Yum! Brands (YUM) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
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	2024
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Entity File Number	1-13163
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		279,071,854

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total Revenues		$ 1,826	$ 1,708	$ 5,187	$ 5,040
Costs and Expenses, Net
Company restaurant expenses		523	421	1,393	1,239
General and Administrative Expense		263	267	830	840
Franchise and property expenses		36	27	90	95
Franchise advertising and other services expense		401	400	1,169	1,183
Refranchising (gain) loss		(12)	(19)	(31)	(40)
Other (income) expense		(4)	(1)	(10)	14
Total costs and expenses, net		1,207	1,095	3,441	3,331
Operating Profit		619	613	1,746	1,709
Investment (income) expense, net	[1]	(1)	(16)	21	(21)
Other pension (income) expense		(2)	(2)	(5)	(5)
Interest expense, net		120	126	358	381
Income Before Income Taxes		502	505	1,372	1,354
Income tax provision		120	89	309	220
Net Income		$ 382	$ 416	$ 1,063	$ 1,134
Basic Earnings Per Common Share		$ 1.36	$ 1.48	$ 3.77	$ 4.03
Diluted Earnings Per Common Share		1.35	1.46	3.73	3.97
Dividends Declared Per Common Share		$ 0.67	$ 0.605	$ 2.01	$ 1.815
Company Sales
Revenues
Revenues		$ 621	$ 510	$ 1,667	$ 1,495
Franchise and property revenues
Revenues
Revenues		804	796	2,350	2,351
Franchise contributions for advertising and other services
Revenues
Revenues		$ 401	$ 402	$ 1,170	$ 1,194
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 13).

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income	$ 382	$ 416	$ 1,063	$ 1,134
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature
Adjustments and gains (losses) arising during the period	34	(20)	26	(8)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0	0	0	60
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature, before tax	34	(20)	26	52
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	34	(20)	26	52
Changes in pension and post-retirement benefits
Unrealized gains (losses) arising during period, before Tax	0	0	0	0
Reclassification of (gains) losses into Net Income	0	0	1	1
Changes in pension and post-retirement benefits, before Tax	0	0	1	1
Pension and post-retirement benefit plans, tax	0	0	0	(2)
Pension and post-retirement benefit plans, net of tax	0	0	1	(1)
Changes in derivative instruments
Unrealized gains (losses) arising during the period	(4)	7	12	25
Reclassification of (gains) losses into Net Income	(9)	(9)	(25)	(20)
Changes in derivative instruments	(13)	(2)	(13)	5
Changes in derivatives, Tax	3	1	3	(1)
Changes in derivatives, net of tax	(10)	(1)	(10)	4
Other comprehensive income (loss), net of tax	24	(21)	17	55
Comprehensive Income (Loss)	$ 406	$ 395	$ 1,080	$ 1,189

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Cash Flows - Operating Activities
Net Income		$ 1,063	$ 1,134
Depreciation and amortization		120	104
Refranchising (gain) loss		(31)	(40)
Investment (income) expense, net	[1]	21	(21)
Deferred income taxes		5	(93)
Share-based compensation expense		52	69
Changes in accounts and notes receivable		28	(13)
Changes in prepaid expenses and other current assets		(21)	(16)
Changes in accounts payable and other current liabilities		(46)	(52)
Changes in income taxes payable		(67)	(4)
Other, net		52	87
Net Cash Provided by Operating Activities		1,176	1,155
Cash Flows - Investing Activities
Capital spending		(151)	(179)
Proceeds from Sale of Long-Term Investments		104	0
Proceeds from Divestiture of Businesses, Net of Cash Divested		0	121
Payments to Acquire Long-Term Investments		(174)	0
Proceeds from Sale of Productive Assets		48	57
Payments to Acquire Short-Term Investments		(91)	0
Other, net		(28)	(3)
Net Cash Used in Investing Activities		(292)	(4)
Cash Flows - Financing Activities
Proceeds from long-term debt		237	0
Repayments of long-term debt		(472)	(60)
Revolving credit facilities, three months or less, net		205	(279)
Repurchase shares of Common Stock		(327)	(50)
Dividends paid on Common Stock		(565)	(508)
Other, net		(69)	(24)
Net Cash Provided by (Used in) Financing Activities		(991)	(921)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		10	(2)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		(97)	228
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period		724	647
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period		$ 627	$ 875
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 13).

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 457	$ 512
Accounts and notes receivable, net	708	737
Prepaid Expense and Other Assets, Current	460	360
Total Current Assets	1,625	1,609
Property, plant and equipment, net	1,300	1,197
Goodwill	735	642
Intangible assets, net	416	377
Other assets	1,352	1,361
Deferred Income Taxes	1,033	1,045
Total Assets	6,461	6,231
Current Liabilities
Accounts payable and other current liabilities	1,138	1,169
Income taxes payable	24	55
Short-term borrowings	24	53
Total Current Liabilities	1,186	1,277
Long-term debt	11,169	11,142
Other liabilities and deferred credits	1,780	1,670
Total Liabilities	14,135	14,089
Shareholders' Equity
Common Stock, no par value, 750 shares authorized; 280 shares issued in 2024 and 281 issued in 2023	0	60
Accumulated Deficit	(7,389)	(7,616)
Accumulated other comprehensive loss	(285)	(302)
Total Shareholders' Deficit	(7,674)	(7,858)
Total Liabilities and Shareholders' Deficit	$ 6,461	$ 6,231

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Shares, Issued	280,000,000	281,000,000

