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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 484 $ 727
Net loss from discontinued operations 3 0
Net income from continuing operations 487 727
Depreciation and amortization 148 108
Non-cash loss on early extinguishment of debt 0 22
Amortization of deferred financing costs and debt issuance discount 13 12
(Income) loss from equity method investments (10) (72)
(Gain) loss on remeasurement of foreign denominated transactions 207 (29)
Net (gains) losses on derivatives (102) (91)
Share-based compensation and non-cash incentive compensation expense 81 87
Deferred income taxes 8 10
Other non-cash adjustments, net 31 5
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable (72) 9
Inventories and prepaids and other current assets (30) 14
Accounts and drafts payable (6) (70)
Other accrued liabilities and gift card liability (155) (210)
Tenant inducements paid to franchisees (14) (11)
Changes in other long-term assets and liabilities (19) (29)
Net cash provided by operating activities from continuing operations 567 482
Cash flows from investing activities:    
Payments for additions of property and equipment (102) (69)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 12 7
Net payments for acquisition of franchised restaurants, net of cash acquired (152) (531)
Settlement/sale of derivatives, net 40 35
Other investing activities, net 0 (1)
Net cash used for investing activities from continuing operations (202) (559)
Cash flows from financing activities:    
Proceeds from long-term debt 0 1,950
Repayments of long-term debt and finance leases (66) (1,639)
Payment of financing costs 0 (32)
Payment of common share dividends and Partnership exchangeable unit distributions (544) (506)
Proceeds from stock option exercises 20 60
Proceeds from derivatives 34 57
Other financing activities, net 1 (2)
Net cash used for financing activities from continuing operations (555) (112)
Net cash used for discontinued operations (85) 0
Effect of exchange rates on cash and cash equivalents 19 (8)
Decrease in cash and cash equivalents, including cash classified as assets held for sale - discontinued operations (256) (197)
Increase in cash classified as assets held for sale - discontinued operations (52) 0
Decrease in cash and cash equivalents (308) (197)
Cash and cash equivalents at beginning of period 1,334 1,139
Cash and cash equivalents at end of period 1,026 942
Supplemental cash flow disclosures:    
Interest paid 360 390
Income taxes paid 285 186
Accruals for additions of property and equipment $ 22 $ 0