McDonald's (MCD) 10-Q 2 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2018shares
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	MCD
Entity Registrant Name	MCDONALDS CORP
Entity Central Index Key	63,908
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	775,800,409

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and equivalents	$ 1,623.5	$ 2,463.8
Accounts and notes receivable	2,217.2	1,976.2
Inventories, at cost, not in excess of market	49.6	58.8
Prepaid expenses and other current assets	465.3	828.4
Total current assets	4,355.6	5,327.2
Other assets
Investments in and advances to affiliates	1,127.6	1,085.7
Goodwill	2,347.2	2,379.7
Miscellaneous	2,516.8	2,562.8
Total other assets	5,991.6	6,028.2
Property and equipment
Property and equipment, at cost	36,577.3	36,626.4
Accumulated depreciation and amortization	(14,216.1)	(14,178.1)
Net property and equipment	22,361.2	22,448.3
Total assets	32,708.4	33,803.7
Current liabilities
Accounts payable	917.9	924.8
Income taxes	211.5	265.8
Other taxes	278.8	275.4
Accrued interest	236.4	278.4
Accrued payroll and other liabilities	1,033.5	1,146.2
Current maturities of long-term debt	292.2	0
Total current liabilities	2,970.3	2,890.6
Long-term debt	30,687.7	29,536.4
Long-term income taxes	1,987	2,370.9
Deferred revenues - initial franchise fees	606.7	0
Other long-term liabilities	1,134.6	1,154.4
Deferred income taxes	1,173.1	1,119.4
Shareholders' equity (deficit)
Preferred stock, no par value; authorized—165.0 million shares; issued—none	0	0
Common stock, $.01 par value; authorized—3.5 billion shares; issued—1,660.6 million shares	16.6	16.6
Additional paid-in capital	7,195.2	7,072.4
Retained earnings	49,106.7	48,325.8
Accumulated other comprehensive income (loss)	(2,435)	(2,178.4)
Common stock in treasury, at cost; 884.8 and 866.5 million shares	(59,734.5)	(56,504.4)
Total shareholders' equity (deficit)	(5,851)	(3,268)
Total liabilities and shareholders' equity (deficit)	$ 32,708.4	$ 33,803.7

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred stock, par value	$ 0	$ 0
Preferred stock, authorized	165,000,000	165,000,000
Preferred stock, issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	3,500,000,000	3,500,000,000
Common stock, issued	1,660,600,000	1,660,600,000
Common stock in treasury, shares	884,800,000	866,500,000

Condensed Consolidated Statemen

Condensed Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Sales by Company-operated restaurants	$ 2,594.9	$ 3,569.6	$ 5,130.5	$ 6,981.5
Revenues from franchised restaurants	2,759	2,480.1	5,362.3	4,744.1
Total revenues	5,353.9	6,049.7	10,492.8	11,725.6
Operating costs and expenses
Company-operated restaurant expenses	2,130.5	2,903.3	4,261.4	5,719.7
Franchised restaurants-occupancy expenses	483.9	438	964.2	868.1
Selling, general & administrative expenses	542.1	525.4	1,075.2	1,046.7
Other operating (income) expense, net	(64.9)	(112.1)	(213.4)	(238)
Total operating costs and expenses	3,091.6	3,754.6	6,087.4	7,396.5
Operating income	2,262.3	2,295.1	4,405.4	4,329.1
Interest expense	240.2	230.9	477	449.5
Nonoperating (income) expense, net	4	2.8	22.4	10.7
Income before provision for income taxes	2,018.1	2,061.4	3,906	3,868.9
Provision for income taxes	521.8	666.3	1,034.3	1,259
Net income	$ 1,496.3	$ 1,395.1	$ 2,871.7	$ 2,609.9
Earnings per common share-basic	$ 1.92	$ 1.72	$ 3.66	$ 3.20
Earnings per common share-diluted	1.90	1.70	3.62	3.17
Dividends declared per common share	$ 1.01	$ 0.94	$ 2.02	$ 1.88
Weighted average shares outstanding-basic	780	811.6	785.4	815.2
Weighted average shares outstanding-diluted	787.1	819.2	793	822.3

