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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 768 $ 474 $ 1,599
Cash Flows - Operating Activities      
Net Income 1,294 1,542 1,340
Depreciation and amortization 112 137 253
Closures and impairment (income) expenses 5 6 3
Contributions to defined benefit pension plans (15) (16) (55)
Deferred Income Tax Expense (Benefit) (232) (11) 634
Share-based compensation expense 59 50 65
Changes in accounts payable and other current liabilities (36) (68) (173)
Increase (Decrease) in Prepaid Expense and Other Assets 8 0 10
Changes in income taxes payable 23 65 (55)
Increase (Decrease) in Accounts and Notes Receivable 56 66 19
Other, net 144 92 138
Net Cash Provided by Operating Activities 1,315 1,176 1,030
Cash Flows - Investing Activities      
Capital spending (196) (234) (318)
Payments to Acquire Businesses, Net of Cash Acquired 0 (66) 0
Payments to Acquire Investments 0 (200) 0
Proceeds from refranchising of restaurants 110 825 1,773
Other, net (2) (12) 17
Net Cash Used in Investing Activities (88) 313 1,472
Cash Flows - Financing Activities      
Proceeds from long-term debt 800 1,556 1,088
Repayments of long-term debt (331) (1,264) (385)
Revolving credit facilities, three months or less, net 0 0 0
Short-term borrowings by original maturity      
More than three months - proceeds 130 59 0
More than three months - payments (126) (59) 0
Three months or less, net 0 0 0
Repurchase shares of Common Stock (815) (2,390) (1,960)
Dividends paid on Common Stock (511) (462) (416)
Debt issuance costs (10) (13) (32)
Other, net (75) (47) (90)
Net Cash Used in Financing Activities (938) (2,620) (1,795)
Effect of Exchange Rate on Cash and Cash Equivalents 5 (63) 61
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 294 (1,194) 768
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Year [1] $ 768 $ 474 $ 1,599
[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 Year 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.