XML 75 R59.htm IDEA: XBRL DOCUMENT v3.22.4
Short-term Borrowings and Long-term Debt (Details) - USD ($)
$ in Millions
3 Months Ended 4 Months Ended 9 Months Ended 12 Months Ended
Apr. 01, 2022
Aug. 19, 2021
Jun. 01, 2021
Oct. 09, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Apr. 01, 2022
Mar. 15, 2021
Debt Instrument [Line Items]                        
Long-term Debt and Lease Obligation, Current         $ (405.0) $ (75.0) $ (75.0) $ (405.0) $ (75.0)      
Debt Issuance Costs, Current, Net         (7.0) (7.0) (7.0) (7.0) (7.0)      
Total Short-term Borrowings         $ 398.0 $ 68.0 $ 68.0 $ 398.0 $ 68.0      
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]         Other Liabilities Other Liabilities Other Liabilities Other Liabilities Other Liabilities      
Long-term debt and capital less obligations, excluding current maturities and debt issuance costs         $ 11,943.0 $ 11,339.0 $ 11,339.0 $ 11,943.0 $ 11,339.0      
Debt Issuance Costs, Noncurrent, Net         (85.0) (86.0) (86.0) (85.0) (86.0)      
Long-term debt including hedge accounting adjustment         11,453.0 11,178.0 11,178.0 11,453.0 11,178.0      
Restricted Cash and Cash Equivalents, Current         220.0 250.0 250.0 220.0 250.0      
Payments of Debt Issuance Costs               11.0 37.0 $ 20.0    
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net         92.0     92.0        
Revolving credit facilities, three months or less, net         279.0     279.0        
Annual maturities of all Short-term borrowings and Long-term debt - 2022         398.0     398.0        
Annual maturities of all Short-term borrowings and Long-term debt - 2023         87.0     87.0        
Annual maturities of all Short-term borrowings and Long-term debt - 2024         92.0     92.0        
Annual maturities of all Short-term borrowings and Long-term debt - 2025         1,885.0     1,885.0        
Annual maturities of all Short-term borrowings and Long-term debt - 2026         1,640.0     1,640.0        
Annual maturities of all Short-term borrowings and Long-term debt - After 2026         7,784.0     7,784.0        
Annual maturities of all Short-term borrowings and Long-term debt - Total         11,886.0     11,886.0        
Interest expense on short-term borrowings and long-term debt               558.0 551.0 $ 558.0    
Outstanding borrowings         279.0 $ 0.0 0.0 279.0 0.0      
September 2022                        
Debt Instrument [Line Items]                        
Stock Repurchase Program, Authorized Amount         2,000.0     2,000.0        
Term Loan A Facility [Member]                        
Debt Instrument [Line Items]                        
Long-term Debt         736.0     $ 736.0       $ 750.0
Issuance date               Mar. 15, 2021        
Maturity date               Mar. 15, 2026        
Term Loan B Facility [Member]                        
Debt Instrument [Line Items]                        
Long-term Debt         1,474.0     $ 1,474.0       $ 1,500.0
Issuance date               Mar. 15, 2021        
Maturity date               Mar. 15, 2026        
Subsidiary Senior Unsecured Notes due 2027 [Member]                        
Debt Instrument [Line Items]                        
Long-term Debt         $ 750.0     $ 750.0        
Issuance date               Jun. 15, 2017        
Maturity date               Jun. 01, 2027        
Interest rate, stated (in hundredths)         4.75%     4.75%        
Senior Unsecured Notes Due November 2037 [Member]                        
Debt Instrument [Line Items]                        
Issuance date               Oct. 16, 2007        
Maturity date               Nov. 15, 2037        
Interest rate, stated (in hundredths)         6.88%     6.88%        
Interest rate, effective (in hundredths)         7.45%     7.45%        
Debt Instrument, Face Amount         $ 325.0     $ 325.0        
Senior Unsecured Notes Due November 2023 [Member]                        
Debt Instrument [Line Items]                        
Issuance date               Oct. 31, 2013        
Maturity date               Nov. 01, 2023        
Interest rate, stated (in hundredths)         3.88%     3.88%        
Interest rate, effective (in hundredths)         4.01%     4.01%        
Debt Instrument, Face Amount         $ 325.0     $ 325.0        
Senior Unsecured Notes Due November 2043 [Member]                        
Debt Instrument [Line Items]                        
Issuance date               Oct. 31, 2013        
Maturity date               Nov. 01, 2043        
Interest rate, stated (in hundredths)         5.35%     5.35%        
Interest rate, effective (in hundredths)         5.42%     5.42%        
Debt Instrument, Face Amount         $ 275.0     $ 275.0        
Senior Unsecured Notes Due January 2030 [Member]                        
Debt Instrument [Line Items]                        
Issuance date               Sep. 11, 2019        
Maturity date               Jan. 15, 2030        
Interest rate, stated (in hundredths)         4.75%     4.75%        
Interest rate, effective (in hundredths)         4.90%     4.90%        
Debt Instrument, Face Amount         $ 800.0     $ 800.0        
Senior Unsecured Notes Due April 2025                        
Debt Instrument [Line Items]                        
