Net Cash Provided by (Used in) Financing Activities

(37)

(20)

Other, net

(44)

(34)

(881)

24

Effect of Exchange Rates on Cash and Cash Equivalents

(1)

Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

287

607

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period

1,024

768

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period

$ 1,311

$ 1,375

[1]

The quarter and year to date ended September 30, 2020, include charges of $5 million and $144 million, respectively, related to the impairment of Habit Burger Grill goodwill. See Note 2. The quarter and year to date ended September 30, 2020 also include charges of $5 million and $11 million, respectively, related to the write-off of software no longer being used.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 1,001	$ 730
Accounts and notes receivable, net	548	534
Prepaid expenses and other current assets	513	425
Total Current Assets	2,062	1,689
Property, plant and equipment, net	1,193	1,235
Goodwill	650	597
Intangible assets, net	361	343
Other assets	1,459	1,435
Deferred Income Taxes	694	553
Total Assets	6,419	5,852
Current Liabilities
Accounts payable and other current liabilities	1,265	1,189
Income taxes payable	26	33
Short-term borrowings	64	453
Total Current Liabilities	1,355	1,675
Long-term debt	11,189	10,272
Other liabilities and deferred credits	1,730	1,796
Total Liabilities	14,274	13,743
Shareholders' Equity
Common Stock, no par value, 750 shares authorized; 298 shares issued in 2021 and 300 issued in 2020	0	0
Accumulated Deficit	(7,524)	(7,480)
Accumulated other comprehensive loss	(331)	(411)
Total Shareholders' Deficit	(7,855)	(7,891)
Total Liabilities and Shareholders' Deficit	$ 6,419	$ 5,852
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	750	750
Common Stock, Shares, Issued	294	300

CONDENSED STATEMENT OF SHAREHOLDERS EQUITY STATEMENT - USD ($) $ in Millions	Total	Accounting Standards Update 2016-13 [Member]	Issued Common Stock	Accumulated Deficit	Accumulated Deficit Accounting Standards Update 2016-13 [Member]	Accumulated Other Comprehensive Loss
Total Shareholders' Deficit	$ (8,016)		$ 0	$ (7,628)		$ (388)
Issued Common Stock, Shares			300,000,000
Net Income	572			572
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	1					1
Pension and post-retirement benefit plans, net of tax	10					10
Pension and post-retirement benefit plans, tax	4
Changes in derivatives, net of tax	(75)					(75)
Changes in derivatives, Tax	(25)
Comprehensive Income (Loss)	508
Dividends declared	(426)			(426)
Shares Repurchased			0
Repurchase of shares of Common Stock, value	0
Employee Stock Option and SARs Exercises, Shares			2,000,000
Employee Stock Option and SARs Exercises, Value	(34)		$ (34)
Share-based compensation events	57		57
Total Shareholders' Deficit	(8,108)		$ 11	(7,631)		(488)
Issued Common Stock, Shares			301,000,000
Net Income	283			283
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	35					35
Pension and post-retirement benefit plans, net of tax	2					2
Pension and post-retirement benefit plans, tax	2
Changes in derivatives, net of tax	(1)					(1)
Changes in derivatives, Tax	(1)
Comprehensive Income (Loss)	319
Dividends declared	(142)			(142)
Repurchase of shares of Common Stock, value	0
Employee Stock Option and SARs Exercises, Shares			1,000,000
Employee Stock Option and SARs Exercises, Value	(3)		$ (3)
Share-based compensation events	15		15
Total Shareholders' Deficit	(7,919)	$ (8)	$ 23	(7,490)	$ (8)	(452)
Issued Common Stock, Shares			302,000,000
Total Shareholders' Deficit	(7,891)		$ 0	(7,480)		(411)
Issued Common Stock, Shares			300,000,000
Net Income	1,245			1,245
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	(2)					(2)
Pension and post-retirement benefit plans, net of tax	58					58
Pension and post-retirement benefit plans, tax	19
Changes in derivatives, net of tax	24					24
Changes in derivatives, Tax	8
Comprehensive Income (Loss)	1,325
Dividends declared	(448)			(448)
Shares Repurchased			(7,348,000)
Repurchase of shares of Common Stock, value	(860)		$ (24)	(836)
Employee Stock Option and SARs Exercises, Shares			1,000,000
Employee Stock Option and SARs Exercises, Value	(43)		$ (38)	(5)
Share-based compensation events	62		62
Total Shareholders' Deficit	(7,893)		$ 0	(7,569)		(324)
Issued Common Stock, Shares			296,000,000
Net Income	528			528
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	(19)					(19)
Pension and post-retirement benefit plans, net of tax	6					6
Pension and post-retirement benefit plans, tax	2
Changes in derivatives, net of tax	6					6
Changes in derivatives, Tax	2
Comprehensive Income (Loss)	521
Dividends declared	(148)			(148)
Shares Repurchased			(2,000,000)
Repurchase of shares of Common Stock, value	(330)		$ 0	(330)
Employee Stock Option and SARs Exercises, Shares			0
Employee Stock Option and SARs Exercises, Value	(26)		$ (21)	(5)
Share-based compensation events	21		21
Total Shareholders' Deficit	$ (7,855)		$ 0	$ (7,524)		$ (331)
Issued Common Stock, Shares			294,000,000

Financial Statement Presentation	9 Months Ended
Financial Statement Presentation	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	Financial Statement Presentation We have prepared our accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by Generally Accepted Accounting Principles in the United States (“GAAP”) for complete financial statements. Therefore, we suggest that the accompanying Financial Statements be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (“2020 Form 10-K”). Yum! Brands, Inc. and its Subsidiaries (collectively referred to herein as the “Company,” “YUM,” “we,” “us” or “our”) franchise or operate a system of over 52,000 restaurants in more than 150 countries and territories. As of September 30, 2021, 98% of these restaurants were owned and operated by franchisees. The Company’s KFC, Pizza Hut and Taco Bell brands are global leaders of the chicken, pizza and Mexican-style food categories, respectively. The Habit Burger Grill, a concept we acquired on March 18, 2020, is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. As of September 30, 2021, YUM consisted of four operating segments: •The KFC Division which includes our worldwide operations of the KFC concept •The Pizza Hut Division which includes our worldwide operations of the Pizza Hut concept •The Taco Bell Division which includes our worldwide operations of the Taco Bell concept •The Habit Burger Grill Division which includes our worldwide operations of the Habit Burger Grill concept YUM's fiscal year begins on January 1 and ends December 31 of each year, with each quarter comprised of three months. The majority of our U.S. subsidiaries and certain international subsidiaries operate on a weekly periodic calendar where the first three quarters of each fiscal year consists of 12 weeks and the fourth quarter consists of 16 weeks in fiscal years with 52 weeks and 17 weeks in fiscal years with 53 weeks. Our remaining international subsidiaries operate on a monthly calendar similar to that on which YUM operates. Our Habit Burger Grill Division operates on a weekly periodic calendar where each quarter consists of 13 weeks, except in fiscal years with 53 weeks when the fourth quarter consists of 14 weeks. Our preparation of the accompanying Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The accompanying Financial Statements include all normal and recurring adjustments considered necessary to present fairly, when read in conjunction with our 2020 Form 10-K, the results of the interim periods presented. Our results of operations, comprehensive income, cash flows and changes in shareholders' deficit for these interim periods are not necessarily indicative of the results to be expected for the full year. Our significant interim accounting policies include the recognition of advertising and marketing costs, generally in proportion to revenue, and the recognition of income taxes using an estimated annual effective tax rate.

Acquisitions (Notes)

9 Months Ended

Sep. 30, 2021

Business Acquisition [Line Items]

Business Combination Disclosure [Text Block]

Acquisitions

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. During the quarter ended March 31, 2021, we finalized our estimate of the fair value of the net assets acquired, which resulted in goodwill being reduced

by $15 million compared to the initial fair value estimate recorded in the quarter ended March 31, 2020 ($2 million of this reduction was recorded in the quarter ended March 31, 2021). The final allocation of consideration to the net tangible and intangible assets acquired upon the March 18, 2020 acquisition is presented in the table below.


Total Current Assets	$	11
Property, plant and equipment, net	111
Habit Burger Grill brand (included in Intangible assets, net)	96
Operating lease right-of-use assets (included in Other assets)	196
Other assets	28
Total Assets	442
Total Current Liabilities	(68)
Operating lease liabilities (included in Other liabilities and deferred credits)	(170)
Total Liabilities	(238)
Total identifiable net assets	204
Goodwill	204
Net consideration transferred	$	408

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 the first quarter of 2020 we recorded a goodwill impairment charge of $139 million to Other (income) expense and a corresponding income tax benefit of $32 million. As we continued to refine our preliminary purchase price allocation in the quarter ended September 30, 2020, the impairment charge was adjusted upward by $5 million, which resulted in a corresponding income tax benefit of $1 million. Subsequent to these 2020 goodwill impairment charges and the finalization during the quarter ended March 31, 2021, of the allocation of consideration to the net assets acquired (described above), the Habit Burger Grill reporting unit goodwill was $60 million.

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 has been classified within Other, net cash flows from investing activities within our Condensed 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. We anticipate that all of the goodwill recognized will be non-deductible for income tax purposes. The purchase price allocation for Dragontail is preliminary and subject to completion of valuation analyses. The final assignment of goodwill to our reporting units has not yet been completed as of the date of these financial statements.

The financial results of Dragontail have been included in our Condensed Consolidated Financial Statements since the date of the acquisition but did not significantly impact our results for the quarter or year-to-date periods ended September 30, 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.

Earnings Per Common Share ("EPS")

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Common Share (EPS)

Earnings Per Common Share (“EPS”)


	Quarter ended				Year to date
	2021		2020		2021		2020
Net Income	$	528	$	283	$	1,245	$	572

Weighted-average common shares outstanding (for basic calculation)	296		303		298		302
Effect of dilutive share-based employee compensation	6		4		6		5
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)	302		307		304		307

Basic EPS	$	1.78	$	0.94	$	4.17	$	1.89

Diluted EPS	$	1.75	$	0.92	$	4.10	$	1.86
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation(a)	0.1		4.7		1.5		4.6

(a)These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.

