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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows - Operating Activities    
Net Income $ 954 $ 1,245
Depreciation and amortization 104 117
Refranchising (gain) loss (15) (21)
Investment (income) expense, net [1] (19) (52)
Deferred income taxes 3 (173)
Share-based compensation expense 64 58
Changes in accounts and notes receivable (26) 0
Changes in prepaid expenses and other current assets (3) (5)
Changes in accounts payable and other current liabilities (149) 24
Changes in income taxes payable (3) (45)
Other, net 65 144
Net Cash Provided by Operating Activities 975 1,292
Cash Flows - Investing Activities    
Capital spending (158) (138)
Proceeds from refranchising of restaurants 51 48
Other, net (5) (33)
Net Cash Used in Investing Activities (112) (123)
Cash Flows - Financing Activities    
Proceeds from long-term debt 999 4,150
Repayments of long-term debt (678) (3,647)
Repurchase shares of Common Stock (714) (857)
Dividends paid on Common Stock (489) (446)
Debt Issuance Costs (11) (37)
Other, net (35) (44)
Net Cash Provided by (Used in) Financing Activities (928) (881)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (43) (1)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (108) 287
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 $ 663 $ 1,311
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 12).