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	$ (8,876)	$ 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
Changes in derivatives, net of tax	4			4
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, 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
Employee Stock Option and SARs Exercises, Shares		0
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
Changes in derivatives, net of tax	(1)			(1)
Comprehensive Income (Loss)	395
Dividends declared	(169)		(169)
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
Employee Stock Option and SARs Exercises, Shares		0
Total Shareholders' Deficit	(8,190)	$ 33	(7,909)	(314)
Issued Common Stock, Shares		280,000,000
Total Shareholders' Deficit	(7,858)	$ 60	(7,616)	(302)
Issued Common Stock, Shares		281,000,000
Net Income	1,063		1,063
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	26			26
Pension and post-retirement benefit plans, net of tax	(1)			(1)
Changes in derivatives, net of tax	(10)			(10)
Comprehensive Income (Loss)	1,080
Dividends declared	(568)		(568)
Shares Repurchased		(2,434,000)
Repurchase of shares of Common Stock, value	(327)	$ (59)	(268)
Employee Stock Option and SARs Exercises, Value	(66)	(66)
Share-based compensation events	65	$ 65
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0
Employee Stock Option and SARs Exercises, Shares		1,000,000
Total Shareholders' Deficit	(7,630)	$ 0	(7,321)	(309)
Issued Common Stock, Shares		281,000,000
Net Income	382		382
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature	34			34
Pension and post-retirement benefit plans, net of tax	0			0
Changes in derivatives, net of tax	(10)			(10)
Comprehensive Income (Loss)	406
Dividends declared	(188)		(188)
Shares Repurchased		(2,000,000)
Repurchase of shares of Common Stock, value	(277)	$ (15)	(262)
Share-based compensation events	15	$ 15
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0
Employee Stock Option and SARs Exercises, Shares		1,000,000
Total Shareholders' Deficit	$ (7,674)	$ 0	$ (7,389)	$ (285)
Issued Common Stock, Shares		280,000,000

CONDENSED STATEMENT OF SHAREH_2

CONDENSED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Pension and post-retirement benefit plans, tax	$ 0	$ 0	$ 0	$ 2
Changes in derivatives, Tax	$ 3	$ 1	$ 3	$ (1)

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Sep. 30, 2024
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, 2023 (“2023 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 60,000 restaurants in more than 155 countries and territories. As of September 30, 2024, 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, 2024, 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. For subsidiaries that operate on this periodic weekly calendar, 2024 will include a 53rd week. 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 2023 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.

Business Combinations, Asset Ac

Business Combinations, Asset Acquisitions, and Joint Venture Formation	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination Disclosure [Text Block]	KFC United Kingdom ("U.K.") and Ireland Restaurant Acquisition On April 29, 2024, we completed the acquisition of all of the issued shares of two franchisee entities that owned 216 KFC restaurants in the U.K. and Ireland. The acquisition creates a significant opportunity to accelerate KFC's growth strategy in the large and growing U.K. and Ireland chicken market. The purchase price to be allocated for accounting purposes of $171 million consisted of cash, net of cash acquired, in the amount of $174 million offset by the settlement of a liability of $3 million related to our preexisting contractual relationship with the franchisee. The acquisition was accounted for as a business combination using the acquisition method of accounting. The preliminary allocation of the purchase price is based on management's analysis, including preliminary work performed by third party valuation specialists, as of April 29, 2024. During the quarter ended September 30, 2024, we adjusted our preliminary estimate of the fair value of net assets acquired. The components of the preliminary purchase price allocation, subsequent to the adjustments to the allocation in the quarter ended September 30, 2024, were as follows: Total Current Assets $ 2 Property, plant and equipment, net 85 Reacquired franchise rights (included in Intangible assets, net) 47 Operating lease right-of-use assets (included in Other assets) 109 Total Identifiable Assets 243 Total Current Liabilities (18) Operating lease liabilities (included in Other liabilities and deferred credits) (102) Other liabilities (31) Total Liabilities Assumed (151) Total identifiable net assets 92 Goodwill 79 Purchase price to be allocated $ 171 The adjustments to the preliminary estimate of identifiable net assets acquired as recorded on June 30, 2024 resulted in a corresponding $3 million increase in estimated goodwill due to the following changes to the preliminary purchase price allocation. Increase (Decrease) in Goodwill Decrease in Property, plant and equipment, net $ 3 Total increase in Goodwill $ 3 We will continue to obtain information to assist in determining the fair value of net assets acquired during the remaining measurement period. Reacquired franchise rights, which were valued based on after-royalty cash flows expected to be earned by the acquired restaurants over the remaining term of their then-existing franchise agreements, have an estimated weighted average useful life of 5 years. The excess of the purchase price over the preliminary estimated fair value of the net, identifiable assets acquired was recorded as goodwill. The goodwill recognized represents expected benefits of the acquisition that do not qualify for recognition as intangible assets. This includes value arising from cash flows expected to be earned in years subsequent to the expiration of the terms of franchise agreements existing upon acquisition. The goodwill is expected to be partially deductible for income tax purposes and has been allocated to our KFC U.K. reporting unit.

Earnings Per Common Share ("EPS

Earnings Per Common Share ("EPS")	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share (EPS)	Earnings Per Common Share (“EPS”) Quarter ended Year to date 2024 2023 2024 2023 Net Income $ 382 $ 416 $ 1,063 $ 1,134 Weighted-average common shares outstanding (for basic calculation) 282 281 282 281 Effect of dilutive share-based employee compensation 3 5 3 5 Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) 285 286 285 286 Basic EPS $ 1.36 $ 1.48 $ 3.77 $ 4.03 Diluted EPS $ 1.35 $ 1.46 $ 3.73 $ 3.97 Unexercised employee SARs, RSUs, PSUs and stock options (in millions) excluded from the diluted EPS computation (a) 1.7 1.7 1.8 1.7 (a) These unexercised employee stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and stock options 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, 2024
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 to date ended September 30, 2024 and 2023 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 2024 2023 2024 2023 2024 September 2022 366 387 $ 50 $ 50 $ — May 2024 2,068 — 277 — 1,723 Total 2,434 387 $ 327 $ 50 $ 1,723 In May 2024, our Board of Directors authorized share repurchases of up to $2 billion (excluding applicable transaction fees) of our outstanding Common Stock through December 31, 2026. The new authorization took effect on July 1, 2024 upon the expiration of a prior authorization approved in September 2022. As of September 30, 2024, we have remaining capacity to repurchase up to $1.7 billion of Common Stock under the May 2024 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, 2024, net of tax $ (209) $ (103) $ 3 $ (309) OCI, net of tax Gains (losses) arising during the period classified into AOCI, net of tax 34 — (3) 31 (Gains) losses reclassified from AOCI, net of tax — — (7) (7) 34 — (10) 24 Balance at September 30, 2024, net of tax $ (175) $ (103) $ (7) $ (285) Balance at December 31, 2023, net of tax $ (201) $ (104) $ 3 $ (302) OCI, net of tax Gains (losses) arising during the period classified into AOCI, net of tax 26 — 9 35 (Gains) losses reclassified from AOCI, net of tax — 1 (19) (18) 26 1 (10) 17 Balance at September 30, 2024, net of tax $ (175) $ (103) $ (7) $ (285)

