YUM BRANDS INC, 10-Q filed on 8/8/2024
Quarterly Report
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Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2024
Aug. 02, 2024
Cover [Abstract]    
Document Quarterly Report true  
Entity Incorporation, State or Country Code NC  
Entity Tax Identification Number 13-3951308  
Trading Symbol YUM  
Security Exchange Name NYSE  
Entity Address, Address Line One 1441 Gardiner Lane,  
Entity Address, City or Town Louisville,  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 40213  
City Area Code (502)  
Local Phone Number 874-8300  
Document Transition Report false  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Registrant Name YUM! BRANDS, INC.  
Entity Central Index Key 0001041061  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding Common Stock, no par value  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2024  
Entity File Number 1-13163  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   281,165,002
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Total Revenues $ 1,763 $ 1,687 $ 3,361 $ 3,332
Costs and Expenses, Net        
Company restaurant expenses 470 415 870 818
General and Administrative Expense 281 291 567 573
Franchise and property expenses 23 32 54 68
Franchise advertising and other services expense 401 388 768 783
Refranchising (gain) loss (14) (17) (19) (21)
Other (income) expense (5) 5 (6) 15
Total costs and expenses, net 1,156 1,114 2,234 2,236
Operating Profit 607 573 1,127 1,096
Investment (income) expense, net [1] 0 (29) 22 (5)
Other pension (income) expense (1) (1) (3) (3)
Interest expense, net 121 125 238 255
Income Before Income Taxes 487 478 870 849
Income tax provision 120 60 189 131
Net Income $ 367 $ 418 $ 681 $ 718
Basic Earnings Per Common Share $ 1.30 $ 1.49 $ 2.41 $ 2.55
Diluted Earnings Per Common Share 1.28 1.46 2.38 2.51
Dividends Declared Per Common Share $ 0.67 $ 0.605 $ 1.34 $ 1.21
Company Sales        
Revenues        
Revenues $ 572 $ 511 $ 1,046 $ 985
Franchise and property revenues        
Revenues        
Revenues 789 785 1,546 1,555
Franchise contributions for advertising and other services        
Revenues        
Revenues $ 402 $ 391 $ 769 $ 792
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 13).
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net Income $ 367 $ 418 $ 681 $ 718
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature        
Adjustments and gains (losses) arising during the period 2 4 (8) 12
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0 60 0 60
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature, before tax 2 64 (8) 72
Tax (expense) benefit 0 0 0 0
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature, net of tax 2 64 (8) 72
Changes in pension and post-retirement benefits        
Unrealized gains (losses) arising during period, before Tax 0 0 0 0
Reclassification of (gains) losses into Net Income 1 1 1 1
Changes in pension and post-retirement benefits, before Tax 1 1 1 1
Pension and post-retirement benefit plans, tax 0 0 0 (2)
Pension and post-retirement benefit plans, net of tax 1 1 1 (1)
Changes in derivative instruments        
Unrealized gains (losses) arising during the period 4 26 16 18
Reclassification of (gains) losses into Net Income (8) (8) (16) (11)
Changes in derivative instruments (4) 18 0 7
Changes in derivatives, Tax 1 (5) 0 (2)
Changes in derivatives, net of tax (3) 13 0 5
Other comprehensive income (loss), net of tax 0 78 (7) 76
Comprehensive Income (Loss) $ 367 $ 496 $ 674 $ 794
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows - Operating Activities    
Net Income $ 681 $ 718
Depreciation and amortization 76 67
Refranchising (gain) loss (19) (21)
Investment (income) expense, net [1] 22 (5)
Deferred income taxes 12 (73)
Share-based compensation expense 38 47
Changes in accounts and notes receivable 15 (21)
Changes in prepaid expenses and other current assets (36) (19)
Changes in accounts payable and other current liabilities (78) (107)
Changes in income taxes payable (46) 19
Other, net 40 73
Net Cash Provided by Operating Activities 705 678
Cash Flows - Investing Activities    
Capital spending (99) (122)
Proceeds from Sale of Long-Term Investments 104 0
Proceeds from Divestiture of Businesses, Net of Cash Divested 0 121
Payments to Acquire Long-Term Investments 174 0
Proceeds from Sale of Productive Assets 30 31
Payments to Acquire Short-Term Investments 116 1
Other, net 2 (5)
Net Cash Used in Investing Activities (253) 26
Cash Flows - Financing Activities    
Proceeds from long-term debt 237 0
Repayments of long-term debt (463) (40)
Revolving credit facilities, three months or less, net 175 (249)
Repurchase shares of Common Stock (50) (50)
Dividends paid on Common Stock (377) (339)
Other, net (69) (20)
Net Cash Provided by (Used in) Financing Activities (547) (698)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (6) 6
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (101) 12
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 724 647
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period $ 623 $ 659
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 13).
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 404 $ 512
Accounts and notes receivable, net 713 737
Prepaid Expense and Other Assets, Current 518 360
Total Current Assets 1,635 1,609
Property, plant and equipment, net 1,272 1,197
Goodwill 718 642
Intangible assets, net 417 377
Other assets 1,335 1,361
Deferred Income Taxes 1,018 1,045
Total Assets 6,395 6,231
Current Liabilities    
Accounts payable and other current liabilities 1,098 1,169
Income taxes payable 14 55
Short-term borrowings 24 53
Total Current Liabilities 1,136 1,277
Long-term debt 11,140 11,142
Other liabilities and deferred credits 1,749 1,670
Total Liabilities 14,025 14,089
Shareholders' Equity    
Common Stock, no par value, 750 shares authorized; 285 shares issued in 2022 and 289 issued in 2021 0 60
Accumulated Deficit (7,321) (7,616)
Accumulated other comprehensive loss (309) (302)
Total Shareholders' Deficit (7,630) (7,858)
Total Liabilities and Shareholders' Deficit $ 6,395 $ 6,231
Common Stock, No Par Value $ 0 $ 0
Common Stock, Shares Authorized 750 750
Common Stock, Shares, Issued 281  
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CONDENSED STATEMENT OF SHAREHOLDERS EQUITY STATEMENT - USD ($)
$ in Millions
Total
Issued Common Stock
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Shareholders' Deficit $ (8,876) $ 0 $ (8,507) $ (369)
Issued Common Stock, Shares   280,000,000    
Net Income 718   718  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature 12     12
Pension and post-retirement benefit plans, net of tax 1     1
Changes in derivatives, net of tax 5     5
Comprehensive Income (Loss) 794      
Dividends declared (341)   (341)  
Shares Repurchased   (387,000)    
Repurchase of shares of Common Stock, value (50) $ (24) (26)  
Employee Stock Option and SARs Exercises, Value (20) (20)    
Share-based compensation events 57 57    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 60      
Total Shareholders' Deficit (8,774) $ 0 (8,403) (371)
Issued Common Stock, Shares   280,000,000    
Net Income 418   418  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature 4     4
Pension and post-retirement benefit plans, net of tax (1)     (1)
Changes in derivatives, net of tax 13     13
Comprehensive Income (Loss) 496      
Dividends declared (171)   (171)  
Employee Stock Option and SARs Exercises, Value (10) $ (10)    
Share-based compensation events 23 23    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 60      
Total Shareholders' Deficit (8,436) $ 13 (8,156) (293)
Issued Common Stock, Shares   280,000,000    
Total Shareholders' Deficit (7,858) $ 60 (7,616) (302)
Issued Common Stock, Shares   281,000,000    
Net Income 681   681  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature (8)     (8)
Pension and post-retirement benefit plans, net of tax (1)     (1)
Changes in derivatives, net of tax 0      
Comprehensive Income (Loss) 674      
Dividends declared (380)   (380)  
Shares Repurchased   (366,000)    
Repurchase of shares of Common Stock, value (50) $ (44) (6)  
Employee Stock Option and SARs Exercises, Value (66) (66)    
Share-based compensation events 50 50    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0      
Total Shareholders' Deficit (7,756) $ 45 (7,492) (309)
Issued Common Stock, Shares   281,000,000    
Net Income 367   367  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature 2     2
Pension and post-retirement benefit plans, net of tax (1)     (1)
Changes in derivatives, net of tax (3)     (3)
Comprehensive Income (Loss) 367      
Dividends declared (190)   (190)  
Repurchase of shares of Common Stock, value (50) $ (44) (6)  
Employee Stock Option and SARs Exercises, Value (19) (19)    
Share-based compensation events 18 18    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0      
Total Shareholders' Deficit $ (7,630) $ 0 $ (7,321) $ (309)
Issued Common Stock, Shares   281,000,000    
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CONDENSED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Pension and post-retirement benefit plans, tax $ 0 $ 0 $ 0 $ 2
Changes in derivatives, Tax $ 1 $ (5) $ 0 $ (2)
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Financial Statement Presentation
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Statement Presentation 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, 2023 (“2023 Form 10-K”).  

