Depreciation and amortization

$ 754

$ 486

71

135

(185)

(130)

Contributions to defined benefit pension plans

(89)

(2)

(5)

(12)

Share-based compensation expense

(23)

10

27

43

Changes in accounts and notes receivable

(15)

30

Changes in prepaid expenses and other current assets

4

3

Changes in accounts payable and other current liabilities

(160)

(137)

Changes in income taxes payable

(15)

(83)

Other, net

17

96

Net Cash Provided by Operating Activities

381

439

Cash Flows - Investing Activities

Capital spending

(85)

(150)

Investment in Grubhub Inc. common stock

(200)

0

Proceeds from refranchising of restaurants

252

321

Other, net

(9)

2

Net Cash Used in Investing Activities

(42)

173

Cash Flows - Financing Activities

Proceeds from long-term debt

106

1,088

Repayments of long-term debt

(449)

(360)

Revolving credit facilities, three months or less, net

202

0

Short-term borrowings by original maturity

More than three months - proceeds

51

0

More than three months - payments

(43)

0

Three months or less, net

0

Repurchase shares of Common Stock

(1,168)

(856)

Dividends paid on Common Stock

(236)

(211)

Debt issuance costs

0

(32)

Other, net

(42)

(39)

Net Cash Provided by (Used in) Financing Activities

(1,579)

(410)

Effect of Exchange Rates on Cash and Cash Equivalents

(19)

23

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect

(1,259)

225

Cash and Cash Equivalents - End of Period

313

Cash, Cash Equivalents and Restricted Cash as presented in the Consolidated Statement of Cash Flows

$ 409

^[1]

$ 1,056

[1]

Upon adoption of Topic 606 we reclassified $11 million and $58 million, respectively, from Advertising cooperative assets, restricted to Cash and cash equivalents and Prepaid expenses and other current assets. These amounts are included in the Beginning of Period balance of Cash, Cash Equivalents, Restricted Cash and Restricted Cash equivalents in our Condensed Consolidated Statement of Cash Flows for the year to date ended June 30, 2018.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 313	$ 1,522
Accounts and notes receivable, net	527	400
Prepaid expenses and other current assets	363	384
Advertising cooperative assets, restricted	0	201
Total Current Assets	1,203	2,507
Property, plant and equipment, net	1,533	1,697
Goodwill	502	512
Intangible assets, net	90	110
Other assets	787	346
Deferred income taxes	211	139
Total Assets	4,326	5,311
Current Liabilities
Accounts payable and other current liabilities	822	813
Income taxes payable	48	123
Short-term borrowings	54	375
Advertising cooperative liabilities	0	201
Total Current Liabilities	924	1,512
Long-term debt	9,612	9,429
Other liabilities and deferred credits	1,037	704
Total Liabilities	11,573	11,645
Shareholders' Equity
Common Stock, no par value, 750 shares authorized; 319 and 332 shares issued in 2018 and 2017, respectively	0	0
Accumulated deficit	(6,965)	(6,063)
Accumulated other comprehensive income (loss)	(282)	(271)
Total Shareholders' Deficit	(7,247)	(6,334)
Total Liabilities and Shareholders' Deficit	$ 4,326	$ 5,311

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Total Liabilities and Shareholders’ Deficit	$ 4,326	$ 5,311
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	750	750
Common Stock, Shares, Issued	327	332

Financial Statement Presentation

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, 2017 (“2017 Form 10-K”).

YUM! Brands, Inc. and its Subsidiaries (collectively referred to herein as “YUM” or the “Company”) comprise the worldwide operations of KFC, Pizza Hut and Taco Bell (collectively the “Concepts”). YUM has over 45,000 units in more than 140 countries and territories, of which 60% are located outside the U.S. YUM was created as an independent, publicly-owned company on October 6, 1997 via a tax-free distribution by our former parent, PepsiCo, Inc., of our Common Stock to its shareholders. References to YUM throughout these Financial Statements are made using the first person notations of “we,” “us” or “our.”

As of June 30, 2018, YUM consisted of three 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

YUM's fiscal year begins on January 1 and ends December 31 of each year, with each quarter comprised of three months. 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 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 2017 Form 10-K, our financial position as of June 30, 2018, our cash flows for the years to date ended June 30, 2018 and 2017 and the results of our operations and comprehensive income for the quarters and years to date ended June 30, 2018 and 2017. Our results of operations, comprehensive income and cash flows 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.

In January 2016, the Financial Accounting Standards Board ("FASB") issued a standard that updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. We adopted this standard beginning with the quarter ended March 31, 2018. While the adoption of this standard did not have a material impact on our Financial Statements the standard requires our investment in Grubhub Inc. ("Grubhub") common stock, which was consummated in April 2018 (see Note 5), to be remeasured to fair value in each future reporting period with corresponding changes recorded in our Condensed Consolidated Statement of Income.

In October 2016, the FASB issued a standard that requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. As required, we adopted this standard in the quarter ended March 31, 2018 and have recorded a cumulative adjustment to beginning retained earnings. As a result, we recognized a reduction in Other assets of $30 million to write-off the unamortized tax consequences of certain historical intra-entity transfers of assets with an offsetting increase to our Accumulated deficit.

In August 2017, the FASB issued a standard that refines and expands existing hedge accounting guidance. We adopted this standard beginning with the quarter ended March 31, 2018. The adoption of this standard did not have a material impact on the Financial Statements.

In February 2018, the FASB issued a standard that allows a reclassification to retained earnings for stranded tax effects within accumulated other comprehensive (income) loss ("AOCI") subsequent to the accounting in the fourth quarter of 2017 necessary as a result of the enactment of the Tax Cuts and Jobs Act of 2017. We adopted this standard during the quarter ended March 31, 2018 and reclassified stranded tax effects of $19 million from AOCI with a corresponding decrease to Accumulated deficit at the beginning of our first quarter 2018. These stranded tax effects primarily related to the remeasurement of deferred tax assets associated with pension losses within AOCI. The Company's policy is to follow the specific identification approach for releasing stranded tax effects from AOCI.

From 2014 through 2017 the FASB issued standards to provide principles within a single framework for revenue recognition of transactions involving contracts with customers across all industries ("Topic 606"). We adopted these standards beginning with the quarter ended March 31, 2018, using the modified retrospective method. See Notes 2 and 5.

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 June 30, 2018. These reclassifications had no effect on previously reported Net Income.

Revenue Recognition Accounting Policy

3 Months Ended

Jun. 30, 2018

Revenue Recognition [Abstract]

Revenue Recognition

Revenue Recognition Accounting Policy

We adopted Topic 606 at the beginning of the quarter ended March 31, 2018. Below is a discussion of how our revenues are earned, our accounting policies pertaining to revenue recognition prior to the adoption of Topic 606 ("Legacy GAAP"), our accounting policies pertaining to revenue recognition subsequent to the adoption of Topic 606 and other required disclosures. Refer to Note 5 for information regarding the cumulative effect adjustment recorded to Accumulated deficit as of the beginning of the quarter ended March 31, 2018 to reflect the adoption of Topic 606. Also included in Note 5 is disclosure of the amount by which each balance sheet and income statement line item was impacted in the current reporting periods as compared to Legacy GAAP.

Company Sales

Revenues from the sale of food items by Company-owned restaurants are recognized as Company sales when a customer purchases the food, which is when our obligation to perform is satisfied. The timing and amount of revenue recognized related to Company sales was not impacted by the adoption of Topic 606.

Franchise and Property Revenues

Franchise Revenues

Our most significant source of revenues arises from the operation of our Concept stores by our franchisees. Franchise rights may be granted through a store-level franchise agreement or through a master franchise agreement. Our franchise agreements require that the franchisee remit continuing fees to us as a percentage of the applicable restaurant’s sales in exchange for the license of the intellectual property associated with our Concepts' brands (the “franchise right”). Our franchise agreements also typically require certain, less significant, upfront franchise fees such as fees paid upon opening of a store, fees paid to renew the term of the franchise right and fees paid in the event the franchise agreement is transferred to another franchisee.

Continuing fees represent the substantial majority of the consideration we receive under our franchise agreements. Continuing fees are typically billed and paid monthly and are usually 4%-6% for store-level franchise agreements. Master franchise agreements transfer exclusive master franchise rights and administrative obligations, including control of advertising contributions, to master franchisees in certain regions who in turn grant sub-franchising rights to sub-franchisees. As a result of transferring administrative obligations to a master franchisee the percentage of a master franchisee’s restaurants’ sales that we receive as a continuing fee (typically 3%) is less than the percentage we receive for restaurants operating under a store-level franchise agreement. Upfront franchise fees are typically billed and paid when a new franchise or sub-franchise agreement becomes effective or when an existing agreement is transferred to another franchisee or sub-franchisee.

Under Legacy GAAP, continuing fees were recognized as the related sales occurred. The timing and amount of revenue recognized related to continuing fees was not impacted by the adoption of Topic 606 based on the application of the sales-based royalty exception within Topic 606. Under Legacy GAAP, revenue related to initial fees was recognized upon store opening and renewal and transfer fees were recognized when the related agreement became effective. Upon the adoption of Topic 606, we have determined

that the services we provide in exchange for these upfront franchise fees are highly interrelated with the franchise right and are not individually distinct from the ongoing services we provide to our franchisees. As a result, upon the adoption of Topic 606, upfront franchise fees are recognized as revenue over the term of each respective franchise or sub-franchise agreement. Revenues for these upfront franchise fees are recognized on a straight-line basis, which is consistent with the franchisee’s or sub-franchisee's right to use and benefit from the intellectual property. Revenues from continuing fees and upfront franchise fees is presented within Franchise and property revenues in our Condensed Consolidated Statements of Income.

Additionally, from time-to-time we provide non-refundable consideration to franchisees in the form of cash or other incentives (e.g. cash payments to incent new unit openings and free or subsidized equipment). The Company’s intent in providing such consideration is to drive new unit development or same-store sales growth that will result in higher future revenues for the Company. Under Legacy GAAP, these payments were recognized when we were obligated to make the payment and were presented as either a reduction to Franchise and property revenues, if cash was provided directly to the franchisee, or as Franchise and property expenses, if cash was not provided directly to the franchisee. Due to the adoption of Topic 606, such payments are capitalized and presented within Prepaid expense and other current assets and Other assets. These capitalized balances are being amortized as a reduction in Franchise and property revenues over the period of expected cash flows from the franchise agreements to which the payment relates.

Property Revenues

From time to time, we enter into rental agreements with franchisees for the lease or sublease of restaurant locations. These rental agreements typically originate from refranchising transactions and revenues related to the agreements are recognized as they are earned. Amounts owed under the rental agreements are typically billed and paid on a monthly basis. Revenues from rental agreements with franchisees are presented within Franchise and property revenues within our Condensed Consolidated Statements of Income. Related expenses are presented as Franchise and property expenses within our Condensed Consolidated Statements of Income and include depreciation or, in the case of a sublease, rental expense. The timing and amount of revenue and expenses recognized related to the rental of restaurants we lease or sublease was not impacted by the adoption of Topic 606.

Franchise Contributions for Advertising and Other Services

Advertising Cooperatives

We participate in various advertising cooperatives with our franchisees, typically within a country where we have both Company-owned restaurants and franchise restaurants. These advertising cooperatives are established to collect and administer funds contributed for use in advertising and promotional programs designed to increase sales and enhance the reputation of the Company and its franchise owners. Contributions to the advertising cooperatives are required for both Company-owned and franchise restaurants and are generally based on a percentage of restaurant sales. Revenues for these services are typically billed and paid on a monthly basis. We are required to spend all funds collected by advertising cooperatives we consolidate on advertising and promotional programs. Under Legacy GAAP, receipts and expenditures related to advertising cooperatives we were required to consolidate were presented on a net basis in our Condensed Consolidated Statements of Income. In accordance with the provisions of Topic 606, we have determined we act as a principal in the transactions entered into by the advertising cooperatives we are required to consolidate based on our responsibility to define the nature of the goods or services provided and/or our responsibility to define which franchisees receive the benefit of the goods or services. Additionally, we have determined the advertising services provided to franchisees are highly interrelated with the franchise right and therefore not distinct. Franchisees remit to us a percentage of restaurant sales as consideration for providing the advertising services. As a result, revenues for advertising services are recognized when the related sales occur based on the application of the sales-based royalty exception within Topic 606. These revenues are presented as Franchise contributions for advertising and other services. Expenses incurred to provide these services are presented as Franchise advertising and other services expense.

Other Services

On a much more limited basis, we provide goods or services to certain franchisees that are individually distinct from the franchise right. Such arrangements typically relate to supply chain, quality assurance and information technology services that are provided by a third party at our direction and that do not require integration with other goods or services we provide. The extent to which we provide such goods or services varies by brand, geographic region and, in some instances, franchisee. Similar to advertising services, receipts and expenditures related to these other services were presented on a net basis under Legacy GAAP. Upon adoption of Topic 606, revenues from the goods or services described above are presented as Franchise contributions for advertising and other services within our Condensed Consolidated Statements of Income. Expenses related to the provisioning of these goods and services are recorded in Franchise advertising and other services expense. These revenues are recognized as the goods or services are transferred to the franchisee and related expenses are recognized as incurred.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue transaction and collected from a customer are excluded from revenue under both Legacy GAAP and Topic 606.

Disaggregation of Total Revenues

The following table disaggregates revenue by Concept and our most significant markets based on Operating Profit. 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.



	Quarter ended 6/30/2018
		KFC Division		Pizza Hut Division		Taco Bell Division		Total
U.S.
Company sales		$	16	$	11	$	252	$	279
Franchise and property revenues		45		64		129		238
Franchise contributions for advertising and other services		2		60		97		159

China
Franchise and property revenues		49		15		—		64

Other
Company sales		225		7		1		233
Franchise and property revenues		216		61		5		282
Franchise contributions for advertising and other services		98		15		—		113
		$	651	$	233	$	484	$	1,368



	Year to date ended 6/30/2018
		KFC Division		Pizza Hut Division		Taco Bell Division		Total
U.S.
Company sales		$	33	$	25	$	494	$	552
Franchise and property revenues		89		134		251		474
Franchise contributions for advertising and other services		4		125		188		317

China
Franchise and property revenues		103		31		—		134

Other
Company sales		453		17		2		472
Franchise and property revenues		425		124		11		560
Franchise contributions for advertising and other services		202		28		—		230
		$	1,309	$	484	946		$	2,739

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 2018 is presented below.



