Consolidated Statements of Income - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Revenues | |||||
| Total revenues | $ 6,842 | $ 6,584 | $ 5,652 | ||
| Costs and Expenses, Net | |||||
| Company restaurant expenses | 1,745 | 1,725 | 1,506 | ||
| General and administrative expenses | 1,140 | 1,060 | 1,064 | ||
| Franchise and property expenses | 123 | 117 | 145 | ||
| Franchise advertising and other services expense | 1,667 | 1,576 | 1,314 | ||
| Refranchising (gain) loss | (27) | (35) | (34) | ||
| Other (income) expense | 7 | 2 | 154 | ||
| Costs and Expenses, Total | 4,655 | 4,445 | 4,149 | ||
| Operating Profit | 2,187 | 2,139 | 1,503 | ||
| Investment (income) expense, net | [1] | (11) | (86) | (74) | |
| Other Pension (income) expense | [1] | 9 | 7 | 14 | |
| Interest Income (Expense), Net | [1] | 527 | 544 | 543 | |
| Income (Loss) Attributable to Parent, before Tax, Total | 1,662 | 1,674 | 1,020 | ||
| Income tax provision | 337 | 99 | 116 | ||
| Net Income | $ 1,325 | $ 1,575 | $ 904 | ||
| Basic Earnings Per Common Share (in dollars per share) | $ 4.63 | $ 5.30 | $ 2.99 | ||
| Diluted Earnings Per Common Share (in dollars per share) | 4.57 | 5.21 | 2.94 | ||
| Dividends Declared Per Common Share (in dollars per share) | $ 2.28 | $ 2.00 | $ 1.88 | ||
| Company Sales | |||||
| Revenues | |||||
| Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,072 | $ 2,106 | $ 1,810 | ||
| Franchise and property revenue [Member] | |||||
| Revenues | |||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 3,096 | 2,900 | 2,510 | ||
| Franchise contributions for advertising and other services | |||||
| Revenues | |||||
| Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,674 | $ 1,578 | $ 1,332 | ||
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Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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| Cash Flows - Operating Activities | |||||
| Net Income | $ 1,325 | $ 1,575 | $ 904 | ||
| Depreciation and amortization | 146 | 164 | 146 | ||
| Impairment and closure expense | 10 | 19 | 172 | ||
| Refranchising (gain) loss | (27) | (35) | (34) | ||
| Investment (income) expense, net | [1] | (11) | (86) | (74) | |
| Deferred income taxes | (55) | (200) | (65) | ||
| Share-based compensation expense | 84 | 75 | 97 | ||
| Changes in Accounts and Notes Receivable | (84) | (46) | 62 | ||
| Changes in Prepaid Expense and Other Assets | 1 | (33) | 8 | ||
| Changes in accounts payable and other current liabilities | (39) | 122 | 128 | ||
| Changes in income taxes payable | 17 | (41) | (110) | ||
| Other, net | 60 | 192 | 71 | ||
| Net Cash Provided by Operating Activities | 1,427 | 1,706 | 1,305 | ||
| Cash Flows - Investing Activities | |||||
| Capital spending | (279) | (230) | (160) | ||
| Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | (408) | ||
| Payments for (Proceeds from) Investments | 0 | 0 | 206 | ||
| Proceeds from refranchising of restaurants | 73 | 85 | 19 | ||
| Other, net | 4 | (28) | 8 | ||
| Net Cash Provided by (Used in) Investing Activities | (202) | (173) | (335) | ||
| Cash Flows - Financing Activities | |||||
| Proceeds from long-term debt | 999 | 4,150 | 1,650 | ||
| Repayments of long-term debt | (699) | (3,657) | (1,517) | ||
| Revolving credit facilities, three months or less, net | 279 | 0 | 0 | ||
| Short-term borrowings by original maturity | |||||
| More than three months - proceeds | 0 | 0 | 95 | ||
| More than three months - payments | 0 | 0 | (100) | ||
| Three months or less, net | 0 | 0 | 0 | ||
| Repurchase shares of Common Stock | (1,200) | (1,591) | (239) | ||
| Dividends paid on Common Stock | (649) | (592) | (566) | ||
| Debt issuance costs | (11) | (37) | (20) | ||
| Other, net | (42) | (40) | (41) | ||
| Net Cash Used in Financing Activities | (1,323) | (1,767) | (738) | ||
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (26) | (19) | 24 | ||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (124) | (253) | 256 | ||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 771 | 1,024 | 768 | ||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | $ 647 | $ 771 | $ 1,024 | ||
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Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions |
Total |
Other Operating Income (Expense) |
Common Stock |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Accounting Standards Update 2016-13 [Member] |
Retained Earnings
Accounting Standards Update 2016-13 [Member]
|
|||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2019 | $ (8,016) | $ 0 | $ (7,628) | $ (388) | ||||||
| Balance (in shares) at Dec. 31, 2019 | 300,000 | |||||||||
| Net Income | 904 | 904 | ||||||||
| Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature - including noncontrolling interest (net of tax impact) | 39 | 39 | ||||||||
| Pension and post-retirement benefit plans (net of tax impact) | 8 | 8 | ||||||||
| Pension and post-retirement benefit plans (tax impact) | 2 | |||||||||
| Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (70) | (70) | ||||||||
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (23) | |||||||||
| Comprehensive income - including noncontrolling interests | 881 | |||||||||
| Dividends declared | (569) | (569) | ||||||||
| Repurchase of shares of Common Stock | $ (250) | [1] | $ (71) | (179) | ||||||
| Repurchase of shares of Common Stock (in shares) | (2,419) | [1] | (2,000) | |||||||
| Employee stock option and SARs exercises (includes tax impact) | $ 41 | $ 41 | ||||||||
| Employee stock option and SARs exercises (in shares) | 2,000 | |||||||||
| Compensation-related events (includes tax impact) | 112 | $ 112 | ||||||||
| Balance at Dec. 31, 2020 | (7,891) | $ 0 | (7,480) | (411) | ||||||
| Balance (in shares) at Dec. 31, 2020 | 300,000 | |||||||||
| Stockholders' Equity Attributable to Parent | $ (8) | |||||||||
| Accumulated Deficit | $ 8 | |||||||||
| Net Income | 1,575 | 1,575 | ||||||||
| Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature - including noncontrolling interest (net of tax impact) | (24) | (24) | ||||||||
| Pension and post-retirement benefit plans (net of tax impact) | 62 | 62 | ||||||||
| Pension and post-retirement benefit plans (tax impact) | 19 | |||||||||
| Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 48 | 48 | ||||||||
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 14 | |||||||||
| Comprehensive income - including noncontrolling interests | 1,661 | |||||||||
| Dividends declared | (594) | (594) | ||||||||
| Repurchase of shares of Common Stock | $ (1,580) | [1] | $ (31) | (1,549) | ||||||
| Repurchase of shares of Common Stock (in shares) | (12,981) | [1] | (13,000) | |||||||
| Employee stock option and SARs exercises (includes tax impact) | $ 50 | $ 50 | ||||||||
| Employee stock option and SARs exercises (in shares) | 2,000 | |||||||||
| Compensation-related events (includes tax impact) | 81 | $ 81 | ||||||||
| Balance at Dec. 31, 2021 | (8,373) | $ 0 | (8,048) | (325) | ||||||
| Balance (in shares) at Dec. 31, 2021 | 289,000 | |||||||||
| Costs Associated with Resource Optimization Initiative | $ 2 | |||||||||
| Investment Income, Nonoperating | 87 | |||||||||
| Accumulated Deficit | 8,048 | |||||||||
| Net Income | 1,325 | 1,325 | ||||||||
| Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature - including noncontrolling interest (net of tax impact) | (84) | (84) | ||||||||
| Pension and post-retirement benefit plans (net of tax impact) | (60) | (60) | ||||||||
| Pension and post-retirement benefit plans (tax impact) | (21) | |||||||||
| Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 100 | 100 | ||||||||
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 33 | |||||||||
| Comprehensive income - including noncontrolling interests | 1,281 | |||||||||
| Dividends declared | (653) | (653) | ||||||||
| Repurchase of shares of Common Stock | $ (1,200) | [1] | $ (69) | (1,131) | ||||||
| Repurchase of shares of Common Stock (in shares) | (10,083) | [1] | (10,000) | |||||||
| Employee stock option and SARs exercises (includes tax impact) | $ 31 | $ 31 | ||||||||
| Employee stock option and SARs exercises (in shares) | 1,000 | |||||||||
| Compensation-related events (includes tax impact) | 100 | $ 100 | ||||||||
| Balance at Dec. 31, 2022 | (8,876) | $ 0 | $ (8,507) | $ (369) | ||||||
| Balance (in shares) at Dec. 31, 2022 | 280,000 | |||||||||
| Costs Associated with Resource Optimization Initiative | $ 1 | |||||||||
| Investment Income, Nonoperating | 11 | |||||||||
| Accumulated Deficit | $ 8,507 | |||||||||
| ||||||||||
Description of Business |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business | Description of Business 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 55,000 restaurants in more than 155 countries and territories primarily under the concepts of KFC, Taco Bell, Pizza Hut and The Habit Burger Grill (collectively, the “Concepts”). The Company’s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style and pizza categories. The Habit Burger Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. At December 31, 2022, 98% of our restaurants were owned and operated by franchisees. Through our widely-recognized Concepts, we develop, operate or franchise a system of both traditional and non-traditional restaurants. The terms “franchise” or “franchisee” within these Consolidated Financial Statements are meant to describe third parties that operate units under either franchise or license agreements. Our traditional restaurants feature dine-in, carryout and, in some instances, drive-thru service. Non-traditional units include express units which have a more limited menu and operate in non-traditional locations like malls, airports, gasoline service stations, train stations, subways, convenience stores, stadiums, amusement parks and colleges, where a full-scale traditional outlet would not be practical or efficient. We also operate or franchise multibrand units, where two or more of our Concepts are operated in a single unit. As of December 31, 2022, 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
|
Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Our preparation of the accompanying Consolidated Financial Statements in conformity with Generally Accepted Accounting Principles in the United States of America (“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 Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Principles of Consolidation and Basis of Preparation. Intercompany accounts and transactions have been eliminated in consolidation. We consolidate entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. We also consider for consolidation an entity, in which we have certain interests, where the controlling financial interest may be achieved through arrangements that do not involve voting interests. Such an entity, known as a variable interest entity (“VIE”), is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. Our most significant variable interests are in certain entities that operate restaurants under our Concepts’ franchise arrangements. We do not typically provide significant financial support such as loans or guarantees to our franchisees. Thus, our most significant variable interests in franchisees result from real estate lease arrangements to which we are a party. At the end of 2022, YUM has future lease payments due from certain franchisees, on a nominal basis, of approximately $900 million, and we are secondarily liable on certain other lease agreements that have been assigned to certain franchisees. See the Lease Guarantees section in Note 20. As our franchise arrangements provide our franchisee entities the power to direct the activities that most significantly impact their economic performance, we do not consider ourselves the primary beneficiary of any such entity that might otherwise be considered a VIE. We do not have a significant equity interest in any of our franchisee businesses except for a minority interest in an entity, Devyani International Limited (“Devyani”), that owns our KFC India and Pizza Hut India master franchisee rights. This minority interest does not give us the ability to significantly influence this entity. We account for our investment in Devyani as an equity security. As the fair value of this equity security is readily determinable we record changes in fair value in Investment (income) expense, net. We participate in various advertising cooperatives with our franchisees, typically within a country where we have both Company-owned restaurants and franchise restaurants, established to collect and administer funds contributed for use in advertising and promotional programs designed to increase sales and enhance the reputation of the Company and our Concepts. Contributions to the advertising cooperatives are required for both Company-owned, if any, and franchise restaurants and are generally based on a percentage of restaurant sales. We maintain certain variable interests in these cooperatives. As the cooperatives are required to spend all funds collected on advertising and promotional programs, total equity at risk is not sufficient to permit the cooperatives to finance their activities without additional subordinated financial support. Therefore, these cooperatives are VIEs. As a result of our voting rights, we consolidate certain of these cooperatives for which we are the primary beneficiary. Fiscal Year. 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, including our Habit Burger Grill Division beginning in 2022, and certain international subsidiaries operate on a weekly periodic calendar where the first three quarters of each fiscal year consists of 12 weeks and the fourth quarter consists of 16 weeks in fiscal years with 52 weeks and 17 weeks in fiscal years with 53 weeks. Our remaining international subsidiaries operate on a monthly calendar similar to that on which YUM operates. For fiscal year 2021 and prior, our Habit Burger Grill Division operated on a weekly periodic calendar where each quarter consisted of 13 weeks. The impact of this change in reporting calendar was not significant and accordingly, prior year amounts presented in these Consolidated Financial Statements have not been restated. Our next fiscal year scheduled to include a 53rd week for our period calendar reporters is 2024. Foreign Currency. The functional currency of our foreign entities is the currency of the primary economic environment in which the entity operates. Functional currency determinations are made based upon a number of economic factors, including but not limited to cash flows and financing transactions. The operations, assets and liabilities of our entities outside the U.S. are initially measured using the functional currency of that entity. Income and expense accounts for our operations of these foreign entities are then translated into U.S. dollars at the average exchange rates prevailing during the period. Assets and liabilities of these foreign entities are then translated into U.S. dollars at exchange rates in effect at each period-end balance sheet date. As of December 31, 2022, net cumulative translation adjustment losses of $290 million are recorded in Accumulated other comprehensive income (“AOCI”) in the Consolidated Balance Sheet. The majority of our foreign currency net asset exposure is in countries where we have Company-owned restaurants. As we manage and share resources at the individual brand level within a country, cumulative translation adjustments are recorded and tracked at the foreign-entity level that represents the operations of our individual brands within that country. Translation adjustments recorded in AOCI are subsequently recognized as income or expense generally only upon sale of the related investment in a foreign entity, or upon a sale of assets and liabilities within a foreign entity that represents a complete or substantially complete liquidation of that foreign entity. For purposes of determining whether a sale or complete or substantially complete liquidation of an investment in a foreign entity has occurred, we consider those same foreign entities for which we record and track cumulative translation adjustments. Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in Other (income) expense in our Consolidated Statements of Income. Reclassifications. We have reclassified certain items in the Consolidated Financial Statements for prior periods to be comparable with the classification for the fiscal year ended December 31, 2022. These reclassifications had no effect on previously reported Net Income. Revenue Recognition. Below is a discussion of how our revenues are earned, our accounting policies pertaining to revenue recognition under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”) and other required disclosures. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue transaction and collected from a customer are excluded from revenue. Company Sales Revenues from the sale of food items by Company-owned restaurants are recognized as Company sales when a customer purchases the food, which is when our obligation to perform is satisfied. Franchise and Property Revenues Franchise Revenues Our most significant source of revenues arises from the operation of our Concepts’ stores by our franchisees. Franchise rights may be granted through a store-level franchise agreement or through a master franchise agreement that set out the terms of our arrangement with the franchisee. Our franchise agreements require that the franchisee remit continuing fees to us as a percentage of the applicable restaurant’s sales in exchange for the license of the intellectual property associated with our Concepts’ brands (the “franchise right”). Our franchise agreements also typically require certain, less significant, upfront franchise fees such as initial fees paid upon opening of a store, fees paid to renew the term of the franchise right and fees paid in the event the franchise agreement is transferred to another franchisee. Continuing fees represent the substantial majority of the consideration we receive under our franchise agreements. Continuing fees are typically billed and paid monthly and are usually 4% - 6% for store-level franchise agreements. Master franchise agreements allow master franchisees to operate restaurants as well as sub-franchise restaurants within certain geographic territories. The percentage of sales that we receive for restaurants owned or sub-franchised by our master franchisees as a continuing fee is typically less than the percentage we receive for restaurants operating under a store-level franchise agreement. Based on the application of the sales-based royalty exception within Topic 606 continuing fees are recognized as the related restaurant sales occur. Upfront franchise fees are typically billed and paid when a new franchise or sub-franchise agreement becomes effective or when an existing agreement is transferred to another franchisee or sub-franchisee. We have determined that the services we provide in exchange for upfront franchise fees, which primarily relate to pre-opening support, are highly interrelated with the franchise right and are not individually distinct from the ongoing services we provide to our franchisees. As a result, upfront franchise fees are recognized as revenue over the term of each respective franchise or sub-franchise agreement. Revenues for these upfront franchise fees are recognized on a straight-line basis, which is consistent with the franchisee’s or sub-franchisee’s right to use and benefit from the intellectual property. Additionally, from time-to-time we provide consideration to franchisees in the form of cash (e.g. cash payments to offset new build costs) or other incentives (e.g. free or subsidized equipment) with the intent to drive new unit development or same-store sales growth that will result in higher future revenues for the Company. Such payments are capitalized and presented within Prepaid expense and other current assets or Other assets. These assets are being amortized as a reduction in Franchise and property revenues over the period of expected cash flows from the franchise agreements to which the payment relates. Property Revenues From time to time, we enter into rental agreements with franchisees for the lease or sublease of restaurant locations. These rental agreements typically originate from refranchising transactions and revenues related to the agreements are recognized as they are earned. Amounts owed under the rental agreements are typically billed and paid on a monthly basis. Related expenses are presented as Franchise and property expenses within our Consolidated Statements of Income and primarily include depreciation or, in the case of a sublease, rent expense. Franchise Contributions for Advertising and Other Services Advertising Cooperatives We have determined we act as a principal in the transactions entered into by the advertising cooperatives we are required to consolidate based on our responsibility to define the nature of the goods or services provided and/or our commitment to pay for advertising services in advance of the related franchisee contributions. Additionally, we have determined the advertising services provided to franchisees are highly interrelated with the franchise right and therefore not distinct. Franchisees remit to these consolidated advertising cooperatives a percentage of restaurant sales as consideration for providing the advertising services. As a result, revenues for advertising services are recognized when the related franchise restaurant sales occur based on the application of the sales-based royalty exception within Topic 606. Revenues for these services are typically billed and received on a monthly basis. Other Goods or Services On a much more limited basis, we provide goods or services to certain franchisees that are individually distinct from the franchise right because they do not require integration with other goods or services we provide. Such arrangements typically relate to technology, supply chain and quality assurance services. The extent to which we provide such goods or services varies by brand, geographic region and, in some instances, franchisee. In instances where we rely on third parties to provide goods or services to franchisees at our direction, we have determined we act as a principal in these transactions and recognize related revenues as the goods or services are transferred to the franchisee. Franchise Support Costs. Certain direct costs of our franchise operations are charged to Franchise and property expenses. These costs include provisions for estimated uncollectible upfront and continuing fees, rent or depreciation expense associated with restaurants we lease or sublease to franchisees, marketing funding on behalf of franchisees, amortization expense for franchise-related intangible assets, value added taxes on royalties and certain other direct incremental franchise support costs. The costs we incur to provide support services to our franchisees for which we do not receive a reimbursement are charged to General and administrative expenses (“G&A”) as incurred. Expenses related to the provisioning of goods or services for which we receive reimbursement for all or substantially all of the expense amount from a franchisee are recorded in Franchise advertising and other services expense (the associated revenue is recorded within Franchise contributions for advertising and other services as described above). The majority of these expenses relate to advertising and are incurred on behalf of franchisees by the advertising cooperatives we are required to consolidate. These expenses are accounted for as described in the Advertising Costs policy below. For such expenses that do not relate to advertising the expenses are recognized as incurred. Advertising Costs. To the extent we participate in advertising cooperatives, we, like our participating franchisees, are required to make contributions. Our contributions are based on a percentage of sales of our participating Company restaurants. These contributions as well as direct marketing costs we may incur outside of a cooperative related to Company restaurants are recorded within Company restaurant expenses. Advertising expense included in Company restaurant expenses totaled $78 million, $84 million and $68 million in 2022, 2021 and 2020, respectively. To the extent we consolidate advertising cooperatives, we incur advertising expense as a result of our obligation to spend franchisee contributions to those cooperatives (see above for our accounting for these contributions). Such advertising expense is recorded in Franchise advertising and other services expense and totaled $1,298 million, $1,264 million and $1,079 million in 2022, 2021 and 2020, respectively. At the end of each fiscal year additional advertising costs are accrued to the extent advertising revenues exceed the related advertising expense to date, as we are obligated to expend such amounts on advertising. From time to time, we may make the decision to incur discretionary advertising expenditures on behalf of franchised restaurants. Such amounts are recorded within Franchise and property expenses and totaled $8 million, $11 million and $10 million in 2022, 2021 and 2020, respectively. To the extent the advertising cooperatives we are required to consolidate are unable to collect amounts due from franchisees they incur bad debt expense. In 2022, we recorded a $6 million net provision and in 2021 and 2020, we recorded $6 million and $7 million in net recoveries, respectively. To the extent our consolidated advertising cooperatives have a provision or recovery for bad debt expense, the cooperative’s advertising spend obligation is adjusted such that there is no net impact within our Financial Statements. Share-Based Employee Compensation. We recognize ongoing share-based payments to employees, including grants of employee stock options and stock appreciation rights (“SARs”), in the Consolidated Financial Statements as compensation cost over the service period based on their fair value on the date of grant. This compensation cost is recognized over the service period on a straight-line basis, net of an assumed forfeiture rate, for awards that actually vest. Forfeiture rates are estimated at grant date based on historical experience and compensation cost is adjusted in subsequent periods for differences in actual forfeitures from the previous estimates. We present this compensation cost consistent with the other compensation costs for the employee recipient in G&A, Franchise advertising and other services expense or Company restaurant expenses. See Note 16 for further discussion of our share-based compensation plans. Legal Costs. Settlement costs are accrued when they are deemed probable and reasonably estimable. Anticipated legal fees related to self-insured workers’ compensation, employment practices liability, general liability, automobile liability, product liability and property losses (collectively, “property and casualty losses”) are accrued when deemed probable and reasonably estimable. Legal fees not related to self-insured property and casualty losses are recognized as incurred. See Note 20 for further discussion of our legal proceedings. Impairment or Disposal of Long-Lived Assets. Long-lived assets, including Property, plant and equipment (“PP&E”) as well as right-of-use operating lease assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assets are not recoverable if their carrying value is less than the undiscounted cash flows we expect to generate from such assets. If the assets are not deemed to be recoverable, impairment is measured based on the excess of their carrying value over their fair value. For purposes of impairment testing for our restaurants, we have concluded that an individual restaurant is the lowest level of independent cash flows unless it is more likely than not that we will refranchise restaurants as a group. We review our long-lived assets of such individual restaurants (primarily PP&E, right-of-use operating lease assets and allocated intangible assets subject to amortization) that we intend to continue operating as Company restaurants annually for impairment, or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We use two consecutive years of operating losses as our primary indicator of potential impairment for our annual impairment testing of these restaurant assets. We evaluate the recoverability of these restaurant assets by comparing the estimated undiscounted future cash flows, which are based on our entity-specific assumptions, to the carrying value of such assets. For restaurant assets that are not deemed to be recoverable, we write-down an impaired restaurant to its estimated fair value, which becomes its new cost basis. Fair value is an estimate of the price a franchisee would pay for the restaurant and its related assets, including any right-of-use assets, and is determined by discounting the estimated future after-tax cash flows of the restaurant, which include a deduction for royalties we would receive under a franchise agreement with terms substantially at market. The after-tax cash flows incorporate reasonable assumptions we believe a franchisee would make such as sales growth and margin improvement. The discount rate used in the fair value calculation is our estimate of the required rate of return that a franchisee would expect to receive when purchasing a similar restaurant and the related long-lived assets. The discount rate incorporates rates of returns for historical refranchising market transactions and is commensurate with the risks and uncertainty inherent in the forecasted cash flows. Individual restaurant-level impairment is recorded within Other (income) expense. Any right-of-use asset may alternatively be valued at the amount we could receive for such right-of-use asset from a third-party that is not a franchisee through a sublease if doing so would result in less overall impairment of the restaurant assets in total. In executing our refranchising initiatives, we most often offer groups of restaurants for sale. When we believe it is more likely than not a restaurant or groups of restaurants will be refranchised for a price less than their carrying value, but do not believe the restaurant(s) have met the criteria to be classified as held for sale, we review the restaurants for impairment. We evaluate the recoverability of these restaurant assets by comparing estimated sales proceeds plus holding period cash flows, if any, to the carrying value of the restaurant or group of restaurants. For restaurant assets that are not deemed to be recoverable, we recognize impairment for any excess of carrying value over the fair value of the restaurants, which is based on the expected net sales proceeds. To the extent ongoing agreements to be entered into with the franchisee simultaneous with the refranchising are expected to contain terms, such as royalty rates or rental payments, not at prevailing market rates, we consider the off-market terms in our impairment evaluation. We recognize any such impairment charges in Refranchising (gain) loss. We recognize gains on restaurant refranchisings when the sale transaction closes and control of the restaurant operations have transferred to the franchisee. When we decide to close a restaurant, it is reviewed for impairment, which includes an estimate of sublease income that could be reasonably obtained, if any, in relation to the right-of-use operating lease asset. Additionally, depreciable lives are adjusted based on the expected disposal date. Other costs incurred when closing a restaurant such as costs of disposing of the assets as well as other facility-related expenses from previously closed stores are generally expensed as incurred. Any costs recorded upon store closure as well as any changes in estimates of sublease income or subsequent adjustments to liabilities for remaining lease obligations as a result of lease termination are recorded in Other (income) expense. To the extent we sell assets, primarily land, associated with a closed store, any gain or loss upon that sale is also recorded in Other (income) expense. Management judgment is necessary to estimate future cash flows, including cash flows from continuing use, terminal value, sublease income and refranchising proceeds. Accordingly, actual results could vary significantly from our estimates. Guarantees. We recognize, at inception of a guarantee, a liability for the fair value of certain obligations undertaken. Additionally, effective January 1, 2020, we adopted the Financial Accounting Standards Board’s Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (“Topic 326”) which required that we also recognize as a liability the expected credit losses over the life of such guarantees. As a result of the adoption of Topic 326, we recorded a cumulative adjustment to Accumulated deficit of $8 million to establish such expected credit loss liability for our outstanding guarantees. The majority of our guarantees are issued as a result of assigning our interest in obligations under operating leases as a condition to the refranchising of certain Company restaurants. We recognize a liability for such lease guarantees upon refranchising and upon subsequent renewals of such leases when we remain secondarily liable. The related expense and any subsequent changes are included in Refranchising (gain) loss. Any expense and subsequent changes in the guarantees for other franchise support guarantees not associated with a refranchising transaction are included in Franchise and property expenses. Income Taxes. We record deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences or carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in our Income tax provision in the period that includes the enactment date. Additionally, in determining the need for recording a valuation allowance against the carrying amount of deferred tax assets, we consider the amount of taxable income and periods over which it must be earned, actual levels of past taxable income and known trends and events or transactions that are expected to affect future levels of taxable income. Where we determine that it is more likely than not that all or a portion of an asset will not be realized, we record a valuation allowance. We recognize the benefit of positions taken or expected to be taken in our tax returns in our Income tax provision when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement with the taxing authorities. We evaluate these amounts on a quarterly basis to ensure that they have been appropriately adjusted for audit settlements and other events we believe may impact the outcome. Changes in judgment that result in subsequent recognition, derecognition or a change in measurement of a tax position taken in a prior annual period (including any related interest and penalties) are recognized as a discrete item in the interim period in which the change occurs. We recognize accrued interest and penalties related to unrecognized tax benefits as components of our Income tax provision. We do not record a deferred tax liability for unremitted earnings of our foreign subsidiaries to the extent that the earnings meet the indefinite reversal criteria. This criteria is met if the foreign subsidiary has invested, or will invest, the earnings indefinitely. The decision as to the amount of unremitted earnings that we intend to maintain in non-U.S. subsidiaries considers items including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity plans and expected cash requirements in the U.S. See Note 18 for a further discussion of our income taxes. Fair Value Measurements. Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. For those assets and liabilities we record or disclose at fair value, we determine fair value based upon the quoted market price, if available. If a quoted market price is not available for identical assets, we determine fair value based upon the quoted market price of similar assets or the present value of expected future cash flows considering the risks involved, including counterparty performance risk if appropriate, and using discount rates appropriate for the duration. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation.
