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

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings and Long-term Debt

Short-term Borrowings	9/30/2020		12/31/2019
Current maturities of long-term debt	$	454	$	437
Other	—		4
	454		441
Less current portion of debt issuance costs and discounts	(10)		(10)
Short-term borrowings	$	444	$	431
Long-term Debt
Securitization Notes	$	2,876	$	2,898
Subsidiary Senior Unsecured Notes	1,800		2,850
Term Loan A Facility	441		463
Term Loan B Facility	1,920		1,935
YUM Senior Unsecured Notes	4,075		2,425
Finance lease obligations	71		77
	$	11,183	$	10,648
Less debt issuance costs and discounts	(82)		(80)
Less current maturities of long-term debt	(454)		(437)
Long-term debt	$	10,647	$	10,131

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

	9/30/2020				12/31/2019
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)
Securitization Notes(a)	$	2,876	$	3,000	$	2,898	$	3,040
Subsidiary Senior Unsecured Notes(b)	1,800		1,908		2,850		3,004
Term Loan A Facility(b)	441		437		463		464
Term Loan B Facility(b)	1,920		1,898		1,935		1,949
YUM Senior Unsecured Notes(b)	4,075		4,382		2,425		2,572

(a)    We estimated the fair value of the Securitization Notes using market quotes and calculations. 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.