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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows - Operating Activities    
Net Income $ 717 $ 289
Depreciation and amortization 78 53
Impairment and closure expense [1] 1 146
Refranchising (gain) loss (22) (21)
Investment (income) expense, net (1) (57)
Contributions to defined benefit pension plans (3) (1)
Deferred income taxes (41) (20)
Share-based compensation expense 38 29
Changes in accounts and notes receivable 25 4
Changes in prepaid expenses and other current assets (11) (26)
Changes in accounts payable and other current liabilities (95) (76)
Changes in income taxes payable (25) (49)
Other, net 112 91
Net Cash Provided by Operating Activities 773 362
Cash Flows - Investing Activities    
Capital spending (84) (67)
Acquisition of The Habit Restaurants, Inc., net of cash acquired 0 (408)
Proceeds from refranchising of restaurants 43 3
Other, net 33 0
Net Cash Used in Investing Activities (8) (472)
Cash Flows - Financing Activities    
Proceeds from long-term debt 1,900 600
Repayments of long-term debt (2,002) (41)
Revolving credit facilities, three months or less, net 0 575
Short-term borrowings by original maturity    
More than three months - proceeds 0 85
More than three months - payments 0 (90)
Three months or less, net 0 0
Repurchase shares of Common Stock (530) 0
Dividends paid on Common Stock (299) (283)
Debt Issuance Costs (18) (7)
Other, net (17) (31)
Net Cash Provided by (Used in) Financing Activities (966) 808
Effect of Exchange Rates on Cash and Cash Equivalents 11 (18)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (190) 680
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 $ 834 $ 1,448
[1] The year to date ended June 30, 2020, includes a charge of $139 million related to the impairment of Habit Burger Grill goodwill. See Note 2. The quarter and year to date ended June 30, 2020 also includes a charge of $6 million related to the write-off of software no longer being used.