Cash and Cash Equivalents. Cash equivalents represent funds we have temporarily invested (with original maturities not exceeding three months), including short-term, highly liquid debt securities. Cash and overdraft balances that meet the criteria for right of setoff are presented net on our Consolidated Balance Sheet. Receivables. The Company’s receivables are primarily generated from ongoing business relationships with our franchisees as a result of franchise agreements, including contributions due to advertising cooperatives we consolidate. These receivables from franchisees are generally due within 30 days of the period in which the corresponding sales occur and are classified as Accounts and notes receivable, net on our Consolidated Balance Sheet and are presented net of expected credit losses. Expected credit losses for uncollectible franchisee receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions we consider include pre-defined aging criteria as well as specified events that indicate we may not collect the balance due. Reasonable and supportable forecasts used in determining the probability of future collection consider publicly available data regarding default probability. While we use the best information available in making our determination, the ultimate recovery of recorded receivables is dependent upon future economic events and other conditions that may be beyond our control. Receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. We recorded $5 million and $12 million of net bad debt expense in 2022 and 2020, respectively, and $8 million of net bad debt recoveries in 2021, within Franchise and property expenses related to continuing fees, initial fees and rent receivables from our franchisees. Accounts and notes receivable as well as the Allowance for doubtful accounts, including balances attributable to our consolidated advertising cooperatives, as of December 31, 2022 and 2021, respectively, are as follows:
Our financing receivables primarily consist of notes receivables and direct financing leases with franchisees which we enter into from time-to-time. As these receivables primarily relate to our ongoing business agreements with franchisees, we consider such receivables to have similar risk characteristics and evaluate them as one collective portfolio segment and class for determining the allowance for doubtful accounts. Balances of notes receivable and direct financing leases due within one year are included in Accounts and notes receivable, net while amounts due beyond one year are included in Other assets. Amounts included in Other assets totaled $64 million (net of an allowance of less than $1 million) and $68 million (net of an allowance of less than $1 million) at December 31, 2022, and December 31, 2021, respectively. Financing receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. Interest income recorded on financing receivables has historically been insignificant. Property, Plant and Equipment. PP&E is carried net of accumulated depreciation and amortization. We calculate depreciation and amortization on a straight-line basis over the estimated useful lives of the assets as follows: 5 to 25 years for buildings and leasehold improvements and 3 to 20 years for machinery and equipment. We suspend depreciation and amortization on assets that are held for sale. Leases and Leasehold Improvements. We lease land, buildings or both for certain of our Company-operated restaurants and restaurant support centers worldwide. Rent expense for leased Company-operated restaurants is presented in our Consolidated Statements of Income within Company restaurant expenses and rent expense for restaurant support centers is presented within G&A. The length of our lease terms, which vary by country and often include renewal options, are an important factor in determining the appropriate accounting for leases including the initial classification of the lease as finance or operating as well as the timing of recognition of rent expense over the duration of the lease. We include renewal option periods in determining the term of our leases when failure to renew the lease would impose a penalty on the Company in such an amount that a renewal appears to be reasonably certain at the commencement of the lease. The primary penalty to which we are subject is the economic detriment associated with the existence of leasehold improvements that might be impaired if we choose not to continue the use of the leased property. Leasehold improvements are amortized over the shorter of their estimated useful lives or the lease term. We generally do not receive leasehold improvement incentives upon opening a store that is subject to a lease. We expense rent associated with leased land or buildings while a restaurant is being constructed whether rent is paid or we are subject to a rent holiday. Our leasing activity for other assets, including equipment, is not significant. Right-of-use assets and liabilities are recognized upon lease commencement for operating and finance leases based on the present value of lease payments over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Subsequent amortization of the right-of-use asset and accretion of the lease liability for an operating lease is recognized as a single lease cost, on a straight-line basis, over the lease term. For finance leases, the right-of-use asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. As most of our leases do not provide an implicit discount rate, we use our incremental secured borrowing rate based on the information available at commencement date, including the lease term and currency, in determining the present value of lease payments for both operating and finance leases. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet; we recognize rent expense for these leases on a straight-line basis over the lease term. Right-of-use assets are assessed for impairment in accordance with our long-lived asset impairment policy, which is performed annually for restaurant-level assets or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We reassess lease classification and remeasure right-of-use assets and lease liabilities when a lease is modified and that modification is not accounted for as a separate new lease or upon certain other events that require reassessment. The difference between operating lease single lease cost recognized in our Consolidated Statements of Income and cash payments for operating leases is recognized within Other, net within Net Cash Provided by Operating Activities in our Consolidated Statements of Cash Flows. In certain instances, we lease or sublease certain restaurants to franchisees. Our lessor and sublease portfolio primarily consists of stores that have been leased to franchisees subsequent to refranchising transactions. Our most significant leases with lease and non-lease components are leases with our franchisees that include both the right to use a restaurant as well as a license of the intellectual property associated with our Concepts’ brands. For these leases, which are primarily classified as operating leases, we account for the lease and non-lease components separately. Revenues from rental agreements with franchisees are presented within Franchise and property revenues in our Consolidated Statements of Income and related expenses (e.g. depreciation and rent expense) are presented within Franchise and property expenses. Goodwill and Intangible Assets. From time-to-time, the Company acquires restaurants from one of our Concept’s franchisees or acquires another business. Goodwill from these acquisitions represents the excess of the cost of a business acquired over the net of the amounts assigned to assets acquired, including identifiable intangible assets, and liabilities assumed. Goodwill is not amortized and has been assigned to reporting units for purposes of impairment testing. Our reporting units are our business units (which are aligned based on geography) in our KFC, Taco Bell, Pizza Hut and Habit Burger Grill Divisions. We evaluate goodwill for impairment on an annual basis or more often if an event occurs or circumstances change that indicate impairment might exist. We have selected the beginning of our fourth quarter as the date on which to perform our ongoing annual impairment test for goodwill. We may elect to perform a qualitative assessment for our reporting units to determine whether it is more likely than not that the fair value of the reporting unit is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, then the reporting unit’s fair value is compared to its carrying value. Fair value is the price a willing buyer would pay for a reporting unit, and is generally estimated using discounted expected future after-tax cash flows from Company-owned restaurant operations, if any, and franchise royalties. The discount rate is our estimate of the required rate of return that a third-party buyer would expect to receive when purchasing a business from us that constitutes a reporting unit. We believe the discount rate is commensurate with the risks and uncertainty inherent in the forecasted cash flows. An impairment charge is recognized based on the excess of a reporting unit’s carrying amount over its fair value. If we record goodwill upon acquisition of a restaurant(s) from a franchisee and such restaurant(s) is then sold within two years of acquisition, the goodwill associated with the acquired restaurant(s) is written off in its entirety. If the restaurant is refranchised two years or more subsequent to its acquisition, we include goodwill in the carrying amount of the restaurants disposed of based on the relative fair values of the portion of the reporting unit disposed of in the refranchising and the portion of the reporting unit that will be retained. The fair value of the portion of the reporting unit disposed of in a refranchising is determined by reference to the discounted value of the future cash flows expected to be generated by the restaurant and retained by the franchisee, which includes a deduction for the anticipated, future royalties the franchisee will pay us associated with the franchise agreement entered into simultaneously with the refranchising transition. The fair value of the reporting unit retained is based on the price a willing buyer would pay for the reporting unit and includes the value of franchise agreements. Appropriate adjustments are made if a franchise agreement includes terms that are determined to not be at prevailing market rates. As such, the fair value of the reporting unit retained can include expected future cash flows from royalties from those restaurants currently being refranchised, royalties from existing franchise businesses and company restaurant operations. As a result, the percentage of a reporting unit’s goodwill that will be written off in a refranchising transaction will be less than the percentage of the reporting unit’s Company-owned restaurants that are refranchised in that transaction and goodwill can be allocated to a reporting unit with only franchise restaurants. We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. If an intangible asset that is not being amortized is subsequently determined to have a finite useful life, we amortize the intangible asset prospectively over its estimated remaining useful life. Intangible assets that are deemed to have a finite life are amortized on a straight-line basis to their residual value. We evaluate our indefinite-lived intangible assets for impairment on an annual basis or more often if an event occurs or circumstances change that indicate impairments might exist. We perform our annual test for impairment of our indefinite-lived intangible assets at the beginning of our fourth quarter. We may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of an indefinite-lived intangible asset exceeds its carrying value, then the asset’s fair value is compared to its carrying value. Fair value is an estimate of the price a willing buyer would pay for the intangible asset and is estimated by discounting the expected future after-tax cash flows associated with the intangible asset. Our finite-lived intangible assets that are not allocated to an individual restaurant are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. An intangible asset that is deemed not recoverable on an undiscounted basis is written down to its estimated fair value, which is our estimate of the price a willing buyer would pay for the intangible asset based on discounted expected future after-tax cash flows. Capitalized Software. We state capitalized software at cost less accumulated amortization within Intangible assets, net on our Consolidated Balance Sheets. We calculate amortization on a straight line basis over the estimated useful life of the software which ranges from 3 to 7 years upon initial capitalization. Derivative Financial Instruments. We use derivative instruments primarily to hedge interest rate and foreign currency risks, and to reduce our exposure to market-driven charges in certain of the liabilities associated with employee compensation deferrals into our Executive Income Deferral (“EID”) Plan. These derivative contracts are entered into with financial institutions. We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use. We record all derivative instruments on our Consolidated Balance Sheet at fair value. For derivative instruments that are designated and qualify as a cash flow hedge, gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately. 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 carefully selected major financial institutions based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. At December 31, 2022 and December 31, 2021, 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. Common Stock Share Repurchases. From time-to-time, we repurchase shares of our Common Stock under share repurchase programs authorized by our Board of Directors. Shares repurchased constitute authorized, but unissued shares under the North Carolina laws under which we are incorporated. Additionally, our Common Stock has no par or stated value. Accordingly, we record the full value of share repurchases, or other deductions to Common Stock such as shares cancelled upon employee share-based award exercises, upon the trade date, against Common Stock on our Consolidated Balance Sheet except when to do so would result in a negative balance in such Common Stock account. In such instances, on a period basis, we record the cost of any further share repurchases or other deductions to Common Stock as an addition to Accumulated deficit. Due to the large number of share repurchases of our stock over the past several years, our Common Stock balance is frequently zero at the end of any period. Accordingly, $1,131 million, $1,549 million and $179 million in share repurchases in 2022, 2021 and 2020, respectively, were recorded as an addition to Accumulated deficit. See Note 17 for additional information on our share repurchases. Pension and Post-retirement Medical Benefits. We measure and recognize the overfunded or underfunded status of our pension and post-retirement plans as an asset or liability in our Consolidated Balance Sheet as of our fiscal year end. The funded status represents the difference between the projected benefit obligations and the fair value of plan assets, which is calculated on a plan-by-plan basis. The projected benefit obligation and related funded status are determined using assumptions as of the end of each year. The projected benefit obligation is the present value of benefits earned to date by plan participants, including the effect of future salary increases, as applicable. The difference between the projected benefit obligations and the fair value of plan assets that has not previously been recognized in our Consolidated Statement of Income is recorded as a component of AOCI. The net periodic benefit costs associated with the Company’s defined benefit pension and post-retirement medical plans are determined using assumptions regarding the projected benefit obligation and, for funded plans, the market-related value of plan assets as of the beginning of each year, or remeasurement period if applicable. We record the service cost component of net periodic benefit costs in G&A. Non-service cost components are recorded in Other pension (income) expense. We have elected to use a market-related value of plan assets to calculate the expected return on assets, net of administrative and investment fees paid from plan assets, in net periodic benefit costs. For each individual plan we amortize into pension expense the net amounts in AOCI, as adjusted for the difference between the fair value and market-related value of plan assets, to the extent that such amounts exceed 10% of the greater of a plan’s projected benefit obligation or market-related value of assets, over the remaining service period of active participants in the plan or, for plans with no active participants, over the expected average life expectancy of the inactive participants in the plan. The market-related value of plan assets is the fair value of plan assets as of the beginning of each year adjusted for variances between actual returns and expected returns. We attribute such variances to the market-related value of plan assets evenly over five years. We record a curtailment when an event occurs that significantly reduces the expected years of future service or eliminates the accrual of defined benefits for the future services of a significant number of employees. We record a curtailment gain when the employees who are entitled to the benefits terminate their employment; we record a curtailment loss when it becomes probable a loss will occur. We recognize settlement gains or losses only when we have determined that the cost of all settlements in a year will exceed the sum of the service and interest costs within an individual plan. Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board issued guidance related to reference rate reform. This guidance was updated in December 2022. The guidance provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2024. We adopted this guidance during fiscal year 2022. The adoption of the new guidance did not have a material impact to our Consolidated Financial Statements.
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| Franchise Support Costs | Franchise Support Costs. Certain direct costs of our franchise operations are charged to Franchise and property expenses. These costs include provisions for estimated uncollectible upfront and continuing fees, rent or depreciation expense associated with restaurants we lease or sublease to franchisees, marketing funding on behalf of franchisees, amortization expense for franchise-related intangible assets, value added taxes on royalties and certain other direct incremental franchise support costs. The costs we incur to provide support services to our franchisees for which we do not receive a reimbursement are charged to General and administrative expenses (“G&A”) as incurred. Expenses related to the provisioning of goods or services for which we receive reimbursement for all or substantially all of the expense amount from a franchisee are recorded in Franchise advertising and other services expense (the associated revenue is recorded within Franchise contributions for advertising and other services as described above). The majority of these expenses relate to advertising and are incurred on behalf of franchisees by the advertising cooperatives we are required to consolidate. These expenses are accounted for as described in the Advertising Costs policy below. For such expenses that do not relate to advertising the expenses are recognized as incurred.
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| Restructuring and Related Activities [Abstract] | |
| Business Combination Disclosure | Divestitures and Acquisitions Russia Invasion of Ukraine In the first quarter of 2022, as a result of the Russian invasion of Ukraine, we suspended all investment and restaurant development in Russia. We also suspended all operations of our 70 company-owned KFC restaurants in Russia and began finalizing an agreement to suspend all Pizza Hut operations in Russia, in partnership with our master franchisee. Further, we pledged to redirect any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts. During the second quarter, we completed the transfer of ownership of the Pizza Hut Russia business to a local operator who has initiated the process of re-branding locations to a non-YUM concept. In October 2022, we announced that we entered into a sale and purchase agreement to transfer ownership of our KFC Russia restaurants, operating system and master franchise rights, including the network of KFC Russia franchised restaurants, to Smart Service Ltd., a business operated by one of our existing KFC franchisees in Russia. Under the agreement, the buyer will be responsible for re-branding locations to a non-YUM concept and retaining the Company’s employees in Russia. Completion of the transaction is subject to regulatory and governmental approvals, as well as other conditions agreed to by the parties. Following the completion of the transaction, we will have ceased our corporate presence in Russia. Total KFC Russia assets held for sale of $185 million and total KFC Russia liabilities held for sale of $65 million are included in Prepaid expenses and other current assets and Accounts payable and other current liabilities, respectively, in our Consolidated Balance Sheet at December 31, 2022. At December 31, 2022, we determined the carrying value of the KFC Russia asset group was recoverable based on expected sale proceeds. Our GAAP operating results presented herein reflect revenues from and expenses to support the Russian operations for Pizza Hut, prior to the date of transfer, and KFC, for the entirety of the year ended December 31, 2022, within their historical financial statement line items and operating segments. However, given our decision to exit Russia and our pledge to direct any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts, we reclassed such resulting net profits from the Division segment results in which they were earned to Unallocated Other income. Dragontail Systems Acquisition On September 7, 2021, we completed the acquisition of Dragontail Systems Limited (“Dragontail”). The Dragontail acquisition advances our digital capabilities and its AI-based integrated kitchen order management and delivery technologies are intended to strengthen store operations, enhance the customer experience and make it easier for team members to run a restaurant. Total cash consideration paid in connection with the acquisition was $66 million, net of cash acquired of $3 million. This net consideration was classified within Other, net cash flows from investing activities within our Consolidated Statements of Cash Flows. The acquisition was accounted for as a business combination using the acquisition method of accounting. The primary assets recorded as a result of the preliminary purchase price allocation were goodwill of $57 million and amortizable intangible assets of $11 million. The amortizable intangible assets, which consist of software, have an estimated weighted average useful life of 7 years. The goodwill recorded resulted from synergies expected to be achieved through leveraging our scale and resources to enhance these technologies and deploy them globally to our brands and franchisees over time. Goodwill recognized from the Dragontail acquisition is non-deductible for tax purposes and has been allocated to our reporting units within the Pizza Hut Division operating segment that are expected to most benefit from the Dragontail acquisition. The financial results of Dragontail have been included in our Consolidated Financial Statements since the date of the acquisition but did not significantly impact our results for the years ended December 31, 2022 and 2021. The pro forma impact on our results of operations if the acquisition had been completed as of the beginning of 2020 would not have been significant. The direct transaction costs associated with the acquisition were also not material and were expensed as incurred. Habit Burger Grill Acquisition On March 18, 2020, we completed the acquisition of all of the issued and outstanding common shares of The Habit Restaurants, Inc. As of the date of acquisition, The Habit Restaurants, Inc. operated 245 company-owned and 31 franchised Habit Burger Grill restaurants across the U.S. and in China, offering a flavor-forward variety of made-to-order items chargrilled over an open flame. We expect Habit Burger Grill to benefit from the global scale and resources of YUM and that the acquisition will accelerate and diversify YUM’s growth. Total cash consideration paid in connection with the acquisition was $408 million, net of acquired cash of $20 million. The acquisition was accounted for as a business combination using the acquisition method of accounting. Goodwill of $204 million was recorded as a result of the acquisition. See Note 5 for discussion of a subsequent Habit Burger Grill goodwill impairment. The pro forma impact on our results of operations if the acquisition had been completed as of the beginning of 2019 would not have been significant.
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| Earnings Per Common Share (EPS) | Earnings Per Common Share (“EPS”)
(a)These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.
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Items Affecting Comparability of Net Income and Cash Flows |
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| Items Affecting Comparability Of Net Income And Cash Flows Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Items Affecting Comparability of Net Income and Cash Flows | Items Affecting Comparability of Net Income and Cash Flows Refranchising (Gain) Loss The Refranchising (gain) loss by our Divisional reportable segments is presented below. Given the size and volatility of refranchising initiatives, our chief operating decision maker (“CODM”) does not consider the impact of Refranchising (gain) loss when assessing Divisional segment performance. As such, we do not allocate such gains and losses to our Divisional segments for performance reporting purposes. During the years ended December 31, 2022, 2021 and 2020, we refranchised 22, 83 and 97 restaurants, respectively. Additionally, during the years ended December 31, 2022, 2021 and 2020, we sold certain restaurant assets associated with existing franchise restaurants to the franchisee. We received $73 million, $85 million and $19 million in pre-tax cash refranchising proceeds in 2022, 2021 and 2020, respectively, as a result of the sales of these restaurants and restaurant assets. In 2020, we also received as refranchising proceeds minority interests in Devyani International Limited (“Devyani”), as discussed further below. At the time of the refranchisings, these minority interests had fair values estimated to be $31 million. A summary of Refranchising (gain) loss is as follows:
Resource Optimization During the year ended December 31, 2022, we recorded charges of $10 million to General and administrative expenses and $1 million to Other (income) expense related to a resource optimization program initiated in the third quarter of 2020. During the year ended December 31, 2021, we recorded charges of $7 million to General and administrative expenses and $2 million to Other (income) expense and we recorded a credit of $1 million to Other pension (income) expense related to this resource optimization program. During the year ended December 31, 2020, we recorded charges of $36 million to General and administrative expenses and $2 million to Other pension (income) expense related to this resource optimization program. This program is part of our efforts to optimize our resources, reallocating them toward critical areas of the business that will drive future growth. These critical areas include accelerating our digital, technology and innovation capabilities to deliver a modern, world-class team member and customer experience and improve unit economics. The charges incurred as a result of this program have primarily resulted from severance associated with positions that have been eliminated or relocated and, in 2020, a voluntary retirement program offered to our U.S. based employees. Due to their scope and size, these costs were not allocated to any of our segment operating results for performance reporting purposes. Investment in Devyani In 2020, we received an approximate 5% minority interest in Devyani, an entity that owns our KFC India and Pizza Hut India master franchisee rights. The minority interest was received in lieu of cash proceeds upon the refranchising of approximately 60 KFC restaurants in India. At the time of the refranchisings, the fair value of this minority interest was estimated to be approximately $31 million. On August 16, 2021, Devyani executed an initial public offering and subsequently the fair value of this investment became readily determinable. As a result, concurrent with the initial public offering we began recording changes in fair value in Investment (income) expense, net in our Consolidated Statements of Income and recognized pre-tax investment income of $11 million and $87 million, in the years ended December 31, 2022 and 2021, respectively (see Note 14). Long-term Debt Redemptions On February 23, 2022, the Company issued a notice of redemption for April 1, 2022, for $600 million aggregate principal amount of 7.75% YUM Senior Unsecured Notes due in 2025. The redemption amount was equal to 103.875% of the $600 million aggregate principal amount redeemed, reflecting a $23 million call premium, plus accrued and unpaid interest to the date of redemption. We recognized the call premium and the write-off of $5 million of unamortized debt issuance costs associated with the notes within Interest expense, net. On April 23, 2021, certain subsidiaries of the Company issued a notice of redemption for June 1, 2021, for $1,050 million aggregate principal amount of 5.25% Subsidiary Senior Unsecured Notes due in 2026. The redemption amount was equal to 102.625% of the $1,050 million aggregate principal amount redeemed, reflecting a $28 million call premium. We recognized the call premium and the write-off of $6 million of unamortized debt issuance costs associated with the notes within Interest expense, net. On September 9, 2020, certain subsidiaries of the Company issued a notice of redemption for $1,050 million aggregate principal amount of 5.00% Subsidiary Senior Unsecured Notes due in 2024. The redemption amount included a $26 million call premium plus accrued and unpaid interest to the date of redemption of October 9, 2020. We recorded the call premium, $6 million of unamortized debt issuance costs associated with the notes and $2 million of accrued and unpaid interest associated with the period of time from prepayment of the notes with the trustee on September 25, 2020, to their redemption date within Interest expense, net. See Note 11 for further discussion of the YUM and Subsidiary Senior Unsecured Notes. Income Tax Matters On July 22, 2020, the United Kingdom (“UK”) Finance Act 2020 was enacted resulting in an increase in the UK corporate tax rate from 17% to 19%. As a result, in the year ended December 31, 2020, we remeasured the related deferred tax assets originally recorded as part of a 2019 intercompany restructuring of certain intellectual property (“IP”) rights into the UK. Those deferred tax assets originally arose as a result of a step-up in amortizable tax basis of those IP rights to current fair value under applicable UK law and we recognized a $25 million deferred tax benefit upon remeasurement. On June 10, 2021, the UK Finance Act 2021 was enacted resulting in an increase in the UK corporate income tax rate from 19% to 25%. As a result, in the year ended December 31, 2021, we remeasured the related deferred tax assets originally recorded as described above and recognized an additional $64 million deferred tax benefit. In July 2021, we concentrated management responsibility for European (excluding the UK) KFC franchise development, support operations and management oversight in Switzerland (the “KFC Europe Reorganization”). Concurrent with this change in management responsibility, we completed intra-entity transfers of certain KFC IP rights from subsidiaries in the UK to subsidiaries in Switzerland. With the transfers of these rights, we received a step-up in amortizable tax basis of those IP rights to current fair value under applicable Swiss tax law. As a result of this transfer, we recorded a net one-time deferred tax benefit of $152 million in the year ended December 31, 2021. In December 2021, we continued our KFC Europe Reorganization and completed intra-entity transfers of additional European KFC IP rights from subsidiaries in the U.S. to subsidiaries in Switzerland. With the transfers of these additional IP rights, we received a step-up in amortizable tax basis to current fair value of those IP rights under applicable Swiss tax law. As a result of this transfer, we recorded a net one-time deferred tax benefit of $35 million in the year ended December 31, 2021. The above referenced matters contributed to effective tax rates of 5.9% and 11.4% for the years ended December 31, 2021 and 2020, respectively. See Note 18. Unlocking Opportunity Initiative On June 24, 2020, the Yum! Brands, Inc. Board of Directors approved the establishment of the Company’s new global “Unlocking Opportunity Initiative” including a $100 million investment over the following five years to fight inequality by unlocking opportunities for employees, restaurant team members and communities. The Company contributed $50 million in the second quarter of 2020 to Yum! Brands Foundation, Inc. (a stand-alone, not-for-profit organization that is not consolidated in the Company’s results) as part of these efforts and investment. As a result of the size and specific nature of this contribution the associated General and administrative expense was not allocated to any of our segment operating results for performance reporting purposes. Habit Burger Grill Impairment During the first quarter of 2020, the operations of substantially all Habit Burger Grill restaurants were impacted by COVID-19. As a result, we performed an interim impairment test of the Habit Burger Grill reporting unit goodwill as of March 31, 2020. This test of impairment included comparing the estimated fair value of the Habit Burger Grill reporting unit to its carrying value, including goodwill, as originally determined through our preliminary purchase price allocation. The fair value estimate of the Habit Burger Grill reporting unit was based on the estimated price a willing buyer would pay for the reporting unit and was determined using an income approach through a discounted cash flow analysis using unobservable inputs (Level 3). The most impactful of these inputs included future average unit volumes of Habit Burger Grill restaurants as well as restaurant unit counts. The fair value was determined based upon a probability-weighted average of three scenarios, which included assumed recovery of Habit Burger Grill average unit volumes to a pre—COVID-19 level over periods ranging from the beginning of 2021 to the end of 2022. Factors impacting restaurant unit counts were near-term unit closures as the result of COVID-19 as well as the pace of expected new unit development. Unit counts assumed were correlated with the expected recoveries in average unit volumes. Based upon this fair value estimate, we determined that the carrying value of our Habit Burger Grill reporting unit exceeded its fair value. As a result, during 2020 we recorded a goodwill impairment charge of $144 million to Other (income) expense and a corresponding income tax benefit of $33 million. As a result of its size and nature, this impairment charge was not allocated to any of our segment operating results for performance reporting purposes and was recorded to Unallocated Other expense. COVID-19 Relief During the year ended December 31, 2020, we recorded a charge of $25 million related to a contribution made to Yum! Brands Foundation, Inc. expected to fund past and anticipated payments for COVID-19 relief provided to restaurant-level employees within the YUM system diagnosed with COVID-19 or acting as the primary caregiver for someone diagnosed with COVID-19. As a result of the size and specific nature of this contribution the associated General and administrative expense was not allocated to any of our segment operating results for performance reporting purposes. Investment in Grubhub, Inc. (“Grubhub”) In April of 2018 we purchased 2.8 million shares of Grubhub common stock for $200 million. In the quarter ended September 30, 2020, we sold our entire investment in Grubhub and received proceeds of $206 million. While we held our investment in Grubhub common stock we recognized changes in the fair value in our investment in our Consolidated Statements of Income. For the year ended December 31, 2020, we recognized pre-tax investment income of $69 million.
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Revenue Recognition |
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| Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer | 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.
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 on our Consolidated Balance Sheet. A summary of significant changes to the contract liability balance during 2022 and 2021 is presented below.
(a) Includes impact of foreign currency translation, as well as, in 2021, the recognition of deferred franchise fees into Refranchising (gain) loss upon the modification of existing franchise agreements when entering into master franchise agreements. We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows:
We have applied the optional exemption, as provided for under Topic 606, which allows us to not disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty.
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Supplemental Cash Flow Data (Notes) |
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| Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Data | Supplemental Cash Flow Data
(a)Amounts exclude payments of $23 million in 2022 and $28 million in both 2021 and 2020 classified as Interest expense in our Consolidated Statements of Income which are included in Repayments of long-term debt within financing activities in our Consolidated Statements of Cash Flows (see Note 11). (b)In 2020 we received as refranchising consideration a minority interest in an entity (Devyani) that owns our KFC India and Pizza Hut India master franchisee rights (see Note 5). (c)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 (see Note 11). (d)Primarily trust accounts related to our self-insurance program.
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Other (Income) Expense |
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| Other (Income) Expense | Other (Income) Expense
(a) The year ended December 31, 2020, includes a charge of $144 million related to the impairment of Habit Burger Grill goodwill (see Note 5).
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Supplemental Balance Sheet Information |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Supplemental Balance Sheet Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Balance Sheet Information | Supplemental Balance Sheet Information
Depreciation and amortization expense related to PP&E was $128 million, $134 million and $132 million in 2022, 2021 and 2020, respectively.
(a) Assets and liabilities held for sale reflect the carrying value of restaurants we have offered for sale to franchisees, excess properties that we do not intend to use for restaurant operations in the future and, at December 31, 2022, the assets and liabilities of KFC Russia (see Note 3). KFC Russia assets held for sale accounted for $185 million, including property, plant and equipment of $59 million, of the $190 million, while KFC Russia liabilities held for sale accounted for all of the $65 million as of December 31, 2022.
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Goodwill and Intangible Assets |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill are as follows:
(a)Goodwill, net includes $144 million of accumulated impairment losses related to our Habit Burger Grill segment and $17 million of accumulated impairment losses related to our Pizza Hut segment for each year presented. (b)Disposals and other, net includes the impact of foreign currency translation on existing balances and goodwill write-offs associated with refranchising. Intangible assets, net for the years ended 2022 and 2021 are as follows:
Amortization expense for all finite-lived intangible assets was $68 million in 2022, $76 million in 2021 and $63 million in 2020. Amortization expense for finite-lived intangible assets is expected to approximate $83 million in 2023, $63 million in 2024, $48 million in 2025, $18 million in 2026 and $8 million in 2027. At December 31, 2022, KFC Russia finite-lived intangible assets of $23 million have been classified as held for sale and are included in Prepaid expenses and other current assets in our Consolidated Balance Sheet (see Note 3) and thus are not included in the table above.
