UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D. C. 20549 |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | |||||||||||
EXCHANGE ACT OF 1934 for the quarterly period ended | |||||||||||
OR | |||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of | (I.R.S. Employer | |||||||||||||||||||
incorporation or organization) | Identification No.) | |||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant’s telephone number, including area code: | |
Securities registered pursuant to Section 12(b) of the Act | |||||||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | |||||||||
☒ | Accelerated Filer | ☐ | ||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||
Emerging Growth Company |
Page | ||||||||
No. | ||||||||
Part I. | Financial Information | |||||||
Item 1 - Financial Statements | ||||||||
Condensed Consolidated Statements of Income | ||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
Condensed Consolidated Statements of Shareholders' Deficit | ||||||||
Notes to Condensed Consolidated Financial Statements | ||||||||
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Item 3 - Quantitative and Qualitative Disclosures About Market Risk | ||||||||
Item 4 – Controls and Procedures | ||||||||
Report of Independent Registered Public Accounting Firm | ||||||||
Part II. | Other Information and Signatures | |||||||
Item 1 – Legal Proceedings | ||||||||
Item 1A – Risk Factors | ||||||||
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||
Item 6 – Exhibits | ||||||||
Signatures |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||||||||||
YUM! BRANDS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
Quarter ended | Year to date | ||||||||||||||||||||||
Revenues | 9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | |||||||||||||||||||
Company sales | $ | $ | $ | $ | |||||||||||||||||||
Franchise and property revenues | |||||||||||||||||||||||
Franchise contributions for advertising and other services | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs and Expenses, Net | |||||||||||||||||||||||
Company restaurant expenses | |||||||||||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
Franchise and property expenses | |||||||||||||||||||||||
Franchise advertising and other services expense | |||||||||||||||||||||||
Refranchising (gain) loss | ( | ( | ( | ( | |||||||||||||||||||
Other (income) expense | ( | ||||||||||||||||||||||
Total costs and expenses, net | |||||||||||||||||||||||
Operating Profit | |||||||||||||||||||||||
Investment (income) expense, net | ( | ( | |||||||||||||||||||||
Other pension (income) expense | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Income tax provision | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Basic Earnings Per Common Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings Per Common Share | $ | $ | $ | $ | |||||||||||||||||||
Dividends Declared Per Common Share | $ | $ | $ | $ | |||||||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements. |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | |||||||||||||||||||||||
YUM! BRANDS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Quarter ended | Year to date | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature | |||||||||||||||||||||||
Adjustments and gains (losses) arising during the period | ( | ( | |||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Tax (expense) benefit | |||||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Changes in pension and post-retirement benefits | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | |||||||||||||||||||||||
Reclassification of (gains) losses into Net Income | |||||||||||||||||||||||
Tax (expense) benefit | ( | ( | ( | ( | |||||||||||||||||||
Changes in derivative instruments | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | ( | ( | ( | ( | |||||||||||||||||||
Reclassification of (gains) losses into Net Income | ( | ( | |||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
Tax (expense) benefit | |||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ( | ||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ | |||||||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||||||
YUM! BRANDS, INC. AND SUBSIDIARIES | |||||||||||
(in millions) | |||||||||||
Year to date | |||||||||||
9/30/2020 | 9/30/2019 | ||||||||||
Cash Flows – Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Depreciation and amortization | |||||||||||
Impairment and closure (income) expenses | |||||||||||
Refranchising (gain) loss | ( | ( | |||||||||
Investment (income) expense, net | ( | ||||||||||
Contributions to defined benefit pension plans | ( | ( | |||||||||
Deferred income taxes | ( | ( | |||||||||
Share-based compensation expense | |||||||||||
Changes in accounts and notes receivable | ( | ||||||||||
Changes in prepaid expenses and other current assets | ( | ||||||||||
Changes in accounts payable and other current liabilities | ( | ||||||||||
Changes in income taxes payable | ( | ( | |||||||||
Other, net | |||||||||||
Net Cash Provided by Operating Activities | |||||||||||
Cash Flows – Investing Activities | |||||||||||
Capital spending | ( | ( | |||||||||
Acquisition of The Habit Restaurants, Inc., net of cash acquired | ( | ||||||||||
Proceeds from sale of investment in Grubhub, Inc. common stock | |||||||||||
Proceeds from refranchising of restaurants | |||||||||||
Other, net | |||||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
Cash Flows – Financing Activities | |||||||||||
Proceeds from long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Revolving credit facility, three months or less, net | |||||||||||
Short-term borrowings by original maturity | |||||||||||
More than three months - proceeds | |||||||||||
More than three months - payments | ( | ( | |||||||||
Three months or less, net | |||||||||||
Repurchase shares of Common Stock | ( | ||||||||||
Dividends paid on Common Stock | ( | ( | |||||||||
Debt issuance costs | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net Cash Provided by (Used in) Financing Activities | ( | ||||||||||
Effect of Exchange Rates on Cash and Cash Equivalents | ( | ( | |||||||||
Net Increase in Cash and Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | |||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period | |||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period | $ | $ | |||||||||
See accompanying Notes to Condensed Consolidated Financial Statements. |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
YUM! BRANDS, INC. AND SUBSIDIARIES | |||||||||||
(in millions) | |||||||||||
(Unaudited) 9/30/2020 | 12/31/2019 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts and notes receivable, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total Current Assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Deferred income taxes | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |||||||||||
Current Liabilities | |||||||||||
Accounts payable and other current liabilities | $ | $ | |||||||||
Income taxes payable | |||||||||||
Short-term borrowings | |||||||||||
Total Current Liabilities | |||||||||||
Long-term debt | |||||||||||
Other liabilities and deferred credits | |||||||||||
Total Liabilities | |||||||||||
Shareholders’ Deficit | |||||||||||
Common Stock, | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Shareholders’ Deficit | ( | ( | |||||||||
Total Liabilities and Shareholders’ Deficit | $ | $ | |||||||||
See accompanying Notes to Condensed Consolidated Financial Statements. |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (Unaudited) | ||||||||||||||||||||||||||||||||
YUM! BRANDS, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Quarters and years to date ended September 30, 2020 and 2019 | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Yum! Brands, Inc. | ||||||||||||||||||||||||||||||||
Issued Common Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Shareholders' Deficit | |||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Net Income | ||||||||||||||||||||||||||||||||
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature | ||||||||||||||||||||||||||||||||
Pension and post-retirement benefit plans (net of tax impact of $ | ||||||||||||||||||||||||||||||||
Net loss on derivative instruments (net of tax impact of $ | ( | ( | ||||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||||||
Dividends declared | ( | ( | ||||||||||||||||||||||||||||||
Repurchase of shares of Common Stock | ||||||||||||||||||||||||||||||||
Employee share-based award exercises | ( | ( | ||||||||||||||||||||||||||||||
Share-based compensation events | ||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Net Income | ||||||||||||||||||||||||||||||||
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature | ||||||||||||||||||||||||||||||||
Pension and post-retirement benefit plans (net of tax impact of $ | ||||||||||||||||||||||||||||||||
Net loss on derivative instruments (net of tax impact of $ | ( | ( | ||||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||||||
Dividends declared | ( | ( | ||||||||||||||||||||||||||||||
Repurchase of shares of Common Stock | ||||||||||||||||||||||||||||||||
Employee share-based award exercises | ( | ( | ||||||||||||||||||||||||||||||
Share-based compensation events | ||||||||||||||||||||||||||||||||
Adoption of accounting standard | ( | ( | ||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Net Income | ||||||||||||||||||||||||||||||||
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature (net of tax impact of $ | ( | ( | ||||||||||||||||||||||||||||||
Pension and post-retirement benefit plans (net of tax impact of $ | ||||||||||||||||||||||||||||||||
Net loss on derivative instruments (net of tax impact of $ | ( | ( | ||||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||||||
Dividends declared | ( | ( | ||||||||||||||||||||||||||||||
Repurchase of shares of Common Stock | ( | ( | ( | |||||||||||||||||||||||||||||
Employee share-based award exercises | ( | ( | ( | |||||||||||||||||||||||||||||
Share-based compensation events | ( | |||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Net Income | ||||||||||||||||||||||||||||||||
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature (net of tax impact of $ | ( | ( | ||||||||||||||||||||||||||||||
Pension and post-retirement benefit plans (net of tax impact of $ | ||||||||||||||||||||||||||||||||
Net loss on derivative instruments (net of tax impact of $ | ( | ( | ||||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||||||
Dividends declared | ( | ( | ||||||||||||||||||||||||||||||
Repurchase of shares of Common Stock | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Employee share-based award exercises | ( | ( | ( | |||||||||||||||||||||||||||||
Share-based compensation events | ( | |||||||||||||||||||||||||||||||
Adoption of accounting standard | ( | ( | ||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements. |
Total Current Assets | $ | |||||||
Property, plant and equipment, net | ||||||||
Habit Burger Grill brand (included in Intangible assets, net) | ||||||||
Operating lease right-of-use assets (included in Other assets) | ||||||||
Other assets | ||||||||
Total Assets | ||||||||
Total Current Liabilities | ( | |||||||
Operating lease liabilities (included in Other liabilities and deferred credits) | ( | |||||||
Other liabilities | ( | |||||||
Total Liabilities | ( | |||||||
Total identifiable net assets | ||||||||
Goodwill | ||||||||
Net consideration transferred | $ | |||||||
Change in | Increase (Decrease) in Goodwill | |||||||
Property, plant and equipment, net | $ | |||||||
Habit Burger Grill brand (included in Intangible assets, net) | ||||||||
Operating lease right-of-use assets (included in Other assets) | ( | |||||||
Other assets | ( | |||||||
Total Current Liabilities | ||||||||
Operating lease liabilities (included in Other liabilities and deferred credits) | ||||||||
Other liabilities | ( | |||||||
Total decrease in goodwill | $ | ( | ||||||
Quarter ended | Year to date | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average common shares outstanding (for basic calculation) | ||||||||||||||||||||||||||
Effect of dilutive share-based employee compensation | ||||||||||||||||||||||||||
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) | ||||||||||||||||||||||||||
Basic EPS | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted EPS | $ | $ | $ | $ | ||||||||||||||||||||||
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation(a) |
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature | Pension and Post-Retirement Benefits | Derivative Instruments | Total | |||||||||||||||||||||||
Balance at June 30, 2020, net of tax | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
OCI, net of tax | ||||||||||||||||||||||||||
