Yum! Brands (YUM) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 02, 2023
Cover [Abstract]
Document Quarterly Report	true
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	13-3951308
Trading Symbol	YUM
Security Exchange Name	NYSE
Entity Address, Address Line One	1441 Gardiner Lane,
Entity Address, City or Town	Louisville,
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40213
City Area Code	(502)
Local Phone Number	874-8300
Document Transition Report	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Registrant Name	YUM! BRANDS, INC.
Entity Central Index Key	0001041061
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	Common Stock, no par value
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Entity File Number	1-13163
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		280,308,219

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total Revenues		$ 1,708	$ 1,640	$ 5,040	$ 4,823
Costs and Expenses, Net
Company restaurant expenses		421	402	1,239	1,219
General and Administrative Expense		267	261	840	768
Franchise and property expenses		27	28	95	89
Franchise advertising and other services expense		400	396	1,183	1,153
Refranchising (gain) loss		(19)	(3)	(40)	(15)
Other (income) expense		(1)	10	14	0
Total costs and expenses, net		1,095	1,094	3,331	3,214
Operating Profit		613	546	1,709	1,609
Investment (income) expense, net	[1]	(16)	(27)	(21)	(19)
Other pension (income) expense		(2)	2	(5)	3
Interest expense, net	[2]	126	124	381	390
Income Before Income Taxes		505	447	1,354	1,235
Income tax provision		89	116	220	281
Net Income		$ 416	$ 331	$ 1,134	$ 954
Basic Earnings Per Common Share		$ 1.48	$ 1.16	$ 4.03	$ 3.33
Diluted Earnings Per Common Share		1.46	1.14	3.97	3.28
Dividends Declared Per Common Share		$ 0.605	$ 0.57	$ 1.815	$ 1.71
Company Sales
Revenues
Revenues		$ 510	$ 479	$ 1,495	$ 1,448
Franchise and property revenues
Revenues
Revenues		796	760	2,351	2,211
Franchise contributions for advertising and other services
Revenues
Revenues		$ 402	$ 401	$ 1,194	$ 1,164
[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 year to date ended September 30, 2022

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income	$ 416	$ 331	$ 1,134	$ 954
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature
Adjustments and gains (losses) arising during the period	(20)	(55)	(8)	(99)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0	0	60	0
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature, before tax	(20)	(55)	52	(99)
Tax (expense) benefit	0	0	0	0
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature, net of tax	(20)	(55)	52	(99)
Changes in pension and post-retirement benefits
Unrealized gains (losses) arising during period, before Tax	0	20	0	20
Reclassification of (gains) losses into Net Income	0	5	1	14
Changes in pension and post-retirement benefits, before Tax	0	25	1	34
Pension and post-retirement benefit plans, tax	0	(6)	(2)	(8)
Pension and post-retirement benefit plans, net of tax	0	19	(1)	26
Changes in derivative instruments
Unrealized gains (losses) arising during the period	7	42	25	114
Reclassification of (gains) losses into Net Income	(9)	1	(20)	19
Changes in derivative instruments	(2)	43	5	133
Changes in derivatives, Tax	1	(11)	(1)	(33)
Changes in derivatives, net of tax	(1)	32	4	100
Other comprehensive income (loss), net of tax	(21)	(4)	55	27
Comprehensive Income (Loss)	$ 395	$ 327	$ 1,189	$ 981

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Cash Flows - Operating Activities
Net Income		$ 1,134	$ 954
Depreciation and amortization		104	104
Refranchising (gain) loss		(40)	(15)
Investment (income) expense, net	[1]	(21)	(19)
Deferred income taxes		(93)	3
Share-based compensation expense		69	64
Changes in accounts and notes receivable		(13)	(26)
Changes in prepaid expenses and other current assets		(16)	(3)
Changes in accounts payable and other current liabilities		(52)	(149)
Changes in income taxes payable		(4)	(3)
Other, net		87	65
Net Cash Provided by Operating Activities		1,155	975
Cash Flows - Investing Activities
Capital spending		(179)	(158)
Proceeds from Divestiture of Businesses, Net of Cash Divested		121	0
Proceeds from Sale of Productive Assets		57	51
Other, net		(3)	(5)
Net Cash Used in Investing Activities		(4)	(112)
Cash Flows - Financing Activities
Proceeds from long-term debt		0	999
Repayments of long-term debt		(60)	(678)
Revolving credit facilities, three months or less, net		(279)	0
Repurchase shares of Common Stock		(50)	(714)
Dividends paid on Common Stock		(508)	(489)
Debt Issuance Costs		0	(11)
Other, net		(24)	(35)
Net Cash Provided by (Used in) Financing Activities		(921)	(928)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		(2)	(43)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		228	(108)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period		647	771
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period		$ 875	$ 663
[1]Includes changes in the value of our investment in Devyani International Limited (see Note 12).

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 656	$ 367
Accounts and notes receivable, net	647	648
Prepaid Expense and Other Assets, Current	402	594
Total Current Assets	1,705	1,609
Property, plant and equipment, net	1,157	1,171
Goodwill	638	638
Intangible assets, net	369	354
Other assets	1,360	1,324
Deferred Income Taxes	842	750
Total Assets	6,071	5,846
Current Liabilities
Accounts payable and other current liabilities	1,119	1,251
Income taxes payable	12	16
Short-term borrowings	373	398
Total Current Liabilities	1,504	1,665
Long-term debt	11,152	11,453
Other liabilities and deferred credits	1,605	1,604
Total Liabilities	14,261	14,722
Shareholders' Equity
Common Stock, no par value, 750 shares authorized; 285 shares issued in 2022 and 289 issued in 2021	33	0
Accumulated Deficit	(7,909)	(8,507)
Accumulated other comprehensive loss	(314)	(369)
Total Shareholders' Deficit	(8,190)	(8,876)
Total Liabilities and Shareholders' Deficit	$ 6,071	$ 5,846
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	750	750
Common Stock, Shares, Issued	280

CONDENSED STATEMENT OF SHAREHOL

CONDENSED STATEMENT OF SHAREHOLDERS EQUITY STATEMENT - USD ($) $ in Millions	Total	Issued Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Loss
Total Shareholders' Deficit	$ (8,373)	$ 0	$ (8,048)	$ (325)
Issued Common Stock, Shares		289,000,000
Net Income	954		954
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	(99)			(99)
Pension and post-retirement benefit plans, net of tax	26			26
Pension and post-retirement benefit plans, tax	8
Changes in derivatives, net of tax	100			100
Changes in derivatives, Tax	(33)
Comprehensive Income (Loss)	981
Dividends declared	(491)		(491)
Shares Repurchased		(5,987,000)
Repurchase of shares of Common Stock, value	(714)	$ (55)	(659)
Employee Stock Option and SARs Exercises, Shares		1,000,000
Employee Stock Option and SARs Exercises, Value	(24)	$ (24)
Share-based compensation events	79	79
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0
Total Shareholders' Deficit	(8,568)	$ 0	(8,274)	(294)
Issued Common Stock, Shares		285,000,000
Net Income	331		331
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	(55)			(55)
Pension and post-retirement benefit plans, net of tax	19			19
Pension and post-retirement benefit plans, tax	6
Changes in derivatives, net of tax	32			32
Changes in derivatives, Tax	(11)
Comprehensive Income (Loss)	327
Dividends declared	(162)		(162)
Shares Repurchased		(1,000,000)
Repurchase of shares of Common Stock, value	(157)	$ (18)	(139)
Employee Stock Option and SARs Exercises, Shares		0
Employee Stock Option and SARs Exercises, Value	(3)	$ (3)
Share-based compensation events	21	21
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0
Total Shareholders' Deficit	(8,542)	$ 0	(8,244)	(298)
Issued Common Stock, Shares		284,000,000
Total Shareholders' Deficit	(8,876)	$ 0	(8,507)	(369)
Issued Common Stock, Shares		280,000,000
Net Income	1,134		1,134
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	(8)			(8)
Pension and post-retirement benefit plans, net of tax	(1)			(1)
Pension and post-retirement benefit plans, tax	2
Changes in derivatives, net of tax	4			4
Changes in derivatives, Tax	(1)
Comprehensive Income (Loss)	1,189
Dividends declared	(510)		(510)
Shares Repurchased		(387,000)
Repurchase of shares of Common Stock, value	(50)	$ (24)	(26)
Employee Stock Option and SARs Exercises, Shares		0
Employee Stock Option and SARs Exercises, Value	(24)	$ (24)
Share-based compensation events	81	81
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	60
Total Shareholders' Deficit	(8,436)	$ 13	(8,156)	(293)
Issued Common Stock, Shares		280,000,000
Net Income	416		416
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	(20)			(20)
Pension and post-retirement benefit plans, net of tax	0			0
Pension and post-retirement benefit plans, tax	0
Changes in derivatives, net of tax	(1)			(1)
Changes in derivatives, Tax	1
Comprehensive Income (Loss)	395
Dividends declared	(169)		(169)
Repurchase of shares of Common Stock, value	0
Employee Stock Option and SARs Exercises, Shares		0
Employee Stock Option and SARs Exercises, Value	(4)	$ (4)
Share-based compensation events	24	24
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0
Total Shareholders' Deficit	$ (8,190)	$ 33	$ (7,909)	$ (314)
Issued Common Stock, Shares		280,000,000