Shareholders' Deficit

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Deficit

Under the authority of our Board of Directors, we repurchased shares of our Common Stock during the years to date ended September 30, 2021 and 2020 as indicated below. All amounts exclude applicable transaction fees.


	Shares Repurchased (thousands)			Dollar Value of Shares Repurchased					Remaining Dollar Value of Shares that may be Repurchased
Authorization Date	2021		2020	2021			2020		2021
November 2019	4,746		—	$	530		$	—	$	—
May 2021	2,602		—	330			—		1,670
Total	7,348	(a)	—	$	860	(a)	$	—	$	1,670

(a) Includes the effect of $14 million in share repurchases (0.1 million shares) with trade dates on, or prior to, September 30, 2021, but cash settlement dates subsequent to September 30, 2021 and excludes the effect of $11 million in share repurchases (0.1 million shares) with trade dates on, or prior to, December 31, 2020, but cash settlement dates subsequent to December 31, 2020.

In May 2021, our Board of Directors authorized share repurchases from July 1, 2021 through December 31, 2022, of up to $2 billion (excluding applicable transaction fees) of our outstanding Common Stock. Unutilized share repurchase capacity of $1.2 billion under a November 2019 authorization expired on June 30, 2021.

Changes in Accumulated other comprehensive loss (“AOCI”) are presented below.


	Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature		Pension and Post-Retirement Benefits		Derivative Instruments		Total
Balance at June 30, 2021, net of tax	$	(165)	$	(44)	$	(115)	$	(324)

OCI, net of tax

Gains (losses) arising during the period classified into AOCI, net of tax	(19)		2		—		(17)

(Gains) losses reclassified from AOCI, net of tax	—		4		6		10
	(19)		6		6		(7)
Balance at September 30, 2021, net of tax	$	(184)	$	(38)	$	(109)	$	(331)

Balance at December 31, 2020, net of tax	$	(182)	$	(96)	$	(133)	$	(411)

OCI, net of tax

Gains (losses) arising during the period classified into AOCI, net of tax	(2)		46		12		56

(Gains) losses reclassified from AOCI, net of tax	—		12		12		24
	(2)		58		24		80
Balance at September 30, 2021, net of tax	$	(184)	$	(38)	$	(109)	$	(331)

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Other Income and Expenses [Abstract]

Other (Income) Expense

9 Months Ended

Sep. 30, 2021

Other (Income) Expense


	Quarter ended				Year to date
	9/30/2021		9/30/2020		9/30/2021		9/30/2020
Foreign exchange net (gain) loss and other	$	(3)	$	(6)	$	(14)	$	(2)
Impairment and closure expense(a)	1		10		2		156
Other (income) expense	$	(2)	$	4	$	(12)	$	154

(a) The quarter and year to date ended September 30, 2020, include charges of $5 million and $144 million, respectively, related to the impairment of Habit Burger Grill goodwill. See Note 2. The quarter and year to date ended September 30, 2020 also include charges of $5 million and $11 million, respectively, related to the write-off of software no longer being used.

Supplemental Balance Sheet Information

9 Months Ended

Sep. 30, 2021

Supplemental Balance Sheet Information Disclosure [Abstract]

Supplemental Balance Sheet Information

Accounts and Notes Receivable, net

The Company’s receivables are primarily generated from ongoing business relationships with our franchisees as a result of franchise and lease agreements. Trade receivables consisting of royalties from franchisees are generally due within 30 days of the period in which the corresponding sales occur and are classified as Accounts and notes receivable, net in our Condensed Consolidated Balance Sheets. Accounts and notes receivable, net also includes receivables generated from advertising cooperatives that we consolidate.


	9/30/2021		12/31/2020
Accounts and notes receivable, gross	$	584	$	579
Allowance for doubtful accounts	(36)		(45)
Accounts and notes receivable, net	$	548	$	534

Property, Plant and Equipment, net


	9/30/2021		12/31/2020
Property, plant and equipment, gross	$	2,467	$	2,465
Accumulated depreciation and amortization	(1,274)		(1,230)
Property, plant and equipment, net	$	1,193	$	1,235

Assets held-for-sale totaled $27 million and $7 million as of September 30, 2021 and December 31, 2020, respectively, and are included in Prepaid expenses and other current assets in our Condensed Consolidated Balance Sheets. Liabilities held-for-sale totaled $10 million as of September 30, 2021, and are included in Accounts payable and other current liabilities in our Condensed Consolidated Balance Sheet.


Other Assets	9/30/2021		12/31/2020
Operating lease right-of-use assets(a)	$	835	$	851

Franchise incentives	164		163
Other	460		421
Other assets	$	1,459	$	1,435

(a) Non-current operating lease liabilities of $811 million and $823 million as of September 30, 2021 and December 31, 2020, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.

Reconciliation of Cash and Cash Equivalents for Condensed Consolidated Statements of Cash Flows


	9/30/2021		12/31/2020
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets	$	1,001	$	730
Restricted cash included in Prepaid expenses and other current assets(a)	276		258
Restricted cash and restricted cash equivalents included in Other assets(b)	34		36
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows	$	1,311	$	1,024

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

(b) Primarily trust accounts related to our self-insurance programs.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes


	Quarter ended						Year to date
	2021			2020			2021			2020
Income tax (benefit) provision	$	(77)		$	33		$	22		$	96
Effective tax rate	(17.0)		%	10.5		%	1.8		%	14.4		%

Our third quarter effective tax rate was lower than the prior year primarily due to tax benefits resulting from a KFC Europe reorganization executed in the quarter ended September 30, 2021. In July 2021, we concentrated management responsibility for European (excluding the United Kingdom (“UK”)) KFC franchise development, support operations and management oversight in Switzerland. Concurrent with this change in management responsibility, we completed intra-entity transfers of certain KFC intellectual property rights from subsidiaries in the UK to subsidiaries in Switzerland. With the transfer 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 net, one-time tax benefit of $152 million in the quarter ended September 30, 2021. In the quarter ended September 30, 2020, our effective rate was favorably impacted by $25 million due to the remeasurement of our deferred tax assets in the UK resulting from an increase in the UK corporate tax rate from 17% to 19% enacted during the quarter.Our year to date effective tax rate was also lower than the prior year due to tax benefits resulting from a $64 million favorable impact due to the remeasurement of our deferred tax assets in the UK resulting from an increase in the UK corporate tax rate from 19% to 25% enacted during the quarter ended June 30, 2021.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition Accounting Policy

9 Months Ended

Sep. 30, 2021

Revenue Recognition

Disaggregation of Total Revenues

The following tables disaggregate revenue by Concept, for our two most significant markets based on Operating Profit and for all other markets. We believe this disaggregation best reflects the extent to which the nature, amount, timing and uncertainty of our revenues and cash flows are impacted by economic factors.


	Quarter ended 9/30/2021
		KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales		$	15	$	5	$	225	$	132	$	377
Franchise revenues		46		63		156		1		266
Property revenues		3		2		11		—		16
Franchise contributions for advertising and other services		7		70		130		—		207

China
Franchise revenues		61		16		—		—		77

Other
Company sales		128		8		—		—		136
Franchise revenues		265		66		10		—		341
Property revenues		16		—		—		—		16
Franchise contributions for advertising and other services		151		17		2		—		170
		$	692	$	247	$	534	$	133	$	1,606


	Quarter ended 9/30/2020
	KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales	$	14	$	5	$	218	$	118	$	355
Franchise revenues	44		62		148		—		254
Property revenues	4		1		10		—		15
Franchise contributions for advertising and other services	4		76		117		—		197

China
Franchise revenues	56		15		—		—		71

Other
Company sales	116		15		—		—		131
Franchise revenues	219		55		7		—		281
Property revenues	17		1		—		—		18
Franchise contributions for advertising and other services	112		13		1		—		126
	$	586	$	243	$	501	$	118	$	1,448


	Year to date 9/30/2021
		KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales		$	45	$	15	$	656	$	391	$	1,107
Franchise revenues		138		197		460		3		798
Property revenues		10		4		31		—		45
Franchise contributions for advertising and other services		20		223		375		—		618

China
Franchise revenues		181		48		—		—		229

Other
Company sales		378		24		—		—		402
Franchise revenues		750		185		27		—		962
Property revenues		45		1		—		—		46
Franchise contributions for advertising and other services		432		50		5		—		487
		$	1,999	$	747	$	1,554	$	394	$	4,694


	Year to date 9/30/2020
		KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales		$	43	$	15	$	610	$	231	$	899
Franchise revenues		126		190		411		1		728
Property revenues		11		4		31		—		46
Franchise contributions for advertising and other services		13		224		331		—		568

China
Franchise revenues		150		37		—		—		187

Other
Company sales		303		42		—		—		345
Franchise revenues		577		160		18		—		755
Property revenues		42		2		—		—		44
Franchise contributions for advertising and other services		296		39		2		—		337
		$	1,561	$	713	$	1,403	$	232	$	3,909

Contract Liabilities

Our contract liabilities are comprised of unamortized upfront fees received from franchisees. A summary of significant changes to the contract liability balance during 2021 is presented below.


	Deferred Franchise Fees
Balance at December 31, 2020	$	415
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period	(53)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period	52
Other(a)	(3)
Balance at September 30, 2021	$	411

(a) Primarily includes impact of foreign currency translation.