Other (Income) Expense

Other (Income) Expense	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Other (Income) Expense	Other (Income) Expense Quarter ended Year to date 9/30/2024 9/30/2023 9/30/2024 9/30/2023 Foreign exchange net (gain) loss $ (3) $ 4 $ 2 $ 8 Impairment and closure expense 2 1 2 2 Other (3) (6) (14) 4 Other (income) expense $ (4) $ (1) $ (10) $ 14

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2024
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. 9/30/2024 12/31/2023 Accounts and notes receivable, gross $ 762 $ 776 Allowance for doubtful accounts (54) (39) Accounts and notes receivable, net $ 708 $ 737 Prepaid Expenses and Other Current Assets 9/30/2024 12/31/2023 Income tax receivable $ 55 $ 20 Restricted cash 135 177 Short term investments 91 — Other prepaid expenses and current assets 179 163 Prepaid expenses and other current assets $ 460 $ 360 Property, Plant and Equipment, net 9/30/2024 12/31/2023 Property, plant and equipment, gross $ 2,694 $ 2,529 Accumulated depreciation and amortization (1,394) (1,332) Property, plant and equipment, net $ 1,300 $ 1,197 Other Assets 9/30/2024 12/31/2023 Operating lease right-of-use assets (a) $ 890 $ 764 Franchise incentives 166 175 Investment in Devyani International Limited (See Note 13) — 124 Other 296 298 Other assets $ 1,352 $ 1,361 (a) Non-current operating lease liabilities of $868 million and $757 million as of September 30, 2024 and December 31, 2023, 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 9/30/2024 12/31/2023 Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets $ 457 $ 512 Restricted cash included in Prepaid expenses and other current assets (a) 135 177 Restricted cash and restricted cash equivalents included in Other assets (b) 35 35 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows $ 627 $ 724 (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, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Quarter ended Year to date 2024 2023 2024 2023 Income tax provision $ 120 $ 89 $ 309 $ 220 Effective tax rate 23.8 % 17.7 % 22.5 % 16.3 % Our estimated effective tax rate on income for the full fiscal year is expected to be higher than the U.S. federal statutory rate of 21%, primarily due to state income taxes and U.S. taxes on foreign earnings partially offset by taxes on income earned in foreign jurisdictions with statutory tax rates below 21%.

Revenue Recognition Accounting

Revenue Recognition Accounting Policy	9 Months Ended
	Sep. 30, 2024
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 9/30/2024 KFC Division Taco Bell Division Pizza Hut Division Habit Burger & Grill Division Total U.S. Company sales $ 17 $ 267 $ 1 $ 133 $ 418 Franchise revenues 44 211 66 2 323 Property revenues 4 8 1 1 14 Franchise contributions for advertising and other services 10 161 71 1 243 China Franchise revenues 70 — 17 — 87 Other Company sales 203 — — — 203 Franchise revenues 288 15 66 — 369 Property revenues 11 — — — 11 Franchise contributions for advertising and other services 138 4 16 — 158 $ 785 $ 666 $ 238 $ 137 $ 1,826 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 Year to date 9/30/2024 KFC Division Taco Bell Division Pizza Hut Division Habit Burger & Grill Division Total U.S. Company sales $ 45 $ 775 $ 5 $ 399 $ 1,224 Franchise revenues 134 608 200 5 947 Property revenues 10 27 3 2 42 Franchise contributions for advertising and other services 30 468 217 2 717 China Franchise revenues 200 — 51 — 251 Other Company sales 443 — — — 443 Franchise revenues 842 43 191 — 1,076 Property revenues 33 — 1 — 34 Franchise contributions for advertising and other services 397 9 47 — 453 $ 2,134 $ 1,930 $ 715 $ 408 $ 5,187 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 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 2024 is presented below. Deferred Franchise Fees Balance at December 31, 2023 $ 444 Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period (63) Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period 49 Other (a) (1) Balance at September 30, 2024 $ 429 (a) Primarily includes the settlement of a preexisting contractual relationship related to the KFC U.K. and Ireland restaurant acquisition (see Note 2) and the impact of foreign currency translation. We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows: Less than 1 year $ 72 1 - 2 years 65 2 - 3 years 58 3 - 4 years 51 4 - 5 years 43 Thereafter 140 Total $ 429

Reportable Operating Segments

Reportable Operating Segments	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 KFC Division $ 785 $ 700 $ 2,134 $ 2,069 Taco Bell Division 666 629 1,930 1,822 Pizza Hut Division 238 242 715 738 Habit Burger & Grill Division 137 137 408 411 $ 1,826 $ 1,708 $ 5,187 $ 5,040 Quarter ended Year to date Operating Profit 2024 2023 2024 2023 KFC Division $ 339 $ 344 $ 986 $ 975 Taco Bell Division 251 226 709 658 Pizza Hut Division 91 97 278 292 Habit Burger & Grill Division 1 (2) (2) (4) Corporate and unallocated G&A expenses (74) (68) (249) (238) Unallocated Company restaurant expenses (a) (3) — (4) — Unallocated Franchise and property income (expenses) — 1 — (1) Unallocated Refranchising gain (loss) 12 19 31 40 Unallocated Other income (expense) 2 (4) (3) (13) Operating Profit $ 619 $ 613 $ 1,746 $ 1,709 Investment income (expense), net (b) 1 16 (21) 21 Other pension income (expense) 2 2 5 5 Interest expense, net (120) (126) (358) (381) Income before income taxes $ 502 $ 505 $ 1,372 $ 1,354 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) Unallocated Company restaurant expenses include amortization of reacquired franchise rights (see Note 2). (b) Includes changes in the value of our investment in Devyani International Limited (see Note 13).

