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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 10-Q

(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
  
EXCHANGE ACT OF 1934 for the quarterly period ended
June 30, 2022
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ____________ to _________________
 
 Commission file number 1-13163
________________________
YUM! BRANDS, INC.
(Exact name of registrant as specified in its charter)
North Carolina13-3951308
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
1441 Gardiner Lane,Louisville,Kentucky40213
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:(502) 874-8300
Securities registered pursuant to Section 12(b) of the Act
 Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
 Common Stock, no par valueYUMNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No x
The number of shares outstanding of the registrant’s Common Stock as of August 3, 2022, was 284,542,474 shares.



YUM! BRANDS, INC.

INDEX
 
  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 5 - Other Information
 Item 6 - Exhibits
  
 Signatures
2


PART I - FINANCIAL INFORMATION

Item 1.Financial Statements
3


CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
YUM! BRANDS, INC. AND SUBSIDIARIES
(in millions, except per share data)
 Quarter endedYear to date
Revenues6/30/20226/30/20216/30/20226/30/2021
Company sales$499 $520 $969 $996 
Franchise and property revenues737 706 1,451 1,364 
Franchise contributions for advertising and other services400 376 763 728 
Total revenues1,636 1,602 3,183 3,088 
Costs and Expenses, Net
Company restaurant expenses415 417 817 809 
General and administrative expenses254 230 507 436 
Franchise and property expenses29 27 61 50 
Franchise advertising and other services expense396 372 757 715 
Refranchising (gain) loss(8)(7)(12)(22)
Other (income) expense(4)(4)(10)(10)
Total costs and expenses, net1,082 1,035 2,120 1,978 
Operating Profit554 567 1,063 1,110 
Investment (income) expense, net15 (1)8 (1)
Other pension (income) expense1 2 1 5 
Interest expense, net148 159 266 290 
Income Before Income Taxes390 407 788 816 
Income tax provision166 16 165 99 
Net Income$224 $391 $623 $717 
Basic Earnings Per Common Share$0.78 $1.31 $2.16 $2.39 
Diluted Earnings Per Common Share$0.77 $1.29 $2.13 $2.35 
Dividends Declared Per Common Share$0.57 $0.50 $1.14 $1.00 
See accompanying Notes to Condensed Consolidated Financial Statements.

4


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
YUM! BRANDS, INC. AND SUBSIDIARIES
(in millions)
Quarter endedYear to date
6/30/20226/30/20216/30/20226/30/2021
Net Income$224 $391 $623 $717 
Other comprehensive income, 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
(21)14 (44)17 
(21)14 (44)17 
Tax (expense) benefit
    
(21)14 (44)17 
Changes in pension and post-retirement benefits
Unrealized gains (losses) arising during the period
 11  58 
Reclassification of (gains) losses into Net Income
4 4 9 11 
4 15 9 69 
Tax (expense) benefit
(1)(4)(2)(17)
3 11 7 52 
Changes in derivative instruments
Unrealized gains (losses) arising during the period
15 (8)72 16 
Reclassification of (gains) losses into Net Income
6 4 18 8 
21 (4)90 24 
Tax (expense) benefit
(5)1 (22)(6)
16 (3)68 18 
Other comprehensive income, net of tax(2)22 31 87 
Comprehensive Income$222 $413 $654 $804 
See accompanying Notes to Condensed Consolidated Financial Statements.

5


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
YUM! BRANDS, INC. AND SUBSIDIARIES
(in millions)
 Year to date
 6/30/20226/30/2021
Cash Flows – Operating Activities   
Net Income$623 $717 
Depreciation and amortization71 78 
Refranchising (gain) loss(12)(22)
Investment (income) expense, net8 (1)
Deferred income taxes (41)
Share-based compensation expense45 38 
Changes in accounts and notes receivable(4)25 
Changes in prepaid expenses and other current assets(2)(11)
Changes in accounts payable and other current liabilities(213)(95)
Changes in income taxes payable(23)(25)
Other, net29 110 
Net Cash Provided by Operating Activities 522 773 
Cash Flows – Investing Activities
Capital spending(97)(84)
Proceeds from refranchising of restaurants41 43 
Other, net(8)33 
Net Cash Used In Investing Activities(64)(8)
Cash Flows – Financing Activities
Proceeds from long-term debt999 1,900 
Repayments of long-term debt(658)(2,002)
Repurchase shares of Common Stock(557)(530)
Dividends paid on Common Stock(327)(299)
Debt issuance costs(11)(18)
Other, net(32)(17)
Net Cash Used in Financing Activities(586)(966)
Effect of Exchange Rates on Cash and Cash Equivalents(15)11 
Net Decrease in Cash and Cash Equivalents, Restricted Cash and Restricted Cash Equivalents(143)(190)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period771 1,024 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period$628 $834 
 
See accompanying Notes to Condensed Consolidated Financial Statements.  