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


Less than 1 year	$	66
1 - 2 years	60
2 - 3 years	56
3 - 4 years	49
4 - 5 years	43
Thereafter	137
Total	$	411

^[1]

[1]	(a) Primarily includes impact of foreign currency translation.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reportable Operating Segments

Reportable Operating Segments

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

We identify our operating segments based on management responsibility. The following tables summarize Revenues and Operating Profit for each of our reportable operating segments:


	Quarter ended				Year to date
Revenues	2021		2020		2021		2020
KFC Division	$	692	$	586	$	1,999	$	1,561
Pizza Hut Division	247		243		747		713
Taco Bell Division	534		501		1,554		1,403
Habit Burger Grill Division	133		118		394		232
	$	1,606	$	1,448	$	4,694	$	3,909


	Quarter ended				Year to date
Operating Profit	2021		2020		2021		2020
KFC Division	$	314	$	278	$	932	$	655
Pizza Hut Division	101		89		306		252
Taco Bell Division	184		186		560		484
Habit Burger Grill Division	1		(7)		6		(15)
Corporate and unallocated G&A expenses(a)	(70)		(81)		(183)		(229)
Unallocated Company restaurant expenses	—		1		—		—
Unallocated Franchise and property expenses	—		—		—		(3)
Unallocated Refranchising gain (loss)	(1)		9		21		30
Unallocated Other income (expense)(b)	(2)		(4)		(5)		(153)
Operating Profit	$	527	$	471	$	1,637	$	1,021
Investment income (expense), net(c)	51		10		52		67
Other pension income (expense)	(1)		(4)		(6)		(9)
Interest expense, net(d)	(126)		(161)		(416)		(411)
Income before income taxes	$	451	$	316	$	1,267	$	668

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

(a)Includes charges related to a resource optimization program initiated in the third quarter of 2020. 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. We recorded charges of $4 million and $32 million during the quarters ended September 30, 2021 and 2020, respectively, for this program. We recorded charges of $7 million and $32 million during the years to date ended September 30, 2021 and 2020, respectively, for this program. Also included in the year to date ended September 30, 2020, is a $50 million charitable contribution to Yum! Brands Foundation, Inc. (a standalone, not-for-profit organization that is not consolidated in the Company's results) in the second quarter of 2020 related to our “Unlocking Opportunity Initiative” and costs related to our acquisition of Habit Burger Grill of $9 million.

(b)Includes charges of $5 million and $144 million in the quarter and year to date ended September 30, 2020, respectively, related to the impairment of Habit Burger Grill goodwill. See Note 2.

(c)Includes changes in the value of our investment in Devyani International Limited (“Devyani”), an entity that operates KFC and Pizza Hut franchised units in India. During the quarter ended September 30, 2021, Devyani executed an initial public offering and subsequently the fair value of our investment became readily determinable. As a result, we began recording changes in fair value in Investment income (expense), net. In the quarter ended September 30, 2021, we recognized pre-tax investment income of $52 million related to changes in fair value of our investment in Devyani. See Note 13.

Also includes changes in the value of Grubhub, Inc. (“Grubhub”) common stock. For the quarter and year to date ended September 30, 2020, we recognized pre-tax investment income of $8 million and $69 million, respectively, related to changes in fair value of our investment in Grubhub common stock. In the quarter ended September 30, 2020, we sold our investment in Grubhub.

(d)Includes a $28 million call premium and $6 million of unamortized debt issuance costs written off related to the redemption of the 2026 Notes during the year to date ended September 30, 2021. See Note 11.

Also includes a $26 million call premium and $6 million of unamortized debt issuance costs written off associated with the early redemption of YUM Subsidiary Senior Unsecured Notes due in 2024 as well as $2 million of accrued and unpaid interest associated with the period of time from prepayment of the notes with the trustee to their redemption date during the quarter and year to date ended September 30, 2020.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Pension Benefits

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Pension Benefits

We sponsor qualified and supplemental (non-qualified) noncontributory defined benefit pension plans covering certain full-time salaried and hourly U.S. employees. The most significant of these plans, the YUM Retirement Plan (the “Plan”), is funded. We fund our other U.S. plan as benefits are paid. The Plan and our non-qualified plan in the U.S. are closed to new salaried participants.

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


	Quarter ended				Year to date
	2021		2020		2021		2020
Service cost	$	2	$	2	$	6	$	6
Interest cost	8		9		24		26
Expected return on plan assets	(11)		(10)		(32)		(32)
Amortization of net loss	3		4		12		11
Amortization of prior service cost	1		—		4		3
Net periodic benefit cost	$	3	$	5	$	14	$	14

The entire disclosure for retirement benefits.

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Short-term Borrowings and Long-term Debt

Short-term Borrowings and Long-term Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]


Short-term Borrowings	9/30/2021		12/31/2020
Current maturities of long-term debt	$	71	$	463
Less current portion of debt issuance costs and discounts	(7)		(10)
Short-term borrowings	$	64	$	453

Long-term Debt
Securitization Notes	$	3,815	$	2,869
Subsidiary Senior Unsecured Notes	750		1,800
Term Loan A Facility	750		431
Term Loan B Facility	1,493		1,916
YUM Senior Unsecured Notes	4,475		3,725
Finance lease obligations	67		72
	$	11,350	$	10,813
Less debt issuance costs and discounts	(90)		(78)
Less current maturities of long-term debt	(71)		(463)
Long-term debt	$	11,189	$	10,272

Details of our Short-term borrowings and Long-term debt as of December 31, 2020 can be found within our 2020 Form 10-K.

On March 15, 2021, KFC Holding Co., Pizza Hut Holdings, LLC and Taco Bell of America, LLC (collectively, the “Borrowers”), each of which is a wholly-owned subsidiary of the Company, completed the refinancing of the then existing $1.9 billion term loan B facility, $431 million term loan A facility and $1.0 billion revolving facility through the issuance of a $1.5 billion term loan B facility maturing March 15, 2028 (the “Term Loan B Facility”), a $750 million term loan A facility maturing March 15, 2026 (the “Term Loan A Facility”) and a $1.25 billion revolving facility maturing March 15, 2026 (the “Revolving Facility”) pursuant to an amendment to the Credit Agreement (as defined in our 2020 Form 10-K). The amendment reduces the interest rate currently applicable to the refinanced Term Loan A Facility and for borrowings under the refinanced Revolving Facility by 25 basis points. Subsequent to the refinance the interest rate applicable to the Term Loan A Facility and the Revolving Facility ranges from 0.75% to 1.50% plus LIBOR or from 0.00% to 0.50% plus the Base Rate, at the Borrowers' election, based on the total leverage ratio (as defined in the Credit Agreement).

The refinanced Term Loan A Facility is now subject to quarterly amortization payments in an amount equal to 0.625% of the principal amount of the facility as of the refinance date beginning with the second quarter of 2022. The Term Loan A Facility quarterly amortization payments increase to 1.25% of the principal amount of the facility as of the refinance date beginning with the second quarter of 2024. The Term Loan B Facility continues to be subject to quarterly amortization payments in an amount equal to 0.25% of the principal amount of the facility as of the refinance date. All other material provisions under the Credit Agreement remain unchanged. Our Revolving Facility was undrawn as of September 30, 2021.

As a result of this Credit Agreement refinancing, $8 million of fees were capitalized as debt issuance costs, $3 million of which were paid directly to lenders. The debt issuance costs will be amortized to Interest expense, net through the contractual maturities of the Credit Agreement using the effective interest method. During the quarter ended March 31, 2021, fees expensed of $4 million as well as previously recorded unamortized debt issuance costs written off of $8 million were recognized within Interest expense, net due to this refinancing.

On April 1, 2021, Yum! Brands, Inc. issued $1.1 billion aggregate principal amount of 4.625% YUM Senior Unsecured Notes due January 31, 2032 (the “2032 Notes”). Interest on the 2032 Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021. The indenture governing the 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 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 $13 million in connection with the 2032 Notes. The debt issuance costs will be amortized to Interest expense, net over the life of the 2032 Notes using the effective interest method. We used the net proceeds from the 2032 Notes to fund the redemption of the 2026 Notes discussed below.

On April 23, 2021, the Borrowers 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 “2026 Notes”). 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 2026 Notes within Interest expense, net in the quarter ended June 30, 2021.

On June 30, 2021, Yum! Brands, Inc. issued a notice of redemption for $350 million aggregate principal amount of 3.75% YUM Senior Unsecured Notes due November 1, 2021 (the “2021 Notes”). The redemption, which occurred on August 2, 2021, was in an amount equal to 100% of the principal amount of the 2021 Notes, plus accrued interest to the date of redemption.

On August 19, 2021, Taco Bell Funding, LLC (the “Issuer”), a special purpose limited liability company and a direct, wholly-owned subsidiary of Taco Bell Corp. (“TBC”), completed a refinancing transaction and issued $900 million of its Series 2021-1 1.946% Fixed Rate Senior Secured Notes, Class A-2-I (the “2021 Class A-2-I Notes”), $600 million of its Series 2021-1 2.294% Fixed Rate Senior Secured Notes, Class A-2-II (the “2021 Class A-2-II Notes”) and $750 million of its Series 2021-1 2.542% Fixed Rate Senior Secured Notes, Class A-2-III (the “2021 Class A-2-III Notes” and, together with the 2021 Class A-2-I Notes and the 2021 Class A-2-II Notes, the “2021 Class A-2 Notes”). The net proceeds from the issuance of the 2021 Class A-2 Notes were used to repay in full the 2016-1 Class A-2-II Notes of $480 million and 2018-1 Class A-2-I Notes of $804 million. The remaining net proceeds were distributed to TBC to pay certain transaction-related expenses, for general corporate purposes and to return capital to shareholders of the Company. The remaining 2016-1 Class A-2-III Notes of $957 million and 2018-1 Class A-2-II Notes of $608 million, together with the 2021 Class A-2 Notes are collectively referred to as the “Securitization Notes”.

The legal final maturity date of the 2021 Class A-2 Notes is in August 2051. However, the anticipated repayment dates of the 2021 Class A-2-I Notes, the 2021 Class A-2-II Notes and the 2021 Class A-2-III Notes are approximately 6, 8 and 10 years (the “Anticipated Repayment Dates”), respectively, from the date of issuance. 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, as provided in the Indenture for the Securitization Notes.