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Short-term Borrowings and Long-term Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt
Securitization Notes Taco Bell Funding, LLC (the “Issuer”), a special purpose limited liability company and a direct, wholly-owned subsidiary of Taco Bell Corp. (“TBC”) through a series of securitization transactions has issued fixed rate senior secured notes collectively referred to as the “Securitization Notes”. The following table summarizes Securitization Notes outstanding at December 31, 2022:
(a)The legal final maturity dates of the Securitization Notes issued in 2016, 2018 and 2021 are May 2046, November 2048 and August 2051, respectively. If the Issuer has not repaid or refinanced a series of Securitization Notes prior to its respective Anticipated Repayment Dates, rapid amortization of principal on all Securitization Notes will occur and additional interest will accrue on the Securitization Notes. (b)Includes the effects of the amortization of any discount and debt issuance costs. The Securitization Notes were issued in transactions pursuant to which certain of TBC’s domestic assets, consisting principally of franchise-related agreements and domestic intellectual property, were contributed to the Issuer and the Issuer’s special purpose, wholly-owned subsidiaries (the “Guarantors”, and collectively with the Issuer, the “Securitization Entities”) to secure the Securitization Notes. The Securitization Notes are secured by substantially all of the assets of the Securitization Entities, and include a lien on all existing and future U.S. Taco Bell franchise and license agreements and the royalties payable thereunder, existing and future U.S. Taco Bell intellectual property, certain transaction accounts and a pledge of the equity interests in asset owning Securitization Entities. The remaining U.S. Taco Bell assets that were excluded from the transfers to the Securitization Entities continue to be held by Taco Bell of America, LLC (“TBA”) and TBC. The Securitization Notes are not guaranteed by the remaining U.S. Taco Bell assets, the Company, or any other subsidiary of the Company. Payments of interest and principal on the Securitization Notes are made from the continuing fees paid pursuant to the franchise and license agreements with all U.S. Taco Bell restaurants, including both company and franchise operated restaurants. Interest on and principal payments of the Securitization Notes are due on a quarterly basis. In general, no amortization of principal of the Securitization Notes is required prior to their anticipated repayment dates unless as of any quarterly measurement date the consolidated leverage ratio (the ratio of total debt to Net Cash Flow (as defined in the related indenture)) for the preceding four fiscal quarters of either the Company and its subsidiaries or the Issuer and its subsidiaries exceeds 5.0:1, in which case amortization payments of 1% per year of the outstanding principal as of the closing of the Securitization Notes are required. As of the most recent quarterly measurement date the consolidated leverage ratio for the Issuer and its subsidiaries exceeded 5.0:1 and, as a result, amortization payments are required. The Securitization Notes are subject to a series of covenants and restrictions customary for transactions of this type, including (i) that the Issuer maintains specified reserve accounts to be available to make required interest payments in respect of the Securitization Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Securitization Notes under certain circumstances, (iii) certain indemnification payments relating to taxes, enforcement costs and other customary items and (iv) covenants relating to recordkeeping, access to information and similar matters. The Securitization Notes are also subject to rapid amortization events provided for in the indenture, including events tied to failure to maintain a stated debt service coverage ratio (as defined in the related indenture) of at least 1.1:1, gross domestic sales for U.S. Taco Bell restaurants being below certain levels on certain measurement dates, a manager termination event, an event of default and the failure to repay or refinance the Securitization Notes on the Anticipated Repayment Date (subject to limited cure rights). The Securitization Notes are also subject to certain customary events of default, including events relating to non-payment of required interest or principal due on the Securitization Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective, certain judgments and failure of the Securitization Entities to maintain a stated debt service coverage ratio. As of December 31, 2022, we were in compliance with all of our debt covenant requirements and were not subject to any rapid amortization events. In accordance with the indenture, certain cash accounts have been established with the indenture trustee for the benefit of the note holders, and are restricted in their use. The indenture requires a certain amount of securitization cash flow collections to be allocated on a weekly basis and maintained in a cash reserve account. As of December 31, 2022, the Company had restricted cash of $ primarily related to required interest reserves included in Prepaid expenses and other current assets on the Consolidated Balance Sheets. Once the required obligations are satisfied, there are no further restrictions, including payment of dividends, on the cash flows of the Securitization Entities. Additional cash reserves are required if any of the rapid amortization events occur, as noted above, or in the event that as of any quarterly measurement date the Securitization Entities fail to maintain a debt service coverage ratio (or the ratio of Net Cash Flow to all debt service payments for the preceding four fiscal quarters) of at least 1.75:1. The amount of weekly securitization cash flow collections that exceed the required weekly allocations is generally remitted to the Company. During the most recent quarter ended December 31, 2022, the Securitization Entities maintained a debt service coverage ratio significantly in excess of the 1.75:1 requirement. Term Loan Facilities, Revolving Facility and Subsidiary Senior Unsecured Notes KFC Holding Co., Pizza Hut Holdings, LLC, and TBA, each of which is a wholly-owned subsidiary of the Company, as co-borrowers (the “Borrowers”) have entered into a credit agreement providing for senior secured credit facilities and a $1.25 billion revolving facility maturing March 15, 2026 (the “Revolving Facility”). The senior secured credit facilities, which include a Term Loan A Facility and a Term Loan B Facility, and the Revolving Facility are collectively referred to as the “Credit Agreement”. Additionally, the Borrowers through a series of transactions have issued Subsidiary Senior Unsecured Notes (collectively referred to as the “Subsidiary Senior Unsecured Notes”). The following table summarizes borrowings outstanding under the Credit Agreement, excluding the Revolving Facility, as well as our Subsidiary Senior Unsecured Notes as of December 31, 2022. There were $279 million in outstanding borrowings under the Revolving Facility and $2 million of letters of credit outstanding as of December 31, 2022.
(a)The interest rates applicable to the Term Loan A Facility as well as the Revolving Facility range from 0.75% to 1.50% plus LIBOR or from 0.00% to 0.50% plus the Base Rate (as defined in the Credit Agreement), at the Borrowers’ election, based upon the total leverage ratio (as defined in the Credit Agreement). As of December 31, 2022, the interest rate spreads on the LIBOR and Base Rate applicable to our Term Loan A Facility were 1.00% and 0.00%, respectively. The interest rates applicable to the Term Loan B Facility are 1.75% plus LIBOR or 0.75% plus the Base Rate, at the Borrowers’ election. (b) Includes the effects of the amortization of any discount and debt issuance costs as well as the impact of the interest rate swaps on the Term Loan A and Term Loan B Facilities (see Note 13). The effective rates related to our Term Loan A and B Facilities are based on LIBOR-based interest rates at December 31, 2022. The 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 issuance date of $750 million. These quarterly amortization payments increase to 1.25% of this principal amount beginning with the second quarter of 2024 with the balance payable at maturity on March 15, 2026. The Term Loan B Facility is subject to quarterly amortization payments in an amount equal to 0.25% of the principal amount of the facility as of the issuance date of $1.5 billion, with the balance payable at maturity on March 15, 2028. The Credit Agreement is unconditionally guaranteed by the Company and certain of the Borrowers’ principal domestic subsidiaries and excludes Taco Bell Funding LLC and its special purpose, wholly-owned subsidiaries (see above). The Credit Agreement is also secured by first priority liens on substantially all assets of the Borrowers and each subsidiary guarantor, excluding the stock of certain subsidiaries and certain real property, and subject to other customary exceptions. The Credit Agreement is subject to certain mandatory prepayments, including an amount equal to 50% of excess cash flow (as defined in the Credit Agreement) on an annual basis and the proceeds of certain asset sales, casualty events and issuances of indebtedness, subject to customary exceptions and reinvestment rights. The Credit Agreement includes two financial maintenance covenants which require the Borrowers to maintain a total leverage ratio (defined as the ratio of Consolidated Total Debt to Consolidated EBITDA (as these terms are defined in the Credit Agreement)) of 5.0:1 or less and a fixed charge coverage ratio (defined as the ratio of EBITDA minus capital expenditures to fixed charges (inclusive of rental expense and scheduled amortization)) of at least 1.5:1, each as of the last day of each fiscal quarter. The Credit Agreement includes other affirmative and negative covenants and events of default that are customary for facilities of this type. The Credit Agreement contains, among other things, limitations on certain additional indebtedness and liens, and certain other transactions specified in the agreement. We were in compliance with all debt covenants as of December 31, 2022. The Subsidiary Senior Unsecured Notes are guaranteed on a senior unsecured basis by (i) the Company, (ii) the Specified Guarantors (as defined in the Credit Agreement) and (iii) by each of the Borrower’s and the Specified Guarantors’ domestic subsidiaries that guarantees the Borrower’s obligations under the Credit Agreement, except for any of the Company’s foreign subsidiaries. The indenture governing the Subsidiary Senior Unsecured Notes contains covenants and events of default that are customary for debt securities of this type. We were in compliance with all debt covenants as of December 31, 2022. YUM Senior Unsecured Notes The majority of our remaining long-term debt primarily comprises YUM Senior Unsecured Notes. The following table summarizes all YUM Senior Unsecured Notes issued that remain outstanding at December 31, 2022:
(a)Includes the effects of the amortization of any (1) premium or discount; (2) debt issuance costs; and (3) gain or loss upon settlement of related treasury locks and forward starting interest rate swaps utilized to hedge the interest rate risk prior to debt issuance. On February 23, 2022, Yum! Brands, Inc. issued a notice of redemption for $600 million aggregate principal amount of 7.75% YUM Senior Unsecured Notes due April 1, 2025 (the “2025 Notes”). The 2025 Notes were redeemed on April 1, 2022, at an amount equal to 103.875% of the aggregate principal amount of the 2025 Notes, reflecting a $23 million call premium, plus accrued and unpaid interest to the date of redemption. We recognized the call premium and the write-off of $5 million of unamortized debt issuance costs associated with the 2025 Notes within Interest expense, net in the quarter ended June 30, 2022. Also on April 1, 2022, Yum! Brands, Inc. issued $1 billion aggregate principal amount of 5.375% YUM Senior Unsecured Notes due April 1, 2032 (the “April 2032 Notes”). Interest on the April 2032 Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2022. The indenture governing the April 2032 Notes contains covenants and events of default that are customary for debt securities of this type, including cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount of $100 million or more or the failure to pay the principal of such indebtedness at its stated maturity will constitute an event of default under the April 2032 Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice. The Company paid debt issuance costs of $12 million in connection with the April 2032 Notes. The debt issuance costs will be amortized to Interest expense, net over the life of the April 2032 Notes using the effective interest method. We used the net proceeds from the April 2032 Notes to fund the redemption of the 2025 Notes discussed above and for general corporate purposes. The YUM Senior Unsecured Notes represent senior, unsecured obligations and rank equally in right of payment with all of our existing and future unsecured unsubordinated indebtedness. Our YUM Senior Unsecured Notes contain covenants and events of default that are customary for debt securities of this type, including cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount in excess of $50 million ($100 million or more in the case of the YUM Senior Unsecured Notes issued in 2019 and subsequent years) will constitute a default under the YUM Senior Unsecured Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice. The annual maturities of all Short-term borrowings and Long-term debt as of December 31, 2022, excluding finance lease obligations of $ and debt issuance costs and discounts of $92 million are as follows:
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Lease Accounting Components of Lease Cost
Supplemental Cash Flow Information
(a) The year ended December 31, 2020, includes right-of-use assets acquired as part of the acquisition of Habit Burger Grill of $196 million. Supplemental Balance Sheet Information
(a) U.S. operating lease right-of-use assets and liabilities totaled $515 million and $575 million, respectively, as of December 31, 2022, and $516 million and $577 million, respectively, as of December 31, 2021. These amounts primarily related to Taco Bell U.S. and the Habit Burger Grill including leases related to Company-operated restaurants, leases related to franchise-operated restaurants we sublease and the Taco Bell and Habit Burger Grill restaurant support center. At December 31, 2022, KFC Russia operating and finance lease right-of-use assets of $ and $, respectively, have been classified as held for sale and are included in Prepaid expenses and other current assets in our Consolidated Balance Sheet (see Note 3). The associated KFC Russia operating and finance lease liabilities of $ and $, respectively, have also been classified as held for sale and are included in Accounts payable and other current liabilities in our Consolidated Balance Sheet. Such amounts are not reflected in the Supplemental Balance Sheet Information above. Maturity of Lease Payments and Receivables Future minimum lease payments, including rental payments for lease renewal options we are reasonably certain to exercise, and amounts to be received as lessor or sublessor as of December 31, 2022, were as follows:
As of December 31, 2022, we have executed real estate leases that have not yet commenced with estimated future nominal lease payments of approximately $125 million, which are not included in the tables above. These leases are expected to commence in 2023, 2024 and 2025 with lease terms of up to 20 years.
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Derivative Instruments (Notes) |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Instruments We use derivative instruments to manage certain of our market risks related to fluctuations in interest rates, deferred compensation liabilities 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. On May 14, 2018, we entered into forward-starting interest rate swaps to fix the interest rate on $1.5 billion of combined borrowings under our Term Loan A and Term Loan B Facilities from July 2021 through March 2025. These interest rate swaps result in fixed rates of 4.06% and 4.81% on the swapped portion of the Term Loan A and Term Loan B Facilities, respectively. These interest rate swaps are designated cash flow hedges as the changes in the future cash flows of the swaps are expected to offset changes in expected future interest payments on the related variable-rate debt. There were no other interest rate swaps outstanding as of December 31, 2022. Gains or losses on the interest rate swaps are reported as a component of AOCI and reclassified into Interest expense, net in our Consolidated Statements of Income in the same period or periods during which the related hedged interest payments affect earnings. Through December 31, 2022, the swaps were highly effective cash flow hedges. Gains and losses on these interest rate swaps recognized in OCI and reclassifiied from AOCI into Net Income were as follows:
As of December 31, 2022, the estimated net gain included in AOCI related to our interest rate swaps that will be reclassified into earnings in the next 12 months is $26 million, based on current LIBOR interest rates. Total Return Swaps Beginning in 2021, 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 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 Consolidated Statements of Income largely offsetting the changes in the associated EID liabilities. We historically used investments in mutual funds to offset fluctuations for a portion of our EID liabilities and whose fair values were determined based on the closing market prices of the respective mutual funds. Upon entering into the total return swaps, we sold these investments in mutual funds and received cash proceeds of $44 million. These proceeds have been classified within Other, net cash flows from investing activities within our Consolidated Statements of Cash Flows. The fair value associated with the total return swaps as of both December 31, 2022 and 2021, 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 December 31, 2022, 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 14 for the fair value of our derivative assets and liabilities.
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Fair Value Disclosures |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures | Fair Value Disclosures As of December 31, 2022, the carrying values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, short-term borrowings, accounts payable and borrowings under our Revolving Facility approximated their fair values because of the short-term nature of these instruments. The fair value of notes receivable net of allowances and lease guarantees less subsequent amortization approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations:
(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 investments, all of which are required to be measured at fair value on a recurring basis (see Note 13 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.
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, 2022 and 2021, primarily include our approximate 5% minority interest in Devyani with a fair value of $116 million and $118 million, respectively. On August 16, 2021, Devyani executed an initial public offering and subsequently the fair value of these equity securities became readily determinable (see Note 5). Prior to the initial public offering the fair value of these equity securities was not readily determinable and we applied the measurement alternative in accordance with ASC Topic 321, Investments - Equity Securities. Non-Recurring Fair Value Measurements During the years ended December 31, 2022, 2021 and 2020, we recognized non-recurring fair value measurements of $, $ and $, respectively, related to restaurant-level impairment. Restaurant-level impairment charges are recorded in Other (income) expense and resulted primarily from our impairment evaluation of long-lived assets of individual restaurants that were being operated at the time of impairment and had not been offered for refranchising. The fair value measurements used in these impairment evaluations were based on discounted cash flow estimates using unobservable inputs (Level 3). These amounts exclude fair value measurements made for assets that were subsequently disposed of prior to those respective year end dates. The remaining net book value of restaurant assets measured at fair value during the years ended December 31, 2022 and 2021, was $20 million and $16 million, respectively. During the year ended December 31, 2020, we also recognized impairment charges related to our Habit Burger Grill reporting unit. See Note 5. During the year ended December 31, 2021, we recognized non-recurring fair value measurements of $6 million related to refranchising related impairment. Refranchising related impairment results from writing down the assets of restaurants or restaurant groups offered for refranchising, including certain instances where a decision has been made to refranchise restaurants that are deemed to be impaired. The fair value measurements used in our impairment evaluation were based on actual bids received from potential buyers (Level 2). The remaining net book value of these restaurants at December 31, 2021, was approximately $6 million.
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Pension, Retiree Medical and Retiree Savings Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retiree Medical Benefits | Pension, Retiree Medical and Retiree Savings Plans U.S. Pension Plans We sponsor qualified and supplemental (non-qualified) noncontributory defined benefit plans covering certain full-time salaried and hourly U.S. employees. The qualified plan meets the requirements of certain sections of the Internal Revenue Code and provides benefits to a broad group of employees with restrictions on discriminating in favor of highly compensated employees with regard to coverage, benefits and contributions. The supplemental plans provides additional benefits to certain employees. We fund our supplemental plans as benefits are paid. The most significant of our U.S. plans is the YUM Retirement Plan (the “Plan”), which is a qualified plan. Our funding policy with respect to the Plan is to contribute amounts necessary to satisfy minimum pension funding requirements, including requirements of the Pension Protection Act of 2006, plus additional amounts from time-to-time as are determined to be necessary to improve the Plan’s funded status. We do not expect to make any significant contributions to the Plan in 2023. 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 significant U.S. plans are currently closed to new hourly participants. We do not anticipate any plan assets being returned to the Company during 2023 for any U.S. plans. Obligation and Funded Status at Measurement Date: The following chart summarizes the balance sheet impact, as well as benefit obligations, assets, and funded status associated with our two significant U.S. pension plans. The actuarial valuations for all plans reflect measurement dates coinciding with our fiscal year end.
A significant component of the overall decrease in the Company’s benefit obligation for the year ended December 31, 2022, was due to an actuarial gain, which was primarily due to an increase in the discount rate used to measure our benefit obligation from 3.00% at December 31, 2021 to 5.60% at December 31, 2022. A significant component of the overall decrease in the Company’s benefit obligation for the year ended December 31, 2021, was due to settlement payments, which were primarily related to a resource optimization program initiated in the third quarter of 2020 (see Note 5).
The accumulated benefit obligation was $740 million and $1,048 million at December 31, 2022 and 2021, respectively.
Components of net periodic benefit cost:
(a)Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits. (b)Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense.
Our estimated long-term rate of return on plan assets represents the weighted-average of expected future returns on the asset categories included in our target investment allocation based primarily on the historical returns for each asset category and future growth expectations. Plan Assets The fair values of our pension plan assets at December 31, 2022 and 2021 by asset category and level within the fair value hierarchy are as follows:
(a)Short-term investments in money market funds. (b)Securities held in common or collective trusts. (c)Investments held directly by the Plan. (d)Includes securities held in common or collective trusts and investments held directly by the Plan. (e)Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy. (f)2022 and 2021 exclude net unsettled trade payables of $49 million and $58 million, respectively. Our primary objectives regarding the investment strategy for the Plan’s assets are to reduce interest rate and market risk and to provide adequate liquidity to meet immediate and future payment requirements. To achieve these objectives, we are using a combination of active and passive investment strategies. As of December 31, 2022, the Plan’s assets consist of the weighted-average target allocation summarized as follows:
In addition to allocation differences between target percentages and actual plan assets at December 31, 2022, allocations to each asset class may vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions and the timing of benefit payments and contributions. Fixed income securities at December 31, 2022, primarily consist of a diversified portfolio of long duration instruments that are intended to mitigate interest rate risk or reduce the interest rate duration mismatch between the assets and liabilities of the Plan. A smaller allocation (constituting 40% of the fixed income target allocation) is to diversified credit investments in a range of public and credit securities, including below investment grade rated bonds and loans, securitized credit and emerging market debt. Equity securities at December 31, 2022, consist primarily of investments in publicly traded common stocks and other equity-type securities issued by companies throughout the world, including convertible securities, preferred stock, rights and warrants. Real assets represent investments in real estate and infrastructure. These may take the form of debt or equity securities in public or private funds. A mutual fund held as an investment by the Plan includes shares of Common Stock valued at $0.1 million and $0.2 million at December 31, 2022 and 2021, respectively, (less than 1% of total plan assets in each instance). Benefit Payments The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are set forth below:
Expected benefit payments are estimated based on the same assumptions used to measure our benefit obligation on the measurement date and include benefits attributable to estimated future employee service. International Pension Plans We also sponsor various defined benefit plans covering certain of our non-U.S. employees, the most significant of which are in the UK. Both of our UK plans have previously been frozen such that they are closed to new participants and existing participants can no longer earn future service credits. At the end of 2022 and 2021, the projected benefit obligations of these UK plans totaled $179 million and $351 million, respectively and plan assets totaled $209 million and $446 million, respectively. These plans were both in a net overfunded position at the end of 2022 and 2021. Total actuarial pre-tax losses related to the UK plans of $64 million and $5 million were recognized in AOCI at the end of 2022 and 2021, respectively. The total net periodic benefit income recorded was $2 million in 2022 and was less than $1 million in both 2021 and 2020. The funding rules for our pension plans outside of the U.S. vary from country to country and depend on many factors including discount rates, performance of plan assets, local laws and regulations. We do not plan to make significant contributions to either of our UK plans in 2023. Retiree Medical Benefits Our post-retirement plan provides health care benefits, principally to U.S. salaried retirees and their dependents, and includes retiree cost-sharing provisions and a cap on our liability. This plan was previously amended such that any salaried employee hired or rehired by YUM after September 30, 2001, is not eligible to participate in this plan. Employees hired prior to September 30, 2001, are eligible for benefits if they meet age and service requirements and qualify for retirement benefits. We fund our post-retirement plan as benefits are paid. At the end of 2022 and 2021, the accumulated post-retirement benefit obligation was $30 million and $42 million, respectively. Actuarial pre-tax gains of $16 million and $6 million were recognized in AOCI at the end of 2022 and 2021, respectively. The net periodic benefit cost recorded was $1 million in each of 2022, 2021 and 2020, the majority of which is interest cost on the accumulated post-retirement benefit obligation. The weighted-average assumptions used to determine benefit obligations and net periodic benefit cost for the post-retirement medical plan are identical to those as shown for the U.S. pension plans. The benefits expected to be paid in each of the next five years are approximately $3 million and in aggregate for the five years thereafter are $12 million. U.S. Retiree Savings Plan We sponsor a contributory plan to provide retirement benefits under the provisions of Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) for eligible U.S. salaried and hourly employees. Participants are able to elect to contribute up to 75% of eligible compensation on a pre-tax basis. Participants may allocate their contributions to one or any combination of multiple investment options or a self-managed account within the 401(k) Plan. We match 100% of the participant’s contribution to the 401(k) Plan up to 6% of eligible compensation. We recognized as compensation expense our total matching contribution of $13 million in 2022, $11 million in 2021 and $10 million in 2020.
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Share-based and Deferred Compensation Plans |
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| Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity and Share-based Payments | Share-based and Deferred Compensation Plans Overview At year end 2022, we had one stock award plan in effect: the Yum! Brands, Inc. Long-Term Incentive Plan (the “LTIP”). Potential awards to employees and non-employee directors under the LTIP include stock options, incentive stock options, SARs, restricted stock, restricted stock units (“RSUs”), performance restricted stock units, performance share units (“PSUs”) and performance units. We have issued only stock options, SARs, RSUs and PSUs under the LTIP. Under the LTIP, the exercise price of stock options and SARs granted must be equal to or greater than the average market price or the ending market price of the Company’s stock on the date of grant. While awards under the LTIP can have varying vesting provisions and exercise periods, outstanding awards under the LTIP vest in periods ranging from immediate to years. Stock options and SARs generally expire years after grant. At year end 2022, approximately 23 million shares were available for future share-based compensation grants under the LTIP. Our EID Plan allows participants to defer receipt of a portion of their annual salary and all or a portion of their incentive compensation. As defined by the EID Plan, we credit the amounts deferred with earnings based on the investment options selected by the participants. These investment options are limited to cash, phantom shares of our Common Stock, phantom shares of a Stock Index Fund and phantom shares of a Bond Index Fund. Investments in cash and phantom shares of both index funds will be distributed in cash at a date as elected by the employee and therefore are classified as a liability on our Consolidated Balance Sheets. We recognize compensation expense for the appreciation or the depreciation, if any, of investments in cash and both of the index funds. Deferrals into the phantom shares of our Common Stock will be distributed in shares of our Common Stock, under the LTIP, at a date as elected by the employee and therefore are classified in Common Stock on our Consolidated Balance Sheets. We do not recognize compensation expense for the appreciation or the depreciation, if any, of investments in phantom shares of our Common Stock. Our EID plan also allows certain participants to defer incentive compensation to purchase phantom shares of our Common Stock and receive a 33% Company match on the amount deferred. Deferrals receiving a match are similar to an RSU award in that participants will generally forfeit both the match and incentive compensation amounts deferred if they voluntarily separate from employment during a vesting period that is years from the date of deferral. We expense the intrinsic value of the match and the incentive compensation amount over the requisite service period which includes the vesting period. Historically, the Company has repurchased shares on the open market in excess of the amount necessary to satisfy award exercises and expects to continue to do so in 2023. In connection with the 2016 spin-off of our China business into an independent, publicly-traded company under the name of Yum China Holdings, Inc. (“Yum China”), under the provisions of our LTIP, employee stock options, SARs, RSUs and PSUs outstanding at that time were adjusted to maintain the pre-spin intrinsic value of the awards. Depending on the tax laws of the country of employment, awards were modified using either the shareholder method or the employer method. Share-based compensation as recorded in Net Income is based on the amortization of the fair value for both YUM and Yum China awards held by YUM employees. The fair value of Yum China awards held by YUM employees became fully amortized in the year ended December 31, 2020. Share issuances for Yum China awards held by YUM employees will be satisfied by Yum China. Share issuances for YUM awards held by Yum China employees are being satisfied by YUM. Award Valuation We estimated the fair value of each stock option and SAR award as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Grants made to executives typically have a graded vesting schedule of 25% per year over years and expire years after grant. We use a single weighted-average term for our awards that have a graded vesting schedule. Based on analysis of our historical exercise and post-vesting termination behavior, we have determined that our executives exercised the awards on average after 6.6 years. When determining expected volatility, we consider both historical volatility of our stock as well as implied volatility associated with our publicly-traded options. The expected dividend yield is based on the annual dividend yield at the time of grant. The fair values of PSU awards without market-based conditions and RSU awards are based on the closing price of our Common Stock on the date of grant. The fair values of PSU awards with market-based conditions have been valued based on the outcome of a Monte Carlo simulation. Award Activity Stock Options and SARs
(a)Outstanding awards include 368 options and 10,913 SARs with weighted average exercise prices of $72.86 and $86.62, respectively. Outstanding awards represent YUM awards held by employees of both YUM and Yum China. The weighted-average grant-date fair value of stock options and SARs granted during 2022, 2021 and 2020 was $26.65, $21.32 and $18.83, respectively. The total intrinsic value of stock options and SARs exercised during the years ended December 31, 2022, 2021 and 2020, was $105 million, $234 million and $170 million, respectively. As of December 31, 2022, $34 million of unrecognized compensation cost related to unvested stock options and SARs, which will be reduced by any forfeitures that occur, is expected to be recognized over a remaining weighted-average period of approximately 1.6 years. The total fair value at grant date of awards held by YUM employees that vested during 2022, 2021 and 2020 (including Yum China awards that became fully vested in 2020) was $31 million, $35 million and $70 million, respectively. RSUs and PSUs As of December 31, 2022, there was $70 million of unrecognized compensation cost related to 1.5 million unvested RSUs and PSUs. The total fair value at grant date of awards that vested during 2022, 2021 and 2020 was $20 million, $20 million and $15 million, respectively. Impact on Net Income The components of share-based compensation expense and the related income tax benefits are shown in the following table:
Cash received from stock option exercises for 2022, 2021 and 2020 was $3 million, $11 million and $10 million, respectively. Tax benefits realized on our tax returns from tax deductions associated with share-based compensation for 2022, 2021 and 2020 totaled $38 million, $72 million and $58 million, respectively.
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Shareholders' Equity |
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | Shareholders’ Deficit Under the authority of our Board of Directors, we repurchased shares of our Common Stock during 2022, 2021 and 2020. All amounts exclude applicable transaction fees.
(a) 2021 amount excludes and 2020 amount includes the effect of $11 million in share repurchases (0.1 million shares) with trade dates on, or prior to, December 31, 2020, but settlement dates subsequent to December 31, 2020. 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. The new authorization took effect during the fourth quarter of 2022 upon the exhaustion of a prior authorization approved in May 2021. As of December 31, 2022, we have remaining capacity to repurchase up to $1.75 billion of Common Stock under the September 2022 authorization. Changes in AOCI are presented below.