Yum! Brands, Inc. and its Subsidiaries (collectively referred to herein as the “Company,” “YUM,” “we,” “us” or “our”) franchise or operate a system of over 59,000 restaurants in more than 155 countries and territories.  As of June 30, 2024, 98% of these restaurants were owned and operated by franchisees.  The Company’s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style and pizza categories, respectively. The Habit Burger Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more.

As of June 30, 2024, YUM consisted of four operating segments:  

•The KFC Division which includes our worldwide operations of the KFC concept
•The Taco Bell Division which includes our worldwide operations of the Taco Bell concept
•The Pizza Hut Division which includes our worldwide operations of the Pizza Hut concept
•The Habit Burger Grill Division which includes our worldwide operations of the Habit Burger Grill concept

YUM's fiscal year begins on January 1 and ends December 31 of each year, with each quarter comprised of three months. The majority of our U.S. subsidiaries and certain international subsidiaries operate on a weekly periodic calendar where the first three quarters of each fiscal year consist of 12 weeks and the fourth quarter consists of 16 weeks in fiscal years with 52 weeks and 17 weeks in fiscal years with 53 weeks. For subsidiaries that operate on this periodic weekly calendar, 2024 will include a 53rd week. 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 2023 Form 10-K, the results of the interim periods presented. Our results of operations, comprehensive income, cash flows and changes in shareholders' deficit for these interim periods are not necessarily indicative of the results to be expected for the full year.

Our significant interim accounting policies include the recognition of advertising and marketing costs, generally in proportion to revenue, and the recognition of income taxes using an estimated annual effective tax rate.

We have reclassified certain 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, 2024. These reclassifications had no effect on previously reported Net Income.
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Business Combinations, Asset Acquisitions, and Joint Venture Formation
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combination Disclosure [Text Block] KFC United Kingdom ("U.K.") and Ireland Restaurant Acquisition
On April 29, 2024, we completed the acquisition of all of the issued shares of two franchisee entities that owned 216 KFC restaurants in the U.K. and Ireland. The acquisition creates a significant opportunity to accelerate KFC's growth strategy in the large and growing U.K. and Ireland chicken market. The purchase price to be allocated for accounting purposes of $171 million consisted of cash, net of cash acquired, in the amount of $174 million offset by the settlement of a liability of $3 million related to our preexisting contractual relationship with the franchisee.

The acquisition was accounted for as a business combination using the acquisition method of accounting. The preliminary allocation of the purchase price is based on management's analysis, including preliminary work performed by third party
valuation specialists, as of April 29, 2024. We will continue to obtain information to assist in determining the fair value of net assets acquired during the measurement period.

The components of the preliminary purchase price allocation upon the April 29, 2024 acquisition were as follows:

Total Current Assets$2 
Property, plant and equipment, net88 
Reacquired franchise rights (included in Intangible assets, net)
47 
Operating lease right-of-use assets (included in Other assets)109 
Total Assets246 
Total Current Liabilities(18)
Operating lease liabilities (included in Other liabilities and deferred credits)(102)
Other liabilities(31)
Total Liabilities(151)
Total identifiable net assets95 
Goodwill76 
Purchase price to be allocated$171 

Reacquired franchise rights, which were valued based on after-royalty cash flows expected to be earned by the acquired restaurants over the remaining term of their then-existing franchise agreements, have an estimated weighted average useful life of 5 years. The excess of the purchase price over the preliminary estimated fair value of the net, identifiable assets acquired was recorded as goodwill. The goodwill recognized represents expected benefits of the acquisition that do not qualify for recognition as intangible assets. This includes value arising from cash flows expected to be earned in years subsequent to the expiration of the terms of franchise agreements existing upon acquisition. The goodwill is expected to be partially deductible for income tax purposes and has been allocated to our KFC U.K. reporting unit.
The financial results of the acquired restaurants have been included in our Condensed Consolidated Financial Statements since the date of the acquisition but did not significantly impact our results for the quarter ended June 30, 2024. The pro forma impact on our results of operations if the acquisition had been completed as of the beginning of 2023 would not have been material. The direct transaction costs associated with the acquisition were also not material and were expensed as incurred.
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Earnings Per Common Share ("EPS")
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share (EPS) Earnings Per Common Share (“EPS”)
 Quarter endedYear to date
 2024202320242023
Net Income$367 $418 $681 $718 
Weighted-average common shares outstanding (for basic calculation)282 281 282 281 
Effect of dilutive share-based employee compensation4 5 4 5 
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)286 286 286 286 
Basic EPS$1.30 $1.49 $2.41 $2.55 
Diluted EPS$1.28 $1.46 $2.38 $2.51 
Unexercised employee SARs, RSUs, PSUs and stock options (in millions) excluded from the diluted EPS computation(a)
1.9 1.7 1.8 1.6 

(a)These unexercised employee stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and stock options were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.
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Shareholders' Deficit
 6 Months Ended
Jun. 30, 2024
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, 2024 and 2023 as indicated below.  All amounts exclude applicable transaction fees. 

 Shares Repurchased
(thousands)		Dollar Value of Shares
Repurchased		Remaining Dollar Value of Shares that may be Repurchased
Authorization Date2024202320242023
2024
September 2022366 387 50 50 — 
Total366 387 

$50 $50 

$— 

In September 2022, our Board of Directors authorized share repurchases of up to $2 billion (excluding applicable transaction fees) of our outstanding Common Stock through June 30, 2024. Upon its expiration on June 30, 2024, we had remaining capacity to repurchase up to $1.65 billion of Common Stock under the September 2022 authorization. In May 2024, our Board of Directors authorized share repurchases of up to $2 billion (excluding applicable transaction fees) of our outstanding Common Stock through December 31, 2026. The new authorization took effect on July 1, 2024 upon the expiration of the authorization approved in September 2022.

Changes in Accumulated other comprehensive loss (“AOCI”) are presented below.
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term NaturePension and Post-Retirement BenefitsDerivative InstrumentsTotal
Balance at March 31, 2024, net of tax
$(211)$(104)$6 $(309)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
2 — 3 5 
(Gains) losses reclassified from AOCI, net of tax
— 1 (6)(5)
2 1 (3)— 
Balance at June 30, 2024, net of tax
$(209)$(103)$3 $(309)
Balance at December 31, 2023, net of tax
$(201)$(104)$3 $(302)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
(8)— 12 4 
(Gains) losses reclassified from AOCI, net of tax
— 1 (12)(11)
(8)1 — (7)
Balance at June 30, 2024, net of tax$(209)$(103)$3 $(309)
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Other (Income) Expense
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Other (Income) Expense Other (Income) Expense
Quarter endedYear to date
 6/30/20246/30/20236/30/20246/30/2023
Foreign exchange net (gain) loss$— $1 $5 $4 
Impairment and closure expense— — — 1 
Other(5)4 (11)10 
Other (income) expense$(5)$5 $(6)$15 
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Supplemental Balance Sheet Information
 6 Months Ended
Jun. 30, 2024
Supplemental Balance Sheet Information Disclosure [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
Accounts and Notes Receivable, net

The Company’s receivables are primarily generated from ongoing business relationships with our franchisees as a result of franchise and lease agreements. Trade receivables consisting of royalties from franchisees are generally due within 30 days of the period in which the corresponding sales occur and are classified as Accounts and notes receivable, net in our Condensed Consolidated Balance Sheets. Accounts and notes receivable, net also includes receivables generated from advertising cooperatives that we consolidate.
6/30/202412/31/2023
Accounts and notes receivable, gross$762 $776 
Allowance for doubtful accounts(49)(39)
Accounts and notes receivable, net$713 $737 

Prepaid Expenses and Other Current Assets
6/30/202412/31/2023
Income tax receivable
$20 $20 
Restricted cash
183 177 
Short term investments
116 — 
Other prepaid expenses and current assets
199 163 
Prepaid expenses and other current assets
$518 $360 

Property, Plant and Equipment, net
6/30/202412/31/2023
Property, plant and equipment, gross$2,633 $2,529 
Accumulated depreciation and amortization(1,361)(1,332)
Property, plant and equipment, net$1,272 $1,197 


Other Assets6/30/202412/31/2023
Operating lease right-of-use assets(a)
$865 $764 
Franchise incentives178 175 
Investment in Devyani International Limited (See Note 13)
— 124 
Other292 298 
Other assets$1,335 $1,361 

(a)    Non-current operating lease liabilities of $848 million and $757 million as of June 30, 2024 and December 31, 2023, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.
Reconciliation of Cash and Cash Equivalents for Condensed Consolidated Statements of Cash Flows
6/30/202412/31/2023
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets$404 $512 
Restricted cash included in Prepaid expenses and other current assets(a)
183 177 
Restricted cash and restricted cash equivalents included in Other assets(b)
36 35 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows$623 $724 

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

(b)    Primarily trust accounts related to our self-insurance program.
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Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 Quarter endedYear to date
 2024202320242023
Income tax provision
$120 $60 $189 $131 
Effective tax rate24.7 %12.6 %21.8 %15.4 %

Our estimated effective tax rate on income for the full fiscal year is expected to be higher than the U.S. federal statutory rate of 21%, primarily due to state income taxes and U.S. taxes on foreign earnings partially offset by taxes on income earned in foreign jurisdictions with statutory tax rates below 21%.