6


CONDENSED CONSOLIDATED BALANCE SHEETS
YUM! BRANDS, INC. AND SUBSIDIARIES
(in millions)
(Unaudited) 6/30/2022
12/31/2021
ASSETS  
Current Assets  
Cash and cash equivalents$412 $486 
Accounts and notes receivable, net598 596 
Prepaid expenses and other current assets419 450 
Total Current Assets1,429 1,532 
Property, plant and equipment, net1,192 1,207 
Goodwill649 657 
Intangible assets, net361 359 
Other assets1,457 1,487 
Deferred income taxes702 724 
Total Assets$5,790 $5,966 
LIABILITIES AND SHAREHOLDERS’ DEFICIT  
Current Liabilities  
Accounts payable and other current liabilities$1,090 $1,334 
Income taxes payable21 13 
Short-term borrowings72 68 
Total Current Liabilities1,183 1,415 
Long-term debt11,540 11,178 
Other liabilities and deferred credits1,635 1,746 
Total Liabilities14,358 14,339 
Shareholders’ Deficit  
Common Stock, no par value, 750 shares authorized; 285 shares issued in 2022 and 289 issued in 2021
  
Accumulated deficit(8,274)(8,048)
Accumulated other comprehensive loss(294)(325)
Total Shareholders’ Deficit(8,568)(8,373)
Total Liabilities and Shareholders’ Deficit$5,790 $5,966 
See accompanying Notes to Condensed Consolidated Financial Statements.  
7


CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (Unaudited)
YUM! BRANDS, INC. AND SUBSIDIARIES
Quarters ended June 30, 2022 and 2021
(in millions)
 Yum! Brands, Inc. 
 Issued Common StockAccumulated DeficitAccumulated
Other Comprehensive Loss
Total Shareholders' Deficit
 SharesAmount
Balance at March 31, 2022
286 $ $(8,199)$(292)$(8,491)
Net Income 224 224 
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature(21)(21)
Pension and post-retirement benefit plans (net of tax impact of $1 million)
3 3 
Net gain on derivative instruments (net of tax impact of $5 million)
16 16 
Comprehensive Income 222 
Dividends declared(164)(164)
Repurchase of shares of Common Stock(2)(15)(135)(150)
Employee share-based award exercises 1 (5)(5)
Share-based compensation events20 20 
Balance at June 30, 2022
285 $ $(8,274)$(294)$(8,568)
Balance at December 31, 2021
289 $ $(8,048)$(325)$(8,373)
Net Income 623 623 
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature(44)(44)
Pension and post-retirement benefit plans (net of tax impact of $2 million)
7 7 
Net gain on derivative instruments (net of tax impact of $22 million)
68 68 
Comprehensive Income 654 
Dividends declared(329)(329)
Repurchase of shares of Common Stock(5)(37)(520)(557)
Employee share-based award exercises 1 (21)(21)
Share-based compensation events58 58 
Balance at June 30, 2022
285 $ $(8,274)$(294)$(8,568)
Balance at March 31, 2021
298 $ $(7,566)$(346)$(7,912)
Net Income 391 391 
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature 14 14 
Pension and post-retirement benefit plans (net of tax impact of $4 million)
11 11 
Net loss on derivative instruments (net of tax impact of $1 million)
(3)(3)
Comprehensive Income 413 
Dividends declared(149)(149)
Repurchase of shares of Common Stock(2)(10)(245)(255)
Employee share-based award exercises  (7)(7)
Share-based compensation events17 17 
Balance at June 30, 2021
296 $ $(7,569)$(324)$(7,893)
Balance at December 31, 2020
300 $ $(7,480)$(411)$(7,891)
Net Income 717 717 
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature17 17 
Pension and post-retirement benefit plans (net of tax impact of $17 million)
52 52 
Net gain on derivative instruments (net of tax impact of $6 million)
18 18 
Comprehensive Income 804 
Dividends declared(300)(300)
Repurchase of shares of Common Stock(5)(24)(506)(530)
Employee share-based award exercises 1 (17)(17)
Share-based compensation events41 41 
Balance at June 30, 2021
296 $ $(7,569)$(324)$(7,893)
See accompanying Notes to Condensed Consolidated Financial Statements.
8


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(Tabular amounts in millions, except per share data)

Note 1 - 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, 2021 (“2021 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 53,000 restaurants in 155 countries and territories.  As of June 30, 2022, 98% of these restaurants were owned and operated by franchisees.  The Company’s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style and pizza food categories, respectively. The Habit Burger Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more.