Pension Benefits

Pension Benefits	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Pension Benefits	Pension Benefits We 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 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 3 $ 3 Interest cost 10 10 31 31 Expected return on plan assets (12) (12) (38) (37) Amortization of net (gain) / loss — — 1 (1) Amortization of prior service cost — — 1 1 Net periodic benefit cost (income) $ (1) $ (1) $ (2) $ (3)

Short-term Borrowings and Long-

Short-term Borrowings and Long-term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Short-term Borrowings and Long-term Debt	Short-term Borrowings and Long-term Debt Short-term Borrowings 9/30/2024 12/31/2023 Current maturities of long-term debt $ 26 $ 56 Less current portion of debt issuance costs and discounts (2) (3) Short-term borrowings $ 24 $ 53 Long-term Debt Securitization Notes $ 3,743 $ 3,743 Subsidiary Senior Unsecured Notes 750 750 Revolving Facility 210 — Term Loan A Facility 500 717 Term Loan B Facility 1,448 1,459 YUM Senior Unsecured Notes 4,550 4,550 Finance lease obligations 67 50 $ 11,268 $ 11,269 Less long-term portion of debt issuance costs and discounts (73) (71) Less current maturities of long-term debt (26) (56) Long-term debt $ 11,169 $ 11,142 Details of our Short-term borrowings and Long-term debt as of December 31, 2023 can be found within our 2023 Form 10-K. On April 26, 2024, KFC Holding Co, Pizza Hut Holdings, LLC and Taco Bell of America, LLC (collectively, the "Borrowers"), each of which is a wholly-owned subsidiary of the Company, completed the refinancing of the then outstanding $713 million under the term loan A facility and $1.25 billion capacity under the revolving facility through the issuance of a new $500 million term loan A facility (the "Term Loan A Facility") and a $1.5 billion revolving facility (the "Revolving Facility") pursuant to an amendment to the Credit Agreement (as defined in our 2023 Form 10-K). The transaction did not add any additional net new debt to the Company's Balance Sheet. The Term Loan A Facility and the Revolving Facility will mature on the earliest of (i) April 26, 2029, (ii) the date that is 91 days prior to the March 15, 2028 maturity of the Borrowers' existing Term Loan B Facility if more than $250 million of such Term Loan B remains outstanding as of such date or (iii) the date that is 91 days prior to the June 1, 2027 maturity of the Borrowers' existing Subsidiary Senior Unsecured Notes if more than $250 million of such Subsidiary Senior Unsecured Notes remains outstanding as of such date. The amendment also removed the excess cash flow mandatory prepayment requirement with respect to the Term Loan A Facility. The refinanced Term Loan A Facility is subject to quarterly amortization payments in an amount equal to 0.625% of the principal amount of the facility as of the refinance date now beginning with the third quarter of 2025. The Term Loan A Facility quarterly amortization payments increase to 1.25% of the principal amount of the facility as of the refinance date beginning with the third quarter of 2027. All other material provisions of the Credit Agreement remain unchanged. As a result of this refinancing, $8 million of fees were capitalized as debt issuance costs, $6 million of which were paid directly to lenders. During the year to date ended September 30, 2024, previously recorded unamortized debt issuance costs of $1 million were written off and recognized within Interest expense, net due to this refinancing. Cash paid for interest during the year to date ended September 30, 2024 and 2023, was $356 million and $367 million, respectively.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
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, equity prices 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, 2024 and December 31, 2023, 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, 2024 or December 31, 2023. 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, 2024, 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 2024 2023 2024 2023 2024 2023 2024 2023 Interest rate swaps $ (5) $ 6 $ (9) $ (8) $ 9 $ 23 $ (26) $ (20) Income tax benefit/(expense) 1 (1) 2 2 (3) (6) 6 5 As of September 30, 2024, 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 $9 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, 2024 and December 31, 2023, 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, 2024, 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 13 for the fair value of our derivative assets and liabilities.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Disclosures As of September 30, 2024, the carrying values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, short-term borrowings, accounts payable and borrowings under our Revolving Facility 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: 9/30/2024 12/31/2023 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Securitization Notes (a) $ 3,743 $ 3,509 $ 3,743 $ 3,391 Subsidiary Senior Unsecured Notes (b) 750 757 750 742 Term Loan A Facility (b) 500 495 717 716 Term Loan B Facility (b) 1,448 1,456 1,459 1,466 YUM Senior Unsecured Notes (b) 4,550 4,520 4,550 4,439 (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 12 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 9/30/2024 12/31/2023 Assets Investments Other assets 1 $ 1 $ 125 Investments Other assets 3 8 7 Interest Rate Swaps Prepaid expenses and other current assets 2 9 24 Interest Rate Swaps Other assets 2 — 2 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 as of December 31, 2023, primarily included 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 $124 million. During the quarter ended March 31, 2024, we sold our ownership interest in Devyani for net proceeds of $104 million and recognized pre-tax investment losses of $20 million related to changes in fair value prior to the date of sale.

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2024
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 $1.3 billion through the third quarter of 2024. 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. In March 2023, we received the IRS Examination Division’s Rebuttal to our Protest and the matter is proceeding with 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, 2024, the potential amount of undiscounted payments we could be required to make in the event of non-payment by the primary lessee was approximately $350 million. The present value of these potential payments discounted at our pre-tax cost of debt at September 30, 2024, 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, 2024, 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 $130 million. Of this amount, $125 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 October 8, 2024 has been rescheduled to January 21, 2025. A hearing held on October 16, 2024, before the Delhi High Court has been continued to February 4, 2025, and the stay order remains in effect. 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income	$ 382	$ 416	$ 1,063	$ 1,134

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Combinations, Asset _2

Business Combinations, Asset Acquisitions, and Joint Venture Formation (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Asset Acquisition	The components of the preliminary purchase price allocation, subsequent to the adjustments to the allocation in the quarter ended September 30, 2024, were as follows: Total Current Assets $ 2 Property, plant and equipment, net 85 Reacquired franchise rights (included in Intangible assets, net) 47 Operating lease right-of-use assets (included in Other assets) 109 Total Identifiable Assets 243 Total Current Liabilities (18) Operating lease liabilities (included in Other liabilities and deferred credits) (102) Other liabilities (31) Total Liabilities Assumed (151) Total identifiable net assets 92 Goodwill 79 Purchase price to be allocated $ 171