Our second quarter and year to date effective tax rate is higher than the prior year primarily due to the lapping of higher foreign tax benefits recorded in the quarter ended June 30, 2023, associated with the favorable resolutions of tax audits and the establishment of additional net operating loss carryforward deferred tax assets in foreign jurisdictions, as well as higher taxes paid in foreign jurisdictions where our intellectual property rights are domiciled and higher current U.S. tax expense on foreign earnings. These unfavorable items were partially offset by current quarter and year to date favorability associated with tax deductions for share-based compensation.
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Revenue Recognition Accounting Policy
 6 Months Ended
Jun. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Total Revenues

The following tables disaggregate revenue by Concept, for our two most significant markets based on Operating Profit and for all other markets. We believe this disaggregation best reflects the extent to which the nature, amount, timing and uncertainty of our revenues and cash flows are impacted by economic factors.
Quarter ended 6/30/2024
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$14 $268 $2 $139 $423 
Franchise revenues47 209 66 2 324 
Property revenues3 10 1 — 14 
Franchise contributions for advertising and other services10 161 73 — 244 
China
Franchise revenues62 — 17 — 79 
Other
Company sales149 — — — 149 
Franchise revenues282 15 63 — 360 
Property revenues11 — 1 — 12 
Franchise contributions for advertising and other services139 3 16 — 158 
$717 $666 $239 $141 $1,763 

Quarter ended 6/30/2023
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$17 $253 $4 $139 $413 
Franchise revenues49 194 66 2 311 
Property revenues3 10 1 — 14 
Franchise contributions for advertising and other services8 148 74 1 231 
China
Franchise revenues61 — 16 — 77 
Other
Company sales98 — — — 98 
Franchise revenues290 14 65 — 369 
Property revenues13 — 1 — 14 
Franchise contributions for advertising and other services143 2 15 — 160 
$682 $621 $242 $142 $1,687 
Year to date 6/30/2024
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$28 $508 $4 $266 $806 
Franchise revenues90 397 134 3 624 
Property revenues6 19 2 1 28 
Franchise contributions for advertising and other services20 307 146 1 474 
China
Franchise revenues130 — 34 — 164 
Other
Company sales240 — — — 240 
Franchise revenues554 28 125 — 707 
Property revenues22 — 1 — 23 
Franchise contributions for advertising and other services259 5 31 — 295 
$1,349 $1,264 $477 $271 $3,361 
Year to date 6/30/2023
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$33 $482 $9 $269 $793 
Franchise revenues95 372 136 3 606 
Property revenues6 20 2 1 29 
Franchise contributions for advertising and other services16 288 152 1 457 
China
Franchise revenues127 — 34 — 161 
Other
Company sales192 — — — 192 
Franchise revenues574 27 131 — 732 
Property revenues26 — 1 — 27 
Franchise contributions for advertising and other services300 4 31 — 335 
$1,369 $1,193 $496 $274 $3,332 
Contract Liabilities

Our contract liabilities are comprised of unamortized upfront fees received from franchisees and are presented within Accounts payable and other current liabilities and Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets. A summary of significant changes to the contract liability balance during 2024 is presented below.
Deferred Franchise Fees
Balance at December 31, 2023
$444 
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period(40)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period36 
Other(a)
(5)
Balance at June 30, 2024
$435 

(a)    Primarily includes the settlement of a preexisting contractual relationship related to the KFC U.K. and Ireland restaurant acquisition (see Note 2) and the impact of foreign currency translation.

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

Less than 1 year$73 
1 - 2 years65 
2 - 3 years59 
3 - 4 years52 
4 - 5 years44 
Thereafter142 
Total$435 
v3.24.2.u1
Reportable Operating Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Reportable Operating Segments 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 endedYear to date
Revenues2024202320242023
KFC Division$717 $682 $1,349 $1,369 
Taco Bell Division666 621 1,264 1,193 
Pizza Hut Division239 242 477 496 
Habit Burger Grill Division141 142 271 274 
 $1,763 $1,687 $3,361 $3,332 
 Quarter endedYear to date
Operating Profit 2024202320242023
KFC Division$334 $326 $647 $631 
Taco Bell Division250 228 458 432 
Pizza Hut Division94 91 187 195 
Habit Burger Grill Division2 3 (3)(2)
Corporate and unallocated G&A expenses
(86)(86)(175)(170)
Unallocated Company restaurant expenses(a)
(1)— (1)— 
Unallocated Franchise and property income (expenses)
— (1)— (2)
Unallocated Refranchising gain (loss)14 17 19 21 
Unallocated Other income (expense)
— (5)(5)(9)
Operating Profit$607 $573 $1,127 $1,096 
Investment income (expense), net(b)
— 29 (22)5 
Other pension income (expense)1 1 3 3 
Interest expense, net
(121)(125)(238)(255)
Income before income taxes$487 $478 $870 $849 

Our chief operating decision maker (“CODM”) does not consider the impact of Corporate and unallocated amounts when assessing Divisional segment performance. As such, we do not allocate such amounts to our Divisional segments for performance reporting purposes.

(a)Unallocated Company restaurant expenses include amortization of reacquired franchise rights (see Note 2).

(b)Includes changes in the value of our investment in Devyani International Limited (see Note 13).
v3.24.2.u1
Pension Benefits
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Pension Benefits 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. Our two significant U.S. plans, including the Plan and a supplemental plan, were previously amended such that any salaried employee hired or rehired by YUM after September 30, 2001, is not eligible to participate in those plans. Additionally, these two plans in the U.S. are currently closed to new hourly participants.  

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

 Quarter endedYear to date
 2024202320242023
Service cost$1 $1 $2 $2 
Interest cost10 11 21 21 
Expected return on plan assets(13)(13)(26)(25)
Amortization of net (gain) / loss1 (1)1 (1)
Amortization of prior service cost1 1 1 1 
Net periodic benefit cost (income)
$— $(1)$(1)$(2)
v3.24.2.u1
Short-term Borrowings and Long-term Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Short-term Borrowings6/30/202412/31/2023
Current maturities of long-term debt$26 $56 
Less current portion of debt issuance costs and discounts(2)(3)
Short-term borrowings$24 $53 
Long-term Debt  
Securitization Notes$3,743 $3,743 
Subsidiary Senior Unsecured Notes750 750 
Revolving Facility180 — 
Term Loan A Facility500 717 
Term Loan B Facility1,451 1,459 
YUM Senior Unsecured Notes4,550 4,550 
Finance lease obligations68 50 
$11,242 $11,269 
Less long-term portion of debt issuance costs and discounts(76)(71)
Less current maturities of long-term debt(26)(56)
Long-term debt$11,140 $11,142 

Details of our Short-term borrowings and Long-term debt as of December 31, 2023 can be found within our 2023 Form 10-K.

On April 26, 2024, KFC Holding Co, Pizza Hut Holdings, LLC and Taco Bell of America, LLC (collectively, the "Borrowers"), each of which is a wholly-owned subsidiary of the Company, completed the refinancing of the then outstanding $713 million under the term loan A facility and $1.25 billion capacity under the revolving facility through the issuance of a new $500 million term loan A facility (the "Term Loan A Facility") and a $1.5 billion revolving facility (the "Revolving Facility") pursuant to an amendment to the Credit Agreement (as defined in our 2023 Form 10-K). The transaction did not add any additional net new debt to the Company's Balance Sheet. The Term Loan A Facility and the Revolving Facility will mature on the earliest of (i) April 26, 2029, (ii) the date that is 91 days prior to the March 15, 2028 maturity of the Borrowers' existing Term Loan B Facility if more than $250 million of such Term Loan B remains outstanding as of such date or (iii) the date that is 91 days prior to the June 1, 2027 maturity of the Borrowers' existing Subsidiary Senior Unsecured Notes if more than $250 million of such Subsidiary Senior Unsecured Notes remains outstanding as of such date. The amendment also removed the excess cash flow mandatory prepayment requirement with respect to the Term Loan A Facility.

