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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Total Revenues $ 1,687 $ 1,636 $ 3,332 $ 3,183
Costs and Expenses, Net        
Company restaurant expenses 415 415 818 817
General and Administrative Expense 291 254 573 507
Franchise and property expenses 32 29 68 61
Franchise advertising and other services expense 388 396 783 757
Refranchising (gain) loss (17) (8) (21) (12)
Other (income) expense 5 (4) 15 (10)
Total costs and expenses, net 1,114 1,082 2,236 2,120
Operating Profit 573 554 1,096 1,063
Investment (income) expense, net [1] (29) 15 (5) 8
Other pension (income) expense (1) 1 (3) 1
Interest expense, net [2] 125 148 255 266
Income Before Income Taxes 478 390 849 788
Income tax provision 60 166 131 165
Net Income $ 418 $ 224 $ 718 $ 623
Basic Earnings Per Common Share $ 1.49 $ 0.78 $ 2.55 $ 2.16
Diluted Earnings Per Common Share 1.46 0.77 2.51 2.13
Dividends Declared Per Common Share $ 0.605 $ 0.57 $ 1.21 $ 1.14
Company Sales        
Revenues        
Revenues $ 511 $ 499 $ 985 $ 969
Franchise and property revenues        
Revenues        
Revenues 785 737 1,555 1,451
Franchise contributions for advertising and other services        
Revenues        
Revenues $ 391 $ 400 $ 792 $ 763
[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 (as discussed in our 2022 Form 10-K) during the quarter ended June 30, 2022