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	Financial Statement Presentation We have prepared our accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by Generally Accepted Accounting Principles in the United States (“GAAP”) for complete financial statements. Therefore, we suggest that the accompanying Financial Statements be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 Form 10-K”). Yum! Brands, Inc. and its Subsidiaries (collectively referred to herein as the “Company,” “YUM,” “we,” “us” or “our”) franchise or operate a system of over 57,000 restaurants in more than 155 countries and territories. As of September 30, 2023, 98% of these restaurants were owned and operated by franchisees. The Company’s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style and pizza categories, respectively. The Habit Burger Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. As of September 30, 2023, YUM consisted of four operating segments: • The KFC Division which includes our worldwide operations of the KFC concept • The Taco Bell Division which includes our worldwide operations of the Taco Bell concept • The Pizza Hut Division which includes our worldwide operations of the Pizza Hut concept • The Habit Burger Grill Division which includes our worldwide operations of the Habit Burger Grill concept YUM's fiscal year begins on January 1 and ends December 31 of each year, with each quarter comprised of three months. The majority of our U.S. subsidiaries and certain international subsidiaries operate on a weekly periodic calendar where the first three quarters of each fiscal year consist of 12 weeks and the fourth quarter consists of 16 weeks in fiscal years with 52 weeks and 17 weeks in fiscal years with 53 weeks. Our remaining international subsidiaries operate on a monthly calendar similar to that on which YUM operates. Our preparation of the accompanying Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The accompanying Financial Statements include all normal and recurring adjustments considered necessary to present fairly, when read in conjunction with our 2022 Form 10-K, the results of the interim periods presented. Our results of operations, comprehensive income, cash flows and changes in shareholders' deficit for these interim periods are not necessarily indicative of the results to be expected for the full year. Our significant interim accounting policies include the recognition of advertising and marketing costs, generally in proportion to revenue, and the recognition of income taxes using an estimated annual effective tax rate. We have reclassified certain items in the Financial Statements for the prior periods to be comparable with the classification for the quarter and year to date ended September 30, 2023. These reclassifications had no effect on previously reported Net Income. Russia Invasion of Ukraine In the first quarter of 2022, as a result of the Russian invasion of Ukraine, we suspended all investment and restaurant development in Russia. We also suspended all operations of our 70 company-owned KFC restaurants in Russia and began finalizing an agreement to suspend all Pizza Hut operations in Russia, in partnership with our master franchisee. Further, we pledged to redirect any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts. During the second quarter of 2022, we completed the transfer of ownership of the Pizza Hut Russia business to a local operator. In April 2023, we completed our exit from the Russian market by selling the KFC business in Russia to Smart Service Ltd., including all Russian company owned KFC restaurants, operating system, and master franchise rights as well as the trademark for the Rostik's brand. Under the sale and purchase agreement, the buyer has agreed to lead the process to rebrand KFC restaurants in Russia to Rostik's and to retain the Company's employees in Russia. We recorded a charge of $3 million to Other income (expense) during the year to date ended September 30, 2023 as the write-off of our net investment in KFC Russia, including the related cumulative foreign currency translation losses of $60 million, exceeded the consideration received from the sale which primarily included cash proceeds of $121 million. Our operating results presented herein reflect revenues from and expenses to support the Russian operations for KFC and Pizza Hut prior to the dates of sale or transfer, within their historical financial statement line items and operating segments. However, given our decision to exit Russia and our pledge to direct any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts, we reclassed the resulting net profits or losses subsequent to that date from the Division segment results in which they were earned to Unallocated Other income (expense).

Earnings Per Common Share ("EPS

Earnings Per Common Share ("EPS")	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Common Share (EPS)	Earnings Per Common Share (“EPS”) Quarter ended Year to date 2023 2022 2023 2022 Net Income $ 416 $ 331 $ 1,134 $ 954 Weighted-average common shares outstanding (for basic calculation) 281 285 281 287 Effect of dilutive share-based employee compensation 5 4 5 4 Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) 286 289 286 291 Basic EPS $ 1.48 $ 1.16 $ 4.03 $ 3.33 Diluted EPS $ 1.46 $ 1.14 $ 3.97 $ 3.28 Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation (a) 1.7 2.0 1.7 1.9 (a) These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.

Shareholders' Deficit

Shareholders' Deficit	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Deficit Under the authority of our Board of Directors, we repurchased shares of our Common Stock during the years ended September 30, 2023 and 2022 as indicated below. All amounts exclude applicable transaction fees. Shares Repurchased Dollar Value of Shares Remaining Dollar Value of Shares that may be Repurchased Authorization Date 2023 2022 2023 2022 2023 May 2021 — 5,987 — 714 — September 2022 387 — 50 — 1,700 Total 387 5,987 $ 50 $ 714 $ 1,700 In September 2022, our Board of Directors authorized share repurchases of up to $2 billion (excluding applicable transaction fees) of our outstanding Common Stock through June 30, 2024. As of September 30, 2023, we have remaining capacity to repurchase up to $1.7 billion of Common Stock under the September 2022 authorization. Changes in Accumulated other comprehensive loss (“AOCI”) are presented below. Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature Pension and Post-Retirement Benefits Derivative Instruments Total Balance at June 30, 2023, net of tax $ (218) $ (95) $ 20 $ (293) OCI, net of tax Gains (losses) arising during the period classified into AOCI, net of tax (20) — 6 (14) (Gains) losses reclassified from AOCI, net of tax — — (7) (7) (20) — (1) (21) Balance at September 30, 2023, net of tax $ (238) $ (95) $ 19 $ (314) Balance at December 31, 2022, net of tax $ (290) $ (94) $ 15 $ (369) OCI, net of tax Gains (losses) arising during the period classified into AOCI, net of tax (8) (2) 19 9 (Gains) losses reclassified from AOCI, net of tax 60 1 (15) 46 52 (1) 4 55 Balance at September 30, 2023, net of tax $ (238) $ (95) $ 19 $ (314)

Other (Income) Expense

Other (Income) Expense	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Other (Income) Expense	Other (Income) Expense Quarter ended Year to date 9/30/2023 9/30/2022 9/30/2023 9/30/2022 Foreign exchange net (gain) loss $ 4 $ 4 $ 8 $ (8) Impairment and closure expense 1 1 2 — Other (6) 5 4 8 Other (income) expense $ (1) $ 10 $ 14 $ —

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2023
Supplemental Balance Sheet Information Disclosure [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Accounts and Notes Receivable, net The Company’s receivables are primarily generated from ongoing business relationships with our franchisees as a result of franchise and lease agreements. Trade receivables consisting of royalties from franchisees are generally due within 30 days of the period in which the corresponding sales occur and are classified as Accounts and notes receivable, net in our Condensed Consolidated Balance Sheets. Accounts and notes receivable, net also includes receivables generated from advertising cooperatives that we consolidate. 9/30/2023 12/31/2022 Accounts and notes receivable, gross $ 692 $ 685 Allowance for doubtful accounts (45) (37) Accounts and notes receivable, net $ 647 $ 648 Property, Plant and Equipment, net 9/30/2023 12/31/2022 Property, plant and equipment, gross $ 2,462 $ 2,454 Accumulated depreciation and amortization (1,305) (1,283) Property, plant and equipment, net $ 1,157 $ 1,171 Assets held-for-sale totaled $6 million and $190 million as of September 30, 2023 and December 31, 2022, respectively, and are included in Prepaid expenses and other current assets in our Condensed Consolidated Balance Sheets. Liabilities held-for-sale totaled $2 million and $65 million as of September 30, 2023 and December 31, 2022, respectively, and are included in Accounts payable and other current liabilities in our Condensed Consolidated Balance Sheets. Assets and liabilities held-for-sale as of December 31, 2022, primarily included the assets and liabilities of our KFC Russia business. Other Assets 9/30/2023 12/31/2022 Operating lease right-of-use assets (a) $ 763 $ 742 Franchise incentives 182 172 Investment in Devyani International Limited (See Note 12) 137 116 Other 278 294 Other assets $ 1,360 $ 1,324 (a) Non-current operating lease liabilities of $752 million and $731 million as of September 30, 2023 and December 31, 2022, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets. Reconciliation of Cash and Cash Equivalents for Condensed Consolidated Statements of Cash Flows 9/30/2023 12/31/2022 Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets $ 656 $ 367 Restricted cash included in Prepaid expenses and other current assets (a) 185 220 Restricted cash and restricted cash equivalents included in Other assets (b) 34 35 Cash and restricted cash related to KFC Russia included in assets held-for-sale — 25 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows $ 875 $ 647 (a) Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments. (b) Primarily trust accounts related to our self-insurance program.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Quarter ended Year to date 2023 2022 2023 2022 Income tax (benefit) provision $ 89 $ 116 $ 220 $ 281 Effective tax rate 17.7 % 25.8 % 16.3 % 22.7 % Our third quarter effective tax rate was lower than the prior year primarily due to the following: • Tax benefit recognized in the quarter ended September 30, 2023, as compared to tax expense recognized in the quarter ended September 30, 2022, associated with adjustments related to prior year taxes. • Higher tax benefit recognized in the quarter ended September 30, 2023, associated with U.S. interest expense deductions and U.S. foreign tax credits. Our year to date effective tax rate was lower than the prior year primarily due to the items discussed above, as well as the following: • $18 million tax benefit recorded in the year to date ended September 30, 2023, associated with the reversal of a reserve established in prior years due to the favorable resolution of a tax audit in a foreign jurisdiction. • $10 million tax benefit recorded in the year to date ended September 30, 2023, associated with establishing additional net operating loss carryforward deferred tax assets in a foreign jurisdiction. • $82 million of tax benefit recorded in the year to date ended September 30, 2022, from the release of a valuation allowance on foreign tax credit carryforwards. In January 2022, the U.S. Treasury published new regulations impacting foreign tax credit utilization beginning in the Company’s 2022 tax year. These regulations made foreign taxes paid to certain countries no longer creditable in the U.S., which was expected to result in additional foreign tax credit carryforward utilization prospectively. As a result, we reversed a valuation allowance associated with existing foreign tax credit carryforwards. The U.S. Treasury published clarifying guidance in November 2022 which resulted in foreign taxes originally determined to be non-creditable under the January 2022 regulations to now be treated as creditable taxes. As such, the valuation allowance on foreign tax credit carryforwards that was released in the quarter ended March 31, 2022, was re-established in the quarter ended December 31, 2022. • $69 million of net tax expense recorded in the year to date ended September 30, 2022, resulting from the Company’s decision to exit KFC Russia. We remeasured and reassessed the need for a valuation allowance on deferred tax assets in Switzerland due to the expected reduction in the tax basis of intellectual property rights associated with the loss of the Russian royalty income. In addition, we reassessed certain deferred tax liabilities associated with the Russia business given the expectation that the existing basis difference would reverse by way of sale.

