XML 18 R2.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Total revenues $ 6,842 $ 6,584 $ 5,652
Costs and Expenses, Net      
Company restaurant expenses 1,745 1,725 1,506
General and administrative expenses 1,140 1,060 1,064
Franchise and property expenses 123 117 145
Franchise advertising and other services expense 1,667 1,576 1,314
Refranchising (gain) loss (27) (35) (34)
Other (income) expense 7 2 154
Costs and Expenses, Total 4,655 4,445 4,149
Operating Profit 2,187 2,139 1,503
Investment (income) expense, net [1] (11) (86) (74)
Other Pension (income) expense [1] 9 7 14
Interest Income (Expense), Net [1] 527 544 543
Income (Loss) Attributable to Parent, before Tax, Total 1,662 1,674 1,020
Income tax provision 337 99 116
Net Income $ 1,325 $ 1,575 $ 904
Basic Earnings Per Common Share (in dollars per share) $ 4.63 $ 5.30 $ 2.99
Diluted Earnings Per Common Share (in dollars per share) 4.57 5.21 2.94
Dividends Declared Per Common Share (in dollars per share) $ 2.28 $ 2.00 $ 1.88
Company Sales      
Revenues      
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,072 $ 2,106 $ 1,810
Franchise and property revenue [Member]      
Revenues      
Revenue from Contract with Customer, Excluding Assessed Tax 3,096 2,900 2,510
Franchise contributions for advertising and other services      
Revenues      
Revenue from Contract with Customer, Excluding Assessed Tax $ 1,674 $ 1,578 $ 1,332
[1] Amounts have not been allocated to any segment for performance reporting purposes.
(c)Our operating results reflect revenues from and expenses to support the Russian operations for Pizza Hut, prior to the date of transfer, and KFC, for the entirety of the year ended December 31, 2022 (see Note 3) within their historical financial statement line items and operating segments. However, given our decision to exit Russia and our pledge to direct any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts, we have reclassed such net operating profits from the Division segment results in which they were earned to Unallocated Other income (expense). As a result, we reclassed net operating profits of $44 million from KFC and Pizza Hut Division Other income (expense) to Unallocated Other income (expense) during the year ended December 31, 2022. Also, included in Unallocated Other income (expense) were $13 million in foreign exchange gains attributable to fluctuations in the value of the Russian ruble.

Additionally, we recorded charges of $7 million to Corporate and unallocated G&A expenses and $6 million to Unallocated Franchise and property expenses during the year ended December 31, 2022 for certain expenses related to the transfer of the businesses and other one-time costs related to our exit from Russia.