(a) Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2022 include amortization of net losses of $, amortization of prior service cost of $5 million, settlement charges of $7 million and related income tax benefit of $6 million. Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2021 include amortization of net losses of $, amortization of prior service cost of $5 million and related income tax benefit of $4 million. See Note 15. (b) See Note 13 for details on amounts reclassified from AOCI.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes U.S. and foreign income before taxes are set forth below:
The details of our income tax provision (benefit) are set forth below:
The reconciliation of income taxes calculated at the U.S. federal statutory rate to our effective tax rate is set forth below:
Statutory rate differential attributable to foreign operations. This item includes local country taxes, withholding taxes, and shareholder-level taxes, net of U.S. foreign tax credits. In 2022, this item was favorably impacted by the ongoing effects of the KFC Europe Reorganization (as described below). In 2021, this item was favorably impacted by the ongoing effects of the KFC Europe Reorganization (as described below) partially offset by the unfavorable impact of recording deferred tax liabilities associated with unremitted foreign earnings. Adjustments to reserves and prior years. This item includes: (1) changes in tax reserves, including interest thereon, established for potential exposure we may incur if a taxing authority takes a position on a matter contrary to our position; and (2) the effects of reconciling income tax amounts recorded in our Consolidated Statements of Income to amounts reflected on our tax returns, including any adjustments to the Consolidated Balance Sheets. In 2022, this item was unfavorably impacted by $17 million of adjustments made to current and deferred tax accounts in various jurisdictions to align with balances supported by 2021 and prior tax filings. Additionally, in 2022 this item was unfavorably impacted by $9 million of reserves established associated with prior year filing positions in various jurisdictions. In 2021, this item was unfavorably impacted by a $22 million reserve established due to a challenge of a prior year filing position in a foreign jurisdiction. In 2020, this item was favorably impacted by $11 million of adjustments made to current and deferred tax accounts in various jurisdictions to align with balances supported by 2019 and prior tax filings. Additionally, in 2020 this item was favorably impacted by a $6 million tax benefit associated with a state settlement. Change in valuation allowances. This item relates to changes for deferred tax assets generated or utilized during the current year and changes in our judgment regarding the likelihood of using deferred tax assets that existed at the beginning of the year. In 2022, this item was favorably impacted by $13 million of tax benefit associated with a valuation allowance release in a foreign jurisdiction resulting from a change in management’s judgement as to realizability of deferred tax assets in that jurisdiction. In 2021, this item was favorably impacted by $15 million of tax benefit associated with a valuation allowance release resulting from a change in management’s judgment as to the realizability of foreign tax credit carryforwards in the U.S. In 2020, this item was favorably impacted by $22 million of tax benefit associated with a valuation allowance release in a foreign jurisdiction resulting from a change in management’s judgement as to realizability of indefinite lived tax loss carryforwards in that jurisdiction. Impact of Russia Exit. Our decision to exit the Russia market resulted in a reduction in the tax basis of KFC IP rights held in Switzerland due to the expected loss of the Russia royalty income associated with such rights going forward. As a result, we remeasured and reassessed the need for a valuation allowance on the associated deferred tax assets. In addition, we reassessed certain deferred tax liabilities associated with the Russia business given the expectation that the existing basis difference will now reverse by way of sale. Primarily as a result of these items, we recorded a net tax expense of $72 million in 2022. Intercompany Restructuring and Valuations of Intellectual Property. In July 2021, we concentrated management responsibility for European (excluding the UK) KFC franchise development, support operations and management oversight in Switzerland (the “KFC Europe Reorganization”). Concurrent with this change in management responsibility, we completed intra-entity transfers of certain KFC IP rights from subsidiaries in the UK to subsidiaries in Switzerland. With the transfers of these rights, we received a step-up in amortizable tax basis to current fair value under applicable Swiss tax law. As a result of this transfer, we recorded a one-time net deferred tax benefit of $152 million in 2021. In December 2021, we continued our KFC Europe Reorganization and completed intra-entity transfers of additional European KFC IP rights from subsidiaries in the U.S. to subsidiaries in Switzerland. With the transfers of these additional rights, we received a step-up in amortizable tax basis to current fair value under applicable Swiss tax law. As a result of this transfer, we recorded a net one-time tax benefit of $35 million in 2021. In the quarter ended December 31, 2022, we performed an annual valuation under Swiss laws of these Swiss IP rights, incorporating current assumptions around the expected future cash flows attributable to the IP. This valuation supported an increase to tax basis of Swiss IP rights associated with parts of our business that will continue to use these IP rights due to expected royalty growth assumptions in those parts of the business that largely offset the loss of Russia royalty income described above. Based on the valuation as well as future forecasting of taxable income, we remeasured and reassessed the need for a valuation allowance on the deferred tax assets in Switzerland. As a result, we recorded a net tax benefit of $75 million in the quarter ended December 31, 2022. Nondeductible Interest. As a result of the enactment of the Tax Cuts and Jobs Act of 2017 (“Tax Act”) on December 22, 2017, deductibility of U.S. interest expense was limited to 30% of U.S. Earnings Before Interest, Taxes, Depreciation and Amortization. Beginning in 2022, deductibility of U.S. interest expense is limited to 30% of U.S. Earnings Before Interest and Taxes. Although the disallowed interest can be carried forward indefinitely, in management’s judgment interest carried forward will not be realizable in the future. In 2021, the Company recorded $23 million of tax expense while in 2020 and 2022, the Company did not record any tax expense associated with disallowed U.S. interest expense. Impact of Tax Law Changes. UK Tax Rate Change – On June 10, 2021, the UK Finance Act 2021 was enacted resulting in an increase in the UK corporate tax rate from 19% to 25%. As such, the Company recognized a $64 million tax benefit in the quarter ended June 30, 2021, associated with remeasuring its deferred tax assets in the UK from 19% to 25%. On July 22, 2020, the UK Finance Act 2020 was enacted resulting in an increase in the UK corporate tax rate from 17% to 19%. As such, the Company recognized a $25 million tax benefit in 2020 associated with remeasuring its deferred tax assets in the UK from 17% to 19%. Companies subject to the Global Intangible Low-Taxed Income provision (GILTI) have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for outside basis temporary differences expected to reverse as GILTI. The Company has elected to account for GILTI as a period cost. The details of 2022 and 2021 deferred tax assets (liabilities) are set forth below:
The details of the 2022 and 2021 valuation allowance activity are set forth below:
Reported in Consolidated Balance Sheets as:
As of December 31, 2022, we had approximately $4.3 billion of unremitted foreign retained earnings. The Tax Act imposed U.S. federal tax on all post-1986 foreign Earnings and Profits accumulated through December 31, 2017. Repatriation of earnings generated after December 31, 2017, will generally be eligible for the 100% dividends received deduction or considered a distribution of previously taxed income and, therefore, exempt from U.S. federal tax. Undistributed foreign earnings may still be subject to certain state and foreign income and withholding taxes upon repatriation. Subject to limited exceptions, we do not intend to indefinitely reinvest our unremitted earnings outside the U.S. Thus, we have provided taxes, including any U.S. federal and state income, foreign income, or foreign withholding taxes on the majority of our unremitted earnings. In jurisdictions where we do intend to indefinitely reinvest our unremitted earnings, we would be required to accrue and pay applicable income taxes (if any) and foreign withholding taxes if the funds were repatriated in taxable transactions. We believe any such taxes would be immaterial. Details of tax loss, credit carryforwards, and expiration dates along with valuation allowances as of December 31, 2022, are as follows:
We recognize the benefit of positions taken or expected to be taken in tax returns in the Consolidated Financial Statements when it is more likely than not that the position would be sustained upon examination by tax authorities. A recognized tax position is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement. At December 31, 2022, the Company had $128 million of gross unrecognized tax benefits, $82 million of which would impact the effective income tax rate if recognized. A reconciliation of the beginning and ending unrecognized tax benefits follows:
The Company believes it is reasonably possible that its unrecognized tax benefits as of December 31, 2022, may decrease by approximately $1 million in the next 12 months due to settlements or statute of limitations expirations. During 2022, 2021, and 2020 the Company recognized less than $1 million, $4 million, and $2 million of net expense, respectively, for interest and penalties in our Consolidated Statements of Income as components of its Income tax provision. At both December 31, 2022, and 2021, the Company has recorded $3 million of net tax receivables, associated with interest and penalties. The Company’s income tax returns are subject to examination in the U.S. federal jurisdiction and numerous U.S. state and foreign jurisdictions. The Company has settled audits with the IRS through fiscal year 2012 and is currently under IRS examination for 2013-2018. Our operations in certain foreign jurisdictions are currently under audit and remain subject to examination for tax years as far back as 1999. See Note 20 for discussion of an Internal Revenue Service Proposed Adjustment.
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Reportable Operating Segments |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reportable Operating Segments | Reportable Operating Segments See Note 1 for a description of our operating segments.
(a)U.S. revenues included in the combined KFC, Taco Bell, Pizza Hut and Habit Burger Grill Divisions totaled $3.9 billion in 2022, $3.6 billion in 2021 and $3.2 billion in 2020. (b)Amounts have not been allocated to any segment for performance reporting purposes. (c)Our operating results reflect revenues from and expenses to support the Russian operations for Pizza Hut, prior to the date of transfer, and KFC, for the entirety of the year ended December 31, 2022 (see Note 3) within their historical financial statement line items and operating segments. However, given our decision to exit Russia and our pledge to direct any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts, we have reclassed such net operating profits from the Division segment results in which they were earned to Unallocated Other income (expense). As a result, we reclassed net operating profits of $44 million from KFC and Pizza Hut Division Other income (expense) to Unallocated Other income (expense) during the year ended December 31, 2022. Also, included in Unallocated Other income (expense) were $13 million in foreign exchange gains attributable to fluctuations in the value of the Russian ruble. Additionally, we recorded charges of $7 million to Corporate and unallocated G&A expenses and $6 million to Unallocated Franchise and property expenses during the year ended December 31, 2022 for certain expenses related to the transfer of the businesses and other one-time costs related to our exit from Russia. (d)Amounts in 2020 include charitable contributions to Yum! Brands Foundation, Inc. of $50 million and $25 million related to our Unlocking Opportunity Initiative and COVID-19 employee relief, respectively. Additionally, 2020 includes $36 million for charges associated with resource optimization (see Note 5). (e)Unallocated Other income (expense) in 2020 includes a charge of $144 million related to the impairment of Habit Burger Grill goodwill (see Note 5). (f)Primarily includes cash and deferred tax assets. (g)U.S. identifiable assets included in the combined Corporate and KFC, Taco Bell, Pizza Hut, and Habit Burger Grill Divisions totaled $2.8 billion at both 2022 and 2021. (h)Includes PP&E, net, goodwill, intangible assets, net and Operating lease right-of-use assets. Excludes KFC Russia long-lived assets of $108 million as of December 31, 2022 which are classified as held for sale and are included in Prepaid expenses and other current assets in our Consolidated Balance Sheet (see Note3).
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Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legal Matters 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 $780 million through December 31, 2022. 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. We are awaiting the IRS Examination Division’s Rebuttal to our Protest. When that Rebuttal is filed, we intend to pursue independent review by 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 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 December 31, 2022, 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 December 31, 2022, 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. Accordingly, the liability recorded for our expected exposure under such leases at both December 31, 2022 and 2021 was not material. Insurance Programs We are self-insured for a substantial portion of our current and prior years’ coverage including property and casualty losses. To mitigate the cost of our exposures for certain property and casualty losses, we self-insure the risks of loss up to defined maximum per occurrence retentions on a line-by-line basis. The Company then purchases insurance coverage, up to a certain limit, for losses that exceed the self-insurance per occurrence retention. The insurers’ maximum aggregate loss limits are significantly above our actuarially determined probable losses; therefore, we believe the likelihood of losses exceeding the insurers’ maximum aggregate loss limits is remote. The following table summarizes the 2022 and 2021 activity related to our net self-insured property and casualty reserves as of December 31, 2022.
Due to the inherent volatility of actuarially determined property and casualty loss estimates, it is reasonably possible that we could experience changes in estimated losses which could be material. We believe that we have recorded reserves for property and casualty losses at a level which has substantially mitigated the potential negative impact of adverse developments and/or volatility. In the U.S. and in certain other countries, we are also self-insured for healthcare claims and long-term disability for eligible participating employees subject to certain deductibles and limitations. We have accounted for our retained liabilities for property and casualty losses, healthcare and long-term disability claims, including reported and incurred but not reported claims, based on information provided by independent actuaries. 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 has been scheduled with the administrative tribunal on March 14, 2023. The stay order remains in effect, and the next hearing in the Delhi High Court is scheduled for May 16, 2023. 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. Yum China License Fee Dispute In December 2022, the Company resolved the previously disclosed dispute regarding license fees due on certain amounts of gross revenue under the terms of the Master License Agreement between the Company and Yum China. 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 Consolidated Financial Statements.
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Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principles of Consolidation and Basis of Preparation | Principles of Consolidation and Basis of Preparation. Intercompany accounts and transactions have been eliminated in consolidation. We consolidate entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. We also consider for consolidation an entity, in which we have certain interests, where the controlling financial interest may be achieved through arrangements that do not involve voting interests. Such an entity, known as a variable interest entity (“VIE”), is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. Our most significant variable interests are in certain entities that operate restaurants under our Concepts’ franchise arrangements. We do not typically provide significant financial support such as loans or guarantees to our franchisees. Thus, our most significant variable interests in franchisees result from real estate lease arrangements to which we are a party. At the end of 2022, YUM has future lease payments due from certain franchisees, on a nominal basis, of approximately $900 million, and we are secondarily liable on certain other lease agreements that have been assigned to certain franchisees. See the Lease Guarantees section in Note 20. As our franchise arrangements provide our franchisee entities the power to direct the activities that most significantly impact their economic performance, we do not consider ourselves the primary beneficiary of any such entity that might otherwise be considered a VIE. We do not have a significant equity interest in any of our franchisee businesses except for a minority interest in an entity, Devyani International Limited (“Devyani”), that owns our KFC India and Pizza Hut India master franchisee rights. This minority interest does not give us the ability to significantly influence this entity. We account for our investment in Devyani as an equity security. As the fair value of this equity security is readily determinable we record changes in fair value in Investment (income) expense, net. We participate in various advertising cooperatives with our franchisees, typically within a country where we have both Company-owned restaurants and franchise restaurants, established to collect and administer funds contributed for use in advertising and promotional programs designed to increase sales and enhance the reputation of the Company and our Concepts. Contributions to the advertising cooperatives are required for both Company-owned, if any, and franchise restaurants and are generally based on a percentage of restaurant sales. We maintain certain variable interests in these cooperatives. As the cooperatives are required to spend all funds collected on advertising and promotional programs, total equity at risk is not sufficient to permit the cooperatives to finance their activities without additional subordinated financial support. Therefore, these cooperatives are VIEs. As a result of our voting rights, we consolidate certain of these cooperatives for which we are the primary beneficiary.
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| Fiscal Year | Fiscal Year. 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, including our Habit Burger Grill Division beginning in 2022, and certain international subsidiaries operate on a weekly periodic calendar where the first three quarters of each fiscal year consists of 12 weeks and the fourth quarter consists of 16 weeks in fiscal years with 52 weeks and 17 weeks in fiscal years with 53 weeks. Our remaining international subsidiaries operate on a monthly calendar similar to that on which YUM operates. For fiscal year 2021 and prior, our Habit Burger Grill Division operated on a weekly periodic calendar where each quarter consisted of 13 weeks. The impact of this change in reporting calendar was not significant and accordingly, prior year amounts presented in these Consolidated Financial Statements have not been restated. Our next fiscal year scheduled to include a 53rd week for our period calendar reporters is 2024.
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| Foreign Currency | Foreign Currency. The functional currency of our foreign entities is the currency of the primary economic environment in which the entity operates. Functional currency determinations are made based upon a number of economic factors, including but not limited to cash flows and financing transactions. The operations, assets and liabilities of our entities outside the U.S. are initially measured using the functional currency of that entity. Income and expense accounts for our operations of these foreign entities are then translated into U.S. dollars at the average exchange rates prevailing during the period. Assets and liabilities of these foreign entities are then translated into U.S. dollars at exchange rates in effect at each period-end balance sheet date. As of December 31, 2022, net cumulative translation adjustment losses of $290 million are recorded in Accumulated other comprehensive income (“AOCI”) in the Consolidated Balance Sheet. The majority of our foreign currency net asset exposure is in countries where we have Company-owned restaurants. As we manage and share resources at the individual brand level within a country, cumulative translation adjustments are recorded and tracked at the foreign-entity level that represents the operations of our individual brands within that country. Translation adjustments recorded in AOCI are subsequently recognized as income or expense generally only upon sale of the related investment in a foreign entity, or upon a sale of assets and liabilities within a foreign entity that represents a complete or substantially complete liquidation of that foreign entity. For purposes of determining whether a sale or complete or substantially complete liquidation of an investment in a foreign entity has occurred, we consider those same foreign entities for which we record and track cumulative translation adjustments. Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in Other (income) expense in our Consolidated Statements of Income.
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| Reclassifications | Reclassifications. We have reclassified certain items in the Consolidated Financial Statements for prior periods to be comparable with the classification for the fiscal year ended December 31, 2022. These reclassifications had no effect on previously reported Net Income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | Revenue Recognition. Below is a discussion of how our revenues are earned, our accounting policies pertaining to revenue recognition under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”) and other required disclosures. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue transaction and collected from a customer are excluded from revenue. Company Sales Revenues from the sale of food items by Company-owned restaurants are recognized as Company sales when a customer purchases the food, which is when our obligation to perform is satisfied. Franchise and Property Revenues Franchise Revenues Our most significant source of revenues arises from the operation of our Concepts’ stores by our franchisees. Franchise rights may be granted through a store-level franchise agreement or through a master franchise agreement that set out the terms of our arrangement with the franchisee. Our franchise agreements require that the franchisee remit continuing fees to us as a percentage of the applicable restaurant’s sales in exchange for the license of the intellectual property associated with our Concepts’ brands (the “franchise right”). Our franchise agreements also typically require certain, less significant, upfront franchise fees such as initial fees paid upon opening of a store, fees paid to renew the term of the franchise right and fees paid in the event the franchise agreement is transferred to another franchisee. Continuing fees represent the substantial majority of the consideration we receive under our franchise agreements. Continuing fees are typically billed and paid monthly and are usually 4% - 6% for store-level franchise agreements. Master franchise agreements allow master franchisees to operate restaurants as well as sub-franchise restaurants within certain geographic territories. The percentage of sales that we receive for restaurants owned or sub-franchised by our master franchisees as a continuing fee is typically less than the percentage we receive for restaurants operating under a store-level franchise agreement. Based on the application of the sales-based royalty exception within Topic 606 continuing fees are recognized as the related restaurant sales occur. Upfront franchise fees are typically billed and paid when a new franchise or sub-franchise agreement becomes effective or when an existing agreement is transferred to another franchisee or sub-franchisee. We have determined that the services we provide in exchange for upfront franchise fees, which primarily relate to pre-opening support, are highly interrelated with the franchise right and are not individually distinct from the ongoing services we provide to our franchisees. As a result, upfront franchise fees are recognized as revenue over the term of each respective franchise or sub-franchise agreement. Revenues for these upfront franchise fees are recognized on a straight-line basis, which is consistent with the franchisee’s or sub-franchisee’s right to use and benefit from the intellectual property. Additionally, from time-to-time we provide consideration to franchisees in the form of cash (e.g. cash payments to offset new build costs) or other incentives (e.g. free or subsidized equipment) with the intent to drive new unit development or same-store sales growth that will result in higher future revenues for the Company. Such payments are capitalized and presented within Prepaid expense and other current assets or Other assets. These assets are being amortized as a reduction in Franchise and property revenues over the period of expected cash flows from the franchise agreements to which the payment relates. Property Revenues From time to time, we enter into rental agreements with franchisees for the lease or sublease of restaurant locations. These rental agreements typically originate from refranchising transactions and revenues related to the agreements are recognized as they are earned. Amounts owed under the rental agreements are typically billed and paid on a monthly basis. Related expenses are presented as Franchise and property expenses within our Consolidated Statements of Income and primarily include depreciation or, in the case of a sublease, rent expense. Franchise Contributions for Advertising and Other Services Advertising Cooperatives We have determined we act as a principal in the transactions entered into by the advertising cooperatives we are required to consolidate based on our responsibility to define the nature of the goods or services provided and/or our commitment to pay for advertising services in advance of the related franchisee contributions. Additionally, we have determined the advertising services provided to franchisees are highly interrelated with the franchise right and therefore not distinct. Franchisees remit to these consolidated advertising cooperatives a percentage of restaurant sales as consideration for providing the advertising services. As a result, revenues for advertising services are recognized when the related franchise restaurant sales occur based on the application of the sales-based royalty exception within Topic 606. Revenues for these services are typically billed and received on a monthly basis. Other Goods or Services On a much more limited basis, we provide goods or services to certain franchisees that are individually distinct from the franchise right because they do not require integration with other goods or services we provide. Such arrangements typically relate to technology, supply chain and quality assurance services. The extent to which we provide such goods or services varies by brand, geographic region and, in some instances, franchisee. In instances where we rely on third parties to provide goods or services to franchisees at our direction, we have determined we act as a principal in these transactions and recognize related revenues as the goods or services are transferred to the franchisee.
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| Direct Marketing Costs | Advertising Costs. To the extent we participate in advertising cooperatives, we, like our participating franchisees, are required to make contributions. Our contributions are based on a percentage of sales of our participating Company restaurants. These contributions as well as direct marketing costs we may incur outside of a cooperative related to Company restaurants are recorded within Company restaurant expenses. Advertising expense included in Company restaurant expenses totaled $78 million, $84 million and $68 million in 2022, 2021 and 2020, respectively. To the extent we consolidate advertising cooperatives, we incur advertising expense as a result of our obligation to spend franchisee contributions to those cooperatives (see above for our accounting for these contributions). Such advertising expense is recorded in Franchise advertising and other services expense and totaled $1,298 million, $1,264 million and $1,079 million in 2022, 2021 and 2020, respectively. At the end of each fiscal year additional advertising costs are accrued to the extent advertising revenues exceed the related advertising expense to date, as we are obligated to expend such amounts on advertising. From time to time, we may make the decision to incur discretionary advertising expenditures on behalf of franchised restaurants. Such amounts are recorded within Franchise and property expenses and totaled $8 million, $11 million and $10 million in 2022, 2021 and 2020, respectively. To the extent the advertising cooperatives we are required to consolidate are unable to collect amounts due from franchisees they incur bad debt expense. In 2022, we recorded a $6 million net provision and in 2021 and 2020, we recorded $6 million and $7 million in net recoveries, respectively. To the extent our consolidated advertising cooperatives have a provision or recovery for bad debt expense, the cooperative’s advertising spend obligation is adjusted such that there is no net impact within our Financial Statements.
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| Share-Based Employee Compensation | Share-Based Employee Compensation. We recognize ongoing share-based payments to employees, including grants of employee stock options and stock appreciation rights (“SARs”), in the Consolidated Financial Statements as compensation cost over the service period based on their fair value on the date of grant. This compensation cost is recognized over the service period on a straight-line basis, net of an assumed forfeiture rate, for awards that actually vest. Forfeiture rates are estimated at grant date based on historical experience and compensation cost is adjusted in subsequent periods for differences in actual forfeitures from the previous estimates. We present this compensation cost consistent with the other compensation costs for the employee recipient in G&A, Franchise advertising and other services expense or Company restaurant expenses. See Note 16 for further discussion of our share-based compensation plans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legal Costs | Legal Costs. Settlement costs are accrued when they are deemed probable and reasonably estimable. Anticipated legal fees related to self-insured workers’ compensation, employment practices liability, general liability, automobile liability, product liability and property losses (collectively, “property and casualty losses”) are accrued when deemed probable and reasonably estimable. Legal fees not related to self-insured property and casualty losses are recognized as incurred. See Note 20 for further discussion of our legal proceedings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment or Disposal of Property, Plant and Equipment | Impairment or Disposal of Long-Lived Assets. Long-lived assets, including Property, plant and equipment (“PP&E”) as well as right-of-use operating lease assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assets are not recoverable if their carrying value is less than the undiscounted cash flows we expect to generate from such assets. If the assets are not deemed to be recoverable, impairment is measured based on the excess of their carrying value over their fair value. For purposes of impairment testing for our restaurants, we have concluded that an individual restaurant is the lowest level of independent cash flows unless it is more likely than not that we will refranchise restaurants as a group. We review our long-lived assets of such individual restaurants (primarily PP&E, right-of-use operating lease assets and allocated intangible assets subject to amortization) that we intend to continue operating as Company restaurants annually for impairment, or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We use two consecutive years of operating losses as our primary indicator of potential impairment for our annual impairment testing of these restaurant assets. We evaluate the recoverability of these restaurant assets by comparing the estimated undiscounted future cash flows, which are based on our entity-specific assumptions, to the carrying value of such assets. For restaurant assets that are not deemed to be recoverable, we write-down an impaired restaurant to its estimated fair value, which becomes its new cost basis. Fair value is an estimate of the price a franchisee would pay for the restaurant and its related assets, including any right-of-use assets, and is determined by discounting the estimated future after-tax cash flows of the restaurant, which include a deduction for royalties we would receive under a franchise agreement with terms substantially at market. The after-tax cash flows incorporate reasonable assumptions we believe a franchisee would make such as sales growth and margin improvement. The discount rate used in the fair value calculation is our estimate of the required rate of return that a franchisee would expect to receive when purchasing a similar restaurant and the related long-lived assets. The discount rate incorporates rates of returns for historical refranchising market transactions and is commensurate with the risks and uncertainty inherent in the forecasted cash flows. Individual restaurant-level impairment is recorded within Other (income) expense. Any right-of-use asset may alternatively be valued at the amount we could receive for such right-of-use asset from a third-party that is not a franchisee through a sublease if doing so would result in less overall impairment of the restaurant assets in total. In executing our refranchising initiatives, we most often offer groups of restaurants for sale. When we believe it is more likely than not a restaurant or groups of restaurants will be refranchised for a price less than their carrying value, but do not believe the restaurant(s) have met the criteria to be classified as held for sale, we review the restaurants for impairment. We evaluate the recoverability of these restaurant assets by comparing estimated sales proceeds plus holding period cash flows, if any, to the carrying value of the restaurant or group of restaurants. For restaurant assets that are not deemed to be recoverable, we recognize impairment for any excess of carrying value over the fair value of the restaurants, which is based on the expected net sales proceeds. To the extent ongoing agreements to be entered into with the franchisee simultaneous with the refranchising are expected to contain terms, such as royalty rates or rental payments, not at prevailing market rates, we consider the off-market terms in our impairment evaluation. We recognize any such impairment charges in Refranchising (gain) loss. We recognize gains on restaurant refranchisings when the sale transaction closes and control of the restaurant operations have transferred to the franchisee. When we decide to close a restaurant, it is reviewed for impairment, which includes an estimate of sublease income that could be reasonably obtained, if any, in relation to the right-of-use operating lease asset. Additionally, depreciable lives are adjusted based on the expected disposal date. Other costs incurred when closing a restaurant such as costs of disposing of the assets as well as other facility-related expenses from previously closed stores are generally expensed as incurred. Any costs recorded upon store closure as well as any changes in estimates of sublease income or subsequent adjustments to liabilities for remaining lease obligations as a result of lease termination are recorded in Other (income) expense. To the extent we sell assets, primarily land, associated with a closed store, any gain or loss upon that sale is also recorded in Other (income) expense. Management judgment is necessary to estimate future cash flows, including cash flows from continuing use, terminal value, sublease income and refranchising proceeds. Accordingly, actual results could vary significantly from our estimates.
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| Guarantees | Guarantees. We recognize, at inception of a guarantee, a liability for the fair value of certain obligations undertaken. Additionally, effective January 1, 2020, we adopted the Financial Accounting Standards Board’s Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (“Topic 326”) which required that we also recognize as a liability the expected credit losses over the life of such guarantees. As a result of the adoption of Topic 326, we recorded a cumulative adjustment to Accumulated deficit of $8 million to establish such expected credit loss liability for our outstanding guarantees. The majority of our guarantees are issued as a result of assigning our interest in obligations under operating leases as a condition to the refranchising of certain Company restaurants. We recognize a liability for such lease guarantees upon refranchising and upon subsequent renewals of such leases when we remain secondarily liable. The related expense and any subsequent changes are included in Refranchising (gain) loss. Any expense and subsequent changes in the guarantees for other franchise support guarantees not associated with a refranchising transaction are included in Franchise and property expenses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes. We record deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss, capital loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences or carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in our Income tax provision in the period that includes the enactment date. Additionally, in determining the need for recording a valuation allowance against the carrying amount of deferred tax assets, we consider the amount of taxable income and periods over which it must be earned, actual levels of past taxable income and known trends and events or transactions that are expected to affect future levels of taxable income. Where we determine that it is more likely than not that all or a portion of an asset will not be realized, we record a valuation allowance. We recognize the benefit of positions taken or expected to be taken in our tax returns in our Income tax provision when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon settlement with the taxing authorities. We evaluate these amounts on a quarterly basis to ensure that they have been appropriately adjusted for audit settlements and other events we believe may impact the outcome. Changes in judgment that result in subsequent recognition, derecognition or a change in measurement of a tax position taken in a prior annual period (including any related interest and penalties) are recognized as a discrete item in the interim period in which the change occurs. We recognize accrued interest and penalties related to unrecognized tax benefits as components of our Income tax provision. We do not record a deferred tax liability for unremitted earnings of our foreign subsidiaries to the extent that the earnings meet the indefinite reversal criteria. This criteria is met if the foreign subsidiary has invested, or will invest, the earnings indefinitely. The decision as to the amount of unremitted earnings that we intend to maintain in non-U.S. subsidiaries considers items including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity plans and expected cash requirements in the U.S. See Note 18 for a further discussion of our income taxes.
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| Fair Value Measurements | Fair Value Measurements. Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. For those assets and liabilities we record or disclose at fair value, we determine fair value based upon the quoted market price, if available. If a quoted market price is not available for identical assets, we determine fair value based upon the quoted market price of similar assets or the present value of expected future cash flows considering the risks involved, including counterparty performance risk if appropriate, and using discount rates appropriate for the duration. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation.
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| Cash and Cash Equivalents | Cash and Cash Equivalents. Cash equivalents represent funds we have temporarily invested (with original maturities not exceeding three months), including short-term, highly liquid debt securities. Cash and overdraft balances that meet the criteria for right of setoff are presented net on our Consolidated Balance Sheet. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables | Receivables. The Company’s receivables are primarily generated from ongoing business relationships with our franchisees as a result of franchise agreements, including contributions due to advertising cooperatives we consolidate. These receivables from franchisees are generally due within 30 days of the period in which the corresponding sales occur and are classified as Accounts and notes receivable, net on our Consolidated Balance Sheet and are presented net of expected credit losses. Expected credit losses for uncollectible franchisee receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions we consider include pre-defined aging criteria as well as specified events that indicate we may not collect the balance due. Reasonable and supportable forecasts used in determining the probability of future collection consider publicly available data regarding default probability. While we use the best information available in making our determination, the ultimate recovery of recorded receivables is dependent upon future economic events and other conditions that may be beyond our control. Receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. We recorded $5 million and $12 million of net bad debt expense in 2022 and 2020, respectively, and $8 million of net bad debt recoveries in 2021, within Franchise and property expenses related to continuing fees, initial fees and rent receivables from our franchisees. Accounts and notes receivable as well as the Allowance for doubtful accounts, including balances attributable to our consolidated advertising cooperatives, as of December 31, 2022 and 2021, respectively, are as follows:
Our financing receivables primarily consist of notes receivables and direct financing leases with franchisees which we enter into from time-to-time. As these receivables primarily relate to our ongoing business agreements with franchisees, we consider such receivables to have similar risk characteristics and evaluate them as one collective portfolio segment and class for determining the allowance for doubtful accounts. Balances of notes receivable and direct financing leases due within one year are included in Accounts and notes receivable, net while amounts due beyond one year are included in Other assets. Amounts included in Other assets totaled $64 million (net of an allowance of less than $1 million) and $68 million (net of an allowance of less than $1 million) at December 31, 2022, and December 31, 2021, respectively. Financing receivables that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. Interest income recorded on financing receivables has historically been insignificant.