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 1,496.3	$ 1,395.1	$ 2,871.7	$ 2,609.9
Foreign currency translation adjustments:
Gain (loss) recognized in accumulated other comprehensive income (AOCI), including net investment hedges	(326.4)	245.7	(300.7)	533.3
Reclassification of (gain) loss to net income	0	(4.6)	0	104.4
Foreign currency translation adjustments-net of tax benefit (expense) of $(143.9), $227.6, $(71.6) and $272.1	(326.4)	241.1	(300.7)	637.7
Cash flow hedges:
Gain (loss) recognized in AOCI	32.2	(23.2)	24.7	(30.3)
Reclassification of (gain) loss to net income	3.6	(2)	15.6	(5.9)
Cash flow hedges-net of tax benefit (expense) of $(10.5), $14.3, $(11.7) and $20.5	35.8	(25.2)	40.3	(36.2)
Defined benefit pension plans:
Gain (loss) recognized in AOCI	0	0	(1.1)	(0.3)
Reclassification of (gain) loss to net income	2.1	2.7	4.9	5.3
Defined benefit pension plans-net of tax benefit (expense) of $0.1, $0.0, $(0.8) and $(0.5)	2.1	2.7	3.8	5
Total other comprehensive income (loss), net of tax	(288.5)	218.6	(256.6)	606.5
Comprehensive income (loss)	$ 1,207.8	$ 1,613.7	$ 2,615.1	$ 3,216.4

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other comprehensive income (loss), foreign currency translation adjustment, tax	$ (143.9)	$ 227.6	$ (71.6)	$ 272.1
Other comprehensive income (loss), derivatives qualifying as hedges, tax	(10.5)	14.3	(11.7)	20.5
Other comprehensive income (loss), pension and other postretirement benefit plans, tax	$ 0.1	$ 0	$ (0.8)	$ (0.5)

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating activities
Net income	$ 1,496.3	$ 1,395.1	$ 2,871.7	$ 2,609.9
Charges and credits:
Depreciation and amortization	365	339.5	727.9	664.8
Deferred income taxes	54.4	64.6	83.6	150.5
Share-based compensation	23.9	21.3	63.7	44
Other	(90.7)	(76)	(145.6)	(188.7)
Changes in working capital items	(510.1)	(531.1)	(617.3)	(523.1)
Cash provided by operations	1,338.8	1,213.4	2,984	2,757.4
Investing activities
Capital expenditures	(611.3)	(368.7)	(1,164.1)	(796.4)
Purchases of restaurant businesses	(11.6)	(15)	(35.3)	(18.1)
Sales of restaurant businesses	143.2	304.1	329.9	849.9
Sales of property	52.8	28.8	124.5	94.1
Other	(63.9)	(96)	(104.9)	(138.2)
Cash provided by (used for) investing activities	(490.8)	(146.8)	(849.9)	(8.7)
Financing activities
Net short-term borrowings	239.7	(9.3)	795.7	(778.5)
Long-term financing issuances	500.5	537.1	2,000.2	2,530.1
Long-term financing repayments	(1.2)	(1.4)	(1,002.8)	(403.5)
Treasury stock purchases	(1,607.2)	(1,107.7)	(3,240.1)	(1,855.7)
Common stock dividends	(786.1)	(761.5)	(1,583.6)	(1,532.1)
Proceeds from stock option exercises	91.7	174.4	167	290.6
Other	(1.6)	1.9	(6.8)	(4.6)
Cash used for financing activities	(1,564.2)	(1,166.5)	(2,870.4)	(1,753.7)
Effect of exchange rates on cash and cash equivalents	(128.3)	98.7	(104)	153.4
Cash and equivalents increase (decrease)	(844.5)	(1.2)	(840.3)	1,148.4
Change in cash balances of businesses held for sale	0	(18.6)	0	20.6
Cash and equivalents at beginning of period	2,468	2,412.2	2,463.8	1,223.4
Cash and equivalents at end of period	$ 1,623.5	$ 2,392.4	$ 1,623.5	$ 2,392.4