The refinanced Term Loan A Facility is subject to quarterly amortization payments in an amount equal to 0.625% of the principal amount of the facility as of the refinance date now beginning with the third quarter of 2025. The Term Loan A Facility quarterly amortization payments increase to 1.25% of the principal amount of the facility as of the refinance date beginning with the third quarter of 2027. All other material provisions of the Credit Agreement remain unchanged.

As a result of this refinancing, $8 million of fees were capitalized as debt issuance costs, $6 million of which were paid directly to lenders, and are presented within Long-term debt on our Condensed Consolidated Balance Sheet as of June 30, 2024. During the quarter ended June 30, 2024, previously recorded unamortized debt issuance costs of $1 million were written off and recognized within Interest expense, net due to this refinancing.

Cash paid for interest during the year to date ended June 30, 2024, was $254 million. Cash paid for interest during the year to date ended June 30, 2023 was $266 million.
v3.24.2.u1
Derivative Instruments
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
We use derivative instruments to manage certain of our market risks related to fluctuations in interest rates, equity prices and foreign currency exchange rates. Our use of foreign currency contracts to manage foreign currency exchange rates associated with certain foreign currency denominated intercompany receivables and payables is currently not significant.
Interest Rate Swaps

We have entered 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 primarily under our Term Loan B Facility. At both June 30, 2024 and December 31, 2023, we had interest rate swaps expiring in March 2025 with notional amounts of $1.5 billion. These interest rate swaps have been 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, 2024 or December 31, 2023.

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, 2024, the swaps were highly effective cash flow hedges.

Gains and losses on these interest rate swaps recognized in OCI and reclassifications from AOCI into Net Income were as follows:
 Quarter endedYear to date
 Gains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net IncomeGains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net Income
 2024 2023 2024 20232024 2023 2024 2023
Interest rate swaps$3 $24 $(8)$(7)$14 $17 $(17)$(12)
Income tax benefit/(expense)(1)(7)2 2 (4)(5)4 3 

As of June 30, 2024, 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 $23 million, based on current Secured Overnight Financing Rate ("SOFR") interest rates.

Total Return Swaps

We have entered into total return swap derivative contracts, with the objective of reducing our exposure to market-driven changes in certain of the liabilities associated with compensation deferrals into our Executive Income Deferral (“EID”) plan. While these total return swaps represent economic hedges, we have not designated them as hedges for accounting purposes. As a result, the changes in the fair value of these derivatives are recognized immediately in earnings within General and administrative expenses in our Condensed Consolidated Statements of Income largely offsetting the changes in the associated EID liabilities. The fair value associated with the total return swaps as of both June 30, 2024 and December 31, 2023, was not significant.

As a result of the use of derivative instruments, 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, 2024, all of the counterparties to our derivative instruments had investment grade ratings according to the three major ratings agencies. To date, all counterparties have performed in accordance with their contractual obligations.

See Note 13 for the fair value of our derivative assets and liabilities.
v3.24.2.u1
Fair Value Disclosures
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Disclosures
As of June 30, 2024, 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 our notes receivable, net of allowances, and lease guarantees, less reserves for expected losses, approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations:
6/30/202412/31/2023
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
Securitization Notes(a)
$3,743 $3,423 $3,743 $3,391 
Subsidiary Senior Unsecured Notes(b)
750 737 750 742 
Term Loan A Facility(b)
500 494 717 716 
Term Loan B Facility(b)
1,451 1,457 1,459 1,466 
YUM Senior Unsecured Notes(b)
4,550 4,337 4,550 4,439 
(a)    We estimated the fair value of the Securitization Notes using market quotes and calculations. 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 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.  
Fair Value
Condensed Consolidated Balance SheetLevel6/30/202412/31/2023
Assets
InvestmentsOther assets1 $1 $125 
InvestmentsOther assets3 7 7 
Interest Rate SwapsPrepaid expenses and other current assets2 2324 
Interest Rate SwapsOther assets2 — 2 

The fair value of the Company’s 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.

Investments as of December 31, 2023, primarily included our approximate 5% minority interest in Devyani International Limited (“Devyani”), a franchise entity that operates KFC and Pizza Hut restaurants in India, with a fair value of $124 million. During the quarter ended March 31, 2024, we sold our ownership interest in Devyani for net proceeds of $104 million and recognized pre-tax investment losses of $20 million related to changes in fair value prior to the date of sale.
v3.24.2.u1
Guarantees
 6 Months Ended
Jun. 30, 2024
Guarantees and Product Warranties [Abstract]  
Guarantees, Commitments and Contingencies Contingencies
Internal Revenue Service Proposed Adjustment

As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal years 2013 through 2015, in August 2022, we received a Revenue Agent’s Report (“RAR”) from the IRS asserting an underpayment of tax of $2.1 billion plus $418 million in penalties for the 2014 fiscal year. Additionally, interest on the underpayment is estimated to be approximately $1.2 billion through the second quarter of 2024. The proposed underpayment relates primarily to a series of reorganizations we undertook during that year in connection with the business realignment of our corporate and management reporting structure along brand lines. The IRS asserts that these transactions resulted in taxable distributions of approximately $6.0 billion.

We disagree with the IRS’s position as asserted in the RAR and intend to contest that position vigorously. In September 2022, we filed a Protest with the IRS Examination Division disputing on multiple grounds the proposed underpayment of tax and penalties. In March 2023, we received the IRS Examination Division’s Rebuttal to our Protest and the matter is proceeding with the IRS Office of Appeals.
The Company does not expect resolution of this matter within twelve months and cannot predict with certainty the timing of such resolution. The Company believes that it is more likely than not the Company’s tax position will be sustained; therefore, no reserve is recorded with respect to this matter.

An unfavorable resolution of this matter could have a material, adverse impact on our Condensed Consolidated Financial Statements in future periods.

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-owned restaurants, and guaranteeing certain other leases, we are frequently secondarily liable on lease agreements.  These leases have varying terms, the latest of which expires in 2065.  As of June 30, 2024, the potential amount of undiscounted payments we could be required to make in the event of non-payment by the primary lessee was approximately $375 million. The present value of these potential payments discounted at our pre-tax cost of debt at June 30, 2024, was approximately $300 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 agreement in the event of non-payment under the lease.  We believe these cross-default provisions significantly reduce the risk that we will be required to make payments under these leases, although such risk may not be reduced in the context of a bankruptcy or other similar restructuring of a large franchisee or group of franchisees.  The liability recorded for our expected losses under such leases as of June 30, 2024, was not material.

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.

India Regulatory Matter

Yum! Restaurants India Private Limited (“YRIPL”), a YUM subsidiary that operates KFC and Pizza Hut restaurants in India, is the subject of a regulatory enforcement action in India (the “Action”). The Action alleges, among other things, that KFC International Holdings, Inc. and Pizza Hut International failed to satisfy certain conditions imposed by the Secretariat for Industrial Approval in 1993 and 1994 when those companies were granted permission for foreign investment and operation in India. The conditions at issue include an alleged minimum investment commitment and store build requirements as well as limitations on the remittance of fees outside of India.

The Action originated with a complaint and show cause notice filed in 2009 against YRIPL by the Deputy Director of the Directorate of Enforcement (“DOE”) of the Indian Ministry of Finance following an income tax audit for the years 2002 and 2003. The matter was argued at various hearings in 2015, but no order was issued. Following a change in the incumbent official holding the position of Special Director of DOE (the “Special Director”), the matter resumed in 2018 and several additional hearings were conducted.

On January 29, 2020, the Special Director issued an order imposing a penalty on YRIPL and certain former directors of approximately Indian Rupee 11 billion, or approximately $135 million. Of this amount, $130 million relates to the alleged failure to invest a total of $80 million in India within an initial seven-year period. We have been advised by external counsel that the order is flawed and have filed a writ petition with the Delhi High Court, which granted an interim stay of the penalty order on March 5, 2020. In November 2022, YRIPL was notified that an administrative tribunal bench had been constituted to hear an appeal by DOE of certain findings of the January 2020 order, including claims that certain charges had been wrongly dropped and that an insufficient amount of penalty had been imposed. A hearing with the administrative tribunal that had been scheduled for July 30, 2024 has been rescheduled to October 8, 2024. A hearing held on August 1, 2024, before the Delhi High Court has been continued to September 17, 2024, and the stay order remains in effect. We deny liability and intend to continue vigorously defending this matter. We do not consider the risk of any significant loss arising from this order to be probable.

