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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows - Operating Activities    
Net Income $ 399 $ 326
Depreciation and amortization 37 39
Refranchising (gain) loss (4) (15)
Investment (income) expense, net [1] (7) 0
Deferred income taxes (77) 14
Share-based compensation expense 26 21
Changes in accounts and notes receivable 29 27
Changes in prepaid expenses and other current assets (13) (9)
Changes in accounts payable and other current liabilities (176) (123)
Changes in income taxes payable 29 5
Other, net 10 39
Net Cash Provided by Operating Activities 253 324
Cash Flows - Investing Activities    
Capital spending (42) (45)
Proceeds from refranchising of restaurants 24 20
Other, net (11) 39
Net Cash Used in Investing Activities (29) 14
Cash Flows - Financing Activities    
Proceeds from long-term debt 0 800
Repayments of long-term debt (15) (912)
Revolving credit facilities, three months or less, net 174 0
Short-term borrowings by original maturity    
More than three months - proceeds 0 0
More than three months - payments 0 0
Three months or less, net 0 0
Repurchase shares of Common Stock (343) (286)
Dividends paid on Common Stock (165) (150)
Other, net (28) (15)
Net Cash Provided by (Used in) Financing Activities (377) (563)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 0 3
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (153) (222)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 771 1,024
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period $ 618 $ 802
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 12).