Earnings Per Common Share ("E_2

Earnings Per Common Share ("EPS") Earnings Per Common Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Quarter ended Year to date 2024 2023 2024 2023 Net Income $ 382 $ 416 $ 1,063 $ 1,134 Weighted-average common shares outstanding (for basic calculation) 282 281 282 281 Effect of dilutive share-based employee compensation 3 5 3 5 Weighted-average common and dilutive potential common shares outstanding (for diluted calculation) 285 286 285 286 Basic EPS $ 1.36 $ 1.48 $ 3.77 $ 4.03 Diluted EPS $ 1.35 $ 1.46 $ 3.73 $ 3.97 Unexercised employee SARs, RSUs, PSUs and stock options (in millions) excluded from the diluted EPS computation (a) 1.7 1.7 1.8 1.7 (a) These unexercised employee stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and stock options 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, 2024
Stockholders' Equity Note [Abstract]
Accelerated Share Repurchases	Shares Repurchased Dollar Value of Shares Remaining Dollar Value of Shares that may be Repurchased Authorization Date 2024 2023 2024 2023 2024 September 2022 366 387 $ 50 $ 50 $ — May 2024 2,068 — 277 — 1,723 Total 2,434 387 $ 327 $ 50 $ 1,723
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, 2024, net of tax $ (209) $ (103) $ 3 $ (309) OCI, net of tax Gains (losses) arising during the period classified into AOCI, net of tax 34 — (3) 31 (Gains) losses reclassified from AOCI, net of tax — — (7) (7) 34 — (10) 24 Balance at September 30, 2024, net of tax $ (175) $ (103) $ (7) $ (285) Balance at December 31, 2023, net of tax $ (201) $ (104) $ 3 $ (302) OCI, net of tax Gains (losses) arising during the period classified into AOCI, net of tax 26 — 9 35 (Gains) losses reclassified from AOCI, net of tax — 1 (19) (18) 26 1 (10) 17 Balance at September 30, 2024, net of tax $ (175) $ (103) $ (7) $ (285)

Other Income and Expenses (Tabl

Other Income and Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Operating Cost and Expense, by Component	Quarter ended Year to date 9/30/2024 9/30/2023 9/30/2024 9/30/2023 Foreign exchange net (gain) loss $ (3) $ 4 $ 2 $ 8 Impairment and closure expense 2 1 2 2 Other (3) (6) (14) 4 Other (income) expense $ (4) $ (1) $ (10) $ 14

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Balance Sheet Information Disclosure [Abstract]
Accounts and Notes Receivable	9/30/2024 12/31/2023 Accounts and notes receivable, gross $ 762 $ 776 Allowance for doubtful accounts (54) (39) Accounts and notes receivable, net $ 708 $ 737
Schedule of Other Current Assets	9/30/2024 12/31/2023 Income tax receivable $ 55 $ 20 Restricted cash 135 177 Short term investments 91 — Other prepaid expenses and current assets 179 163 Prepaid expenses and other current assets $ 460 $ 360
Property, Plant and Equipment	9/30/2024 12/31/2023 Property, plant and equipment, gross $ 2,694 $ 2,529 Accumulated depreciation and amortization (1,394) (1,332) Property, plant and equipment, net $ 1,300 $ 1,197
Schedule of Other Assets	Other Assets 9/30/2024 12/31/2023 Operating lease right-of-use assets (a) $ 890 $ 764 Franchise incentives 166 175 Investment in Devyani International Limited (See Note 13) — 124 Other 296 298 Other assets $ 1,352 $ 1,361 (a) Non-current operating lease liabilities of $868 million and $757 million as of September 30, 2024 and December 31, 2023, respectively, are included in Other liabilities and deferred credits in our Condensed Consolidated Balance Sheets.
Schedule of Cash and Cash Equivalents [Table Text Block]	9/30/2024 12/31/2023 Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets $ 457 $ 512 Restricted cash included in Prepaid expenses and other current assets (a) 135 177 Restricted cash and restricted cash equivalents included in Other assets (b) 35 35 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents as presented in Condensed Consolidated Statements of Cash Flows $ 627 $ 724 (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, 2024
Income Tax Disclosure [Abstract]
Income Tax And Effective Tax Rate	Quarter ended Year to date 2024 2023 2024 2023 Income tax provision $ 120 $ 89 $ 309 $ 220 Effective tax rate 23.8 % 17.7 % 22.5 % 16.3 %

Revenue Recognition Accountin_2

Revenue Recognition Accounting Policy (Tables)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	Quarter ended 9/30/2024 KFC Division Taco Bell Division Pizza Hut Division Habit Burger & Grill Division Total U.S. Company sales $ 17 $ 267 $ 1 $ 133 $ 418 Franchise revenues 44 211 66 2 323 Property revenues 4 8 1 1 14 Franchise contributions for advertising and other services 10 161 71 1 243 China Franchise revenues 70 — 17 — 87 Other Company sales 203 — — — 203 Franchise revenues 288 15 66 — 369 Property revenues 11 — — — 11 Franchise contributions for advertising and other services 138 4 16 — 158 $ 785 $ 666 $ 238 $ 137 $ 1,826	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	Year to date 9/30/2024 KFC Division Taco Bell Division Pizza Hut Division Habit Burger & Grill Division Total U.S. Company sales $ 45 $ 775 $ 5 $ 399 $ 1,224 Franchise revenues 134 608 200 5 947 Property revenues 10 27 3 2 42 Franchise contributions for advertising and other services 30 468 217 2 717 China Franchise revenues 200 — 51 — 251 Other Company sales 443 — — — 443 Franchise revenues 842 43 191 — 1,076 Property revenues 33 — 1 — 34 Franchise contributions for advertising and other services 397 9 47 — 453 $ 2,134 $ 1,930 $ 715 $ 408 $ 5,187	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
Deferred Franchise Fees [Table Text Block]			Deferred Franchise Fees Balance at December 31, 2023 $ 444 Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period (63) Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period 49 Other (a) (1) Balance at September 30, 2024 $ 429 (a) Primarily includes the settlement of a preexisting contractual relationship related to the KFC U.K. and Ireland restaurant acquisition (see Note 2) and the impact of foreign currency translation. We expect to recognize contract liabilities as revenue over the remaining term of the associated franchise agreement as follows: Less than 1 year $ 72 1 - 2 years 65 2 - 3 years 58 3 - 4 years 51 4 - 5 years 43 Thereafter 140 Total $ 429
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 $ 72 1 - 2 years 65 2 - 3 years 58 3 - 4 years 51 4 - 5 years 43 Thereafter 140 Total $ 429

Reportable Operating Segments (

Reportable Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 KFC Division $ 785 $ 700 $ 2,134 $ 2,069 Taco Bell Division 666 629 1,930 1,822 Pizza Hut Division 238 242 715 738 Habit Burger & Grill Division 137 137 408 411 $ 1,826 $ 1,708 $ 5,187 $ 5,040 Quarter ended Year to date Operating Profit 2024 2023 2024 2023 KFC Division $ 339 $ 344 $ 986 $ 975 Taco Bell Division 251 226 709 658 Pizza Hut Division 91 97 278 292 Habit Burger & Grill Division 1 (2) (2) (4) Corporate and unallocated G&A expenses (74) (68) (249) (238) Unallocated Company restaurant expenses (a) (3) — (4) — Unallocated Franchise and property income (expenses) — 1 — (1) Unallocated Refranchising gain (loss) 12 19 31 40 Unallocated Other income (expense) 2 (4) (3) (13) Operating Profit $ 619 $ 613 $ 1,746 $ 1,709 Investment income (expense), net (b) 1 16 (21) 21 Other pension income (expense) 2 2 5 5 Interest expense, net (120) (126) (358) (381) Income before income taxes $ 502 $ 505 $ 1,372 $ 1,354 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) Unallocated Company restaurant expenses include amortization of reacquired franchise rights (see Note 2). (b) Includes changes in the value of our investment in Devyani International Limited (see Note 13).