Other Matters

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 proceedings and claims are not expected to have a material adverse effect, individually or in the aggregate, on our Condensed Consolidated Financial Statements.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net Income $ 367 $ 418 $ 681 $ 718
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Business Combinations, Asset Acquisitions, and Joint Venture Formation (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Asset Acquisition
The components of the preliminary purchase price allocation upon the April 29, 2024 acquisition were as follows:

Total Current Assets$2 
Property, plant and equipment, net88 
Reacquired franchise rights (included in Intangible assets, net)
47 
Operating lease right-of-use assets (included in Other assets)109 
Total Assets246 
Total Current Liabilities(18)
Operating lease liabilities (included in Other liabilities and deferred credits)(102)
Other liabilities(31)
Total Liabilities(151)
Total identifiable net assets95 
Goodwill76 
Purchase price to be allocated$171 
v3.24.2.u1
Earnings Per Common Share ("EPS") Earnings Per Common Share ("EPS") (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
 Quarter endedYear to date
 2024202320242023
Net Income$367 $418 $681 $718 
Weighted-average common shares outstanding (for basic calculation)282 281 282 281 
Effect of dilutive share-based employee compensation4 5 4 5 
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)286 286 286 286 
Basic EPS$1.30 $1.49 $2.41 $2.55 
Diluted EPS$1.28 $1.46 $2.38 $2.51 
Unexercised employee SARs, RSUs, PSUs and stock options (in millions) excluded from the diluted EPS computation(a)
1.9 1.7 1.8 1.6 

(a)These unexercised employee stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and stock options were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.
v3.24.2.u1
Shareholders' Deficit (Tables)
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Accelerated Share Repurchases
 Shares Repurchased
(thousands)		Dollar Value of Shares
Repurchased		Remaining Dollar Value of Shares that may be Repurchased
Authorization Date2024202320242023
2024
September 2022366 387 50 50 — 
Total366 387 

$50 $50 

$— 
Schedule of Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated other comprehensive loss (“AOCI”) are presented below.
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term NaturePension and Post-Retirement BenefitsDerivative InstrumentsTotal
Balance at March 31, 2024, net of tax
$(211)$(104)$6 $(309)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
2 — 3 5 
(Gains) losses reclassified from AOCI, net of tax
— 1 (6)(5)
2 1 (3)— 
Balance at June 30, 2024, net of tax
$(209)$(103)$3 $(309)
Balance at December 31, 2023, net of tax
$(201)$(104)$3 $(302)
OCI, net of tax
Gains (losses) arising during the period classified into AOCI, net of tax
(8)— 12 4 
(Gains) losses reclassified from AOCI, net of tax
— 1 (12)(11)
(8)1 — (7)
Balance at June 30, 2024, net of tax$(209)$(103)$3 $(309)
v3.24.2.u1
Other Income and Expenses (Tables)
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Operating Cost and Expense, by Component
Quarter endedYear to date
 6/30/20246/30/20236/30/20246/30/2023
Foreign exchange net (gain) loss$— $1 $5 $4 
Impairment and closure expense— — — 1 
Other(5)4 (11)10 
Other (income) expense$(5)$5 $(6)$15 
v3.24.2.u1
Supplemental Balance Sheet Information (Tables)
 6 Months Ended
Jun. 30, 2024
Supplemental Balance Sheet Information Disclosure [Abstract]  
Accounts and Notes Receivable
6/30/202412/31/2023
Accounts and notes receivable, gross$762 $776 
Allowance for doubtful accounts(49)(39)
Accounts and notes receivable, net$713 $737 
Schedule of Other Current Assets
6/30/202412/31/2023
Income tax receivable
$20 $20 
Restricted cash
183 177 
Short term investments
116 — 
Other prepaid expenses and current assets
199 163 
Prepaid expenses and other current assets
$518 $360 
Property, Plant and Equipment
6/30/202412/31/2023
Property, plant and equipment, gross$2,633 $2,529 
Accumulated depreciation and amortization(1,361)(1,332)
Property, plant and equipment, net$1,272 $1,197 
Schedule of Other Assets
Other Assets6/30/202412/31/2023
Operating lease right-of-use assets(a)
$865 $764 
Franchise incentives178 175 
Investment in Devyani International Limited (See Note 13)
— 124 
Other292 298 
Other assets$1,335 $1,361 

(a)    Non-current operating lease liabilities of $848 million and $757 million as of June 30, 2024 and December 31, 2023, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.
Schedule of Cash and Cash Equivalents [Table Text Block]
6/30/202412/31/2023
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets$404 $512 
Restricted cash included in Prepaid expenses and other current assets(a)
183 177 
Restricted cash and restricted cash equivalents included in Other assets(b)
36 35 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows$623 $724 

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

(b)    Primarily trust accounts related to our self-insurance program.
v3.24.2.u1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax And Effective Tax Rate
 Quarter endedYear to date
 2024202320242023
Income tax provision
$120 $60 $189 $131 
Effective tax rate24.7 %12.6 %21.8 %15.4 %
v3.24.2.u1
Revenue Recognition Accounting Policy (Tables)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]        
Disaggregation of Revenue [Table Text Block]
Quarter ended 6/30/2024
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$14 $268 $2 $139 $423 
Franchise revenues47 209 66 2 324 
Property revenues3 10 1 — 14 
Franchise contributions for advertising and other services10 161 73 — 244 
China
Franchise revenues62 — 17 — 79 
Other
Company sales149 — — — 149 
Franchise revenues282 15 63 — 360 
Property revenues11 — 1 — 12 
Franchise contributions for advertising and other services139 3 16 — 158 
$717 $666 $239 $141 $1,763 
Quarter ended 6/30/2023
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$17 $253 $4 $139 $413 
Franchise revenues49 194 66 2 311 
Property revenues3 10 1 — 14 
Franchise contributions for advertising and other services8 148 74 1 231 
China
Franchise revenues61 — 16 — 77 
Other
Company sales98 — — — 98 
Franchise revenues290 14 65 — 369 
Property revenues13 — 1 — 14 
Franchise contributions for advertising and other services143 2 15 — 160 
$682 $621 $242 $142 $1,687 
Year to date 6/30/2024
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$28 $508 $4 $266 $806 
Franchise revenues90 397 134 3 624 
Property revenues6 19 2 1 28 
Franchise contributions for advertising and other services20 307 146 1 474 
China
Franchise revenues130 — 34 — 164 
Other
Company sales240 — — — 240 
Franchise revenues554 28 125 — 707 
Property revenues22 — 1 — 23 
Franchise contributions for advertising and other services259 5 31 — 295 
$1,349 $1,264 $477 $271 $3,361 
Year to date 6/30/2023
KFC DivisionTaco Bell DivisionPizza Hut DivisionHabit Burger Grill DivisionTotal
U.S.
Company sales$33 $482 $9 $269 $793 
Franchise revenues95 372 136 3 606 
Property revenues6 20 2 1 29 
Franchise contributions for advertising and other services16 288 152 1 457 
China
Franchise revenues127 — 34 — 161 
Other
Company sales192 — — — 192 
Franchise revenues574 27 131 — 732 
Property revenues26 — 1 — 27 
Franchise contributions for advertising and other services300 4 31 — 335 
$1,369 $1,193 $496 $274 $3,332 
Deferred Franchise Fees [Table Text Block]    
Deferred Franchise Fees
Balance at December 31, 2023
$444 
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period(40)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period36 
Other(a)
(5)
Balance at June 30, 2024
$435 

(a)    Primarily includes the settlement of a preexisting contractual relationship related to the KFC U.K. and Ireland restaurant acquisition (see Note 2) and the impact of foreign currency translation.