	Deferred Franchise Fees
Balance at January 1, 2018	$	392
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period	(31		)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period	40
Other^(a)	(7		)
Balance at June 30, 2018	$	394


(a)	Includes impact of foreign currency translation as well as the recognition of deferred franchise fees upon the modification of existing franchise agreements when entering into master franchise agreements.

We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows:



Less than 1 year	$	58
1 - 2 years	53
2 - 3 years	49
3 - 4 years	45
4 - 5 years	40
Thereafter	149
Total	$	394

We have applied the optional exemption, as provided for under Topic 606, which allows us to not disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty.

Earnings Per Common Share ("EPS")

3 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share (EPS)

Earnings Per Common Share (“EPS”)



	Quarter ended				Year to date
	2018		2017		2018		2017
Net Income	$	321	$	206	$	754	$	486

Weighted-average common shares outstanding (for basic calculation)	324		350		328		354
Effect of dilutive share-based employee compensation	7		8		8		7
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)	331		358		336		361

Basic EPS	$	0.99	$	0.59	$	2.30	$	1.37

Diluted EPS	$	0.97	$	0.58	$	2.25	$	1.34
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation^(a)	2.3		2.7		1.8		2.3

(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.

Shareholders' Deficit

3 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Shareholders' Equity

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, 2018 and 2017 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
	2018		2017		2018			2017			2018
November 2016 Authorization	—		12,462		$	—		$	826		$	—
November 2017 Authorization	14,147		—		1,171			—			329
Total	14,147	^(a)	12,462	^(b)	$	1,171	^(a)	$	826	^(b)	$	329


(a)	Includes the effect of $3 million in share repurchases (0.03 million shares) with trade dates prior to June 30, 2018, but cash settlement dates subsequent to June 30, 2018.


(b)	Includes the effect of $15 million in share repurchases (0.2 million shares) with trade dates on, or prior to, June 30, 2017, but cash settlement dates subsequent to June 30, 2017 and excludes the effect of $45 million in share purchases (0.7 million shares) with trades dates prior to December 31, 2016, but cash settlement dates subsequent to December 31, 2016.

Changes in AOCI are presented below.



	Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature				Pension and Post-Retirement Benefits				Derivative Instruments				Total
Balance at December 31, 2017, net of tax	$	(174	)		$	(106	)		$	9			$	(271	)

Adoption of accounting standards	21			^(a)	(17		)	^(b)	(2		)	^(b)	2

OCI, net of tax

Gains (losses) arising during the period classified into AOCI, net of tax	(30		)		—				22				(8		)

(Gains) losses reclassified from AOCI, net of tax	—				8				(13		)		(5		)

	(30		)		8				9				(13		)

Balance at June 30, 2018, net of tax	$	(183	)		$	(115	)		$	16			$	(282	)


(a)	Represents the impact of foreign currency translation from the adoption of Topic 606. See Notes 2 and 5.

(b)

During the quarter ended March 31, 2018, we adopted a standard that allows for the reclassification from AOCI to Accumulated deficit for stranded tax effects resulting from the Tax Act. See Note 1.

Items Affecting Comparability of Net Income, Financial Position and Cash Flows

3 Months Ended

Jun. 30, 2018

Items Affecting Comparability of Net Income and Cash Flows [Abstract]

Comparability of Prior Year Financial Data

Items Affecting Comparability of Net Income, Financial Position and Cash Flows

Refranchising (Gain) Loss

The Refranchising (gain) loss by reportable segment is presented below. Given the size and volatility of refranchising initiatives, our chief operating decision maker ("CODM") does not consider the impact of Refranchising (gain) loss when assessing segment performance. As such, we do not allocate such gains and losses to our segments for performance reporting purposes.

During the quarter and year to date ended June 30, 2018, we refranchised 51 restaurants and 195 restaurants, respectively, and received $47 million and $252 million, respectively, in pre-tax proceeds. During the quarter and year to date ended June 30, 2017, we refranchised 244 restaurants and 365 restaurants, respectively, and received $136 million and $321 million, respectively, in pre-tax proceeds.

A summary of Refranchising (gain) loss is as follows:



	Quarter ended						Year to date
	2018			2017			2018			2017
KFC Division	$	(42	)	$	41		$	(99	)	$	42
Pizza Hut Division	13			11			11			13
Taco Bell Division	—			(71		)	(97		)	(185		)
Worldwide	$	(29	)	$	(19	)	$	(185	)	$	(130	)

KFC U.S. Acceleration Agreement

During 2015, we reached an agreement with our KFC U.S. franchisees that gave us brand marketing control as well as an accelerated path to expanded menu offerings, improved assets and enhanced customer experience. In connection with this agreement we are investing approximately $130 million from 2015 through 2019 primarily to fund new back-of-house equipment for franchisees and to provide incentives to accelerate franchisee store remodels. Under Legacy GAAP these amounts were expensed as incurred including $5 million and $8 million during the quarter and year to date ended June 30, 2017, respectively. We recorded total pre-tax charges of $115 million, primarily as Franchise and property expenses, during the three year period ended December 31, 2017. Due to their size and unique and long-term brand building nature, as well as their non-recurring impact on KFC Division's results when expensed upfront, our CODM did not consider the impact of these investments when assessing segment performance from 2015 through 2017. As such, prior to 2018 the investments were not allocated to the KFC Division segment operating results for performance reporting purposes.

Upon adoption of Topic 606 in 2018, approximately $100 million of these incentives paid to franchisees from 2015 through 2017 were capitalized, net of amortization of $19 million. These capitalized amounts are being amortized as a reduction to Franchise and property revenues over the period of expected cash flows from the franchise agreements to which the payment relates. Amortization related to both franchise incentive payments that were capitalized upon the adoption of Topic 606 and franchise incentive payments that will be capitalized going forward will be allocated to KFC segment operating results as the expense is recurring and is not expected to significantly impact the comparability of results in any given period. During the quarter and year to date ended June 30, 2018, we recorded a reduction to KFC Division Franchise and property revenues related to the amortization of these franchise incentive payments of $3 million and $5 million, respectively.

In addition to the investments above, we agreed to fund $60 million of incremental system advertising from 2015 through 2018. During the quarters ended June 30, 2018 and 2017, we incurred $3 million and $5 million, respectively, in incremental system advertising expense. During the years to date ended June 30, 2018 and 2017, we incurred $5 million and $9 million, respectively, in incremental system advertising expense. We funded approximately $50 million of such advertising during the three year period ended December 31, 2017, which included $20 million during 2017. We currently expect to fund approximately $10 million in 2018. All of these advertising amounts were recorded primarily in Franchise and property expenses and have been and will continue to be included in the KFC Division segment operating results.

YUM's Strategic Transformation Initiatives

In October 2016, we announced our strategic transformation plans to drive global expansion of the KFC, Pizza Hut and Taco Bell brands ("YUM's Strategic Transformation Initiatives") following the then anticipated separation of our China business on October 31, 2016. Major features of the Company’s strategic transformation plans involve being more focused on the development of our three brands, increasing our franchise ownership and creating a leaner, more efficient cost structure. During the quarters ended June 30, 2018 and 2017, we recognized pre-tax charges of less than $1 million and $4 million, respectively, primarily within G&A, related to these initiatives. During the years to date ended June 30, 2018 and 2017, we recognized pre-tax charges of $1 million and $11 million, respectively, primarily within G&A. These costs primarily related to severance and relocation costs. Due to the scope of the initiatives as well as their significance, our CODM does not consider the impact of these initiatives when assessing

segment performance. As such, costs associated with the initiatives are not being allocated to any segment for performance reporting purposes.

Pizza Hut U.S. Transformation Agreement

In May 2017, we reached an agreement with Pizza Hut U.S. franchisees that will improve brand marketing alignment, accelerate enhancements in operations and technology and that includes a permanent commitment to incremental advertising as well as digital and technology contributions by franchisees (the “Transformation Agreement”). In connection with the Transformation Agreement we anticipate investing approximately $90 million to upgrade restaurant equipment to improve operations, fund improvements in restaurant technology and enhance digital and ecommerce capabilities. We currently expect the majority of this investment, which will be a mix of both capital and operating investments, to be split between 2017 and 2018.

We invested $39 million related to the Transformation Agreement in 2017, which included $8 million of investments that we capitalized and $31 million that was expensed primarily as Franchise and property expenses or G&A. The $31 million expense amount included $5 million of franchisee incentive payments that under Legacy GAAP were expensed as incurred. Due to the adoption of Topic 606 in 2018, franchise incentive payments related to the Transformation Agreement are now being capitalized, including the $5 million from 2017 that was capitalized as part of the Topic 606 transition adjustment recorded as of January 1, 2018. These capitalized amounts are being amortized as a reduction to Franchise and property revenues over the period of expected cash flows from the franchise agreements to which the payment relates.

We invested $4 million and $11 million in the quarter and year to date ended June 30, 2018, respectively, related to the Transformation Agreement, primarily consisting of investments that were capitalized.

Due to their unique and long-term brand-building nature as well as their non-recurring impact on Pizza Hut’s Division results, the financial impact of operating investments that are part of the Transformation Agreement are not considered by our CODM when assessing segment performance. As a result, these operating investments are not being allocated to the Pizza Hut Division operating segment results for performance reporting purposes. Depreciation on capital investments is being allocated to Pizza Hut segment results as the expense is recurring and is not expected to significantly impact the comparability of results in any given period. For the same reasons, the amortization related to franchise incentive payments that were capitalized upon the adoption of Topic 606 and amortization related to franchise incentive payments that will be capitalized going forward will be allocated to Pizza Hut segment operating results.

In addition to the investments above, we agreed to fund $37.5 million of incremental system advertising dollars from the second half of 2017 through 2018. During the quarter and year to date ended June 30, 2018, we incurred $2 million and $5 million, respectively, in related incremental system advertising expense. We funded approximately $25 million of such advertising during 2017, which was expensed in the third and fourth quarters of 2017. We currently expect to fund approximately $12.5 million in 2018. These advertising amounts have been and will continue to be recorded primarily in Franchise and property expenses and are included in Pizza Hut's segment operating results.

Modifications of Share-based Compensation Awards

In connection with the separation of our business in China, we modified certain share-based compensation awards held as part of our Executive Income Deferral ("EID") Plan in phantom shares of YUM Common Stock to provide one phantom Yum China share-based award for each outstanding phantom YUM share-based award. These Yum China awards may now be settled in cash, as opposed to stock, which requires recognition of the fair value of these awards within G&A in our Condensed Consolidated Income Statement. During the quarter and year to date ended June 30, 2018 we recorded pre-tax credits related to these awards of $2 million and $1 million, respectively, due to depreciation in the market price of Yum China's stock. During the quarter and year to date ended June 30, 2017, we recorded pre-tax charges related to these awards of $16 million and $18 million, respectively. Given these adjustments were a direct result of the separation, our CODM does not consider their impact when assessing segment performance. As such, these amounts are not being allocated to any of our segment operating results.

Impact of Adopting New Revenue Recognition Standards

As discussed in Note 1, we adopted Topic 606 beginning with the quarter ended March 31, 2018, using the modified retrospective method. Topic 606 was applied to all contracts with customers as of January 1, 2018 and the cumulative effective of this transition was recorded as an adjustment to Accumulated deficit as of this date. As a result, the following adjustments were made to the Condensed Consolidated Balance Sheet as of January 1, 2018:



CONDENSED CONSOLIDATED BALANCE SHEET
	As Reported 12/31/2017			Adjustments				Balances with Adoption of Topic 606 1/1/2018
ASSETS
Current Assets
Cash and cash equivalents	$	1,522		$	11			$	1,533
Accounts and notes receivable, net	400			112				512
Prepaid expenses and other current assets	384			76			^(a)	460
Advertising cooperative assets, restricted	201			(201		)		—
Total Current Assets	2,507			(2		)		2,505

Property, plant and equipment, net	1,697			11				1,708
Goodwill	512			—				512
Intangible assets, net	110			—				110
Other assets	346			118				464
Deferred income taxes	139			26				165
Total Assets	$	5,311		$	153			$	5,464

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and other current liabilities	$	813		$	220			$	1,033
Income taxes payable	123			—				123
Short-term borrowings	375			—				375
Advertising cooperative liabilities	201			(201		)		—
Total Current Liabilities	1,512			19				1,531

Long-term debt	9,429			—				9,429
Other liabilities and deferred credits	704			353				1,057
Total Liabilities	11,645			372				12,017

Shareholders’ Deficit
Accumulated deficit	(6,063		)	(240		)		(6,303		)
Accumulated other comprehensive loss	(271		)	21				(250		)
Total Shareholders’ Deficit	(6,334		)	(219		)		(6,553		)
Total Liabilities and Shareholders’ Deficit	$	5,311		$	153			$	5,464


(a)	Includes $58 million of restricted cash related to advertising cooperatives. These balances can only be used to settle obligations of the respective cooperatives.

We recorded an increase in Accounts payable and other current liabilities and Other liabilities and deferred credits of $57 million and $335 million, respectively, as part of our cumulative adjustment related to unamortized upfront franchise fees, with a corresponding $392 million increase in Accumulated deficit. We recorded increases in Prepaid expenses and other current assets and Other assets of $18 million and $118 million, respectively, as part of our cumulative adjustment related to unamortized franchise incentives, with a corresponding $136 million decrease in Accumulated deficit.

