Fair Value Measurements (Tables)

6 Months Ended

Jun. 15, 2013

The following table presents the fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall. No transfers among the levels within the fair value hierarchy occurred during the year to date ended June 15, 2013.



	Fair Value
	Level	6/15/2013		12/29/2012
Foreign Currency Forwards, net	2	$	4	$	(5	)
Interest Rate Swaps, net	2	20		24
Other Investments	1	19		17
Total		$	43	$	36

Fair Value Measurements, Nonrecurring

(Gains) losses recognized from all non-recurring fair value measurements during the quarters and years to date ended June 15, 2013 and June 16, 2012:



	Quarter ended
	June 15, 2013		June 16, 2012
Restaurant-level impairment (Level 3)	$	5	$	6
Total	$	5	$	6


	Year to date
	June 15, 2013		June 16, 2012
Restaurant-level impairment (Level 3)	$	5	$	6
Refranchising related impairment - Pizza Hut UK (Level 2) ^(a)	—		20
Little Sheep acquisition gain (Level 2) ^(a)	—		(74		)
Total	$	5	$	(48	)


(a)	See Note 4 for further discussions of Pizza Hut UK dine-in refranchising and the acquisition of Little Sheep.

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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