Gains (losses) arising during the period classified into AOCI, net of tax | ( | |||||||||||||||||||||||||
(Gains) losses reclassified from AOCI, net of tax | ||||||||||||||||||||||||||
( | ||||||||||||||||||||||||||
Balance at September 30, 2020, net of tax | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Balance at December 31, 2019, net of tax | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
OCI, net of tax | ||||||||||||||||||||||||||
Gains (losses) arising during the period classified into AOCI, net of tax | ( | ( | ||||||||||||||||||||||||
(Gains) losses reclassified from AOCI, net of tax | ||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||
Balance at September 30, 2020, net of tax | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Quarter ended | Year to date | |||||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | |||||||||||||||||||||||
Foreign exchange net (gain) loss and other(a) | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Closure and impairment (income) expense(b) | ( | |||||||||||||||||||||||||
Other (income) expense | $ | $ | ( | $ | $ |
9/30/2020 | 12/31/2019 | ||||||||||
Accounts and notes receivable, gross | $ | $ | |||||||||
Allowance for doubtful accounts | ( | ( | |||||||||
Accounts and notes receivable, net | $ | $ |
9/30/2020 | 12/31/2019 | ||||||||||
Property, plant and equipment, gross | $ | $ | |||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Property, plant and equipment, net | $ | $ |
Other Assets | 9/30/2020 | 12/31/2019 | |||||||||
Operating lease right-of-use assets | $ | $ | |||||||||
Investment in Grubhub, Inc. common stock(a) | |||||||||||
Franchise incentives | |||||||||||
Other | |||||||||||
Other assets | $ | $ |
9/30/2020 | 12/31/2019 | ||||||||||
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets | $ | $ | |||||||||
Restricted cash included in Prepaid expenses and other current assets(a) | |||||||||||
Restricted cash and restricted cash equivalents included in Other assets(b) | |||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows | $ | $ |
Quarter ended | Year to date | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Income tax provision | $ | $ | $ | $ | |||||||||||||||||||
Effective tax rate | % | % | % | % |
Quarter ended 9/30/2020 | ||||||||||||||||||||||||||||||||
KFC Division | Pizza Hut Division | Taco Bell Division | Habit Burger Grill Division | Total | ||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||
Company sales | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||||||||
Property revenues | ||||||||||||||||||||||||||||||||
Franchise contributions for advertising and other services | ||||||||||||||||||||||||||||||||
China | ||||||||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Company sales | ||||||||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||||||||
Property revenues | ||||||||||||||||||||||||||||||||
Franchise contributions for advertising and other services | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ |
Quarter ended 9/30/2019 | ||||||||||||||||||||||||||
KFC Division | Pizza Hut Division | Taco Bell Division | Total | |||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||
Company sales | $ | $ | $ | $ | ||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||
Property revenues | ||||||||||||||||||||||||||
Franchise contributions for advertising and other services | ||||||||||||||||||||||||||
China | ||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Company sales | ||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||
Property revenues | ||||||||||||||||||||||||||
Franchise contributions for advertising and other services | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Year to date ended 9/30/2020 | ||||||||||||||||||||||||||||||||
KFC Division | Pizza Hut Division | Taco Bell Division | Habit Burger Grill Division | Total | ||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||
Company sales | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||||||||
Property revenues | ||||||||||||||||||||||||||||||||
Franchise contributions for advertising and other services | ||||||||||||||||||||||||||||||||
China | ||||||||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Company sales | ||||||||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||||||||
Property revenues | ||||||||||||||||||||||||||||||||
Franchise contributions for advertising and other services | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ |
Year to date ended 9/30/2019 | ||||||||||||||||||||||||||
KFC Division | Pizza Hut Division | Taco Bell Division | Total | |||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||
Company sales | $ | $ | $ | $ | ||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||
Property revenues | ||||||||||||||||||||||||||
Franchise contributions for advertising and other services | ||||||||||||||||||||||||||
China | ||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Company sales | ||||||||||||||||||||||||||
Franchise revenues | ||||||||||||||||||||||||||
Property revenues | ||||||||||||||||||||||||||
Franchise contributions for advertising and other services | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Deferred Franchise Fees | ||||||||
Balance at December 31, 2019 | $ | |||||||
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period | ( | |||||||
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period | ||||||||
Other(a) | ( | |||||||
Balance at September 30, 2020 | $ |
Less than 1 year | $ | |||||||
1 - 2 years | ||||||||
2 - 3 years | ||||||||
3 - 4 years | ||||||||
4 - 5 years | ||||||||
Thereafter | ||||||||
Total | $ |
Quarter ended | Year to date | ||||||||||||||||||||||
Revenues | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
KFC Division | $ | $ | $ | $ | |||||||||||||||||||
Pizza Hut Division | |||||||||||||||||||||||
Taco Bell Division | |||||||||||||||||||||||
Habit Burger Grill Division | |||||||||||||||||||||||
$ | $ | $ | $ |
Quarter ended | Year to date | ||||||||||||||||||||||
Operating Profit | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
KFC Division | $ | $ | $ | $ | |||||||||||||||||||
Pizza Hut Division | |||||||||||||||||||||||
Taco Bell Division | |||||||||||||||||||||||
Habit Burger Grill Division | ( | ( | |||||||||||||||||||||
Corporate and unallocated G&A expenses(a) | ( | ( | ( | ( | |||||||||||||||||||
Unallocated Company restaurant expenses | |||||||||||||||||||||||
Unallocated Franchise and property expenses | ( | ( | ( | ||||||||||||||||||||
Unallocated Refranchising gain (loss) | |||||||||||||||||||||||
Unallocated Other income (expense) (See Note 5) | ( | ( | ( | ( | |||||||||||||||||||
Operating Profit | $ | $ | $ | $ | |||||||||||||||||||
Investment income (expense), net(b) | ( | ( | |||||||||||||||||||||
Other pension income (expense) (See Note 10) | ( | ( | ( | ( | |||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | $ | $ | $ | $ |
Quarter ended | Year to date | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of net loss | |||||||||||||||||||||||
Amortization of prior service cost | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
Additional loss recognized due to settlements(a) | $ | $ | $ | $ |
Short-term Borrowings | 9/30/2020 | 12/31/2019 | ||||||||||||
Current maturities of long-term debt | $ | $ | ||||||||||||
Other | ||||||||||||||
Less current portion of debt issuance costs and discounts | ( | ( | ||||||||||||
Short-term borrowings | $ | $ | ||||||||||||
Long-term Debt | ||||||||||||||
Securitization Notes | $ | $ | ||||||||||||
Subsidiary Senior Unsecured Notes | ||||||||||||||
Term Loan A Facility | ||||||||||||||
Term Loan B Facility | ||||||||||||||
YUM Senior Unsecured Notes | ||||||||||||||
Finance lease obligations | ||||||||||||||
$ | $ | |||||||||||||
Less debt issuance costs and discounts | ( | ( | ||||||||||||
Less current maturities of long-term debt | ( | ( | ||||||||||||
Long-term debt | $ | $ |
Quarter ended | Year to date | ||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) Recognized in OCI | (Gains)/Losses Reclassified from AOCI into Net Income | Gains/(Losses) Recognized in OCI | (Gains)/Losses Reclassified from AOCI into Net Income | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||
Foreign currency contracts | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Income tax benefit/(expense) | ( |
9/30/2020 | 12/31/2019 | ||||||||||||||||||||||
Carrying Value | Fair Value (Level 2) | Carrying Value | Fair Value (Level 2) | ||||||||||||||||||||
Securitization Notes(a) | $ | $ | $ | $ | |||||||||||||||||||
Subsidiary Senior Unsecured Notes(b) | |||||||||||||||||||||||
Term Loan A Facility(b) | |||||||||||||||||||||||
Term Loan B Facility(b) | |||||||||||||||||||||||
YUM Senior Unsecured Notes(b) | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | Level | 9/30/2020 | 12/31/2019 | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Interest Rate Swaps | Prepaid expenses and other current assets | 2 | $ | $ | ||||||||||||||||||||||
Foreign Currency Contracts | Prepaid expenses and other current assets | 2 | ||||||||||||||||||||||||
Interest Rate Swaps | Other assets | 2 | ||||||||||||||||||||||||
Investment in Grubhub, Inc. Common Stock | Other assets | 1 | ||||||||||||||||||||||||
Other Investments | Other assets | 1 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Interest Rate Swaps | Accounts payable and other current liabilities | 2 | ||||||||||||||||||||||||
Interest Rate Swaps | Other liabilities and deferred credits | 2 |
% Change | |||||||||||||||||
System Sales, ex FX | Same-Store Sales | Net New Units | GAAP Operating Profit | Core Operating Profit | |||||||||||||
KFC Division | (1) | (4) | +5 | +3 | +4 | ||||||||||||
Pizza Hut Division | (4) | (3) | (4) | +3 | +3 | ||||||||||||
Taco Bell Division | +5 | +3 | +3 | +16 | +16 | ||||||||||||
Worldwide(1) | +1 | (2) | +2 | (2) | +7 |
% Change | |||||||||||||||||
System Sales, ex FX | Same-Store Sales | Net New Units | GAAP Operating Profit | Core Operating Profit | |||||||||||||
KFC Division | (7) | (11) | +5 | (15) | (13) | ||||||||||||
Pizza Hut Division | (8) | (8) | (4) | (10) | (9) | ||||||||||||
Taco Bell Division | +1 | (2) | +3 | +6 | +6 | ||||||||||||
Worldwide(1) | (5) | (8) | +2 | (26) | (8) |
Quarter ended | Year to date | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | % B/(W) | 2020 | 2019 | % B/(W) | ||||||||||||||||||||||||||||||||||||
Company sales | $ | 486 | $ | 364 | 34 | $ | 1,244 | $ | 1,056 | 18 | |||||||||||||||||||||||||||||||
Franchise and property revenues | 639 | 645 | (1) | 1,760 | 1,890 | (7) | |||||||||||||||||||||||||||||||||||
Franchise contributions for advertising and other services | 323 | 330 | (2) | 905 | 957 | (6) | |||||||||||||||||||||||||||||||||||
Total revenues | $ | 1,448 | $ | 1,339 | 8 | $ | 3,909 | $ | 3,903 | — | |||||||||||||||||||||||||||||||
Restaurant profit | $ | 87 | $ | 72 | 18 | $ | 198 | $ | 206 | (4) | |||||||||||||||||||||||||||||||
Restaurant margin % | 17.8 | % | 20.2 | % | (2.4) | ppts. | 15.9 | % | 19.6 | % | (3.7) | ppts. | |||||||||||||||||||||||||||||
G&A expenses | $ | 257 | $ | 208 | (24) | $ | 724 | $ | 617 | (17) | |||||||||||||||||||||||||||||||
Franchise and property expenses | 13 | 43 | 71 | 107 | 124 | 14 | |||||||||||||||||||||||||||||||||||
Franchise advertising and other services expense | 313 | 325 | 4 | 887 | 941 | 6 | |||||||||||||||||||||||||||||||||||
Refranchising (gain) loss | (9) | (8) | 17 | (30) | (18) | 70 | |||||||||||||||||||||||||||||||||||
Other (income) expense | 4 | (1) | NM | 154 | 5 | NM | |||||||||||||||||||||||||||||||||||
Operating Profit | $ | 471 | $ | 480 | (2) | $ | 1,021 | $ | 1,384 | (26) | |||||||||||||||||||||||||||||||
Investment (income) expense, net | $ | (10) | $ | 59 | NM | $ | (67) | $ | 50 | NM | |||||||||||||||||||||||||||||||
Other pension (income) expense | 4 | 1 | NM | 9 | 4 | NM | |||||||||||||||||||||||||||||||||||
Interest expense, net | 161 | 120 | (34) | 411 | 354 | (16) | |||||||||||||||||||||||||||||||||||
Income tax provision | 33 | 45 | 26 | 96 | 170 | 44 | |||||||||||||||||||||||||||||||||||
Net Income | $ | 283 | $ | 255 | 11 | $ | 572 | $ | 806 | (29) | |||||||||||||||||||||||||||||||
Diluted EPS(a) | $ | 0.92 | $ | 0.81 | 14 | $ | 1.86 | $ | 2.57 | (27) | |||||||||||||||||||||||||||||||
Effective tax rate | 10.5 | % | 15.1 | % | 4.6 | ppts. | 14.4 | % | 17.4 | % | 3.0 | ppts. |
Unit Count | 9/30/2020 | 9/30/2019 | % Increase (Decrease) | ||||||||||||||||||||
Franchise | 49,003 | 48,275 | 2 | ||||||||||||||||||||
Company-owned | 1,123 | 883 | 27 | ||||||||||||||||||||
Total | 50,126 | 49,158 | 2 |
Quarter ended | Year to date | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Same-store Sales Growth (Decline) % | (2) | 3 | (8) | 4 | |||||||||||||||||||
System Sales Growth (Decline) %, reported | 1 | 6 | (6) | 6 | |||||||||||||||||||
