closings.",
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      "text": "Net Capital Expenditures: $1,259",
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      "text": "2006E Net Capital Expenditures (U.S. $ in millions) New Restaurants, Net $316 $30 $286 Existing Restaurants 787 465 322 Corporate/Other 156 39 117 Net Capital Expenditures $1,259 $534 $724",
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