Revenue Recognition Accounting

Revenue Recognition Accounting Policy	9 Months Ended
	Sep. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Total Revenues The following tables disaggregate revenue by Concept, for our two most significant markets based on Operating Profit and for all other markets. We believe this disaggregation best reflects the extent to which the nature, amount, timing and uncertainty of our revenues and cash flows are impacted by economic factors. Quarter ended 9/30/2023 KFC Division Taco Bell Division Pizza Hut Division Habit Burger Grill Division Total U.S. Company sales $ 15 $ 256 $ 2 $ 135 $ 408 Franchise revenues 48 196 64 1 309 Property revenues 4 9 1 1 15 Franchise contributions for advertising and other services 9 152 72 — 233 China Franchise revenues 66 — 18 — 84 Other Company sales 102 — — — 102 Franchise revenues 296 13 67 — 376 Property revenues 12 — — — 12 Franchise contributions for advertising and other services 148 3 18 — 169 $ 700 $ 629 $ 242 $ 137 $ 1,708 Quarter ended 9/30/2022 KFC Division Taco Bell Division Pizza Hut Division Habit Burger Grill Division Total U.S. Company sales $ 16 $ 234 $ 4 $ 129 $ 383 Franchise revenues 47 173 65 — 285 Property revenues 4 10 1 1 16 Franchise contributions for advertising and other services 7 136 72 1 216 China Franchise revenues 61 — 17 — 78 Other Company sales 96 — — — 96 Franchise revenues 291 13 62 — 366 Property revenues 15 — — — 15 Franchise contributions for advertising and other services 167 2 16 — 185 $ 704 $ 568 $ 237 $ 131 $ 1,640 Year to date 9/30/2023 KFC Division Taco Bell Division Pizza Hut Division Habit Burger Grill Division Total U.S. Company sales $ 48 $ 738 $ 11 $ 404 $ 1,201 Franchise revenues 143 568 200 4 915 Property revenues 10 29 3 2 44 Franchise contributions for advertising and other services 25 440 224 1 690 China Franchise revenues 193 — 52 — 245 Other Company sales 294 — — — 294 Franchise revenues 870 40 198 — 1,108 Property revenues 38 — 1 — 39 Franchise contributions for advertising and other services 448 7 49 — 504 $ 2,069 $ 1,822 $ 738 $ 411 $ 5,040 Year to date 9/30/2022 KFC Division Taco Bell Division Pizza Hut Division Habit Burger Grill Division Total U.S. Company sales $ 47 $ 691 $ 14 $ 390 $ 1,142 Franchise revenues 139 508 193 3 843 Property revenues 10 31 3 1 45 Franchise contributions for advertising and other services 20 401 216 1 638 China Franchise revenues 170 — 46 — 216 Other Company sales 306 — — — 306 Franchise revenues 834 35 195 — 1,064 Property revenues 42 — 1 — 43 Franchise contributions for advertising and other services 473 5 48 — 526 $ 2,041 $ 1,671 $ 716 $ 395 $ 4,823 Contract Liabilities Our contract liabilities are comprised of unamortized upfront fees received from franchisees and are presented within Accounts payable and other current liabilities and Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets. A summary of significant changes to the contract liability balance during 2023 is presented below. Deferred Franchise Fees Balance at December 31, 2022 $ 434 Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period (62) Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period 58 Other (a) (14) Balance at September 30, 2023 $ 416 (a) Includes impact of foreign currency translation as well as the recognition of deferred franchise fees into Refranchising (gain) loss upon the termination of existing franchise agreements when entering into master franchise agreements. We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows: Less than 1 year $ 71 1 - 2 years 61 2 - 3 years 56 3 - 4 years 50 4 - 5 years 42 Thereafter 136 Total $ 416

Reportable Operating Segments

Reportable Operating Segments	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Reportable Operating Segments	Reportable Operating Segments We identify our operating segments based on management responsibility. The following tables summarize Revenues and Operating Profit for each of our reportable operating segments: Quarter ended Year to date Revenues 2023 2022 2023 2022 KFC Division $ 700 $ 704 $ 2,069 $ 2,041 Taco Bell Division 629 568 1,822 1,671 Pizza Hut Division 242 237 738 716 Habit Burger Grill Division 137 131 411 395 $ 1,708 $ 1,640 $ 5,040 $ 4,823 Quarter ended Year to date Operating Profit 2023 2022 2023 2022 KFC Division $ 344 $ 304 $ 975 $ 888 Taco Bell Division 226 204 658 604 Pizza Hut Division 97 92 292 287 Habit Burger Grill Division (2) (4) (4) (14) Corporate and unallocated G&A expenses (a) (68) (67) (238) (203) Unallocated Franchise and property income (expenses) (a) 1 — (1) (4) Unallocated Refranchising gain (loss) 19 3 40 15 Unallocated Other income (expense) (a) (4) 14 (13) 36 Operating Profit $ 613 $ 546 $ 1,709 $ 1,609 Investment income (expense), net (b) 16 27 21 19 Other pension income (expense) 2 (2) 5 (3) Interest expense, net (c) (126) (124) (381) (390) Income before income taxes $ 505 $ 447 $ 1,354 $ 1,235 Our chief operating decision maker ( “ CODM ” ) does not consider the impact of Corporate and unallocated amounts when assessing Divisional segment performance. As such, we do not allocate such amounts to our Divisional segments for performance reporting purposes. (a) Our operating results presented herein reflect revenues from and expenses to support the Russian operations for KFC and Pizza Hut prior to the dates of sale or transfer (see Note 1), within their historical financial statement line items and operating segments. However, given our decision to exit Russia and our pledge to direct any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts, we reclassed such net profits and losses subsequent to that date from the Division segment results in which they were earned to Unallocated Other income (expense). As a result, we reclassed net operating losses of $1 million from KFC Division Other income (expense) to Unallocated Other income (expense) during the year to date ended September 30, 2023, and net operating profit of $19 million and $30 million from Divisional Other income (expense) to Unallocated Other income (expense) during the quarter and year to date ended September 30, 2022, respectively. Additionally, we recorded income of $1 million and a charge of $3 million to Unallocated Other income (expense) during the quarter and year to date ended September 30, 2023, respectively, from the sale of our KFC Russia business. Also included in Unallocated Other income (expense) were $1 million in foreign exchange losses attributable to fluctuations in the value of the Russian Ruble during the year to date ended September 30, 2023, and foreign exchange losses of $1 million and foreign exchange gains of $15 million during the quarter and year to date ended September 30, 2022, respectively. Additionally, we recorded expense of $4 million to Corporate and unallocated G&A expenses during the year to date ended September 30, 2023, and income of $1 million and expense of $1 million to Unallocated Franchise and property expenses during the quarter and year to date ended September 30, 2023, respectively, for certain expenses related to the disposition of the businesses and other costs related to our exit from Russia. We recorded similar charges of $1 million and $3 million to Corporate and Unallocated G&A expenses and $1 million and $5 million to Unallocated Franchise and property expenses during the quarter and year to date ended September 30, 2022, respectively. (b) Includes changes in the value of our investment in Devyani International Limited (see Note 12). (c) 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 year to date ended September 30, 2022.

Pension Benefits

Pension Benefits	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Pension Benefits	Pension BenefitsWe sponsor qualified and supplemental (non-qualified) noncontributory defined benefit pension plans covering certain full-time salaried and hourly U.S. employees. The most significant of these plans, the YUM Retirement Plan (the “Plan”), is funded. We fund our other U.S. plans as benefits are paid. Our two significant U.S. plans, including the Plan and a supplemental plan, were previously amended such that any salaried employee hired or rehired by YUM after September 30, 2001, is not eligible to participate in those plans. Additionally, these two plans in the U.S. are currently closed to new hourly participants. The components of net periodic benefit cost associated with our U.S. pension plans are as follows: Quarter ended Year to date 2023 2022 2023 2022 Service cost $ 1 $ 2 $ 3 $ 5 Interest cost 10 8 31 24 Expected return on plan assets (12) (11) (37) (34) Amortization of net (gain) / loss — 3 (1) 8 Amortization of prior service cost — 1 1 4 Net periodic benefit cost $ (1) $ 3 $ (3) $ 7 Additional loss recognized due to settlements (a) $ — $ 2 $ — $ 2 (a) Loss is a result of settlement transactions which exceeded the sum of annual service and interest costs for the applicable plan. This loss was recorded in Other pension (income) expense.