Deferred income taxes increased $26 million as a result of recording the tax effects of the two adjustments noted above, with a corresponding decrease to Accumulated deficit. Accumulated other comprehensive loss decreased $21 million as a result of recognizing the impact of foreign currency translation related to the three adjustments noted above, with a corresponding increase in Accumulated deficit.

The remaining adjustments to our December 31, 2017 Condensed Consolidated Balance Sheet are primarily a result of reclassifying the assets and liabilities of our consolidated advertising cooperates from Advertising cooperative assets, restricted and Advertising cooperative liabilities to the respective balance sheet caption to which the assets and liabilities relate.

The following tables reflect the impact of the adoption of Topic 606 on our Condensed Consolidated Statement of Income for the quarter and year to date ended June 30, 2018 and our Condensed Consolidated Balance Sheet as of June 30, 2018.



CONDENSED CONSOLIDATED STATEMENTS OF INCOME
	Quarter ended 6/30/2018
Revenues	As Reported			Impact				Balances under Legacy GAAP
Company sales	$	512		$	—			$	512
Franchise and property revenues	584			7				591
Franchise contributions for advertising and other services	272			(272		)		—
Total revenues	1,368			(265		)		1,103
Costs and Expenses, Net
Company restaurant expenses	421			—				421
General and administrative expenses	208			—				208
Franchise and property expenses	40			5				45
Franchise advertising and other services expense	274			(274		)		—
Refranchising (gain) loss	(29		)	4				(25		)
Other (income) expense	5			—				5
Total costs and expenses, net	919			(265		)		654
Operating Profit	449			—			^(a)	449
Investment (income) expense, net	(23		)	—				(23		)
Other pension (income) expense	3			—				3
Interest expense, net	112			—				112
Income before income taxes	357			—				357
Income tax provision	36			—				36
Net Income	$	321		$	—			$	321

Basic Earnings Per Common Share	$	0.99		$	—			$	0.99

Diluted Earnings Per Common Share	$	0.97		$	—			$	0.97



	Year to date ended 6/30/2018
Revenues	As Reported			Impact				Balances under Legacy GAAP
Company sales	$	1,024		$	—			$	1,024
Franchise and property revenues	1,168			12				1,180
Franchise contributions for advertising and other services	547			(547		)		—
Total revenues	2,739			(535		)		2,204
Costs and Expenses, Net
Company restaurant expenses	859			—				859
General and administrative expenses	427			—				427
Franchise and property expenses	87			11				98
Franchise advertising and other services expense	546			(546		)		—
Refranchising (gain) loss	(185		)	4				(181		)
Other (income) expense	3			—				3
Total costs and expenses, net	1,737			(531		)		1,206
Operating Profit	1,002			(4		)	^(a)	998
Investment (income) expense, net	(89		)	—				(89		)
Other pension (income) expense	6			—				6
Interest expense, net	219			—				219
Income before income taxes	866			(4		)		862
Income tax provision	112			(1		)		111
Net Income	$	754		$	(3	)		$	751

Basic Earnings Per Common Share	$	2.30		$	(0.01	)		$	2.29

Diluted Earnings Per Common Share	$	2.25		$	(0.01	)		$	2.24

(a)

Includes $5 million and $9 million of franchise incentive payments related to the KFC U.S. Acceleration Agreement or the Pizza Hut U.S. Transformation Agreement that would have been expensed immediately and that we would not have allocated to the KFC Division or the Pizza Hut Division under Legacy GAAP for the quarter and year to date ended June 30, 2018, respectively. Upon the adoption of Topic 606, these payments have been capitalized as assets.

Upon the adoption of Topic 606, the timing and amount of revenue recognized for upfront franchise fees and franchise incentives changed from upfront recognition under Legacy GAAP to recognition over the term of the franchise agreement to which the fees and incentives relate. Also, under Legacy GAAP, amounts reported as Franchise contributions for advertising and other services and Franchise advertising and other services expense were presented on a net basis. Upon the adoption of Topic 606, these amounts require gross presentation in our Condensed Consolidated Statements of Income. Lastly, Legacy GAAP required that certain value-added taxes withheld and remitted on our behalf by our franchisees be reported as revenue and corresponding expense in our Condensed Consolidated Statements of Income. Upon adoption of Topic 606, these taxes are reported on a net basis as a reduction in Franchise and property revenues.



CONDENSED CONSOLIDATED BALANCE SHEET
	As Reported 6/30/2018			Impact			Balances under Legacy GAAP 6/30/2018
ASSETS
Current Assets
Cash and cash equivalents	$	313		$	(27	)	$	286
Accounts and notes receivable, net	527			(103		)	424
Prepaid expenses and other current assets	363			(46		)	317
Advertising cooperative assets, restricted	—			176			176
Total Current Assets	1,203			—			1,203

Property, plant and equipment, net	1,533			(16		)	1,517
Goodwill	502			—			502
Intangible assets, net	90			—			90
Other assets	787			(118		)	669
Deferred income taxes	211			(25		)	186
Total Assets	$	4,326		$	(159	)	$	4,167

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and other current liabilities	$	822		$	(215	)	$	607
Income taxes payable	48			—			48
Short-term borrowings	54			—			54
Advertising cooperative liabilities	—			176			176
Total Current Liabilities	924			(39		)	885

Long-term debt	9,612			—			9,612
Other liabilities and deferred credits	1,037			(336		)	701
Total Liabilities	11,573			(375		)	11,198

Shareholders’ Deficit
Accumulated deficit	(6,965		)	238			(6,727		)
Accumulated other comprehensive loss	(282		)	(22		)	(304		)
Total Shareholders’ Deficit	(7,247		)	216			(7,031		)
Total Liabilities and Shareholders’ Deficit	$	4,326		$	(159	)	$	4,167

The significant impacts resulting from the adoption of Topic 606 on our Condensed Consolidated Balance Sheet as of June 30, 2018, are consistent with those recorded as of January 1, 2018 as described previously.

Under Legacy GAAP, Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents pertaining to advertising cooperatives that we were required to consolidate were classified within Advertising cooperative assets, restricted. Upon adoption of Topic 606, these amounts are reflected on our Condensed Consolidated Balance Sheet and changes in these balances are reported within our Condensed Consolidated Statement of Cash Flows. The adoption of Topic 606 resulted in a decrease in Net Cash Provided by Operating Activities of $25 million during the year to date ended June 30, 2018 due to the timing of spending in these cooperatives.

Investment in Grubhub

On February 7, 2018, certain of our subsidiaries entered into a master services agreement with a subsidiary of Grubhub, the leading online and mobile takeout food-ordering company in the U.S., which is intended to provide dedicated support for the KFC and Taco Bell branded online delivery channels in the U.S. through Grubhub’s online ordering platform, logistics and last-mile support for delivery orders, as well as point-of-sale integration to streamline operations. Concurrently with the master services agreement,

one of our subsidiaries entered into an investment agreement with Grubhub to invest $200 million in exchange for approximately 2.8 million shares of Grubhub common stock. In April 2018, all necessary regulatory approvals were obtained and the purchase of Grubhub shares was consummated. Shares acquired as part of this purchase are restricted from being transferred until the earlier of the two-year anniversary of closing the investment agreement or 30 days following the termination of our master services agreement with Grubhub. In the quarter and year to date ended June 30, 2018 we recognized income of $25 million and $91 million, respectively, which includes the appreciation in the market price of Grubhub common stock since entering into the agreement less valuation adjustments related to the transfer restrictions. The $25 million recognized in the quarter ended June 30, 2018 also includes the reversal of the valuation adjustment that was established in the first quarter of 2018 regarding the then likelihood of obtaining the necessary regulatory approvals to close the investment agreement. Changes in the fair value of our investment in Grubhub common stock are presented as Investment (income) expense, net within our Condensed Consolidated Statements of Income.

Non-cash Pension Adjustment

During the first quarter of 2017, as a result of the completion of a pension data review and reconciliation, we recorded a non-cash, out-of-year charge of $22 million to Other pension (income) expense to adjust our historical U.S. pension liability related to our deferred vested participants. Our CODM did not consider the impact of this charge when assessing segment performance given the number of years over which it accumulated. As such, this cost was not allocated to any of our segment operating results for performance reporting purposes.

Other (Income) Expense	3 Months Ended
Other (Income) Expense	Jun. 30, 2018
Other Income and Expenses [Abstract]
Other (Income) Expense	Other (Income) Expense Other (income) expense primarily includes net foreign exchange (gains) losses and store closure and impairment expenses.

Supplemental Balance Sheet Information

3 Months Ended

Jun. 30, 2018

Supplemental Balance Sheet Information Disclosure [Abstract]

Supplemental Balance Sheet Information

Accounts and Notes Receivable, net

The Company’s receivables are primarily generated as a result of 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 on our Condensed Consolidated Balance Sheets. Upon adoption of Topic 606, Accounts and notes receivable, net also includes receivables generated from advertising cooperatives that we consolidate which were previously recorded in Advertising cooperative assets, restricted.



	6/30/2018			12/31/2017
Accounts and notes receivable, gross	$	557		$	419
Allowance for doubtful accounts	(30		)	(19		)
Accounts and notes receivable, net	$	527		$	400

Property, Plant and Equipment, net



	6/30/2018			12/31/2017
Property, plant and equipment, gross	$	2,951		$	3,177
Accumulated depreciation and amortization	(1,418		)	(1,480		)
Property, plant and equipment, net	$	1,533		$	1,697

Assets held-for-sale at June 30, 2018 and December 31, 2017 total $67 million and $37 million, respectively, and are included in Prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets.

Reconciliation of Cash and cash equivalents for Condensed Consolidated Statements of Cash Flows



	6/30/2018		12/31/2017
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets	$	313	$	1,522
Restricted cash included in Prepaid expenses and other current assets^(a)	80		60
Restricted cash included in Other assets^(b)	16		17
Cash, Cash Equivalents and Restricted Cash as presented in Condensed Consolidated Statements of Cash Flows^(c)	$	409	$	1,599


(a)	Restricted cash within Prepaid expenses and other current assets primarily relates to the Taco Bell Securitization interest reserves and cash related to advertising cooperatives that we consolidate which can only be used to settle obligations of the respective cooperatives.


(b)	Primarily trust accounts related to our self-insurance program and cash balances required, to the extent necessary, to meet statutory minimum net worth requirements for legal entities which enter into U.S. franchise agreements.

(c)

Upon adoption of Topic 606 we reclassified $11 million and $58 million, respectively, from Advertising cooperative assets, restricted to Cash and cash equivalents and Prepaid expenses and other current assets. These amounts are included in the Beginning of Period balance of Cash, Cash Equivalents, Restricted Cash and Restricted Cash equivalents in our Condensed Consolidated Statement of Cash Flows for the year to date ended June 30, 2018.

Income Taxes

3 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes



	Quarter ended						Year to date
	2018			2017			2018			2017
Income tax provision	$	36		$	105		$	112		$	172
Effective tax rate	9.9		%	33.8		%	12.9		%	26.2		%

Our second quarter effective tax rate was lower than prior year primarily due to the favorable impact of the $32 million benefit described below, the favorable impact of the reduction in the U.S. federal statutory tax rate and lapping the prior year cost of repatriating foreign earnings. This benefit was partially offset by a $19 million charge recorded in the quarter ended June 30, 2018 for the correction of an error associated with the tax recorded on a prior year divestiture.

Our year to date effective tax rate is lower than prior year primarily due to the favorable impact of the reduction in the U.S. federal statutory tax rate, lapping the prior year cost of repatriating foreign earnings and the favorable impact of the $16 million benefit described below. This benefit was partially offset by the unfavorable impacts associated with lapping higher excess tax benefits on share-based compensation in the prior year and the current year $19 million charge discussed above.

On December 22, 2017, the U.S. government enacted comprehensive Federal tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The Tax Act significantly modified the U.S. corporate income tax system by, among other things, reducing the federal income tax rate from 35% to 21%, limiting certain deductions, including limiting the deductibility of interest expense to 30% of U.S. earnings before interest, taxes, depreciation and amortization, imposing a mandatory one-time deemed repatriation tax on accumulated foreign earnings and creating a territorial tax system that changes the manner in which future foreign earnings are subject to U.S. tax including the elimination of U.S. federal tax on dividends from foreign subsidiaries, a provision designed to tax global intangible low-taxed income ("GILTI") of foreign subsidiaries and a lower U.S. effective tax rate on certain revenues from sources outside the U.S. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin 118 ("SAB 118") that allows us to record provisional amounts related to the impacts of the Tax Act during a measurement period not to extend beyond one year of the enactment date.

In the fourth quarter of 2017, we recorded a provisional discrete net tax expense associated with the Tax Act of $434 million. In the quarter and year to date ended June 30, 2018, we recorded a provisional benefit of $32 million and $16 million, respectively, as an adjustment to the amounts recorded at December 31, 2017.

As of June 30, 2018, the amounts recorded for the Tax Act remain provisional for the mandatory one-time deemed repatriation tax on accumulated foreign earnings, the remeasurement of deferred taxes, and our reassessment of permanently reinvested earnings, uncertain tax positions and valuation allowances. These estimates may be impacted by further analysis and future clarification and guidance regarding available tax accounting methods and elections, earnings and profits computations, state tax conformity to

federal tax changes and the impact of the GILTI provisions. We expect to complete our analysis of the amounts recorded upon enactment of the Tax Act within SAB 118's measurement period of one year.

Companies subject to GILTI have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for temporary differences including outside basis differences expected to reverse as GILTI. The Company has elected to account for GILTI as a period cost, and therefore is including GILTI in the effective tax rate calculation.