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| Accounts and notes receivable, net | Accounts and notes receivable as well as the Allowance for doubtful accounts, including balances attributable to our consolidated advertising cooperatives, as of December 31, 2022 and 2021, respectively, are as follows:
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| Property, Plant and Equipment | Property, Plant and Equipment. PP&E is carried net of accumulated depreciation and amortization. We calculate depreciation and amortization on a straight-line basis over the estimated useful lives of the assets as follows: 5 to 25 years for buildings and leasehold improvements and 3 to 20 years for machinery and equipment. We suspend depreciation and amortization on assets that are held for sale. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases and Leasehold Improvements | Leases and Leasehold Improvements. We lease land, buildings or both for certain of our Company-operated restaurants and restaurant support centers worldwide. Rent expense for leased Company-operated restaurants is presented in our Consolidated Statements of Income within Company restaurant expenses and rent expense for restaurant support centers is presented within G&A. The length of our lease terms, which vary by country and often include renewal options, are an important factor in determining the appropriate accounting for leases including the initial classification of the lease as finance or operating as well as the timing of recognition of rent expense over the duration of the lease. We include renewal option periods in determining the term of our leases when failure to renew the lease would impose a penalty on the Company in such an amount that a renewal appears to be reasonably certain at the commencement of the lease. The primary penalty to which we are subject is the economic detriment associated with the existence of leasehold improvements that might be impaired if we choose not to continue the use of the leased property. Leasehold improvements are amortized over the shorter of their estimated useful lives or the lease term. We generally do not receive leasehold improvement incentives upon opening a store that is subject to a lease. We expense rent associated with leased land or buildings while a restaurant is being constructed whether rent is paid or we are subject to a rent holiday. Our leasing activity for other assets, including equipment, is not significant. Right-of-use assets and liabilities are recognized upon lease commencement for operating and finance leases based on the present value of lease payments over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Subsequent amortization of the right-of-use asset and accretion of the lease liability for an operating lease is recognized as a single lease cost, on a straight-line basis, over the lease term. For finance leases, the right-of-use asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. As most of our leases do not provide an implicit discount rate, we use our incremental secured borrowing rate based on the information available at commencement date, including the lease term and currency, in determining the present value of lease payments for both operating and finance leases. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet; we recognize rent expense for these leases on a straight-line basis over the lease term. Right-of-use assets are assessed for impairment in accordance with our long-lived asset impairment policy, which is performed annually for restaurant-level assets or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We reassess lease classification and remeasure right-of-use assets and lease liabilities when a lease is modified and that modification is not accounted for as a separate new lease or upon certain other events that require reassessment. The difference between operating lease single lease cost recognized in our Consolidated Statements of Income and cash payments for operating leases is recognized within Other, net within Net Cash Provided by Operating Activities in our Consolidated Statements of Cash Flows.In certain instances, we lease or sublease certain restaurants to franchisees. Our lessor and sublease portfolio primarily consists of stores that have been leased to franchisees subsequent to refranchising transactions. Our most significant leases with lease and non-lease components are leases with our franchisees that include both the right to use a restaurant as well as a license of the intellectual property associated with our Concepts’ brands. For these leases, which are primarily classified as operating leases, we account for the lease and non-lease components separately. Revenues from rental agreements with franchisees are presented within Franchise and property revenues in our Consolidated Statements of Income and related expenses (e.g. depreciation and rent expense) are presented within Franchise and property expenses.
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| Goodwill and Intangible Assets | Goodwill and Intangible Assets. From time-to-time, the Company acquires restaurants from one of our Concept’s franchisees or acquires another business. Goodwill from these acquisitions represents the excess of the cost of a business acquired over the net of the amounts assigned to assets acquired, including identifiable intangible assets, and liabilities assumed. Goodwill is not amortized and has been assigned to reporting units for purposes of impairment testing. Our reporting units are our business units (which are aligned based on geography) in our KFC, Taco Bell, Pizza Hut and Habit Burger Grill Divisions. We evaluate goodwill for impairment on an annual basis or more often if an event occurs or circumstances change that indicate impairment might exist. We have selected the beginning of our fourth quarter as the date on which to perform our ongoing annual impairment test for goodwill. We may elect to perform a qualitative assessment for our reporting units to determine whether it is more likely than not that the fair value of the reporting unit is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, then the reporting unit’s fair value is compared to its carrying value. Fair value is the price a willing buyer would pay for a reporting unit, and is generally estimated using discounted expected future after-tax cash flows from Company-owned restaurant operations, if any, and franchise royalties. The discount rate is our estimate of the required rate of return that a third-party buyer would expect to receive when purchasing a business from us that constitutes a reporting unit. We believe the discount rate is commensurate with the risks and uncertainty inherent in the forecasted cash flows. An impairment charge is recognized based on the excess of a reporting unit’s carrying amount over its fair value. If we record goodwill upon acquisition of a restaurant(s) from a franchisee and such restaurant(s) is then sold within two years of acquisition, the goodwill associated with the acquired restaurant(s) is written off in its entirety. If the restaurant is refranchised two years or more subsequent to its acquisition, we include goodwill in the carrying amount of the restaurants disposed of based on the relative fair values of the portion of the reporting unit disposed of in the refranchising and the portion of the reporting unit that will be retained. The fair value of the portion of the reporting unit disposed of in a refranchising is determined by reference to the discounted value of the future cash flows expected to be generated by the restaurant and retained by the franchisee, which includes a deduction for the anticipated, future royalties the franchisee will pay us associated with the franchise agreement entered into simultaneously with the refranchising transition. The fair value of the reporting unit retained is based on the price a willing buyer would pay for the reporting unit and includes the value of franchise agreements. Appropriate adjustments are made if a franchise agreement includes terms that are determined to not be at prevailing market rates. As such, the fair value of the reporting unit retained can include expected future cash flows from royalties from those restaurants currently being refranchised, royalties from existing franchise businesses and company restaurant operations. As a result, the percentage of a reporting unit’s goodwill that will be written off in a refranchising transaction will be less than the percentage of the reporting unit’s Company-owned restaurants that are refranchised in that transaction and goodwill can be allocated to a reporting unit with only franchise restaurants. We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. If an intangible asset that is not being amortized is subsequently determined to have a finite useful life, we amortize the intangible asset prospectively over its estimated remaining useful life. Intangible assets that are deemed to have a finite life are amortized on a straight-line basis to their residual value. We evaluate our indefinite-lived intangible assets for impairment on an annual basis or more often if an event occurs or circumstances change that indicate impairments might exist. We perform our annual test for impairment of our indefinite-lived intangible assets at the beginning of our fourth quarter. We may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of an indefinite-lived intangible asset exceeds its carrying value, then the asset’s fair value is compared to its carrying value. Fair value is an estimate of the price a willing buyer would pay for the intangible asset and is estimated by discounting the expected future after-tax cash flows associated with the intangible asset. Our finite-lived intangible assets that are not allocated to an individual restaurant are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. An intangible asset that is deemed not recoverable on an undiscounted basis is written down to its estimated fair value, which is our estimate of the price a willing buyer would pay for the intangible asset based on discounted expected future after-tax cash flows. Capitalized Software. We state capitalized software at cost less accumulated amortization within Intangible assets, net on our Consolidated Balance Sheets. We calculate amortization on a straight line basis over the estimated useful life of the software which ranges from 3 to 7 years upon initial capitalization.
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| Derivative Financial Instruments | Derivative Financial Instruments. We use derivative instruments primarily to hedge interest rate and foreign currency risks, and to reduce our exposure to market-driven charges in certain of the liabilities associated with employee compensation deferrals into our Executive Income Deferral (“EID”) Plan. These derivative contracts are entered into with financial institutions. We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use. We record all derivative instruments on our Consolidated Balance Sheet at fair value. For derivative instruments that are designated and qualify as a cash flow hedge, gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately. 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 carefully selected major financial institutions based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. At December 31, 2022 and December 31, 2021, 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.
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| Common Stock Share Repurchases | Common Stock Share Repurchases. From time-to-time, we repurchase shares of our Common Stock under share repurchase programs authorized by our Board of Directors. Shares repurchased constitute authorized, but unissued shares under the North Carolina laws under which we are incorporated. Additionally, our Common Stock has no par or stated value. Accordingly, we record the full value of share repurchases, or other deductions to Common Stock such as shares cancelled upon employee share-based award exercises, upon the trade date, against Common Stock on our Consolidated Balance Sheet except when to do so would result in a negative balance in such Common Stock account. In such instances, on a period basis, we record the cost of any further share repurchases or other deductions to Common Stock as an addition to Accumulated deficit. Due to the large number of share repurchases of our stock over the past several years, our Common Stock balance is frequently zero at the end of any period. Accordingly, $1,131 million, $1,549 million and $179 million in share repurchases in 2022, 2021 and 2020, respectively, were recorded as an addition to Accumulated deficit. See Note 17 for additional information on our share repurchases. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Post-retirement Medical Benefits | Pension and Post-retirement Medical Benefits. We measure and recognize the overfunded or underfunded status of our pension and post-retirement plans as an asset or liability in our Consolidated Balance Sheet as of our fiscal year end. The funded status represents the difference between the projected benefit obligations and the fair value of plan assets, which is calculated on a plan-by-plan basis. The projected benefit obligation and related funded status are determined using assumptions as of the end of each year. The projected benefit obligation is the present value of benefits earned to date by plan participants, including the effect of future salary increases, as applicable. The difference between the projected benefit obligations and the fair value of plan assets that has not previously been recognized in our Consolidated Statement of Income is recorded as a component of AOCI. The net periodic benefit costs associated with the Company’s defined benefit pension and post-retirement medical plans are determined using assumptions regarding the projected benefit obligation and, for funded plans, the market-related value of plan assets as of the beginning of each year, or remeasurement period if applicable. We record the service cost component of net periodic benefit costs in G&A. Non-service cost components are recorded in Other pension (income) expense. We have elected to use a market-related value of plan assets to calculate the expected return on assets, net of administrative and investment fees paid from plan assets, in net periodic benefit costs. For each individual plan we amortize into pension expense the net amounts in AOCI, as adjusted for the difference between the fair value and market-related value of plan assets, to the extent that such amounts exceed 10% of the greater of a plan’s projected benefit obligation or market-related value of assets, over the remaining service period of active participants in the plan or, for plans with no active participants, over the expected average life expectancy of the inactive participants in the plan. The market-related value of plan assets is the fair value of plan assets as of the beginning of each year adjusted for variances between actual returns and expected returns. We attribute such variances to the market-related value of plan assets evenly over five years. We record a curtailment when an event occurs that significantly reduces the expected years of future service or eliminates the accrual of defined benefits for the future services of a significant number of employees. We record a curtailment gain when the employees who are entitled to the benefits terminate their employment; we record a curtailment loss when it becomes probable a loss will occur. We recognize settlement gains or losses only when we have determined that the cost of all settlements in a year will exceed the sum of the service and interest costs within an individual plan. Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board issued guidance related to reference rate reform. This guidance was updated in December 2022. The guidance provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2024. We adopted this guidance during fiscal year 2022. The adoption of the new guidance did not have a material impact to our Consolidated Financial Statements.
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| Franchise Support Costs | Franchise Support Costs. Certain direct costs of our franchise operations are charged to Franchise and property expenses. These costs include provisions for estimated uncollectible upfront and continuing fees, rent or depreciation expense associated with restaurants we lease or sublease to franchisees, marketing funding on behalf of franchisees, amortization expense for franchise-related intangible assets, value added taxes on royalties and certain other direct incremental franchise support costs. The costs we incur to provide support services to our franchisees for which we do not receive a reimbursement are charged to General and administrative expenses (“G&A”) as incurred. Expenses related to the provisioning of goods or services for which we receive reimbursement for all or substantially all of the expense amount from a franchisee are recorded in Franchise advertising and other services expense (the associated revenue is recorded within Franchise contributions for advertising and other services as described above). The majority of these expenses relate to advertising and are incurred on behalf of franchisees by the advertising cooperatives we are required to consolidate. These expenses are accounted for as described in the Advertising Costs policy below. For such expenses that do not relate to advertising the expenses are recognized as incurred.
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts and notes receivable as well as the Allowance for doubtful accounts, including balances attributable to our consolidated advertising cooperatives, as of December 31, 2022 and 2021, respectively, are as follows:
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Earnings Per Common Share ("EPS") (Tables) |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share |
(a)These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.
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Items Affecting Comparability of Net Income and Cash Flows (Tables) |
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| Refranchising (gain) loss [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Facility Actions | A summary of Refranchising (gain) loss is as follows:
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Revenue Recognition (Tables) |
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| Disaggregation of Revenue [Table Text Block] |
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| Deferred Revenue, by Arrangement, Disclosure [Table Text Block] |
(a) Includes impact of foreign currency translation, as well as, in 2021, the recognition of deferred franchise fees into Refranchising (gain) loss upon the modification of existing franchise agreements when entering into master franchise agreements.
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| 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:
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Supplemental Cash Flow Data (Tables) |
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| Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash paid for interest and income taxes, and significant non-cash investing and financing activities |
(a)Amounts exclude payments of $23 million in 2022 and $28 million in both 2021 and 2020 classified as Interest expense in our Consolidated Statements of Income which are included in Repayments of long-term debt within financing activities in our Consolidated Statements of Cash Flows (see Note 11). (b)In 2020 we received as refranchising consideration a minority interest in an entity (Devyani) that owns our KFC India and Pizza Hut India master franchisee rights (see Note 5). (c)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 (see Note 11). (d)Primarily trust accounts related to our self-insurance program.
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Other (Income) Expense (Tables) |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (Income) Expense Table |
(a) The year ended December 31, 2020, includes a charge of $144 million related to the impairment of Habit Burger Grill goodwill (see Note 5).
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Supplemental Balance Sheet Information (Tables) |
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| Supplemental Balance Sheet Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepaid Expenses and Other Current Assets |
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| Property, Plant and Equipment |
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| Schedule of Other Assets |
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| Accounts Payable and Other Current Liabilities |
(a) Assets and liabilities held for sale reflect the carrying value of restaurants we have offered for sale to franchisees, excess properties that we do not intend to use for restaurant operations in the future and, at December 31, 2022, the assets and liabilities of KFC Russia (see Note 3). KFC Russia assets held for sale accounted for $185 million, including property, plant and equipment of $59 million, of the $190 million, while KFC Russia liabilities held for sale accounted for all of the $65 million as of December 31, 2022.
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Goodwill and Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill are as follows:
(a)Goodwill, net includes $144 million of accumulated impairment losses related to our Habit Burger Grill segment and $17 million of accumulated impairment losses related to our Pizza Hut segment for each year presented. (b)Disposals and other, net includes the impact of foreign currency translation on existing balances and goodwill write-offs associated with refranchising.
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| Schedule Of Finite And Indefinite Lived Intangible Assets By Major Class | Intangible assets, net for the years ended 2022 and 2021 are as follows:
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Short-term Borrowings and Long-term Debt (Tables) |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt [Table Text Block] |
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| Securitization Notes issued that remain outstanding | The following table summarizes Securitization Notes outstanding at December 31, 2022:
(a)The legal final maturity dates of the Securitization Notes issued in 2016, 2018 and 2021 are May 2046, November 2048 and August 2051, respectively. If the Issuer has not repaid or refinanced a series of Securitization Notes prior to its respective Anticipated Repayment Dates, rapid amortization of principal on all Securitization Notes will occur and additional interest will accrue on the Securitization Notes. (b)Includes the effects of the amortization of any discount and debt issuance costs.
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| Credit Agreement and Subsidiary Senior Unsecured Notes issued that remain outstanding |
(a)The interest rates applicable to the Term Loan A Facility as well as the Revolving Facility range from 0.75% to 1.50% plus LIBOR or from 0.00% to 0.50% plus the Base Rate (as defined in the Credit Agreement), at the Borrowers’ election, based upon the total leverage ratio (as defined in the Credit Agreement). As of December 31, 2022, the interest rate spreads on the LIBOR and Base Rate applicable to our Term Loan A Facility were 1.00% and 0.00%, respectively. The interest rates applicable to the Term Loan B Facility are 1.75% plus LIBOR or 0.75% plus the Base Rate, at the Borrowers’ election. (b) Includes the effects of the amortization of any discount and debt issuance costs as well as the impact of the interest rate swaps on the Term Loan A and Term Loan B Facilities (see Note 13). The effective rates related to our Term Loan A and B Facilities are based on LIBOR-based interest rates at December 31, 2022.
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| Senior Unsecured Notes issued that remain outstanding | The following table summarizes all YUM Senior Unsecured Notes issued that remain outstanding at December 31, 2022:
(a)Includes the effects of the amortization of any (1) premium or discount; (2) debt issuance costs; and (3) gain or loss upon settlement of related treasury locks and forward starting interest rate swaps utilized to hedge the interest rate risk prior to debt issuance.
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| Annual maturities of short-term borrowings and long-term debt excluding capital lease obligations and derivative instrument adjustments | The annual maturities of all Short-term borrowings and Long-term debt as of December 31, 2022, excluding finance lease obligations of $ and debt issuance costs and discounts of $92 million are as follows:
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost |
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| Condensed Cash Flow Statement |
(a) The year ended December 31, 2020, includes right-of-use assets acquired as part of the acquisition of Habit Burger Grill of $196 million.
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| Condensed Balance Sheet |
(a) U.S. operating lease right-of-use assets and liabilities totaled $515 million and $575 million, respectively, as of December 31, 2022, and $516 million and $577 million, respectively, as of December 31, 2021. These amounts primarily related to Taco Bell U.S. and the Habit Burger Grill including leases related to Company-operated restaurants, leases related to franchise-operated restaurants we sublease and the Taco Bell and Habit Burger Grill restaurant support center. At December 31, 2022, KFC Russia operating and finance lease right-of-use assets of $ and $, respectively, have been classified as held for sale and are included in Prepaid expenses and other current assets in our Consolidated Balance Sheet (see Note 3). The associated KFC Russia operating and finance lease liabilities of $ and $, respectively, have also been classified as held for sale and are included in Accounts payable and other current liabilities in our Consolidated Balance Sheet. Such amounts are not reflected in the Supplemental Balance Sheet Information above.
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| Future minimum commitments and amounts to be received as lessor or sublessor under non-cancelable leases | Future minimum lease payments, including rental payments for lease renewal options we are reasonably certain to exercise, and amounts to be received as lessor or sublessor as of December 31, 2022, were as follows:
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Derivative Instruments (Tables) |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments, Gain (Loss) [Table Text Block] | Gains and losses on these interest rate swaps recognized in OCI and reclassifiied from AOCI into Net Income were as follows:
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Fair Value Disclosures (Tables) |
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| 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:
(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.
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| Fair Value Measurements, Recurring Basis | The following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall.
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Pension, Retiree Medical and Retiree Savings Plans (Tables) |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funded status of pension plans |
A significant component of the overall decrease in the Company’s benefit obligation for the year ended December 31, 2022, was due to an actuarial gain, which was primarily due to an increase in the discount rate used to measure our benefit obligation from 3.00% at December 31, 2021 to 5.60% at December 31, 2022. A significant component of the overall decrease in the Company’s benefit obligation for the year ended December 31, 2021, was due to settlement payments, which were primarily related to a resource optimization program initiated in the third quarter of 2020 (see Note 5).
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| Amounts recognized in the Consolidated Balance Sheet |
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| Pension plans with an accumulated benefit obligation in excess of pan assets |
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| Components of net periodic benefit cost | Components of net periodic benefit cost:
(a)Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits. (b)Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense.
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| Pension losses in accumulated other comprehensive income (loss) |
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| Schedule of Accumulated pre-tax losses recognized in Accumulated Other Comprehensive Income |
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| Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost |
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| Schedule of Changes in Fair Value of Plan Assets | The fair values of our pension plan assets at December 31, 2022 and 2021 by asset category and level within the fair value hierarchy are as follows:
(a)Short-term investments in money market funds. (b)Securities held in common or collective trusts. (c)Investments held directly by the Plan. (d)Includes securities held in common or collective trusts and investments held directly by the Plan. (e)Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy. (f)2022 and 2021 exclude net unsettled trade payables of $49 million and $58 million, respectively.
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| Fair values of pension plan assets | As of December 31, 2022, the Plan’s assets consist of the weighted-average target allocation summarized as follows:
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| Expected benefit payments | The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are set forth below:
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Share-based and Deferred Compensation Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation Related Costs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average assumptions used in the Black-Scholes option-pricing model | We estimated the fair value of each stock option and SAR award as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
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| Summary of award activity | Stock Options and SARs
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[1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impact on net income | The components of share-based compensation expense and the related income tax benefits are shown in the following table:
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Shareholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase Of Shares Of Common Stock |
(a) 2021 amount excludes and 2020 amount includes the effect of $11 million in share repurchases (0.1 million shares) with trade dates on, or prior to, December 31, 2020, but settlement dates subsequent to December 31, 2020.
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| Schedule of changes in accumulated other comprehensive income | Changes in AOCI are presented below.
(a) Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2022 include amortization of net losses of $, amortization of prior service cost of $5 million, settlement charges of $7 million and related income tax benefit of $6 million. Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2021 include amortization of net losses of $, amortization of prior service cost of $5 million and related income tax benefit of $4 million. See Note 15. (b) See Note 13 for details on amounts reclassified from AOCI.
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | U.S. and foreign income before taxes are set forth below:
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| Details of income tax provision (benefit) | The details of our income tax provision (benefit) are set forth below:
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| Effective income tax and tax rate reconciliation | The reconciliation of income taxes calculated at the U.S. federal statutory rate to our effective tax rate is set forth below:
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| Details of deferred tax assets (liabilities) |
The details of the 2022 and 2021 valuation allowance activity are set forth below:
Reported in Consolidated Balance Sheets as:
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| Loss carryforwards, by year of expiration |
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| Unrecognized tax benefits reconciliation |
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Reportable Operating Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Revenue from Segments to Consolidated |
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| Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
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| Reconciliation of Other Significant Reconciling Items from Segments to Consolidated |
(a)U.S. revenues included in the combined KFC, Taco Bell, Pizza Hut and Habit Burger Grill Divisions totaled $3.9 billion in 2022, $3.6 billion in 2021 and $3.2 billion in 2020. (b)Amounts have not been allocated to any segment for performance reporting purposes. (c)Our operating results reflect revenues from and expenses to support the Russian operations for Pizza Hut, prior to the date of transfer, and KFC, for the entirety of the year ended December 31, 2022 (see Note 3) within their historical financial statement line items and operating segments. However, given our decision to exit Russia and our pledge to direct any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts, we have reclassed such net operating profits from the Division segment results in which they were earned to Unallocated Other income (expense). As a result, we reclassed net operating profits of $44 million from KFC and Pizza Hut Division Other income (expense) to Unallocated Other income (expense) during the year ended December 31, 2022. Also, included in Unallocated Other income (expense) were $13 million in foreign exchange gains attributable to fluctuations in the value of the Russian ruble. Additionally, we recorded charges of $7 million to Corporate and unallocated G&A expenses and $6 million to Unallocated Franchise and property expenses during the year ended December 31, 2022 for certain expenses related to the transfer of the businesses and other one-time costs related to our exit from Russia. (d)Amounts in 2020 include charitable contributions to Yum! Brands Foundation, Inc. of $50 million and $25 million related to our Unlocking Opportunity Initiative and COVID-19 employee relief, respectively. Additionally, 2020 includes $36 million for charges associated with resource optimization (see Note 5). (e)Unallocated Other income (expense) in 2020 includes a charge of $144 million related to the impairment of Habit Burger Grill goodwill (see Note 5). (f)Primarily includes cash and deferred tax assets. (g)U.S. identifiable assets included in the combined Corporate and KFC, Taco Bell, Pizza Hut, and Habit Burger Grill Divisions totaled $2.8 billion at both 2022 and 2021. (h)Includes PP&E, net, goodwill, intangible assets, net and Operating lease right-of-use assets. Excludes KFC Russia long-lived assets of $108 million as of December 31, 2022 which are classified as held for sale and are included in Prepaid expenses and other current assets in our Consolidated Balance Sheet (see Note3).
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Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Activity related to self-insured property and casualty reserves | The following table summarizes the 2022 and 2021 activity related to our net self-insured property and casualty reserves as of December 31, 2022.
