XML 42 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Short-term Borrowings and Long-term Debt (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings and Long-term Debt
Short-term Borrowings
 
3/31/2017
 
12/31/2016

Current maturities of long-term debt
 
$
395

 
$
66

Other
 
9

 
8

 
 
$
404

 
$
74

Less current portion of debt issuance costs and discounts
 
(11
)
 
(8
)
Short-term borrowings
 
$
393

 
$
66

 
 
 
 
 
Long-term Debt
 
 
 
 
Securitization Notes
 
$
2,288

 
$
2,294

Subsidiary Senior Unsecured Notes
 
2,100

 
2,100

Term Loan A Facility
 
500

 
500

Term Loan B Facility
 
1,990

 
1,990

YUM Senior Unsecured Notes
 
2,200

 
2,200

Capital lease obligations
 
122

 
120

 
 
$
9,200

 
$
9,204

Less debt issuance costs and discounts
 
(90
)
 
(79
)
Less current maturities of long-term debt
 
(395
)
 
(66
)
Long-term debt
 
$
8,715

 
$
9,059

The following table presents the carrying value and estimated fair value of the Company’s debt obligations:

 
3/31/2017
 
12/31/2016
 
Carrying Value
 
Fair Value (Level 2)
 
Carrying Value
 
Fair Value (Level 2)
 
 
 
 
 
 
 
 
Securitization Notes(a)
$
2,288

 
 
$
2,322

 
 
$
2,294

 
 
$
2,315

 
Subsidiary Senior Unsecured Notes(b)
2,100
 
 
 
2,175
 
 
 
2,100
 
 
 
2,175
 
 
Term Loan A Facility(b)
500
 
 
 
505
 
 
 
500
 
 
 
501
 
 
Term Loan B Facility(b)
1,990
 
 
 
2,004
 
 
 
1,990
 
 
 
2,016
 
 
YUM Senior Unsecured Notes(b)
2,200
 
 
 
2,245
 
 
 
2,200
 
 
 
2,216
 
 
 
(a)
We estimated the fair value of the Securitization Notes by obtaining broker quotes from two separate brokerage firms that are knowledgeable about the Company’s Securitization Notes and, at times, trade these notes. 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.