Reportable Operating Segments

3 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

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:



	Quarter ended				Year to date
Revenues	2018		2017		2018		2017
KFC Division	$	651	$	770	$	1,309	$	1,502
Pizza Hut Division	233		222		484		456
Taco Bell Division	484		456		946		907
	$	1,368	$	1,448	$	2,739	$	2,865



	Quarter ended						Year to date
Operating Profit	2018			2017			2018			2017
KFC Division	$	235		$	243		$	456		$	450
Pizza Hut Division	81			85			169			168
Taco Bell Division	149			152			281			293
Corporate and unallocated G&A expenses^(b)	(40		)	(69		)	(84		)	(122		)
Unallocated restaurant costs	1			—			1			—
Unallocated Franchise and property expenses^(a)	(1		)	(13		)	(2		)	(16		)
Unallocated Refranchising gain (loss) (See Note 5)	29			19			185			130
Unallocated Other income (expense)	(5		)	2			(4		)	—
Operating Profit	$	449		$	419		$	1,002		$	903
Investment income (expense), net (See Note 5)	23			1			89			2
Other pension income (expense) (See Note 10)	(3		)	(4		)	(6		)	(32		)
Interest expense, net	(112		)	(105		)	(219		)	(215		)
Income before income taxes	$	357		$	311		$	866		$	658


(a)	Represents costs associated with the KFC U.S. Acceleration Agreement and Pizza Hut U.S. Transformation Agreement. See Note 5.

(b)

Includes non-cash adjustments associated with share-based compensation and charges associated with YUM's Strategic Transformation Initiatives. See Note 5.

Pension Benefits

3 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Pension Benefits

We 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. plans as benefits are paid. The Plan and our most significant non-qualified plan in the U.S. are closed to new salaried participants.

The components of net periodic benefit cost associated with our significant U.S. pension plans are as follows:



	Quarter ended						Year to date
	2018			2017			2018			2017
Service cost	$	2		$	3		$	4		$	6
Interest cost	9			10			18			20
Expected return on plan assets	(11		)	(11		)	(21		)	(23		)
Amortization of net loss	3			1			7			3
Amortization of prior service cost	2			1			3			2
Net periodic benefit cost	$	5		$	4		$	11		$	8

Pension data adjustment^(a)	$	—		$	—		$	—		$	22


(a)	Reflects a non-cash, out-of-year charge related to the adjustment of certain historical deferred vested liability balances in the Plan during the first quarter of 2017 recorded in Other pension (income) expense. See Note 5.

For the quarter and year to date ended June 30, 2017, we recognized additional loss due to pension settlements of $3 million and $8 million, respectively. Losses are 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.

Short-term Borrowings and Long-term Debt

3 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Short-term Borrowings and Long-term Debt



Short-term Borrowings	6/30/2018			12/31/2017
Current maturities of long-term debt	$	51		$	386
Other	8			—
	$	59		$	386
Less current portion of debt issuance costs and discounts	(5		)	(11		)
Short-term borrowings	$	54		$	375

Long-term Debt
Securitization Notes	$	2,265		$	2,271
Subsidiary Senior Unsecured Notes	2,850			2,850
Revolving Facility	202			—
Term Loan A Facility	500			500
Term Loan B Facility	1,965			1,975
YUM Senior Unsecured Notes^(a)	1,875			2,200
Capital lease obligations	95			105
	$	9,752		$	9,901
Less debt issuance costs and discounts	(89		)	(86		)
Less current maturities of long-term debt	(51		)	(386		)
Long-term debt	$	9,612		$	9,429

(a) During the first quarter of 2018, we repaid $325 million in YUM Senior Unsecured Notes that matured in March 2018.

Credit Agreement Repricing

On April 3, 2018, KFC Holding Co., Pizza Hut Holdings, LLC, a limited liability company, and Taco Bell of America, LLC, a limited liability company, as co-borrowers (collectively, the “Borrowers”), each of which is a wholly-owned subsidiary of the Company, completed the repricing of the then existing $1.97 billion under the Term Loan B Facility pursuant to an amendment to the Credit Agreement (as defined in our 2017 Form 10-K). The amendment reduces the interest rate applicable to the Term Loan

B Facility by 25 basis points to adjusted LIBOR plus 1.75% or Base Rate plus 0.75%, at the Borrowers’ election, and extends the maturity date for the Term Loan B Facility by 2 years to April 3, 2025. All other material provisions under the Credit Agreement remained unchanged as a result of this amendment.

Details of our short-term borrowings and long-term debt as of December 31, 2017 can be found within our 2017 Form 10-K. Cash paid for interest during the years to date ended June 30, 2018 and 2017 was $236 million and $207 million, respectively.

Derivative Instruments

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

We use derivative instruments to manage certain of our market risks related to fluctuations in interest and foreign currency exchange rates.

Interest Rate Swaps

We enter 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. On July 25, 2016, we agreed with multiple counterparties to swap the variable LIBOR-based component of the interest payments related to $1.55 billion of borrowings under our Term Loan B Facility for a fixed rate. These interest rate swaps will expire in July 2021. Further, on May 14, 2018 we entered into forward-starting interest rate swaps to fix the interest rate on $1.5 billion of borrowings under our Term Loan B Facility from the date the July 2016 swaps expire through March 2025. The interest rate swaps executed in May 2018 will result in a fixed rate of 4.81% on the swapped portion of the Term Loan B Facility from July 2021 through March 2025. 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 June 30, 2018.

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 June 30, 2018, 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. These 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 June 30, 2018, all foreign currency forward and swap contracts related to intercompany receivables and payables were highly effective cash flow hedges.

As of both June 30, 2018 and December 31, 2017, foreign currency forward and swap contracts outstanding related to intercompany receivables and payables had total notional amounts of $456 million. As of June 30, 2018 these foreign currency forward and swap contracts have durations expiring as late as 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 June 30, 2018, 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:



	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
	2018			2017			2018			2017		2018			2017			2018			2017

Interest rate swaps	$	(2	)	$	(7	)	$	(2	)	$	—	$	16		$	(8	)	$	(3	)	$	2

Foreign currency contracts	27			(30		)	(24		)	30		11			(32		)	(12		)	35

Income tax benefit/(expense)	(1		)	3			2			—		(5		)	3			2			(1		)

As of June 30, 2018, the estimated net gain included in AOCI related to our cash flow hedges that will be reclassified into earnings in the next 12 months is $20 million, based on current LIBOR interest rates.

See Note 13 for the fair value of our derivative assets and liabilities.

Fair Value Disclosures

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Disclosures

As of June 30, 2018, the carrying values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, short-term borrowings, accounts payable and borrowings under our Revolving Facility 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 subsequent amortization approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations:



	6/30/2018				12/31/2017
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)

Securitization Notes^(a)	$	2,265	$	2,348	$	2,271	$	2,367
Subsidiary Senior Unsecured Notes^(b)	2,850		2,793		2,850		2,983
Term Loan A Facility^(b)	500		500		500		503
Term Loan B Facility^(b)	1,965		1,973		1,975		1,990
YUM Senior Unsecured Notes^(b)	1,875		1,845		2,200		2,277


(a)	We estimated the fair value of the Securitization Notes by obtaining broker quotes from two separate brokerage firms that are knowledgeable about the Company’s Securitization Notes and, at times, trade these notes. 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, an investment in Grubhub common stock 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. No transfers among the levels within the fair value hierarchy occurred during the quarter and year to date ended June 30, 2018.



		Fair Value
	Level	6/30/2018	12/31/2017	Condensed Consolidated Balance Sheet
Interest Rate Swaps - Asset	2	18	9	Prepaid expenses and other current assets
Interest Rate Swaps - Asset	2	52	40	Other assets
Interest Rate Swaps - Liability	2	8	—	Other liabilities and deferred credits
Foreign Currency Contracts - Liability	2	33	46	Other liabilities and deferred credits
Foreign Currency Contracts - Asset	2	2	5	Prepaid expenses and other current assets
Investment in Grubhub Common Stock	1	291	—	Other assets
Other Investments	1	29	29	Other assets

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 the investment in Grubhub common stock was determined primarily based on closing market prices for the shares. The other investments include investments in mutual funds, which are used to offset fluctuations for a portion of our deferred compensation liabilities. The other investments' fair value is determined based on the closing market prices of the respective mutual funds as of June 30, 2018 and December 31, 2017.

Revenue Recognition and Deferred Revenue [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Contingencies	3 Months Ended
Contingencies	Jun. 30, 2018
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 restaurants and guaranteeing certain other leases, we are frequently contingently liable on lease agreements. These leases have varying terms, the latest of which expires in 2065. As of June 30, 2018, the potential amount of undiscounted payments we could be required to make in the event of non-payment by the primary lessees was approximately $600 million. The present value of these potential payments discounted at our pre-tax cost of debt at June 30, 2018, was approximately $500 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 agreements in the event of non-payment under the leases. We believe these cross-default provisions significantly reduce the risk that we will be required to make payments under these leases. Accordingly, the liability recorded for our probable exposure under such leases as of June 30, 2018 was not material. Franchise Loan Pool and Equipment Guarantees We have agreed to provide financial support, if required, to a variable interest entity that operates a franchisee lending program used primarily to assist franchisees in the development of new restaurants or the upgrade of existing restaurants and, to a lesser extent, in connection with the Company’s refranchising programs in the U.S. We have determined that we are not required to consolidate this entity as we share the power to direct this entity’s lending activity with other parties. We have provided guarantees of 20% of the outstanding loans of the franchisee loan program. As such, at June 30, 2018, our guarantee exposure under this program is approximately $2 million based on total loans outstanding of $11 million. In addition to the guarantees described above, YUM has agreed to provide guarantees of up to approximately $27 million on behalf of franchisees for several programs related to equipment purchases and refranchising. At June 30, 2018, our guarantee exposure under these financing programs is approximately $11 million. 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. In August 2011, Ameranth, Inc. (“Ameranth”) filed a patent infringement action against a number of defendants, including Pizza Hut, LLC, in the U.S. District Court for the Southern District of California (the “Court”) (“2011 Action”), asserting infringement of a family of three patents. In March 2012, Ameranth initiated additional actions for infringement of a related patent, U.S. Patent No. 8,146,077 (“’077 patent”), in the same forum, including an action against Pizza Hut, LLC and its service provider, QuikOrder, Inc. (“’077 Action”). The Court later consolidated for certain purposes the cases against Pizza Hut, LLC and QuikOrder, Inc. and the approximately 40 other defendants filed by Ameranth in the same district, along with the original 2011 Action. In their answer, Pizza Hut, LLC and QuikOrder, Inc. denied infringement and asserted various defenses, including non-infringement, invalidity, unenforceability and inequitable conduct. The consolidated district court case was stayed until 2017 while various of the defendants brought Covered Business Method patent review actions before the Patent Trial and Appeal Board (“PTAB”). Three of the four patents were invalidated by the PTAB. The PTAB declined to review the ‘077 Patent. In January 2017, the Court granted Ameranth’s motion to lift the stay and set a jury trial date of September 4, 2018 for the claims against Pizza Hut, LLC and QuikOrder, Inc. Pizza Hut denies liability and intends to defend the suit vigorously. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. 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 other proceedings and claims are not expected to have a material adverse effect, individually or in the aggregate, on our Condensed Consolidated Financial Statements.

Revenue Recognition Accounting Policy (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Disaggregation of Revenue [Table Text Block]

The following table disaggregates revenue by Concept and our most significant markets based on Operating Profit. 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.



	Quarter ended 6/30/2018
		KFC Division		Pizza Hut Division		Taco Bell Division		Total
U.S.
Company sales		$	16	$	11	$	252	$	279
Franchise and property revenues		45		64		129		238
Franchise contributions for advertising and other services		2		60		97		159

China
Franchise and property revenues		49		15		—		64

Other
Company sales		225		7		1		233
Franchise and property revenues		216		61		5		282
Franchise contributions for advertising and other services		98		15		—		113
		$	651	$	233	$	484	$	1,368



	Year to date ended 6/30/2018
		KFC Division		Pizza Hut Division		Taco Bell Division		Total
U.S.
Company sales		$	33	$	25	$	494	$	552
Franchise and property revenues		89		134		251		474
Franchise contributions for advertising and other services		4		125		188		317

China
Franchise and property revenues		103		31		—		134

Other
Company sales		453		17		2		472
Franchise and property revenues		425		124		11		560
Franchise contributions for advertising and other services		202		28		—		230
		$	1,309	$	484	946		$	2,739

Deferred Franchise Fees [Table Text Block]

A summary of significant changes to the contract liability balance during 2018 is presented below.



	Deferred Franchise Fees
Balance at January 1, 2018	$	392
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period	(31		)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period	40
Other^(a)	(7		)
Balance at June 30, 2018	$	394

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:



Less than 1 year	$	58
1 - 2 years	53
2 - 3 years	49
3 - 4 years	45
4 - 5 years	40
Thereafter	149
Total	$	394

Note 3. Earnings Per Common Share ("EPS") Earnings Per Common Share ("EPS") (Tables)

3 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]



	Quarter ended				Year to date
	2018		2017		2018		2017
Net Income	$	321	$	206	$	754	$	486

Weighted-average common shares outstanding (for basic calculation)	324		350		328		354
Effect of dilutive share-based employee compensation	7		8		8		7
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)	331		358		336		361

Basic EPS	$	0.99	$	0.59	$	2.30	$	1.37

Diluted EPS	$	0.97	$	0.58	$	2.25	$	1.34
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation^(a)	2.3		2.7		1.8		2.3

(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.

Shareholders' Deficit (Tables)

3 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCI are presented below.



	Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature				Pension and Post-Retirement Benefits				Derivative Instruments				Total
Balance at December 31, 2017, net of tax	$	(174	)		$	(106	)		$	9			$	(271	)

Adoption of accounting standards	21			^(a)	(17		)	^(b)	(2		)	^(b)	2

OCI, net of tax

Gains (losses) arising during the period classified into AOCI, net of tax	(30		)		—				22				(8		)

(Gains) losses reclassified from AOCI, net of tax	—				8				(13		)		(5		)

	(30		)		8				9				(13		)

Balance at June 30, 2018, net of tax	$	(183	)		$	(115	)		$	16			$	(282	)


(a)	Represents the impact of foreign currency translation from the adoption of Topic 606. See Notes 2 and 5.

(b)

During the quarter ended March 31, 2018, we adopted a standard that allows for the reclassification from AOCI to Accumulated deficit for stranded tax effects resulting from the Tax Act. See Note 1.

