Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Restaurant Information by Ownership Type

The following table presents restaurant information by ownership type:

Restaurants at December 31,	2012	2011	2010
Conventional franchised	19,869	19,527	19,279
Developmental licensed	4,350	3,929	3,485
Foreign affiliated	3,663	3,619	3,574
Franchised	27,882	27,075	26,338
Company-operated	6,598	6,435	6,399
Systemwide restaurants	34,480	33,510	32,737

Share-Based Compensation Expense and Effect on Diluted Earnings Per Common Share

Share-based compensation expense and the effect on diluted earnings per common share were as follows:

In millions, except per share data	2012		2011		2010
Share-based compensation expense	$	93.4	$	86.2	$	83.1
After tax	$	63.2	$	59.2	$	56.2
Earnings per common share-diluted	$	0.06	$	0.05	$	0.05

Weighted-Average Assumptions

Weighted-average assumptions

	2012			2011			2010
Expected dividend yield	2.8		%	3.2		%	3.5		%
Expected stock price volatility	20.8		%	21.5		%	22.1		%
Risk-free interest rate	1.1		%	2.8		%	2.8		%
Expected life of options In years	6.1			6.3			6.2
Fair value per option granted	$	13.65		$	12.18		$	9.90

Activity in Goodwill by Segment

The following table presents the 2012 activity in goodwill by segment:

In millions		U.S.		Europe		APMEA(1)			Other Countries & Corporate(2)				Consolidated
Balance at December 31, 2011		$	1,254.4	$	801.6		$	405.4		$	191.8			$	2,653.2
Net restaurant purchases (sales)		39.8		54.2			21.3			(2.7		)		112.6
Ownership changes and other										(3.5		)		(3.5		)
Currency translation				25.6			12.0			4.1				41.7
Balance at December 31, 2012		$	1,294.2	$	881.4		$	438.7		$	189.7			$	2,804.0
(1)	APMEA represents Asia/Pacific, Middle East and Africa.
(2)	Other Countries & Corporate represents Canada, Latin America and Corporate.

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present financial assets and liabilities measured at fair value on a recurring basis by the valuation hierarchy as defined in the fair value guidance:

December 31, 2012
In millions		Level 1			Level 2			Level 3	Carrying Value
Cash equivalents		$	670.8						$	670.8
Investments		155.1		*					155.1
Derivative assets		132.3		*	$	86.1			218.4
Total assets at fair value		$	958.2		$	86.1			$	1,044.3
Derivative payables					$	(42.6	)		$	(42.6	)
Total liabilities at fair value					$	(42.6	)		$	(42.6	)
December 31, 2011
In millions		Level 1			Level 2			Level 3	Carrying Value
Cash equivalents		$	581.7						$	581.7
Investments		132.4		*					132.4
Derivative assets		154.5		*	$	71.1			225.6
Total assets at fair value		$	868.6		$	71.1			$	939.7
Derivative payables					$	(15.6	)		$	(15.6	)
Total liabilities at fair value					$	(15.6	)		$	(15.6	)
*	Includes investments and derivatives that hedge market driven changes in liabilities associated with the Company’s supplemental benefit plan.

Fair Values of Derivative Instruments Included on Consolidated Balance Sheet

The following table presents the fair values of derivative instruments included on the Consolidated balance sheet as of December 31, 2012 and 2011:

	Derivative Assets					Derivative Liabilities
In millions	Balance Sheet Classification	2012		2011		Balance Sheet Classification	2012			2011
Derivatives designated as hedging instruments
Foreign currency	Prepaid expenses and other current assets	$	5.0	$	6.7	Accrued payroll and other liabilities	$	(3.5	)	$	(0.3	)
Interest rate	Prepaid expenses and other current assets	4.2		9.4
Commodity	Miscellaneous other assets	35.3				Other long-term liabilities	(0.2		)
Foreign currency	Miscellaneous other assets	2.5		0.7		Other long-term liabilities	(32.1		)	(0.3		)
Interest rate	Miscellaneous other assets	38.1		46.0		Other long-term liabilities				(14.0		)
Total derivatives designated as hedging instruments		$	85.1	$	62.8		$	(35.8	)	$	(14.6	)
Derivatives not designated as hedging instruments
Equity	Prepaid expenses and other current assets	$	132.3
Foreign currency	Prepaid expenses and other current assets	1.0		$	8.3	Accrued payroll and other liabilities	$	(6.8	)	$	(1.0	)
Equity	Miscellaneous other assets			154.5
Total derivatives not designated as hedging instruments		$	133.3	$	162.8		$	(6.8	)	$	(1.0	)
Total derivatives		$	218.4	$	225.6		$	(42.6	)	$	(15.6	)

Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income

The following table presents the pretax amounts affecting income and OCI for the years ended December 31, 2012 and 2011, respectively:

In millions
Derivatives in Fair Value Hedging Relationships		Gain (Loss) Recognized in Income on Derivative							Hedged Items in Fair Value Hedging Relationships							Gain (Loss) Recognized in Income on Related Hedged Items
			2012			2011											2012							2011
Interest rate			$	(13.0	)	$	(11.1	)	Fixed-rate debt								$	13.0							$	11.1
Derivatives in Cash Flow Hedging Relationships		Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)							Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion)							Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion)
			2012			2011				2012			2011				2012							2011
Commodity			$	35.1
Foreign currency			(6.4		)	$	(5.1	)		$	(15.8	)	$	(5.1	)		$	(12.3	)						$	(7.7	)
Interest rate(1)			(4.6		)	(14.0		)		0.5			2.2
Total			$	24.1		$	(19.1	)		$	(15.3	)	$	(2.9	)		$	(12.3	)						$	(7.7	)
		Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)							Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion)							Derivatives Not Designated as Hedging Instruments				Gain (Loss) Recognized in Income on Derivative
Net Investment Hedging Relationships
			2012			2011				2012			2011								2012				2011
																Foreign Currency					$	(13.4	)		$	(2.2	)
Foreign currency denominated debt			$	(61.7	)	$	(130.8	)								Equity(3)					(16.2		)		36.9
Foreign currency derivatives(2)			(23.3		)	(9.4		)					$	(8.2	)	Interest Rate									1.5
Total			$	(85.0	)	$	(140.2	)					$	(8.2	)	Total					$	(29.6	)		$	36.2
Gains (losses) recognized in income on derivatives are recorded in “Nonoperating (income) expense, net” unless otherwise noted.
(1)	The amount of gain (loss) reclassified from accumulated OCI into income is recorded in Interest expense.
(2)	The amount of gain (loss) reclassified from accumulated OCI into income is recorded in Impairment and other charges (credits), net.
(3)	The amount of gain (loss) recognized in income on the derivatives used to hedge the supplemental benefit plan liabilities is recorded in Selling, general & administrative expenses.