Condensed Consolidated Stateme8

Condensed Consolidated Statement of Shareholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) shares in Millions, $ in Millions	Total	Common stock issued	Additional paid-in capital	Retained earnings	Pensions	Cash flow hedges	Foreign currency translation	Common stock in treasury
Beginning Balance (in shares) at Dec. 31, 2017		1,660.6						(866.5)
Beginning Balance at Dec. 31, 2017	$ (3,268)	$ 16.6	$ 7,072.4	$ 48,325.8	$ (190.2)	$ (16.5)	$ (1,971.7)	$ (56,504.4)
Net income	2,871.7			2,871.7
Other comprehensive income (loss), net of tax	(256.6)				3.8	40.3	(300.7)
Comprehensive income	2,615.1
Adoption of ASC 606	(450.2)			(450.2)
Adoption of ASU 2016-16	(57)			(57)
Common stock cash dividends	(1,583.6)			(1,583.6)
Treasury stock purchases (in shares)								(20.8)
Treasury stock purchases	(3,336.3)							$ (3,336.3)
Share-based compensation	63.7		63.7
Stock option exercises and other (in shares)								2.5
Stock option exercises and other	165.3		59.1					$ 106.2
Ending Balance (in shares) at Jun. 30, 2018		1,660.6						(884.8)
Ending Balance at Jun. 30, 2018	$ (5,851)	$ 16.6	$ 7,195.2	$ 49,106.7	$ (186.4)	$ 23.8	$ (2,272.4)	$ (59,734.5)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s December 31, 2017 Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been included. The results for the quarter and six months ended June 30, 2018

Restaurant Information

Restaurant Information	6 Months Ended
	Jun. 30, 2018
Disclosure Restaurant Information By Ownership Type [Abstract]
Restaurant Information	Restaurant Information The following table presents restaurant information by ownership type: Restaurants at June 30, 2018 2017 Conventional franchised 21,535 21,317 Developmental licensed 7,013 7,263 Foreign affiliated 5,973 3,356 Total Franchised 34,521 31,936 Company-operated 2,885 5,075 Systemwide restaurants 37,406 37,011

Per Common Share Information

Per Common Share Information	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Per Common Share Information	Per Common Share Information Diluted earnings per common share is calculated using net income divided by diluted weighted-average shares. Diluted weighted-average shares include weighted-average shares outstanding plus the dilutive effect of share-based compensation, calculated using the treasury stock method, of 7.1 million shares and 7.6 million shares for the quarters 2018 and 2017 , respectively, and 7.6 million shares and 7.1 million shares for the six months 2018 and 2017 , respectively. Stock options that would have been antidilutive, and therefore were not included in the calculation of diluted weighted-average shares, totaled 2.6 million shares and 0.1 million shares for the quarters 2018 and 2017 , respectively, and 2.6 million shares and 4.0 million shares for the six months 2018 and 2017