Interest rate, stated (in hundredths) 7.75%                   7.75%  
Debt Instrument, Face Amount         $ 600.0     $ 600.0        
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed 103.875%                      
Payment for Debt Extinguishment or Debt Prepayment Cost $ 23.0                      
Senior Unsecured Notes Due March 2031                        
Debt Instrument [Line Items]                        
Issuance date               Sep. 25, 2020        
Maturity date               Mar. 15, 2031        
Interest rate, stated (in hundredths)         3.63%     3.63%        
Interest rate, effective (in hundredths)         3.77%     3.77%        
Debt Instrument, Face Amount         $ 1,050.0     $ 1,050.0        
Unsecured Notes Due January 2032                        
Debt Instrument [Line Items]                        
Issuance date               Apr. 01, 2021        
Maturity date               Jan. 31, 2032        
Interest rate, stated (in hundredths)         4.63%     4.63%        
Interest rate, effective (in hundredths)         4.77%     4.77%        
Debt Instrument, Face Amount         $ 1,100.0     $ 1,100.0        
Unsecured Notes Due April 2032                        
Debt Instrument [Line Items]                        
Interest rate, effective (in hundredths)         5.53%     5.53%        
Senior Unsecured Notes Due April 2032                        
Debt Instrument [Line Items]                        
Issuance date               Apr. 01, 2022        
Maturity date               Apr. 01, 2032        
Interest rate, stated (in hundredths)         5.38%     5.38%        
Debt Instrument, Face Amount         $ 1,000.0     $ 1,000.0        
Payments of Debt Issuance Costs         12.0              
Secured Debt [Member] | Class A-2-II Notes [Member] | 2021                        
Debt Instrument [Line Items]                        
Long-term Debt         $ 594.0     $ 594.0        
Issuance date   Aug. 19, 2021                    
Maturity date [1]           Feb. 25, 2029            
Interest rate, stated (in hundredths)         2.294%     2.294%        
Interest rate, effective (in hundredths) [2]         2.42%     2.42%        
Secured Debt [Member] | Class A-2-II Notes [Member] | 2018 [Member]                        
Debt Instrument [Line Items]                        
Long-term Debt         $ 600.0     $ 600.0        
Issuance date               Nov. 28, 2018        
Maturity date [1]               Nov. 28, 2028        
Interest rate, stated (in hundredths)         4.94%     4.94%        
Interest rate, effective (in hundredths) [2]         5.06%     5.06%        
Secured Debt [Member] | Term Loan A Facility [Member]                        
Debt Instrument [Line Items]                        
Long-term Debt [3]         $ 736.0 $ 750.0 $ 750.0 $ 736.0 750.0      
Interest rate, effective (in hundredths) [4]         5.46%     5.46%        
Frequency of interest payments               quarterly        
Term Loan A Facility, Repayments of Principal in Year Four               1.25%        
Term Loan A Facility Repayments Of Principal In Year Two And Three             0.625%          
Secured Debt [Member] | Term Loan B Facility [Member]                        
Debt Instrument [Line Items]                        
Long-term Debt [3]         $ 1,474.0 $ 1,489.0 $ 1,489.0 $ 1,474.0 1,489.0      
Interest rate, effective (in hundredths) [4]         4.99%     4.99%        
Frequency of interest payments               quarterly        
Term Loan B, Repayment of Principal               0.25%        
Secured Debt [Member] | Revolving Facility [Member]                        
Debt Instrument [Line Items]                        
Line of credit facility, maximum borrowing capacity         $ 1,250.0     $ 1,250.0        
Secured Debt [Member] | the Credit Agreement [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Payment Terms               The Credit Agreement is subject to certain mandatory prepayments, including an amount equal to 50% of excess cash flow (as defined in the Credit Agreement) on an annual basis and the proceeds of certain asset sales, casualty events and issuances of indebtedness, subject to customary exceptions and reinvestment rights        
Debt Instrument, Covenant Compliance               We were in compliance with all debt covenants as of December 31, 2022        
Secured Debt [Member] | Class A-2-I Notes [Member] | 2021                        
Debt Instrument [Line Items]                        
Long-term Debt         $ 891.0     $ 891.0        
Issuance date   Aug. 19, 2021                    
Maturity date [1]           Feb. 25, 2027            
Interest rate, stated (in hundredths)         1.946%     1.946%        
Interest rate, effective (in hundredths) [2]         2.11%     2.11%        
Secured Debt [Member] | Class A-2-III Notes [Member] | 2021                        
Debt Instrument [Line Items]                        
Long-term Debt         $ 742.0     $ 742.0        
Issuance date   Aug. 19, 2021                    
Maturity date [1]           Aug. 25, 2031            
Interest rate, stated (in hundredths)         2.542%     2.542%        
Interest rate, effective (in hundredths) [2]         2.64%     2.64%        
