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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Total Revenues $ 1,636 $ 1,602 $ 3,183 $ 3,088
Costs and Expenses, Net        
Company restaurant expenses 415 417 817 809
General and Administrative Expense 254 230 507 436
Franchise and property expenses 29 27 61 50
Franchise advertising and other services expense 396 372 757 715
Refranchising (gain) loss (8) (7) (12) (22)
Other (income) expense (4) (4) (10) (10)
Total costs and expenses, net 1,082 1,035 2,120 1,978
Operating Profit 554 567 1,063 1,110
Investment (income) expense, net [1] 15 (1) 8 (1)
Other pension (income) expense 1 2 1 5
Interest expense, net 148 [2] 159 [2] 266 290 [2]
Income Before Income Taxes 390 407 788 816
Income tax provision 166 16 165 99
Net Income $ 224 $ 391 $ 623 $ 717
Basic Earnings Per Common Share $ 0.78 $ 1.31 $ 2.16 $ 2.39
Diluted Earnings Per Common Share 0.77 1.29 2.13 2.35
Dividends Declared Per Common Share $ 0.57 $ 0.50 $ 1.14 $ 1.00
Company Sales        
Revenues        
Revenues $ 499 $ 520 $ 969 $ 996
Franchise and property revenues        
Revenues        
Revenues 737 706 1,451 1,364
Franchise contributions for advertising and other services        
Revenues        
Revenues $ 400 $ 376 $ 763 $ 728
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 12).
[2] Includes a $23 million call premium and $5 million of unamortized debt issuance costs written off related to the redemption of the 2025 Notes (see Note 10) during the quarter ended June 30, 2022. Includes a $28 million call premium and $6 million of unamortized debt issuance costs written off related to the redemption of the $1,050 million aggregate principal amount of 5.25% Subsidiary Senior Unsecured Notes due in 2026 during the quarter ended June 30, 2021. Includes fees expensed and unamortized debt issuance costs written off totaling $12 million related to the refinancing of the Credit Agreement (as described within our 2021 Form 10-K) during the quarter ended March 31, 2021.