Short-term Borrowings and Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

	2018			2017
Short-term Borrowings
Current maturities of long-term debt	$	331		$	386
Less current portion of debt issuance costs and discounts	(10		)	(11		)
Short-term borrowings	$	321		$	375
Long-term Debt
Securitization Notes	$	2,928		$	2,271
Subsidiary Senior Unsecured Notes	2,850			2,850
Term Loan A Facility	488			500
Term Loan B Facility	1,955			1,975
YUM Senior Unsecured Notes	1,875			2,200
Capital lease obligations (See Note 11)	71			105
	$	10,167		$	9,901
Less debt issuance costs and discounts	(85		)	(86		)
Less current maturities of long-term debt	(331		)	(386		)
Long-term debt	$	9,751		$	9,429

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

	12/31/2018				12/31/2017
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)
Securitization Notes(a)	$	2,928	$	2,967	$	2,271	$	2,367
Subsidiary Senior Unsecured Notes(b)	2,850		2,733		2,850		2,983
Term Loan A Facility(b)	488		479		500		503
Term Loan B Facility(b)	1,955		1,915		1,975		1,990
YUM Senior Unsecured Notes(b)	1,875		1,798		2,200		2,277

(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.

Debt Instrument [Line Items]

Annual maturities of short-term borrowings and long-term debt excluding capital lease obligations and derivative instrument adjustments

The annual maturities of short-term borrowings and long-term debt as of December 31, 2018, excluding capital lease obligations of $71 million are as follows: 

Year ended:
2019	$	324
2020	430
2021	455
2022	424
2023	1,626
Thereafter	6,837
Total	$	10,096

Senior Unsecured Notes [Member]

Debt Instrument [Line Items]

Senior Unsecured Notes issued that remain outstanding

The following table summarizes all YUM Senior Unsecured Notes issued that remain outstanding at December 31, 2018:

			Interest Rate
Issuance Date(a)	Maturity Date	Principal Amount (in millions)	Stated		Effective(b)
October 2007	November 2037	325	6.88	%	7.45	%
August 2009	September 2019	250	5.30	%	5.59	%
August 2010	November 2020	350	3.88	%	4.01	%
August 2011	November 2021	350	3.75	%	3.88	%
October 2013	November 2023	325	3.88	%	4.01	%
October 2013	November 2043	275	5.35	%	5.42	%

(a) Interest payments commenced approximately six months after issuance date and are payable semi-annually thereafter.

(b)

Includes the effects of the amortization of any (1) premium or discount; (2) debt issuance costs; and (3) gain or loss upon settlement of related treasury locks and forward starting interest rate swaps utilized to hedge the interest rate risk prior to debt issuance.