System Sales Growth (Decline) %, excluding FX | 1 | 8 | (5) | 9 | |||||||||||||||||||
Quarter ended | Year to date | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||
Company sales(a) | $ | 486 | $ | 364 | $ | 1,244 | $ | 1,056 | ||||||||||||||||||
Franchise sales | 12,457 | 12,468 | 34,108 | 36,433 | ||||||||||||||||||||||
System sales | 12,943 | 12,832 | 35,352 | 37,489 | ||||||||||||||||||||||
Foreign Currency Impact on System sales(b) | (4) | N/A | (395) | N/A | ||||||||||||||||||||||
System sales, excluding FX | $ | 12,947 | $ | 12,832 | $ | 35,747 | $ | 37,489 | ||||||||||||||||||
KFC Division | ||||||||||||||||||||||||||
Company sales(a) | $ | 130 | $ | 135 | $ | 346 | $ | 395 | ||||||||||||||||||
Franchise sales | 6,779 | 6,833 | 18,138 | 19,768 | ||||||||||||||||||||||
System sales | 6,909 | 6,968 | 18,484 | 20,163 | ||||||||||||||||||||||
Foreign Currency Impact on System sales(b) | (20) | N/A | (334) | N/A | ||||||||||||||||||||||
System sales, excluding FX | $ | 6,929 | $ | 6,968 | $ | 18,818 | $ | 20,163 | ||||||||||||||||||
Pizza Hut Division | ||||||||||||||||||||||||||
Company sales(a) | $ | 20 | $ | 13 | $ | 57 | $ | 35 | ||||||||||||||||||
Franchise sales | 2,974 | 3,079 | 8,491 | 9,286 | ||||||||||||||||||||||
System sales | 2,994 | 3,092 | 8,548 | 9,321 | ||||||||||||||||||||||
Foreign Currency Impact on System sales(b) | 16 | N/A | (58) | N/A | ||||||||||||||||||||||
System sales, excluding FX | $ | 2,978 | $ | 3,092 | $ | 8,606 | $ | 9,321 | ||||||||||||||||||
Taco Bell Division | ||||||||||||||||||||||||||
Company sales(a) | $ | 218 | $ | 216 | $ | 610 | $ | 626 | ||||||||||||||||||
Franchise sales | 2,696 | 2,556 | 7,464 | 7,379 | ||||||||||||||||||||||
System sales | 2,914 | 2,772 | 8,074 | 8,005 | ||||||||||||||||||||||
Foreign Currency Impact on System sales(b) | — | N/A | (3) | N/A | ||||||||||||||||||||||
System sales, excluding FX | $ | 2,914 | $ | 2,772 | $ | 8,077 | $ | 8,005 | ||||||||||||||||||
Habit Burger Grill Division | ||||||||||||||||||||||||||
Company sales(a) | $ | 118 | N/A | $ | 231 | N/A | ||||||||||||||||||||
Franchise sales | 8 | N/A | 15 | N/A | ||||||||||||||||||||||
System sales | 126 | N/A | 246 | N/A | ||||||||||||||||||||||
Foreign Currency Impact on System sales(b) | — | N/A | — | N/A | ||||||||||||||||||||||
System sales, excluding FX | $ | 126 | N/A | $ | 246 | N/A | ||||||||||||||||||||
Non-GAAP Items | ||||||||||||||||||||||||||
Non-GAAP Items, along with the reconciliation to the most comparable GAAP financial measure, as presented below. | ||||||||||||||||||||||||||
Quarter ended | Year to date | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Core Operating Profit Growth (Decline) % | 7 | 6 | (8) | 12 | ||||||||||||||||||||||
Diluted EPS Growth (Decline) %, excluding Special Items | 27 | (23) | (3) | (7) | ||||||||||||||||||||||
Effective Tax Rate excluding Special Items | 19.3 | % | 15.1 | % | 19.0 | % | 17.6 | % | ||||||||||||||||||
Quarter ended | Year to date | |||||||||||||||||||||||||
Detail of Special Items | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Refranchising gain (loss)(a) | $ | 2 | $ | 8 | $ | 8 | $ | 18 | ||||||||||||||||||
Costs associated with acquisition and integration of Habit Burger Grill (See Note 2) | — | — | (9) | — | ||||||||||||||||||||||
Impairment of Habit Burger Grill goodwill (See Note 2) | (5) | — | (144) | — | ||||||||||||||||||||||
Unlocking Opportunity Initiative contribution(b) | — | — | (50) | — | ||||||||||||||||||||||
Charges associated with resource optimization(c) | (32) | — | (32) | — | ||||||||||||||||||||||
Other Special Items Income (Expense)(d) | 1 | (3) | (6) | (14) | ||||||||||||||||||||||
Special Items Income (Expense) - Operating Profit | (34) | 5 | (233) | 4 | ||||||||||||||||||||||
Charges associated with resource optimization - Other Pension Expense(c) | (1) | — | (1) | — | ||||||||||||||||||||||
Interest expense, net(d)(e) | (34) | — | (34) | (2) | ||||||||||||||||||||||
Special Items Income (Expense) before Income Taxes | (69) | 5 | (268) | 2 | ||||||||||||||||||||||
Tax Benefit on Special Items(f) | 17 | — | 57 | 2 | ||||||||||||||||||||||
Tax Benefit - Intra-entity transfer of intellectual property(g) | 25 | — | 25 | — | ||||||||||||||||||||||
Special Items Income (Expense), net of tax | $ | (27) | $ | 5 | $ | (186) | $ | 4 | ||||||||||||||||||
Average diluted shares outstanding | 307 | 313 | 307 | 314 | ||||||||||||||||||||||
Special Items diluted EPS | $ | (0.09) | $ | 0.01 | $ | (0.61) | $ | 0.02 | ||||||||||||||||||
Reconciliation of GAAP Operating Profit to Core Operating Profit | ||||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||
GAAP Operating Profit | $ | 471 | $ | 480 | $ | 1,021 | $ | 1,384 | ||||||||||||||||||
Special Items Income (Expense) | (34) | 5 | (233) | 4 | ||||||||||||||||||||||
Foreign Currency Impact on Divisional Operating Profit(h) | (2) | N/A | (14) | N/A | ||||||||||||||||||||||
Core Operating Profit | $ | 507 | $ | 475 | $ | 1,268 | $ | 1,380 | ||||||||||||||||||
KFC Division | ||||||||||||||||||||||||||
GAAP Operating Profit | $ | 278 | $ | 270 | $ | 655 | $ | 767 | ||||||||||||||||||
Foreign Currency Impact on Divisional Operating Profit(h) | (2) | N/A | (13) | N/A | ||||||||||||||||||||||
Core Operating Profit | $ | 280 | $ | 270 | $ | 668 | $ | 767 | ||||||||||||||||||
Pizza Hut Division | ||||||||||||||||||||||||||
GAAP Operating Profit | $ | 89 | $ | 86 | $ | 252 | $ | 279 | ||||||||||||||||||
Foreign Currency Impact on Divisional Operating Profit(h) | — | N/A | (1) | N/A | ||||||||||||||||||||||
Core Operating Profit | $ | 89 | $ | 86 | $ | 253 | $ | 279 | ||||||||||||||||||
Taco Bell Division | ||||||||||||||||||||||||||
GAAP Operating Profit | $ | 186 | $ | 161 | $ | 484 | $ | 458 | ||||||||||||||||||
Foreign Currency Impact on Divisional Operating Profit(h) | — | N/A | — | N/A | ||||||||||||||||||||||
Core Operating Profit | $ | 186 | $ | 161 | $ | 484 | $ | 458 | ||||||||||||||||||
Habit Burger Grill Division | ||||||||||||||||||||||||||
GAAP Operating Profit | $ | (7) | N/A | $ | (15) | N/A |
Foreign Currency Impact on Divisional Operating Profit(h) | — | N/A | — | N/A | ||||||||||||||||||||||
Core Operating Profit | $ | (7) | N/A | $ | (15) | N/A | ||||||||||||||||||||
Reconciliation of Diluted EPS to Diluted EPS excluding Special Items | ||||||||||||||||||||||||||
Diluted EPS | $ | 0.92 | $ | 0.81 | $ | 1.86 | $ | 2.57 | ||||||||||||||||||
Special Items Diluted EPS | (0.09) | 0.01 | (0.61) | 0.02 | ||||||||||||||||||||||
Diluted EPS excluding Special Items | $ | 1.01 | $ | 0.80 | $ | 2.47 | $ | 2.55 | ||||||||||||||||||
Reconciliation of GAAP Effective Tax Rate to Effective Tax Rate excluding Special Items | ||||||||||||||||||||||||||
GAAP Effective Tax Rate | 10.5 | % | 15.1 | % | 14.4 | % | 17.4 | % | ||||||||||||||||||
Impact on Tax Rate as a result of Special Items(f) | (8.8) | % | — | % | (4.6) | % | (0.2) | % | ||||||||||||||||||
Effective Tax Rate excluding Special Items | 19.3 | % | 15.1 | % | 19.0 | % | 17.6 | % |
Quarter ended | Year to date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% B/(W) | % B/(W) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Reported | Ex FX | 2020 | 2019 | Reported | Ex FX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
System Sales | $ | 6,909 | $ | 6,968 | (1) | (1) | $ | 18,484 | $ | 20,163 | (8) | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Same-Store Sales Growth (Decline) % | (4) | 3 | N/A | N/A | (11) | 5 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company sales | $ | 130 | $ | 135 | (3) | (1) | $ | 346 | $ | 395 | (12) | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise and property revenues | 340 | 344 | (1) | (1) | 906 | 999 | (9) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise contributions for advertising and other services | 116 | 130 | (11) | (10) | 309 | 365 | (15) | (13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 586 | $ | 609 | (4) | (3) | $ | 1,561 | $ | 1,759 | (11) | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restaurant profit | $ | 21 | $ | 22 | (2) | (2) | $ | 39 | $ | 61 | (36) | (35) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restaurant margin % | 16.3 | % | 16.1 | % | 0.2 | ppts. | — | ppts. | 11.2 | % | 15.3 | % | (4.1) | ppts. | (4.4) | ppts. | ||||||||||||||||||||||||||||||||||||||||||||||
G&A expenses | $ | 81 | $ | 80 | (1) | (2) | $ | 224 | $ | 233 | 4 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise and property expenses | 7 | 23 | 66 | 72 | 69 | 70 | 1 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise advertising and other services expense | 111 | 126 | 12 | 11 | 301 | 358 | 16 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Profit | $ | 278 | $ | 270 | 3 | 4 | $ | 655 | $ | 767 | (15) | (13) |
% Increase (Decrease) | |||||||||||||||||||||||||||||
Unit Count | 9/30/2020 | 9/30/2019 | |||||||||||||||||||||||||||
Franchise | 24,302 | 23,103 | 5 | ||||||||||||||||||||||||||
Company-owned | 300 | 332 | (10) | ||||||||||||||||||||||||||
Total | 24,602 | 23,435 | 5 |
Quarter ended | Year to date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% B/(W) | % B/(W) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Reported | Ex FX | 2020 | 2019 | Reported | Ex FX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
System Sales | $ | 2,994 | $ | 3,092 | (3) | (4) | $ | 8,548 | $ | 9,321 | (8) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Same-Store Sales Growth (Decline) % | (3) | Even | N/A | N/A | (8) | 1 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company sales | $ | 20 | $ | 13 | 54 | 48 | $ | 57 | $ | 35 | 62 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise and property revenues | 134 | 143 | (5) | (5) | 393 | 431 | (9) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise contributions for advertising and other services | 89 | 85 | 3 | 3 | 263 | 264 | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 243 | $ | 241 | 1 | — | $ | 713 | $ | 730 | (2) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restaurant profit | $ | 2 | $ | — | NM | NM | $ | 2 | $ | 1 | 72 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restaurant margin % | 8.2 | % | 4.0 | % | 4.2 | ppts. | 4.1 | ppts. | 3.4 | % | 3.2 | % | 0.2 | ppts. | 0.1 | ppts. | ||||||||||||||||||||||||||||||||||||||||||||||
G&A expenses | $ | 51 | $ | 47 | (7) | (7) | $ | 141 | $ | 138 | (2) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise and property expenses | (2) | 9 | NM | NM | 11 | 23 | 52 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise advertising and other services expense | 85 | 86 | — | 1 | 256 | 258 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Profit | $ | 89 | $ | 86 | 3 | 3 | $ | 252 | $ | 279 | (10) | (9) |
% Increase (Decrease) | |||||||||||||||||||||||||||||
Unit Count | 9/30/2020 | 9/30/2019 | |||||||||||||||||||||||||||
Franchise | 17,745 | 18,455 | (4) | ||||||||||||||||||||||||||
Company-owned | 97 | 77 | 26 | ||||||||||||||||||||||||||
Total | 17,842 | 18,532 | (4) |
Quarter ended | Year to date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% B/(W) | % B/(W) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Reported | Ex FX | 2020 | 2019 | Reported | Ex FX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
System Sales | $ | 2,914 | $ | 2,772 | 5 | 5 | $ | 8,074 | $ | 8,005 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Same-Store Sales Growth % | 3 | 4 | N/A | N/A | (2) | 5 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company sales | $ | 218 | $ | 216 | 1 | 1 | $ | 610 | $ | 626 | (3) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise and property revenues | 165 | 158 | 4 | 4 | 460 | 460 | Even | Even | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise contributions for advertising and other services | 118 | 115 | 3 | 3 | 333 | 328 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 501 | $ | 489 | 2 | 2 | $ | 1,403 | $ | 1,414 | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restaurant profit | $ | 60 | $ | 50 | 19 | 19 | $ | 152 | $ | 144 | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restaurant margin % | 27.8 | % | 23.6 | % | 4.2 | ppts. | 4.2 | ppts. | 25.0 | % | 23.1 | % | 1.9 | ppts. | 1.9 | ppts. | ||||||||||||||||||||||||||||||||||||||||||||||
G&A expenses | $ | 33 | $ | 40 | 16 | 16 | $ | 108 | $ | 124 | 13 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise and property expenses | 8 | 9 | 19 | 19 | 24 | 26 | 10 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise advertising and other services expense | 117 | 113 | (3) | (3) | 330 | 325 | (2) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Profit | $ | 186 | $ | 161 | 16 | 16 | $ | 484 | $ | 458 | 6 | 6 |
% Increase (Decrease) | |||||||||||||||||||||||||||||
Unit Count | 9/30/2020 | 9/30/2019 | |||||||||||||||||||||||||||