Short-term Borrowings and Long-

Short-term Borrowings and Long-term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Short-term Borrowings and Long-term Debt	Short-term Borrowings and Long-term Debt Short-term Borrowings 9/30/2023 12/31/2022 Current maturities of long-term debt $ 376 $ 405 Less current portion of debt issuance costs and discounts (3) (7) Short-term borrowings $ 373 $ 398 Long-term Debt Securitization Notes $ 3,743 $ 3,772 Subsidiary Senior Unsecured Notes 750 750 Revolving Facility — 279 Term Loan A Facility 722 736 Term Loan B Facility 1,463 1,474 YUM Senior Unsecured Notes 4,875 4,875 Finance lease obligations 50 57 $ 11,603 $ 11,943 Less long-term portion of debt issuance costs and discounts (75) (85) Less current maturities of long-term debt (376) (405) Long-term debt $ 11,152 $ 11,453 Details of our Short-term borrowings and Long-term debt as of December 31, 2022 can be found within our 2022 Form 10-K. Cash paid for interest during the year to date ended September 30, 2023, was $367 million. Excluding the $28 million associated with the extinguishment of the 2025 Notes (as discussed in our 2022 Form 10-K), cash paid for interest during the year to date ended September 30, 2022 was $331 million.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We use derivative instruments to manage certain of our market risks related to fluctuations in interest rates and foreign currency exchange rates. Our use of foreign currency contracts to manage foreign currency exchange rates associated with certain foreign currency denominated intercompany receivables and payables is currently not significant. Interest Rate Swaps We have entered into interest rate swaps, with the objective of reducing our exposure to interest rate risk for a portion of our variable-rate debt interest payments primarily under our Term Loan B Facility. At both September 30, 2023 and December 31, 2022, we had interest rate swaps expiring in March 2025 with notional amounts of $1.5 billion. These interest rate swaps have been designated cash flow hedges as the changes in the future cash flows of the swaps are expected to offset changes in expected future interest payments on the related variable-rate debt. There were no other interest rate swaps outstanding as of September 30, 2023 or December 31, 2022. Gains or losses on the interest rate swaps are reported as a component of AOCI and reclassified into Interest expense, net in our Condensed Consolidated Statements of Income in the same period or periods during which the related hedged interest payments affect earnings. Through September 30, 2023, the swaps were highly effective cash flow hedges. Gains and losses on these interest rate swaps recognized in OCI and reclassifications from AOCI into Net Income were as follows: Quarter ended Year to date Gains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net Income Gains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net Income 2023 2022 2023 2022 2023 2022 2023 2022 Interest rate swaps $ 6 $ 40 $ (8) $ 3 $ 23 $ 111 $ (20) $ 23 Income tax benefit/(expense) (1) (10) 2 (1) (6) (27) 5 (6) As of September 30, 2023, the estimated net gain included in AOCI related to our cash flow hedges that will be reclassified into earnings in the next 12 months is $31 million, based on current Secured Overnight Financing Rate ("SOFR") interest rates. Total Return Swaps We have entered into total return swap derivative contracts, with the objective of reducing our exposure to market-driven changes in certain of the liabilities associated with compensation deferrals into our Executive Income Deferral (“EID”) plan. While these total return swaps represent economic hedges, we have not designated them as hedges for accounting purposes. As a result, the changes in the fair value of these derivatives are recognized immediately in earnings within General and administrative expenses in our Condensed Consolidated Statements of Income largely offsetting the changes in the associated EID liabilities. The fair value associated with the total return swaps as of both September 30, 2023 and December 31, 2022, was not significant. As a result of the use of derivative instruments, the Company is exposed to risk that the counterparties will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we only enter into contracts with major financial institutions carefully selected based upon their credit ratings and other factors, and continually assess the creditworthiness of counterparties. At September 30, 2023, all of the counterparties to our derivative instruments had investment grade ratings according to the three major ratings agencies. To date, all counterparties have performed in accordance with their contractual obligations. See Note 12 for the fair value of our derivative assets and liabilities.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value DisclosuresAs of September 30, 2023, the carrying values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, short-term borrowings and accounts payable approximated their fair values because of the short-term nature of these instruments. The fair value of our notes receivable, net of allowances, and lease guarantees, less reserves for expected losses, approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations: 9/30/2023 12/31/2022 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Securitization Notes (a) $ 3,743 $ 3,266 $ 3,772 $ 3,273 Subsidiary Senior Unsecured Notes (b) 750 724 750 731 Term Loan A Facility (b) 722 719 736 729 Term Loan B Facility (b) 1,463 1,467 1,474 1,459 YUM Senior Unsecured Notes (b) 4,875 4,423 4,875 4,473 (a) We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets. (b) We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility and Term Loan B Facility using market quotes and calculations based on market rates. Recurring Fair Value Measurements The Company has interest rate swaps and other investments, all of which are required to be measured at fair value on a recurring basis (see Note 11 for discussion regarding derivative instruments). The following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall. Fair Value Condensed Consolidated Balance Sheet Level 9/30/2023 12/31/2022 Assets Investments Other assets 1 $ 139 $ 118 Investments Other assets 3 5 5 Interest Rate Swaps Prepaid expenses and other current assets 2 31 26 Interest Rate Swaps Other assets 2 14 16 The fair value of the Company’s interest rate swaps were determined based on the present value of expected future cash flows considering the risks involved, including nonperformance risk, and using discount rates appropriate for the duration based on observable inputs. Investments primarily include our approximate 5% minority interest in Devyani International Limited (“Devyani”), a franchise entity that operates KFC and Pizza Hut restaurants in India, with a fair value of $137 million and $116 million at September 30, 2023 and December 31, 2022, respectively. For the quarter and year to date ended September 30, 2023, we recognized pre-tax investment gains of $16 million and $21 million, respectively, related to changes in fair value of our investment in Devyani.

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2023
Guarantees and Product Warranties [Abstract]
Guarantees, Commitments and Contingencies	Contingencies Internal Revenue Service Proposed Adjustment As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal years 2013 through 2015, in August 2022, we received a Revenue Agent’s Report (“RAR”) from the IRS asserting an underpayment of tax of $2.1 billion plus $418 million in penalties for the 2014 fiscal year. Additionally, interest on the underpayment is estimated to be approximately $940 million through the third quarter of 2023. The proposed underpayment relates primarily to a series of reorganizations we undertook during that year in connection with the business realignment of our corporate and management reporting structure along brand lines. The IRS asserts that these transactions resulted in taxable distributions of approximately $6.0 billion. We disagree with the IRS’s position as asserted in the RAR and intend to contest that position vigorously. In September 2022, we filed a Protest with the IRS Examination Division disputing on multiple grounds the proposed underpayment of tax and penalties. We have received the IRS Examination Division’s Rebuttal to our Protest and the case has been accepted by the IRS Office of Appeals. The Company does not expect resolution of this matter within twelve months and cannot predict with certainty the timing of such resolution. The Company believes that it is more likely than not the Company’s tax position will be sustained; therefore, no reserve is recorded with respect to this matter. An unfavorable resolution of this matter could have a material, adverse impact on our Condensed Consolidated Financial Statements in future periods. Lease Guarantees As a result of having assigned our interest in obligations under real estate leases as a condition to the refranchising of certain Company-owned restaurants, and guaranteeing certain other leases, we are frequently secondarily liable on lease agreements. These leases have varying terms, the latest of which expires in 2065. As of September 30, 2023, the potential amount of undiscounted payments we could be required to make in the event of non-payment by the primary lessee was approximately $375 million. The present value of these potential payments discounted at our pre-tax cost of debt at September 30, 2023, was approximately $300 million. Our franchisees are the primary lessees under the vast majority of these leases. We generally have cross-default provisions with these franchisees that would put them in default of their franchise agreement in the event of non-payment under the lease. We believe these cross-default provisions significantly reduce the risk that we will be required to make payments under these leases, although such risk may not be reduced in the context of a bankruptcy or other similar restructuring of a large franchisee or group of franchisees. The liability recorded for our expected losses under such leases as of September 30, 2023, was not material. Legal Proceedings We are subject to various claims and contingencies related to lawsuits, real estate, environmental and other matters arising in the normal course of business. An accrual is recorded with respect to claims or contingencies for which a loss is determined to be probable and reasonably estimable. India Regulatory Matter Yum! Restaurants India Private Limited (“YRIPL”), a YUM subsidiary that operates KFC and Pizza Hut restaurants in India, is the subject of a regulatory enforcement action in India (the “Action”). The Action alleges, among other things, that KFC International Holdings, Inc. and Pizza Hut International failed to satisfy certain conditions imposed by the Secretariat for Industrial Approval in 1993 and 1994 when those companies were granted permission for foreign investment and operation in India. The conditions at issue include an alleged minimum investment commitment and store build requirements as well as limitations on the remittance of fees outside of India. The Action originated with a complaint and show cause notice filed in 2009 against YRIPL by the Deputy Director of the Directorate of Enforcement (“DOE”) of the Indian Ministry of Finance following an income tax audit for the years 2002 and 2003. The matter was argued at various hearings in 2015, but no order was issued. Following a change in the incumbent official holding the position of Special Director of DOE (the “Special Director”), the matter resumed in 2018 and several additional hearings were conducted. On January 29, 2020, the Special Director issued an order imposing a penalty on YRIPL and certain former directors of approximately Indian Rupee 11 billion, or approximately $135 million. Of this amount, $130 million relates to the alleged failure to invest a total of $80 million in India within an initial seven-year period. We have been advised by external counsel that the order is flawed and have filed a writ petition with the Delhi High Court, which granted an interim stay of the penalty order on March 5, 2020. In November 2022, YRIPL was notified that an administrative tribunal bench had been constituted to hear an appeal by DOE of certain findings of the January 2020 order, including claims that certain charges had been wrongly dropped and that an insufficient amount of penalty had been imposed. A hearing with the administrative tribunal that had been scheduled for August has been rescheduled to December 4, 2023. The stay order remains in effect and the next hearing in the Delhi High Court that had been scheduled for October has been rescheduled to December 14, 2023. We deny liability and intend to continue vigorously defending this matter. We do not consider the risk of any significant loss arising from this order to be probable. Other Matters We are currently engaged in various other legal proceedings and have certain unresolved claims pending, the ultimate liability for which, if any, cannot be determined at this time. However, based upon consultation with legal counsel, we are of the opinion that such proceedings and claims are not expected to have a material adverse effect, individually or in the aggregate, on our Condensed Consolidated Financial Statements.

