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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows - Operating Activities    
Net Income $ 326 $ 83
Depreciation and amortization 39 27
Impairment and closure expense [1] 1 140
Refranchising (gain) loss (15) (13)
Investment (income) expense, net 0 34
Contributions to defined benefit pension plans (2) (1)
Deferred income taxes 14 (31)
Share-based compensation expense 21 18
Changes in accounts and notes receivable 27 25
Changes in prepaid expenses and other current assets (9) (17)
Changes in accounts payable and other current liabilities (123) (51)
Changes in income taxes payable 5 (11)
Other, net 40 35
Net Cash Provided by Operating Activities 324 238
Cash Flows - Investing Activities    
Capital spending (45) (35)
Acquisition of The Habit Restaurants, Inc., net of cash acquired 0 (408)
Proceeds from refranchising of restaurants 20 2
Other, net 39 0
Net Cash Provided by (Used in) Investing Activities 14 (441)
Cash Flows - Financing Activities    
Proceeds from long-term debt 800 0
Repayments of long-term debt (912) (20)
Revolving credit facilities, three months or less, net 0 950
Short-term borrowings by original maturity    
More than three months - proceeds 0 66
More than three months - payments 0 (44)
Three months or less, net 0 0
Repurchase shares of Common Stock (286) 0
Dividends paid on Common Stock (150) (141)
Debt Issuance Costs 5 0
Other, net (10) (13)
Net Cash Provided by (Used in) Financing Activities (563) 798
Effect of Exchange Rates on Cash and Cash Equivalents 3 (53)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (222) 542
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 1,024 768
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period $ 802 $ 1,310
[1] The quarter ended March 31, 2020, includes a charge of $139 million related to the impairment of Habit Burger Grill goodwill. See Note 2.