Pension Benefits (Tables)

Pension Benefits (Tables)	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 3 $ 3 Interest cost 10 10 31 31 Expected return on plan assets (12) (12) (38) (37) Amortization of net (gain) / loss — — 1 (1) Amortization of prior service cost — — 1 1 Net periodic benefit cost (income) $ (1) $ (1) $ (2) $ (3)

Short-term Borrowings and Lon_2

Short-term Borrowings and Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Short-term Borrowings and Long-term Debt	Short-term Borrowings 9/30/2024 12/31/2023 Current maturities of long-term debt $ 26 $ 56 Less current portion of debt issuance costs and discounts (2) (3) Short-term borrowings $ 24 $ 53 Long-term Debt Securitization Notes $ 3,743 $ 3,743 Subsidiary Senior Unsecured Notes 750 750 Revolving Facility 210 — Term Loan A Facility 500 717 Term Loan B Facility 1,448 1,459 YUM Senior Unsecured Notes 4,550 4,550 Finance lease obligations 67 50 $ 11,268 $ 11,269 Less long-term portion of debt issuance costs and discounts (73) (71) Less current maturities of long-term debt (26) (56) Long-term debt $ 11,169 $ 11,142

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 2024 2023 2024 2023 Interest rate swaps $ (5) $ 6 $ (9) $ (8) $ 9 $ 23 $ (26) $ (20) Income tax benefit/(expense) 1 (1) 2 2 (3) (6) 6 5

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2024
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: 9/30/2024 12/31/2023 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Securitization Notes (a) $ 3,743 $ 3,509 $ 3,743 $ 3,391 Subsidiary Senior Unsecured Notes (b) 750 757 750 742 Term Loan A Facility (b) 500 495 717 716 Term Loan B Facility (b) 1,448 1,456 1,459 1,466 YUM Senior Unsecured Notes (b) 4,550 4,520 4,550 4,439 (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 9/30/2024 12/31/2023 Assets Investments Other assets 1 $ 1 $ 125 Investments Other assets 3 8 7 Interest Rate Swaps Prepaid expenses and other current assets 2 9 24 Interest Rate Swaps Other assets 2 — 2

Financial Statement Presentat_2

Financial Statement Presentation (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) countries_and_territiories restaurants Rate	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) countries_and_territiories operating_segments Months restaurants Rate	Sep. 30, 2023 USD ($)
Number of Stores | restaurants	60,000		60,000
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	$ 0	$ 60
Proceeds from Divestiture of Businesses, Net of Cash Divested			$ 0	$ 121

Business Combinations, Asset _3

Business Combinations, Asset Acquisitions, and Joint Venture Formation (Details) $ in Millions		3 Months Ended	5 Months Ended	9 Months Ended
	Apr. 29, 2024 USD ($) restaurants	Sep. 30, 2024 USD ($) restaurants	Sep. 30, 2024 USD ($) restaurants	Sep. 30, 2024 USD ($) restaurants	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Number of Stores | restaurants		60,000	60,000	60,000
Payments to Acquire Long-Term Investments				$ 174	$ 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	$ 2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	85
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	47
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	109
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	243
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(18)
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	(102)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(31)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(151)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	92
Goodwill		$ 735	$ 735	735		$ 642
Business Combination, Consideration Transferred, Other	3
KFC U.K. and Ireland Store Acquisition [Member]
Asset Acquisition [Line Items]
Goodwill	79
Business Combination, Consideration Transferred	$ 171
Goodwill, Period Increase (Decrease)		$ 3	$ 3
KFC U.K. and Ireland Store Acquisition [Member]
Asset Acquisition [Line Items]
Number of Stores | restaurants	216
Acquisition of The Habit Restaurants, Inc., net of cash acquired				$ 174

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income		$ 382	$ 416	$ 1,063	$ 1,134
Weighted-average common shares outstanding (for basic calculation)		282	281	282	281
Effect of dilutive share-based employee compensation		3	5	3	5
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)		285	286	285	286
Basic EPS		$ 1.36	$ 1.48	$ 3.77	$ 4.03
Diluted EPS		$ 1.35	$ 1.46	$ 3.73	$ 3.97
Unexercised employee stock options and stock appreciation rights (in millions) excluded from the diluted EPS computation	[1]	1.7	1.7	1.8	1.7
[1] These unexercised employee stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and stock options 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, 2024	Sep. 30, 2024	Sep. 30, 2023
Repurchase Of Shares Of Common Stock [Line Items]
Repurchase of shares of Common Stock, value	$ 277	$ 327	$ 50
Stock Repurchase Program, Remaining Authorized Repurchase Amount	1,723	1,723
September 2022
Repurchase Of Shares Of Common Stock [Line Items]
Repurchase of shares of Common Stock, value		50	$ 50
Stock Repurchase Program, Remaining Authorized Repurchase Amount	0	0
May 2024
Repurchase Of Shares Of Common Stock [Line Items]
Repurchase of shares of Common Stock, value		277
Stock Repurchase Program, Authorized Amount	2,000	2,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1,723	$ 1,723
Issued Common Stock
Repurchase Of Shares Of Common Stock [Line Items]
Shares Repurchased	2,000,000	2,434,000	387,000
Repurchase of shares of Common Stock, value	$ 15	$ 59	$ 24
Issued Common Stock | September 2022
Repurchase Of Shares Of Common Stock [Line Items]
Shares Repurchased		366,000	387,000
Issued Common Stock | May 2024
Repurchase Of Shares Of Common Stock [Line Items]
Shares Repurchased		2,068,000	0