Earnings Per Common Share ("E_2

Earnings Per Common Share ("EPS") Earnings Per Common Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Quarter ended Year to date 2023 2022 2023 2022 Net Income $ 416 $ 331 $ 1,134 $ 954 Weighted-average common shares outstanding (for basic calculation) 281 285 281 287 Effect of dilutive share-based employee compensation 5 4 5 4 Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) 286 289 286 291 Basic EPS $ 1.48 $ 1.16 $ 4.03 $ 3.33 Diluted EPS $ 1.46 $ 1.14 $ 3.97 $ 3.28 Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation (a) 1.7 2.0 1.7 1.9 (a) These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.

Shareholders' Deficit (Tables)

Shareholders' Deficit (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Accelerated Share Repurchases	Shares Repurchased Dollar Value of Shares Remaining Dollar Value of Shares that may be Repurchased Authorization Date 2023 2022 2023 2022 2023 May 2021 — 5,987 — 714 — September 2022 387 — 50 — 1,700 Total 387 5,987 $ 50 $ 714 $ 1,700
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in Accumulated other comprehensive loss (“AOCI”) are presented below. Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature Pension and Post-Retirement Benefits Derivative Instruments Total Balance at June 30, 2023, net of tax $ (218) $ (95) $ 20 $ (293) OCI, net of tax Gains (losses) arising during the period classified into AOCI, net of tax (20) — 6 (14) (Gains) losses reclassified from AOCI, net of tax — — (7) (7) (20) — (1) (21) Balance at September 30, 2023, net of tax $ (238) $ (95) $ 19 $ (314) Balance at December 31, 2022, net of tax $ (290) $ (94) $ 15 $ (369) OCI, net of tax Gains (losses) arising during the period classified into AOCI, net of tax (8) (2) 19 9 (Gains) losses reclassified from AOCI, net of tax 60 1 (15) 46 52 (1) 4 55 Balance at September 30, 2023, net of tax $ (238) $ (95) $ 19 $ (314)

Other Income and Expenses (Tabl

Other Income and Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other Operating Cost and Expense, by Component	Quarter ended Year to date 9/30/2023 9/30/2022 9/30/2023 9/30/2022 Foreign exchange net (gain) loss $ 4 $ 4 $ 8 $ (8) Impairment and closure expense 1 1 2 — Other (6) 5 4 8 Other (income) expense $ (1) $ 10 $ 14 $ —

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Balance Sheet Information Disclosure [Abstract]
Accounts and Notes Receivable	9/30/2023 12/31/2022 Accounts and notes receivable, gross $ 692 $ 685 Allowance for doubtful accounts (45) (37) Accounts and notes receivable, net $ 647 $ 648
Property, Plant and Equipment	9/30/2023 12/31/2022 Property, plant and equipment, gross $ 2,462 $ 2,454 Accumulated depreciation and amortization (1,305) (1,283) Property, plant and equipment, net $ 1,157 $ 1,171
Schedule of Other Assets	Other Assets 9/30/2023 12/31/2022 Operating lease right-of-use assets (a) $ 763 $ 742 Franchise incentives 182 172 Investment in Devyani International Limited (See Note 12) 137 116 Other 278 294 Other assets $ 1,360 $ 1,324 (a) Non-current operating lease liabilities of $752 million and $731 million as of September 30, 2023 and December 31, 2022, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.
Schedule of Cash and Cash Equivalents [Table Text Block]	9/30/2023 12/31/2022 Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets $ 656 $ 367 Restricted cash included in Prepaid expenses and other current assets (a) 185 220 Restricted cash and restricted cash equivalents included in Other assets (b) 34 35 Cash and restricted cash related to KFC Russia included in assets held-for-sale — 25 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows $ 875 $ 647 (a) Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments. (b) Primarily trust accounts related to our self-insurance program.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax And Effective Tax Rate	Quarter ended Year to date 2023 2022 2023 2022 Income tax (benefit) provision $ 89 $ 116 $ 220 $ 281 Effective tax rate 17.7 % 25.8 % 16.3 % 22.7 %

Revenue Recognition Accountin_2

Revenue Recognition Accounting Policy (Tables)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	Quarter ended 9/30/2023 KFC Division Taco Bell Division Pizza Hut Division Habit Burger Grill Division Total U.S. Company sales $ 15 $ 256 $ 2 $ 135 $ 408 Franchise revenues 48 196 64 1 309 Property revenues 4 9 1 1 15 Franchise contributions for advertising and other services 9 152 72 — 233 China Franchise revenues 66 — 18 — 84 Other Company sales 102 — — — 102 Franchise revenues 296 13 67 — 376 Property revenues 12 — — — 12 Franchise contributions for advertising and other services 148 3 18 — 169 $ 700 $ 629 $ 242 $ 137 $ 1,708	Quarter ended 9/30/2022 KFC Division Taco Bell Division Pizza Hut Division Habit Burger Grill Division Total U.S. Company sales $ 16 $ 234 $ 4 $ 129 $ 383 Franchise revenues 47 173 65 — 285 Property revenues 4 10 1 1 16 Franchise contributions for advertising and other services 7 136 72 1 216 China Franchise revenues 61 — 17 — 78 Other Company sales 96 — — — 96 Franchise revenues 291 13 62 — 366 Property revenues 15 — — — 15 Franchise contributions for advertising and other services 167 2 16 — 185 $ 704 $ 568 $ 237 $ 131 $ 1,640	Year to date 9/30/2023 KFC Division Taco Bell Division Pizza Hut Division Habit Burger Grill Division Total U.S. Company sales $ 48 $ 738 $ 11 $ 404 $ 1,201 Franchise revenues 143 568 200 4 915 Property revenues 10 29 3 2 44 Franchise contributions for advertising and other services 25 440 224 1 690 China Franchise revenues 193 — 52 — 245 Other Company sales 294 — — — 294 Franchise revenues 870 40 198 — 1,108 Property revenues 38 — 1 — 39 Franchise contributions for advertising and other services 448 7 49 — 504 $ 2,069 $ 1,822 $ 738 $ 411 $ 5,040	Year to date 9/30/2022 KFC Division Taco Bell Division Pizza Hut Division Habit Burger Grill Division Total U.S. Company sales $ 47 $ 691 $ 14 $ 390 $ 1,142 Franchise revenues 139 508 193 3 843 Property revenues 10 31 3 1 45 Franchise contributions for advertising and other services 20 401 216 1 638 China Franchise revenues 170 — 46 — 216 Other Company sales 306 — — — 306 Franchise revenues 834 35 195 — 1,064 Property revenues 42 — 1 — 43 Franchise contributions for advertising and other services 473 5 48 — 526 $ 2,041 $ 1,671 $ 716 $ 395 $ 4,823
Deferred Franchise Fees [Table Text Block]			Deferred Franchise Fees Balance at December 31, 2022 $ 434 Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period (62) Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period 58 Other (a) (14) Balance at September 30, 2023 $ 416 (a) Includes impact of foreign currency translation as well as the recognition of deferred franchise fees into Refranchising (gain) loss upon the termination of existing franchise agreements when entering into master franchise agreements. We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows: Less than 1 year $ 71 1 - 2 years 61 2 - 3 years 56 3 - 4 years 50 4 - 5 years 42 Thereafter 136 Total $ 416
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]			We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows: Less than 1 year $ 71 1 - 2 years 61 2 - 3 years 56 3 - 4 years 50 4 - 5 years 42 Thereafter 136 Total $ 416