As a result of the issuance of the 2021 Class A-2 Notes, $19 million of fees were capitalized as debt issuance costs. The debt issuance costs are being amortized to Interest expense, net through the Anticipated Repayment Dates of the Securitization Notes utilizing the effective interest rate method. As of September 30, 2021, the effective interest rates, including the amortization of debt issuance costs, were 2.11%, 2.42% and 2.64% for the 2021 Class A-2-I Notes, 2021 Class A-2-II Notes and 2021 Class A-2-III Notes, respectively. During the quarter ended September 30, 2021, previously recorded unamortized debt issuance costs written off totaling approximately $5 million were recognized within Interest expense, net due to the extinguishment of the 2016 Class A-2-II Notes and 2018 Class A-2-I Notes.

Excluding the payments associated with the extinguishment of the 2026 Notes discussed above, cash paid for interest during the year to date ended September 30, 2021 was $328 million. Excluding $28 million of call premium and interest associated with the period of time from prepayment to redemption associated with the extinguishment of $1,050 million aggregate principal amount of 5.00% Subsidiary Senior Unsecured Notes due in 2024, cash paid for interest during the year to date September 30, 2020 was $329 million.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

9 Months Ended

Sep. 30, 2021

Derivative Instruments

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

Interest Rate Swaps

We have entered into interest rate swaps, with the objective of reducing our exposure to interest rate risk for a portion of our variable-rate debt interest payments primarily under our Term Loan B Facility. At both September 30, 2021 and December 31, 2020, we had interest rate swaps expiring in March 2025 with notional amounts of $1.5 billion. At December 31, 2020, we also had interest rate swaps that expired in July 2021 with notional amounts of $1.55 billion. These interest rate swaps have been designated cash flow hedges as the changes in the future cash flows of the swaps are expected to offset changes in expected future interest payments on the related variable-rate debt. There were no other interest rate swaps outstanding as of September 30, 2021 or December 31, 2020.

Gains or losses on the interest rate swaps are reported as a component of AOCI and reclassified into Interest expense, net in our Condensed Consolidated Statements of Income in the same period or periods during which the related hedged interest payments affect earnings. Through September 30, 2021, the swaps were highly effective cash flow hedges.

Foreign Currency Contracts

We have entered into foreign currency forward and swap contracts with the objective of reducing our exposure to earnings volatility arising from foreign currency fluctuations associated with certain foreign currency denominated intercompany receivables and payables. The notional amount, maturity date, and currency of these contracts match those of the underlying intercompany receivables or payables. Our foreign currency contracts are designated cash flow hedges as the future cash flows of the contracts are expected to offset changes in intercompany receivables and payables due to foreign currency exchange rate fluctuations.

Gains or losses on the foreign currency contracts are reported as a component of AOCI. Amounts are reclassified from AOCI each quarter to offset foreign currency transaction gains or losses recorded within Other (income) expense when the related intercompany receivables and payables affect earnings due to their functional currency remeasurements. Through September 30, 2021, all foreign currency contracts related to intercompany receivables and payables were highly effective cash flow hedges.

As of September 30, 2021 and December 31, 2020, outstanding foreign currency contracts related to intercompany receivables and payables had total notional amounts of $34 million and $39 million, respectively. These foreign currency forward contracts all have durations that expire in 2021.

As a result of the use of interest rate swaps and foreign currency contracts, the Company is exposed to risk that the counterparties will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we only enter into contracts with major financial institutions carefully selected based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. At September 30, 2021, all of the counterparties to our interest rate swaps and foreign currency contracts had investment grade ratings according to the three major ratings agencies. To date, all counterparties have performed in accordance with their contractual obligations.

Gains and losses on derivative instruments designated as cash flow hedges recognized in OCI and reclassifications from AOCI into Net Income:


	Quarter ended								Year to date
	Gains/(Losses) Recognized in OCI				(Gains)/Losses Reclassified from AOCI into Net Income				Gains/(Losses) Recognized in OCI				(Gains)/Losses Reclassified from AOCI into Net Income
	2021		2020		2021		2020		2021		2020		2021		2020

Interest rate swaps	$	—	$	(6)	$	9	$	4	$	17	$	(104)	$	17	$	6

Foreign currency contracts	1		(2)		(2)		2		—		3		(2)		(5)

Income tax benefit/(expense)	(1)		2		(1)		(1)		(5)		25		(3)		—

As of September 30, 2021, the estimated net loss included in AOCI related to our cash flow hedges that will be reclassified into earnings in the next 12 months is $43 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 Executive Income Deferral (“EID”) plan. While these total return swaps represent economic hedges, we have not designated them as hedges for accounting purposes. As a result, the changes in the fair value of these derivatives are recognized immediately in earnings within General and administrative expenses in our Condensed Consolidated Statements of Income largely offsetting the changes in the associated EID liabilities. The fair value associated with the total return swaps as of September 30, 2021, was not significant.

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

Fair Value Disclosures

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Disclosures

As of September 30, 2021, the carrying values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, short-term borrowings and accounts payable 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 reserves for expected losses, approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations:


	9/30/2021				12/31/2020
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)

Securitization Notes(a)	$	3,815	$	3,921	$	2,869	$	3,015
Subsidiary Senior Unsecured Notes(b)	750		796		1,800		1,890
Term Loan A Facility(b)	750		751		431		428
Term Loan B Facility(b)	1,493		1,495		1,916		1,907
YUM Senior Unsecured Notes(b)	4,475		4,877		3,725		4,094

(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, foreign currency contracts and other investments, all of which are required to be measured at fair value on a recurring basis (see Note 12 for discussion regarding derivative instruments). The following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall.


			Fair Value
	Condensed Consolidated Balance Sheet	Level	9/30/2021		12/31/2020
Assets
Foreign Currency Contracts	Prepaid expenses and other current assets	2	$	1	$	1
Other Investments	Other assets	1	85		45


Liabilities
Interest Rate Swaps	Accounts payable and other current liabilities	2	44		28
Interest Rate Swaps	Other liabilities and deferred credits	2	77		127

The fair value of the Company’s interest rate swaps and foreign currency contracts were determined based on the present value of expected future cash flows considering the risks involved, including nonperformance risk, and using discount rates appropriate for the duration based on observable inputs.

The other investments as of September 30, 2021, primarily include an approximate 5% minority interest in Devyani International Limited (“Devyani”) with a fair value of $83 million. 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. During the quarter ended September 30, 2021, Devyani executed an initial public offering and subsequently the fair value of these equity securities became readily determinable. As a result, concurrent with the initial public offering we began recording changes in fair value in Investment (income) expense, net. 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. For both the quarter and year to date ended September 30, 2021, we recognized pre-tax investment income of $52 million related to changes in fair value of our investment in Devyani.

The other investments as of December 31, 2020, primarily include investments in mutual funds, which were historically used 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. In the quarter ended March 31, 2021, upon entering into the total return swaps as disclosed in Note 12, we sold the majority of these other investments and received cash proceeds of $44 million. These proceeds have been classified within Other, net cash flows from investing activities within our Condensed Consolidated Statements of Cash Flows.

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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

+ References + Details

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Guarantees, Commitments and Contingencies	Contingencies Internal Revenue Service Proposed Adjustment As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal years 2013 through 2015, on October 13, 2021, we received a Notice of Proposed Adjustment (“NPA”) from the IRS for the 2014 fiscal year relating 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 reorganizations involved taxable distributions of approximately $6.0 billion. We expect to receive the Revenue Agent’s Report (“RAR”) including the IRS’s calculation of the tax assessment in early 2022. The amount of additional tax that may be asserted by the IRS in the RAR cannot be quantified at this time; however, based on the NPA, the amount of additional tax to be proposed is expected to be material. We disagree with the IRS’s position as asserted in the NPA and intend to contest it vigorously by filing a protest disputing on multiple grounds any proposed taxes and proceeding to the IRS Office of Appeals. The final resolution of this matter is uncertain, but 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 September 30, 2021, the potential amount of undiscounted payments we could be required to make in the event of non-payment by the primary lessee was approximately $400 million. The present value of these potential payments discounted at our pre-tax cost of debt at September 30, 2021, was approximately $350 million. Our franchisees are the primary lessees under the vast majority of these leases. We generally have cross-default provisions with these franchisees that would put them in default of their franchise agreement in the event of non-payment under the lease. We believe these cross-default provisions significantly reduce the risk that we will be required to make payments under these leases, although such risk may not be reduced in the context of a bankruptcy or other similar restructuring of a large franchisee or group of franchisees. The liability recorded for our expected losses under such leases as of September 30, 2021, was not material. Legal Proceedings We are subject to various claims and contingencies related to lawsuits, real estate, environmental and other matters arising in the normal course of business. An accrual is recorded with respect to claims or contingencies for which a loss is determined to be probable and reasonably estimable. 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 $150 million. Of this amount, $145 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. The stay order remains in effect and the next hearing is now scheduled for November 24, 2021. 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. We are currently engaged in various other legal proceedings and have certain unresolved claims pending, the ultimate liability for which, if any, cannot be determined at this time. However, based upon consultation with legal counsel, we are of the opinion that such proceedings and claims are not expected to have a material adverse effect, individually or in the aggregate, on our Condensed Consolidated Financial Statements.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Business Acquisition [Line Items]


Total Current Assets	$	11
Property, plant and equipment, net	111
Habit Burger Grill brand (included in Intangible assets, net)	96
Operating lease right-of-use assets (included in Other assets)	196
Other assets	28
Total Assets	442
Total Current Liabilities	(68)
Operating lease liabilities (included in Other liabilities and deferred credits)	(170)
Total Liabilities	(238)
Total identifiable net assets	204
Goodwill	204
Net consideration transferred	$	408

Earnings Per Common Share ("EPS") Earnings Per Common Share ("EPS") (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

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


	Quarter ended				Year to date
	2021		2020		2021		2020
Net Income	$	528	$	283	$	1,245	$	572

Weighted-average common shares outstanding (for basic calculation)	296		303		298		302
Effect of dilutive share-based employee compensation	6		4		6		5
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)	302		307		304		307

Basic EPS	$	1.78	$	0.94	$	4.17	$	1.89

Diluted EPS	$	1.75	$	0.92	$	4.10	$	1.86
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation(a)	0.1		4.7		1.5		4.6

(a)These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.