Repurchase Of Shares Of Common Stock

Under the authority of our Board of Directors, we repurchased shares of our Common Stock during the years to date ended June 30, 2018 and 2017 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
	2018		2017		2018			2017			2018
November 2016 Authorization	—		12,462		$	—		$	826		$	—
November 2017 Authorization	14,147		—		1,171			—			329
Total	14,147	^(a)	12,462	^(b)	$	1,171	^(a)	$	826	^(b)	$	329


(a)	Includes the effect of $3 million in share repurchases (0.03 million shares) with trade dates prior to June 30, 2018, but cash settlement dates subsequent to June 30, 2018.


(b)	Includes the effect of $15 million in share repurchases (0.2 million shares) with trade dates on, or prior to, June 30, 2017, but cash settlement dates subsequent to June 30, 2017 and excludes the effect of $45 million in share purchases (0.7 million shares) with trades dates prior to December 31, 2016, but cash settlement dates subsequent to December 31, 2016.

Items Affecting Comparability of Net Income, Financial Position and Cash Flows (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Items Affecting Comparability of Net Income and Cash Flows [Abstract]

Revenue Recognition adjustments made to Condensed Consolidated Balance Sheet [Table Text Block]

As a result, the following adjustments were made to the Condensed Consolidated Balance Sheet as of January 1, 2018:



CONDENSED CONSOLIDATED BALANCE SHEET
	As Reported 12/31/2017			Adjustments				Balances with Adoption of Topic 606 1/1/2018
ASSETS
Current Assets
Cash and cash equivalents	$	1,522		$	11			$	1,533
Accounts and notes receivable, net	400			112				512
Prepaid expenses and other current assets	384			76			^(a)	460
Advertising cooperative assets, restricted	201			(201		)		—
Total Current Assets	2,507			(2		)		2,505

Property, plant and equipment, net	1,697			11				1,708
Goodwill	512			—				512
Intangible assets, net	110			—				110
Other assets	346			118				464
Deferred income taxes	139			26				165
Total Assets	$	5,311		$	153			$	5,464

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and other current liabilities	$	813		$	220			$	1,033
Income taxes payable	123			—				123
Short-term borrowings	375			—				375
Advertising cooperative liabilities	201			(201		)		—
Total Current Liabilities	1,512			19				1,531

Long-term debt	9,429			—				9,429
Other liabilities and deferred credits	704			353				1,057
Total Liabilities	11,645			372				12,017

Shareholders’ Deficit
Accumulated deficit	(6,063		)	(240		)		(6,303		)
Accumulated other comprehensive loss	(271		)	21				(250		)
Total Shareholders’ Deficit	(6,334		)	(219		)		(6,553		)
Total Liabilities and Shareholders’ Deficit	$	5,311		$	153			$	5,464

(a)

Includes $58 million of restricted cash related to advertising cooperatives. These balances can only be used to settle obligations of the respective cooperatives.



CONDENSED CONSOLIDATED BALANCE SHEET
	As Reported 6/30/2018			Impact			Balances under Legacy GAAP 6/30/2018
ASSETS
Current Assets
Cash and cash equivalents	$	313		$	(27	)	$	286
Accounts and notes receivable, net	527			(103		)	424
Prepaid expenses and other current assets	363			(46		)	317
Advertising cooperative assets, restricted	—			176			176
Total Current Assets	1,203			—			1,203

Property, plant and equipment, net	1,533			(16		)	1,517
Goodwill	502			—			502
Intangible assets, net	90			—			90
Other assets	787			(118		)	669
Deferred income taxes	211			(25		)	186
Total Assets	$	4,326		$	(159	)	$	4,167

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and other current liabilities	$	822		$	(215	)	$	607
Income taxes payable	48			—			48
Short-term borrowings	54			—			54
Advertising cooperative liabilities	—			176			176
Total Current Liabilities	924			(39		)	885

Long-term debt	9,612			—			9,612
Other liabilities and deferred credits	1,037			(336		)	701
Total Liabilities	11,573			(375		)	11,198

Shareholders’ Deficit
Accumulated deficit	(6,965		)	238			(6,727		)
Accumulated other comprehensive loss	(282		)	(22		)	(304		)
Total Shareholders’ Deficit	(7,247		)	216			(7,031		)
Total Liabilities and Shareholders’ Deficit	$	4,326		$	(159	)	$	4,167

Impact of adopting Topic 606 on our Condensed Consolidated Statements of Income [Table Text Block]

The following tables reflect the impact of the adoption of Topic 606 on our Condensed Consolidated Statement of Income for the quarter and year to date ended June 30, 2018 and our Condensed Consolidated Balance Sheet as of June 30, 2018.



CONDENSED CONSOLIDATED STATEMENTS OF INCOME
	Quarter ended 6/30/2018
Revenues	As Reported			Impact				Balances under Legacy GAAP
Company sales	$	512		$	—			$	512
Franchise and property revenues	584			7				591
Franchise contributions for advertising and other services	272			(272		)		—
Total revenues	1,368			(265		)		1,103
Costs and Expenses, Net
Company restaurant expenses	421			—				421
General and administrative expenses	208			—				208
Franchise and property expenses	40			5				45
Franchise advertising and other services expense	274			(274		)		—
Refranchising (gain) loss	(29		)	4				(25		)
Other (income) expense	5			—				5
Total costs and expenses, net	919			(265		)		654
Operating Profit	449			—			^(a)	449
Investment (income) expense, net	(23		)	—				(23		)
Other pension (income) expense	3			—				3
Interest expense, net	112			—				112
Income before income taxes	357			—				357
Income tax provision	36			—				36
Net Income	$	321		$	—			$	321

Basic Earnings Per Common Share	$	0.99		$	—			$	0.99

Diluted Earnings Per Common Share	$	0.97		$	—			$	0.97



	Year to date ended 6/30/2018
Revenues	As Reported			Impact				Balances under Legacy GAAP
Company sales	$	1,024		$	—			$	1,024
Franchise and property revenues	1,168			12				1,180
Franchise contributions for advertising and other services	547			(547		)		—
Total revenues	2,739			(535		)		2,204
Costs and Expenses, Net
Company restaurant expenses	859			—				859
General and administrative expenses	427			—				427
Franchise and property expenses	87			11				98
Franchise advertising and other services expense	546			(546		)		—
Refranchising (gain) loss	(185		)	4				(181		)
Other (income) expense	3			—				3
Total costs and expenses, net	1,737			(531		)		1,206
Operating Profit	1,002			(4		)	^(a)	998
Investment (income) expense, net	(89		)	—				(89		)
Other pension (income) expense	6			—				6
Interest expense, net	219			—				219
Income before income taxes	866			(4		)		862
Income tax provision	112			(1		)		111
Net Income	$	754		$	(3	)		$	751

Basic Earnings Per Common Share	$	2.30		$	(0.01	)		$	2.29

Diluted Earnings Per Common Share	$	2.25		$	(0.01	)		$	2.24

(a)

Includes $5 million and $9 million of franchise incentive payments related to the KFC U.S. Acceleration Agreement or the Pizza Hut U.S. Transformation Agreement that would have been expensed immediately and that we would not have allocated to the KFC Division or the Pizza Hut Division under Legacy GAAP for the quarter and year to date ended June 30, 2018, respectively. Upon the adoption of Topic 606, these payments have been capitalized as assets.

Supplemental Balance Sheet Information (Tables)

3 Months Ended

Jun. 30, 2018

Supplemental Balance Sheet Information Disclosure [Abstract]

Schedule of Cash and Cash Equivalents [Table Text Block]



	6/30/2018		12/31/2017
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets	$	313	$	1,522
Restricted cash included in Prepaid expenses and other current assets^(a)	80		60
Restricted cash included in Other assets^(b)	16		17
Cash, Cash Equivalents and Restricted Cash as presented in Condensed Consolidated Statements of Cash Flows^(c)	$	409	$	1,599


(a)	Restricted cash within Prepaid expenses and other current assets primarily relates to the Taco Bell Securitization interest reserves and cash related to advertising cooperatives that we consolidate which can only be used to settle obligations of the respective cooperatives.


(b)	Primarily trust accounts related to our self-insurance program and cash balances required, to the extent necessary, to meet statutory minimum net worth requirements for legal entities which enter into U.S. franchise agreements.

(c)

Upon adoption of Topic 606 we reclassified $11 million and $58 million, respectively, from Advertising cooperative assets, restricted to Cash and cash equivalents and Prepaid expenses and other current assets. These amounts are included in the Beginning of Period balance of Cash, Cash Equivalents, Restricted Cash and Restricted Cash equivalents in our Condensed Consolidated Statement of Cash Flows for the year to date ended June 30, 2018.

Accounts and Notes Receivable



	6/30/2018			12/31/2017
Accounts and notes receivable, gross	$	557		$	419
Allowance for doubtful accounts	(30		)	(19		)
Accounts and notes receivable, net	$	527		$	400

Property, Plant and Equipment



	6/30/2018			12/31/2017
Property, plant and equipment, gross	$	2,951		$	3,177
Accumulated depreciation and amortization	(1,418		)	(1,480		)
Property, plant and equipment, net	$	1,533		$	1,697

Income Taxes (Tables)

3 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Tax And Effective Tax Rate



	Quarter ended						Year to date
	2018			2017			2018			2017
Income tax provision	$	36		$	105		$	112		$	172
Effective tax rate	9.9		%	33.8		%	12.9		%	26.2		%

Reportable Operating Segments (Tables)

3 Months Ended

Jun. 30, 2018

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:



	Quarter ended				Year to date
Revenues	2018		2017		2018		2017
KFC Division	$	651	$	770	$	1,309	$	1,502
Pizza Hut Division	233		222		484		456
Taco Bell Division	484		456		946		907
	$	1,368	$	1,448	$	2,739	$	2,865



	Quarter ended						Year to date
Operating Profit	2018			2017			2018			2017
KFC Division	$	235		$	243		$	456		$	450
Pizza Hut Division	81			85			169			168
Taco Bell Division	149			152			281			293
Corporate and unallocated G&A expenses^(b)	(40		)	(69		)	(84		)	(122		)
Unallocated restaurant costs	1			—			1			—
Unallocated Franchise and property expenses^(a)	(1		)	(13		)	(2		)	(16		)
Unallocated Refranchising gain (loss) (See Note 5)	29			19			185			130
Unallocated Other income (expense)	(5		)	2			(4		)	—
Operating Profit	$	449		$	419		$	1,002		$	903
Investment income (expense), net (See Note 5)	23			1			89			2
Other pension income (expense) (See Note 10)	(3		)	(4		)	(6		)	(32		)
Interest expense, net	(112		)	(105		)	(219		)	(215		)
Income before income taxes	$	357		$	311		$	866		$	658


(a)	Represents costs associated with the KFC U.S. Acceleration Agreement and Pizza Hut U.S. Transformation Agreement. See Note 5.

(b)

Includes non-cash adjustments associated with share-based compensation and charges associated with YUM's Strategic Transformation Initiatives. See Note 5.

Pension Benefits (Tables)

3 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost associated with our significant U.S. pension plans are as follows:



	Quarter ended						Year to date
	2018			2017			2018			2017
Service cost	$	2		$	3		$	4		$	6
Interest cost	9			10			18			20
Expected return on plan assets	(11		)	(11		)	(21		)	(23		)
Amortization of net loss	3			1			7			3
Amortization of prior service cost	2			1			3			2
Net periodic benefit cost	$	5		$	4		$	11		$	8

Pension data adjustment^(a)	$	—		$	—		$	—		$	22


(a)	Reflects a non-cash, out-of-year charge related to the adjustment of certain historical deferred vested liability balances in the Plan during the first quarter of 2017 recorded in Other pension (income) expense. See Note 5.

For the quarter and year to date ended June 30, 2017, we recognized additional loss due to pension settlements of $3 million and $8 million, respectively. Losses are 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.

Short-term Borrowings and Long-term Debt (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings and Long-term Debt



Short-term Borrowings	6/30/2018			12/31/2017
Current maturities of long-term debt	$	51		$	386
Other	8			—
	$	59		$	386
Less current portion of debt issuance costs and discounts	(5		)	(11		)
Short-term borrowings	$	54		$	375

Long-term Debt
Securitization Notes	$	2,265		$	2,271
Subsidiary Senior Unsecured Notes	2,850			2,850
Revolving Facility	202			—
Term Loan A Facility	500			500
Term Loan B Facility	1,965			1,975
YUM Senior Unsecured Notes^(a)	1,875			2,200
Capital lease obligations	95			105
	$	9,752		$	9,901
Less debt issuance costs and discounts	(89		)	(86		)
Less current maturities of long-term debt	(51		)	(386		)
Long-term debt	$	9,612		$	9,429

(a) During the first quarter of 2018, we repaid $325 million in YUM Senior Unsecured Notes that matured in March 2018.

The following table presents the carrying value and estimated fair value of the Company’s debt obligations:



	6/30/2018				12/31/2017
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)

Securitization Notes^(a)	$	2,265	$	2,348	$	2,271	$	2,367
Subsidiary Senior Unsecured Notes^(b)	2,850		2,793		2,850		2,983
Term Loan A Facility^(b)	500		500		500		503
Term Loan B Facility^(b)	1,965		1,973		1,975		1,990
YUM Senior Unsecured Notes^(b)	1,875		1,845		2,200		2,277


(a)	We estimated the fair value of the Securitization Notes by obtaining broker quotes from two separate brokerage firms that are knowledgeable about the Company’s Securitization Notes and, at times, trade these notes. 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.