Franchise | 6,925 | 6,717 | 3 | ||||||||||||||||||||||||||
Company-owned | 475 | 474 | — | ||||||||||||||||||||||||||
Total | 7,400 | 7,191 | 3 |
Quarter ended | Year to date | |||||||||||||||||||||||||||||||||||||||||||
(Expense) / Income | 2020 | 2019 | % B/(W) | 2020 | 2019 | % B/(W) | ||||||||||||||||||||||||||||||||||||||
Corporate and unallocated G&A | $ | (81) | $ | (41) | (99) | $ | (229) | $ | (122) | (87) | ||||||||||||||||||||||||||||||||||
Unallocated Company restaurant expenses | 1 | — | NM | — | — | NM | ||||||||||||||||||||||||||||||||||||||
Unallocated Franchise and property expenses | — | (2) | NM | (3) | (5) | 47 | ||||||||||||||||||||||||||||||||||||||
Unallocated Refranchising gain (loss) | 9 | 8 | 17 | 30 | 18 | 70 | ||||||||||||||||||||||||||||||||||||||
Unallocated Other income (expense) | (4) | (2) | NM | (153) | (11) | NM | ||||||||||||||||||||||||||||||||||||||
Investment income (expense), net (See Note 9) | 10 | (59) | NM | 67 | (50) | NM | ||||||||||||||||||||||||||||||||||||||
Other pension income (expense) (See Note 10) | (4) | (1) | NM | (9) | (4) | NM | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | (161) | (120) | (34) | (411) | (354) | (16) | ||||||||||||||||||||||||||||||||||||||
Income tax provision (See Note 7) | (33) | (45) | 26 | (96) | (170) | 44 | ||||||||||||||||||||||||||||||||||||||
Effective tax rate (See Note 7) | 10.5 | % | 15.1 | % | 4.6 | ppts. | 14.4 | % | 17.4 | % | 3.0 | ppts. |
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2030 | 2031 | 2037 | 2043 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitization Notes | $ | 7 | $ | 29 | $ | 29 | $ | 1,281 | $ | 16 | $ | 16 | $ | 921 | $ | 6 | $ | 571 | $ | 2,876 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Agreement | 14 | 76 | 395 | 20 | 20 | 1,836 | 2,361 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Senior Unsecured Notes | 1,050 | 750 | 1,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YUM Senior Unsecured Notes | 350 | 350 | 325 | 600 | $ | 800 | $ | 1,050 | $ | 325 | $ | 275 | 4,075 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 371 | $ | 455 | $ | 424 | $ | 1,626 | $ | 36 | $ | 2,452 | $ | 1,971 | $ | 756 | $ | 571 | $ | 800 | $ | 1,050 | $ | 325 | $ | 275 | $ | 11,112 |
(a) | Exhibit Index | ||||||||||||||||
Exhibit No. | Exhibit Description | ||||||||||||||||
4.1 | |||||||||||||||||
4.2 | First Supplemental Indenture, dated as of September 25, 2020, by and between the Company and U.S. Bank National Association, as trustee, relating to the Company's 3.625% Senior Notes due March 15, 2031 (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K filed on September 25, 2020). | ||||||||||||||||
15 | |||||||||||||||||
31.1 | |||||||||||||||||
31.2 | |||||||||||||||||
32.1 | |||||||||||||||||
32.2 | |||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||||||
YUM! BRANDS, INC. | |||||
(Registrant) |
Date: | November 5, 2020 | /s/ David E. Russell | ||||||
Senior Vice President, Finance and Corporate Controller | ||||||||
(Principal Accounting Officer) |
Description | |||||
Form S-3 | Registration Statement Number | ||||
Debt Securities | 333-248288 | ||||
Form S-8 | |||||
Restaurant Deferred Compensation Program | 333-36877, 333-32050 | ||||
Executive Income Deferral Program | 333-36955 | ||||
SharePower Stock Option Plan | 333-36961 | ||||
YUM! Brands 401 (k) Plan | 333-36893, 333-32048, 333-109300 | ||||
YUM! Brands, Inc. Restaurant General Manager Stock Option Plan | 333-64547 | ||||
YUM! Brands, Inc. Long-Term Incentive Plan | 333-32052, 333-109299, 333-170929, 333-223152 |
Date: | November 5, 2020 | /s/ David W. Gibbs | ||||||
Chief Executive Officer |
Date: | November 5, 2020 | /s/ Chris Turner | ||||||
Chief Financial Officer |
Date: | November 5, 2020 | /s/ David W. Gibbs | ||||||
Chief Executive Officer |
Date: | November 5, 2020 | /s/ Chris Turner | ||||||
Chief Financial Officer |
Financial Statement Presentation |
9 Months Ended |
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Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statement Presentation | Financial Statement Presentation We have prepared our accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by Generally Accepted Accounting Principles in the United States (“GAAP”) for complete financial statements. Therefore, we suggest that the accompanying Financial Statements be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (“2019 Form 10-K”). Yum! Brands, Inc. and its Subsidiaries (collectively referred to herein as the “Company,” “YUM,” “we,” “us” or “our”) franchise or operate a system of over 50,000 restaurants in more than 150 countries and territories. As of September 30, 2020, 98% of these restaurants were owned and operated by franchisees. The Company’s KFC, Pizza Hut and Taco Bell brands are global leaders of the chicken, pizza and Mexican-style food categories, respectively. The Habit Burger Grill, a concept we acquired on March 18, 2020, is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. As of September 30, 2020, YUM consisted of four operating segments: •The KFC Division which includes our worldwide operations of the KFC concept •The Pizza Hut Division which includes our worldwide operations of the Pizza Hut concept •The Taco Bell Division which includes our worldwide operations of the Taco Bell concept •The Habit Burger Grill Division which includes our worldwide operations of the Habit Burger Grill concept YUM's fiscal year begins on January 1 and ends December 31 of each year, with each quarter comprised of three months. The majority of our U.S. subsidiaries and certain international subsidiaries operate on a weekly periodic calendar where the first three quarters of each fiscal year consists of 12 weeks and the fourth quarter consists of 16 weeks in fiscal years with 52 weeks and 17 weeks in fiscal years with 53 weeks. Our remaining international subsidiaries operate on a monthly calendar similar to that on which YUM operates. Our Habit Burger Grill Division operates on a weekly periodic calendar where each quarter consists of 13 weeks, except in fiscal years with 53 weeks when the fourth quarter consists of 14 weeks. Our preparation of the accompanying Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The accompanying Financial Statements include all normal and recurring adjustments considered necessary to present fairly, when read in conjunction with our 2019 Form 10-K, the results of the interim periods presented. Our results of operations, comprehensive income, cash flows and changes in shareholders' deficit for these interim periods are not necessarily indicative of the results to be expected for the full year. Our significant interim accounting policies include the recognition of advertising and marketing costs, generally in proportion to revenue, and the recognition of income taxes using an estimated annual effective tax rate. We have reclassified certain other items in the Financial Statements for the prior periods to be comparable with the classification for the quarter and year to date ended September 30, 2020. These reclassifications had no effect on previously reported Net Income. COVID-19 In late 2019 a novel strain of coronavirus, COVID-19, was first detected and in March 2020, the World Health Organization declared COVID-19 a global pandemic. Throughout 2020, COVID-19 has spread throughout the U.S. and the rest of the world and governmental authorities have implemented measures to reduce the spread of COVID-19. These measures include restrictions on travel outside the home and other limitations on business and other activities as well as encouraging social distancing. Moreover, COVID-19 cases have recently been increasing in the U.S. and various other regions of the world in which we have operations, which has resulted in some governmental authorities, including some in Western Europe, re-imposing restrictions on business and other activities that were previously lifted or reduced. As a result of COVID-19, we and our franchisees have experienced significant store closures and instances of reduced and limited store-level operations, including reduced operating hours and full or partial dining-room closures. The impacts of COVID-19 significantly impacted our results in the quarter and year to date ended September 30, 2020. As a result of the impact of COVID-19 on the Habit Burger Grill's results as well as general market conditions, we recognized an after-tax goodwill impairment charge of $107 million during the quarter ended March 31, 2020 related to our Habit Burger Grill reporting unit (See Note 2). As we continued to refine our preliminary purchase price allocation for Habit in the quarter ended September 30, 2020 the after-tax goodwill impairment charge was adjusted upward by $4 million. Due to the uncertainty surrounding our current assumptions regarding the expected severity and duration of the impact of COVID-19 on our and our franchisees' operations, we currently believe it is reasonably possible that certain significant estimates underlying long- lived asset and goodwill impairment evaluations as well as expected credit loss assessments within these Financial Statements will change in the near term. The effect of such a change may be material. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued a standard that requires measurement and recognition of expected versus incurred credit losses for financial assets held. As required, we adopted this standard on January 1, 2020 which resulted in the recording of a cumulative adjustment to Accumulated deficit of $8 million primarily to establish an expected credit loss liability for the contingent aspect of our financial guarantees. Substantially all of our financial guarantees relate to lease payments that our franchisees are primarily liable for and for which we are secondarily liable. See Note 14. Upon adoption of the standard the Company's accounting policy for the measurement of credit losses related to our primary financial asset, our receivables from our franchisees, is as shown below. Expected credit losses for uncollectible franchisee receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions we consider include pre-defined aging criteria as well as specified events that indicate we may not collect the balance due. Reasonable and supportable forecasts used in determining the probability of future collection consider publicly available data regarding default probability. In January 2017, the FASB issued a standard that eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, an impairment charge is recognized based on the excess of a reporting unit’s carrying amount over its fair value. We adopted this standard, which requires prospective application, beginning with the quarter ended March 31, 2020. As a result, the goodwill impairment charge related to our Habit Burger Grill reporting unit (See Note 2) was measured as the excess of its carrying value over its fair value.
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Habit Burger Acquisition (Notes) |
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Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | Habit Burger Grill Acquisition On March 18, 2020, we completed the acquisition of all of the issued and outstanding common shares of The Habit Restaurants, Inc. As of the date of acquisition, The Habit Restaurants, Inc. operated 245 company-owned and 31 franchised Habit Burger Grill restaurants across the U.S. and in China, offering a flavor-forward variety of made-to-order items chargrilled over an open flame. We expect Habit Burger Grill to benefit from the global scale and resources of YUM and that the acquisition will accelerate and diversify YUM's growth. Total cash consideration paid in connection with the acquisition was $408 million, net of acquired cash of $20 million. This included $9 million for the settlement of existing share-based awards previously issued to The Habit Restaurants, Inc. employees and $53 million associated with an obligation to former shareholders of The Habit Restaurants, Inc. related to a tax receivable agreement entered into in connection with its initial public offering in 2014. The acquisition was accounted for as a business combination using the acquisition method of accounting. During the quarter ended September 30, 2020, we adjusted our preliminary estimate of the fair value of net assets acquired. The components of the preliminary purchase price allocation upon the March 18, 2020 acquisition, subsequent to the adjustments to the allocation in the quarter ended September 30, 2020, were as follows:
The adjustments to the preliminary estimate of identifiable net assets acquired resulted in a corresponding $11 million decrease in estimated goodwill due to the following changes to the preliminary purchase price allocation.