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

Less than 1 year$73 
1 - 2 years65 
2 - 3 years59 
3 - 4 years52 
4 - 5 years44 
Thereafter142 
Total$435 
  
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$73 
1 - 2 years65 
2 - 3 years59 
3 - 4 years52 
4 - 5 years44 
Thereafter142 
Total$435 
  
v3.24.2.u1
Reportable Operating Segments (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment 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 endedYear to date
Revenues2024202320242023
KFC Division$717 $682 $1,349 $1,369 
Taco Bell Division666 621 1,264 1,193 
Pizza Hut Division239 242 477 496 
Habit Burger Grill Division141 142 271 274 
 $1,763 $1,687 $3,361 $3,332 
 Quarter endedYear to date
Operating Profit 2024202320242023
KFC Division$334 $326 $647 $631 
Taco Bell Division250 228 458 432 
Pizza Hut Division94 91 187 195 
Habit Burger Grill Division2 3 (3)(2)
Corporate and unallocated G&A expenses
(86)(86)(175)(170)
Unallocated Company restaurant expenses(a)
(1)— (1)— 
Unallocated Franchise and property income (expenses)
— (1)— (2)
Unallocated Refranchising gain (loss)14 17 19 21 
Unallocated Other income (expense)
— (5)(5)(9)
Operating Profit$607 $573 $1,127 $1,096 
Investment income (expense), net(b)
— 29 (22)5 
Other pension income (expense)1 1 3 3 
Interest expense, net
(121)(125)(238)(255)
Income before income taxes$487 $478 $870 $849 

Our chief operating decision maker (“CODM”) does not consider the impact of Corporate and unallocated amounts when assessing Divisional segment performance. As such, we do not allocate such amounts to our Divisional segments for performance reporting purposes.

(a)Unallocated Company restaurant expenses include amortization of reacquired franchise rights (see Note 2).

(b)Includes changes in the value of our investment in Devyani International Limited (see Note 13).
v3.24.2.u1
Pension Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost associated with our U.S. pension plans are as follows:

