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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows - Operating Activities      
Net Income $ 1,597 $ 1,325 $ 1,575
Depreciation and amortization 153 146 164
Impairment and closure expense 13 10 19
Refranchising (gain) loss (29) (27) (35)
Investment (income) expense, net [1] (7) (11) (86)
Deferred income taxes (290) (55) (200)
Share-based compensation expense 95 84 75
Changes in Accounts and Notes Receivable (89) (84) (46)
Changes in Prepaid Expense and Other Assets (15) 1 (33)
Changes in accounts payable and other current liabilities (30) (39) 122
Changes in income taxes payable 43 17 (41)
Other, net 162 60 192
Net Cash Provided by Operating Activities 1,603 1,427 1,706
Cash Flows - Investing Activities      
Capital spending (285) (279) (230)
Payments for (Proceeds from) Investments 121 0 0
Proceeds from refranchising of restaurants 60 73 85
Other, net (3) 4 (28)
Net Cash Provided by (Used in) Investing Activities (107) (202) (173)
Cash Flows - Financing Activities      
Proceeds from long-term debt 0 999 4,150
Repayments of long-term debt (397) (699) (3,657)
Revolving credit facilities, three months or less, net (279) 279 0
Repurchase shares of Common Stock (50) (1,200) (1,591)
Dividends paid on Common Stock (678) (649) (592)
Debt issuance costs 0 (11) (37)
Other, net (25) (42) (40)
Net Cash Used in Financing Activities (1,429) (1,323) (1,767)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations 10 (26) (19)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 77 (124) (253)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 647 771 1,024
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance $ 724 $ 647 $ 771
[1] Amounts have not been allocated to any segment for performance reporting purposes.