Shareholders' Deficit (Details

Shareholders' Deficit (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	$ (309)		$ (302)
Gains (losses) arising during the year classified into AOCI, net of tax	31		35
(Gains) losses reclassified from AOCI, net of tax	(7)		(18)
Other comprehensive income (loss), net of tax	24	$ (21)	17	$ 55
Accumulated other comprehensive loss	(285)		(285)
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	(209)		(201)
Gains (losses) arising during the year classified into AOCI, net of tax	34		26
(Gains) losses reclassified from AOCI, net of tax	0		0
Other comprehensive income (loss), net of tax	34		26
Accumulated other comprehensive loss	(175)		(175)
Pension and Post-Retirement Benefits
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	(103)		(104)
Gains (losses) arising during the year classified into AOCI, net of tax	0		0
(Gains) losses reclassified from AOCI, net of tax	0		1
Other comprehensive income (loss), net of tax	0		1
Accumulated other comprehensive loss	(103)		(103)
Derivative Instruments
Schedule of changes in accumulated comprehensive income [Line Items]
Accumulated other comprehensive loss	3		3
Gains (losses) arising during the year classified into AOCI, net of tax	(3)		9
(Gains) losses reclassified from AOCI, net of tax	(7)		(19)
Other comprehensive income (loss), net of tax	(10)		(10)
Accumulated other comprehensive loss	$ (7)		$ (7)

Other (Income) Expense (Details

Other (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	$ (3)	$ 4	$ 2	$ 8
Impairment and closure expense	2	1	2	2
Other income (expense) excluding foreign exchange gain (loss)	(3)	(6)	(14)	4
Other (income) expense	(4)	(1)	(10)	14
Gain (Loss) on Disposition of Assets	(12)	(19)	(31)	(40)
Income tax provision	$ 120	$ 89	$ 309	$ 220

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Details) $ in Millions	Sep. 30, 2024 USD ($) days	Dec. 31, 2023 USD ($)
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	$ 762	$ 776
Allowance for doubtful accounts	(54)	(39)
Accounts and notes receivable, net	708	737
Income Taxes Receivable, Current	55	20
Restricted Cash, Current	135	177
Short-Term Investments	91	0
Other Prepaid Expense, Current	179	163
Prepaid Expense and Other Assets, Current	$ 460	$ 360

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information (Details 2) - USD ($) $ in Millions		Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Property, plant and equipment, gross		$ 2,694	$ 2,529
Accumulated depreciation and amortization		(1,394)	(1,332)
Property, plant and equipment, net		1,300	1,197
Operating lease, right-of-use assets	[1]	890	764
Other assets		1,352	1,361
Other Assets, Miscellaneous, Noncurrent		296	298
Operating Lease, Liability, Noncurrent		868	757
Cash and cash equivalents as presented in Condensed Consolidated Balance Sheets		457	512
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		627	724	$ 875	$ 647
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Equity Securities, FV-NI		0	124
Prepaid Expenses and Other Current Assets [Member]
Restricted Cash and Cash Equivalents	[2]	135	177
Other Current Assets [Member]
Restricted Cash and Cash Equivalents	[3]	35	35
Franchise Incentive [Member]
Other assets		$ 166	$ 175
[1]Non-current operating lease liabilities of $868 million and $757 million as of September 30, 2024 and December 31, 2023, 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income tax provision	$ (120)	$ (89)	$ (309)	$ (220)
Effective tax rate	23.80%	17.70%	22.50%	16.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%

Revenue Recognition Accountin_3

Revenue Recognition Accounting Policy (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 1,826	$ 1,708	$ 5,187	$ 5,040
Company Sales
Revenues	621	510	1,667	1,495
Franchise and property revenues
Revenues	804	796	2,350	2,351
Franchise contributions for advertising and other services
Revenues	401	402	1,170	1,194
UNITED STATES | Company Sales
Revenues	418	408	1,224	1,201
UNITED STATES | Franchise and property revenues
Revenues	323	309	947	915
UNITED STATES | Property Revenues
Revenues	14	15	42	44
UNITED STATES | Franchise contributions for advertising and other services
Revenues	243	233	717	690
CHINA | Franchise and property revenues
Revenues	87	84	251	245
Other, Outside the U.S. and China [Member] | Company Sales
Revenues	203	102	443	294
Other, Outside the U.S. and China [Member] | Franchise and property revenues
Revenues	369	376	1,076	1,108
Other, Outside the U.S. and China [Member] | Property Revenues
Revenues	11	12	34	39
Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services
Revenues	158	169	453	504
KFC Global Division [Member]
Revenues	785	700	2,134	2,069
KFC Global Division [Member] | UNITED STATES | Company Sales
Revenues	17	15	45	48
KFC Global Division [Member] | UNITED STATES | Franchise and property revenues
Revenues	44	48	134	143
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	10	9	30	25
KFC Global Division [Member] | CHINA | Franchise and property revenues
Revenues	70	66	200	193
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Company Sales
Revenues	203	102	443	294
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise and property revenues
Revenues	288	296	842	870
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Property Revenues
Revenues	11	12	33	38
KFC Global Division [Member] | Other, Outside the U.S. and China [Member] | Franchise contributions for advertising and other services
Revenues	138	148	397	448
Pizza Hut Global Division [Member]
Revenues	238	242	715	738
Pizza Hut Global Division [Member] | UNITED STATES | Company Sales
Revenues	1	2	5	11
Pizza Hut Global Division [Member] | UNITED STATES | Franchise and property revenues
Revenues	66	64	200	200
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	71	72	217	224
Pizza Hut Global Division [Member] | CHINA | Franchise and property revenues
Revenues	17	18	51	52
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	66	67	191	198
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	16	18	47	49
Taco Bell Global Division [Member]
Revenues	666	629	1,930	1,822
Taco Bell Global Division [Member] | UNITED STATES | Company Sales
Revenues	267	256	775	738
Taco Bell Global Division [Member] | UNITED STATES | Franchise and property revenues
Revenues	211	196	608	568
Taco Bell Global Division [Member] | UNITED STATES | Property Revenues
Revenues	8	9	27	29
Taco Bell Global Division [Member] | UNITED STATES | Franchise contributions for advertising and other services
Revenues	161	152	468	440
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	15	13	43	40
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	4	3	9	7
Habit Division [Member]
Revenues	137	137	408	411
Habit Division [Member] | UNITED STATES | Company Sales
Revenues	133	135	399	404
Habit Division [Member] | UNITED STATES | Franchise and property revenues
Revenues	2	1	5	4
Habit Division [Member] | UNITED STATES | Property Revenues
Revenues	1	1	2	2
Habit Division [Member] | UNITED STATES | Franchise contributions for advertising and other services
Revenues	1	0	2	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, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue	$ 429	$ 444
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the period	(63)
Increase for upfront fees associated with contracts that became effective during the period, net of amounts recognized as revenue during the period	49
Foreign Currency Gain (Loss) and Refranchising Gain (Loss) [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Other	$ (1)