Reportable Operating Segments (

Reportable Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Reportable Operating Segments We identify our operating segments based on management responsibility. The following tables summarize Revenues and Operating Profit for each of our reportable operating segments: Quarter ended Year to date Revenues 2023 2022 2023 2022 KFC Division $ 700 $ 704 $ 2,069 $ 2,041 Taco Bell Division 629 568 1,822 1,671 Pizza Hut Division 242 237 738 716 Habit Burger Grill Division 137 131 411 395 $ 1,708 $ 1,640 $ 5,040 $ 4,823 Quarter ended Year to date Operating Profit 2023 2022 2023 2022 KFC Division $ 344 $ 304 $ 975 $ 888 Taco Bell Division 226 204 658 604 Pizza Hut Division 97 92 292 287 Habit Burger Grill Division (2) (4) (4) (14) Corporate and unallocated G&A expenses (a) (68) (67) (238) (203) Unallocated Franchise and property income (expenses) (a) 1 — (1) (4) Unallocated Refranchising gain (loss) 19 3 40 15 Unallocated Other income (expense) (a) (4) 14 (13) 36 Operating Profit $ 613 $ 546 $ 1,709 $ 1,609 Investment income (expense), net (b) 16 27 21 19 Other pension income (expense) 2 (2) 5 (3) Interest expense, net (c) (126) (124) (381) (390) Income before income taxes $ 505 $ 447 $ 1,354 $ 1,235 Our chief operating decision maker ( “ CODM ” ) does not consider the impact of Corporate and unallocated amounts when assessing Divisional segment performance. As such, we do not allocate such amounts to our Divisional segments for performance reporting purposes. (a) Our operating results presented herein reflect revenues from and expenses to support the Russian operations for KFC and Pizza Hut prior to the dates of sale or transfer (see Note 1), within their historical financial statement line items and operating segments. However, given our decision to exit Russia and our pledge to direct any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts, we reclassed such net profits and losses subsequent to that date from the Division segment results in which they were earned to Unallocated Other income (expense). As a result, we reclassed net operating losses of $1 million from KFC Division Other income (expense) to Unallocated Other income (expense) during the year to date ended September 30, 2023, and net operating profit of $19 million and $30 million from Divisional Other income (expense) to Unallocated Other income (expense) during the quarter and year to date ended September 30, 2022, respectively. Additionally, we recorded income of $1 million and a charge of $3 million to Unallocated Other income (expense) during the quarter and year to date ended September 30, 2023, respectively, from the sale of our KFC Russia business. Also included in Unallocated Other income (expense) were $1 million in foreign exchange losses attributable to fluctuations in the value of the Russian Ruble during the year to date ended September 30, 2023, and foreign exchange losses of $1 million and foreign exchange gains of $15 million during the quarter and year to date ended September 30, 2022, respectively. Additionally, we recorded expense of $4 million to Corporate and unallocated G&A expenses during the year to date ended September 30, 2023, and income of $1 million and expense of $1 million to Unallocated Franchise and property expenses during the quarter and year to date ended September 30, 2023, respectively, for certain expenses related to the disposition of the businesses and other costs related to our exit from Russia. We recorded similar charges of $1 million and $3 million to Corporate and Unallocated G&A expenses and $1 million and $5 million to Unallocated Franchise and property expenses during the quarter and year to date ended September 30, 2022, respectively. (b) Includes changes in the value of our investment in Devyani International Limited (see Note 12). (c) 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 year to date ended September 30, 2022.

Pension Benefits (Tables)

Pension Benefits (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost associated with our U.S. pension plans are as follows: Quarter ended Year to date 2023 2022 2023 2022 Service cost $ 1 $ 2 $ 3 $ 5 Interest cost 10 8 31 24 Expected return on plan assets (12) (11) (37) (34) Amortization of net (gain) / loss — 3 (1) 8 Amortization of prior service cost — 1 1 4 Net periodic benefit cost $ (1) $ 3 $ (3) $ 7 Additional loss recognized due to settlements (a) $ — $ 2 $ — $ 2

Short-term Borrowings and Lon_2

Short-term Borrowings and Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Short-term Borrowings and Long-term Debt	Short-term Borrowings 9/30/2023 12/31/2022 Current maturities of long-term debt $ 376 $ 405 Less current portion of debt issuance costs and discounts (3) (7) Short-term borrowings $ 373 $ 398 Long-term Debt Securitization Notes $ 3,743 $ 3,772 Subsidiary Senior Unsecured Notes 750 750 Revolving Facility — 279 Term Loan A Facility 722 736 Term Loan B Facility 1,463 1,474 YUM Senior Unsecured Notes 4,875 4,875 Finance lease obligations 50 57 $ 11,603 $ 11,943 Less long-term portion of debt issuance costs and discounts (75) (85) Less current maturities of long-term debt (376) (405) Long-term debt $ 11,152 $ 11,453

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gains and losses on derivative instruments designated as cash flow hedges recognized in other comprehensive income and reclassifications from AOCI to earnings	Gains and losses on these interest rate swaps recognized in OCI and reclassifications from AOCI into Net Income were as follows: Quarter ended Year to date Gains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net Income Gains/(Losses) Recognized in OCI (Gains)/Losses Reclassified from AOCI into Net Income 2023 2022 2023 2022 2023 2022 2023 2022 Interest rate swaps $ 6 $ 40 $ (8) $ 3 $ 23 $ 111 $ (20) $ 23 Income tax benefit/(expense) (1) (10) 2 (1) (6) (27) 5 (6)

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis	The following table presents the carrying value and estimated fair value of the Company’s debt obligations: 9/30/2023 12/31/2022 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Securitization Notes (a) $ 3,743 $ 3,266 $ 3,772 $ 3,273 Subsidiary Senior Unsecured Notes (b) 750 724 750 731 Term Loan A Facility (b) 722 719 736 729 Term Loan B Facility (b) 1,463 1,467 1,474 1,459 YUM Senior Unsecured Notes (b) 4,875 4,423 4,875 4,473 (a) We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets. (b) We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility and Term Loan B Facility using market quotes and calculations based on market rates.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Fair Value Condensed Consolidated Balance Sheet Level 9/30/2023 12/31/2022 Assets Investments Other assets 1 $ 139 $ 118 Investments Other assets 3 5 5 Interest Rate Swaps Prepaid expenses and other current assets 2 31 26 Interest Rate Swaps Other assets 2 14 16

Financial Statement Presentat_2

Financial Statement Presentation (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) countries_and_territiories restaurants Rate	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) restaurants countries_and_territiories operating_segments Months Rate	Sep. 30, 2022 USD ($)
Number of Stores | restaurants	57,000		57,000
Number of Countries in which Entity Operates | countries_and_territiories	155		155
Percent Of System Units Located Outside United States | Rate	98%		98%
Number of Reportable Segments | operating_segments			4
Fiscal period months standard for each quarter | Months			3
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	$ 0	$ 0	$ 60	$ 0
Proceeds from Divestiture of Businesses, Net of Cash Divested	$ 121		$ 121	$ 0
RUSSIAN FEDERATION
Number of Stores with Suspended Operations | restaurants	70		70
Gain (Loss) on Sale of Assets and Asset Impairment Charges	$ (1)		$ 3

Earnings Per Common Share ("E_3

Earnings Per Common Share ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income		$ 416	$ 331	$ 1,134	$ 954
Weighted-average common shares outstanding (for basic calculation)		281	285	281	287
Effect of dilutive share-based employee compensation		5	4	5	4
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)		286	289	286	291
Basic EPS		$ 1.48	$ 1.16	$ 4.03	$ 3.33
Diluted EPS		$ 1.46	$ 1.14	$ 3.97	$ 3.28
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation	[1]	1.7	2	1.7	1.9
[1]These unexercised employee stock options and stock appreciation rights were not included in the computation of diluted EPS because to do so would have been antidilutive for the periods presented.

Shareholders' Deficit (Details)

Shareholders' Deficit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Repurchase Of Shares Of Common Stock [Line Items]
Repurchase of shares of Common Stock, value	$ 0	$ 157	$ 50	$ 714
Stock Repurchase Program, Remaining Authorized Repurchase Amount	1,700		1,700
May 2021
Repurchase Of Shares Of Common Stock [Line Items]
Repurchase of shares of Common Stock, value				714
Stock Repurchase Program, Remaining Authorized Repurchase Amount	0		0
September 2022
Repurchase Of Shares Of Common Stock [Line Items]
Repurchase of shares of Common Stock, value			50	$ 0
Stock Repurchase Program, Authorized Amount	2,000		2,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1,700		$ 1,700
Issued Common Stock
Repurchase Of Shares Of Common Stock [Line Items]
Shares Repurchased		1,000,000	387,000	5,987,000
Repurchase of shares of Common Stock, value		$ 18	$ 24	$ 55
Issued Common Stock | May 2021
Repurchase Of Shares Of Common Stock [Line Items]
Shares Repurchased			0	5,987,000
Issued Common Stock | September 2022
Repurchase Of Shares Of Common Stock [Line Items]
Shares Repurchased			387,000	0

