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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 611 $ 854
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 139 139
Premiums paid and non-cash loss on early extinguishment of debt 0 4
Amortization of deferred financing costs and debt issuance discount 19 22
(Income) loss from equity method investments 36 (11)
(Gain) loss on remeasurement of foreign denominated transactions 54 (38)
Net (gains) losses on derivatives 14 (43)
Share-based compensation expense 55 56
Deferred income taxes (120) (16)
Other 23 1
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable (83) (7)
Inventories and prepaids and other current assets (21) (34)
Accounts and drafts payable (110) (15)
Other accrued liabilities and gift card liability (12) (85)
Tenant inducements paid to franchisees (7) (13)
Other long-term assets and liabilities 10 97
Net cash provided by operating activities 608 911
Cash flows from investing activities:    
Payments for property and equipment (71) (32)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 9 22
Settlement/sale of derivatives, net 29 17
Net cash (used for) provided by investing activities (33) 7
Cash flows from financing activities:    
Proceeds from revolving line of credit and long-term debt 1,585 750
Repayments of revolving line of credit, long-term debt and finance leases (1,071) (290)
Payment of financing costs (10) (13)
Payment of dividends on common shares and distributions on Partnership exchangeable units (716) (669)
Proceeds from stock option exercises 60 99
(Payments) proceeds from derivatives   17
(Payments) proceeds from derivatives (29)  
Other financing activities, net (1) 0
Net cash used for financing activities (182) (106)
Effect of exchange rates on cash and cash equivalents (7) 7
Increase (decrease) in cash and cash equivalents 386 819
Cash and cash equivalents at beginning of period 1,533 913
Cash and cash equivalents at end of period 1,919 1,732
Supplemental cash flow disclosures:    
Interest paid 315 433
Income taxes paid $ 163 $ 171