 Quarter endedYear to date
 2024202320242023
Service cost$1 $1 $2 $2 
Interest cost10 11 21 21 
Expected return on plan assets(13)(13)(26)(25)
Amortization of net (gain) / loss1 (1)1 (1)
Amortization of prior service cost1 1 1 1 
Net periodic benefit cost (income)
$— $(1)$(1)$(2)
v3.24.2.u1
Short-term Borrowings and Long-term Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings and Long-term Debt
Short-term Borrowings6/30/202412/31/2023
Current maturities of long-term debt$26 $56 
Less current portion of debt issuance costs and discounts(2)(3)
Short-term borrowings$24 $53 
Long-term Debt  
Securitization Notes$3,743 $3,743 
Subsidiary Senior Unsecured Notes750 750 
Revolving Facility180 — 
Term Loan A Facility500 717 
Term Loan B Facility1,451 1,459 
YUM Senior Unsecured Notes4,550 4,550 
Finance lease obligations68 50 
$11,242 $11,269 
Less long-term portion of debt issuance costs and discounts(76)(71)
Less current maturities of long-term debt(26)(56)
Long-term debt$11,140 $11,142 
v3.24.2.u1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
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 these interest rate swaps recognized in OCI and reclassifications from AOCI into Net Income were as follows:
 Quarter endedYear to date
 Gains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net IncomeGains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net Income
 2024 2023 2024 20232024 2023 2024 2023
Interest rate swaps$3 $24 $(8)$(7)$14 $17 $(17)$(12)
Income tax benefit/(expense)(1)(7)2 2 (4)(5)4 3 
v3.24.2.u1
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis The following table presents the carrying value and estimated fair value of the Company’s debt obligations:
6/30/202412/31/2023
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
Securitization Notes(a)
$3,743 $3,423 $3,743 $3,391 
Subsidiary Senior Unsecured Notes(b)
750 737 750 742 
Term Loan A Facility(b)
500 494 717 716 
Term Loan B Facility(b)
1,451 1,457 1,459 1,466 
YUM Senior Unsecured Notes(b)
4,550 4,337 4,550 4,439 
(a)    We estimated the fair value of the Securitization Notes using market quotes and calculations. 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
Fair Value
Condensed Consolidated Balance SheetLevel6/30/202412/31/2023
Assets
InvestmentsOther assets1 $1 $125 
InvestmentsOther assets3 7 7 
Interest Rate SwapsPrepaid expenses and other current assets2 2324 
Interest Rate SwapsOther assets2 — 2 
v3.24.2.u1
Financial Statement Presentation (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
countries_and_territiories
restaurants
Rate
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Months
countries_and_territiories
operating_segments
restaurants
Rate
Jun. 30, 2023
USD ($)
Number of Stores | restaurants 59,000   59,000  
Number of Countries in which Entity Operates | countries_and_territiories 155   155  
Percent Of System Units Located Outside United States | Rate 98.00%   98.00%  
Number of Reportable Segments | operating_segments     4  
Fiscal period months standard for each quarter | Months     3  
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax $ 0 $ 60 $ 0 $ 60
Proceeds from Divestiture of Businesses, Net of Cash Divested     $ 0 $ 121
v3.24.2.u1
Business Combinations, Asset Acquisitions, and Joint Venture Formation (Details)
$ in Millions
 6 Months Ended
Apr. 29, 2024
USD ($)
restaurants
Jun. 30, 2024
USD ($)
restaurants
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Asset Acquisition [Line Items]        
Number of Stores | restaurants   59,000    
Payments to Acquire Long-Term Investments   $ 174 $ 0  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets $ 2      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment 88      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets 47      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets 109      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets 246      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities (18)      
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation (102)      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other (31)      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities (151)      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net 95      
Goodwill   718   $ 642
Business Combination, Consideration Transferred, Other 3      
Business Combination, Consideration Transferred   171    
KFC U.K. and Ireland Store Acquisition [Member]        
Asset Acquisition [Line Items]        
Goodwill $ 76      
KFC U.K. and Ireland Store Acquisition [Member]        
Asset Acquisition [Line Items]        
Number of Stores | restaurants 216      
Acquisition of The Habit Restaurants, Inc., net of cash acquired   $ 174    
v3.24.2.u1
Earnings Per Common Share ("EPS") (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net Income $ 367 $ 418 $ 681 $ 718
Weighted-average common shares outstanding (for basic calculation) 282.0 281.0 282.0 281.0
Effect of dilutive share-based employee compensation 4.0 5.0 4.0 5.0
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) 286.0 286.0 286.0 286.0
Basic EPS $ 1.30 $ 1.49 $ 2.41 $ 2.55
Diluted EPS $ 1.28 $ 1.46 $ 2.38 $ 2.51
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation [1] 1.9 1.7 1.8 1.6
[1] These unexercised employee stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and stock options were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.
v3.24.2.u1
Shareholders' Deficit (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Repurchase Of Shares Of Common Stock [Line Items]      
Repurchase of shares of Common Stock, value $ 50 $ 50 $ 50
Stock Repurchase Program, Remaining Authorized Repurchase Amount 0 0  
September 2022      
Repurchase Of Shares Of Common Stock [Line Items]      
Repurchase of shares of Common Stock, value   50 $ 50
Stock Repurchase Program, Authorized Amount 2,000 2,000  
Stock Repurchase Program, Remaining Authorized Repurchase Amount 0 0  
May 2024      
Repurchase Of Shares Of Common Stock [Line Items]      
Stock Repurchase Program, Authorized Amount 2,000 2,000  
Stock Repurchase Program, Remaining Authorized Repurchase Amount 1,650 $ 1,650  
Issued Common Stock      
Repurchase Of Shares Of Common Stock [Line Items]      
Shares Repurchased   366,000 387,000
Repurchase of shares of Common Stock, value $ 44 $ 44 $ 24
Issued Common Stock | September 2022      
Repurchase Of Shares Of Common Stock [Line Items]      
Shares Repurchased   366,000 387,000
v3.24.2.u1
Shareholders' Deficit (Details 2) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Schedule of changes in accumulated comprehensive income [Line Items]        
Accumulated other comprehensive loss $ (309)   $ (302)  
Gains (losses) arising during the year classified into AOCI, net of tax 5   4  
(Gains) losses reclassified from AOCI, net of tax (5)   (11)  
Other comprehensive income (loss), net of tax 0 $ 78 (7) $ 76
Accumulated other comprehensive loss (309)   (309)  
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature        
Schedule of changes in accumulated comprehensive income [Line Items]        
Accumulated other comprehensive loss (211)   (201)  
Gains (losses) arising during the year classified into AOCI, net of tax 2   (8)  
(Gains) losses reclassified from AOCI, net of tax 0   0  
Other comprehensive income (loss), net of tax 2   (8)  
Accumulated other comprehensive loss (209)   (209)  
Pension and Post-Retirement Benefits        
Schedule of changes in accumulated comprehensive income [Line Items]        
Accumulated other comprehensive loss (104)   (104)  
Gains (losses) arising during the year classified into AOCI, net of tax 0   0  
(Gains) losses reclassified from AOCI, net of tax 1   1  
Other comprehensive income (loss), net of tax 1   1  
Accumulated other comprehensive loss (103)   (103)  
Derivative Instruments        
Schedule of changes in accumulated comprehensive income [Line Items]        
Accumulated other comprehensive loss 6   3  
Gains (losses) arising during the year classified into AOCI, net of tax 3   12  
(Gains) losses reclassified from AOCI, net of tax (6)   (12)  
Other comprehensive income (loss), net of tax (3)   0  
Accumulated other comprehensive loss $ 3   $ 3  
v3.24.2.u1
Other (Income) Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Income and Expenses [Line Items]        
Foreign Currency Transaction Gain (Loss), before Tax $ 0 $ 1 $ 5 $ 4
Impairment and closure expense 0 0 0 1
Other income (expense) excluding foreign exchange gain (loss) (5) 4 (11) 10
Other (income) expense (5) 5 (6) 15
Gain (Loss) on Disposition of Assets (14) (17) (19) (21)
Income tax provision $ 120 $ 60 $ 189 $ 131
v3.24.2.u1
Supplemental Balance Sheet Information (Details)
$ in Millions
Jun. 30, 2024
USD ($)
days
Dec. 31, 2023
USD ($)
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 $ 762 $ 776
Allowance for doubtful accounts (49) (39)
Accounts and notes receivable, net 713 737
Income Taxes Receivable, Current 20 20
Restricted Cash, Current 183 177
Short-Term Investments 116 0
Other Prepaid Expense, Current 199 163
Prepaid Expense and Other Assets, Current $ 518 $ 360
v3.24.2.u1
Supplemental Balance Sheet Information (Details 2) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Property, plant and equipment, gross $ 2,633 $ 2,529    
Accumulated depreciation and amortization (1,361) (1,332)    
Property, plant and equipment, net 1,272 1,197    
Operating lease, right-of-use assets [1] 865 764    
Other assets 1,335 1,361    
Other Assets, Miscellaneous, Noncurrent 292 298    
Operating Lease, Liability, Noncurrent 848 757    
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets 404 512    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 623 724 $ 659 $ 647
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]        
Equity Securities, FV-NI 0 124    
Prepaid Expenses and Other Current Assets [Member]        
Restricted Cash and Cash Equivalents [2] 183 177    
Other Current Assets [Member]        
Restricted Cash and Cash Equivalents [3] 36 35    
Franchise Incentive [Member]        
Other assets $ 178 $ 175    
[1] Non-current operating lease liabilities of $848 million and $757 million as of June 30, 2024 and December 31, 2023, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.
[2] Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments.
[3] Primarily trust accounts related to our self-insurance program.
v3.24.2.u1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income tax provision $ (120) $ (60) $ (189) $ (131)
Effective tax rate 24.70% 12.60% 21.80% 15.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent     21.00%  
v3.24.2.u1
Revenue Recognition Accounting Policy (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues $ 1,763 $ 1,687 $ 3,361 $ 3,332
Company Sales        
Revenues 572 511 1,046 985
Franchise and property revenues        
Revenues 789 785 1,546 1,555
Franchise contributions for advertising and other services        
Revenues 402 391 769 792
UNITED STATES | Company Sales        
Revenues 423 413 806 793
UNITED STATES | Franchise and property revenues        
Revenues 324 311 624 606
UNITED STATES | Property Revenues        
Revenues 14 14 28 29
UNITED STATES | Franchise contributions for advertising and other services        
Revenues 244 231 474 457
CHINA | Franchise and property revenues        
Revenues 79 77 164 161
Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 149 98 240 192
Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 360 369 707 732
Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 12 14 23 27
Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues 158 160 295 335
KFC Global Division [Member]        
Revenues 717 682 1,349 1,369
KFC Global Division [Member] | UNITED STATES | Company Sales        
Revenues 14 17 28 33
KFC Global Division [Member] | UNITED STATES | Franchise and property revenues        
Revenues 47 49 90 95
KFC Global Division [Member] | UNITED STATES | Property Revenues        
Revenues 3 3 6 6
KFC Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services        
Revenues 10 8 20 16
KFC Global Division [Member] | CHINA | Franchise and property revenues        
Revenues 62 61 130 127
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 149 98 240 192
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 282 290 554 574
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 11 13 22 26
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues 139 143 259 300
Pizza Hut Global Division [Member]        
Revenues 239 242 477 496
Pizza Hut Global Division [Member] | UNITED STATES | Company Sales        
Revenues 2 4 4 9
Pizza Hut Global Division [Member] | UNITED STATES | Franchise and property revenues        
Revenues 66 66 134 136
Pizza Hut Global Division [Member] | UNITED STATES | Property Revenues        
Revenues 1 1 2 2
Pizza Hut Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services        
Revenues 73 74 146 152
Pizza Hut Global Division [Member] | CHINA | Franchise and property revenues        
Revenues 17 16 34 34
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 0 0 0 0
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 63 65 125 131
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 1 1 1 1
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues 16 15 31 31
Taco Bell Global Division [Member]        
Revenues 666 621 1,264 1,193
Taco Bell Global Division [Member] | UNITED STATES | Company Sales        
Revenues 268 253 508 482
Taco Bell Global Division [Member] | UNITED STATES | Franchise and property revenues        
Revenues 209 194 397 372
Taco Bell Global Division [Member] | UNITED STATES | Property Revenues        
Revenues 10 10 19 20
Taco Bell Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services        
Revenues 161 148 307 288