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2018

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:



	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
	2018			2017			2018			2017		2018			2017			2018			2017

Interest rate swaps	$	(2	)	$	(7	)	$	(2	)	$	—	$	16		$	(8	)	$	(3	)	$	2

Foreign currency contracts	27			(30		)	(24		)	30		11			(32		)	(12		)	35

Income tax benefit/(expense)	(1		)	3			2			—		(5		)	3			2			(1		)

Fair Value Disclosures (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Short-term Borrowings and Long-term Debt



Short-term Borrowings	6/30/2018			12/31/2017
Current maturities of long-term debt	$	51		$	386
Other	8			—
	$	59		$	386
Less current portion of debt issuance costs and discounts	(5		)	(11		)
Short-term borrowings	$	54		$	375

Long-term Debt
Securitization Notes	$	2,265		$	2,271
Subsidiary Senior Unsecured Notes	2,850			2,850
Revolving Facility	202			—
Term Loan A Facility	500			500
Term Loan B Facility	1,965			1,975
YUM Senior Unsecured Notes^(a)	1,875			2,200
Capital lease obligations	95			105
	$	9,752		$	9,901
Less debt issuance costs and discounts	(89		)	(86		)
Less current maturities of long-term debt	(51		)	(386		)
Long-term debt	$	9,612		$	9,429

(a) During the first quarter of 2018, we repaid $325 million in YUM Senior Unsecured Notes that matured in March 2018.

The following table presents the carrying value and estimated fair value of the Company’s debt obligations:



	6/30/2018				12/31/2017
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)

Securitization Notes^(a)	$	2,265	$	2,348	$	2,271	$	2,367
Subsidiary Senior Unsecured Notes^(b)	2,850		2,793		2,850		2,983
Term Loan A Facility^(b)	500		500		500		503
Term Loan B Facility^(b)	1,965		1,973		1,975		1,990
YUM Senior Unsecured Notes^(b)	1,875		1,845		2,200		2,277


(a)	We estimated the fair value of the Securitization Notes by obtaining broker quotes from two separate brokerage firms that are knowledgeable about the Company’s Securitization Notes and, at times, trade these notes. 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.

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. No transfers among the levels within the fair value hierarchy occurred during the quarter and year to date ended June 30, 2018.



		Fair Value
	Level	6/30/2018	12/31/2017	Condensed Consolidated Balance Sheet
Interest Rate Swaps - Asset	2	18	9	Prepaid expenses and other current assets
Interest Rate Swaps - Asset	2	52	40	Other assets
Interest Rate Swaps - Liability	2	8	—	Other liabilities and deferred credits
Foreign Currency Contracts - Liability	2	33	46	Other liabilities and deferred credits
Foreign Currency Contracts - Asset	2	2	5	Prepaid expenses and other current assets
Investment in Grubhub Common Stock	1	291	—	Other assets
Other Investments	1	29	29	Other assets

Financial Statement Presentation (Details) $ in Millions	6 Months Ended
Financial Statement Presentation (Details) $ in Millions	Jun. 30, 2018 weeks operating_segments Months restaurants countries_and_territiories	Jan. 01, 2018 USD ($)
Number of Reportable Segments \| operating_segments	3
Number of Countries in which Entity Operates \| countries_and_territiories	140
Number of Stores \| restaurants	45,000
Percent Of System Units Located Outside United States	60.00%
Fiscal Period Weeks Standard for U.S. subsidiaries and certain international subsidiaries	12
Fiscal Period Weeks Standard Fourth Quarter	16
Number of weeks in a standard year	52
Fiscal Period Weeks Standard Fourth Quarter of a 53rd Week Year for U.S. subsidiaries and certain international subsidiaries	17
Number of weeks in a 53rd week year	53
Fiscal period months standard first quarter \| Months	2
Fiscal period months standard second and third quarters \| Months	3
Fiscal period months standard fourth quarter \| Months	4
Accounting Standards Update 2016-16 [Member] \| Other Assets [Member]
Write-off of unamortized tax consequence of certain historical intra-entity transfers of assets \| $		$ (30)
Accounting Standards Update 2018-02 [Member]
Reclassification from accumulated other comprehensive (income) loss to accumulated deficit for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 \| $		$ 19

Revenue Recognition Accounting Policy (Details)	Jun. 30, 2018 Rate
Minimum [Member]
Continuing Fees Rate	4.00%
Maximum [Member]
Continuing Fees Rate	6.00%
Master Franchise Agreement [Member]
Continuing Fees Rate	3.00%

Revenue Recognition Accounting Policy (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,368	$ 1,448	$ 2,739	$ 2,865
KFC Global Division [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	651	770	1,309	1,502
Pizza Hut Global Division [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	233	222	484	456
Taco Bell Global Division [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	484	456	946	907
Product [Member]
Disaggregation of Revenue [Line Items]
Revenues	512	909	1,024	1,811
Product [Member] \| UNITED STATES
Disaggregation of Revenue [Line Items]
Revenues	279		552
Product [Member] \| UNITED STATES \| KFC Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	16		33
Product [Member] \| UNITED STATES \| Pizza Hut Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	11		25
Product [Member] \| UNITED STATES \| Taco Bell Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	252		494
Product [Member] \| Other, Outside the U.S. and China [Member]
Disaggregation of Revenue [Line Items]
Revenues	233		472
Product [Member] \| Other, Outside the U.S. and China [Member] \| KFC Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	225		453
Product [Member] \| Other, Outside the U.S. and China [Member] \| Pizza Hut Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	7		17
Product [Member] \| Other, Outside the U.S. and China [Member] \| Taco Bell Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	1		2
Franchise [Member]
Disaggregation of Revenue [Line Items]
Revenues	584	539	1,168	1,054
Franchise [Member] \| UNITED STATES
Disaggregation of Revenue [Line Items]
Revenues	238		474
Franchise [Member] \| UNITED STATES \| KFC Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	45		89
Franchise [Member] \| UNITED STATES \| Pizza Hut Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	64		134
Franchise [Member] \| UNITED STATES \| Taco Bell Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	129		251
Franchise [Member] \| CHINA
Disaggregation of Revenue [Line Items]
Revenues	64		134
Franchise [Member] \| CHINA \| KFC Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	49		103
Franchise [Member] \| CHINA \| Pizza Hut Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	15		31
Franchise [Member] \| CHINA \| Taco Bell Global 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	282		560
Franchise [Member] \| Other, Outside the U.S. and China [Member] \| KFC Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	216		425
Franchise [Member] \| Other, Outside the U.S. and China [Member] \| Pizza Hut Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	61		124
Franchise [Member] \| Other, Outside the U.S. and China [Member] \| Taco Bell Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	5		11
Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenues	272	$ 0	547	$ 0
Advertising [Member] \| UNITED STATES
Disaggregation of Revenue [Line Items]
Revenues	159		317
Advertising [Member] \| UNITED STATES \| KFC Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	2		4
Advertising [Member] \| UNITED STATES \| Pizza Hut Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	60		125
Advertising [Member] \| UNITED STATES \| Taco Bell Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	97		188
Advertising [Member] \| Other, Outside the U.S. and China [Member]
Disaggregation of Revenue [Line Items]
Revenues	113		230
Advertising [Member] \| Other, Outside the U.S. and China [Member] \| KFC Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	98		202
Advertising [Member] \| Other, Outside the U.S. and China [Member] \| Pizza Hut Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	15		28
Advertising [Member] \| Other, Outside the U.S. and China [Member] \| Taco Bell Global Division [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 0		$ 0

Revenue Recognition Accounting Policy (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Revenues	$ 1,368	$ 1,448	$ 2,739	$ 2,865
Deferred Revenue	$ 394		394		$ 392
Deferred Revenue, Revenue Recognized			(31)
Deferred Revenue, Additions			40
Foreign Currency Gain (Loss) [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Period Increase (Decrease)			$ (7)

Revenue Recognition Accounting Policy (Details 4) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue	$ 394		$ 394		$ 392
Revenues	1,368	$ 1,448	2,739	$ 2,865
1 year [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Recognized	58		58
2 years [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Recognized	53		53
3 years [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Recognized	49		49
4 years [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Recognized	45		45
5 years [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Recognized	40		40
Thereafter 5 years [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Recognized	149		149
Product [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	512	909	1,024	1,811
Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	584	539	1,168	1,054
Advertising [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	272	0	547	0
UNITED STATES \| Product [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	279		552
UNITED STATES \| Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	238		474
UNITED STATES \| Advertising [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	159		317
China Division [Member] \| Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	64		134
Other, Outside the U.S. and China [Member] \| Product [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	233		472
Other, Outside the U.S. and China [Member] \| Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	282		560
Other, Outside the U.S. and China [Member] \| Advertising [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	113		230
Pizza Hut Global Division [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	233	222	484	456
Pizza Hut Global Division [Member] \| UNITED STATES \| Product [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	11		25
Pizza Hut Global Division [Member] \| UNITED STATES \| Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	64		134
Pizza Hut Global Division [Member] \| UNITED STATES \| Advertising [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	60		125
Pizza Hut Global Division [Member] \| China Division [Member] \| Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	15		31
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	7		17
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	61		124
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	15		28
Taco Bell Global Division [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	484	456	946	907
Taco Bell Global Division [Member] \| UNITED STATES \| Product [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	252		494
Taco Bell Global Division [Member] \| UNITED STATES \| Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	129		251
Taco Bell Global Division [Member] \| UNITED STATES \| Advertising [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	97		188
Taco Bell Global Division [Member] \| China Division [Member] \| Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	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	1		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	5		11
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	0		0
KFC Global Division [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	651	$ 770	1,309	$ 1,502
KFC Global Division [Member] \| UNITED STATES \| Product [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	16		33
KFC Global Division [Member] \| UNITED STATES \| Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	45		89
KFC Global Division [Member] \| UNITED STATES \| Advertising [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	2		4
KFC Global Division [Member] \| China Division [Member] \| Franchise [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	49		103
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	225		453
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	216		425
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	$ 98		$ 202

Earnings Per Common Share ("EPS") (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Net Income - YUM! Brands, Inc.

$ 321

$ 206

$ 754

$ 486

Weighted-average common shares outstanding (for basic calculation)

324.0

350.0

328.0

354.0

Effect of dilutive share-based employee compensation

7.0

8.0

7.0

Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)

331.0

358.0

336.0

361.0

Basic EPS

$ 0.99

$ 0.59

$ 2.30

$ 1.37

Diluted EPS

$ 0.97

$ 0.58

$ 2.25

$ 1.34

Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation

^[1]

2.3

2.7

1.8

2.3

[1]	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.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 11
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 7
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

+ Details

Repurchase Of Shares Of Common Stock [Line Items]

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Shareholders' Deficit (Details) - USD ($)
shares in Thousands, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Shares Repurchased

14,147

^[1]

12,462

^[2]

Dollar Value of Shares Repurchased

$ 1,171

^[1]

$ 826

^[2]

Remaining Dollar Value of Shares that may be Repurchased

$ 329

Value of share repurchases with trade dates prior to current reporting date but with settlement dates subsequent to the current reporting date.

$ 3

$ 15

Number of shares repurchased with trade dates prior to current reporting date but with settlement dates subsequent to the current reporting date.

30

200

Value of shares repurchased with trade dates prior to the current reporting quarter, but settlement dates in the current quarter

$ 45

Number of shares repurchased with trade dates prior to the current reporting quarter, but settlement dates in the current quarter

700

November 2016 [Member]

Repurchase Of Shares Of Common Stock [Line Items]

Shares Repurchased

0

12,462

Dollar Value of Shares Repurchased

$ 0

$ 826

Remaining Dollar Value of Shares that may be Repurchased

$ 0

November 2017 [Member]

Repurchase Of Shares Of Common Stock [Line Items]

Shares Repurchased

14,147

0

Dollar Value of Shares Repurchased

$ 1,171

$ 0

Remaining Dollar Value of Shares that may be Repurchased

$ 329

[1]	Includes the effect of $3 million in share repurchases (0.03 million shares) with trade dates prior to June 30, 2018, but cash settlement dates subsequent to June 30, 2018.
[2]	Includes the effect of $15 million in share repurchases (0.2 million shares) with trade dates on, or prior to, June 30, 2017, but cash settlement dates subsequent to June 30, 2017 and excludes the effect of $45 million in share purchases (0.7 million shares) with trades dates prior to December 31, 2016, but cash settlement dates subsequent to December 31, 2016.

Shareholders' Deficit (Details 2) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Schedule of changes in accumulated comprehensive income [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

$ 2

Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax

(271)

Gains (losses) arising during the year classified into accumulated OCI, net of tax

(8)

(Gains) losses reclassified from accumulated OCI, net of tax

(5)

Ending Accumulated Other Comprehensive Income (Loss), Net of Tax

$ (67)

$ (13)

(13)

$ 62

(282)

Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature

Schedule of changes in accumulated comprehensive income [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

^[1]

21

Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax

(174)

Gains (losses) arising during the year classified into accumulated OCI, net of tax

(30)

(Gains) losses reclassified from accumulated OCI, net of tax

0

Ending Accumulated Other Comprehensive Income (Loss), Net of Tax

(30)

(183)

Pension and Post-Retirement Benefits

Schedule of changes in accumulated comprehensive income [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

^[2]

(17)

Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax

(106)

Gains (losses) arising during the year classified into accumulated OCI, net of tax

0

(Gains) losses reclassified from accumulated OCI, net of tax

8

Ending Accumulated Other Comprehensive Income (Loss), Net of Tax

8

(115)

Derivative Instruments

Schedule of changes in accumulated comprehensive income [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

^[2]

(2)

Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax

9

Gains (losses) arising during the year classified into accumulated OCI, net of tax

22

(Gains) losses reclassified from accumulated OCI, net of tax

(13)

Ending Accumulated Other Comprehensive Income (Loss), Net of Tax

9

$ 16

16

Balances with Adoption of Topic 606 [Domain]

Schedule of changes in accumulated comprehensive income [Line Items]

Net Cash Provided by (Used in) Investing Activities

$ (13)

[1]	Represents the impact of foreign currency translation from the adoption of Topic 606. See Notes 2 and 5.
[2]	During the quarter ended March 31, 2018, we adopted a standard that allows for the reclassification from AOCI to Accumulated deficit for stranded tax effects resulting from the Tax Act. See Note 1.