Shareholders' Deficit (Tables)

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Accelerated Share Repurchases


	Shares Repurchased (thousands)			Dollar Value of Shares Repurchased					Remaining Dollar Value of Shares that may be Repurchased
Authorization Date	2021		2020	2021			2020		2021
November 2019	4,746		—	$	530		$	—	$	—
May 2021	2,602		—	330			—		1,670
Total	7,348	(a)	—	$	860	(a)	$	—	$	1,670

(a) Includes the effect of $14 million in share repurchases (0.1 million shares) with trade dates on, or prior to, September 30, 2021, but cash settlement dates subsequent to September 30, 2021 and excludes the effect of $11 million in share repurchases (0.1 million shares) with trade dates on, or prior to, December 31, 2020, but cash settlement dates subsequent to December 31, 2020.

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated other comprehensive loss (“AOCI”) are presented below.


	Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature		Pension and Post-Retirement Benefits		Derivative Instruments		Total
Balance at June 30, 2021, net of tax	$	(165)	$	(44)	$	(115)	$	(324)

OCI, net of tax

Gains (losses) arising during the period classified into AOCI, net of tax	(19)		2		—		(17)

(Gains) losses reclassified from AOCI, net of tax	—		4		6		10
	(19)		6		6		(7)
Balance at September 30, 2021, net of tax	$	(184)	$	(38)	$	(109)	$	(331)

Balance at December 31, 2020, net of tax	$	(182)	$	(96)	$	(133)	$	(411)

OCI, net of tax

Gains (losses) arising during the period classified into AOCI, net of tax	(2)		46		12		56

(Gains) losses reclassified from AOCI, net of tax	—		12		12		24
	(2)		58		24		80
Balance at September 30, 2021, net of tax	$	(184)	$	(38)	$	(109)	$	(331)

Other Income and Expenses (Tables)

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component


	Quarter ended				Year to date
	9/30/2021		9/30/2020		9/30/2021		9/30/2020
Foreign exchange net (gain) loss and other	$	(3)	$	(6)	$	(14)	$	(2)
Impairment and closure expense(a)	1		10		2		156
Other (income) expense	$	(2)	$	4	$	(12)	$	154

(a) The quarter and year to date ended September 30, 2020, include charges of $5 million and $144 million, respectively, related to the impairment of Habit Burger Grill goodwill. See Note 2. The quarter and year to date ended September 30, 2020 also include charges of $5 million and $11 million, respectively, related to the write-off of software no longer being used.

Supplemental Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2021

Supplemental Balance Sheet Information Disclosure [Abstract]

Accounts and Notes Receivable


	9/30/2021		12/31/2020
Accounts and notes receivable, gross	$	584	$	579
Allowance for doubtful accounts	(36)		(45)
Accounts and notes receivable, net	$	548	$	534

Property, Plant and Equipment


	9/30/2021		12/31/2020
Property, plant and equipment, gross	$	2,467	$	2,465
Accumulated depreciation and amortization	(1,274)		(1,230)
Property, plant and equipment, net	$	1,193	$	1,235

Schedule of Other Assets


Other Assets	9/30/2021		12/31/2020
Operating lease right-of-use assets(a)	$	835	$	851

Franchise incentives	164		163
Other	460		421
Other assets	$	1,459	$	1,435

(a) Non-current operating lease liabilities of $811 million and $823 million as of September 30, 2021 and December 31, 2020, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.

Schedule of Cash and Cash Equivalents [Table Text Block]


	9/30/2021		12/31/2020
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets	$	1,001	$	730
Restricted cash included in Prepaid expenses and other current assets(a)	276		258
Restricted cash and restricted cash equivalents included in Other assets(b)	34		36
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows	$	1,311	$	1,024

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

(b) Primarily trust accounts related to our self-insurance programs.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Tax And Effective Tax Rate


	Quarter ended						Year to date
	2021			2020			2021			2020
Income tax (benefit) provision	$	(77)		$	33		$	22		$	96
Effective tax rate	(17.0)		%	10.5		%	1.8		%	14.4		%

Revenue Recognition Accounting Policy (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]


	Quarter ended 9/30/2021
		KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales		$	15	$	5	$	225	$	132	$	377
Franchise revenues		46		63		156		1		266
Property revenues		3		2		11		—		16
Franchise contributions for advertising and other services		7		70		130		—		207

China
Franchise revenues		61		16		—		—		77

Other
Company sales		128		8		—		—		136
Franchise revenues		265		66		10		—		341
Property revenues		16		—		—		—		16
Franchise contributions for advertising and other services		151		17		2		—		170
		$	692	$	247	$	534	$	133	$	1,606


	Quarter ended 9/30/2020
	KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales	$	14	$	5	$	218	$	118	$	355
Franchise revenues	44		62		148		—		254
Property revenues	4		1		10		—		15
Franchise contributions for advertising and other services	4		76		117		—		197

China
Franchise revenues	56		15		—		—		71

Other
Company sales	116		15		—		—		131
Franchise revenues	219		55		7		—		281
Property revenues	17		1		—		—		18
Franchise contributions for advertising and other services	112		13		1		—		126
	$	586	$	243	$	501	$	118	$	1,448


	Year to date 9/30/2021
		KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales		$	45	$	15	$	656	$	391	$	1,107
Franchise revenues		138		197		460		3		798
Property revenues		10		4		31		—		45
Franchise contributions for advertising and other services		20		223		375		—		618

China
Franchise revenues		181		48		—		—		229

Other
Company sales		378		24		—		—		402
Franchise revenues		750		185		27		—		962
Property revenues		45		1		—		—		46
Franchise contributions for advertising and other services		432		50		5		—		487
		$	1,999	$	747	$	1,554	$	394	$	4,694


	Year to date 9/30/2020
		KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales		$	43	$	15	$	610	$	231	$	899
Franchise revenues		126		190		411		1		728
Property revenues		11		4		31		—		46
Franchise contributions for advertising and other services		13		224		331		—		568

China
Franchise revenues		150		37		—		—		187

Other
Company sales		303		42		—		—		345
Franchise revenues		577		160		18		—		755
Property revenues		42		2		—		—		44
Franchise contributions for advertising and other services		296		39		2		—		337
		$	1,561	$	713	$	1,403	$	232	$	3,909


	Quarter ended 9/30/2020
	KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales	$	14	$	5	$	218	$	118	$	355
Franchise revenues	44		62		148		—		254
Property revenues	4		1		10		—		15
Franchise contributions for advertising and other services	4		76		117		—		197

China
Franchise revenues	56		15		—		—		71

Other
Company sales	116		15		—		—		131
Franchise revenues	219		55		7		—		281
Property revenues	17		1		—		—		18
Franchise contributions for advertising and other services	112		13		1		—		126
	$	586	$	243	$	501	$	118	$	1,448


	Year to date 9/30/2020
		KFC Division		Pizza Hut Division		Taco Bell Division		Habit Burger Grill Division		Total
U.S.
Company sales		$	43	$	15	$	610	$	231	$	899
Franchise revenues		126		190		411		1		728
Property revenues		11		4		31		—		46
Franchise contributions for advertising and other services		13		224		331		—		568

China
Franchise revenues		150		37		—		—		187

Other
Company sales		303		42		—		—		345
Franchise revenues		577		160		18		—		755
Property revenues		42		2		—		—		44
Franchise contributions for advertising and other services		296		39		2		—		337
		$	1,561	$	713	$	1,403	$	232	$	3,909

Deferred Franchise Fees [Table Text Block]


	Deferred Franchise Fees
Balance at December 31, 2020	$	415
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period	(53)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period	52
Other(a)	(3)
Balance at September 30, 2021	$	411

(a) Primarily includes impact of foreign currency translation.

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

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


Less than 1 year	$	66
1 - 2 years	60
2 - 3 years	56
3 - 4 years	49
4 - 5 years	43
Thereafter	137
Total	$	411

Reportable Operating Segments (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize Revenues and Operating Profit for each of our reportable operating segments:


	Quarter ended				Year to date
Revenues	2021		2020		2021		2020
KFC Division	$	692	$	586	$	1,999	$	1,561
Pizza Hut Division	247		243		747		713
Taco Bell Division	534		501		1,554		1,403
Habit Burger Grill Division	133		118		394		232
	$	1,606	$	1,448	$	4,694	$	3,909


	Quarter ended				Year to date
Operating Profit	2021		2020		2021		2020
KFC Division	$	314	$	278	$	932	$	655
Pizza Hut Division	101		89		306		252
Taco Bell Division	184		186		560		484
Habit Burger Grill Division	1		(7)		6		(15)
Corporate and unallocated G&A expenses(a)	(70)		(81)		(183)		(229)
Unallocated Company restaurant expenses	—		1		—		—
Unallocated Franchise and property expenses	—		—		—		(3)
Unallocated Refranchising gain (loss)	(1)		9		21		30
Unallocated Other income (expense)(b)	(2)		(4)		(5)		(153)
Operating Profit	$	527	$	471	$	1,637	$	1,021
Investment income (expense), net(c)	51		10		52		67
Other pension income (expense)	(1)		(4)		(6)		(9)
Interest expense, net(d)	(126)		(161)		(416)		(411)
Income before income taxes	$	451	$	316	$	1,267	$	668

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

(a)Includes charges related to a resource optimization program initiated in the third quarter of 2020. 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. We recorded charges of $4 million and $32 million during the quarters ended September 30, 2021 and 2020, respectively, for this program. We recorded charges of $7 million and $32 million during the years to date ended September 30, 2021 and 2020, respectively, for this program. Also included in the year to date ended September 30, 2020, is a $50 million charitable contribution to Yum! Brands Foundation, Inc. (a standalone, not-for-profit organization that is not consolidated in the Company's results) in the second quarter of 2020 related to our “Unlocking Opportunity Initiative” and costs related to our acquisition of Habit Burger Grill of $9 million.