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recently Issued Accounting Standards Measurement Period - Tax Cuts and Jobs Act of 2017 In December 2017, the Securities and Exchange Commission published Staff Accounting Bulletin No. 118 ("SAB 118"), which provides guidance on reporting for accounting impacts of the Tax Cuts and Jobs Act of 2017 (“Tax Act”). SAB 118 allowed the Company to provide reasonable estimates in its 2017 consolidated financial statements for the income tax effects of the Tax Act and to report those effects as provisional amounts in its financial statements through a limited measurement period. Under SAB 118, the measurement period may not extend beyond one year from the enactment of the Tax Act. The Company has not completed the accounting for the tax effects of the enactment of the Tax Act, although it has made reasonable estimates of the effects on existing deferred tax balances and on the one-time transition tax on earnings of certain foreign subsidiaries. Certain aspects of the Tax Act are expected to be clarified, and as such, could impact these estimates. A net provisional tax cost of approximately $700 million was originally recognized in the Company's 2017 consolidated financial statements, and subsequently increased by $52 million in the first quarter of 2018. Lease Accounting In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Most prominent among the amendments is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company will adopt the new standard effective January 1, 2019. At transition, the Company will recognize and measure leases using the required modified retrospective approach. The Company anticipates ASU 2016-02 will have a material impact on the consolidated balance sheet due to the significance of the Company’s operating lease portfolio. The Company will elect an optional practical expedient to retain the current classification of leases, and, therefore, anticipates a minimal initial impact on the consolidated statement of income. The impact of ASU 2016-02 is non-cash in nature; therefore, it will not affect the Company’s cash flows. Recently Adopted Accounting Standards Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 expanded components of fair value hedging, specifies the recognition and presentation of the effects of hedging instruments, and eliminates the separate measurement and presentation of hedge ineffectiveness. The Company elected to early adopt the new standard in the first quarter of 2018 and applied the presentation and disclosure guidance on a prospective basis. The adoption of the standard did not have a material impact on the Company's condensed consolidated financial statements. Income Taxes In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” The goal of this update was to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The Company adopted this standard on January 1, 2018 using a modified retrospective method, resulting in a cumulative catch up adjustment of $57 million , the majority of which was recorded within miscellaneous other assets on the condensed consolidated balance sheet. The adoption of this standard did not have a material impact on the condensed consolidated statements of income and cash flows. Revenue Recognition In May 2014, the FASB issued guidance codified in Accounting Standards Codification ("ASC") 606, "Revenue Recognition - Revenue from Contracts with Customers," which amended the guidance in former ASC 605, "Revenue Recognition." The core principle of the standard is to recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration expected to be received for those goods or services. The standard also requires additional disclosures around the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. On January 1, 2018, the Company adopted ASC 606 using the modified retrospective method. Refer to the Revenues

Revenues

Revenues	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Revenues The Company’s revenues consist of sales by Company-operated restaurants and fees from franchised restaurants operated by conventional franchisees, developmental licensees and foreign affiliates. Revenues from conventional franchised restaurants include rent and royalties based on a percent of sales with minimum rent payments, and initial fees. Revenues from restaurants licensed to foreign affiliates and developmental licensees include a royalty based on a percent of sales, and may include initial fees. ASC 606 provides that revenues are to be recognized when control of promised goods or services is transferred to a customer in an amount that reflects the consideration expected to be received for those goods or services. This standard does not impact the Company's recognition of revenue from Company-operated restaurants as those sales are recognized on a cash basis at the time of the underlying sale and are presented net of sales tax and other sales-related taxes. The standard also does not change the recognition of royalties from restaurants operated by franchisees or licensed to affiliates and developmental licensees, which are based on a percent of sales and recognized at the time the underlying sales occur. Rental income from restaurants operated by conventional franchisees is also not impacted by this standard as those revenues are subject to the guidance in ASC 840, "Leases." The standard does change the timing in which the Company recognizes initial fees from franchisees for new restaurant openings and new franchise terms. The Company's accounting policy through December 31, 2017, was to recognize initial franchise fees when received, upon a new restaurant opening and at the start of a new franchise term. Beginning in January 2018, initial franchise fees are being recognized as the Company satisfies the performance obligation over the franchise term, which is generally 20 years. The Company adopted ASC 606 as of January 1, 2018, using the modified retrospective method. This method allows the standard to be applied retrospectively through a cumulative catch up adjustment recognized upon adoption. As such, comparative information in the Company’s financial statements has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative adjustment recorded upon adoption of ASC 606 consisted of deferred revenue of approximately $600 million within long-term liabilities and approximately $150 million of associated adjustments to the deferred tax balances which are recorded in Deferred income taxes and Miscellaneous other assets on the condensed consolidated balance sheet. The following table presents revenue disaggregated by revenue source (in millions): Quarters Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Company-operated sales U.S. $ 696.8 $ 849.5 $ 1,405.5 $ 1,685.1 International Lead Markets 1,022.7 1,021.4 2,029.8 1,962.6 High Growth Markets 732.6 1,459.3 1,432.9 2,804.6 Foundational Markets & Corporate 142.8 239.4 262.3 529.2 Total $ 2,594.9 $ 3,569.6 $ 5,130.5 $ 6,981.5 Franchised revenues U.S. $ 1,264.4 $ 1,198.9 $ 2,422.9 $ 2,292.3 International Lead Markets 908.2 791.8 1,778.6 1,494.1 High Growth Markets 281.4 219.9 553.3 411.8 Foundational Markets & Corporate 305.0 269.5 607.5 545.9 Total* $ 2,759.0 $ 2,480.1 $ 5,362.3 $ 4,744.1 Total revenues U.S. $ 1,961.2 $ 2,048.4 $ 3,828.4 $ 3,977.4 International Lead Markets 1,930.9 1,813.2 3,808.4 3,456.7 High Growth Markets 1,014.0 1,679.2 1,986.2 3,216.4 Foundational Markets & Corporate 447.8 508.9 869.8 1,075.1 Total $ 5,353.9 $ 6,049.7 $ 10,492.8 $ 11,725.6 * Although the Company expects the application of ASC 606 to negatively impact 2018 annual franchised revenues by approximately $50 million , results for the quarter and six months ended June 30, 2018, only reflected an impact of approximately $10 million and $15 million