Taco Bell Global Division [Member] | CHINA | Franchise and property revenues        
Revenues 0 0 0 0
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 0 0 0 0
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 15 14 28 27
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 0 0 0 0
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues 3 2 5 4
Habit Division [Member]        
Revenues 141 142 271 274
Habit Division [Member] | UNITED STATES | Company Sales        
Revenues 139 139 266 269
Habit Division [Member] | UNITED STATES | Franchise and property revenues        
Revenues 2 2 3 3
Habit Division [Member] | UNITED STATES | Property Revenues        
Revenues 0 0 1 1
Habit Division [Member] | UNITED STATES | Franchise contributions for advertising and other services        
Revenues 0 1 1 1
Habit Division [Member] | CHINA | Franchise and property revenues        
Revenues 0 0 0 0
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales        
Revenues 0 0 0 0
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues        
Revenues 0 0 0 0
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues        
Revenues 0 0 0 0
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services        
Revenues $ 0 $ 0 $ 0 $ 0
v3.24.2.u1
Revenue Recognition Accounting Policy (Details 2) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue $ 435 $ 444
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period (40)  
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period 36  
Foreign Currency Gain (Loss) and Refranchising Gain (Loss) [Member]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Other [1] $ (5)  
[1] Primarily includes the settlement of a preexisting contractual relationship related to the KFC U.K. and Ireland restaurant acquisition (see Note 2) and the impact of foreign currency translation.
v3.24.2.u1
Revenue Recognition Accounting Policy (Details 3) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue $ 435 $ 444
Less than 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 73  
1 - 2 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 65  
2 - 3 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 59  
3 - 4 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 52  
4 - 5 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized 44  
Thereafter    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Deferred Revenue, Revenue Expected to be Recognized $ 142  
v3.24.2.u1
Reportable Operating Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenues $ 1,763 $ 1,687 $ 3,361 $ 3,332
Operating Profit 607 573 1,127 1,096
General and Administrative Expense 281 291 567 573
Company restaurant expenses 470 415 870 818
Franchise and property expenses 23 32 54 68
Refranchising (gain) loss (14) (17) (19) (21)
Other (income) expense (5) 5 (6) 15
Investment (income) expense, net [1] 0 (29) 22 (5)
Other pension income (expense) 1 1 3 3
Interest Income (Expense), Net (121) (125) (238) (255)
Income Before Income Taxes 487 478 870 849
KFC Global Division [Member]        
Segment Reporting Information [Line Items]        
Revenues 717 682 1,349 1,369
Operating Profit 334 326 647 631
Pizza Hut Global Division [Member]        
Segment Reporting Information [Line Items]        
Revenues 239 242 477 496
Operating Profit 94 91 187 195
Taco Bell Global Division [Member]        
Segment Reporting Information [Line Items]        
Revenues 666 621 1,264 1,193
Operating Profit 250 228 458 432
Habit Division [Member]        
Segment Reporting Information [Line Items]        
Revenues 141 142 271 274
Operating Profit 2 3 (3) (2)
Unallocated [Member]        
Segment Reporting Information [Line Items]        
General and Administrative Expense 86 86 175 170
Company restaurant expenses [2] 1 0 1 0
Franchise and property expenses 0 1 0 2
Refranchising (gain) loss (14) (17) (19) (21)
Other (income) expense $ 0 $ 5 $ 5 $ 9
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 13).
[2] Unallocated Company restaurant expenses include amortization of reacquired franchise rights (see Note 2).
v3.24.2.u1
Pension Benefits (Details) - UNITED STATES - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 1 $ 1 $ 2 $ 2
Interest cost 10 11 21 21
Expected return on plan assets (13) (13) (26) (25)
Amortization of net loss 1 (1) 1 (1)
Amortization of prior service cost 1 1 1 1
Net periodic benefit cost $ 0 $ (1) $ (1) $ (2)
v3.24.2.u1
Short-term Borrowings and Long-term Debt (Details) - USD ($)
$ in Millions
 2 Months Ended 3 Months Ended 6 Months Ended
Apr. 26, 2024
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Debt Instrument [Line Items]              
Long-term Line of Credit   $ 180 $ 180   $ 180   $ 0
Finance Lease, Liability, Noncurrent   68 68   68   50
Long-term debt and capital less obligations, including current maturities and debt issuance costs   11,242 11,242   11,242   11,269
Less Debt Issuance Costs, Noncurrent, Net   (76) (76)   (76)   (71)
Long-term debt   11,140 11,140   11,140   11,142
Interest Paid, Including Capitalized Interest, Operating and Investing Activities     254 $ 266      
Long-term Debt, Current Maturities   26 26   26   56
Less current portion of debt issuance costs and discounts   (2) (2)   (2)   (3)
Short-term borrowings   24 24   24   53
Revolving credit facilities, three months or less, net         175 $ (249)  
Debt Related Commitment Fees and Debt Issuance Costs         $ 1    
Debt Instrument, Maturity Date, Description         The Term Loan A Facility and the Revolving Facility will mature on the earliest of (i) April 26, 2029, (ii) the date that is 91 days prior to the March 15, 2028 maturity of the Borrowers' existing Term Loan B Facility if more than $250 million of such Term Loan B remains outstanding as of such date or (iii) the date that is 91 days prior to the June 1, 2027 maturity of the Borrowers' existing Subsidiary Senior Unsecured Notes if more than $250 million of such Subsidiary Senior Unsecured Notes remains outstanding as of such date.    
Paid to Lender              
Debt Instrument [Line Items]              
Debt Issuance Costs         $ 6    
Secured Debt [Member]              
Debt Instrument [Line Items]              
Debt Issuance Costs, Gross   8 8   8    
Subsidiary Senior Unsecured Notes [Member] | Unsecured Debt [Member]              
Debt Instrument [Line Items]              
Senior Notes   750 750   750   750
Term Loan A Facility [Member] | Secured Debt [Member]              
Debt Instrument [Line Items]              
Long-term Debt $ 713 $ 500 500   $ 500   717
Term Loan A Facility Repayments Of Principal In Year Two And Three   0.625%     1.25%    
Term Loan B Facility [Member] | Secured Debt [Member]              
Debt Instrument [Line Items]              
Long-term Debt   $ 1,451 1,451   $ 1,451   1,459
YUM Senior Unsecured Notes [Member] [Domain] | Unsecured Debt [Member]              
Debt Instrument [Line Items]              
Senior Notes   $ 4,550 $ 4,550   4,550   $ 4,550
Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Revolving credit facilities, three months or less, net $ 1,250       $ 1,500    
v3.24.2.u1
Derivative Instruments (Details) - Cash Flow Hedging [Member] - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months $ (23)  
Forward-starting interest rate swap [Member]    
Derivative, Maturity Date Mar. 01, 2025  
Derivative, Notional Amount $ 1,500 $ 1,500
v3.24.2.u1
Derivative Instruments (Details 2) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized gains (losses) arising during the period $ 4 $ 26 $ 16 $ 18
Cash Flow Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax (1) (7) (4) (5)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax 2 2 4 3
Interest Rate Swap [Member] | Cash Flow Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Unrealized gains (losses) arising during the period 3 24 14 17
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net $ (8) $ (7) $ (17) $ (12)
v3.24.2.u1
Fair Value Disclosures (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Apr. 26, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investment Owned, at Fair Value         $ 124
Unrealized Gain (Loss) on Investments $ 20        
Proceeds from Sale of Long-Term Investments $ 104 $ 104 $ 0    
Devyani          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Equity Method Investment, Ownership Percentage         5.00%
Secured Debt [Member] | Securitization Notes [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Senior Notes, Noncurrent   3,743     $ 3,743
Secured Debt [Member] | Securitization Notes [Member] | Fair Value, Inputs, Level 2 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-term Debt, Fair Value [1]   3,423     3,391
Secured Debt [Member] | Term Loan A Facility [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Debt obligations, excluding capital leases, carrying amount   500   $ 713 717
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]          
Long-term Debt, Fair Value [2]   494     716
Secured Debt [Member] | Term Loan B Facility [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Debt obligations, excluding capital leases, carrying amount   1,451     1,459
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]          
Long-term Debt, Fair Value [2]   1,457     1,466
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Senior Notes, Noncurrent   750     750
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | Fair Value, Inputs, Level 2 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-term Debt, Fair Value [2]   737     742
Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Senior Notes, Noncurrent   4,550     4,550
Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain] | Fair Value, Inputs, Level 2 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-term Debt, Fair Value [2]   4,337     4,439
Other Assets [Member] | Fair Value, 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   1     125
Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investments, Fair Value Disclosure   7     7
Other Assets [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Derivative Asset, Subject to Master Netting Arrangement, before Offset   0     2
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Derivative Asset, Subject to Master Netting Arrangement, before Offset   $ 23     $ 24
[1] We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.
[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.
v3.24.2.u1
Contingencies (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Guarantor Obligations [Line Items]  
Deferred Tax Liability Not Recognized, Events that Would Cause Temporary Difference to be Taxable, Undistributed Earnings of Foreign Subsidiaries As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal years 2013 through 2015, in August 2022, we received a Revenue Agent’s Report (“RAR”) from the IRS asserting an underpayment of tax of $2.1 billion plus $418 million in penalties for the 2014 fiscal year. Additionally, interest on the underpayment is estimated to be approximately $1.2 billion through the second quarter of 2024. The proposed underpayment relates primarily to a series of reorganizations we undertook during that year in connection with the business realignment of our corporate and management reporting structure along brand lines. The IRS asserts that these transactions resulted in taxable distributions of approximately $6.0 billion.We disagree with the IRS’s position as asserted in the RAR and intend to contest that position vigorously. In September 2022, we filed a Protest with the IRS Examination Division disputing on multiple grounds the proposed underpayment of tax and penalties. In March 2023, we received the IRS Examination Division’s Rebuttal to our Protest and the matter is proceeding with the IRS Office of Appeals.The Company does not expect resolution of this matter within twelve months and cannot predict with certainty the timing of such resolution. The Company believes that it is more likely than not the Company’s tax position will be sustained; therefore, no reserve is recorded with respect to this matter.An unfavorable resolution of this matter could have a material, adverse impact on our Condensed Consolidated Financial Statements in future periods.
Property Lease Guarantee [Member]  
Guarantor Obligations [Line Items]  
Year longest lease expires 2065
Guarantor Obligations, Maximum Exposure $ 375
Guarantee Obligations Maximum Exposure At Present Value $ 300
v3.24.2.u1
Contingencies (Details 2)
 6 Months Ended
Jun. 30, 2024
INDIA  
Loss Contingencies [Line Items]  
Litigation, Nature On January 29, 2020, the Special Director issued an order imposing a penalty on YRIPL and certain former directors of approximately Indian Rupee 11 billion, or approximately $135 million. Of this amount, $130 million relates to the alleged failure to invest a total of $80 million in India within an initial seven-year period. We have been advised by external counsel that the order is flawed and have filed a writ petition with the Delhi High Court, which granted an interim stay of the penalty order on March 5, 2020. In November 2022, YRIPL was notified that an administrative tribunal bench had been constituted to hear an appeal by DOE of certain findings of the January 2020 order, including claims that certain charges had been wrongly dropped and that an insufficient amount of penalty had been imposed. A hearing with the administrative tribunal that had been scheduled for July 30, 2024 has been rescheduled to October 8, 2024. A hearing held on August 1, 2024, before the Delhi High Court has been continued to September 17, 2024, and the stay order remains in effect. We deny liability and intend to continue vigorously defending this matter. We do not consider the risk of any significant loss arising from this order to be probable.