As of June 30, 2022, YUM consisted of four operating segments:  

The KFC Division which includes our worldwide operations of the KFC concept
The Taco Bell Division which includes our worldwide operations of the Taco Bell concept
The Pizza Hut Division which includes our worldwide operations of the Pizza Hut 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, including, beginning in fiscal year 2022, our Habit Burger Grill Division, and certain international subsidiaries operate on a weekly periodic calendar where the first three quarters of each fiscal year consist 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.

For fiscal year 2021, our Habit Burger Grill Division operated on a weekly periodic calendar where each quarter consisted of 13 weeks. The impact of this change in reporting calendar was not significant and accordingly, prior year amounts presented in these Condensed Consolidated Financial Statements have not been restated.

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 2021 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 ended June 30, 2022. These reclassifications had no effect on previously reported Net Income.

Russia Invasion of Ukraine

In the first quarter of 2022, as a result of the Russian invasion of Ukraine, we suspended all investment and restaurant development in Russia. We also suspended all operations of our 70 company-owned KFC restaurants in Russia and began finalizing an agreement to suspend all Pizza Hut operations in Russia, in partnership with our master franchisee. Further, we pledged to redirect any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts.

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During the second quarter, we completed the transfer of ownership of the Pizza Hut Russia business to a local operator who has initiated the process of re-branding locations to a non-YUM concept. We are also in the process of transferring ownership of our KFC Russia restaurants, operating system and master franchise rights, including the network of franchised restaurants, to a local operator who will be responsible for re-branding locations to a non-YUM concept. Upon the completion of this process, we will have fully exited from Russia.

Our long-lived asset base in Russia at June 30, 2022 primarily includes approximately $115 million in property, plant and equipment and lease right-of-use assets related primarily to our company-owned KFC restaurants. Additionally, we have approximately $10 million in goodwill and $13 million of cumulative foreign currency translation losses associated with Russian assets recorded within Shareholders’ Deficit at June 30, 2022. We review long-lived assets and goodwill 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 indicates impairment might exist. As a result of our decisions regarding our Russian operations as described in the previous paragraphs, we conducted an impairment review of our long-lived asset base and goodwill during the quarter ended June 30, 2022. As a result of our review, there was no impairment recorded during the quarter ended June 30, 2022. We will continue to monitor developments in Russia, including the status of our ownership transfer process, and update our impairment reviews accordingly.

Subsequent to the end of the second quarter we initiated the bidding process for the KFC Russia business and, as a result, those operations will qualify for held-for-sale accounting beginning in our quarter ended September 30, 2022. The transaction is expected to be completed by the end of 2022, subject to regulatory approvals and other customary closing conditions.

Note 2 - Earnings Per Common Share (“EPS”)
 Quarter endedYear to date
 2022202120222021
Net Income$224 $391 $623 $717 
Weighted-average common shares outstanding (for basic calculation)286 298 288 299 
Effect of dilutive share-based employee compensation4 6 4 5 
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)290 304 292 304 
Basic EPS$0.78 $1.31 $2.16 $2.39 
Diluted EPS$0.77 $1.29 $2.13 $2.35 
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation(a)
2.4 1.5 1.8 2.1 

(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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Note 3 - Shareholders' Deficit

Under the authority of our Board of Directors, we repurchased shares of our Common Stock during the years to date ended June 30, 2022 and 2021 as indicated below.  All amounts exclude applicable transaction fees. 

 Shares Repurchased
(thousands)
Dollar Value of Shares
Repurchased
Remaining Dollar Value of Shares that may be Repurchased
Authorization Date2022202120222021
2022
November 2019 

4,746 $— 

$530 $ 
May 20214,635  557  393 
Total4,635 4,746 $557 $530 $393 

In May 2021, our Board of Directors authorized share repurchases from July 1, 2021 through December 31, 2022, of up to $2 billion (excluding applicable transaction fees) of our outstanding Common Stock.

