Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

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

	3/31/2021				12/31/2020
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)
Securitization Notes(a)	$	2,861	$	2,999	$	2,869	$	3,015
Subsidiary Senior Unsecured Notes(b)	1,800		1,901		1,800		1,890
Term Loan A Facility(b)	750		727		431		428
Term Loan B Facility(b)	1,500		1,504		1,916		1,907
YUM Senior Unsecured Notes(b)	3,725		3,952		3,725		4,094

(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.

^[1],[2]

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

			Fair Value
	Condensed Consolidated Balance Sheet	Level	3/31/2021		12/31/2020
Assets
Foreign Currency Contracts	Prepaid expenses and other current assets	2	$	1	$	1
Other Investments	Other assets	1	2		45
Liabilities
Interest Rate Swaps	Accounts payable and other current liabilities	2	35		28
Interest Rate Swaps	Other liabilities and deferred credits	2	92		127

[1] 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.

[2] 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.