Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [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.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall.  

			Fair Value
	Condensed Consolidated Balance Sheet	Level	9/30/2020		12/31/2019
Assets
Interest Rate Swaps	Prepaid expenses and other current assets	2	$	—	$	6
Foreign Currency Contracts	Prepaid expenses and other current assets	2	2		—
Interest Rate Swaps	Other assets	2	—		3
Investment in Grubhub, Inc. Common Stock	Other assets	1	—		137
Other Investments	Other assets	1	40		43
Liabilities
Interest Rate Swaps	Accounts payable and other current liabilities	2	21		—
Interest Rate Swaps	Other liabilities and deferred credits	2	139		71