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Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues                      
Total revenues                 $ 5,688   $ 6,356
Costs and Expenses, Net                      
Cost of Goods and Services Sold                 1,634    
General and administrative expenses                 895    
Franchisor Costs                 188 $ 237 201
Cooperative Advertising Expense                 1,208 0 0
Refranchising (gain) loss $ (255) $ (100) $ (29) $ (156) $ (752) $ (201) $ (19) $ (111) (540) (1,083) (163)
Operating Profit                 2,296 2,761 1,682
Investment Income, Net                 (9) (5) (2)
Other Pension (income) expense [1],[2]                 14 47 32
Interest expense, net [1]                 452 445 307
Income from Continuing Operations Before Income Taxes                 1,839 2,274 1,345
Income tax provision                 297    
Income from continuing operations                     1,018
Income from discontinued operations, net of tax                     625
Net Income         $ 436 $ 418 $ 206 $ 280 $ 1,542 $ 1,340 $ 1,643
Basic Earnings Per Common Share (in dollars per share)                 $ 4.80 $ 3.86 $ 4.17
Diluted Earnings Per Common Share (in dollars per share)                 4.69 3.77 4.10
Dividends Declared Per Common Share (in dollars per share) $ 0.36 $ 0.36 $ 0.36 $ 0.36 $ 0.30 $ 0 $ 0.30 $ 0.30 $ 1.44 $ 0.90 $ 1.73
Continuing Operations [Member]                      
Revenues                      
Total revenues $ 1,558 $ 1,391 $ 1,368 $ 1,371 $ 1,577 $ 1,436 $ 1,448 $ 1,417 $ 5,688 $ 5,878 $ 6,356
Costs and Expenses, Net                      
Cost of Goods and Services Sold                 1,634 2,954 3,489
General and administrative expenses                 895 999 1,129
Closures and impairment (income) expenses                 6 3 15
Refranchising (gain) loss                 (540) (1,083) (163)
Other (income) expense                 7 10 18
Operating Expenses                 3,392 3,117 4,674
Operating Profit 741 [3] 553 [3] 449 [3] 553 [3] $ 1,215 [4] $ 643 [4] $ 419 [4] $ 484 [4] 2,296 [3] 2,761 [4] 1,682
Other Pension (income) expense                 14 47 32
Interest expense, net                 452 445 307
Income from Continuing Operations Before Income Taxes                 1,839 2,274 1,345
Income tax provision                 297 934 327
Income from continuing operations $ 334 $ 454 $ 321 $ 433         $ 1,542 $ 1,340 $ 1,018
Basic Earnings Per Common Share (in dollars per share) $ 1.07 $ 1.43 $ 0.99 $ 1.30 $ 1.29 $ 1.21 $ 0.59 $ 0.78 $ 4.80 $ 3.86 $ 2.58
Diluted Earnings Per Common Share (in dollars per share) $ 1.04 $ 1.40 $ 0.97 $ 1.27 $ 1.26 $ 1.18 $ 0.58 $ 0.77 $ 4.69 $ 3.77 $ 2.54
Discontinued Operations [Member]                      
Costs and Expenses, Net                      
Cost of Goods and Services Sold [5]                     $ 4,766
General and administrative expenses [5],[6]                     406
Franchisor Costs [5]                     45
Refranchising (gain) loss [5]                     (12)
Other (income) expense [5],[7]                     (8)
Interest expense, net [5]                     (8)
Income tax provision [5],[8]                     (65)
Income from discontinued operations, net of tax                 $ 0 $ 0 $ 625 [5]
Basic Earnings Per Common Share (in dollars per share)                     $ 1.59
Diluted Earnings Per Common Share (in dollars per share)                     $ 1.56
Product [Member]                      
Revenues                      
Revenue from Contract with Customer, Excluding Assessed Tax $ 477 $ 499 $ 512 $ 512 $ 890 $ 871 $ 909 $ 902 2,000 3,572 $ 4,189
Product [Member] | Discontinued Operations [Member]                      
Revenues                      
Revenue from Contract with Customer, Excluding Assessed Tax [5]                     5,667
Franchise and property revenue [Member]                      
Revenues                      
Revenue from Contract with Customer, Excluding Assessed Tax 709 605 584 584 $ 687 $ 565 $ 539 $ 515 2,482 2,306 2,167
Franchise and property revenue [Member] | Discontinued Operations [Member]                      
Revenues                      
Revenue from Contract with Customer, Excluding Assessed Tax [5]                     109
Advertising [Member]                      
Revenues                      
Revenue from Contract with Customer, Excluding Assessed Tax $ 372 $ 287 $ 272 $ 275         $ 1,206 $ 0 $ 0
[1] Amounts have not been allocated to any segment for performance reporting purposes.
[2] Amounts in 2017 include a non-cash charge of $22 million related to the adjustment of certain historical deferred vested liability balances in our qualified U.S. plan. See Note 5.
[3] Includes net gains from refranchising initiatives of $156 million, $29 million, $100 million and $255 million in the first, second, third and fourth quarters, respectively.
[4] Includes net gains from refranchising initiatives of $111 million, $19 million, $201 million and $752 million in the first, second, third and fourth quarters, respectively.
[5] Includes Yum China financial results from January 1, 2016 to October 31, 2016.
[6] Includes costs incurred to execute the Separation of $68 million for 2016. Such costs primarily relate to transaction advisors, legal and other consulting fees.
[7] Includes store closure and impairment expenses and equity income from KFC franchisees in which Yum China owns a minority interest.
[8] During 2016, we recorded a tax benefit of $233 million related to previously recorded losses associated with our Little Sheep business. The tax benefit associated with these losses was able to be recognized as a result of legal entity restructuring completed in anticipation of the Separation.