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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows - Operating Activities      
Net Income $ 1,542 $ 1,340 $ 1,643
Income from discontinued operations, net of tax     (625)
Depreciation and amortization 137 253 310
Refranchising (gain) loss (540) (1,083) (163)
Investment Income, Net (9) (5) (2)
Cash Flows - Investing Activities      
Payments to Acquire Businesses, Net of Cash Acquired 66 0 0
Payments to Acquire Investments (200) 0 0
Proceeds from refranchising of restaurants 825 1,773 370
Continuing Operations [Member]      
Cash Flows - Operating Activities      
Depreciation and amortization 137 253 310
Closures and impairment (income) expenses 6 3 15
Refranchising (gain) loss (540) (1,083) (163)
Contributions to defined benefit pension plans (16) (55) (41)
Deferred income taxes (11) 634 28
Share-based compensation expense 50 65 80
Changes in accounts and notes receivable (66) (19) (23)
Changes in prepaid expenses and other current assets 0 (10) 0
Changes in accounts payable and other current liabilities (68) (173) (40)
Changes in income taxes payable 65 (55) 20
Other, net 92 138 61
Net Cash Provided by Operating Activities 1,176 1,030 1,248
Cash Flows - Investing Activities      
Capital spending (234) (318) (427)
Proceeds from refranchising of restaurants 825 1,773 370
Other, net (12) 17 53
Net Cash Used in Investing Activities 313 1,472 (4)
Cash Flows - Financing Activities      
Proceeds from long-term debt 1,556 1,088 6,900
Repayments of long-term debt (1,264) (385) (323)
Revolving credit facilities, three months or less, net 0 0 (685)
Short-term borrowings by original maturity      
More than three months - proceeds 59 0 1,400
More than three months - payments (59) 0 (2,000)
Three months or less, net 0 0 0
Repurchase shares of Common Stock (2,390) (1,960) (5,403)
Dividends paid on Common Stock (462) (416) (744)
Debt issuance costs (13) (32) (86)
Other, net (47) (90) (92)
Net Cash Used in Financing Activities (2,620) (1,795) (744)
Effect of Exchange Rate on Cash and Cash Equivalents (63) 61 (34)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Continuing Operations (1,194) 768 466
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Year 1,599 [1] 831 [1] 365
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Year [1] 474 1,599 831
Discontinued Operations [Member]      
Cash Flows - Operating Activities      
Income from discontinued operations, net of tax 0 0 (625) [2]
Refranchising (gain) loss [2]     (12)
Net Cash Provided by Operating Activities 0 0 829
Cash Flows - Investing Activities      
Net Cash Used in Investing Activities 0 0 (287)
Short-term borrowings by original maturity      
Net transfers from discontinued operations 0 0 289
Net Cash Used in Financing Activities $ 0 $ 0 $ (292)
[1] Upon adoption of Topic 606 we reclassified cash of $11 million and restricted cash of $58 million, respectively, from Advertising cooperative assets, restricted to Cash and cash equivalents and Prepaid expenses and other current assets. These amounts are included in the Beginning of Period balance of Cash, Cash Equivalents, Restricted Cash and Restricted Cash equivalents in our Consolidated Statement of Cash Flows for the year ended December 31, 2018.
[2] Includes Yum China financial results from January 1, 2016 to October 31, 2016.