Shareholders' Deficit (Details

Shareholders' Deficit (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	$ (293)		$ (369)
Gains (losses) arising during the year classified into AOCI, net of tax	(14)		9
(Gains) losses reclassified from AOCI, net of tax	(7)		46
Other comprehensive income (loss), net of tax	(21)	$ (4)	55	$ 27
Accumulated other comprehensive loss	(314)		(314)
Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	(218)		(290)
Gains (losses) arising during the year classified into AOCI, net of tax	(20)		(8)
(Gains) losses reclassified from AOCI, net of tax	0		60
Other comprehensive income (loss), net of tax	(20)		52
Accumulated other comprehensive loss	(238)		(238)
Pension and Post-Retirement Benefits
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	(95)		(94)
Gains (losses) arising during the year classified into AOCI, net of tax	0		(2)
(Gains) losses reclassified from AOCI, net of tax	0		1
Other comprehensive income (loss), net of tax	0		(1)
Accumulated other comprehensive loss	(95)		(95)
Derivative Instruments
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	20		15
Gains (losses) arising during the year classified into AOCI, net of tax	6		19
(Gains) losses reclassified from AOCI, net of tax	(7)		(15)
Other comprehensive income (loss), net of tax	(1)		4
Accumulated other comprehensive loss	$ 19		$ 19

Other (Income) Expense (Details

Other (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	$ 4	$ 4	$ 8	$ (8)
Impairment and closure expense	1	1	2	0
Other income (expense) excluding foreign exchange gain (loss)	(6)	5	4	8
Other (income) expense	(1)	10	14	0
Gain (Loss) on Disposition of Assets	(19)	(3)	(40)	(15)
Income tax provision	$ 89	$ 116	$ 220	$ 281

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Details) $ in Millions	Sep. 30, 2023 USD ($) days	Dec. 31, 2022 USD ($)
Accounts and Notes Receivable [Abstract]
Number of days from the period in which the corresponding sales occur that trade receivables are generally due | days	30
Accounts and notes receivable, gross	$ 692	$ 685
Allowance for doubtful accounts	(45)	(37)
Accounts and notes receivable, net	647	648
Prepaid Expenses and Other Current Assets [Member]
Assets held-for-sale	6	190
Accounts Payable and Accrued Liabilities
Disposal Group, Including Discontinued Operation, Liabilities, Current	$ 2	$ 65

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information (Details 2) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Property, plant and equipment, gross		$ 2,462	$ 2,454
Accumulated depreciation and amortization		(1,305)	(1,283)
Property, plant and equipment, net		1,157	1,171
Operating lease, right-of-use assets	[1]	763	742
Other assets		1,360	1,324
Other Assets, Miscellaneous, Noncurrent		278	294
Operating Lease, Liability, Noncurrent		752	731
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets		656	367
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		875	647	$ 663	$ 771
KFC Russia
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations		0	25
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Devyani
Equity Securities, FV-NI		137	116
Prepaid Expenses and Other Current Assets [Member]
Assets held-for-sale		6	190
Restricted Cash and Cash Equivalents	[2]	185	220
Other Current Assets [Member]
Restricted Cash and Cash Equivalents	[3]	34	35
Franchise Incentive [Member]
Other assets		$ 182	$ 172
[1]Non-current operating lease liabilities of $752 million and $731 million as of September 30, 2023 and December 31, 2022, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.[2]Restricted cash within Prepaid expenses and other current assets reflects the cash related to advertising cooperatives which we consolidate that can only be used to settle obligations of the respective cooperatives and cash held in reserve for Taco Bell Securitization interest payments.[3]Primarily trust accounts related to our self-insurance program.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income tax provision	$ (89)	$ (116)	$ (220)	$ (281)
Effective tax rate	17.70%	25.80%	16.30%	22.70%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount			$ 18
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount				$ 82
Foreign Tax Authority
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount			$ 10
RUSSIAN FEDERATION
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount				$ 69

Revenue Recognition Accountin_3

Revenue Recognition Accounting Policy (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 1,708	$ 1,640	$ 5,040	$ 4,823
Company Sales
Revenues	510	479	1,495	1,448
Franchise and property revenues
Revenues	796	760	2,351	2,211
Franchise contributions for advertising and other services
Revenues	402	401	1,194	1,164
UNITED STATES | Company Sales
Revenues	408	383	1,201	1,142
UNITED STATES | Franchise and property revenues
Revenues	309	285	915	843
UNITED STATES | Property Revenues
Revenues	15	16	44	45
UNITED STATES | Franchise contributions for advertising and other services
Revenues	233	216	690	638
CHINA | Franchise and property revenues
Revenues	84	78	245	216
Other, Outside the U.S. and China [Member] | Company Sales
Revenues	102	96	294	306
Other, Outside the U.S. and China [Member] | Franchise and property revenues
Revenues	376	366	1,108	1,064
Other, Outside the U.S. and China [Member] | Property Revenues
Revenues	12	15	39	43
Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services
Revenues	169	185	504	526
KFC Global Division [Member]
Revenues	700	704	2,069	2,041
KFC Global Division [Member] | UNITED STATES | Company Sales
Revenues	15	16	48	47
KFC Global Division [Member] | UNITED STATES | Franchise and property revenues
Revenues	48	47	143	139
KFC Global Division [Member] | UNITED STATES | Property Revenues
Revenues	4	4	10	10
KFC Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services
Revenues	9	7	25	20
KFC Global Division [Member] | CHINA | Franchise and property revenues
Revenues	66	61	193	170
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales
Revenues	102	96	294	306
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues
Revenues	296	291	870	834
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues
Revenues	12	15	38	42
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services
Revenues	148	167	448	473
Pizza Hut Global Division [Member]
Revenues	242	237	738	716
Pizza Hut Global Division [Member] | UNITED STATES | Company Sales
Revenues	2	4	11	14
Pizza Hut Global Division [Member] | UNITED STATES | Franchise and property revenues
Revenues	64	65	200	193
Pizza Hut Global Division [Member] | UNITED STATES | Property Revenues
Revenues	1	1	3	3
Pizza Hut Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services
Revenues	72	72	224	216
Pizza Hut Global Division [Member] | CHINA | Franchise and property revenues
Revenues	18	17	52	46
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales
Revenues	0	0	0	0
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues
Revenues	67	62	198	195
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues
Revenues	0	0	1	1
Pizza Hut Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services
Revenues	18	16	49	48
Taco Bell Global Division [Member]
Revenues	629	568	1,822	1,671
Taco Bell Global Division [Member] | UNITED STATES | Company Sales
Revenues	256	234	738	691
Taco Bell Global Division [Member] | UNITED STATES | Franchise and property revenues
Revenues	196	173	568	508
Taco Bell Global Division [Member] | UNITED STATES | Property Revenues
Revenues	9	10	29	31
Taco Bell Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services
Revenues	152	136	440	401
Taco Bell Global Division [Member] | CHINA | Franchise and property revenues
Revenues	0	0	0	0
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales
Revenues	0	0	0	0
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues
Revenues	13	13	40	35
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues
Revenues	0	0	0	0
Taco Bell Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services
Revenues	3	2	7	5
Habit Division [Member]
Revenues	137	131	411	395
Habit Division [Member] | UNITED STATES | Company Sales
Revenues	135	129	404	390
Habit Division [Member] | UNITED STATES | Franchise and property revenues
Revenues	1	0	4	3
Habit Division [Member] | UNITED STATES | Property Revenues
Revenues	1	1	2	1
Habit Division [Member] | UNITED STATES | Franchise contributions for advertising and other services
Revenues	0	1	1	1
Habit Division [Member] | CHINA | Franchise and property revenues
Revenues	0	0	0	0
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales
Revenues	0	0	0	0
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues
Revenues	0	0	0	0
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues
Revenues	0	0	0	0
Habit Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services
Revenues	$ 0	$ 0	$ 0	$ 0

Revenue Recognition Accountin_4

Revenue Recognition Accounting Policy (Details 2) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue		$ 416	$ 434
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period		(62)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period		58
Foreign Currency Gain (Loss) and Refranchising Gain (Loss) [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Other	[1]	$ (14)
[1]Includes impact of foreign currency translation as well as the recognition of deferred franchise fees into Refranchising (gain) loss upon the termination of existing franchise agreements when entering into master franchise agreements.

Revenue Recognition Accountin_5

Revenue Recognition Accounting Policy (Details 3) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue	$ 416	$ 434
Less than 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	71
1 - 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	61
2 - 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	56
3 - 4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	50
4 - 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	42
Thereafter
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	$ 136

