CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 16, 2012		Jun. 11, 2011
Cash Flows - Operating Activities
Net Income - including noncontrolling interests	$ 794		$ 589
Depreciation and amortization	279		269
Closures and impairment (income) expenses	5		88
Refranchising (gain) loss	(39)	[1],[2]	3
Contributions to defined benefit pension plans	(43)		(11)
Gain upon acquisition of Little Sheep	(74)		0
Deferred income taxes	(10)		(48)
Equity income from investments in unconsolidated affiliates	(22)		(27)
Distributions of income received from unconsolidated affiliates	15		16
Excess tax benefits from share-based compensation	(46)		(22)
Share-based compensation expense	23		26
Changes in accounts and notes receivable	16		9
Changes in inventories	14		20
Changes in prepaid expenses and other current assets	(9)		(23)
Changes in accounts payable and other current liabilities	(118)		(71)
Changes in income taxes payable	70		72
Other, net	69		33
Net Cash Provided by Operating Activities	924		923
Cash Flows - Investing Activities
Capital spending	(406)		(330)
Proceeds from refranchising of restaurants	132		49
Acquisitions	(542)		(1)
Changes in restricted cash	300		(300)
Increase in short-term investments	(82)		0
Other, net	2		3
Net Cash Used in Investing Activities	(596)		(579)
Cash Flows - Financing Activities
Repayments of long-term debt	(15)		(658)
Revolving credit facilities, three months or less, net	0		350
Repurchase shares of Common Stock	(289)		(319)
Excess tax benefits from share-based compensation	46		22
Employee stock option proceeds	22		22
Dividends paid on Common Stock	(262)		(234)
Other, net	(41)		(23)
Net Cash Used in Financing Activities	(539)		(840)
Effect of Exchange Rates on Cash and Cash Equivalents	(3)		25
Net Increase (Decrease) in Cash and Cash Equivalents	(214)		(471)
Cash and Cash Equivalents - Beginning of Period	1,198		1,426
Cash and Cash Equivalents - End of Period	$ 984		$ 955

[1] During the quarter ended September 3, 2011, we decided to refranchise or close all of our remaining company operated Pizza Hut dine-in restaurants in the UK market. While the asset group comprising approximately 350 stores we anticipate selling did not meet the criteria for held for sale classification as of September 3, 2011, our decision to sell was considered an impairment indicator. As such we reviewed the asset group for potential impairment and determined that its carrying value was not fully recoverable based upon our estimate of expected refranchising proceeds and holding period cash flows anticipated while we continue to operate the restaurants as company units. Accordingly, we wrote the asset group down to our estimate of its fair value, which was based on the sales price we would expect to receive from a buyer. This fair value determination considered current market conditions, trends in the Pizza Hut UK business, and prices for similar transactions in the restaurant industry and resulted in a non-cash write down of $74 million which was recorded to Refranchising (gain) loss. The decision to refranchise or close all remaining Pizza Hut dine-in restaurants in the UK was considered to be a goodwill impairment indicator. We determined that the fair value of our Pizza Hut UK reporting unit exceeded its carrying value and as such there was no goodwill impairment. Based on bids received in 2012, we recorded an additional non-cash pre-tax impairment charge of $20 million to Refranchising (gain) loss in the quarter ended March 24, 2012. While we continue to market the Pizza Hut dine-in restaurants in the UK for sale, the asset group continues not to meet all of the held for sale criteria as of June 16, 2012.These impairment charges decreased depreciation expense versus what would have otherwise been recorded by $3 million and $6 million for the quarter and year to date ended June 16, 2012, respectively. Neither the impairment charges nor the depreciation reduction were allocated to the YRI segment, resulting in depreciation expense in the YRI segment results continuing to be recorded at the rate at which it was prior to these impairment charges being recorded for these restaurants.

[2] In the quarter and year to date ended June 16, 2012, U.S. Refranchising (gain) loss primarily relates to gains on the sales of Taco Bell restaurants.