Items Affecting Comparability of Net Income, Financial Position and Cash Flows (Details)
$ / shares in Units, shares in Millions

3 Months Ended

6 Months Ended

12 Months Ended

36 Months Ended

Dec. 31, 2018

USD ($)

Jun. 30, 2018

USD ($)

days

restaurants

Years

$ / shares

shares

Jun. 30, 2017

USD ($)

restaurants

$ / shares

Mar. 31, 2017

USD ($)

Jun. 30, 2018

USD ($)

days

restaurants

Years

$ / shares

shares

Dec. 31, 2017

USD ($)

Jun. 30, 2017

USD ($)

restaurants

$ / shares

Dec. 31, 2017

USD ($)

Dec. 31, 2017

USD ($)

Jan. 01, 2018

USD ($)

$ (42,000,000)

$ 173,000,000

Net Cash Provided by (Used in) Financing Activities

$ (1,579,000,000)

(410,000,000)

Investment Owned, Balance, Shares | shares

2.8

Equity Securities, FV-NI, Unrealized Gain (Loss)

$ 25,000,000

$ 91,000,000

Net Cash Provided by (Used in) Operating Activities

381,000,000

439,000,000

$ 58,000,000

1,368,000,000

$ 1,448,000,000

2,739,000,000

2,865,000,000

4,326,000,000

$ 5,311,000,000

Proceeds from refranchising of restaurants

313,000,000

1,522,000,000

47,000,000

136,000,000

252,000,000

321,000,000

(29,000,000)

(19,000,000)

(185,000,000)

(130,000,000)

208,000,000

247,000,000

427,000,000

484,000,000

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

112,000,000

105,000,000

219,000,000

215,000,000

357,000,000

311,000,000

866,000,000

658,000,000

Income tax provision

36,000,000

105,000,000

112,000,000

172,000,000

421,000,000

748,000,000

859,000,000

1,506,000,000

527,000,000

400,000,000

363,000,000

384,000,000

0

201,000,000

1,203,000,000

2,507,000,000

1,533,000,000

1,697,000,000

502,000,000

512,000,000

90,000,000

110,000,000

787,000,000

346,000,000

211,000,000

139,000,000

4,326,000,000

5,311,000,000

822,000,000

813,000,000

48,000,000

123,000,000

54,000,000

375,000,000

0

201,000,000

924,000,000

1,512,000,000

9,612,000,000

9,429,000,000

1,037,000,000

704,000,000

11,573,000,000

11,645,000,000

(6,965,000,000)

(6,063,000,000)

(282,000,000)

(271,000,000)

(7,247,000,000)

(6,334,000,000)

40,000,000

54,000,000

87,000,000

100,000,000

274,000,000

0

546,000,000

0

Total costs and expenses, net

5,000,000

(1,000,000)

3,000,000

2,000,000

919,000,000

1,029,000,000

1,737,000,000

1,962,000,000

449,000,000

419,000,000

1,002,000,000

903,000,000

Other pension (income) expense

(23,000,000)

(1,000,000)

(89,000,000)

(2,000,000)

3,000,000

4,000,000

6,000,000

32,000,000

Earnings Per Share, Basic | $ / shares

$ 321,000,000

$ 206,000,000

$ 754,000,000

$ 486,000,000

$ 0.99

$ 0.59

$ 2.30

$ 1.37

Diluted Earnings Per Common Share | $ / shares

$ 0.97

$ 0.58

$ 2.25

$ 1.34

Equity Securities, FV-NI, Cost

$ 200,000,000

KFC Global Division [Member]

651,000,000

$ 770,000,000

1,309,000,000

$ 1,502,000,000

(42,000,000)

41,000,000

(99,000,000)

42,000,000

235,000,000

243,000,000

456,000,000

450,000,000

Unallocated [Member]

(29,000,000)

(19,000,000)

(185,000,000)

(130,000,000)

40,000,000

^[1]

69,000,000

^[1]

84,000,000

122,000,000

1,000,000

0

1,000,000

0

1,000,000

^[2]

13,000,000

^[2]

2,000,000

16,000,000

Pizza Hut Global Division [Member]

5,000,000

(2,000,000)

4,000,000

0

233,000,000

222,000,000

484,000,000

456,000,000

13,000,000

11,000,000

13,000,000

Unallocated and General and administrative expenses [Domain]

81,000,000

85,000,000

169,000,000

168,000,000

Costs associated with PH U.S. Acceleration Agreement

39,000,000

Taco Bell Global Division [Member]

484,000,000

456,000,000

946,000,000

907,000,000

0

(71,000,000)

(97,000,000)

(185,000,000)

General and Administrative Expense [Member]

149,000,000

152,000,000

281,000,000

293,000,000

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost

2,000,000

16,000,000

1,000,000

18,000,000

General and Administrative Expense [Member] | Unallocated [Member]

Restructuring and Related Cost, Incurred Cost

$ 1,000,000

$ 4,000,000

$ 1,000,000

$ 11,000,000

Number of Restaurants Refranchised | restaurants

51

244

195

365

Franchise and property expenses [Member] | Unallocated and General and administrative expenses [Domain]

Costs associated with PH U.S. Acceleration Agreement

31,000,000

Previously Reported [Member]

5,311,000,000

1,522,000,000

400,000,000

384,000,000

201,000,000

2,507,000,000

1,697,000,000

512,000,000

110,000,000

346,000,000

139,000,000

5,311,000,000

813,000,000

123,000,000

375,000,000

201,000,000

1,512,000,000

9,429,000,000

704,000,000

11,645,000,000

(6,063,000,000)

(271,000,000)

Balances with Adoption of Topic 606 [Domain]

(6,334,000,000)

5,464,000,000

1,533,000,000

512,000,000

460,000,000

0

2,505,000,000

1,708,000,000

512,000,000

110,000,000

464,000,000

165,000,000

5,464,000,000

1,033,000,000

123,000,000

375,000,000

0

1,531,000,000

9,429,000,000

1,057,000,000

12,017,000,000

(6,303,000,000)

(250,000,000)

Property, Plant and Equipment [Member]

(6,553,000,000)

Costs associated with PH U.S. Acceleration Agreement

8,000,000

Accounting Standards Update 2014-09 [Member]

Costs associated with KFC U.S. and PH U.S. Acceleration Agreement

58,000,000

$ 5,000,000

$ 9,000,000

26,000,000

Difference between Revenue Guidance in Effect before and after Topic 606 [Member]

21,000,000

Net Cash Provided by (Used in) Operating Activities

(25,000,000)

(265,000,000)

(535,000,000)

(159,000,000)

153,000,000

(27,000,000)

11,000,000

4,000,000

0

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

0

0

(4,000,000)

Income tax provision

0

(1,000,000)

0

(103,000,000)

112,000,000

(46,000,000)

76,000,000

^[3]

176,000,000

(201,000,000)

0

(2,000,000)

(16,000,000)

11,000,000

0

0

(118,000,000)

118,000,000

(25,000,000)

26,000,000

(159,000,000)

153,000,000

(215,000,000)

220,000,000

0

0

176,000,000

(201,000,000)

(39,000,000)

19,000,000

0

(336,000,000)

353,000,000

(375,000,000)

372,000,000

238,000,000

(240,000,000)

(22,000,000)

21,000,000

216,000,000

(219,000,000)

5,000,000

11,000,000

(274,000,000)

(546,000,000)

Total costs and expenses, net

0

(265,000,000)

(531,000,000)

0

(4,000,000)

^[4]

Other pension (income) expense

0

0

Earnings Per Share, Basic | $ / shares

$ 0

$ (3,000,000)

$ 0

$ (0.01)

Diluted Earnings Per Common Share | $ / shares

$ 0

$ (0.01)

Balances with Adoption of Topic 606 [Domain]

$ 1,103,000,000

$ 2,204,000,000

4,167,000,000

286,000,000

(25,000,000)

(181,000,000)

208,000,000

427,000,000

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

112,000,000

219,000,000

357,000,000

862,000,000

Income tax provision

36,000,000

111,000,000

421,000,000

859,000,000

424,000,000

317,000,000

176,000,000

1,203,000,000

1,517,000,000

502,000,000

90,000,000

669,000,000

186,000,000

4,167,000,000

607,000,000

48,000,000

54,000,000

176,000,000

885,000,000

9,612,000,000

701,000,000

11,198,000,000

(6,727,000,000)

(304,000,000)

(7,031,000,000)

45,000,000

98,000,000

0

Total costs and expenses, net

5,000,000

3,000,000

654,000,000

1,206,000,000

449,000,000

998,000,000

Other pension (income) expense

(23,000,000)

(89,000,000)

3,000,000

6,000,000

Earnings Per Share, Basic | $ / shares

$ 321,000,000

$ 751,000,000

$ 0.99

$ 2.29

Diluted Earnings Per Common Share | $ / shares

$ 0.97

$ 2.24

Product [Member]

Product [Member] | UNITED STATES

$ 512,000,000

$ 909,000,000

$ 1,024,000,000

$ 1,811,000,000

Product [Member] | UNITED STATES | KFC Global Division [Member]

279,000,000

552,000,000

Product [Member] | UNITED STATES | Pizza Hut Global Division [Member]

16,000,000

33,000,000

Product [Member] | UNITED STATES | Taco Bell Global Division [Member]

11,000,000

25,000,000

Product [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]

252,000,000

494,000,000

Product [Member] | Balances with Adoption of Topic 606 [Domain]

0

512,000,000

1,024,000,000

Franchise [Member]

Franchise [Member] | CHINA

584,000,000

539,000,000

1,168,000,000

1,054,000,000

Franchise [Member] | CHINA | KFC Global Division [Member]

64,000,000

134,000,000

Franchise [Member] | CHINA | Pizza Hut Global Division [Member]

49,000,000

103,000,000

Franchise [Member] | CHINA | Taco Bell Global Division [Member]

15,000,000

31,000,000

Franchise [Member] | UNITED STATES

0

Franchise [Member] | UNITED STATES | KFC Global Division [Member]

238,000,000

474,000,000

Franchise [Member] | UNITED STATES | Pizza Hut Global Division [Member]

45,000,000

89,000,000

Franchise [Member] | UNITED STATES | Taco Bell Global Division [Member]

64,000,000

134,000,000

Franchise [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]

129,000,000

251,000,000

Franchise [Member] | Balances with Adoption of Topic 606 [Domain]

7,000,000

12,000,000

591,000,000

1,180,000,000

Advertising [Member]

Advertising [Member] | UNITED STATES

272,000,000

0

547,000,000

0

Advertising [Member] | UNITED STATES | KFC Global Division [Member]

159,000,000

317,000,000

Advertising [Member] | UNITED STATES | Pizza Hut Global Division [Member]

2,000,000

4,000,000

Advertising [Member] | UNITED STATES | Taco Bell Global Division [Member]

60,000,000

125,000,000

Advertising [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]

97,000,000

188,000,000

Advertising [Member] | Balances with Adoption of Topic 606 [Domain]

(272,000,000)

(547,000,000)

Investment closing date [Member]

$ 0

Time period shares are restricted from being transferred | Years

2

Termination of Master Services Agreement [Member]

Time period shares are restricted from being transferred | days

30

Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Maximum [Member]

Derivative, Maturity Date

Jun. 12, 2020

Equipment [Member] | Franchise and property expenses [Member] | Unallocated and General and administrative expenses [Domain]

Costs associated with KFC U.S. Acceleration Agreement

115,000,000

Equipment [Member] | Previously Reported [Member] | Franchise and property expenses [Member] | Unallocated and General and administrative expenses [Domain]

Costs associated with KFC U.S. Acceleration Agreement

5,000,000

8,000,000

Incremental Advertising [Member] | KFC Global Division [Member]

Costs associated with KFC U.S. Acceleration Agreement

$ 3,000,000

5,000,000

$ 5,000,000

9,000,000

20,000,000

50,000,000

Franchise Incentive Amortization [Member] [Member] | Accounting Standards Update 2014-09 [Member] | Other Assets [Member] | KFC Global Division [Member]

Costs associated with KFC U.S. Acceleration Agreement

100,000,000

Franchise Incentive [Member] | Franchise and property revenue [Member] | KFC Global Division [Member]

Costs associated with KFC U.S. Acceleration Agreement

3,000,000

5,000,000

Franchise Incentive [Member] | Accounting Standards Update 2014-09 [Member] | Other Assets [Member] | KFC Global Division [Member]

Costs associated with KFC U.S. Acceleration Agreement

$ (19,000,000)

2017 to 2018 [Domain] | Franchise and property expenses [Member] | Unallocated and General and administrative expenses [Domain]

Costs associated with PH U.S. Acceleration Agreement

90,000,000

2015 to 2018 [Domain] | Equipment [Member] | Franchise and property expenses [Member]

Costs associated with KFC U.S. Acceleration Agreement

130,000,000

2015 to 2018 [Domain] | Incremental Advertising [Member] | KFC Global Division [Member]

Costs associated with KFC U.S. Acceleration Agreement

60,000,000

2018 [Member] | Incremental Advertising [Member] | KFC Global Division [Member]

Costs associated with KFC U.S. Acceleration Agreement

$ 10,000,000

Capital Investments [Member]

Costs associated with PH U.S. Acceleration Agreement

4,000,000

11,000,000

Incremental Advertising [Member] | Pizza Hut Global Division [Member]

Costs associated with PH U.S. Acceleration Agreement

2,000,000

5,000,000

Incremental Advertising [Member] | Second half of 2017 to 2018 [Domain] | Pizza Hut Global Division [Member]

Costs associated with PH U.S. Acceleration Agreement

37,500,000

$ 25,000,000

Incremental Advertising [Member] | 2018 [Member] | Pizza Hut Global Division [Member]

Costs associated with PH U.S. Acceleration Agreement

12,500,000

Franchise Incentive [Member] | Previously Reported [Member] | Franchise and property expenses [Member] | Unallocated and General and administrative expenses [Domain]

Costs associated with PH U.S. Acceleration Agreement

5,000,000

Franchise Incentive [Member] | Property, Plant and Equipment [Member] | Unallocated and General and administrative expenses [Domain]

Costs associated with PH U.S. Acceleration Agreement

$ 5,000,000

Up-front Payment Arrangement [Member] | Accounting Standards Update 2014-09 [Member]

57,000,000

335,000,000

Franchise Incentive [Member] | Accounting Standards Update 2014-09 [Member]

(392,000,000)

18,000,000

118,000,000

UNITED STATES | Other pension (income) expense [Member]

$ 136,000,000

Pension data adjustment

$ 0

^[5]

$ 0

^[5]

$ 22,000,000

$ 0

^[5]

$ 22,000,000

^[5]

[1]	Includes non-cash adjustments associated with share-based compensation and charges associated with YUM's Strategic Transformation Initiatives. See Note 5.
[2]	Represents costs associated with the KFC U.S. Acceleration Agreement and Pizza Hut U.S. Transformation Agreement. See Note 5.
[3]	Includes $58 million of restricted cash related to advertising cooperatives. These balances can only be used to settle obligations of the respective cooperatives.
[4]	Includes $5 million and $9 million of franchise incentive payments related to the KFC U.S. Acceleration Agreement or the Pizza Hut U.S. Transformation Agreement that would have been expensed immediately and that we would not have allocated to the KFC Division or the Pizza Hut Division under Legacy GAAP for the quarter and year to date ended June 30, 2018, respectively. Upon the adoption of Topic 606, these payments have been capitalized as assets.
[5]	Reflects a non-cash, out-of-year charge related to the adjustment of certain historical deferred vested liability balances in the Plan during the first quarter of 2017 recorded in Other pension (income) expense. See Note 5.