Reportable Operating Segments_2

Reportable Operating Segments (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
		Apr. 01, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues			$ 1,708	$ 1,640	$ 5,040	$ 4,823
Operating Profit			613	546	1,709	1,609
General and Administrative Expense			267	261	840	768
Company restaurant expenses			421	402	1,239	1,219
Franchise and property expenses			27	28	95	89
Refranchising (gain) loss			(19)	(3)	(40)	(15)
Other (income) expense			(1)	10	14	0
Investment (income) expense, net	[1]		(16)	(27)	(21)	(19)
Other pension income (expense)			2	(2)	5	(3)
Interest Income (Expense), Net	[2]		(126)	(124)	(381)	(390)
Income Before Income Taxes			505	447	1,354	1,235
Russia, Rubles
Segment Reporting Information [Line Items]
Other Nonoperating Income (Expense)				1	1	15
RUSSIAN FEDERATION
Segment Reporting Information [Line Items]
General and Administrative Expense				1		3
Gain (Loss) on Sale of Assets and Asset Impairment Charges			(1)		3
Senior Unsecured Notes Due April 2025
Segment Reporting Information [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost		$ 23
Write off of Deferred Debt Issuance Cost		$ 5
KFC Global Division [Member]
Segment Reporting Information [Line Items]
Revenues			700	704	2,069	2,041
Operating Profit			344	304	975	888
Pizza Hut Global Division [Member]
Segment Reporting Information [Line Items]
Revenues			242	237	738	716
Operating Profit			97	92	292	287
Taco Bell Global Division [Member]
Segment Reporting Information [Line Items]
Revenues			629	568	1,822	1,671
Operating Profit			226	204	658	604
Habit Division [Member]
Segment Reporting Information [Line Items]
Revenues			137	131	411	395
Operating Profit			(2)	(4)	(4)	(14)
Unallocated [Member]
Segment Reporting Information [Line Items]
General and Administrative Expense	[3]		68	67	238	203
Franchise and property expenses	[3]		(1)	0	1	4
Refranchising (gain) loss			(19)	(3)	(40)	(15)
Other (income) expense	[3]		4	(14)	13	(36)
Unallocated [Member] | RUSSIAN FEDERATION
Segment Reporting Information [Line Items]
General and Administrative Expense					4
Franchise and property expenses			$ 1	1	1	5
Other (income) expense				$ (19)	$ 1	$ (30)
[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 year to date ended September 30, 2022[3]Our operating results presented herein reflect revenues from and expenses to support the Russian operations for KFC and Pizza Hut prior to the dates of sale or transfer (see Note 1), within their historical financial statement line items and operating segments. However, given our decision to exit Russia and our pledge to direct any future net profits attributable to Russia subsequent to the date of invasion to humanitarian efforts, we reclassed such net profits and losses subsequent to that date from the Division segment results in which they were earned to Unallocated Other income (expense). As a result, we reclassed net operating losses of $1 million from KFC Division Other income (expense) to Unallocated Other income (expense) during the year to date ended September 30, 2023, and net operating profit of $19 million and $30 million from Divisional Other income (expense) to Unallocated Other income (expense) during the quarter and year to date ended September 30, 2022, respectively. Additionally, we recorded income of $1 million and a charge of $3 million to Unallocated Other income (expense) during the quarter and year to date ended September 30, 2023, respectively, from the sale of our KFC Russia business.Also included in Unallocated Other income (expense) were $1 million in foreign exchange losses attributable to fluctuations in the value of the Russian Ruble during the year to date ended September 30, 2023, and foreign exchange losses of $1 million and foreign exchange gains of $15 million during the quarter and year to date ended September 30, 2022, respectively. Additionally, we recorded expense of $4 million to Corporate and unallocated G&A expenses during the year to date ended September 30, 2023, and income of $1 million and expense of $1 million to Unallocated Franchise and property expenses during the quarter and year to date ended September 30, 2023, respectively, for certain expenses related to the disposition of the businesses and other costs related to our exit from Russia. We recorded similar charges of $1 million and $3 million to Corporate and Unallocated G&A expenses and $1 million and $5 million to Unallocated Franchise and property expenses during the quarter and year to date ended September 30, 2022, respectively.

Pension Benefits (Details)

Pension Benefits (Details) - UNITED STATES - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 1	$ 2	$ 3	$ 5
Interest cost		10	8	31	24
Expected return on plan assets		(12)	(11)	(37)	(34)
Amortization of net loss		0	3	(1)	8
Amortization of prior service cost		0	1	1	4
Net periodic benefit cost		(1)	3	(3)	7
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	[1]	$ 0	$ 2	$ 0	$ 2
[1]Loss is a result of settlement transactions which exceeded the sum of annual service and interest costs for the applicable plan. This loss was recorded in Other pension (income) expense.

Short-term Borrowings and Lon_3

Short-term Borrowings and Long-term Debt (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Line of Credit		$ 0		$ 279
Finance Lease, Liability, Noncurrent		50		57
Long-term debt and capital less obligations, including current maturities and debt issuance costs		11,603		11,943
Less Debt Issuance Costs, Noncurrent, Net		(75)		(85)
Long-term debt		11,152		11,453
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		367	$ 331
Long-term Debt, Current Maturities		376		405
Less current portion of debt issuance costs and discounts		(3)		(7)
Short-term borrowings		373		398
Subsidiary Senior Unsecured Notes [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Senior Notes		750		750
Term Loan A Facility [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt		722		736
Term Loan B Facility [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt		1,463		1,474
YUM Senior Unsecured Notes [Member] [Domain] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Senior Notes		$ 4,875		$ 4,875
Senior Unsecured Notes Due April 2025
Debt Instrument [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 23
Write off of Deferred Debt Issuance Cost	5
Payment for Debt Extinguishment or Debt Prepayment Cost and Deferred Debt Issuance Cost, Writeoff	$ 28

Derivative Instruments (Details

Derivative Instruments (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ (31)
Forward-starting interest rate swap [Member]
Derivative, Maturity Date	Mar. 01, 2025
Derivative, Notional Amount	$ 1,500	$ 1,500

Derivative Instruments (Detai_2

Derivative Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (losses) arising during the period	$ 7	$ 42	$ 25	$ 114
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	(1)	(10)	(6)	(27)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	2	(1)	5	(6)
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (losses) arising during the period	6	40	23	111
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (8)	$ 3	$ (20)	$ 23

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
		Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Owned, at Fair Value		$ 137	$ 137	$ 116
Unrealized Gain (Loss) on Investments		$ 16	$ 21
Devyani
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investment, Ownership Percentage		5%	5%
Secured Debt [Member] | Securitization Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Noncurrent		$ 3,743	$ 3,743	3,772
Secured Debt [Member] | Securitization Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	[1]	3,266	3,266	3,273
Secured Debt [Member] | Term Loan A Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations, excluding capital leases, carrying amount		722	722	736
Secured Debt [Member] | Term Loan A Facility [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	[2]	719	719	729
Secured Debt [Member] | Term Loan B Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations, excluding capital leases, carrying amount		1,463	1,463	1,474
Secured Debt [Member] | Term Loan B Facility [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	[2]	1,467	1,467	1,459
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Noncurrent		750	750	750
Unsecured Debt [Member] | Subsidiary Senior Unsecured Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	[2]	724	724	731
Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes, Noncurrent		4,875	4,875	4,875
Unsecured Debt [Member] | YUM Senior Unsecured Notes [Member] [Domain] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	[2]	4,423	4,423	4,473
Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		139	139	118
Other Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure		5	5	5
Other Assets [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Subject to Master Netting Arrangement, before Offset		14	14	16
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Subject to Master Netting Arrangement, before Offset		$ 31	$ 31	$ 26
[1]We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.[2]We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility and Term Loan B Facility using market quotes and calculations based on market rates.

Contingencies (Details)

Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Guarantor Obligations [Line Items]
Deferred Tax Liability Not Recognized, Events that Would Cause Temporary Difference to be Taxable, Undistributed Earnings of Foreign Subsidiaries	As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal years 2013 through 2015, in August 2022, we received a Revenue Agent’s Report (“RAR”) from the IRS asserting an underpayment of tax of $2.1 billion plus $418 million in penalties for the 2014 fiscal year. Additionally, interest on the underpayment is estimated to be approximately $940 million through the third quarter of 2023. The proposed underpayment relates primarily to a series of reorganizations we undertook during that year in connection with the business realignment of our corporate and management reporting structure along brand lines. The IRS asserts that these transactions resulted in taxable distributions of approximately $6.0 billion.We disagree with the IRS’s position as asserted in the RAR and intend to contest that position vigorously. In September 2022, we filed a Protest with the IRS Examination Division disputing on multiple grounds the proposed underpayment of tax and penalties. We have received the IRS Examination Division’s Rebuttal to our Protest and the case has been accepted by the IRS Office of Appeals.The Company does not expect resolution of this matter within twelve months and cannot predict with certainty the timing of such resolution. The Company believes that it is more likely than not the Company’s tax position will be sustained; therefore, no reserve is recorded with respect to this matter.An unfavorable resolution of this matter could have a material, adverse impact on our Condensed Consolidated Financial Statements in future periods.
Property Lease Guarantee [Member]
Guarantor Obligations [Line Items]
Year longest lease expires	2065
Guarantor Obligations, Maximum Exposure	$ 375
Guarantee Obligations Maximum Exposure At Present Value	$ 300

Contingencies (Details 2)

Contingencies (Details 2)	9 Months Ended
	Sep. 30, 2023
INDIA
Loss Contingencies [Line Items]
Litigation, Nature	On January 29, 2020, the Special Director issued an order imposing a penalty on YRIPL and certain former directors of approximately Indian Rupee 11 billion, or approximately $135 million. Of this amount, $130 million relates to the alleged failure to invest a total of $80 million in India within an initial seven-year period. We have been advised by external counsel that the order is flawed and have filed a writ petition with the Delhi High Court, which granted an interim stay of the penalty order on March 5, 2020. In November 2022, YRIPL was notified that an administrative tribunal bench had been constituted to hear an appeal by DOE of certain findings of the January 2020 order, including claims that certain charges had been wrongly dropped and that an insufficient amount of penalty had been imposed. A hearing with the administrative tribunal that had been scheduled for August has been rescheduled to December 4, 2023. The stay order remains in effect and the next hearing in the Delhi High Court that had been scheduled for October has been rescheduled to December 14, 2023. We deny liability and intend to continue vigorously defending this matter. We do not consider the risk of any significant loss arising from this order to be probable.