Fair Value Measurements and Disclosures (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Assets Measured on Recurring Basis or Disclosed at Fair Value

The following table is a summary of our financial assets measured on a recurring basis or disclosed at fair value and the level within the fair value hierarchy in which the measurement falls. The Company classifies its cash equivalents, short-term investments, long-term time deposits and investment in equity securities within Level 1 or Level 2 in the fair value hierarchy because it uses quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value, respectively. No transfers among the levels within the fair value hierarchy occurred during the quarters and years to date ended June 30, 2022 and 2021.

			Fair Value Measurement or Disclosure at June 30, 2022
	Balance at June 30, 2022		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	360			$	360
Fixed income debt securities(a)		100				100
Total cash equivalents		460		—		460		—
Short-term investments:
Time deposits		1,464				1,464
Fixed income debt securities(a)		870				870
Structured deposits		142				142
Variable return investments		30		30
Total short-term investments		2,506		30		2,476		—
Other assets:
Investment in equity securities		104		104
Long-term time deposits		87				87
Total	$	3,157	$	134	$	3,023	$	—

			Fair Value Measurement or Disclosure at December 31, 2021
	Balance at December 31, 2021		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	321			$	321
Money market funds		45		45
Fixed income debt securities(a)		163		63		100
Total cash equivalents		529		108		421		—
Short-term investments:
Time deposits		1,726				1,726
Fixed income debt securities(a)		1,055				1,055
Variable return investments		79		79
Total short-term investments		2,860		79		2,781		—
Other assets:
Investment in equity securities		122		122
Long-term time deposits		90				90
Total	$	3,601	$	309	$	3,292	$	—

(a)Classified as held-to-maturity investments and measured at amortized cost.

Schedule of Amounts Recognized From Non-recurring Fair Value Measurements

The following table presents amounts recognized from all non-recurring fair value measurements based on unobservable inputs (Level 3) during the quarters and years to date ended June 30, 2022 and 2021. These amounts exclude fair value measurements made for restaurants that were subsequently closed or refranchised prior to those respective period-end dates.

	Quarter Ended				Year to Date Ended
	6/30/2022		6/30/2021		6/30/2022		6/30/2021		Account Classification
Restaurant-level impairment(a)	$	15	$	13	$	15	$	13	Closure and impairment expenses, net

(a) Restaurant-level impairment charges are recorded in Closures and impairment expenses, net and resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants that were being operated at the time of impairment and had not been offered for refranchising. After considering the impairment charges recorded during the corresponding periods, the fair value of assets as of June 30, 2022 and 2021 was $67 million and $50 million, respectively.