Secured Debt [Member] | Class A-2-III Notes [Member] | 2016 [Member]                        
Debt Instrument [Line Items]                        
Long-term Debt         $ 945.0     $ 945.0        
Issuance date               May 11, 2016        
Maturity date [1]               May 25, 2026        
Interest rate, stated (in hundredths)         4.97%     4.97%        
Interest rate, effective (in hundredths) [2]         5.14%     5.14%        
Secured Debt [Member] | Securitization Notes [Member]                        
Debt Instrument [Line Items]                        
Senior Notes, Noncurrent [5]         $ 3,772.0 $ 3,811.0 3,811.0 $ 3,772.0 3,811.0      
Frequency of interest payments               quarterly        
Debt Instrument, Payment Terms               no amortization of principal of the Securitization Notes is required prior to their anticipated repayment dates        
Long-term Debt, Contingent Payment of Principal or Interest               as of any quarterly measurement date the consolidated leverage ratio (the ratio of total debt to Net Cash Flow (as defined in the related indenture)) for the preceding four fiscal quarters of either the Company and its subsidiaries or the Issuer and its subsidiaries exceeds 5.0:1, in which case amortization payments of 1% per year of the outstanding principal as of the closing of the Securitization Notes are required. As of the most recent quarterly measurement date the consolidated leverage ratio for the Issuer and its subsidiaries exceeded 5.0:1 and, as a result, amortization payments are required.        
Debt Instrument, Debt Default, Description of Violation or Event of Default               The Securitization Notes are also subject to certain customary events of default, including events relating to non-payment of required interest or principal due on the Securitization Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective, certain judgments and failure of the Securitization Entities to maintain a stated debt service coverage ratio        
Debt Instrument, Covenant Compliance               As of December 31, 2022, we were in compliance with all of our debt covenant requirements and were not subject to any rapid amortization events        
Secured Debt [Member] | Class A-2 Notes [Member] | 2021                        
Debt Instrument [Line Items]                        
Long-term Debt, Maturity Date         Aug. 01, 2051     Aug. 01, 2051        
Secured Debt [Member] | Class A-2 Notes [Member] | 2016 [Member]                        
Debt Instrument [Line Items]                        
Maturity date               May 01, 2046        
Secured Debt [Member] | Class A-2 Notes [Member] | 2018 [Member]                        
Debt Instrument [Line Items]                        
Maturity date               Nov. 01, 2048        
Secured Debt [Member] | Senior Unsecured Notes Due April 2025                        
Debt Instrument [Line Items]                        
Write off of Deferred Debt Issuance Cost         $ 5.0     $ 5.0        
Senior Unsecured Notes [Member] | Subsidiary Senior Unsecured Notes [Member]                        
Debt Instrument [Line Items]                        
Senior Notes, Noncurrent [3]         $ 750.0 750.0 750.0 750.0 750.0      
Interest rate, stated (in hundredths)     5.25%             5.00%    
Repayments of Debt, Maturing in More than Three Months 600.0   $ 1,050.0 $ 1,050.0                
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed     102.625%                  
Write off of Deferred Debt Issuance Cost                 6.0 $ 6.0    
Payment for Debt Extinguishment or Debt Prepayment Cost     $ 28.0 $ 26.0       $ 23.0 28.0 $ 28.0    
Debt Instrument, Covenant Compliance               We were in compliance with all debt covenants as of December 31, 2022        
Senior Unsecured Notes [Member] | Subsidiary Senior Unsecured Notes due 2027 [Member]                        
Debt Instrument [Line Items]                        
Interest rate, effective (in hundredths) [4]         4.90%     4.90%        
Senior Unsecured Notes [Member] | YUM Senior Unsecured Notes [Member]                        
Debt Instrument [Line Items]                        
Senior Notes, Noncurrent [3]         $ 4,875.0 $ 4,475.0 $ 4,475.0 $ 4,875.0 $ 4,475.0      
Debt Instrument, Debt Default, Description of Violation or Event of Default               Our YUM Senior Unsecured Notes contain covenants and events of default that are customary for debt securities of this type, including cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount in excess of $50 million ($100 million or more in the case of the YUM Senior Unsecured Notes issued in 2019 and subsequent years) will constitute a default under the YUM Senior Unsecured Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice        
Debt Instrument, Debt Default, Description of Notice of Default               The indenture governing the April 2032 Notes contains covenants and events of default that are customary for debt securities of this type, including cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount of $100 million or more or the failure to pay the principal of such indebtedness at its stated maturity will constitute an event of default under the April 2032 Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice        