(b)Includes charges of $5 million and $144 million in the quarter and year to date ended September 30, 2020, respectively, related to the impairment of Habit Burger Grill goodwill. See Note 2.

(c)Includes changes in the value of our investment in Devyani International Limited (“Devyani”), an entity that operates KFC and Pizza Hut franchised units in India. During the quarter ended September 30, 2021, Devyani executed an initial public offering and subsequently the fair value of our investment became readily determinable. As a result, we began recording changes in fair value in Investment income (expense), net. In the quarter ended September 30, 2021, we recognized pre-tax investment income of $52 million related to changes in fair value of our investment in Devyani. See Note 13.

Also includes changes in the value of Grubhub, Inc. (“Grubhub”) common stock. For the quarter and year to date ended September 30, 2020, we recognized pre-tax investment income of $8 million and $69 million, respectively, related to changes in fair value of our investment in Grubhub common stock. In the quarter ended September 30, 2020, we sold our investment in Grubhub.

(d)Includes a $28 million call premium and $6 million of unamortized debt issuance costs written off related to the redemption of the 2026 Notes during the year to date ended September 30, 2021. See Note 11.

Also includes a $26 million call premium and $6 million of unamortized debt issuance costs written off associated with the early redemption of YUM Subsidiary Senior Unsecured Notes due in 2024 as well as $2 million of accrued and unpaid interest associated with the period of time from prepayment of the notes with the trustee to their redemption date during the quarter and year to date ended September 30, 2020.

Pension Benefits (Tables)

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

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


	Quarter ended				Year to date
	2021		2020		2021		2020
Service cost	$	2	$	2	$	6	$	6
Interest cost	8		9		24		26
Expected return on plan assets	(11)		(10)		(32)		(32)
Amortization of net loss	3		4		12		11
Amortization of prior service cost	1		—		4		3
Net periodic benefit cost	$	3	$	5	$	14	$	14

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

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings and Long-term Debt

Short-term Borrowings and Long-term Debt


Short-term Borrowings	9/30/2021		12/31/2020
Current maturities of long-term debt	$	71	$	463
Less current portion of debt issuance costs and discounts	(7)		(10)
Short-term borrowings	$	64	$	453

Long-term Debt
Securitization Notes	$	3,815	$	2,869
Subsidiary Senior Unsecured Notes	750		1,800
Term Loan A Facility	750		431
Term Loan B Facility	1,493		1,916
YUM Senior Unsecured Notes	4,475		3,725
Finance lease obligations	67		72
	$	11,350	$	10,813
Less debt issuance costs and discounts	(90)		(78)
Less current maturities of long-term debt	(71)		(463)
Long-term debt	$	11,189	$	10,272

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gains and losses on derivative instruments designated as cash flow hedges recognized in other comprehensive income and reclassifications from AOCI to earnings

Gains and losses on derivative instruments designated as cash flow hedges recognized in OCI and reclassifications from AOCI into Net Income:


	Quarter ended								Year to date
	Gains/(Losses) Recognized in OCI				(Gains)/Losses Reclassified from AOCI into Net Income				Gains/(Losses) Recognized in OCI				(Gains)/Losses Reclassified from AOCI into Net Income
	2021		2020		2021		2020		2021		2020		2021		2020

Interest rate swaps	$	—	$	(6)	$	9	$	4	$	17	$	(104)	$	17	$	6

Foreign currency contracts	1		(2)		(2)		2		—		3		(2)		(5)

Income tax benefit/(expense)	(1)		2		(1)		(1)		(5)		25		(3)		—

Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2021

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:


	9/30/2021				12/31/2020
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)

Securitization Notes(a)	$	3,815	$	3,921	$	2,869	$	3,015
Subsidiary Senior Unsecured Notes(b)	750		796		1,800		1,890
Term Loan A Facility(b)	750		751		431		428
Term Loan B Facility(b)	1,493		1,495		1,916		1,907
YUM Senior Unsecured Notes(b)	4,475		4,877		3,725		4,094

(a) We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.

(b) We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility and Term Loan B Facility using market quotes and calculations based on market rates.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


			Fair Value
	Condensed Consolidated Balance Sheet	Level	9/30/2021		12/31/2020
Assets
Foreign Currency Contracts	Prepaid expenses and other current assets	2	$	1	$	1
Other Investments	Other assets	1	85		45


Liabilities
Interest Rate Swaps	Accounts payable and other current liabilities	2	44		28
Interest Rate Swaps	Other liabilities and deferred credits	2	77		127

Financial Statement Presentation (Details)	9 Months Ended
Financial Statement Presentation (Details)	Sep. 30, 2021 restaurants Months operating_segments countries_and_territiories Rate
Number of Stores \| restaurants	52,000
Number of Countries in which Entity Operates \| countries_and_territiories	150
Percent Of System Units Located Outside United States \| Rate	98.00%
Number of Reportable Segments \| operating_segments	4
Fiscal period months standard for each quarter \| Months	3

Habit Burger Acquisition (Details) $ in Millions			3 Months Ended					9 Months Ended		12 Months Ended
Habit Burger Acquisition (Details) $ in Millions	Sep. 07, 2021 USD ($)	Mar. 18, 2020 USD ($) restaurants	Sep. 30, 2021 USD ($) restaurants	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($) restaurants	Sep. 30, 2020 USD ($)	Mar. 17, 2021 USD ($)	Mar. 31, 2021 USD ($)
Business Acquisition [Line Items]
Number of Stores \| restaurants			52,000					52,000
Acquisition of The Habit Restaurants, Inc., net of cash acquired		$ 408						$ 0	$ 408
Goodwill, Purchase Accounting Adjustments								2		$ 15
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets		11
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		111
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets		28
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		442
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities		(68)
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation		(170)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		(238)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		204
Income tax provision			$ (77)		$ 33			22	96
Goodwill			(650)	$ (597)				(650)
Goodwill impairment tax benefit [Member]
Business Acquisition [Line Items]
Income tax provision				$ 1		$ 32
The Habit Burger Grill [Member]
Business Acquisition [Line Items]
Acquisition of The Habit Restaurants, Inc., net of cash acquired		408
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents		20
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets		96
Goodwill		$ (204)									$ 60
The Habit Burger Grill [Member] \| Company Owned Stores [Member]
Business Acquisition [Line Items]
Number of Stores \| restaurants		245
The Habit Burger Grill [Member] \| Franchisee Owned Stores [Member]
Business Acquisition [Line Items]
Number of Stores \| restaurants		31
Dragontail Systems Limited
Business Acquisition [Line Items]
Acquisition of The Habit Restaurants, Inc., 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 expense			$ 5		$ 5		$ 139	$ 144	$ 144

Dragtontail Acquisition (Details) - USD ($) $ in Millions			9 Months Ended
Dragtontail Acquisition (Details) - USD ($) $ in Millions	Sep. 07, 2021	Mar. 18, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Acquisition of Dragtontail Systems Limited, Net of Cash Acquired		$ 408	$ 0	$ 408
Goodwill			$ 650		$ 597
Dragontail Systems Limited
Business Acquisition [Line Items]
Acquisition of Dragtontail Systems Limited, 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

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

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Net Income

$ 528

$ 283

$ 1,245

$ 572

Weighted-average common shares outstanding (for basic calculation)

296.0

303.0

298.0

302.0

Effect of dilutive share-based employee compensation

6.0

4.0

6.0

5.0

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

302.0

307.0

304.0

307.0

Basic EPS

$ 1.78

$ 0.94

$ 4.17

$ 1.89

Diluted EPS

$ 1.75

$ 0.92

$ 4.10

$ 1.86

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

^[1]

0.1

4.7

1.5

4.6

[1]	These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.

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

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Repurchase Of Shares Of Common Stock [Line Items]

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

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Jun. 30, 2021

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

$ 330

$ 0

$ 860

$ 0

$ 14

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

100,000

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

$ 11

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

100,000

Stock Repurchase Program, Remaining Authorized Repurchase Amount

1,670

$ 1,670

May 2021

Repurchase Of Shares Of Common Stock [Line Items]

Stock Repurchase Program, Authorized Amount

330

0

2,000

Stock Repurchase Program, Remaining Authorized Repurchase Amount

1,670

November 2019

Repurchase Of Shares Of Common Stock [Line Items]

Stock Repurchase Program, Remaining Authorized Repurchase Amount

530

^[1]

$ 0

$ 0

$ 1,200

Issued Common Stock

Repurchase Of Shares Of Common Stock [Line Items]

Shares Repurchased

2,000,000

7,348,000

0

Issued Common Stock | May 2021

$ 0

$ 24

Repurchase Of Shares Of Common Stock [Line Items]

Shares Repurchased

2,602,000

0

Issued Common Stock | November 2019

Repurchase Of Shares Of Common Stock [Line Items]

Shares Repurchased

4,746,000

^[1]

0

[1]

(a) Includes the effect of $14 million in share repurchases (0.1 million shares) with trade dates on, or prior to, September 30, 2021, but cash settlement dates subsequent to September 30, 2021 and excludes the effect of $11 million in share repurchases (0.1 million shares) with trade dates on, or prior to, December 31, 2020, but cash settlement dates subsequent to December 31, 2020.