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Description of Business (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
operating_segments
countries_and_territiories
restaurants
| |
| Segment Reporting Information [Line Items] | |
| Approximate Number Of System Units | restaurants | 55,000 |
| Approximate Number Of Countries And Territories Where System Units Are Located | countries_and_territiories | 155 |
| Franchise Restaurant Ownership | 98.00% |
| Number of Operating Segments | operating_segments | 4 |
Summary of Significant Accounting Policies (Details) $ / shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
Years
$ / shares
|
Dec. 31, 2021
USD ($)
$ / shares
|
Dec. 31, 2020
USD ($)
|
|
| Schedule of Equity Method Investments [Line Items] | |||
| Future lease payments due from franchisees on a nominal basis | $ 900 | ||
| Revenues | 6,842 | $ 6,584 | $ 5,652 |
| Operating Profit | 2,187 | 2,139 | 1,503 |
| Net Income | 1,325 | 1,575 | 904 |
| Foreign currency translation adjustment | 290 | ||
| Prior Period Reclassification Adjustment | 0 | ||
| Advertising Expense | 78 | 84 | 68 |
| Franchise advertising and other services expense | 1,667 | 1,576 | 1,314 |
| Accumulated Deficit | $ (8,507) | (8,048) | |
| Period Within Date Of Corresponding Sales In Which Trade Receivables Are Classified As Accounts And Notes Receivable | 30 days | ||
| Accounts and notes receivable | $ 685 | 632 | |
| Allowance for doubtful accounts | (37) | (36) | |
| Accounts and notes receivable, net | $ 648 | 596 | |
| Number of years notes receivable and direct financing leases are due within and would be included in accounts and notes receivable | Years | 1 | ||
| Number of years notes receivable and direct financing leases are beyond and would be included in other assets | Years | 1 | ||
| Net amounts included in Other Assets | $ 64 | 68 | |
| Allowance for doubtful accounts related to notes and direct financing lease receivables | $ 1 | $ 1 | |
| Number of consecutive years of operating losses used as primary indicator of potential impairment for our semi-annual impairment testing of restaurant assets | Years | 2 | ||
| Goodwill Written Off Related To Sale Of Business Unit Years From Acquisition | Years | 2 | ||
| Fair Value Goodwill Written Off Related To Sale Of Business Unit Minimum Years Refranchised | Years | 2 | ||
| Common Stock, No Par Value | $ / shares | $ 0 | $ 0 | |
| Reclassification of Retained Earnings to Common Stock for Share Repurchase | $ 1,131 | $ 1,549 | 179 |
| Employee stock option and SARs exercises (includes tax impact) | 31 | 50 | 41 |
| Accounting Standards Update 2016-13 [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Accumulated Deficit | (8) | ||
| Reduction to Retained earnings | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net Income | $ 1,325 | 1,575 | 904 |
| Accounting Standards Update 2016-13 [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Accumulated Deficit | (8) | ||
| Minimum [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Continuing Fees Rate | 4.00% | ||
| Minimum [Member] | Capitalized software costs | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Finite-Lived Intangible Asset, Useful Life | 3 years | ||
| Minimum [Member] | Buildings and improvements | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Estimated useful life used in the calculation of the depreciation and amortization on a straight-line basis (in years) | 5 years | ||
| Minimum [Member] | Machinery, Equipment and Other | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Estimated useful life used in the calculation of the depreciation and amortization on a straight-line basis (in years) | 3 years | ||
| Maximum [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Continuing Fees Rate | 6.00% | ||
| Maximum [Member] | Capitalized software costs | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Finite-Lived Intangible Asset, Useful Life | 7 years | ||
| Maximum [Member] | Buildings and improvements | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Estimated useful life used in the calculation of the depreciation and amortization on a straight-line basis (in years) | 25 years | ||
| Maximum [Member] | Machinery, Equipment and Other | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Estimated useful life used in the calculation of the depreciation and amortization on a straight-line basis (in years) | 20 years | ||
| Advertising Cooperatives [Domain] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Advertising Expense | $ 8 | 11 | 10 |
| Franchise advertising and other services expense | 1,298 | 1,264 | 1,079 |
| Franchise and property expenses [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Sales Allowances, Services | 5 | 12 | 8 |
| Franchise advertising and other services expenses [Member] [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Sales Allowances, Services | (6) | $ (6) | $ (7) |
| Operating Expense | Advertising Cooperatives [Domain] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Sales Allowances, Services | $ 0 | ||
Habit Burger Acquisition (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 07, 2021
USD ($)
|
Mar. 18, 2020
USD ($)
restaurants
|
Dec. 31, 2022
USD ($)
restaurants
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2022
USD ($)
restaurants
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
||||
| Business Acquisition [Line Items] | ||||||||||
| Approximate Number Of System Units | restaurants | 55,000 | 55,000 | ||||||||
| Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 0 | $ 408 | |||||||
| Goodwill, Purchase Accounting Adjustments | $ 204 | |||||||||
| Goodwill | $ 638 | 638 | 657 | 597 | [1] | |||||
| Impairment and closure expense | 10 | 19 | 172 | |||||||
| Income tax provision | $ 75 | $ 337 | $ 99 | 116 | ||||||
| Goodwill impairment tax benefit [Member] | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Income tax provision | $ 33 | |||||||||
| The Habit Burger Grill [Member] | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Payments to Acquire Businesses, Net of Cash Acquired | 408 | |||||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 20 | |||||||||
| The Habit Burger Grill [Member] | Franchisee Owned Stores [Member] | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Approximate Number Of System Units | restaurants | 31 | |||||||||
| The Habit Burger Grill [Member] | Company Owned Stores [Member] | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Approximate Number Of System Units | restaurants | 245 | |||||||||
| Dragontail Systems Limited | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Payments to Acquire Businesses, Net of Cash Acquired | $ 66 | |||||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 3 | |||||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 11 | |||||||||
| Goodwill | $ 57 | |||||||||
| Lease Agreements [Member] | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 196 | |||||||||
| Goodwill [Member] | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Impairment and closure expense | $ 144 | $ 144 | ||||||||
| ||||||||||
Dragontail Acquisition (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Sep. 07, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
||||
| Business Acquisition [Line Items] | |||||||
| Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 0 | $ 408 | ||||
| Goodwill | $ 638 | $ 657 | $ 597 | [1] | |||
| Dragontail Systems Limited | |||||||
| Business Acquisition [Line Items] | |||||||
| Payments to Acquire Businesses, Net of Cash Acquired | $ 66 | ||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 3 | ||||||
| Goodwill | 57 | ||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 11 | ||||||
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||||||
| |||||||
Russia Invasion of Ukraine (Details) $ in Millions |
Dec. 31, 2022
USD ($)
restaurants
|
Mar. 31, 2022
restaurants
|
Dec. 31, 2021
USD ($)
|
||
|---|---|---|---|---|---|
| Long-Lived Assets Held-for-sale [Line Items] | |||||
| Assets held for sale | $ | [1] | $ 190 | $ 12 | ||
| Approximate Number Of System Units | restaurants | 55,000 | ||||
| KFC Russia | |||||
| Long-Lived Assets Held-for-sale [Line Items] | |||||
| Assets held for sale | $ | $ 185 | ||||
| KFC Russia | |||||
| Long-Lived Assets Held-for-sale [Line Items] | |||||
| Approximate Number Of System Units | restaurants | 70 | ||||
| |||||
Earnings Per Common Share ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Earnings Per Share [Abstract] | |||||
| Net Income | $ 1,325 | $ 1,575 | $ 904 | ||
| Weighted-average common shares outstanding (for basic calculation) (in shares) | 286.0 | 297.0 | 302.0 | ||
| Effect of dilutive share-based employee compensation (in shares) | 4.0 | 5.0 | 5.0 | ||
| Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) (in shares) | 290.0 | 302.0 | 307.0 | ||
| Basic EPS (in dollars per share) | $ 4.63 | $ 5.30 | $ 2.99 | ||
| Diluted EPS (in dollars per share) | $ 4.57 | $ 5.21 | $ 2.94 | ||
| Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation (in shares) | [1] | 1.9 | 1.1 | 4.8 | |
| |||||
Items Affecting Comparability of Net Income and Cash Flows (Details) shares in Millions, $ in Millions |
3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | 30 Months Ended | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Apr. 01, 2022
USD ($)
Rate
|
Jun. 01, 2021
USD ($)
Rate
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Oct. 09, 2020
USD ($)
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Dec. 31, 2022
USD ($)
restaurants
Rate
|
Dec. 31, 2021
USD ($)
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Jun. 30, 2021
USD ($)
Rate
|
Mar. 31, 2021
Rate
|
Dec. 31, 2020
USD ($)
restaurants
Rate
|
Sep. 30, 2020
USD ($)
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Jun. 30, 2020
USD ($)
|
Jun. 09, 2021
Rate
|
Dec. 31, 2020
USD ($)
restaurants
Rate
|
Jun. 30, 2020 |
Jun. 30, 2018
USD ($)
shares
|
Dec. 31, 2021
USD ($)
Rate
|
Jul. 21, 2020
Rate
|
Dec. 31, 2022
USD ($)
restaurants
Rate
|
Dec. 31, 2022
USD ($)
restaurants
Rate
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Dec. 31, 2022
USD ($)
restaurants
Rate
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Dec. 31, 2022
USD ($)
restaurants
Rate
|
Dec. 31, 2021
USD ($)
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Dec. 31, 2021
USD ($)
restaurants
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Dec. 31, 2021
USD ($)
Rate
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Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
restaurants
Rate
|
Dec. 31, 2020
USD ($)
restaurants
Rate
|
Dec. 31, 2020
USD ($)
restaurants
Rate
|
Dec. 31, 2020
USD ($)
restaurants
Rate
|
Dec. 31, 2022
USD ($)
restaurants
Rate
|
Apr. 01, 2022 |
|||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Proceeds from Divestiture of Businesses, Including Noncash Consideration | $ 73 | $ 85 | $ 19 | |||||||||||||||||||||||||||||||||
| Noncash or Part Noncash Divestiture, Amount of Consideration Received | [1] | 0 | 0 | 31 | ||||||||||||||||||||||||||||||||
| Refranchising (gain) loss | (27) | (35) | (34) | |||||||||||||||||||||||||||||||||
| Charitable Contribution, Authorized Spend | $ 100 | |||||||||||||||||||||||||||||||||||
| General and administrative expenses | $ 1,140 | 1,060 | 1,064 | |||||||||||||||||||||||||||||||||
| Approximate Number Of System Units | restaurants | 55,000 | 55,000 | 55,000 | 55,000 | 55,000 | 55,000 | ||||||||||||||||||||||||||||||
| Investment Owned, at Fair Value | $ 116 | $ 118 | $ 31 | $ 31 | $ 118 | $ 116 | $ 116 | $ 116 | $ 116 | 118 | $ 118 | $ 118 | $ 118 | 31 | $ 31 | $ 31 | $ 31 | $ 116 | ||||||||||||||||||
| Investment Income, Nonoperating | 11 | 87 | ||||||||||||||||||||||||||||||||||
| Payments for (Proceeds from) Investments | $ 206 | 0 | 0 | (206) | ||||||||||||||||||||||||||||||||
| Investment (income) expense, net | [2] | 11 | 86 | 74 | ||||||||||||||||||||||||||||||||
| Deferred income taxes | 55 | 200 | 65 | |||||||||||||||||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | (3.80%) | (2.50%) | |||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 64 | 72 | 64 | |||||||||||||||||||||||||||||||||
| Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (13) | (15) | $ (22) | |||||||||||||||||||||||||||||||||
| Assets held for sale | [3] | $ 190 | 12 | $ 12 | $ 190 | $ 190 | $ 190 | $ 190 | 12 | $ 12 | $ 12 | $ 12 | $ 190 | |||||||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Percent | 100.00% | 20.30% | 5.90% | 5.90% | 11.40% | 11.40% | ||||||||||||||||||||||||||||||
| Devyani | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Equity Method Investment, Ownership Percentage | Rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||||||||||||||
| Number of stores refranchised | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Approximate Number Of System Units | restaurants | 60 | 60 | 60 | 60 | 60 | 60 | ||||||||||||||||||||||||||||||
| Subsidiary Senior Unsecured Notes [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Write off of Deferred Debt Issuance Cost | 6 | $ 6 | ||||||||||||||||||||||||||||||||||
| Repayments of Debt, Maturing in More than Three Months | $ 600 | $ 1,050 | $ 1,050 | |||||||||||||||||||||||||||||||||
| Interest rate, stated (in hundredths) | Rate | 5.25% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||||||||||||||||||
| Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | Rate | 102.625% | |||||||||||||||||||||||||||||||||||
| Payment for Debt Extinguishment or Debt Prepayment Cost | $ 28 | $ 26 | $ 23 | 28 | $ 28 | |||||||||||||||||||||||||||||||
| Senior Unsecured Notes Due April 2025 | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 7.75% | 7.75% | ||||||||||||||||||||||||||||||||||
| Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | Rate | 103.875% | |||||||||||||||||||||||||||||||||||
| Payment for Debt Extinguishment or Debt Prepayment Cost | $ 23 | |||||||||||||||||||||||||||||||||||
| Debt Instrument, Face Amount | $ 600 | 600 | $ 600 | $ 600 | $ 600 | $ 600 | ||||||||||||||||||||||||||||||
| Senior Unsecured Notes Due April 2025 | Secured Debt [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Write off of Deferred Debt Issuance Cost | $ 5 | 5 | ||||||||||||||||||||||||||||||||||
| Foreign [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 25.00% | 19.00% | 19.00% | 19.00% | 1900.00% | 17.00% | 25.00% | 1700.00% | ||||||||||||||||||||||||||||
| Unlocking Opportunity Initiative [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| General and administrative expenses | $ 50 | |||||||||||||||||||||||||||||||||||
| COVID-19 Relief [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| General and administrative expenses | $ 25 | |||||||||||||||||||||||||||||||||||
| Interest Expense [Member] | Subsidiary Senior Unsecured Notes [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Gain (Loss) on Extinguishment of Debt | (2) | |||||||||||||||||||||||||||||||||||
| Gain (loss) on disposition of assets [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Number of Restaurants Refranchised | restaurants | 22 | 83 | 97 | |||||||||||||||||||||||||||||||||
| General and Administrative Expense [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Costs Associated with Resource Optimization Initiative | 10 | 7 | 36 | |||||||||||||||||||||||||||||||||
| Other pension (income) expense [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Costs Associated with Resource Optimization Initiative | 1 | 2 | ||||||||||||||||||||||||||||||||||
| Other Operating Income (Expense) | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Costs Associated with Resource Optimization Initiative | 1 | 2 | ||||||||||||||||||||||||||||||||||
| KFC Global Division [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Refranchising (gain) loss | (3) | (1) | (33) | |||||||||||||||||||||||||||||||||
| Pizza Hut Global Division [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Refranchising (gain) loss | (1) | 1 | 1 | |||||||||||||||||||||||||||||||||
| Taco Bell Global Division [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Refranchising (gain) loss | (13) | (29) | (2) | |||||||||||||||||||||||||||||||||
| The Habit Burger Grill Global Division | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Refranchising (gain) loss | $ (10) | (6) | 0 | |||||||||||||||||||||||||||||||||
| GrubHub Inc. [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Investment Owned, Balance, Shares | shares | 2.8 | |||||||||||||||||||||||||||||||||||
| Payments for (Proceeds from) Investments | $ 200 | |||||||||||||||||||||||||||||||||||
| Investment (income) expense, net | (69) | |||||||||||||||||||||||||||||||||||
| Intra-Entity IP Transfers [Member] | ||||||||||||||||||||||||||||||||||||
| Facility Actions [Line Items] | ||||||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 35 | $ 152 | $ 25 | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Revenue Recognition (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||
| Revenues | $ 6,842 | $ 6,584 | $ 5,652 | ||||
| Contract with Customer, Liability | 434 | 421 | 415 | ||||
| Deferred Revenue, Revenue Recognized | (79) | (74) | |||||
| Deferred Revenue, Additions | 112 | 87 | |||||
| Contract with Customer, Liability, Held-for-Sale | (15) | ||||||
| 1 year [Member] | |||||||
| Deferred Revenue, Revenue Expected to be Recognized | 71 | ||||||
| 2 years [Member] | |||||||
| Deferred Revenue, Revenue Expected to be Recognized | 66 | ||||||
| 3 years [Member] | |||||||
| Deferred Revenue, Revenue Expected to be Recognized | 58 | ||||||
| 4 years [Member] | |||||||
| Deferred Revenue, Revenue Expected to be Recognized | 52 | ||||||
| 5 years [Member] | |||||||
| Deferred Revenue, Revenue Expected to be Recognized | 45 | ||||||
| Thereafter 5 years [Member] | |||||||
| Deferred Revenue, Revenue Expected to be Recognized | 142 | ||||||
| Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 2,072 | 2,106 | 1,810 | ||||
| Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 1,674 | 1,578 | 1,332 | ||||
| United States | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 1,648 | 1,550 | 1,309 | ||||
| United States | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 1,233 | 1,142 | 1,050 | ||||
| United States | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 934 | 891 | 818 | ||||
| United States | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 64 | 63 | 65 | ||||
| CHINA | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 276 | 297 | 255 | ||||
| Other, Outside the U.S. and China [Member] | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 424 | 556 | 501 | ||||
| Other, Outside the U.S. and China [Member] | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 1,463 | 1,335 | 1,080 | ||||
| Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 740 | 687 | 514 | ||||
| Other, Outside the U.S. and China [Member] | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 60 | 63 | 60 | ||||
| KFC Global Division [Member] | |||||||
| Revenues | [1] | 2,834 | 2,793 | 2,272 | |||
| KFC Global Division [Member] | United States | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 67 | 65 | 60 | ||||
| KFC Global Division [Member] | United States | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 202 | 198 | 184 | ||||
| KFC Global Division [Member] | United States | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 29 | 28 | 18 | ||||
| KFC Global Division [Member] | United States | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 14 | 14 | 16 | ||||
| KFC Global Division [Member] | CHINA | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 219 | 235 | 204 | ||||
| KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 424 | 531 | 446 | ||||
| KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 1,152 | 1,049 | 833 | ||||
| KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 669 | 612 | 453 | ||||
| KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 58 | 61 | 58 | ||||
| Pizza Hut Global Division [Member] | |||||||
| Revenues | [1] | 1,004 | 1,028 | 1,002 | |||
| Pizza Hut Global Division [Member] | United States | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 21 | 21 | 21 | ||||
| Pizza Hut Global Division [Member] | United States | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 280 | 279 | 272 | ||||
| Pizza Hut Global Division [Member] | United States | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 312 | 317 | 317 | ||||
| Pizza Hut Global Division [Member] | United States | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 5 | 5 | 5 | ||||
| Pizza Hut Global Division [Member] | CHINA | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 57 | 62 | 51 | ||||
| Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 25 | 55 | ||||
| Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 263 | 249 | 222 | ||||
| Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 64 | 68 | 57 | ||||
| Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 2 | 2 | 2 | ||||
| Taco Bell Global Division [Member] | |||||||
| Revenues | [1] | 2,437 | 2,238 | 2,031 | |||
| Taco Bell Global Division [Member] | United States | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 1,002 | 944 | 882 | ||||
| Taco Bell Global Division [Member] | United States | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 745 | 661 | 593 | ||||
| Taco Bell Global Division [Member] | United States | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 591 | 545 | 483 | ||||
| Taco Bell Global Division [Member] | United States | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 44 | 44 | 44 | ||||
| Taco Bell Global Division [Member] | CHINA | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||
| Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||
| Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 48 | 37 | 25 | ||||
| Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 7 | 7 | 4 | ||||
| Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||
| The Habit Burger Grill Global Division | |||||||
| Revenues | 567 | 525 | 347 | ||||
| The Habit Burger Grill Global Division | United States | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 558 | 520 | 346 | ||||
| The Habit Burger Grill Global Division | United States | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 6 | 4 | 1 | ||||
| The Habit Burger Grill Global Division | United States | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 2 | 1 | 0 | ||||
| The Habit Burger Grill Global Division | United States | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 1 | 0 | 0 | ||||
| The Habit Burger Grill Global Division | CHINA | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||
| The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Company Sales | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||
| The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Franchise [Member] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||
| The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |||||
| The Habit Burger Grill Global Division | Other, Outside the U.S. and China [Member] | Real Estate | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | $ 0 | ||||
| Other, Outside the U.S. and China [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||
| Foreign Currency Gain (Loss) and Refranchising Gain (Loss) [Member] | |||||||
| Deferred Revenue, Period Increase (Decrease) | [2] | $ (5) | $ (7) | ||||
| |||||||
Supplemental Cash Flow Data (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 01, 2021 |
Oct. 09, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||||||||
| Cash Paid For: | ||||||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | [1] | $ 507 | $ 474 | $ 480 | ||||||||||
| Income taxes | 371 | 308 | 328 | |||||||||||
| Noncash or Part Noncash Divestiture, Amount of Consideration Received | [2] | 0 | 0 | 31 | ||||||||||
| Cash and Cash Equivalents, at Carrying Value | 367 | 486 | 730 | |||||||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 647 | 771 | 1,024 | $ 768 | ||||||||||
| Subsidiary Senior Unsecured Notes [Member] | Unsecured Debt [Member] | ||||||||||||||
| Cash Paid For: | ||||||||||||||
| Payment for Debt Extinguishment or Debt Prepayment Cost | $ 28 | $ 26 | $ 23 | $ 28 | $ 28 | |||||||||
| Prepaid Expenses and Other Current Assets [Member] | ||||||||||||||
| Cash Paid For: | ||||||||||||||
| Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] | [3] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | ||||||||||
| Other Assets [Member] | ||||||||||||||
| Cash Paid For: | ||||||||||||||
| Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration] | [4] | Other assets | Other assets | Other assets | ||||||||||
| Long-Lived Assets Held-for-sale, Name [Domain] | ||||||||||||||
| Cash Paid For: | ||||||||||||||
| Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | |||||||||||
| ||||||||||||||
Other (Income) Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Mar. 31, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Other Income and Expenses [Line Items] | ||||||
| Foreign currency transaction (gain) loss and other (income) expense, before tax | $ (9) | $ 8 | $ 6 | |||
| Impairment and closure expense | 10 | 19 | 172 | |||
| Other (income) expense | 7 | 2 | 154 | |||
| Other income (expense) excluding foreign exchange gain (loss) | 8 | (22) | (24) | |||
| Other Operating Income (Expense) | ||||||
| Other Income and Expenses [Line Items] | ||||||
| Impairment and closure expense | [1] | 8 | 16 | 172 | ||
| Costs Associated with Resource Optimization Initiative | $ 1 | $ 2 | ||||
| Goodwill [Member] | ||||||
| Other Income and Expenses [Line Items] | ||||||
| Impairment and closure expense | $ 144 | $ 144 | ||||
| ||||||
Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Prepaid Expenses and Other Current Assets [Line Items] | |||||
| Income tax receivable | $ 32 | $ 50 | |||
| Restricted Cash and Cash Equivalents, Current | 220 | 250 | |||
| Assets held for sale | [1] | 190 | 12 | ||
| Prepaid Expense and Other Assets, Current | 594 | 450 | |||
| Property, Plant and Equipment [Line Items] | |||||
| Property, Plant and equipment, gross | 2,454 | 2,477 | |||
| Accumulated depreciation and amortization | (1,283) | (1,270) | |||
| Property, Plant and equipment, net | 1,171 | 1,207 | |||
| Depreciation and amortization | 128 | 134 | $ 132 | ||
| Other Assets, Noncurrent [Line Items] | |||||
| Other assets | 1,324 | 1,487 | |||
| Other Assets, Miscellaneous, Noncurrent | $ 294 | $ 396 | |||
| Accounts Payable and Other Current Liabilities [Line Items] | |||||
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and other current liabilities | Accounts payable and other current liabilities | |||
| Disposal Group, Including Discontinued Operation, Other Liabilities | $ 65 | $ 0 | |||
| Accounts payable and other current liabilities | 1,251 | 1,334 | |||
| Assets held for sale | [1] | 190 | 12 | ||
| Franchise Incentive [Member] | |||||
| Other Assets, Noncurrent [Line Items] | |||||
| Other assets | 172 | 164 | |||
| KFC Russia | |||||
| Prepaid Expenses and Other Current Assets [Line Items] | |||||
| Assets held for sale | 185 | ||||
| Accounts Payable and Other Current Liabilities [Line Items] | |||||
| Assets held for sale | 185 | ||||
| Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 59 | ||||
| Disposal Group, Including Discontinued Operation, Liabilities | 65 | ||||
| Land | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, Plant and equipment, gross | 376 | 412 | |||
| Buildings and improvements | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, Plant and equipment, gross | 1,364 | 1,403 | |||
| Finance leases, primarily buildings | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, Plant and equipment, gross | 63 | 67 | |||
| Machinery, Equipment and Other | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property, Plant and equipment, gross | 651 | 595 | |||
| Devyani | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||||
| Other Assets, Noncurrent [Line Items] | |||||
| Equity Securities, FV-NI | $ 116 | $ 118 | |||
| Other Assets [Member] | |||||
| Other Assets, Noncurrent [Line Items] | |||||
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |||
| Prepaid Expenses and Other Current Assets [Member] | |||||
| Prepaid Expenses and Other Current Assets [Line Items] | |||||
| Assets held for sale | $ 190 | ||||
| Prepaid expenses and other current assets | 152 | $ 138 | |||
| Accounts Payable and Other Current Liabilities [Line Items] | |||||
| Assets held for sale | 190 | ||||
| Accounts Payable and Accrued Liabilities [Member] | |||||
| Accounts Payable and Other Current Liabilities [Line Items] | |||||
| Accounts payable | 243 | 227 | |||
| Accrued compensation and benefits | 246 | 292 | |||
| Accrued Advertising, Current | 175 | 229 | |||
| Accrued taxes, other than income taxes | 83 | 78 | |||
| Other current liabilities | $ 360 | $ 420 | |||
| |||||
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Sep. 07, 2021 |
Dec. 31, 2020 |
[1] | |||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill | $ 638 | $ 657 | $ 597 | ||||
| Disposals and other, net | (19) | (7) | |||||
| Series of Individually Immaterial Business Acquisitions | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill, Acquired During Period | 10 | ||||||
| Dragontail Systems Limited | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill | $ 57 | ||||||
| Goodwill, Acquired During Period | 57 | ||||||
| KFC Global Division [Member] | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill | 225 | 232 | 235 | ||||
| Disposals and other, net | (7) | (3) | |||||
| KFC Global Division [Member] | Series of Individually Immaterial Business Acquisitions | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill, Acquired During Period | 0 | ||||||
| KFC Global Division [Member] | Dragontail Systems Limited | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill, Acquired During Period | 0 | ||||||
| Taco Bell Global Division [Member] | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill | 98 | 98 | 98 | ||||
| Disposals and other, net | 0 | 0 | |||||
| Taco Bell Global Division [Member] | Series of Individually Immaterial Business Acquisitions | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill, Acquired During Period | 0 | ||||||
| Taco Bell Global Division [Member] | Dragontail Systems Limited | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill, Acquired During Period | 0 | ||||||
| Pizza Hut Global Division [Member] | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill | 249 | 257 | 202 | ||||
| Disposals and other, net | (8) | (2) | |||||
| Goodwill, Impaired, Accumulated Impairment Loss | 17 | ||||||
| Pizza Hut Global Division [Member] | Series of Individually Immaterial Business Acquisitions | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill, Acquired During Period | 0 | ||||||
| Pizza Hut Global Division [Member] | Dragontail Systems Limited | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill, Acquired During Period | 57 | ||||||
| The Habit Burger Grill Global Division | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill | 66 | 70 | $ 62 | ||||
| Disposals and other, net | (4) | (2) | |||||
| Goodwill, Impaired, Accumulated Impairment Loss | $ 144 | ||||||
| The Habit Burger Grill Global Division | Series of Individually Immaterial Business Acquisitions | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill, Acquired During Period | 10 | ||||||
| The Habit Burger Grill Global Division | Dragontail Systems Limited | |||||||
| Changes in the carrying amount of goodwill [Roll Forward] | |||||||
| Goodwill, Acquired During Period | $ 0 | ||||||
| |||||||
Goodwill and Intangible Assets (Details 2) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Definite-lived intangible assets | |||
| Gross Carrying Amount | $ 619 | $ 603 | |
| Accumulated Amortization | (392) | (371) | |
| Definite-lived intangible assets, amortization expense | 68 | 76 | $ 63 |
| Approximate amortization expense for definite-lived intangible assets - 2022 | 83 | ||
| Approximate amortization expense for definite-lived intangible assets - 2023 | 63 | ||
| Approximate amortization expense for definite-lived intangible assets - 2024 | 48 | ||
| Approximate amortization expense for definite-lived intangible assets - 2025 | 18 | ||
| Approximate amortization expense for definite-lived intangible assets - 2026 | 8 | ||
| KFC Russia | |||
| Definite-lived intangible assets | |||
| Gross Carrying Amount | 23 | ||
| Trademarks/brands [Member] | |||
| Definite-lived intangible assets | |||
| Gross Carrying Amount | 127 | 127 | |
| Capitalized software costs | |||
| Definite-lived intangible assets | |||
| Gross Carrying Amount | 469 | 409 | |
| Accumulated Amortization | (263) | (214) | |
| Reacquired franchise rights [Member] | |||
| Definite-lived intangible assets | |||
| Gross Carrying Amount | 35 | 41 | |
| Accumulated Amortization | (29) | (33) | |
| Franchise contract rights [Member] | |||
| Definite-lived intangible assets | |||
| Gross Carrying Amount | 91 | 100 | |
| Accumulated Amortization | (84) | (88) | |
| Other [Member] | |||
| Definite-lived intangible assets | |||
| Gross Carrying Amount | 24 | 53 | |
| Accumulated Amortization | (16) | (36) | |
| KFC Global Division [Member] | Trademarks/brands [Member] | |||
| Definite-lived intangible assets | |||
| Gross Carrying Amount | 31 | 31 | |
| The Habit Burger Grill Global Division | Trademarks/brands [Member] | |||