The preliminary allocation of the purchase price was based on management's analysis as of March 18, 2020. We will continue to obtain information to assist in determining the fair value of net assets acquired during the remaining measurement period. The Habit Burger Grill brand, which includes the related trademarks, was valued by applying the income approach through a relief from royalty analysis and it has been assigned an indefinite life and, therefore, will not be amortized. The brand asset will be tested for impairment on an annual basis as of the beginning of our fourth quarter or more often if an event occurs or circumstances change that indicate impairment might exist. The excess of the purchase price over the preliminary estimated fair value of the net, identifiable assets acquired was recorded as goodwill. The factors contributing to the recognition of goodwill were several strategic and synergistic benefits that are expected to be realized by Habit Burger Grill from the acquisition. These benefits include leveraging YUM's scale and resources in unit development, primarily through franchising, supply chain and global brand-building. Goodwill determined through the purchase price allocation will be entirely allocated to the Habit Burger Grill Division and goodwill of approximately $200 million is expected to be deductible for tax purposes. Habit's total operating lease liabilities represent the present value of minimum lease payments, including rental payments for lease renewal options we are reasonably certain to exercise. The nominal value of these minimum lease payments as of September 30, 2020 approximated $225 million. Additionally, the nominal value of minimum lease payments associated with Habit leases that have not yet commenced approximated $45 million as of September 30, 2020. The pro forma impact on our results of operations if the acquisition had been completed as of the beginning of 2019 would not have been significant. During the first quarter of 2020, the operations of substantially all Habit Burger Grill restaurants were impacted by COVID-19. As a result, we performed an interim impairment test of the Habit Burger Grill reporting unit goodwill as of March 31, 2020. This test of impairment included comparing the estimated fair value of the Habit Burger Grill reporting unit to its carrying value, including goodwill, as originally determined through our preliminary purchase price allocation. The fair value estimate of the Habit Burger Grill reporting unit was based on the estimated price a willing buyer would pay for the reporting unit and was determined using an income approach through a discounted cash flow analysis using unobservable inputs (Level 3). The most impactful of these inputs included future average unit volumes of Habit Burger Grill restaurants as well as restaurant unit counts. The fair value was determined based upon a probability-weighted average of three scenarios, which included assumed recovery of Habit Burger Grill average unit volumes to a pre—COVID-19 level over periods ranging from the beginning of 2021 to the end of 2022. Factors impacting restaurant unit counts were near-term unit closures as the result of COVID-19 as well as the pace of expected new unit development. Unit counts assumed were correlated with the expected recoveries in average unit volumes. Based upon this fair value estimate, we determined that the carrying value of our Habit Burger Grill reporting unit exceeded its fair value. As a result, during the first quarter of 2020 we recorded a goodwill impairment charge of $139 million to Other (income) expense and a corresponding income tax benefit of $32 million. As we continued to refine our preliminary purchase price allocation in the quarter ended September 30, 2020, the impairment charge was adjusted upward by $5 million, which resulted in a corresponding income tax benefit of $1 million. The amount of the goodwill impairment charge and related tax benefit could change again as we finalize the purchase price allocation associated with the acquisition.
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Earnings Per Common Share ("EPS") |
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Earnings Per Common Share (EPS) | Earnings Per Common Share (“EPS”)
(a)These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.
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Shareholders' Deficit |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Accumulated Other Comprehensive Loss (“AOCI”) Changes in AOCI are presented below.
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Other (Income) Expense |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Income) Expense | Other (Income) Expense
(a) The year to date ended September 30, 2019 includes the settlement of contingent consideration associated with our 2013 acquisition of the KFC Turkey and Pizza Hut Turkey businesses of $8 million. (b) The quarter and year to date ended September 30, 2020 includes charges of $5 million and $144 million, respectively, related to the impairment of Habit Burger Grill goodwill. See Note 2. The quarter and year to date ended September 30, 2020 also includes charges of $5 million and $11 million, respectively, related to the write-off of software no longer being used.
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Supplemental Balance Sheet Information |
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Supplemental Balance Sheet Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Accounts and Notes Receivable, net The Company’s receivables are primarily generated from ongoing business relationships with our franchisees as a result of franchise and lease agreements. Trade receivables consisting of royalties from franchisees are generally due within 30 days of the period in which the corresponding sales occur and are classified as Accounts and notes receivable, net in our Condensed Consolidated Balance Sheets. Accounts and notes receivable, net also includes receivables generated from advertising cooperatives that we consolidate.
Property, Plant and Equipment, net
Assets held-for-sale totaled $10 million and $25 million, respectively, as of September 30, 2020 and December 31, 2019 and are included in Prepaid expenses and other current assets in our Condensed Consolidated Balance Sheets.
(a) In the quarter ended September 30, 2020 we sold our entire investment in Grubhub, Inc. common stock and received proceeds of $206 million. Reconciliation of Cash and Cash Equivalents for Condensed Consolidated Statements of Cash Flows
(a) Restricted cash within Prepaid expenses and other current assets reflects Taco Bell Securitization interest reserves and the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives. (b) Primarily trust accounts related to our self-insurance program.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes
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Revenue Recognition Accounting Policy |
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Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Disaggregation of Total Revenues The following tables disaggregate revenue by Concept, for our two most significant markets based on Operating Profit and for all other markets. We believe this disaggregation best reflects the extent to which the nature, amount, timing and uncertainty of our revenues and cash flows are impacted by economic factors.
Contract Liabilities Our contract liabilities are comprised of unamortized upfront fees received from franchisees. A summary of significant changes to the contract liability balance during 2020 is presented below.
(a) Primarily includes impact of foreign currency translation. We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows:
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Reportable Operating Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Operating Segments | Reportable Operating Segments We identify our operating segments based on management responsibility. The following tables summarize Revenues and Operating Profit for each of our reportable operating segments:
Our chief operating decision maker (“CODM”) does not consider the impact of Corporate and unallocated amounts when assessing Divisional segment performance. As such, we do not allocate such amounts to our Divisional segments for performance reporting purposes. (a)Includes $32 million associated with a voluntary early retirement program offered to our U.S. based employees and a worldwide severance program in the quarter and year to date ended September 30, 2020. Also included in the year to date ended September 30, 2020 are a $50 million contribution to Yum! Brands Foundation, Inc. (a stand-alone, not-for-profit organization that is not consolidated in the Company's results) in the second quarter of 2020 related to our "Unlocking Opportunity Initiative" and costs related to our acquisition of Habit Burger Grill of $9 million. (b)Includes changes in the value of Grubhub, Inc. common stock and other investments (see Notes 6 and 13).
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Pension Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Pension BenefitsWe sponsor qualified and supplemental (non-qualified) noncontributory defined benefit pension plans covering certain full-time salaried and hourly U.S. employees. The most significant of these plans, the YUM Retirement Plan (the “Plan”), is funded. We fund our other U.S. plan as benefits are paid. The Plan and our non-qualified plan in the U.S. are closed to new salaried participants. The components of net periodic benefit cost associated with our U.S. pension plans are as follows:
(a) Loss is a result of settlement transactions which exceeded the sum of annual service and interest costs for the applicable plan. These losses were recorded in Other pension (income) expense.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments We use derivative instruments to manage certain of our market risks related to fluctuations in interest rates and foreign currency exchange rates. Interest Rate Swaps We have entered into interest rate swaps with the objective of reducing our exposure to interest rate risk for a portion of our variable-rate debt interest payments under our Term Loan B Facility. At both September 30, 2020 and December 31, 2019, our interest rate swaps expiring in July 2021 had notional amounts of $1.55 billion and our interest rate swaps expiring in March 2025 had notional amounts of $1.5 billion. These interest rate swaps are designated cash flow hedges as the changes in the future cash flows of the swaps are expected to offset changes in expected future interest payments on the related variable-rate debt. There were no other interest rate swaps outstanding as of September 30, 2020 or December 31, 2019. Gains or losses on the interest rate swaps are reported as a component of AOCI and reclassified into Interest expense, net in our Condensed Consolidated Statements of Income in the same period or periods during which the related hedged interest payments affect earnings. Through September 30, 2020, the swaps were highly effective cash flow hedges. Foreign Currency Contracts We have entered into foreign currency forward and swap contracts with the objective of reducing our exposure to earnings volatility arising from foreign currency fluctuations associated with certain foreign currency denominated intercompany receivables and payables. The notional amount, maturity date, and currency of these contracts match those of the underlying intercompany receivables or payables. Our foreign currency contracts are designated cash flow hedges as the future cash flows of the contracts are expected to offset changes in intercompany receivables and payables due to foreign currency exchange rate fluctuations. Gains or losses on the foreign currency contracts are reported as a component of AOCI. Amounts are reclassified from AOCI each quarter to offset foreign currency transaction gains or losses recorded within Other (income) expense when the related intercompany receivables and payables affect earnings due to their functional currency remeasurements. Through September 30, 2020, all foreign currency contracts related to intercompany receivables and payables were highly effective cash flow hedges. As of September 30, 2020 and December 31, 2019, outstanding foreign currency contracts related to intercompany receivables and payables had total notional amounts of $53 million and $20 million, respectively. These foreign currency forward contracts all have durations that expire in 2020. As a result of the use of interest rate swaps and foreign currency contracts, the Company is exposed to risk that the counterparties will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we only enter into contracts with major financial institutions carefully selected based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. At September 30, 2020, all of the counterparties to our interest rate swaps and foreign currency contracts had investment grade ratings according to the three major ratings agencies. To date, all counterparties have performed in accordance with their contractual obligations. Gains and losses on derivative instruments designated as cash flow hedges recognized in OCI and reclassifications from AOCI into Net Income:
As of September 30, 2020, the estimated net loss included in AOCI related to our cash flow hedges that will be reclassified into earnings in the next 12 months is $19 million, based on current LIBOR interest rates. See Note 13 for the fair value of our derivative assets and liabilities.
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Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Disclosures As of September 30, 2020, the carrying values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, short-term borrowings and accounts payable approximated their fair values because of the short-term nature of these instruments. The fair value of notes receivable, net of allowances, and lease guarantees, less reserves for expected losses, approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations:
(a) We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets. (b) We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates. Recurring Fair Value Measurements The Company has interest rate swaps, foreign currency contracts and other investments, all of which are required to be measured at fair value on a recurring basis (See Note 12 for discussion regarding derivative instruments). The following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall.
The fair value of the Company’s foreign currency contracts and interest rate swaps were determined based on the present value of expected future cash flows considering the risks involved, including nonperformance risk, and using discount rates appropriate for the duration based on observable inputs. The fair value of our investment in 2.8 million shares of Grubhub, Inc. common stock at December 31, 2019 was determined primarily based on closing market price for the shares. In the quarter ended September 30, 2020 we sold our entire investment in Grubhub, Inc. common stock (see Note 6). The other investments primarily include investments in mutual funds, which are used to offset fluctuations for a portion of our deferred compensation liabilities and whose fair values were determined based on the closing market prices of the respective mutual funds as of September 30, 2020 and December 31, 2019.