Shareholders' Deficit (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Shareholders' Deficit (Details 2) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	$ (324)		$ (411)
Gains (losses) arising during the year classified into AOCI, net of tax	(17)		56
(Gains) losses reclassified from AOCI, net of tax	10		24
Other comprehensive income (loss), net of tax	(7)	$ 36	80	$ (64)
Accumulated other comprehensive loss	(331)		(331)
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	(165)		(182)
Gains (losses) arising during the year classified into AOCI, net of tax	(19)		(2)
(Gains) losses reclassified from AOCI, net of tax	0		0
Other comprehensive income (loss), net of tax	(19)		(2)
Accumulated other comprehensive loss	(184)		(184)
Pension and Post-Retirement Benefits
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	(44)		(96)
Gains (losses) arising during the year classified into AOCI, net of tax	2		46
(Gains) losses reclassified from AOCI, net of tax	4		12
Other comprehensive income (loss), net of tax	6		58
Accumulated other comprehensive loss	(38)		(38)
Derivative Instruments
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	(115)		(133)
Gains (losses) arising during the year classified into AOCI, net of tax	0		12
(Gains) losses reclassified from AOCI, net of tax	6		12
Other comprehensive income (loss), net of tax	6		24
Accumulated other comprehensive loss	$ (109)		$ (109)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Other Income and Expenses [Line Items]

Other (Income) Expense (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Mar. 31, 2020

Sep. 30, 2021

Sep. 30, 2020

Foreign exchange net (gain) loss and other

$ (3)

$ (6)

$ (14)

$ (2)

Impairment and closure expense

^[1]

1

10

2

156

Other (income) expense

(2)

4

(12)

154

Goodwill [Member]

Other Income and Expenses [Line Items]

Impairment expense

$ 5

5

$ 139

$ 144

144

Other Intangible Assets [Member]

Other Income and Expenses [Line Items]

Impairment expense

$ 5

$ 11

[1]

The quarter and year to date ended September 30, 2020, include charges of $5 million and $144 million, respectively, related to the impairment of Habit Burger Grill goodwill. See Note 2. The quarter and year to date ended September 30, 2020 also include charges of $5 million and $11 million, respectively, related to the write-off of software no longer being used.

Supplemental Balance Sheet Information (Details) $ in Millions	Sep. 30, 2021 USD ($) days	Dec. 31, 2020 USD ($)
Accounts and Notes Receivable [Abstract]
Number of days from the period in which the corresponding sales occur that trade receivables are generally due \| days	30
Accounts and notes receivable, gross	$ 584	$ 579
Allowance for doubtful accounts	(36)	(45)
Accounts and notes receivable, net	$ 548	$ 534

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

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2020

Dec. 31, 2019

Property, plant and equipment, gross

$ 2,467

$ 2,465

Accumulated depreciation and amortization

(1,274)

(1,230)

Property, plant and equipment, net

1,193

1,235

Operating lease, right-of-use assets

^[1]

835

851

Other assets

1,459

1,435

Other Assets, Miscellaneous, Noncurrent

460

421

Operating Lease, Liability, Noncurrent

811

823

Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets

1,001

730

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

1,311

1,024

$ 1,375

$ 768

Prepaid Expenses and Other Current Assets [Member]

Assets held-for-sale

27

7

Restricted Cash and Cash Equivalents

^[2]

276

258

Accounts Payable and Accrued Liabilities

Assets held-for-sale

10

Other Current Assets [Member]

Restricted Cash and Cash Equivalents

^[3]

34

36

Franchise Incentive [Member]

Other assets

$ 164

$ 163

[1]	Non-current operating lease liabilities of $811 million and $823 million as of September 30, 2021 and December 31, 2020, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.
[2]	Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments.
[3]	Primarily trust accounts related to our self-insurance programs.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income tax provision	$ (77)			$ 33			$ 22	$ 96
Effective tax rate	(17.00%)			10.50%			1.80%	14.40%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability					$ 64
Deferred income taxes							$ (173)	$ (32)
Intra-Entity IP Transfers
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 152
Deferred income taxes				$ 25
Foreign Tax Authority
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent		25.00%	19.00%	19.00%		17.00%

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Revenue Recognition Accounting Policy (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues	$ 1,606	$ 1,448	$ 4,694	$ 3,909
Company Sales
Revenues	513	486	1,509	1,244
Franchise and property revenues
Revenues	716	639	2,080	1,760
Franchise contributions for advertising and other services
Revenues	377	323	1,105	905
UNITED STATES \| Company Sales
Revenues	377	355	1,107	899
UNITED STATES \| Franchise and property revenues
Revenues	266	254	798	728
UNITED STATES \| Property Revenues
Revenues	16	15	45	46
UNITED STATES \| Franchise contributions for advertising and other services
Revenues	207	197	618	568
CHINA \| Franchise and property revenues
Revenues	77	71	229	187
Other, Outside the U.S. and China [Member] \| Company Sales
Revenues	136	131	402	345
Other, Outside the U.S. and China [Member] \| Franchise and property revenues
Revenues	341	281	962	755
Other, Outside the U.S. and China [Member] \| Property Revenues
Revenues	16	18	46	44
Other, Outside the U.S. and China [Member] \| Franchise contributions for advertising and other services
Revenues	170	126	487	337
KFC Global Division [Member]
Revenues	692	586	1,999	1,561
KFC Global Division [Member] \| UNITED STATES \| Company Sales
Revenues	15	14	45	43
KFC Global Division [Member] \| UNITED STATES \| Franchise and property revenues
Revenues	46	44	138	126
KFC Global Division [Member] \| UNITED STATES \| Property Revenues
Revenues	3	4	10	11
KFC Global Division [Member] \| UNITED STATES \| Franchise contributions for advertising and other services
Revenues	7	4	20	13
KFC Global Division [Member] \| CHINA \| Franchise and property revenues
Revenues	61	56	181	150
KFC Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Company Sales
Revenues	128	116	378	303
KFC Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Franchise and property revenues
Revenues	265	219	750	577
KFC Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Property Revenues
Revenues	16	17	45	42
KFC Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Franchise contributions for advertising and other services
Revenues	151	112	432	296
Pizza Hut Global Division [Member]
Revenues	247	243	747	713
Pizza Hut Global Division [Member] \| UNITED STATES \| Company Sales
Revenues	5	5	15	15
Pizza Hut Global Division [Member] \| UNITED STATES \| Franchise and property revenues
Revenues	63	62	197	190
Pizza Hut Global Division [Member] \| UNITED STATES \| Property Revenues
Revenues	2	1	4	4
Pizza Hut Global Division [Member] \| UNITED STATES \| Franchise contributions for advertising and other services
Revenues	70	76	223	224
Pizza Hut Global Division [Member] \| CHINA \| Franchise and property revenues
Revenues	16	15	48	37
Pizza Hut Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Company Sales
Revenues	8	15	24	42
Pizza Hut Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Franchise and property revenues
Revenues	66	55	185	160
Pizza Hut Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Property Revenues
Revenues	0	1	1	2
Pizza Hut Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Franchise contributions for advertising and other services
Revenues	17	13	50	39
Taco Bell Global Division [Member]
Revenues	534	501	1,554	1,403
Taco Bell Global Division [Member] \| UNITED STATES \| Company Sales
Revenues	225	218	656	610
Taco Bell Global Division [Member] \| UNITED STATES \| Franchise and property revenues
Revenues	156	148	460	411
Taco Bell Global Division [Member] \| UNITED STATES \| Property Revenues
Revenues	11	10	31	31
Taco Bell Global Division [Member] \| UNITED STATES \| Franchise contributions for advertising and other services
Revenues	130	117	375	331
Taco Bell Global Division [Member] \| CHINA \| Franchise and property revenues
Revenues	0	0	0	0
Taco Bell Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Company Sales
Revenues	0	0	0	0
Taco Bell Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Franchise and property revenues
Revenues	10	7	27	18
Taco Bell Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Property Revenues
Revenues	0	0	0	0
Taco Bell Global Division [Member] \| Other, Outside the U.S. and China [Member] \| Franchise contributions for advertising and other services
Revenues	2	1	5	2
Habit Division [Member]
Revenues	133	118	394	232
Habit Division [Member] \| UNITED STATES \| Company Sales
Revenues	132	118	391	231
Habit Division [Member] \| UNITED STATES \| Franchise and property revenues
Revenues	1	0	3	1
Habit Division [Member] \| UNITED STATES \| Property Revenues
Revenues	0	0	0	0
Habit Division [Member] \| UNITED STATES \| Franchise contributions for advertising and other services
Revenues	0	0	0	0
Habit Division [Member] \| CHINA \| Franchise and property revenues
Revenues	0	0	0	0
Habit Division [Member] \| Other, Outside the U.S. and China [Member] \| Company Sales
Revenues	0	0	0	0
Habit Division [Member] \| Other, Outside the U.S. and China [Member] \| Franchise and property revenues
Revenues	0	0	0	0
Habit Division [Member] \| Other, Outside the U.S. and China [Member] \| Property Revenues
Revenues	0	0	0	0
Habit Division [Member] \| Other, Outside the U.S. and China [Member] \| Franchise contributions for advertising and other services
Revenues	$ 0	$ 0	$ 0	$ 0

Revenue Recognition Accounting Policy (Details 2) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Deferred Revenue

$ 411

$ 415

Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period

(53)

Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period

52

Foreign Currency Gain (Loss) and Refranchising Gain (Loss) [Member]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]

Other

^[1]

$ (3)

[1]	(a) Primarily includes impact of foreign currency translation.