Changes in Accumulated other comprehensive loss (“AOCI”) are presented below.
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term NaturePension and Post-Retirement BenefitsDerivative InstrumentsTotal
Balance at March 31, 2022, net of tax$(229)$(30)$(33)$(292)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
(21) 11 (10)
(Gains) losses reclassified from AOCI, net of tax
 3 5 8 
(21)3 16 (2)
Balance at June 30, 2022, net of tax$(250)$(27)$(17)$(294)
Balance at December 31, 2021, net of tax$(206)$(34)$(85)$(325)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
(44) 54 10 
(Gains) losses reclassified from AOCI, net of tax
 7 14 21 
(44)7 68 31 
Balance at June 30, 2022, net of tax$(250)$(27)$(17)$(294)

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Note 4 - Other (Income) Expense
Quarter endedYear to date
 6/30/20226/30/20216/30/20226/30/2021
Foreign exchange net (gain) loss$(8)$1 $(12)$3 
Impairment and closure expense(1) (1)1 
Other5 (5)3 (14)
Other (income) expense$(4)$(4)$(10)$(10)

Note 5 - 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.
6/30/202212/31/2021
Accounts and notes receivable, gross$639 $632 
Allowance for doubtful accounts(41)(36)
Accounts and notes receivable, net$598 $596 

Property, Plant and Equipment, net
6/30/202212/31/2021
Property, plant and equipment, gross$2,491 $2,477 
Accumulated depreciation and amortization(1,299)(1,270)
Property, plant and equipment, net$1,192 $1,207 

Assets held-for-sale totaled $3 million and $12 million as of June 30, 2022 and December 31, 2021, respectively, and are included in Prepaid expenses and other current assets in our Condensed Consolidated Balance Sheets.

Other Assets6/30/202212/31/2021
Operating lease right-of-use assets(a)
$776 $809 
Franchise incentives182 164 
Investment in Devyani International Limited (See Note 12)
104 118 
Other395 396 
Other assets$1,457 $1,487 

(a)    Non-current operating lease liabilities of $759 million and $793 million as of June 30, 2022 and December 31, 2021, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.

Reconciliation of Cash and Cash Equivalents for Condensed Consolidated Statements of Cash Flows
6/30/202212/31/2021
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets$412 $486 
Restricted cash included in Prepaid expenses and other current assets(a)
182 250 
Restricted cash and restricted cash equivalents included in Other assets(b)
34 35 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows$628 $771 

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(a)    Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments.

(b)    Primarily trust accounts related to our self-insurance program.

Note 6 - Income Taxes
 Quarter endedYear to date
 2022202120222021
Income tax (benefit) provision$166 $16 $165 $99 
Effective tax rate42.6 %4.0 %21.0 %12.1 %

Our second quarter effective tax rate was higher than the prior year primarily due to the following:

$71 million of net tax expense recorded in the quarter ended June 30, 2022, resulting from the Company’s decision to exit KFC Russia. We anticipate a reduction in the tax basis of intellectual property rights held in Switzerland due to the expected loss of the Russian royalty income associated with such rights going forward. As a result, we remeasured and reassessed the need for a valuation allowance on those deferred tax assets. In addition, we reassessed certain deferred tax liabilities associated with the Russia business given the expectation that the existing basis difference will now reverse by way of sale.

$64 million of tax benefit recorded in the quarter ended June 30, 2021, to remeasure deferred tax assets necessitated by the enactment of the United Kingdom (“UK”) Finance Act 2021. The UK Finance Act 2021 increased the UK corporate income tax rate from 19% to 25%, beginning April 1, 2023.

Our year to date effective tax rate was also higher than the prior year primarily due to the items discussed above, offset by:

$82 million of tax benefit discretely recorded in the quarter ended March 31, 2022, from the release of a valuation allowance on foreign tax credit carryforwards. In January 2022, the U.S. Treasury published new regulations impacting foreign tax credit utilization beginning in the Company’s 2022 tax year. These regulations make foreign taxes paid to certain countries no longer creditable in the U.S. Accordingly, we reversed a valuation allowance associated with existing foreign tax credit carryforwards that we now believe will be used to offset these now non-creditable taxes in 2022 and future years.

Note 7 - 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.

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Quarter ended 6/30/2022
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$16 $243 $5 $136 $400 
Franchise revenues47 178 64 2 291 
Property revenues3 10 1  14 
Franchise contributions for advertising and other services7 142 72  221 
China
Franchise revenues48  13  61 
Other
Company sales99    99 
Franchise revenues283 11 63  357 
Property revenues13  1  14 
Franchise contributions for advertising and other services161 2 16  179 
$677 $586 $235 $138 $1,636 

Quarter ended 6/30/2021
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$16 $223 $5 $138 $382 
Franchise revenues48 160 67 1 276 
Property revenues3 10 2