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Contingencies |
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Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees, Commitments and Contingencies | Contingencies Lease Guarantees As a result of having assigned our interest in obligations under real estate leases as a condition to the refranchising of certain Company-owned restaurants, and guaranteeing certain other leases, we are frequently secondarily liable on lease agreements. These leases have varying terms, the latest of which expires in 2065. As of September 30, 2020, the potential amount of undiscounted payments we could be required to make in the event of non-payment by the primary lessee was approximately $450 million. The present value of these potential payments discounted at our pre-tax cost of debt at September 30, 2020, was approximately $375 million. Our franchisees are the primary lessees under the vast majority of these leases. We generally have cross-default provisions with these franchisees that would put them in default of their franchise agreement in the event of non-payment under the lease. We believe these cross-default provisions significantly reduce the risk that we will be required to make payments under these leases, although such risk may not be reduced in the context of a bankruptcy or other similar restructuring of a large franchisee or group of franchisees. The liability recorded for our expected losses under such leases as of September 30, 2020 was not material. Legal Proceedings We are subject to various claims and contingencies related to lawsuits, real estate, environmental and other matters arising in the normal course of business. An accrual is recorded with respect to claims or contingencies for which a loss is determined to be probable and reasonably estimable. Yum! Restaurants India Private Limited (“YRIPL”), a Yum subsidiary that operates KFC and Pizza Hut restaurants in India, is the subject of a regulatory enforcement action in India (the “Action”). The Action alleges, among other things, that KFC International Holdings, Inc. and Pizza Hut International failed to satisfy certain conditions imposed by the Secretariat for Industrial Approval in 1993 and 1994 when those companies were granted permission for foreign investment and operation in India. The conditions at issue include an alleged minimum investment commitment and store build requirements as well as limitations on the remittance of fees outside of India. The Action originated with a complaint and show cause notice filed in 2009 against YRIPL by the Deputy Director of the Directorate of Enforcement (“DOE”) of the Indian Ministry of Finance following an income tax audit for the years 2002 and 2003. The matter was argued at various hearings in 2015, but no order was issued. Following a change in the incumbent official holding the position of Special Director of DOE (the “Special Director”), the matter resumed in 2018 and several additional hearings were conducted. On January 29, 2020, the Special Director issued an order imposing a penalty on YRIPL and certain former directors of approximately Indian Rupee 11 billion, or approximately $150 million. Of this amount, $145 million relates to the alleged failure to invest a total of $80 million in India within an initial seven-year period. We have been advised by external counsel that the order is flawed and have filed a writ petition with the Delhi High Court, which granted an interim stay of the penalty order on March 5, 2020. The stay order continues until the next hearing scheduled for December 8, 2020. We deny liability and intend to continue vigorously defending this matter. We do not consider the risk of any significant loss arising from this order to be probable. We are currently engaged in various other legal proceedings and have certain unresolved claims pending, the ultimate liability for which, if any, cannot be determined at this time. However, based upon consultation with legal counsel, we are of the opinion that such proceedings and claims are not expected to have a material adverse effect, individually or in the aggregate, on our Condensed Consolidated Financial Statements.
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Habit Burger Acquisition (Tables) |
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The components of the preliminary purchase price allocation upon the March 18, 2020 acquisition, subsequent to the adjustments to the allocation in the quarter ended September 30, 2020, were as follows:
The adjustments to the preliminary estimate of identifiable net assets acquired resulted in a corresponding $11 million decrease in estimated goodwill due to the following changes to the preliminary purchase price allocation.
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Note 3. Earnings Per Common Share ("EPS") Earnings Per Common Share ("EPS") (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
(a)These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.
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Shareholders' Deficit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCI are presented below.
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Other Income and Expenses (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Cost and Expense, by Component |
(a) The year to date ended September 30, 2019 includes the settlement of contingent consideration associated with our 2013 acquisition of the KFC Turkey and Pizza Hut Turkey businesses of $8 million. (b) The quarter and year to date ended September 30, 2020 includes charges of $5 million and $144 million, respectively, related to the impairment of Habit Burger Grill goodwill. See Note 2. The quarter and year to date ended September 30, 2020 also includes charges of $5 million and $11 million, respectively, related to the write-off of software no longer being used.
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Supplemental Balance Sheet Information (Tables) |
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Supplemental Balance Sheet Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents [Table Text Block] |
(a) Restricted cash within Prepaid expenses and other current assets reflects Taco Bell Securitization interest reserves and the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives. (b) Primarily trust accounts related to our self-insurance program.
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Accounts and Notes Receivable |
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Property, Plant and Equipment |
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Schedule of Other Assets |
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax And Effective Tax Rate |
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Revenue Recognition Accounting Policy (Tables) |
3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disaggregation of Revenue [Table Text Block] | The following tables disaggregate revenue by Concept, for our two most significant markets based on Operating Profit and for all other markets. We believe this disaggregation best reflects the extent to which the nature, amount, timing and uncertainty of our revenues and cash flows are impacted by economic factors.
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Deferred Franchise Fees [Table Text Block] | A summary of significant changes to the contract liability balance during 2020 is presented below.
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows:
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Reportable Operating Segments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables summarize Revenues and Operating Profit for each of our reportable operating segments:
Our chief operating decision maker (“CODM”) does not consider the impact of Corporate and unallocated amounts when assessing Divisional segment performance. As such, we do not allocate such amounts to our Divisional segments for performance reporting purposes. (a)Includes $32 million associated with a voluntary early retirement program offered to our U.S. based employees and a worldwide severance program in the quarter and year to date ended September 30, 2020. Also included in the year to date ended September 30, 2020 are a $50 million contribution to Yum! Brands Foundation, Inc. (a stand-alone, not-for-profit organization that is not consolidated in the Company's results) in the second quarter of 2020 related to our "Unlocking Opportunity Initiative" and costs related to our acquisition of Habit Burger Grill of $9 million. (b)Includes changes in the value of Grubhub, Inc. common stock and other investments (see Notes 6 and 13).
|
[1],[2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Pension Benefits (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost associated with our U.S. pension plans are as follows:
(a) Loss is a result of settlement transactions which exceeded the sum of annual service and interest costs for the applicable plan. These losses were recorded in Other pension (income) expense.
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[1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Short-term Borrowings and Long-term Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Borrowings and Long-term Debt |
(a) We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets. (b) We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.
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Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains and losses on derivative instruments designated as cash flow hedges recognized in other comprehensive income and reclassifications from AOCI to earnings | Gains and losses on derivative instruments designated as cash flow hedges recognized in OCI and reclassifications from AOCI into Net Income:
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Fair Value Disclosures (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Borrowings and Long-term Debt |
(a) We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets. (b) We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall.
|
Financial Statement Presentation (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
countries_and_territiories
restaurants
Rate
|
Mar. 31, 2020
USD ($)
|
[1] |
Sep. 30, 2020
USD ($)
Months
operating_segments
countries_and_territiories
restaurants
Rate
|
Sep. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
||||
Number of Reportable Segments | operating_segments | 4 | ||||||||
Number of Countries in which Entity Operates | countries_and_territiories | 150 | 150 | |||||||
Number of Stores | restaurants | 50,000 | 50,000 | |||||||
Percent Of System Units Located Outside United States | Rate | 98.00% | 98.00% | |||||||
Asset Impairment Charges | $ 4 | $ 107 | |||||||
Fiscal period months standard for each quarter | Months | 3 | ||||||||
Retained Earnings (Accumulated Deficit) | (7,490) | $ (7,490) | $ (7,628) | ||||||
Asset Impairment Charges | 156 | $ 0 | |||||||
Accounting Standards Update 2016-13 [Member] | |||||||||
Retained Earnings (Accumulated Deficit) | 8 | 8 | |||||||
Goodwill [Member] | |||||||||
Asset Impairment Charges | $ 5 | [1] | $ 139 | $ 144 | |||||
|
Earnings Per Common Share ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Net Income - YUM! Brands, Inc. | $ 283 | $ 255 | $ 572 | $ 806 | ||
Weighted-average common shares outstanding (for basic calculation) | 303.0 | 306.0 | 302.0 | 307.0 | ||
Effect of dilutive share-based employee compensation | 4.0 | 7.0 | 5.0 | 7.0 | ||
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) | 307.0 | 313.0 | 307.0 | 314.0 | ||
Basic EPS | $ 0.94 | $ 0.83 | $ 1.89 | $ 2.63 | ||
Diluted EPS | $ 0.92 | $ 0.81 | $ 1.86 | $ 2.57 | ||
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation | [1] | 4.7 | 0.1 | 4.6 | 1.9 | |
|
Shareholders' Deficit (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Repurchase Of Shares Of Common Stock [Line Items] | ||||
Dollar Value of Shares Repurchased | $ 0 | $ 174 | $ 0 | $ 476 |
Shareholders' Deficit (Details 2) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Schedule of changes in accumulated comprehensive income [Line Items] | ||||
Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (488) | $ (388) | ||
Gains (losses) arising during the year classified into accumulated OCI, net of tax | 29 | (75) | ||
(Gains) losses reclassified from accumulated OCI, net of tax | 7 | 11 | ||
Other comprehensive income (loss), net of tax | 36 | $ (48) | (64) | $ (94) |
Ending Accumulated Other Comprehensive Income (Loss), Net of Tax | (452) | (452) | ||
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature | ||||
Schedule of changes in accumulated comprehensive income [Line Items] | ||||
Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax | (255) | (221) | ||
Gains (losses) arising during the year classified into accumulated OCI, net of tax | 35 | 1 | ||
(Gains) losses reclassified from accumulated OCI, net of tax | 0 | 0 | ||
Other comprehensive income (loss), net of tax | 35 | 1 | ||
Ending Accumulated Other Comprehensive Income (Loss), Net of Tax | (220) | (220) | ||
Pension and Post-Retirement Benefits | ||||
Schedule of changes in accumulated comprehensive income [Line Items] | ||||
Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax | (96) | (104) | ||
Gains (losses) arising during the year classified into accumulated OCI, net of tax | 0 | 0 | ||
(Gains) losses reclassified from accumulated OCI, net of tax | 2 | 10 | ||
Other comprehensive income (loss), net of tax | 2 | 10 | ||
Ending Accumulated Other Comprehensive Income (Loss), Net of Tax | (94) | (94) | ||
Derivative Instruments | ||||
Schedule of changes in accumulated comprehensive income [Line Items] | ||||
Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax | (137) | (63) | ||
Gains (losses) arising during the year classified into accumulated OCI, net of tax | (6) | (76) | ||
(Gains) losses reclassified from accumulated OCI, net of tax | 5 | 1 | ||
Other comprehensive income (loss), net of tax | (1) | (75) | ||
Ending Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (138) | $ (138) |
Other (Income) Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Mar. 31, 2020 |
[1] | Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
||||||
Other Income and Expenses [Line Items] | ||||||||||||
Foreign currency transaction (gain) loss and other (income) expense, before tax | [1] | $ (6) | $ 0 | $ (2) | $ 5 | |||||||
Other (income) expense | 4 | (1) | 154 | 5 | ||||||||
yum:ClosuresAndImpairmentIncomeExpense | [2] | 10 | $ (1) | 156 | 0 | |||||||
Asset Impairment Charges | 156 | 0 | ||||||||||
Prepaid Expenses and Other Current Assets [Member] | ||||||||||||
Other Income and Expenses [Line Items] | ||||||||||||
Assets held for sale | 10 | 10 | $ 25 | |||||||||
Goodwill [Member] | ||||||||||||
Other Income and Expenses [Line Items] | ||||||||||||
Asset Impairment Charges | 5 | [1] | $ 139 | 144 | ||||||||
Other Intangible Assets [Member] | ||||||||||||
Other Income and Expenses [Line Items] | ||||||||||||
Asset Impairment Charges | $ 5 | [1] | $ 11 | |||||||||
Other Income and Expenses [Domain] | ||||||||||||
Other Income and Expenses [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 8 | |||||||||||
|
Supplemental Balance Sheet Information (Details) $ in Millions |