Revenue Recognition Accounting Policy (Details 3) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue	$ 411	$ 415
Less than 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	66
1 - 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	60
2 - 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	56
3 - 4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	49
4 - 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	43
Thereafter
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	$ 137

Reportable Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 1,606	$ 1,448		$ 4,694	$ 3,909
Operating Profit	527	471		1,637	1,021
General and Administrative Expense	253	257		689	724
Company restaurant expenses	421	399		1,230	1,046
Franchise and property expenses	31	13		81	107
Refranchising (gain) loss	1	(9)		(21)	(30)
Other (income) expense	2	(4)		12	(154)
Investment (income) expense, net	(51)	(10)		(52)	(67)
Other pension income (expense)	(1)	(4)		(6)	(9)
Interest Income (Expense), Net	(126)	(161)		(416)	(411)
Income Before Income Taxes	451	316		1,267	668
Business Combination, Acquisition Related Costs					9
Investment Income, Nonoperating				52
Write off of Deferred Debt Issuance Cost				8
Class A-2 Notes \| Secured Debt [Member]
Segment Reporting Information [Line Items]
Write off of Deferred Debt Issuance Cost	5
Subsidiary Senior Unsecured Notes [Member] \| Unsecured Debt [Member]
Segment Reporting Information [Line Items]
Write off of Deferred Debt Issuance Cost		6		6	6
Gain (Loss) on Extinguishment of Debt		26			26
Payment for Debt Extinguishment or Debt Prepayment Cost				28
Subsidiary Senior Unsecured Notes [Member] \| Unsecured Debt [Member] \| Interest Expense [Member]
Segment Reporting Information [Line Items]
Gain (Loss) on Extinguishment of Debt		2			2
General and Administrative Expense [Member]
Segment Reporting Information [Line Items]
Cost Associated with Resource Optimization Initiative	4	32		7	32
Goodwill [Member]
Segment Reporting Information [Line Items]
Impairment expense	5	5	$ 139	144	144
GrubHub Inc. [Member]
Segment Reporting Information [Line Items]
Investment (income) expense, net		(8)			(69)
KFC Global Division [Member]
Segment Reporting Information [Line Items]
Revenues	692	586		1,999	1,561
Operating Profit	314	278		932	655
Pizza Hut Global Division [Member]
Segment Reporting Information [Line Items]
Revenues	247	243		747	713
Operating Profit	101	89		306	252
Taco Bell Global Division [Member]
Segment Reporting Information [Line Items]
Revenues	534	501		1,554	1,403
Operating Profit	184	186		560	484
Habit Division [Member]
Segment Reporting Information [Line Items]
Revenues	133	118		394	232
Operating Profit	1	(7)		6	(15)
Unallocated [Member]
Segment Reporting Information [Line Items]
General and Administrative Expense	70	81		183	229
Company restaurant expenses	0	(1)		0	0
Franchise and property expenses	0	0		0	3
Refranchising (gain) loss	1	(9)		(21)	(30)
Other (income) expense	$ (2)	$ (4)		$ (5)	(153)
Other General Expense					$ 50

Pension Benefits (Details) - UNITED STATES - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	$ 3	$ 5	$ 14	$ 14
General and Administrative Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2	6	6
Other pension (income) expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	8	9	24	26
Expected return on plan assets	(11)	(10)	(32)	(32)
Amortization of net loss	3	4	12	11
Amortization of prior service cost	$ 1	$ 0	$ 4	$ 3

Short-term Borrowings and Long-term Debt (Details) - USD ($)
$ in Millions

1 Months Ended

3 Months Ended

4 Months Ended

9 Months Ended

Aug. 02, 2021

Jun. 01, 2021

Apr. 01, 2021

Mar. 15, 2021

Sep. 30, 2021

Sep. 30, 2020

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

Aug. 19, 2021

Dec. 31, 2020

Finance Lease, Liability, Noncurrent

$ 67

$ 72

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

11,350

10,813

Less Debt Issuance Costs, Noncurrent, Net

(90)

(78)

Long-term debt

11,189

10,272

Revolving credit facilities, three months or less, net

0

$ 0

Amount of basis points Term Loan A and Revolving Facility interest rate reduced by due to refinancing

0.25%

4

Write off of Deferred Debt Issuance Cost

8

Interest Paid, Including Capitalized Interest, Operating and Investing Activities

328

329

Charges Associated with Extinguishment of Debt

37

20

Repayments of Debt

$ 350

28

Short-term Debt [Line Items]

Long-term Debt, Current Maturities

71

463

Less current portion of debt issuance costs and discounts

(7)

(10)

Short-term borrowings

64

453

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

Derivative, Notional Amount

1,550

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

Derivative, Notional Amount

1,500

Paid to Lender

3

Secured Debt [Member]

Debt Issuance Costs, Gross

Senior Notes

^[1]

3,815

2,869

8

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

Senior Notes

^[2]

$ 750

1,800

Repayments of Debt, Maturing in More than Three Months

5.25%

500.00%

$ 1,050

Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed

102.625%

Write off of Deferred Debt Issuance Cost

$ 6

6

$ 6

Payment for Debt Extinguishment or Debt Prepayment Cost

28

Term Loan A Facility [Member]

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

$ 750

Debt Instrument, Frequency of Periodic Payment

^[2]

$ 750

431

quarterly

Term Loan A Facility, Repayments of Principal in Year Two and Three

0.625%

Term Loan A Facility, Repayments of Principal in Year Four

1.25%

Term Loan A Facility [Member] | June 2022

Term Loan B Facility [Member]

431

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

1,500

Debt Instrument, Frequency of Periodic Payment

^[2]

1,493

$ 1,493

1,916

quarterly

Term Loan B, Repayment of Principal

0.25%

Term Loan B Facility [Member] | April 2025

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

1,900

Debt Instrument, Debt Default, Description of Violation or Event of Default

Senior Notes

^[2]

$ 4,475

4,475

$ 3,725

The indenture governing the 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 2032 Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice.

Revolving Credit Facility [Member]

Revolving credit facilities, three months or less, net

1,250

Revolving Credit Facility [Member] | June 2022

Revolving credit facilities, three months or less, net

$ 1,000

Term Loan A Facility and Revolving Facility | London Interbank Offered Rate (LIBOR) | Minimum | Secured Debt [Member]

Term Loan A Facility and Revolving Facility | London Interbank Offered Rate (LIBOR) | Maximum [Member] | Secured Debt [Member]

0.75%

Term Loan A Facility and Revolving Facility | Base Rate | Minimum | Secured Debt [Member]

1.50%

Term Loan A Facility and Revolving Facility | Base Rate | Maximum [Member] | Secured Debt [Member]

0.00%

Unsecured Notes Due March 2032

0.50%

Unsecured Notes Due March 2032 | Unsecured Debt [Member]

13

Proceeds from Issuance of Debt

$ 1,100

Unsecured Notes Due November 2021 | Unsecured Debt [Member]

4.625%

Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed

3.75%

100.00%

Class A-2-I Notes | Secured Debt [Member] | 2021

$ 900

Debt Instrument, Interest Rate, Effective Percentage

1.946%

2.11%

Debt Instrument, Maturity Date

Feb. 25, 2027

Class A-2-I Notes | Secured Debt [Member] | 2018

Class A-2-II Notes | Secured Debt [Member] | 2021

$ 804

$ 600

Debt Instrument, Interest Rate, Effective Percentage

2.294%

2.42%

Debt Instrument, Maturity Date

Feb. 25, 2029

Class A-2-II Notes | Secured Debt [Member] | 2016

Class A-2-II Notes | Secured Debt [Member] | 2018

$ 480

Class A-2-III Notes | Secured Debt [Member] | 2021

608

$ 750

Debt Instrument, Interest Rate, Effective Percentage

2.542%

2.64%

Debt Instrument, Maturity Date

Aug. 25, 2031

Class A-2-III Notes | Secured Debt [Member] | 2016

$ 957

Class A-2 Notes

Class A-2 Notes | Secured Debt [Member]

$ 19

Write off of Deferred Debt Issuance Cost

$ 5

Class A-2 Notes | Secured Debt [Member] | 2021

Long-term Debt, Maturity Date

Aug. 01, 2051

[1]	We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.
[2]	We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility and Term Loan B Facility using market quotes and calculations based on market rates.

Derivative Instruments (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ (43)
Interest Rate Swap [Member]
Derivative, Maturity Date	Jul. 27, 2021
Derivative, Notional Amount		$ 1,550
Forward-starting interest rate swap [Member]
Derivative, Maturity Date	Mar. 01, 2025
Derivative, Notional Amount	$ 1,500	1,500
Foreign Exchange Contract [Member] \| Intercompany receivables and payables
Derivative, Notional Amount	$ 34	$ 39

Derivative Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Derivative Instruments (Details 2) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (losses) arising during the period	$ 1	$ (8)	$ 17	$ (101)
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(1)	(1)	(3)	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	1	(2)	5	(25)
Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	9	4	17	6
Unrealized gains (losses) arising during the period	0	(6)	17	(104)
Foreign Exchange Contract [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(2)	2	(2)	(5)
Unrealized gains (losses) arising during the period	$ 1	$ (2)	$ 0	$ 3

Fair Value Disclosures (Details)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2021

USD ($)

restaurants

Rate

Sep. 30, 2021

USD ($)

restaurants

Rate

Mar. 15, 2021

USD ($)

Dec. 31, 2020

USD ($)

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

Payments for (Proceeds from) Investments

$ 44

Investment Owned, at Fair Value

$ 83

$ 31

Investment Income, Nonoperating

$ 52

Number of Stores | restaurants

52,000

Equity Method Investment, Ownership Percentage | Rate

5.00%

Number of Stores Refranchised

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

Number of Stores | restaurants

60

Term Loan A Facility [Member]

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

Debt obligations, excluding capital leases, carrying amount

$ 750

Term Loan B Facility [Member]

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

Debt obligations, excluding capital leases, carrying amount

$ 1,500

Secured Debt [Member]

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

Senior Notes, Noncurrent

^[1]

$ 3,815

2,869

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]

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

^[1]

3,921

3,015

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

Debt obligations, excluding capital leases, carrying amount

^[2]

750

431

Secured Debt [Member] | Term Loan A Facility [Member] | Fair Value, Inputs, Level 2 [Member]

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

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

^[2]

751

428

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

Debt obligations, excluding capital leases, carrying amount

^[2]

1,493

1,916

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]

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

^[2]

1,495

1,907

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

Senior Notes, Noncurrent

^[2]

750

1,800

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]

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

^[2]

796

1,890

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

Senior Notes, Noncurrent

^[2]

4,475

3,725

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

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