Revenue Recognition Accountin_5

Revenue Recognition Accounting Policy (Details 3) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue	$ 429	$ 444
Less than 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	72
1 - 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	65
2 - 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	58
3 - 4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	51
4 - 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	43
Thereafter
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred Revenue, Revenue Expected to be Recognized	$ 140

Reportable Operating Segments_2

Reportable Operating Segments (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues		$ 1,826	$ 1,708	$ 5,187	$ 5,040
Operating Profit		619	613	1,746	1,709
General and Administrative Expense		263	267	830	840
Company restaurant expenses		523	421	1,393	1,239
Franchise and property expenses		36	27	90	95
Refranchising (gain) loss		(12)	(19)	(31)	(40)
Other (income) expense		(4)	(1)	(10)	14
Investment (income) expense, net	[1]	(1)	(16)	21	(21)
Other pension income (expense)		2	2	5	5
Interest Income (Expense), Net		(120)	(126)	(358)	(381)
Income Before Income Taxes		502	505	1,372	1,354
KFC Global Division [Member]
Segment Reporting Information [Line Items]
Revenues		785	700	2,134	2,069
Operating Profit		339	344	986	975
Pizza Hut Global Division [Member]
Segment Reporting Information [Line Items]
Revenues		238	242	715	738
Operating Profit		91	97	278	292
Taco Bell Global Division [Member]
Segment Reporting Information [Line Items]
Revenues		666	629	1,930	1,822
Operating Profit		251	226	709	658
Habit Division [Member]
Segment Reporting Information [Line Items]
Revenues		137	137	408	411
Operating Profit		1	(2)	(2)	(4)
Unallocated [Member]
Segment Reporting Information [Line Items]
General and Administrative Expense		74	68	249	238
Company restaurant expenses	[2]	3	0	4	0
Franchise and property expenses		0	(1)	0	1
Refranchising (gain) loss		(12)	(19)	(31)	(40)
Other (income) expense		$ (2)	$ 4	$ 3	$ 13
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 13). Unallocated Company restaurant expenses include amortization of reacquired franchise rights (see Note 2).

Pension Benefits (Details)

Pension Benefits (Details) - UNITED STATES - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1	$ 3	$ 3
Interest cost	10	10	31	31
Expected return on plan assets	(12)	(12)	(38)	(37)
Amortization of net loss	0	0	1	(1)
Amortization of prior service cost	0	0	1	1
Net periodic benefit cost	$ (1)	$ (1)	$ (2)	$ (3)

Short-term Borrowings and Lon_3

Short-term Borrowings and Long-term Debt (Details) - USD ($) $ in Millions		2 Months Ended	9 Months Ended
	Apr. 26, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term Line of Credit			$ 210		$ 0
Finance Lease, Liability, Noncurrent			67		50
Long-term debt and capital less obligations, including current maturities and debt issuance costs			11,268		11,269
Less Debt Issuance Costs, Noncurrent, Net			(73)		(71)
Long-term debt			11,169		11,142
Interest Paid, Including Capitalized Interest, Operating and Investing Activities			356	$ 367
Long-term Debt, Current Maturities			26		56
Less current portion of debt issuance costs and discounts			(2)		(3)
Short-term borrowings			24		53
Revolving credit facilities, three months or less, net			205	$ (279)
Debt Related Commitment Fees and Debt Issuance Costs			$ 1
Debt Instrument, Maturity Date, Description			The Term Loan A Facility and the Revolving Facility will mature on the earliest of (i) April 26, 2029, (ii) the date that is 91 days prior to the March 15, 2028 maturity of the Borrowers' existing Term Loan B Facility if more than $250 million of such Term Loan B remains outstanding as of such date or (iii) the date that is 91 days prior to the June 1, 2027 maturity of the Borrowers' existing Subsidiary Senior Unsecured Notes if more than $250 million of such Subsidiary Senior Unsecured Notes remains outstanding as of such date.
Paid to Lender
Debt Instrument [Line Items]
Debt Issuance Costs			$ 6
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Gross			8
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	$ 713		$ 500		717
Term Loan A Facility Repayments Of Principal In Year Two And Three		0.625%	1.25%
Term Loan B Facility [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt			$ 1,448		1,459
YUM Senior Unsecured Notes [Member] [Domain] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Senior Notes			4,550		$ 4,550
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facilities, three months or less, net	$ 1,250		$ 1,500

Derivative Instruments (Details

Derivative Instruments (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ (9)
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (losses) arising during the period	$ (4)	$ 7	$ 12	$ 25
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	1	(1)	(3)	(6)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	2	2	6	5
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (losses) arising during the period	(5)	6	9	23
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (9)	$ (8)	$ (26)	$ (20)

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
		Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Apr. 26, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Owned, at Fair Value						$ 124
Unrealized Gain (Loss) on Investments		$ 20
Proceeds from Sale of Long-Term Investments		$ 104	$ 104	$ 0
Devyani
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investment, Ownership Percentage						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
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]		3,509			3,391
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			500		$ 713	717
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]		495			716
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			1,448			1,459
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]		1,456			1,466
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
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]		757			742
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			4,550			4,550
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]		4,520			4,439
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			1			125
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			8			7
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			0			2
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			$ 9			$ 24
[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, 2024 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 $1.3 billion through the third quarter of 2024. 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. In March 2023, we received the IRS Examination Division’s Rebuttal to our Protest and the matter is proceeding with 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	$ 350
Guarantee Obligations Maximum Exposure At Present Value	$ 300

Contingencies (Details 2)

Contingencies (Details 2)	9 Months Ended
	Sep. 30, 2024
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 $130 million. Of this amount, $125 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 October 8, 2024 has been rescheduled to January 21, 2025. A hearing held on October 16, 2024, before the Delhi High Court has been continued to February 4, 2025, and the stay order remains in effect. 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.