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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows - Operating Activities    
Net Income $ 314 $ 300
Depreciation and amortization 35 29
Refranchising (gain) loss (5) (4)
Investment (income) expense, net [1] 22 24
Deferred income taxes 21 (4)
Share-based compensation expense 23 25
Changes in accounts and notes receivable 44 23
Changes in prepaid expenses and other current assets (32) (7)
Changes in accounts payable and other current liabilities (66) (101)
Changes in income taxes payable (26) 28
Other, net 33 36
Net Cash Provided by Operating Activities 363 349
Cash Flows - Investing Activities    
Capital spending (49) (62)
Proceeds from Sale of Productive Assets 11 5
Other, net (21) 1
Net Cash Used in Investing Activities 45 (56)
Cash Flows - Financing Activities    
Repayments of long-term debt (10) (20)
Revolving credit facilities, three months or less, net 0 (85)
Repurchase shares of Common Stock 0 (50)
Dividends paid on Common Stock (189) (169)
Other, net (48) (10)
Net Cash Provided by (Used in) Financing Activities (247) (334)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (7) 3
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 154 (38)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 724 647
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period 878 609
Proceeds from Sale of Long-Term Investments $ 104 $ 0
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 12).