| Definite-lived intangible assets | |||
| Gross Carrying Amount | $ 96 | $ 96 | |
Short-term Borrowings and Long-term Debt (Details) - USD ($) $ in Millions |
3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 01, 2022 |
Aug. 19, 2021 |
Jun. 01, 2021 |
Oct. 09, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Apr. 01, 2022 |
Mar. 15, 2021 |
|||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt and Lease Obligation, Current | $ (405.0) | $ (75.0) | $ (75.0) | $ (405.0) | $ (75.0) | |||||||||||||||||||
| Debt Issuance Costs, Current, Net | (7.0) | (7.0) | (7.0) | (7.0) | (7.0) | |||||||||||||||||||
| Total Short-term Borrowings | $ 398.0 | $ 68.0 | $ 68.0 | $ 398.0 | $ 68.0 | |||||||||||||||||||
| Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | Other Liabilities | Other Liabilities | Other Liabilities | |||||||||||||||||||
| Long-term debt and capital less obligations, excluding current maturities and debt issuance costs | $ 11,943.0 | $ 11,339.0 | $ 11,339.0 | $ 11,943.0 | $ 11,339.0 | |||||||||||||||||||
| Debt Issuance Costs, Noncurrent, Net | (85.0) | (86.0) | (86.0) | (85.0) | (86.0) | |||||||||||||||||||
| Long-term debt including hedge accounting adjustment | 11,453.0 | 11,178.0 | 11,178.0 | 11,453.0 | 11,178.0 | |||||||||||||||||||
| Restricted Cash and Cash Equivalents, Current | 220.0 | 250.0 | 250.0 | 220.0 | 250.0 | |||||||||||||||||||
| Payments of Debt Issuance Costs | 11.0 | 37.0 | $ 20.0 | |||||||||||||||||||||
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 92.0 | 92.0 | ||||||||||||||||||||||
| Revolving credit facilities, three months or less, net | 279.0 | 279.0 | ||||||||||||||||||||||
| Annual maturities of all Short-term borrowings and Long-term debt - 2022 | 398.0 | 398.0 | ||||||||||||||||||||||
| Annual maturities of all Short-term borrowings and Long-term debt - 2023 | 87.0 | 87.0 | ||||||||||||||||||||||
| Annual maturities of all Short-term borrowings and Long-term debt - 2024 | 92.0 | 92.0 | ||||||||||||||||||||||
| Annual maturities of all Short-term borrowings and Long-term debt - 2025 | 1,885.0 | 1,885.0 | ||||||||||||||||||||||
| Annual maturities of all Short-term borrowings and Long-term debt - 2026 | 1,640.0 | 1,640.0 | ||||||||||||||||||||||
| Annual maturities of all Short-term borrowings and Long-term debt - After 2026 | 7,784.0 | 7,784.0 | ||||||||||||||||||||||
| Annual maturities of all Short-term borrowings and Long-term debt - Total | 11,886.0 | 11,886.0 | ||||||||||||||||||||||
| Interest expense on short-term borrowings and long-term debt | 558.0 | 551.0 | $ 558.0 | |||||||||||||||||||||
| Outstanding borrowings | 279.0 | $ 0.0 | 0.0 | 279.0 | 0.0 | |||||||||||||||||||
| September 2022 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Stock Repurchase Program, Authorized Amount | 2,000.0 | 2,000.0 | ||||||||||||||||||||||
| Term Loan A Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | 736.0 | $ 736.0 | $ 750.0 | |||||||||||||||||||||
| Issuance date | Mar. 15, 2021 | |||||||||||||||||||||||
| Maturity date | Mar. 15, 2026 | |||||||||||||||||||||||
| Term Loan B Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | 1,474.0 | $ 1,474.0 | $ 1,500.0 | |||||||||||||||||||||
| Issuance date | Mar. 15, 2021 | |||||||||||||||||||||||
| Maturity date | Mar. 15, 2026 | |||||||||||||||||||||||
| Subsidiary Senior Unsecured Notes due 2027 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | $ 750.0 | $ 750.0 | ||||||||||||||||||||||
| Issuance date | Jun. 15, 2017 | |||||||||||||||||||||||
| Maturity date | Jun. 01, 2027 | |||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 4.75% | 4.75% | ||||||||||||||||||||||
| Senior Unsecured Notes Due November 2037 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Issuance date | Oct. 16, 2007 | |||||||||||||||||||||||
| Maturity date | Nov. 15, 2037 | |||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 6.88% | 6.88% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | 7.45% | 7.45% | ||||||||||||||||||||||
| Debt Instrument, Face Amount | $ 325.0 | $ 325.0 | ||||||||||||||||||||||
| Senior Unsecured Notes Due November 2023 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Issuance date | Oct. 31, 2013 | |||||||||||||||||||||||
| Maturity date | Nov. 01, 2023 | |||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 3.88% | 3.88% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | 4.01% | 4.01% | ||||||||||||||||||||||
| Debt Instrument, Face Amount | $ 325.0 | $ 325.0 | ||||||||||||||||||||||
| Senior Unsecured Notes Due November 2043 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Issuance date | Oct. 31, 2013 | |||||||||||||||||||||||
| Maturity date | Nov. 01, 2043 | |||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 5.35% | 5.35% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | 5.42% | 5.42% | ||||||||||||||||||||||
| Debt Instrument, Face Amount | $ 275.0 | $ 275.0 | ||||||||||||||||||||||
| Senior Unsecured Notes Due January 2030 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Issuance date | Sep. 11, 2019 | |||||||||||||||||||||||
| Maturity date | Jan. 15, 2030 | |||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 4.75% | 4.75% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | 4.90% | 4.90% | ||||||||||||||||||||||
| Debt Instrument, Face Amount | $ 800.0 | $ 800.0 | ||||||||||||||||||||||
| Senior Unsecured Notes Due April 2025 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 7.75% | 7.75% | ||||||||||||||||||||||
| Debt Instrument, Face Amount | $ 600.0 | $ 600.0 | ||||||||||||||||||||||
| Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 103.875% | |||||||||||||||||||||||
| Payment for Debt Extinguishment or Debt Prepayment Cost | $ 23.0 | |||||||||||||||||||||||
| Senior Unsecured Notes Due March 2031 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Issuance date | Sep. 25, 2020 | |||||||||||||||||||||||
| Maturity date | Mar. 15, 2031 | |||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 3.63% | 3.63% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | 3.77% | 3.77% | ||||||||||||||||||||||
| Debt Instrument, Face Amount | $ 1,050.0 | $ 1,050.0 | ||||||||||||||||||||||
| Unsecured Notes Due January 2032 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Issuance date | Apr. 01, 2021 | |||||||||||||||||||||||
| Maturity date | Jan. 31, 2032 | |||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 4.63% | 4.63% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | 4.77% | 4.77% | ||||||||||||||||||||||
| Debt Instrument, Face Amount | $ 1,100.0 | $ 1,100.0 | ||||||||||||||||||||||
| Unsecured Notes Due April 2032 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Interest rate, effective (in hundredths) | 5.53% | 5.53% | ||||||||||||||||||||||
| Senior Unsecured Notes Due April 2032 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Issuance date | Apr. 01, 2022 | |||||||||||||||||||||||
| Maturity date | Apr. 01, 2032 | |||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 5.38% | 5.38% | ||||||||||||||||||||||
| Debt Instrument, Face Amount | $ 1,000.0 | $ 1,000.0 | ||||||||||||||||||||||
| Payments of Debt Issuance Costs | 12.0 | |||||||||||||||||||||||
| Secured Debt [Member] | Class A-2-II Notes [Member] | 2021 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | $ 594.0 | $ 594.0 | ||||||||||||||||||||||
| Issuance date | Aug. 19, 2021 | |||||||||||||||||||||||
| Maturity date | [1] | Feb. 25, 2029 | ||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 2.294% | 2.294% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | [2] | 2.42% | 2.42% | |||||||||||||||||||||
| Secured Debt [Member] | Class A-2-II Notes [Member] | 2018 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | $ 600.0 | $ 600.0 | ||||||||||||||||||||||
| Issuance date | Nov. 28, 2018 | |||||||||||||||||||||||
| Maturity date | [1] | Nov. 28, 2028 | ||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 4.94% | 4.94% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | [2] | 5.06% | 5.06% | |||||||||||||||||||||
| Secured Debt [Member] | Term Loan A Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | [3] | $ 736.0 | $ 750.0 | $ 750.0 | $ 736.0 | 750.0 | ||||||||||||||||||
| Interest rate, effective (in hundredths) | [4] | 5.46% | 5.46% | |||||||||||||||||||||
| Frequency of interest payments | quarterly | |||||||||||||||||||||||
| Term Loan A Facility, Repayments of Principal in Year Four | 1.25% | |||||||||||||||||||||||
| Term Loan A Facility Repayments Of Principal In Year Two And Three | 0.625% | |||||||||||||||||||||||
| Secured Debt [Member] | Term Loan B Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | [3] | $ 1,474.0 | $ 1,489.0 | $ 1,489.0 | $ 1,474.0 | 1,489.0 | ||||||||||||||||||
| Interest rate, effective (in hundredths) | [4] | 4.99% | 4.99% | |||||||||||||||||||||
| Frequency of interest payments | quarterly | |||||||||||||||||||||||
| Term Loan B, Repayment of Principal | 0.25% | |||||||||||||||||||||||
| Secured Debt [Member] | Revolving Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Line of credit facility, maximum borrowing capacity | $ 1,250.0 | $ 1,250.0 | ||||||||||||||||||||||
| Secured Debt [Member] | the Credit Agreement [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Payment Terms | The Credit Agreement is subject to certain mandatory prepayments, including an amount equal to 50% of excess cash flow (as defined in the Credit Agreement) on an annual basis and the proceeds of certain asset sales, casualty events and issuances of indebtedness, subject to customary exceptions and reinvestment rights | |||||||||||||||||||||||
| Debt Instrument, Covenant Compliance | We were in compliance with all debt covenants as of December 31, 2022 | |||||||||||||||||||||||
| Secured Debt [Member] | Class A-2-I Notes [Member] | 2021 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | $ 891.0 | $ 891.0 | ||||||||||||||||||||||
| Issuance date | Aug. 19, 2021 | |||||||||||||||||||||||
| Maturity date | [1] | Feb. 25, 2027 | ||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 1.946% | 1.946% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | [2] | 2.11% | 2.11% | |||||||||||||||||||||
| Secured Debt [Member] | Class A-2-III Notes [Member] | 2021 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | $ 742.0 | $ 742.0 | ||||||||||||||||||||||
| Issuance date | Aug. 19, 2021 | |||||||||||||||||||||||
| Maturity date | [1] | Aug. 25, 2031 | ||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 2.542% | 2.542% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | [2] | 2.64% | 2.64% | |||||||||||||||||||||
| Secured Debt [Member] | Class A-2-III Notes [Member] | 2016 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt | $ 945.0 | $ 945.0 | ||||||||||||||||||||||
| Issuance date | May 11, 2016 | |||||||||||||||||||||||
| Maturity date | [1] | May 25, 2026 | ||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 4.97% | 4.97% | ||||||||||||||||||||||
| Interest rate, effective (in hundredths) | [2] | 5.14% | 5.14% | |||||||||||||||||||||
| Secured Debt [Member] | Securitization Notes [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Senior Notes, Noncurrent | [5] | $ 3,772.0 | $ 3,811.0 | 3,811.0 | $ 3,772.0 | 3,811.0 | ||||||||||||||||||
| Frequency of interest payments | quarterly | |||||||||||||||||||||||
| Debt Instrument, Payment Terms | no amortization of principal of the Securitization Notes is required prior to their anticipated repayment dates | |||||||||||||||||||||||
| Long-term Debt, Contingent Payment of Principal or Interest | as of any quarterly measurement date the consolidated leverage ratio (the ratio of total debt to Net Cash Flow (as defined in the related indenture)) for the preceding four fiscal quarters of either the Company and its subsidiaries or the Issuer and its subsidiaries exceeds 5.0:1, in which case amortization payments of 1% per year of the outstanding principal as of the closing of the Securitization Notes are required. As of the most recent quarterly measurement date the consolidated leverage ratio for the Issuer and its subsidiaries exceeded 5.0:1 and, as a result, amortization payments are required. | |||||||||||||||||||||||
| Debt Instrument, Debt Default, Description of Violation or Event of Default | The Securitization Notes are also subject to certain customary events of default, including events relating to non-payment of required interest or principal due on the Securitization Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective, certain judgments and failure of the Securitization Entities to maintain a stated debt service coverage ratio | |||||||||||||||||||||||
| Debt Instrument, Covenant Compliance | As of December 31, 2022, we were in compliance with all of our debt covenant requirements and were not subject to any rapid amortization events | |||||||||||||||||||||||
| Secured Debt [Member] | Class A-2 Notes [Member] | 2021 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Long-term Debt, Maturity Date | Aug. 01, 2051 | Aug. 01, 2051 | ||||||||||||||||||||||
| Secured Debt [Member] | Class A-2 Notes [Member] | 2016 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Maturity date | May 01, 2046 | |||||||||||||||||||||||
| Secured Debt [Member] | Class A-2 Notes [Member] | 2018 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Maturity date | Nov. 01, 2048 | |||||||||||||||||||||||
| Secured Debt [Member] | Senior Unsecured Notes Due April 2025 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Write off of Deferred Debt Issuance Cost | $ 5.0 | $ 5.0 | ||||||||||||||||||||||
| Senior Unsecured Notes [Member] | Subsidiary Senior Unsecured Notes [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Senior Notes, Noncurrent | [3] | $ 750.0 | 750.0 | 750.0 | 750.0 | 750.0 | ||||||||||||||||||
| Interest rate, stated (in hundredths) | 5.25% | 5.00% | ||||||||||||||||||||||
| Repayments of Debt, Maturing in More than Three Months | 600.0 | $ 1,050.0 | $ 1,050.0 | |||||||||||||||||||||
| Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 102.625% | |||||||||||||||||||||||
| Write off of Deferred Debt Issuance Cost | 6.0 | $ 6.0 | ||||||||||||||||||||||
| Payment for Debt Extinguishment or Debt Prepayment Cost | $ 28.0 | $ 26.0 | $ 23.0 | 28.0 | $ 28.0 | |||||||||||||||||||
| Debt Instrument, Covenant Compliance | We were in compliance with all debt covenants as of December 31, 2022 | |||||||||||||||||||||||
| Senior Unsecured Notes [Member] | Subsidiary Senior Unsecured Notes due 2027 [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Interest rate, effective (in hundredths) | [4] | 4.90% | 4.90% | |||||||||||||||||||||
| Senior Unsecured Notes [Member] | YUM Senior Unsecured Notes [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Senior Notes, Noncurrent | [3] | $ 4,875.0 | $ 4,475.0 | $ 4,475.0 | $ 4,875.0 | $ 4,475.0 | ||||||||||||||||||
| Debt Instrument, Debt Default, Description of Violation or Event of Default | Our YUM Senior Unsecured Notes contain covenants and events of default that are customary for debt securities of this type, including cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount in excess of $50 million ($100 million or more in the case of the YUM Senior Unsecured Notes issued in 2019 and subsequent years) will constitute a default under the YUM Senior Unsecured Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice | |||||||||||||||||||||||
| Debt Instrument, Debt Default, Description of Notice of Default | The indenture governing the April 2032 Notes contains covenants and events of default that are customary for debt securities of this type, including cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount of $100 million or more or the failure to pay the principal of such indebtedness at its stated maturity will constitute an event of default under the April 2032 Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice | |||||||||||||||||||||||
| Senior Unsecured Notes [Member] | Unsecured Notes Due April 2032 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Proceeds from Issuance of Debt | $ 1,000.0 | |||||||||||||||||||||||
| Senior Unsecured Notes [Member] | Senior Unsecured Notes Due April 2032 | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Interest rate, stated (in hundredths) | 5.375% | |||||||||||||||||||||||
| London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan A and B Facilities and Revolving Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||||||||||||
| London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan B Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||||||||||||
| Base Rate [Member] | Secured Debt [Member] | Term Loan A and B Facilities and Revolving Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||||||||||||||||||||
| Base Rate [Member] | Secured Debt [Member] | Term Loan B Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||||||||||||||||
| Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||||||||||||||||
| Minimum [Member] | Base Rate [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||||||||||||||||||||
| Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||||||||||||||
| Maximum [Member] | Base Rate [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||||||||||||
| Debt Service Coverage Ratio - Rapid Amortization Events [Member] | Secured Debt [Member] | Securitization Notes [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Covenant Description | debt service coverage ratio (as defined in the related indenture) of at least 1.1:1 | |||||||||||||||||||||||
| Debt Service Coverage Ratio - Cash Trap Reserve Account [Member] | Secured Debt [Member] | Securitization Notes [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Covenant Description | debt service coverage ratio (or the ratio of Net Cash Flow to all debt service payments for the preceding four fiscal quarters) of at least 1.75:1 | |||||||||||||||||||||||
| Debt Instrument, Covenant Compliance | During the most recent quarter ended December 31, 2022, the Securitization Entities maintained a debt service coverage ratio significantly in excess of the 1.75:1 requirement | |||||||||||||||||||||||
| Total Leverage Ratio [Member] | Secured Debt [Member] | the Credit Agreement [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Covenant Description | require the Borrowers to maintain a total leverage ratio (defined as the ratio of Consolidated Total Debt to Consolidated EBITDA (as these terms are defined in the Credit Agreement)) of 5.0:1 or less | |||||||||||||||||||||||
| Fixed Charge Coverage Ratio [Member] | Secured Debt [Member] | the Credit Agreement [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Debt Instrument, Covenant Description | fixed charge coverage ratio (defined as the ratio of EBITDA minus capital expenditures to fixed charges (inclusive of rental expense and scheduled amortization)) of at least 1.5:1 | |||||||||||||||||||||||
| Prepaid Expenses and Other Current Assets [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] | [6] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | |||||||||||||||||
| Prepaid Expenses and Other Current Assets [Member] | Securitization Notes [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | ||||||||||||||||||||||
| Letter of Credit [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||
| Outstanding letters of credit | $ 2.0 | $ 2.0 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Leases (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Mar. 18, 2020 |
|||
| Operating Lease, Cost | $ 133 | $ 145 | $ 137 | |||
| Finance Lease, Right-of-Use Asset, Amortization | 7 | 5 | 5 | |||
| Finance Lease, Interest Expense | 3 | 4 | 3 | |||
| Finance Lease Cost | 10 | 9 | 8 | |||
| Sublease Income | (55) | (59) | (60) | |||
| Operating Lease, Payments | 137 | 140 | 133 | |||
| Finance Lease, Interest Payment on Liability | 3 | 4 | 3 | |||
| Finance Lease, Principal Payments | 5 | 4 | 5 | |||
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 93 | 119 | 296 | |||
| Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 10 | 5 | 4 | |||
| Operating lease liabilities transferred through refranchising | (14) | (25) | (3) | |||
| Capital lease and other debt obligations transferred through refranchising | 0 | (2) | $ (1) | |||
| Lease Right of Use Asset | [1] | $ 775 | $ 846 | |||
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and other current liabilities | Accounts payable and other current liabilities | ||||
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Debt, Current | Debt, Current | ||||
| Operating Lease, Liability, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||||
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt | ||||
| Total Lease Liability | [1] | $ 867 | $ 945 | |||
| Operating Lease, Weighted Average Remaining Lease Term | 10 years 9 months 18 days | 10 years 10 months 24 days | ||||
| Finance Lease, Weighted Average Remaining Lease Term | 11 years 7 months 6 days | 12 years 1 month 6 days | ||||
| Operating Lease, Weighted Average Discount Rate, Percent | 5.10% | 4.90% | ||||
| Finance Lease, Weighted Average Discount Rate, Percent | 5.80% | 5.80% | ||||
| Finance Lease, Liability | $ 57 | |||||
| Operating Leases, Future Minimum Payments Receivable | 831 | |||||
| Finance Lease, Liability, Undiscounted Excess Amount | (13) | |||||
| Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (251) | |||||
| Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | (13) | |||||
| Capital Leases, Net Investment in Direct Financing Leases, Minimum Payments to be Received | 20 | |||||
| YUM_LesseeOperatingLeaseLeaseNotYetCommencedAssumptionAndJudgmentValueOfUnderlyingLiabilityAmount | $ 125 | |||||
| Lessee, Operating Lease, Term of Contract | 20 years | |||||
| Capital leases, future minimum commitments [Abstract] | ||||||
| 2022 | $ 10 | |||||
| 2023 | 9 | |||||
| 2024 | 7 | |||||
| 2025 | 6 | |||||
| 2026 | 6 | |||||
| Thereafter | 32 | |||||
| Capital leases, total future minimum commitments | 70 | |||||
| Operating leases, future minimum commitments [Abstract] | ||||||
| 2022 | 116 | |||||
| 2023 | 119 | |||||
| 2024 | 109 | |||||
| 2025 | 101 | |||||
| 2026 | 92 | |||||
| Thereafter | 524 | |||||
| Operating leases, total future minimum commitments | 1,061 | |||||
| Direct Financing Lease, Lease Receivable | 3 | |||||
| Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Two | 3 | |||||
| Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three | 3 | |||||
| Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 3 | |||||
| Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 2 | |||||
| Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, after Rolling Year Five | 19 | |||||
| Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, after Rolling Year Five | 33 | |||||
| Lessor, Operating Lease, Payments to be Received, Next Twelve Months | 79 | |||||
| Operating Leases, Future Minimum Payments Receivable, in Two Years | 74 | |||||
| Lessor, Operating Lease, Payments to be Received, Three Years | 71 | |||||
| Lessor, Operating Lease, Payments to be Received, Four Years | 67 | |||||
| Lessor, Operating Lease, Payments to be Received, Five Years | 61 | |||||
| Lessor, Operating Lease, Payments to be Received, Thereafter | $ 479 | |||||
| Lease Agreements [Member] | ||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 196 | |||||
| Other Liabilities [Member] | ||||||
| Operating Lease, Liability | Other Liabilities | |||||
| Other Assets [Member] | ||||||
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | ||||
| Property, Plant and Equipment [Member] | ||||||
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | ||||
| KFC Russia | ||||||
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | |||||
| United States | ||||||
| Operating Lease, Liability | $ 575 | $ 577 | ||||
| Operating Lease, Right-of-Use Asset | $ 515 | $ 516 | ||||
| KFC Russia | ||||||
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | |||||
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Debt, Current | |||||
| Operating Lease, Liability | Accounts Payable and Other Accrued Liabilities, Current | |||||
| ||||||
Derivative Instruments (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Cash Flow Hedging [Member] | |
| Derivative, Notional Amount | $ 0 |
| Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |
| Derivative, Maturity Date | Jul. 27, 2021 |
| Cash Flow Hedging [Member] | Forward-starting interest rate swap [Member] | |
| Derivative, Notional Amount | $ 1,500 |
| Derivative, Maturity Date | Mar. 01, 2025 |
| July 2021 through March 2025 [Member] | Fixed Income Interest Rate [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Term Loan A Facility [Member] | |
| Derivative, Forward Interest Rate | 4.06% |
| July 2021 through March 2025 [Member] | Fixed Income Interest Rate [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Term Loan B Facility [Member] | |
| Derivative, Forward Interest Rate | 4.81% |
Derivative Instruments (Details 2) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 115 | $ 34 | $ (99) |
| Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (18) | (28) | (6) |
| Proceeds from Sale of Other Investments | 44 | ||
| Cash Flow Hedging [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (30) | (8) | 25 |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 4 | 6 | 2 |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (26) | ||
| Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 115 | 34 | (103) |
| Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 21 | $ 29 | $ 10 |
Fair Value Disclosures (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Mar. 15, 2021 |
|||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Investment Owned, at Fair Value | $ 116 | $ 118 | $ 31 | ||||||
| Payments for (Proceeds from) Investments | $ (206) | $ 0 | 0 | $ 206 | |||||
| Devyani | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Equity Method Investment, Ownership Percentage | 5.00% | 5.00% | |||||||
| Non-recurring basis | Fair Value, Inputs, Level 3 [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Remaining Net Book Value of Assets Measured at Fair Value | $ 20 | $ 16 | |||||||
| Non-recurring basis | Fair Value, Inputs, Level 3 [Member] | Closures and impairment (income) expenses | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net | ||||||
| Non-recurring basis | Fair Value, Inputs, Level 2 [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Refranchise Impairment | $ 6 | ||||||||
| Remaining Net Book Value of Assets Measured at Fair Value | 6 | ||||||||
| Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Investments, Fair Value Disclosure | $ 5 | 5 | |||||||
| Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Derivative Asset, Subject to Master Netting Arrangement, before Offset | 16 | 0 | |||||||
| 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 | 118 | 119 | |||||||
| Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Derivative Liability, Fair Value, Gross Liability | 0 | 38 | |||||||
| Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward-starting interest rate swap [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Derivative Liability, Fair Value, Gross Liability | 0 | 54 | |||||||
| Prepaid Expenses and Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Derivative Asset, Subject to Master Netting Arrangement, before Offset | 26 | 0 | |||||||
| Term Loan A Facility [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Long-term Debt | 736 | $ 750 | |||||||
| Term Loan B Facility [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Long-term Debt | 1,474 | $ 1,500 | |||||||
| Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Senior Notes, Noncurrent | [1] | 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 | [1] | 731 | 784 | ||||||
| Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Senior Notes, Noncurrent | [1] | 4,875 | 4,475 | ||||||
| Unsecured Debt [Member] | YUM 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 | [1] | 4,473 | 4,845 | ||||||
| Secured Debt [Member] | Securitization Notes [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Senior Notes, Noncurrent | [2] | 3,772 | 3,811 | ||||||
| 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 | [2] | 3,273 | 3,872 | ||||||
| Secured Debt [Member] | Term Loan A Facility [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Long-term Debt | [1] | 736 | 750 | ||||||
| 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 | [1] | 729 | 748 | ||||||
| Secured Debt [Member] | Term Loan B Facility [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Long-term Debt | [1] | 1,474 | 1,489 | ||||||
| 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 | [1] | $ 1,459 | $ 1,490 | ||||||
| |||||||||
Pension, Retiree Medical and Retiree Savings Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2021 |
|||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Amortization of prior service cost | $ 5.0 | $ 5.0 | |||||||||||||||||||
| Pension settlement charges | (7.0) | ||||||||||||||||||||
| Pension Unrealized gains (losses) arising during the year | $ 115.0 | (65.0) | $ 8.0 | ||||||||||||||||||
| Maximum 401(k) participant contribution of eligible compensation | 75.00% | ||||||||||||||||||||
| Company match of participant contribution up to 6% of eligible compensation | 100.00% | ||||||||||||||||||||
| Maximum company match of participant contribution of eligible compensation | 6.00% | ||||||||||||||||||||
| Defined Contribution Plan, Cost | $ 13.0 | 11.0 | 10.0 | ||||||||||||||||||
| Fixed Income Investments | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Equity securities, target allocation (in hundredths) | 49.00% | ||||||||||||||||||||
| Diversified credit investments in a range of public and credit securities | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Equity securities, target allocation (in hundredths) | 40.00% | ||||||||||||||||||||
| Equity Securities | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Equity securities, target allocation (in hundredths) | 32.00% | ||||||||||||||||||||
| Real Estate Funds | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Equity securities, target allocation (in hundredths) | 19.00% | ||||||||||||||||||||
| Fixed Income Securities [Member] | Fair Value Measured at Net Asset Value Per Share | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | 0.0 | ||||||||||||||||||||
| Fair value of plan assets at end of year | 146.0 | 0.0 | |||||||||||||||||||
| Fair value of plan assets by asset category | 146.0 | 0.0 | |||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | 146.0 | 0.0 | |||||||||||||||||||
| Real Assets | Fair Value Measured at Net Asset Value Per Share | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | 0.0 | ||||||||||||||||||||
| Fair value of plan assets at end of year | 192.0 | 0.0 | |||||||||||||||||||
| Fair value of plan assets by asset category | 192.0 | 0.0 | |||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | 192.0 | 0.0 | |||||||||||||||||||
| Foreign Pension Plan [Member] | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Benefit obligation at beginning of year | 351.0 | ||||||||||||||||||||
| Benefit obligation at end of year | 179.0 | 351.0 | |||||||||||||||||||
| Fair value of plan assets at beginning of year | 446.0 | ||||||||||||||||||||
| Fair value of plan assets at end of year | 209.0 | 446.0 | |||||||||||||||||||
| Net periodic benefit cost | 2.0 | 1.0 | 1.0 | ||||||||||||||||||
| Actuarial net gain | (64.0) | (5.0) | |||||||||||||||||||
| Fair value of plan assets by asset category | 209.0 | 446.0 | |||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | 209.0 | 446.0 | |||||||||||||||||||
| United States | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Benefit obligation at beginning of year | 1,069.0 | 1,133.0 | |||||||||||||||||||
| Service cost | 7.0 | 8.0 | 8.0 | ||||||||||||||||||
| Interest cost | 31.0 | 32.0 | 35.0 | ||||||||||||||||||
| Plan amendments | 0.0 | 1.0 | |||||||||||||||||||
| Special termination benefits | 0.0 | 0.0 | 2.0 | ||||||||||||||||||
| Defined Benefit Plan, Benefit Obligation, Benefits Paid | (29.0) | (33.0) | |||||||||||||||||||
| Settlement payments | 59.0 | 67.0 | |||||||||||||||||||
| Actuarial (gain) loss | (264.0) | (5.0) | |||||||||||||||||||
| Benefit obligation at end of year | 755.0 | 1,069.0 | 1,133.0 | ||||||||||||||||||
| Discount rate (in hundredths) | 5.60% | 5.60% | 3.00% | 3.00% | |||||||||||||||||
| Fair value of plan assets at beginning of year | 1,010.0 | 1,014.0 | |||||||||||||||||||
| Actual return on plan assets | (272.0) | 88.0 | |||||||||||||||||||
| Employer contributions | 14.0 | 8.0 | |||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Benefits Paid | (29.0) | (33.0) | |||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Payment for Settlement | (59.0) | (67.0) | |||||||||||||||||||
| Fair value of plan assets at end of year | 664.0 | 1,010.0 | 1,014.0 | ||||||||||||||||||
| Funded status at end of year | (91.0) | (59.0) | |||||||||||||||||||
| Assets for Plan Benefits, Defined Benefit Plan | 0.0 | 43.0 | |||||||||||||||||||
| Accrued benefit liability - current | (6.0) | (7.0) | |||||||||||||||||||
| Accrued benefit liability - non-current | (85.0) | (95.0) | |||||||||||||||||||
| Accrued benefit amounts recognized | (91.0) | (59.0) | |||||||||||||||||||
| Accumulated benefit obligation | 740.0 | 1,048.0 | |||||||||||||||||||
| Projected benefit obligation | 755.0 | 102.0 | |||||||||||||||||||
| Accumulated benefit obligation | 740.0 | 98.0 | |||||||||||||||||||
