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Extraction of sequences of events from news and other documents based on the publication times of these documents has been shown to be extremely effective in tracking past events. This paper addresses the issue of constructing an optimal information preserving decomposition of the time period associated with a given document set, i.e., a decomposition with the smallest number of subintervals, subject to no loss of information. We introduce the notion of the compressed interval decomposition, where each subinterval consists of consecutive time points having identical information content. We define optimality, and show that any optimal information preserving decomposition of the time period is a refinement of the compressed interval decomposition. We define several special classes of measure functions (functions that measure the prevalence of keywords in the document set and assign them numeric values), based on their effect on the information computed as document sets are combined. We give algorithms, appropriate for different classes of measure functions, for computing an optimal information preserving decomposition of a given document set. We studied the effectiveness of these algorithms by computing several compressed interval and information preserving decompositions for a subset of the Reuters---21578 document set. The experiments support the obvious conclusion that the temporal information gleaned from a document set is strongly dependent on the measure function used and on other user-defined parameters.