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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows - Operating Activities    
Net Income $ 1,245 $ 572
Depreciation and amortization 117 100
Impairment and closure expense [1] 2 156
Refranchising (gain) loss (21) (30)
Investment (income) expense, net (52) (67)
Contributions to defined benefit pension plans (5) (2)
Deferred income taxes (173) (32)
Share-based compensation expense 58 44
Changes in accounts and notes receivable 0 46
Changes in prepaid expenses and other current assets (5) 11
Changes in accounts payable and other current liabilities 24 105
Changes in income taxes payable (45) (152)
Other, net 147 102
Net Cash Provided by Operating Activities 1,292 853
Cash Flows - Investing Activities    
Capital spending (138) (99)
Acquisition of The Habit Restaurants, Inc., net of cash acquired 0 (408)
Payments to Acquire Investments 0 206
Proceeds from refranchising of restaurants 48 13
Other, net (33) 19
Net Cash Used in Investing Activities (123) (269)
Cash Flows - Financing Activities    
Proceeds from long-term debt 4,150 1,650
Repayments of long-term debt (3,647) (1,142)
Revolving credit facilities, three months or less, net 0 0
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 (857) 0
Dividends paid on Common Stock (446) (425)
Debt Issuance Costs (37) (20)
Other, net (44) (34)
Net Cash Provided by (Used in) Financing Activities (881) 24
Effect of Exchange Rates on Cash and Cash Equivalents (1) (1)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 287 607
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 $ 1,311 $ 1,375
[1] The quarter and year to date ended September 30, 2020, include charges of $5 million and $144 million, respectively, related to the impairment of Habit Burger Grill goodwill. See Note 2. The quarter and year to date ended September 30, 2020 also include charges of $5 million and $11 million, respectively, related to the write-off of software no longer being used.