| Fair value of plan assets | 644.0 | 0.0 | |||||||||||||||||||
| Amortization of prior service cost | [1] | 6.0 | 6.0 | 5.0 | |||||||||||||||||
| Expected return on plan assets | (46.0) | (43.0) | (43.0) | ||||||||||||||||||
| Amortization of net loss | (11.0) | (14.0) | (14.0) | ||||||||||||||||||
| Net periodic benefit cost | 9.0 | 17.0 | 19.0 | ||||||||||||||||||
| Pension settlement charges | [2] | (6.0) | 0.0 | 0.0 | |||||||||||||||||
| Beginning of year | (43.0) | (111.0) | |||||||||||||||||||
| Pension Unrealized gains (losses) arising during the year | (54.0) | 49.0 | |||||||||||||||||||
| Amortization of net loss | 11.0 | 14.0 | |||||||||||||||||||
| Amortization of prior service cost | 6.0 | 6.0 | |||||||||||||||||||
| Prior service cost | 0.0 | (1.0) | |||||||||||||||||||
| End of year | (74.0) | (43.0) | (111.0) | ||||||||||||||||||
| Actuarial net gain | 70.0 | 33.0 | |||||||||||||||||||
| Prior service cost | (4.0) | (10.0) | |||||||||||||||||||
| Amounts recognized as a loss in Accumulated Other Comprehensive Income | $ (74.0) | $ (43.0) | $ (111.0) | ||||||||||||||||||
| Rate of compensation increase (in hundredths) | 3.00% | 3.00% | |||||||||||||||||||
| Discount rate (in hundredths) | 3.00% | 2.80% | 3.50% | ||||||||||||||||||
| Long-term rate return on plan assets (in hundredths) | 5.40% | 5.25% | 5.50% | ||||||||||||||||||
| Rate of compensation increase (in hundredths) | 3.00% | 3.00% | 3.00% | ||||||||||||||||||
| Fair value of plan assets by asset category | $ 664.0 | $ 1,010.0 | $ 1,014.0 | ||||||||||||||||||
| Net Payable For Unsettled Transactions | $ 49.0 | 58.0 | |||||||||||||||||||
| Approximate percentage of total plan assets in investment that includes YUM stock (in hundredths) | 1.00% | ||||||||||||||||||||
| 2022 | $ 48.0 | ||||||||||||||||||||
| 2023 | 49.0 | ||||||||||||||||||||
| 2024 | 53.0 | ||||||||||||||||||||
| 2025 | 57.0 | ||||||||||||||||||||
| 2026 | 55.0 | ||||||||||||||||||||
| 2027 - 2031 | 281.0 | ||||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | 664.0 | 1,010.0 | 1,014.0 | ||||||||||||||||||
| United States | Defined Benefit Plan, Equity Securities, Common Stock [Member] | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Value of mutual fund held as an investment that includes YUM stock | 0.1 | 0.2 | |||||||||||||||||||
| United States | Fair Value, Inputs, Level 1 [Member] | Cash [Member] | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | 237.0 | ||||||||||||||||||||
| Fair value of plan assets at end of year | 1.0 | 237.0 | |||||||||||||||||||
| Fair value of plan assets by asset category | 1.0 | 237.0 | |||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | 1.0 | 237.0 | |||||||||||||||||||
| United States | Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | [3] | 80.0 | |||||||||||||||||||
| Fair value of plan assets at end of year | [3] | 22.0 | 80.0 | ||||||||||||||||||
| Fair value of plan assets by asset category | [3] | 22.0 | 80.0 | ||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | [3] | 22.0 | 80.0 | ||||||||||||||||||
| United States | Fair Value, Inputs, Level 1 [Member] | Debt Security, Corporate, US [Member] | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | [4] | 41.0 | |||||||||||||||||||
| Fair value of plan assets at end of year | [4] | 14.0 | 41.0 | ||||||||||||||||||
| Fair value of plan assets by asset category | [4] | 14.0 | 41.0 | ||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | [4] | 14.0 | 41.0 | ||||||||||||||||||
| United States | Fair Value, Inputs, Level 2 [Member] | Debt Security, Corporate, US [Member] | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | 49.0 | ||||||||||||||||||||
| Fair value of plan assets at end of year | 22.0 | 49.0 | |||||||||||||||||||
| Fair value of plan assets by asset category | 22.0 | 49.0 | |||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | 22.0 | 49.0 | |||||||||||||||||||
| United States | Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | [5] | 30.0 | |||||||||||||||||||
| Fair value of plan assets at end of year | [5] | 19.0 | 30.0 | ||||||||||||||||||
| Fair value of plan assets by asset category | [5] | 19.0 | 30.0 | ||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | [5] | 19.0 | 30.0 | ||||||||||||||||||
| United States | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | [5] | 175.0 | |||||||||||||||||||
| Fair value of plan assets at end of year | [5] | 118.0 | 175.0 | ||||||||||||||||||
| Fair value of plan assets by asset category | [5] | 118.0 | 175.0 | ||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | [5] | 118.0 | 175.0 | ||||||||||||||||||
| United States | Fair Value, Inputs, Level 1, 2 and 3 | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | 1,068.0 | ||||||||||||||||||||
| Fair value of plan assets at end of year | 713.0 | 1,068.0 | |||||||||||||||||||
| Fair value of plan assets by asset category | 713.0 | 1,068.0 | |||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | 713.0 | 1,068.0 | |||||||||||||||||||
| United States | FairValueInputsLevel1AndLevel2 | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | [6] | 612.0 | |||||||||||||||||||
| Fair value of plan assets at end of year | [6] | 196.0 | 612.0 | ||||||||||||||||||
| Fair value of plan assets by asset category | [6] | 196.0 | 612.0 | ||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | [6] | 196.0 | 612.0 | ||||||||||||||||||
| United States | Fair Value Measured at Net Asset Value Per Share | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Fair value of plan assets at beginning of year | [7] | 456.0 | |||||||||||||||||||
| Fair value of plan assets at end of year | [7] | 179.0 | 456.0 | ||||||||||||||||||
| Fair value of plan assets by asset category | [7] | 179.0 | 456.0 | ||||||||||||||||||
| Defined Benefit Plan, Plan Assets, Amount | [7] | 179.0 | 456.0 | ||||||||||||||||||
| Other Postretirement Benefits Plan [Member] | |||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||
| Accumulated benefit obligation | 30.0 | 42.0 | |||||||||||||||||||
| Net periodic benefit cost | 1.0 | 1.0 | $ 1.0 | ||||||||||||||||||
| Actuarial net gain | (16.0) | $ (6.0) | |||||||||||||||||||
| 2022 | 3.0 | ||||||||||||||||||||
| 2027 - 2031 | $ 12.0 | ||||||||||||||||||||
| |||||||||||||||||||||
Share-based and Deferred Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Risk-free interest rate (in hundredths) | 1.70% | 0.50% | 1.00% | |||
| Expected term (years) | 6 years 7 months 6 days | 6 years 3 months 18 days | 5 years 9 months 18 days | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.00% | 27.00% | 24.00% | |||
| Expected dividend yield (in hundredths) | 1.90% | 1.90% | 1.90% | |||
| Options outstanding at the end of the year (in shares) | 368 | |||||
| Options outstanding at the end of the year, Weighted-average exercise price (in dollars per share) | $ 72.86 | |||||
| SARs outstanding at the end of the year (in shares) | 10,913 | |||||
| SARs outstanding at the end of the year, Weighted-average exercise price (in dollars per share) | $ 86.62 | |||||
| Share-based Compensation Expense | $ 82.0 | $ 75.0 | $ 97.0 | |||
| Share-based Payment Arrangement, Expense, Tax Benefit | 16.0 | 15.0 | 18.0 | |||
| Cash received from stock options exercises | 3.0 | 11.0 | 10.0 | |||
| Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 38.0 | $ 72.0 | $ 58.0 | |||
| Long Term Incentive Plans [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Minimum vesting period of outstanding awards (in years) | immediate | |||||
| Maximum vesting period of outstanding awards (in years) | 5 years | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
| Approximate number of shares available for grant (in shares) | 23,000 | |||||
| Executive Income Deferral Plan [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Percentage of Company match on amount deferred (in hundredths) | 33.00% | |||||
| Stock Options and Stock Appreciation Rights [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Minimum vesting period of outstanding awards (in years) | 1.6 | |||||
| Options outstanding at the end of the year (in shares) | 11,281 | [1] | 12,270 | |||
| Granted (in shares) | 1,333 | |||||
| Exercised (in shares) | (2,041) | |||||
| Forfeited or expired (in shares) | (281) | |||||
| Exercisable at the end of the year (in shares) | 8,032 | |||||
| Options outstanding at the end of the year, Weighted-average exercise price (in dollars per share) | $ 86.18 | $ 79.96 | ||||
| Granted, Weighted-average exercise price (in dollars per share) | 122.01 | |||||
| Exercised, Weighted-average exercise price (in dollars per share) | 69.23 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 107.97 | |||||
| Exercisable at the end of the year, Weighted-average exercise price (in dollars per share) | $ 77.46 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 8 months 26 days | |||||
| Share Based Compensation Arrangement By Share Based Payment Award, Options, Exercisable Weighted Average Remaining Contractual Term | 5 years 10 months 17 days | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 473.0 | |||||
| Exercisable at the end of the year, Aggregate intrinsic value (in dollars) | $ 407.0 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 26.65 | $ 21.32 | $ 18.83 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 105.0 | $ 234.0 | $ 170.0 | |||
| Unrecognized compensation cost | 34.0 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 31.0 | 35.0 | 70.0 | |||
| Share-based Compensation Expense | 26.0 | 29.0 | 75.0 | |||
| Restricted Stock Units And Performance Share Units [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Unrecognized compensation cost | 70.0 | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 20.0 | 20.0 | 15.0 | |||
| Unvested RSUs and PSUs | 1,500 | |||||
| Restricted Stock Units (RSUs) [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Share-based Compensation Expense | $ 27.0 | 16.0 | 20.0 | |||
| Restricted Stock Units (RSUs) [Member] | Executive Income Deferral Plan [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting period (in years) | 2 years | |||||
| Performance Share Units [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Share-based Compensation Expense | $ 29.0 | $ 30.0 | $ 2.0 | |||
| Executives [Member] | Long Term Incentive Plans [Member] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
| Vesting period (in years) | 4 years | |||||
| Graded vesting schedule of grants made to executives under other stock award plans | 25% | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Average Exercise Period | 6 years 7 months 6 days | |||||
| ||||||
Shareholders' Equity (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Repurchase Of Shares Of Common Stock [Line Items] | |||||
| Stock Repurchased During Period, Shares | [1] | 10,083,000 | 12,981,000 | 2,419,000 | |
| Value of share repurchases with trade dates during the current reporting date but with settlement dates subsequent to the current reporting date. | $ 11 | $ 11 | |||
| Number of shares repurchased with trade dates during the current reporting date but with settlement dates subsequent to the current reporting date. | 100,000 | 100,000 | |||
| Stock Repurchased During Period, Value | [1] | $ 1,200 | $ 1,580 | $ 250 | |
| Common Stock | |||||
| Repurchase Of Shares Of Common Stock [Line Items] | |||||
| Stock Repurchased During Period, Shares | 10,000,000 | 13,000,000 | 2,000,000 | ||
| Stock Repurchased During Period, Value | $ 69 | $ 31 | $ 71 | ||
| May 2021 | |||||
| Repurchase Of Shares Of Common Stock [Line Items] | |||||
| Stock Repurchased During Period, Shares | 8,116,000 | 8,235,000 | 0 | ||
| Stock Repurchased During Period, Value | $ 950 | $ 1,050 | $ 0 | ||
| November 2019 [Member] | |||||
| Repurchase Of Shares Of Common Stock [Line Items] | |||||
| Stock Repurchased During Period, Shares | 0 | 4,746,000 | 2,419,000 | ||
| Stock Repurchased During Period, Value | $ 0 | $ 530 | $ 250 | ||
| May 2021 | |||||
| Repurchase Of Shares Of Common Stock [Line Items] | |||||
| Stock Repurchase Program, Remaining Authorized Repurchase Amount | 1,750 | ||||
| September 2022 | |||||
| Repurchase Of Shares Of Common Stock [Line Items] | |||||
| Stock Repurchased During Period, Value | 250 | ||||
| Stock Repurchase Program, Authorized Amount | $ 2,000 | ||||
| September 2022 | Common Stock | |||||
| Repurchase Of Shares Of Common Stock [Line Items] | |||||
| Stock Repurchased During Period, Shares | 1,967,000 | 0 | 0 | ||
| |||||
Shareholders' Equity (Details 2) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ (325) | ||
| Other Comprehensive Income (Loss), Net of Tax | (44) | $ 86 | $ (23) |
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (369) | (325) | |
| Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 5 | 5 | |
| Pension settlement charges | (7) | ||
| Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | $ 6 | $ 4 | |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net | |
| Translation Adjustment and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ (206) | $ (182) | |
| Amounts classified into OCI, net of tax | (84) | (24) | |
| Amounts reclassified from accumulated OCI, net of tax | 0 | 0 | |
| Other Comprehensive Income (Loss), Net of Tax | (84) | (24) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (290) | (206) | (182) |
| Pension and Post-Retirement Benefit Plan Losses | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (34) | (96) | |
| Amounts classified into OCI, net of tax | (88) | 50 | |
| Amounts reclassified from accumulated OCI, net of tax | 28 | 12 | |
| Other Comprehensive Income (Loss), Net of Tax | (60) | 62 | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (94) | (34) | (96) |
| Net Unrealized Loss on Derivative Instruments | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (85) | (133) | |
| Amounts classified into OCI, net of tax | 86 | 25 | |
| Amounts reclassified from accumulated OCI, net of tax | 14 | 23 | |
| Other Comprehensive Income (Loss), Net of Tax | 100 | 48 | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 15 | (85) | (133) |
| Total | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (325) | (411) | |
| Amounts classified into OCI, net of tax | (86) | 51 | |
| Amounts reclassified from accumulated OCI, net of tax | 42 | 35 | |
| Other Comprehensive Income (Loss), Net of Tax | (44) | 86 | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ (369) | $ (325) | $ (411) |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 09, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2021 |
Jul. 21, 2020 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2020 |
|
| U.S. and foreign income before income taxes [Abstract] | |||||||||||||||||||
| U.S. | $ 1,124 | $ 1,062 | $ 684 | ||||||||||||||||
| Foreign | 538 | 612 | 336 | ||||||||||||||||
| Income from Continuing Operations Before Income Taxes | 1,662 | 1,674 | 1,020 | ||||||||||||||||
| Details of income tax provision (benefit) [Abstract] | |||||||||||||||||||
| Current: Federal | 139 | 45 | 37 | ||||||||||||||||
| Current: Foreign | 200 | 214 | 121 | ||||||||||||||||
| Current: State | 53 | 40 | 23 | ||||||||||||||||
| Total current income tax provision (benefit) | 392 | 299 | 181 | ||||||||||||||||
| Deferred: Federal | (31) | 21 | (21) | ||||||||||||||||
| Deferred: Foreign | (10) | (227) | (29) | ||||||||||||||||
| Deferred: State | (14) | 6 | (15) | ||||||||||||||||
| Deferred income taxes | 55 | 200 | 65 | ||||||||||||||||
| Income Tax Expense (Benefit), Total | $ 75 | 337 | 99 | 116 | |||||||||||||||
| Effective income tax rate reconciliation [Abstract] | |||||||||||||||||||
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | ||||||||||||||||
| State income tax, net of federal tax benefit (in hundredths) | 1.90% | 1.80% | 1.00% | ||||||||||||||||
| Statutory rate differential attributable to foreign operations (in hundredths) | (2.00%) | (1.00%) | (0.90%) | ||||||||||||||||
| Effective Income Tax Rate Reconciliation Adjustments To Reserves And Prior Years | 1.60% | 1.10% | (1.70%) | ||||||||||||||||
| Effective Income Tax Rate Reconciliation Share Based Compensation | (1.40%) | (2.70%) | (3.40%) | ||||||||||||||||
| Change in valuation allowance (in hundredths) | (0.50%) | (0.80%) | (2.50%) | ||||||||||||||||
| Effective Income Tax Rate Reconciliation, Impact of Russia Exit | 4.30% | 0.00% | 0.00% | ||||||||||||||||
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Percent | (4.90%) | (11.30%) | (0.30%) | ||||||||||||||||
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 0.00% | 1.40% | 0.00% | ||||||||||||||||
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | (3.80%) | (2.50%) | ||||||||||||||||
| Other, net (in hundredths) | 0.30% | 0.20% | 0.70% | ||||||||||||||||
| Effective income tax rate (in hundredths) | 20.30% | 100.00% | 5.90% | 5.90% | 11.40% | 11.40% | |||||||||||||
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 17 | 22 | 11 | ||||||||||||||||
| Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 13 | 15 | 22 | ||||||||||||||||
| Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 64 | 72 | 64 | ||||||||||||||||
| Deferred Tax Assets, Gross | 1,558 | $ 1,541 | $ 1,541 | 1,558 | $ 1,558 | $ 1,558 | 1,541 | $ 1,541 | $ 1,541 | ||||||||||
| Deferred Tax Assets, Net | 749 | 716 | 716 | 749 | 749 | $ 749 | 716 | 716 | 716 | ||||||||||
| Limit on deductibility of interest expense | 3000.00% | ||||||||||||||||||
| Unrecognized Tax Benefits | 128 | 116 | $ 175 | $ 116 | 128 | 128 | $ 128 | 116 | $ 116 | $ 116 | 175 | $ 175 | $ 175 | ||||||
| Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 82 | 82 | 82 | 82 | |||||||||||||||
| Additions on tax positions related to the current year | 4 | 13 | |||||||||||||||||
| Additions for tax positions of prior years | 8 | 41 | |||||||||||||||||
| Reductions for tax positions of prior years | 0 | (110) | |||||||||||||||||
| Reductions for settlements | 0 | (3) | |||||||||||||||||
| Income Tax Examination, Penalties and Interest Expense | 1 | 4 | 2 | ||||||||||||||||
| Income Tax Examination, Penalties and Interest Accrued | $ 3 | 3 | $ 3 | $ 3 | |||||||||||||||
| Intra-Entity IP Transfers [Member] | |||||||||||||||||||
| Effective income tax rate reconciliation [Abstract] | |||||||||||||||||||
| Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 35 | 152 | 25 | ||||||||||||||||
| Deferred Tax Assets, Increases [Member] | |||||||||||||||||||
| Effective income tax rate reconciliation [Abstract] | |||||||||||||||||||
| Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (22) | (31) | |||||||||||||||||
| Deferred Tax Assets, Decreases | |||||||||||||||||||
| Effective income tax rate reconciliation [Abstract] | |||||||||||||||||||
| Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 21 | 355 | |||||||||||||||||
| Deferred Tax Assets, Other Adjustments | |||||||||||||||||||
| Effective income tax rate reconciliation [Abstract] | |||||||||||||||||||
| Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 5 | $ 3 | |||||||||||||||||
| Tax Year 2020 [Member] | |||||||||||||||||||
| Effective income tax rate reconciliation [Abstract] | |||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 6 | ||||||||||||||||||
| Foreign [Member] | |||||||||||||||||||
| Effective income tax rate reconciliation [Abstract] | |||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 25.00% | 19.00% | 19.00% | 19.00% | 1900.00% | 17.00% | 25.00% | 1700.00% | |||||||||||
Income Taxes (Details 2) - USD ($) $ in Millions |
3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 09, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2021 |
Jul. 21, 2020 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2020 |
|
| Net deferred tax assets (liabilities) [Abstract] | |||||||||||||||||||
| Operating Loss Carryforwards | $ 183 | $ 186 | $ 186 | $ 183 | $ 183 | $ 183 | $ 186 | $ 186 | $ 186 | ||||||||||
| Deferred Tax Assets, in Process Research and Development | 35 | 0 | 0 | 35 | 35 | 35 | 0 | 0 | 0 | ||||||||||
| Deferred Tax Assets, Capital Loss Carryforwards | 70 | 72 | 72 | 70 | 70 | 70 | 72 | 72 | 72 | ||||||||||
| Deferred Tax Assets, Tax Credit Carryforwards | 206 | 194 | 194 | 206 | 206 | 206 | 194 | 194 | 194 | ||||||||||
| Employee benefits | 74 | 68 | 68 | 74 | 74 | 74 | 68 | 68 | 68 | ||||||||||
| Share-based compensation | 55 | 51 | 51 | 55 | 55 | 55 | 51 | 51 | 51 | ||||||||||
| Lease related liabilities | 240 | 236 | 236 | 240 | 240 | 240 | 236 | 236 | 236 | ||||||||||
| Various liabilities | 40 | 52 | 52 | 40 | 40 | 40 | 52 | 52 | 52 | ||||||||||
| Deferred Tax Assets, Goodwill and Intangible Assets | 520 | 560 | 560 | 520 | 520 | 520 | 560 | 560 | 560 | ||||||||||
| Deferred Tax Assets, Property, Plant and Equipment | 32 | 35 | 35 | 32 | 32 | 32 | 35 | 35 | 35 | ||||||||||
| Deferred income and other | 103 | 87 | 87 | 103 | 103 | 103 | 87 | 87 | 87 | ||||||||||
| Gross deferred tax assets | 1,558 | 1,541 | 1,541 | 1,558 | 1,558 | 1,558 | 1,541 | 1,541 | 1,541 | ||||||||||
| Deferred tax asset valuation allowances | (458) | (462) | $ (789) | (462) | (458) | (458) | (458) | (462) | (462) | (462) | $ (789) | $ (789) | $ (789) | ||||||
| Net deferred tax assets | 1,100 | 1,079 | 1,079 | 1,100 | 1,100 | 1,100 | 1,079 | 1,079 | 1,079 | ||||||||||
| Property, plant and equipment | (79) | (85) | (85) | (79) | (79) | (79) | (85) | (85) | (85) | ||||||||||
| Deferred Tax Liabilities Deemed Repatriation | (203) | (200) | (200) | (203) | (203) | (203) | (200) | (200) | (200) | ||||||||||
| Deferred Tax Liabilities, Other Finite-Lived Assets | (7) | (24) | (24) | (7) | (7) | (7) | (24) | (24) | (24) | ||||||||||
| Deferred Tax Assets, Derivative Instruments | (27) | (5) | (5) | (27) | (27) | (27) | (5) | (5) | (5) | ||||||||||
| Other | (35) | (49) | (49) | (35) | (35) | (35) | (49) | (49) | (49) | ||||||||||
| Gross deferred tax liabilities | (351) | (363) | (363) | (351) | (351) | (351) | (363) | (363) | (363) | ||||||||||
| Deferred Tax Assets, Net | 749 | 716 | 716 | 749 | $ 749 | $ 749 | 716 | $ 716 | $ 716 | ||||||||||
| Foreign Earnings Repatriated | 4,300 | ||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Percent | 20.30% | 100.00% | 5.90% | 5.90% | 11.40% | 11.40% | |||||||||||||
| Unrecognized Tax Benefits | 128 | 116 | $ 175 | $ 116 | 128 | $ 128 | $ 128 | 116 | $ 116 | $ 116 | 175 | $ 175 | $ 175 | ||||||
| Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 82 | 82 | $ 82 | $ 82 | |||||||||||||||
| Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 64 | 72 | 64 | ||||||||||||||||
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | (3.80%) | (2.50%) | ||||||||||||||||
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 17 | 22 | 11 | ||||||||||||||||
| Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 13 | 15 | 22 | ||||||||||||||||
| Income tax provision | $ 75 | 337 | 99 | 116 | |||||||||||||||
| Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | 23 | ||||||||||||||||||
| Tax Year 2020 [Member] | |||||||||||||||||||
| Net deferred tax assets (liabilities) [Abstract] | |||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 6 | ||||||||||||||||||
| Tax Year 2022 | |||||||||||||||||||
| Net deferred tax assets (liabilities) [Abstract] | |||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 9 | ||||||||||||||||||
| Intra-Entity IP Transfers [Member] | |||||||||||||||||||
| Net deferred tax assets (liabilities) [Abstract] | |||||||||||||||||||
| Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 35 | $ 152 | $ 25 | ||||||||||||||||
| Foreign [Member] | |||||||||||||||||||
| Net deferred tax assets (liabilities) [Abstract] | |||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 25.00% | 19.00% | 19.00% | 19.00% | 1900.00% | 17.00% | 25.00% | 1700.00% | |||||||||||
Income Taxes (Details 3) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2023 |
|
| Operating and capital loss carryforwards [Line Items] | ||||
| Foreign Earnings Repatriated | $ 4,300 | |||
| Operating Loss Carryforwards | 183 | $ 186 | ||
| Operating Loss and Tax Credit Carryforward, Amount | 2,918 | |||
| Deferred Tax Assets, Tax Credit Carryforwards | 206 | 194 | ||
| Deferred Tax Assets, Tax Deferred Expense | 459 | |||
| Operating Loss and Tax Credit Carryforward, Valuation Allowance | (360) | |||
| Deferred Tax Liabilities, Other | (35) | (49) | ||
| Unrecognized Tax Benefits | 128 | 116 | $ 175 | |
| Income Tax Examination, Penalties and Interest Expense | 1 | 4 | $ 2 | |
| Income Tax Examination, Penalties and Interest Accrued | 3 | |||
| Forecast [Member] | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Unrecognized Tax Benefits | $ 1 | |||
| Other Noncurrent Liabilities [Member] | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Deferred Tax Liabilities, Other | (1) | $ (8) | ||
| Foreign [Member] | Indefinite | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Operating Loss Carryforwards | 221 | |||
| Tax Credit Carryforward, Amount | 281 | |||
| Deferred Tax Assets, Operating Loss Carryforwards | 50 | |||
| Deferred Tax Assets, Tax Credit Carryforwards | 70 | |||
| Operating Loss Carryforwards, Valuation Allowance | (32) | |||
| Tax Credit Carryforward, Valuation Allowance | (70) | |||
| Foreign [Member] | 2022 - 2037 | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Operating Loss Carryforwards | 173 | |||
| Deferred Tax Assets, Operating Loss Carryforwards | 25 | |||
| Operating Loss Carryforwards, Valuation Allowance | (4) | |||
| Foreign [Member] | 2026 - 2030 | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Tax Credit Carryforward, Amount | 200 | |||
| Deferred Tax Assets, Tax Credit Carryforwards | 200 | |||
| Tax Credit Carryforward, Valuation Allowance | (182) | |||
| State and Local Jurisdiction [Member] | Indefinite | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Tax Credit Carryforward, Amount | 622 | |||
| Deferred Tax Assets, Tax Credit Carryforwards | 31 | |||
| Tax Credit Carryforward, Valuation Allowance | (30) | |||
| State and Local Jurisdiction [Member] | 2022 - 2040 | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Operating Loss Carryforwards | 1,315 | |||
| Deferred Tax Assets, Operating Loss Carryforwards | 56 | |||
| Operating Loss Carryforwards, Valuation Allowance | (36) | |||
| State and Local Jurisdiction [Member] | 2023 | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Tax Credit Carryforward, Amount | 6 | |||
| Deferred Tax Assets, Tax Credit Carryforwards | 6 | |||
| Tax Credit Carryforward, Valuation Allowance | (6) | |||
| Domestic Tax Authority | 2036 - 2037 | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Operating Loss Carryforwards | 9 | |||
| Deferred Tax Assets, Operating Loss Carryforwards | 2 | |||
| Operating Loss Carryforwards, Valuation Allowance | 0 | |||
| Domestic Tax Authority | Indefinite | ||||
| Operating and capital loss carryforwards [Line Items] | ||||
| Operating Loss Carryforwards | 61 | |||
| Tax Credit Carryforward, Amount | 30 | |||
| Deferred Tax Assets, Operating Loss Carryforwards | 13 | |||
| Deferred Tax Assets, Tax Credit Carryforwards | 6 | |||
| Operating Loss Carryforwards, Valuation Allowance | 0 | |||
| Tax Credit Carryforward, Valuation Allowance | $ 0 | |||
Reportable Operating Segments (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Total revenues | $ 6,842 | $ 6,584 | $ 5,652 | |||||||||||||||||||
| Operating Profit | 2,187 | 2,139 | 1,503 | |||||||||||||||||||
| General and administrative expenses | 1,140 | 1,060 | 1,064 | |||||||||||||||||||
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 1,662 | 1,674 | 1,020 | |||||||||||||||||||
| Investment (income) expense, net | [1] | 11 | 86 | 74 | ||||||||||||||||||
| Other Pension (income) expense | [1] | (9) | (7) | (14) | ||||||||||||||||||
| Interest expense, net | [1] | (527) | (544) | (543) | ||||||||||||||||||
| Depreciation and amortization | 146 | 164 | 146 | |||||||||||||||||||
| Capital Spending | 279 | 230 | 160 | |||||||||||||||||||
| Total Assets | [2] | 5,846 | 5,966 | |||||||||||||||||||
| Long-Lived Assets | [3] | 2,905 | 3,032 | |||||||||||||||||||
| Impairment and closure expense | 10 | 19 | 172 | |||||||||||||||||||
| Assets held for sale | [4] | 190 | 12 | |||||||||||||||||||
| Russia, Rubles | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Other (income) expense | $ 13 | |||||||||||||||||||||
| KFC Russia | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Long-Lived Assets Held-for-sale, Description | 108 million | |||||||||||||||||||||
| Unlocking Opportunity Initiative [Member] | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| General and administrative expenses | $ 50 | |||||||||||||||||||||
| COVID-19 Relief [Member] | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| General and administrative expenses | $ 25 | |||||||||||||||||||||
| Goodwill [Member] | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Impairment and closure expense | $ 144 | 144 | ||||||||||||||||||||
| KFC Global Division [Member] | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Total revenues | [5] | $ 2,834 | 2,793 | 2,272 | ||||||||||||||||||
| Operating Profit | 1,198 | 1,230 | 922 | |||||||||||||||||||
| Depreciation and amortization | 23 | 28 | 29 | |||||||||||||||||||
| Capital Spending | 71 | 60 | 59 | |||||||||||||||||||
| Total Assets | [2] | 2,227 | 2,313 | |||||||||||||||||||
| Long-Lived Assets | [3] | 893 | 1,069 | |||||||||||||||||||
| Taco Bell Global Division [Member] | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Total revenues | [5] | 2,437 | 2,238 | 2,031 | ||||||||||||||||||
| Operating Profit | 850 | 758 | 696 | |||||||||||||||||||
| Depreciation and amortization | 48 | 53 | 56 | |||||||||||||||||||
| Capital Spending | 101 | 62 | 42 | |||||||||||||||||||
| Total Assets | [2] | 1,483 | 1,397 | |||||||||||||||||||
| Long-Lived Assets | [3] | 950 | 904 | |||||||||||||||||||
| Pizza Hut Global Division [Member] | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Total revenues | [5] | 1,004 | 1,028 | 1,002 | ||||||||||||||||||
| Operating Profit | 387 | 387 | 335 | |||||||||||||||||||
| Depreciation and amortization | 19 | 32 | 24 | |||||||||||||||||||
| Capital Spending | 22 | 18 | 28 | |||||||||||||||||||
| Total Assets | [2] | 788 | 850 | |||||||||||||||||||
| Long-Lived Assets | [3] | 400 | 423 | |||||||||||||||||||
| The Habit Burger Grill Global Division | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Total revenues | 567 | 525 | 347 | |||||||||||||||||||
| Operating Profit | (24) | 2 | (22) | |||||||||||||||||||
| Depreciation and amortization | 29 | 28 | 25 | |||||||||||||||||||
| Capital Spending | 56 | 56 | 16 | |||||||||||||||||||
| Total Assets | [2] | 591 | 586 | |||||||||||||||||||
| Long-Lived Assets | 534 | 516 | ||||||||||||||||||||
| Corporate and Other [Member] | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| General and administrative expenses | [1],[6] | (297) | (260) | (312) | ||||||||||||||||||
| Franchise and property expenses | [1] | (6) | 1 | (4) | ||||||||||||||||||
| Refranchising gain (loss) | [1] | 27 | 35 | 34 | ||||||||||||||||||
| Other (income) expense | [1],[7] | 52 | (14) | (146) | ||||||||||||||||||
| Depreciation and amortization | 27 | 23 | 12 | |||||||||||||||||||
| Capital Spending | 29 | 34 | 15 | |||||||||||||||||||
| Total Assets | [2],[8] | 757 | 820 | |||||||||||||||||||
| Long-Lived Assets | [3] | 128 | 120 | |||||||||||||||||||
| U.S. | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Total revenues | 3,900 | 3,600 | 3,200 | |||||||||||||||||||
| Total Assets | 2,800 | |||||||||||||||||||||
| KFC Russia | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| General and administrative expenses | 7 | |||||||||||||||||||||
| Franchise and property expenses | 6 | |||||||||||||||||||||
| Other (income) expense | 44 | |||||||||||||||||||||
| General and Administrative Expense [Member] | ||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||
| Costs Associated with Resource Optimization Initiative | $ 10 | $ 7 | $ 36 | |||||||||||||||||||
| ||||||||||||||||||||||
Contingencies (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
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 $780 million through December 31, 2022. 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. We are awaiting the IRS Examination Division’s Rebuttal to our Protest. When that Rebuttal is filed, we intend to pursue independent review by 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 Consolidated Financial Statements in future periods. |
| Property Lease Guarantee [Member] | |
| Guarantor Obligations [Line Items] | |
| Year longest lease expires | 2065 |
| Potential amount of undiscounted payments we could be required to make in the event of non-payment | $ 375 |
| Present value of potential payments we could be required to make in the event of non-payment | $ 300 |
Contingencies (Details 2) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
| Unusual or Infrequent Item, or Both, Nature of Event or Transaction | 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 has been scheduled with the administrative tribunal on March 14, 2023. The stay order remains in effect, and the next hearing in the Delhi High Court is scheduled for May 16, 2023. 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. | |
| Self Insured Property And Casualty Reserves [Member] | ||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
| Beginning balance | $ 48 | $ 50 |
| Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | 28 | 23 |
| Payments | (26) | (25) |
| Ending balance | $ 50 | $ 48 |