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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "Includes footnotes detailing debt paydown assumptions and financing activities.",
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      "text": "The table below sets forth the Balance Sheets for the two entities",
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      "text": "Debt / EBITDA: 2.3x",
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      "text": "(1) Assumes remaining 53% interest of credit card business sold for $4.4bn on 01/01/09 and all proceeds used to pay down debt (2) $1.6bn of debt issued to fund E&P dividend (3) Assumes that 1st year land acquisitions financed solely with debt",
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