Senior Unsecured Notes [Member] | Unsecured Notes Due April 2032                        
Debt Instrument [Line Items]                        
Proceeds from Issuance of Debt $ 1,000.0                      
Senior Unsecured Notes [Member] | Senior Unsecured Notes Due April 2032                        
Debt Instrument [Line Items]                        
Interest rate, stated (in hundredths)                     5.375%  
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan A and B Facilities and Revolving Facility [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Basis Spread on Variable Rate               1.00%        
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan B Facility [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Basis Spread on Variable Rate               1.75%        
Base Rate [Member] | Secured Debt [Member] | Term Loan A and B Facilities and Revolving Facility [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Basis Spread on Variable Rate               0.00%        
Base Rate [Member] | Secured Debt [Member] | Term Loan B Facility [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Basis Spread on Variable Rate               0.75%        
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Basis Spread on Variable Rate               0.75%        
Minimum [Member] | Base Rate [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Basis Spread on Variable Rate               0.00%        
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Basis Spread on Variable Rate               1.50%        
Maximum [Member] | Base Rate [Member] | Secured Debt [Member] | Term Loan A Facility and Revolving Facility [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Basis Spread on Variable Rate               0.50%        
Debt Service Coverage Ratio - Rapid Amortization Events [Member] | Secured Debt [Member] | Securitization Notes [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Covenant Description               debt service coverage ratio (as defined in the related indenture) of at least 1.1:1        
Debt Service Coverage Ratio - Cash Trap Reserve Account [Member] | Secured Debt [Member] | Securitization Notes [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Covenant Description               debt service coverage ratio (or the ratio of Net Cash Flow to all debt service payments for the preceding four fiscal quarters) of at least 1.75:1        
Debt Instrument, Covenant Compliance               During the most recent quarter ended December 31, 2022, the Securitization Entities maintained a debt service coverage ratio significantly in excess of the 1.75:1 requirement        
Total Leverage Ratio [Member] | Secured Debt [Member] | the Credit Agreement [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Covenant Description               require the Borrowers to maintain a total leverage ratio (defined as the ratio of Consolidated Total Debt to Consolidated EBITDA (as these terms are defined in the Credit Agreement)) of 5.0:1 or less        
Fixed Charge Coverage Ratio [Member] | Secured Debt [Member] | the Credit Agreement [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument, Covenant Description               fixed charge coverage ratio (defined as the ratio of EBITDA minus capital expenditures to fixed charges (inclusive of rental expense and scheduled amortization)) of at least 1.5:1        
Prepaid Expenses and Other Current Assets [Member]                        
Debt Instrument [Line Items]                        
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] [6]         Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current    
Prepaid Expenses and Other Current Assets [Member] | Securitization Notes [Member]                        
Debt Instrument [Line Items]                        
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]         Prepaid Expense and Other Assets, Current     Prepaid Expense and Other Assets, Current        
Letter of Credit [Member] | Revolving Credit Facility [Member]                        
Debt Instrument [Line Items]                        
Outstanding letters of credit         $ 2.0     $ 2.0        
[1] The legal final maturity dates of the Securitization Notes issued in 2016, 2018 and 2021 are May 2046, November 2048 and August 2051, respectively. If the Issuer has not repaid or refinanced a series of Securitization Notes prior to its respective Anticipated Repayment Dates, rapid amortization of principal on all Securitization Notes will occur and additional interest will accrue on the Securitization Notes.
[2] Includes the effects of the amortization of any discount and debt issuance costs.
[3] We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.
[4] Includes the effects of the amortization of any discount and debt issuance costs as well as the impact of the interest rate swaps on the Term Loan A and Term Loan B Facilities (see Note 13). The effective rates related to our Term Loan A and B Facilities are based on LIBOR-based interest rates at December 31, 2022.
[5] We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.
[6] Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments (see Note 11).