Sep. 30, 2020
USD ($)
days
|
Dec. 31, 2019
USD ($)
|
---|---|---|
Accounts and Notes Receivable [Abstract] | ||
Number of days from the period in which the corresponding sales occur that trade receivables are generally due | days | 30 | |
Accounts and notes receivable, gross | $ 594 | $ 656 |
Allowance for doubtful accounts | (72) | (72) |
Accounts and notes receivable, net | $ 522 | $ 584 |
Supplemental Balance Sheet Information (Details 2) - USD ($) $ in Millions |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||||
Operating Lease, Right-of-Use Asset | $ 821 | $ 642 | ||||||||
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets | 1,110 | 605 | ||||||||
Property, plant and equipment, gross | 2,430 | 2,306 | ||||||||
Accumulated depreciation and amortization | (1,201) | (1,136) | ||||||||
Property, plant and equipment, net | 1,229 | 1,170 | ||||||||
Other assets | 1,361 | 1,313 | ||||||||
Other Assets, Miscellaneous, Noncurrent | 377 | 360 | ||||||||
Payments to Acquire Investments | 206 | $ 0 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,375 | $ 836 | 768 | $ 474 | ||||||
Prepaid Expenses and Other Current Assets [Member] | ||||||||||
Restricted Cash and Cash Equivalents | [1] | 230 | 138 | |||||||
Assets held for sale | 10 | 25 | ||||||||
Other Current Assets [Member] | ||||||||||
Restricted Cash and Cash Equivalents | [2] | 35 | 25 | |||||||
Fair Value, Recurring [Member] | GrubHub Inc. [Member] | Fair Value, Inputs, Level 1 [Member] | Other Current Assets [Member] | ||||||||||
Equity Securities, FV-NI | [3] | 0 | 137 | |||||||
Franchise Incentive [Member] | ||||||||||
Other assets | $ 163 | $ 174 | ||||||||
|
Income Taxes (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
Rate
|
Sep. 30, 2019
Rate
|
Sep. 30, 2020
Rate
|
Sep. 30, 2019
Rate
|
|
Effective tax rate | 10.50% | 15.10% | 14.40% | 17.40% |
Revenue Recognition Accounting Policy (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Revenues | $ 1,448 | $ 1,339 | $ 3,909 | $ 3,903 |
Product [Member] | ||||
Revenues | 486 | 364 | 1,244 | 1,056 |
Franchise [Member] | ||||
Revenues | 639 | 645 | 1,760 | 1,890 |
Advertising [Member] | ||||
Revenues | 323 | 330 | 905 | 957 |
UNITED STATES | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 15 | 17 | 46 | 52 |
UNITED STATES | Product [Member] | ||||
Revenues | 355 | 238 | 899 | 690 |
UNITED STATES | Franchise [Member] | ||||
Revenues | 254 | 245 | 728 | 726 |
UNITED STATES | Advertising [Member] | ||||
Revenues | 197 | 187 | 568 | 557 |
CHINA | Franchise [Member] | ||||
Revenues | 71 | 73 | 187 | 211 |
Other, Outside the U.S. and China [Member] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 18 | 17 | 44 | 52 |
Other, Outside the U.S. and China [Member] | Product [Member] | ||||
Revenues | 131 | 126 | 345 | 366 |
Other, Outside the U.S. and China [Member] | Franchise [Member] | ||||
Revenues | 281 | 293 | 755 | 849 |
Other, Outside the U.S. and China [Member] | Advertising [Member] | ||||
Revenues | 126 | 143 | 337 | 400 |
Taco Bell Global Division [Member] | ||||
Revenues | 501 | 489 | 1,403 | 1,414 |
Taco Bell Global Division [Member] | UNITED STATES | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 10 | 10 | 31 | 31 |
Taco Bell Global Division [Member] | UNITED STATES | Product [Member] | ||||
Revenues | 218 | 216 | 610 | 624 |
Taco Bell Global Division [Member] | UNITED STATES | Franchise [Member] | ||||
Revenues | 148 | 142 | 411 | 410 |
Taco Bell Global Division [Member] | UNITED STATES | Advertising [Member] | ||||
Revenues | 117 | 114 | 331 | 327 |
Taco Bell Global Division [Member] | CHINA | Franchise [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 0 | 0 | 0 | 0 |
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Product [Member] | ||||
Revenues | 0 | 0 | 0 | 2 |
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | ||||
Revenues | 7 | 6 | 18 | 19 |
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Advertising [Member] | ||||
Revenues | 1 | 1 | 2 | 1 |
Habit Division [Member] | ||||
Revenues | 118 | 0 | 232 | 0 |
Habit Division [Member] | UNITED STATES | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 0 | 0 | ||
Habit Division [Member] | UNITED STATES | Product [Member] | ||||
Revenues | 118 | 231 | ||
Habit Division [Member] | UNITED STATES | Franchise [Member] | ||||
Revenues | 0 | 1 | ||
Habit Division [Member] | UNITED STATES | Advertising [Member] | ||||
Revenues | 0 | 0 | ||
Habit Division [Member] | CHINA | Franchise [Member] | ||||
Revenues | 0 | 0 | ||
Habit Division [Member] | Other, Outside the U.S. and China [Member] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 0 | 0 | ||
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Product [Member] | ||||
Revenues | 0 | 0 | ||
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | ||||
Revenues | 0 | 0 | ||
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Advertising [Member] | ||||
Revenues | 0 | 0 | ||
Pizza Hut Global Division [Member] | ||||
Revenues | 243 | 241 | 713 | 730 |
Pizza Hut Global Division [Member] | UNITED STATES | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 1 | 2 | 4 | 5 |
Pizza Hut Global Division [Member] | UNITED STATES | Product [Member] | ||||
Revenues | 5 | 5 | 15 | 15 |
Pizza Hut Global Division [Member] | UNITED STATES | Franchise [Member] | ||||
Revenues | 62 | 63 | 190 | 197 |
Pizza Hut Global Division [Member] | UNITED STATES | Advertising [Member] | ||||
Revenues | 76 | 71 | 224 | 223 |
Pizza Hut Global Division [Member] | CHINA | Franchise [Member] | ||||
Revenues | 15 | 16 | 37 | 46 |
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 1 | 1 | 2 | 2 |
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Product [Member] | ||||
Revenues | 15 | 8 | 42 | 20 |
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | ||||
Revenues | 55 | 61 | 160 | 181 |
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Advertising [Member] | ||||
Revenues | 13 | 14 | 39 | 41 |
KFC Global Division [Member] | ||||
Revenues | 586 | 609 | 1,561 | 1,759 |
KFC Global Division [Member] | UNITED STATES | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 4 | 5 | 11 | 16 |
KFC Global Division [Member] | UNITED STATES | Product [Member] | ||||
Revenues | 14 | 17 | 43 | 51 |
KFC Global Division [Member] | UNITED STATES | Franchise [Member] | ||||
Revenues | 44 | 40 | 126 | 119 |
KFC Global Division [Member] | UNITED STATES | Advertising [Member] | ||||
Revenues | 4 | 2 | 13 | 7 |
KFC Global Division [Member] | CHINA | Franchise [Member] | ||||
Revenues | 56 | 57 | 150 | 165 |
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 17 | 16 | 42 | 50 |
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Product [Member] | ||||
Revenues | 116 | 118 | 303 | 344 |
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | ||||
Revenues | 219 | 226 | 577 | 649 |
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Advertising [Member] | ||||
Revenues | $ 112 | $ 128 | $ 296 | $ 358 |
Revenue Recognition Accounting Policy (Details 2) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 1,448 | $ 1,339 | $ 3,909 | $ 3,903 |
KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 586 | 609 | 1,561 | 1,759 |
Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 243 | 241 | 713 | 730 |
Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 501 | 489 | 1,403 | 1,414 |
Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 118 | 0 | 232 | 0 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 15 | 17 | 46 | 52 |
UNITED STATES | KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 4 | 5 | 11 | 16 |
UNITED STATES | Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 1 | 2 | 4 | 5 |
UNITED STATES | Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 10 | 10 | 31 | 31 |
UNITED STATES | Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 0 | 0 | ||
Other, Outside the U.S. and China [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 18 | 17 | 44 | 52 |
Other, Outside the U.S. and China [Member] | KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 17 | 16 | 42 | 50 |
Other, Outside the U.S. and China [Member] | Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 1 | 1 | 2 | 2 |
Other, Outside the U.S. and China [Member] | Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 0 | 0 | 0 | 0 |
Other, Outside the U.S. and China [Member] | Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 0 | 0 | ||
Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 486 | 364 | 1,244 | 1,056 |
Product [Member] | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 355 | 238 | 899 | 690 |
Product [Member] | UNITED STATES | KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 14 | 17 | 43 | 51 |
Product [Member] | UNITED STATES | Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5 | 5 | 15 | 15 |
Product [Member] | UNITED STATES | Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 218 | 216 | 610 | 624 |
Product [Member] | UNITED STATES | Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 118 | 231 | ||
Product [Member] | Other, Outside the U.S. and China [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 131 | 126 | 345 | 366 |
Product [Member] | Other, Outside the U.S. and China [Member] | KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 116 | 118 | 303 | 344 |
Product [Member] | Other, Outside the U.S. and China [Member] | Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15 | 8 | 42 | 20 |
Product [Member] | Other, Outside the U.S. and China [Member] | Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 2 |
Product [Member] | Other, Outside the U.S. and China [Member] | Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Franchise [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 639 | 645 | 1,760 | 1,890 |
Franchise [Member] | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 254 | 245 | 728 | 726 |
Franchise [Member] | UNITED STATES | KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 44 | 40 | 126 | 119 |
Franchise [Member] | UNITED STATES | Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 62 | 63 | 190 | 197 |
Franchise [Member] | UNITED STATES | Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 148 | 142 | 411 | 410 |
Franchise [Member] | UNITED STATES | Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 1 | ||
Franchise [Member] | CHINA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 71 | 73 | 187 | 211 |
Franchise [Member] | CHINA | KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 56 | 57 | 150 | 165 |
Franchise [Member] | CHINA | Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15 | 16 | 37 | 46 |
Franchise [Member] | CHINA | Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Franchise [Member] | CHINA | Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Franchise [Member] | Other, Outside the U.S. and China [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 281 | 293 | 755 | 849 |
Franchise [Member] | Other, Outside the U.S. and China [Member] | KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 219 | 226 | 577 | 649 |
Franchise [Member] | Other, Outside the U.S. and China [Member] | Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 55 | 61 | 160 | 181 |
Franchise [Member] | Other, Outside the U.S. and China [Member] | Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 7 | 6 | 18 | 19 |
Franchise [Member] | Other, Outside the U.S. and China [Member] | Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Advertising [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 323 | 330 | 905 | 957 |
Advertising [Member] | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 197 | 187 | 568 | 557 |
Advertising [Member] | UNITED STATES | KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4 | 2 | 13 | 7 |
Advertising [Member] | UNITED STATES | Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 76 | 71 | 224 | 223 |
Advertising [Member] | UNITED STATES | Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 117 | 114 | 331 | 327 |
Advertising [Member] | UNITED STATES | Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | ||
Advertising [Member] | Other, Outside the U.S. and China [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 126 | 143 | 337 | 400 |
Advertising [Member] | Other, Outside the U.S. and China [Member] | KFC Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 112 | 128 | 296 | 358 |
Advertising [Member] | Other, Outside the U.S. and China [Member] | Pizza Hut Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13 | 14 | 39 | 41 |
Advertising [Member] | Other, Outside the U.S. and China [Member] | Taco Bell Global Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1 | $ 1 | 2 | $ 1 |
Advertising [Member] | Other, Outside the U.S. and China [Member] | Habit Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ 0 |
Revenue Recognition Accounting Policy (Details 3) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||
Total Revenues | $ 1,448 | $ 1,339 | $ 3,909 | $ 3,903 | |||
Deferred Revenue | $ 414 | 414 | $ 441 | ||||
Deferred Revenue, Revenue Recognized | (55) | ||||||
Deferred Revenue, Additions | 36 | ||||||
Foreign Currency Gain (Loss) and Refranchising Gain (Loss) [Member] | |||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||||
Deferred Revenue, Period Increase (Decrease) | [1] | $ (8) | |||||
|
Revenue Recognition Accounting Policy (Details 4) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred Revenue | $ 414 | $ 414 | $ 441 | ||
Revenues | 1,448 | $ 1,339 | 3,909 | $ 3,903 | |
1 year [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred Revenue, Revenue Recognized | 64 | 64 | |||
2 years [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred Revenue, Revenue Recognized | 59 | 59 | |||
3 years [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred Revenue, Revenue Recognized | 54 | 54 | |||
4 years [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred Revenue, Revenue Recognized | 49 | 49 | |||
5 years [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred Revenue, Revenue Recognized | 43 | 43 | |||
Thereafter 5 years [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred Revenue, Revenue Recognized | 145 | 145 | |||
Product [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 486 | 364 | 1,244 | 1,056 | |
Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 639 | 645 | 1,760 | 1,890 | |
Advertising [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 323 | 330 | 905 | 957 | |
UNITED STATES | Product [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 355 | 238 | 899 | 690 | |
UNITED STATES | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 254 | 245 | 728 | 726 | |
UNITED STATES | Advertising [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 197 | 187 | 568 | 557 | |
China Division [Member] | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 71 | 73 | 187 | 211 | |
Other, Outside the U.S. and China [Member] | Product [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 131 | 126 | 345 | 366 | |
Other, Outside the U.S. and China [Member] | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 281 | 293 | 755 | 849 | |
Other, Outside the U.S. and China [Member] | Advertising [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 126 | 143 | 337 | 400 | |
Pizza Hut Global Division [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 243 | 241 | 713 | 730 | |
Pizza Hut Global Division [Member] | UNITED STATES | Product [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 5 | 5 | 15 | 15 | |