Other (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Other (Income) Expense (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Income and Expenses [Line Items]
Other (income) expense	$ 5	$ (1)	$ 3	$ 2

Supplemental Balance Sheet Information (Details) $ in Millions	3 Months Ended
	Jun. 30, 2018 USD ($) days	Dec. 31, 2017 USD ($)
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	$ 557	$ 419
Allowance for doubtful accounts	(30)	(19)
Accounts and notes receivable, net	$ 527	$ 400

Supplemental Balance Sheet Information (Details 2) - USD ($)
$ in Millions

Jun. 30, 2018

Jan. 01, 2018

Dec. 31, 2017

Jun. 30, 2017

Dec. 31, 2016

Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets

$ 313

$ 1,522

Property, plant and equipment, gross

2,951

3,177

Accumulated depreciation and amortization

(1,418)

(1,480)

Cash, Cash Equivalents and Restricted Cash as presented in the Consolidated Statement of Cash Flows

1,533

1,697

409

^[1]

$ 1,668

$ 1,056

$ 831

Prepaid expenses and other current assets [Member]

58

Restricted Cash and Cash Equivalents

^[2]

80

60

Assets held for sale

67

37

Other Current Assets [Member]

Restricted Cash and Cash Equivalents

^[3]

$ 16

17

Accounting Standards Update 2014-09 [Member]

Previously Reported [Member]

58

Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets

1,522

Cash, Cash Equivalents and Restricted Cash as presented in the Consolidated Statement of Cash Flows

1,697

^[1]

$ 1,599

Advertising cooperative assets, restricted [Member] | Accounting Standards Update 2014-09 [Member]

Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets

$ 11

[1]	Upon adoption of Topic 606 we reclassified $11 million and $58 million, respectively, from Advertising cooperative assets, restricted to Cash and cash equivalents and Prepaid expenses and other current assets. These amounts are included in the Beginning of Period balance of Cash, Cash Equivalents, Restricted Cash and Restricted Cash equivalents in our Condensed Consolidated Statement of Cash Flows for the year to date ended June 30, 2018.
[2]	Restricted cash within Prepaid expenses and other current assets primarily relates to the Taco Bell Securitization interest reserves and cash related to advertising cooperatives that we consolidate which can only be used to settle obligations of the respective cooperatives.
[3]	Primarily trust accounts related to our self-insurance program and cash balances required, to the extent necessary, to meet statutory minimum net worth requirements for legal entities which enter into U.S. franchise agreements.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		36 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax And Effective Tax Rate [Abstract]
Effective tax rate	9.90%		33.80%	12.90%	26.20%
Provisional discrete net tax expense (benefit)	$ 19
Tax Year 2017 [Member]
Income Tax And Effective Tax Rate [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				35.00%
Tax Year 2018 [Member]
Income Tax And Effective Tax Rate [Abstract]
Limit on deductibility of interest expense				30.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%
Tax Cuts and Jobs Act [Member]
Income Tax And Effective Tax Rate [Abstract]
Provisional discrete net tax expense (benefit)	$ (32)	$ 434		$ (16)
Equipment [Member] \| Franchise and property expenses [Member] \| Unallocated and General and administrative expenses [Domain]
Costs associated with KFC U.S. Acceleration Agreement						$ 115
Equipment [Member] \| Franchise and property expenses [Member] \| Unallocated and General and administrative expenses [Domain] \| Previously Reported [Member]
Costs associated with KFC U.S. Acceleration Agreement			$ 5		$ 8

Reportable Operating Segments (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

$ 40

$ 54

$ 87

$ 100

1,368

1,448

2,739

2,865

449

419

1,002

903

(23)

(1)

(89)

(2)

(29)

(19)

(185)

(130)

(5)

1

(3)

(2)

274

0

546

0

208

247

427

484

Other pension income (expense)

421

748

859

1,506

(3)

(4)

(6)

(32)

Income Before Income Taxes

(112)

(105)

(219)

(215)

357

311

866

658

KFC Global Division [Member]

651

770

1,309

1,502

235

243

456

450

Pizza Hut Global Division [Member]

(42)

41

(99)

42

233

222

484

456

81

85

169

168

Taco Bell Global Division [Member]

13

11

13

484

456

946

907

149

152

281

293

0

(71)

(97)

(185)

Unallocated [Member]

1

^[1]

13

^[1]

2

16

(29)

(19)

(185)

(130)

(5)

2

(4)

0

40

^[2]

69

^[2]

84

122

$ 1

$ 0

$ 1

$ 0

[1]	Represents costs associated with the KFC U.S. Acceleration Agreement and Pizza Hut U.S. Transformation Agreement. See Note 5.
[2]	Includes non-cash adjustments associated with share-based compensation and charges associated with YUM's Strategic Transformation Initiatives. See Note 5.

Pension Benefits (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Mar. 31, 2017

Jun. 30, 2018

Jun. 30, 2017

Payment for Pension Benefits

$ 5,000,000

$ 12,000,000

UNITED STATES

Net periodic benefit cost

$ 5,000,000

$ 4,000,000

11,000,000

8,000,000

UNITED STATES | General and Administrative Expense [Member]

UNITED STATES | Other pension (income) expense [Member]

Service cost

2,000,000

3,000,000

4,000,000

6,000,000

Expected return on plan assets

Interest cost

9,000,000

10,000,000

18,000,000

20,000,000

(11,000,000)

(21,000,000)

(23,000,000)

Amortization of net loss

3,000,000

1,000,000

7,000,000

3,000,000

Amortization of prior service cost

2,000,000

1,000,000

3,000,000

2,000,000

Additional loss (gain) recognized due to settlements

(3,000,000)

(8,000,000)

Pension data adjustment

$ 0

^[1]

$ 0

^[1]

$ 22,000,000

$ 0

^[1]

$ 22,000,000

^[1]

[1]	Reflects a non-cash, out-of-year charge related to the adjustment of certain historical deferred vested liability balances in the Plan during the first quarter of 2017 recorded in Other pension (income) expense. See Note 5.

Short-term Borrowings and Long-term Debt (Details)

3 Months Ended

6 Months Ended

9 Months Ended

Jun. 30, 2018

USD ($)

Rate

Mar. 31, 2018

USD ($)

Jun. 30, 2017

USD ($)

Jun. 30, 2018

USD ($)

Jun. 30, 2017

USD ($)

Sep. 30, 2017

Apr. 03, 2018

USD ($)

Dec. 31, 2017

USD ($)

Short-term Borrowings and Long-term Debt [Line Items]

Capital lease obligations

$ 95,000,000

$ 105,000,000

Long-term debt and capital less obligations, including current maturities and debt issuance costs

9,752,000,000

9,901,000,000

Less Debt Issuance Costs, Noncurrent, Net

(89,000,000)

(86,000,000)

Less current maturities of long-term debt

(51,000,000)

(386,000,000)

Short-term Debt, including debt issuance costs

9,612,000,000

9,429,000,000

Other

8,000,000

0

59,000,000

386,000,000

Less current portion of debt issuance costs and discounts

54,000,000

375,000,000

(5,000,000)

(11,000,000)

Interest Paid, Including Capitalized Interest, Operating and Investing Activities

(112,000,000)

$ (105,000,000)

(219,000,000)

$ (215,000,000)

236,000,000

$ 207,000,000

Unsecured Debt [Member] | Existing [Member]

Short-term Borrowings and Long-term Debt [Line Items]

Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member]

^[1]

1,875,000,000

2,200,000,000

Repayments of Debt

$ 325,000,000

Short-term Borrowings and Long-term Debt [Line Items]

Short-term Borrowings and Long-term Debt [Line Items]

^[2]

2,850,000,000

Secured Debt [Member]

Secured Debt [Member] | Securitization Notes [Member]

2,265,000,000

2,271,000,000

Short-term Borrowings and Long-term Debt [Line Items]

Secured Debt [Member] | Term Loan A Facility [Member]

^[3]

2,265,000,000

2,271,000,000

Short-term Borrowings and Long-term Debt [Line Items]

Long-term Debt

^[2]

500,000,000

Secured Debt [Member] | Revolving Credit Facility [Member]

Short-term Borrowings and Long-term Debt [Line Items]

Long-term Line of Credit

202,000,000

0

Line of Credit Facility, Maximum Borrowing Capacity

0

Secured Debt [Member] | Term Loan B Facility [Member]

Short-term Borrowings and Long-term Debt [Line Items]

Debt Instrument, Maturity Date

Apr. 03, 2025

Long-term Debt

$ 1,965,000,000

$ 1,970,000,000

$ 1,975,000,000

^[2]

Amount of basis points Term Loan B interest rate reduced by due to repricing

25

London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan B Facility [Member]

Short-term Borrowings and Long-term Debt [Line Items]

Debt Instrument, Basis Spread on Variable Rate | Rate

1.75%

Base Rate [Member] | Secured Debt [Member] | Term Loan B Facility [Member]

Short-term Borrowings and Long-term Debt [Line Items]

Debt Instrument, Basis Spread on Variable Rate | Rate

0.75%

[1]	During the first quarter of 2018, we repaid $325 million in YUM Senior Unsecured Notes that matured in March 2018.
[2]	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.
[3]	We estimated the fair value of the Securitization Notes by obtaining broker quotes from two separate brokerage firms that are knowledgeable about the Company’s Securitization Notes and, at times, trade these notes. The markets in which the Securitization Notes trade are not considered active markets.

Derivative Instruments (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Apr. 03, 2018

Dec. 31, 2017

Secured Debt [Member] | Term Loan B Facility [Member]

$ (23,000,000)

$ (1,000,000)

$ (89,000,000)

$ (2,000,000)

Long-term Debt

1,965,000,000

$ 1,970,000,000

$ 1,975,000,000

^[1]

Cash Flow Hedging [Member]

Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months

20,000,000

Cash Flow Hedging [Member] | Forward-starting interest rate swap [Member]

Derivative, Notional Amount

$ 1,500,000,000

1,500,000,000

Cash Flow Hedging [Member] | Interest Rate Swap [Member]

Derivative, Maturity Date

Jul. 27, 2021

Derivative, Notional Amount

$ 1,550,000,000

1,550,000,000

Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net

0

Intercompany receivables and payables [Domain] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]

Derivative, Notional Amount

$ 456,000,000

Fixed Income Interest Rate [Member] | July 2021 through March 2025 [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member]

Derivative, Fixed Interest Rate

4.81%

[1]	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.

Derivative Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Derivative Instruments (Details 2) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 25	$ (37)	$ 27	$ (40)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(26)	30	(15)	37
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	2	0	2	1
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	(1)	3	(5)	3
Interest Rate Swap [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)	(7)	16	(8)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(2)	0	(3)	2
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	27	(30)	11	(32)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (24)	$ 30	$ (12)	$ 35

Fair Value Disclosures (Details) - USD ($)

Jun. 30, 2018

Apr. 03, 2018

Dec. 31, 2017

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets, Level 1 to Level 2 Transfers, Amount

$ 0

Fair Value, Assets, Level 2 to Level 1 Transfers, Amount

0

Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

2,850,000,000

$ 2,850,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain]

^[1]

2,793,000,000

2,983,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain] | Fair Value, Inputs, Level 2 [Member]

^[1]

1,875,000,000

2,200,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

1,845,000,000

2,277,000,000

Secured Debt [Member]

Secured Debt [Member] | Securitization Notes [Member]

2,265,000,000

2,271,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Secured Debt [Member] | Securitization Notes [Member] | Fair Value, Inputs, Level 2 [Member]

^[2]

2,265,000,000

2,271,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Secured Debt [Member] | Term Loan A Facility [Member]

^[2]

2,348,000,000

2,367,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt obligations, excluding capital leases, carrying amount

^[1]

500,000,000

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]

Secured Debt [Member] | Term Loan B Facility [Member]

^[1]

500,000,000

503,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt obligations, excluding capital leases, carrying amount

1,965,000,000

$ 1,970,000,000

1,975,000,000

^[1]

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]

Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

1,973,000,000

1,990,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity Securities, FV-NI

291,000,000

0

Other Assets [Member] | Fair Value, Measurements, 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

29,000,000

Other Assets [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other Liabilities [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

52,000,000

40,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other Liabilities [Member] | Foreign Exchange Forward [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

8,000,000

0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Derivative Liability, Fair Value, Gross Liability

33,000,000

46,000,000

Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Forward [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

18,000,000

9,000,000

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]