Short-term Borrowings and Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

	2023		2022
Short-term Borrowings
Current maturities of long-term debt	$	56	$	405
Less current portion of debt issuance costs and discounts	(3)		(7)
Short-term borrowings	$	53	$	398
Long-term Debt
Securitization Notes	$	3,743	$	3,772
Subsidiary Senior Unsecured Notes	750		750
Revolving Facility	—		279
Term Loan A Facility	717		736
Term Loan B Facility	1,459		1,474
YUM Senior Unsecured Notes	4,550		4,875
Finance lease obligations (See Note 12)	50		57
	$	11,269	$	11,943
Less long-term portion of debt issuance costs and discounts	(71)		(85)
Less current maturities of long-term debt	(56)		(405)
Long-term debt	$	11,142	$	11,453

Securitization Notes issued that remain outstanding

The following table summarizes Securitization Notes outstanding at December 31, 2023:

				Interest Rate
Issuance Date	Anticipated Repayment Date(a)	Outstanding Principal (in millions)		Stated		Effective(b)
May 2016	May 2026	$	938	4.970	%	5.14	%
November 2018	November 2028	$	595	4.940	%	5.06	%
August 2021	February 2027	$	884	1.946	%	2.11	%
August 2021	February 2029	$	589	2.294	%	2.42	%
August 2021	August 2031	$	737	2.542	%	2.64	%

(a)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.

(b)Includes the effects of the amortization of any discount and debt issuance costs.

Credit Agreement and Subsidiary Senior Unsecured Notes issued that remain outstanding

					Interest Rate
	Issuance Date	Maturity Date	Outstanding Principal (in millions)		Stated		Effective(b)
Term Loan A Facility	March 2021	March 2026	$	717	(a)		6.34	%
Term Loan B Facility	March 2021	March 2028	$	1,459	(a)		5.06	%
Subsidiary Senior Unsecured Notes	June 2017	June 2027	$	750	4.75	%	4.90	%

(a)The interest rates applicable to the Term Loan A Facility as well as the Revolving Facility range from 0.75% to 1.50% plus Secured Overnight Financing Rate ("SOFR") or from 0.00% to 0.50% plus the Base Rate (as defined in the Credit Agreement), at the Borrowers’ election, based upon the total leverage ratio (as defined in the Credit Agreement). As of December 31, 2023, the interest rate spreads on the SOFR and Base Rate applicable to our Term Loan A Facility were 0.75% and 0.00%, respectively.

The interest rates applicable to the Term Loan B Facility are 1.75% plus SOFR or 0.75% plus the Base Rate, at the Borrowers’ election.

We transitioned to SOFR as the benchmark reference rate under the Credit Agreement during 2023 following the cease of publication of remaining LIBOR tenors on June 30, 2023.

(b)    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 SOFR-based interest rates at December 31, 2023.

Senior Unsecured Notes issued that remain outstanding

The following table summarizes all YUM Senior Unsecured Notes issued that remain outstanding at December 31, 2023:

				Interest Rate
Issuance Date	Maturity Date	Principal Amount (in millions)		Stated		Effective(a)
October 2007	November 2037	$	325	6.88	%	7.45	%
October 2013	November 2043	$	275	5.35	%	5.42	%
September 2019	January 2030	$	800	4.75	%	4.90	%
September 2020	March 2031	$	1,050	3.63	%	3.77	%
April 2021	January 2032	$	1,100	4.63	%	4.77	%
April 2022	April 2032	$	1,000	5.38	%	5.53	%

(a)Includes the effects of the amortization of any (1) premium or discount; (2) debt issuance costs; and (3) gain or loss upon settlement of related treasury locks and forward starting interest rate swaps utilized to hedge the interest rate risk prior to debt issuance.

Annual maturities of short-term borrowings and long-term debt excluding capital lease obligations and derivative instrument adjustments

The annual maturities of all Short-term borrowings and Long-term debt as of December 31, 2023, excluding finance lease obligations of $50 million and debt issuance costs and discounts of $74 million are as follows:

 

Year ended:
2024	$	48
2025	53
2026	1,599
2027	1,649
2028	1,994
Thereafter	5,876
Total	$	11,219