Pizza Hut Global Division [Member] | UNITED STATES | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 62 | 63 | 190 | 197 | |
Pizza Hut Global Division [Member] | UNITED STATES | Advertising [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 76 | 71 | 224 | 223 | |
Pizza Hut Global Division [Member] | China Division [Member] | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 15 | 16 | 37 | 46 | |
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Product [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 15 | 8 | 42 | 20 | |
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 55 | 61 | 160 | 181 | |
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Advertising [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 13 | 14 | 39 | 41 | |
Taco Bell Global Division [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 501 | 489 | 1,403 | 1,414 | |
Taco Bell Global Division [Member] | UNITED STATES | Product [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 218 | 216 | 610 | 624 | |
Taco Bell Global Division [Member] | UNITED STATES | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 148 | 142 | 411 | 410 | |
Taco Bell Global Division [Member] | UNITED STATES | Advertising [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 117 | 114 | 331 | 327 | |
Taco Bell Global Division [Member] | China Division [Member] | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Product [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 0 | 0 | 0 | 2 | |
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 7 | 6 | 18 | 19 | |
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Advertising [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 1 | 1 | 2 | 1 | |
KFC Global Division [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 586 | 609 | 1,561 | 1,759 | |
KFC Global Division [Member] | UNITED STATES | Product [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 14 | 17 | 43 | 51 | |
KFC Global Division [Member] | UNITED STATES | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 44 | 40 | 126 | 119 | |
KFC Global Division [Member] | UNITED STATES | Advertising [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 4 | 2 | 13 | 7 | |
KFC Global Division [Member] | China Division [Member] | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 56 | 57 | 150 | 165 | |
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Product [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 116 | 118 | 303 | 344 | |
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | 219 | 226 | 577 | 649 | |
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Advertising [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenues | $ 112 | $ 128 | $ 296 | $ 358 |
Reportable Operating Segments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Reporting Information [Line Items] | ||||
Other General Expense | $ 50 | |||
Business Combination, Acquisition Related Costs | $ 9 | |||
Revenues | 1,448 | $ 1,339 | 3,909 | $ 3,903 |
Franchisor Costs | 13 | 43 | 107 | 124 |
Operating Profit | 471 | 480 | 1,021 | 1,384 |
Other investment (income) expense, net | (10) | 59 | (67) | 50 |
Refranchising (gain) loss | (9) | (8) | (30) | (18) |
Other (income) expense | (4) | 1 | (154) | (5) |
Cooperative Advertising Expense | 313 | 325 | 887 | 941 |
General and Administrative Expense | 257 | 208 | 724 | 617 |
Cost of Goods and Services Sold | (399) | (292) | (1,046) | (850) |
Other pension income (expense) | (4) | (1) | (9) | (4) |
Interest Income (Expense), Net | (161) | (120) | (411) | (354) |
Income Before Income Taxes | 316 | 300 | 668 | 976 |
KFC Global Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 586 | 609 | 1,561 | 1,759 |
Operating Profit | 278 | 270 | 655 | 767 |
Pizza Hut Global Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 243 | 241 | 713 | 730 |
Operating Profit | 89 | 86 | 252 | 279 |
Taco Bell Global Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 501 | 489 | 1,403 | 1,414 |
Operating Profit | 186 | 161 | 484 | 458 |
Unallocated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other General Expense | 32 | |||
Franchisor Costs | 0 | 2 | 3 | 5 |
Refranchising (gain) loss | (9) | (8) | (30) | (18) |
Other (income) expense | (4) | (2) | (153) | (11) |
General and Administrative Expense | 81 | 41 | 229 | 122 |
Cost of Goods and Services Sold | 1 | 0 | 0 | 0 |
Habit Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 118 | 0 | 232 | 0 |
Operating Profit | $ (7) | $ 0 | $ (15) | $ 0 |
Pension Benefits (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Payment for Pension Benefits | $ 2 | $ 13 | ||||
UNITED STATES | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit cost | $ 5 | $ 2 | 14 | 6 | ||
UNITED STATES | General and Administrative Expense [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 2 | 1 | 6 | 4 | ||
UNITED STATES | Other pension (income) expense [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Interest cost | 9 | 10 | 26 | 30 | ||
Expected return on plan assets | (10) | (11) | (32) | (33) | ||
Amortization of net loss | 4 | 0 | 11 | 1 | ||
Amortization of prior service cost | 0 | 2 | 3 | 4 | ||
Additional loss (gain) recognized due to settlements | [1] | $ 0 | $ 1 | $ 0 | $ 3 | |
|
Short-term Borrowings and Long-term Debt (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 25, 2020 |
Apr. 01, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 329,000,000 | $ 324,000,000 | ||||||
Revolving credit facilities, three months or less, net | 0 | 0 | ||||||
Capital lease obligations | $ 71,000,000 | 71,000,000 | $ 77,000,000 | |||||
Long-term debt and capital less obligations, including current maturities and debt issuance costs | 11,183,000,000 | 11,183,000,000 | 10,648,000,000 | |||||
Less Debt Issuance Costs, Noncurrent, Net | (82,000,000) | (82,000,000) | (80,000,000) | |||||
Less current maturities of long-term debt | (454,000,000) | (454,000,000) | (437,000,000) | |||||
Other Short-term Borrowings | 0 | 0 | 4,000,000 | |||||
Short-term Debt, excluding debt issuance costs | 454,000,000 | 454,000,000 | 441,000,000 | |||||
Long-term debt | 10,647,000,000 | 10,647,000,000 | 10,131,000,000 | |||||
Short-term borrowings | 444,000,000 | 444,000,000 | 431,000,000 | |||||
Less current portion of debt issuance costs and discounts | (10,000,000) | (10,000,000) | (10,000,000) | |||||
Interest Income (Expense), Net | (161,000,000) | $ (120,000,000) | (411,000,000) | (354,000,000) | ||||
Payments of Debt Issuance Costs | $ 20,000,000 | $ 9,000,000 | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 102.50% | |||||||
Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Senior Notes | $ 4,075,000,000 | $ 4,075,000,000 | 2,425,000,000 | |||||
Unsecured Debt [Member] | Unsecured Notes Due April 2025 [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Proceeds from Issuance of Debt | $ 600 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | |||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Debt Instrument, Debt Default, Description of Violation or Event of Default | The indentures governing the 2025 Notes and the 2031 Notes contain covenants and events of default that are customary for debt securities of this type, including cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount of $100 million or more or the failure to pay the principal of such indebtedness at its stated maturity will constitute an event of default under the 2025 Notes and the 2031 Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled. | |||||||
Unsecured Debt [Member] | Unsecured Notes Due March 2031 [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Proceeds from Issuance of Debt | $ 1,050,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | |||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Payments of Debt Issuance Costs | $ 13,000,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.765% | 3.765% | ||||||
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Senior Notes | $ 1,800,000,000 | $ 1,800,000,000 | 2,850,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||
Write off of Deferred Debt Issuance Cost | $ 6,000,000 | |||||||
Gain (Loss) on Extinguishment of Debt | 26,000,000 | |||||||
Repayments of Debt, Maturing in More than Three Months | 1,050,000,000 | |||||||
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | Interest Expense [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Gain (Loss) on Extinguishment of Debt | 2,000,000 | |||||||
Secured Debt [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Senior Notes | $ 2,876,000,000 | 2,876,000,000 | 2,898,000,000 | |||||
Secured Debt [Member] | Term Loan A Facility [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Long-term Debt | 441,000,000 | 441,000,000 | 463,000,000 | |||||
Secured Debt [Member] | Term Loan B Facility [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Long-term Debt | 1,920,000,000 | $ 1,920,000,000 | $ 1,935,000,000 | |||||
Secured Debt [Member] | Revolving Credit Facility [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Long-term Line of Credit | $ 950,000,000 | |||||||
Revolving Facility Borrowing 3/24 [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Revolving credit facilities, three months or less, net | 525,000,000 | |||||||
Revolving Facility Borrowing 3/18 [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Revolving credit facilities, three months or less, net | $ 425,000,000 | |||||||
Revolving Facility Paydown Q3 [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Revolving credit facilities, three months or less, net | 575,000,000 | |||||||
Revolving Facility Paydown Q2 [Member] | Secured Debt [Member] | Revolving Credit Facility [Member] | ||||||||
Short-term Borrowings and Long-term Debt [Line Items] | ||||||||
Revolving credit facilities, three months or less, net | $ 375,000,000 |
Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Other investment (income) expense, net | $ (10) | $ 59 | $ (67) | $ 50 | |
Secured Debt [Member] | Term Loan B Facility [Member] | |||||
Long-term Debt | 1,920 | 1,920 | $ 1,935 | ||
Cash Flow Hedging [Member] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 19 | ||||
Cash Flow Hedging [Member] | Forward-starting interest rate swap [Member] | |||||
Derivative, Maturity Date | Mar. 01, 2025 | ||||
Derivative, Notional Amount | $ 1,500 | 1,500 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||
Derivative, Maturity Date | Jul. 27, 2021 | ||||
Derivative, Notional Amount | $ 1,550 | 1,550 | |||
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Maximum [Member] | |||||
Derivative, Maturity Date | Mar. 01, 2025 | ||||
Intercompany receivables and payables [Domain] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||||
Derivative, Notional Amount | $ 53 | $ 53 | $ 20 |
Derivative Instruments (Details 2) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (8) | $ (5) | $ (101) | $ (65) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 6 | (12) | 1 | (26) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 1 | 4 | 25 | 23 | |
Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (1) | 1 | 0 | 4 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 2 | 3 | 25 | 19 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 1,550 | 1,550 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (6) | (18) | (104) | (88) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4 | (4) | 6 | (14) | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (2) | 13 | 3 | 23 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | $ (8) | (5) | $ (12) | |
Intercompany receivables and payables [Domain] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | $ 53 | $ 53 | $ 20 |
Fair Value Disclosures (Details) - USD ($) shares in Millions, $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
||||||
---|---|---|---|---|---|---|---|---|
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Senior Notes, Noncurrent | $ 1,800 | $ 2,850 | ||||||
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Long-term Debt, Fair Value | [1] | 1,908 | 3,004 | |||||
Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Senior Notes, Noncurrent | 4,075 | 2,425 | ||||||
Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Long-term Debt, Fair Value | [1] | 4,382 | 2,572 | |||||
Secured Debt [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Senior Notes, Noncurrent | 2,876 | 2,898 | ||||||
Secured Debt [Member] | Securitization Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Long-term Debt, Fair Value | [2] | 3,000 | 3,040 | |||||
Secured Debt [Member] | Term Loan A Facility [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Debt obligations, excluding capital leases, carrying amount | 441 | 463 | ||||||
Secured Debt [Member] | Term Loan A Facility [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Long-term Debt, Fair Value | [1] | 437 | 464 | |||||
Secured Debt [Member] | Term Loan B Facility [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Debt obligations, excluding capital leases, carrying amount | 1,920 | 1,935 | ||||||
Secured Debt [Member] | Term Loan B Facility [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Long-term Debt, Fair Value | [1] | 1,898 | 1,949 | |||||
Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | 40 | 43 | ||||||
Other Assets [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Asset | 0 | 3 | ||||||
Other Current Liabilities [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 21 | 0 | ||||||
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Asset | 0 | 6 | ||||||
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Asset | 2 | 0 | ||||||
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | $ 139 | 71 | ||||||
GrubHub Inc. [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investment Owned, Balance, Shares | 2.8 | |||||||
GrubHub Inc. [Member] | Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity Securities, FV-NI | [3] | $ 0 | 137 | |||||
GrubHub Inc. [Domain] | Prepaid Expenses and Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity Securities, FV-NI | $ 0 | $ 137 | ||||||
|
Contingencies (Details) - Property Lease Guarantee [Member] $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Guarantor Obligations [Line Items] | |
Year longest lease expires | 2065 |
Guarantor Obligations, Maximum Exposure | $ 450 |
Guarantee Obligations Maximum Exposure At Present Value | $ 375 |
Contingencies (Details 2) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Loss Contingencies [Line Items] | |
Litigation, Nature | On January 29, 2020, the Special Director issued an order imposing a penalty on YRIPL and certain former directors of approximately Indian Rupee 11 billion, or approximately $150 million. Of this amount, $145 million relates to the alleged failure to invest a total of $80 million in India within an initial seven-year period. We have been advised by external counsel that the order is flawed and have filed a writ petition with the Delhi High Court, which granted an interim stay of the penalty order on March 5, 2020. The stay order continues until the next hearing scheduled for December 8, 2020. We deny liability and intend to continue vigorously defending this matter. We do not consider the risk of any significant loss arising from this order to be probable. |
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