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Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Other Operating Income (Expense), Net $ (4) $ (7) $ (10)
Revenues      
Total revenues 5,597 5,688 5,878
Costs and Expenses, Net      
Cost of Goods and Services Sold 1,235 1,634 2,954
General and administrative expenses 917 895 999
Franchisor Costs 180 188 237
Cooperative Advertising Expense 1,368 1,208 0
Closures and impairment (income) expenses 5 6 3
Operating Expenses 3,667 3,392 3,117
Operating Profit 1,930 [1] 2,296 [2] 2,761
Investment Income, Net [3] 67 (9) (5)
Other Pension (income) expense [3],[4] 4 14 47
Interest Income (Expense), Net [3] (486) (452) (445)
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax 1,373 1,839 2,274
Income tax provision 79 297 934
Income from continuing operations 1,294    
Net Income $ 1,294 $ 1,542 $ 1,340
Basic Earnings Per Common Share (in dollars per share) $ 4.23 $ 4.80 $ 3.86
Diluted Earnings Per Common Share (in dollars per share) 4.14 4.69 3.77
Dividends Declared Per Common Share (in dollars per share) $ 1.68 $ 1.44 $ 0.90
Product [Member]      
Revenues      
Revenue from Contract with Customer, Excluding Assessed Tax $ 1,546 $ 2,000 $ 3,572
Franchise and property revenue [Member]      
Revenues      
Revenue from Contract with Customer, Excluding Assessed Tax 2,660 2,482 2,306
Advertising [Member]      
Revenues      
Revenue from Contract with Customer, Excluding Assessed Tax $ 1,391 $ 1,206 $ 0
[1]
Includes net gains from refranchising initiatives of $6 million, $4 million, $8 million and $19 million in the first, second, third and fourth quarters, respectively.
[2]
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.
[3] Amounts have not been allocated to any segment for performance reporting purposes.
[4]
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 4.