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures certain financial assets and liabilities at fair value. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. The Company did not have any significant changes to the valuation techniques used to measure fair value as described in the Company's December 31, 2017 Annual Report on Form 10-K. At June 30, 2018 , the fair value of the Company’s debt obligations was estimated at $32.1 billion , compared to a carrying amount of $31.0 billion

Financial Instruments and Hedgi

Financial Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Hedging Activities	Financial Instruments and Hedging Activities The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency fluctuations. The Company uses foreign currency denominated debt and derivative instruments to mitigate the impact of these changes. The Company does not hold or issue derivatives for trading purposes. The following table presents the fair values of derivative instruments included on the condensed consolidated balance sheet: Derivative Assets Derivative Liabilities In millions Balance Sheet Classification June 30, 2018 December 31, 2017 Balance Sheet Classification June 30, 2018 December 31, 2017 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 20.7 $ 0.5 Accrued payroll and other liabilities $ (5.4 ) $ (31.0 ) Interest Rate Accrued payroll and other liabilities (0.8 ) (0.3 ) Foreign currency Miscellaneous other assets 5.6 0.1 Other long-term liabilities (0.1 ) (1.4 ) Interest rate Miscellaneous other assets Other long-term liabilities (21.6 ) (5.9 ) Total derivatives designated as hedging instruments $ 26.3 $ 0.6 $ (27.9 ) $ (38.6 ) Derivatives not designated as hedging instruments Equity Accrued payroll and other liabilities $ (3.1 ) $ (1.3 ) Foreign currency Prepaid expenses and other current assets $ 6.5 $ — Accrued payroll and other liabilities — (5.5 ) Equity Miscellaneous other assets 153.3 167.3 Total derivatives not designated as hedging instruments $ 159.8 $ 167.3 $ (3.1 ) $ (6.8 ) Total derivatives $ 186.1 $ 167.9 $ (31.0 ) $ (45.4 ) The following table presents the pre-tax amounts from derivative instruments affecting income and other comprehensive income (“OCI”) for the six months ended June 30, 2018 and 2017 , respectively: Location of Gain or Loss Recognized in Income on Derivative Gain (Loss) Recognized in Accumulated OCI Gain (Loss) Reclassified into Income from Accumulated OCI Gain (Loss) Recognized in Income on Derivative In millions 2018 2017 2018 2017 2018 2017 Foreign currency Nonoperating income/expense $ 31.8 $ (47.5 ) $ (19.7 ) $ 9.4 Interest rate Interest expense — — (0.5 ) (0.2 ) Cash flow hedges $ 31.8 $ (47.5 ) $ (20.2 ) $ 9.2 Foreign currency denominated debt Nonoperating income/expense $ 399.7 $ (978.1 ) $ — $ — Foreign currency derivatives Nonoperating income/expense 1.0 (23.0 ) — 8.0 Foreign currency derivatives (1) Interest expense $ 0.2 $ — Net investment hedges $ 400.7 $ (1,001.1 ) $ — $ 8.0 $ 0.2 $ — Foreign currency Nonoperating income/expense $ 11.8 $ (18.5 ) Equity Selling, general & administrative expenses (8.6 ) 50.9 Undesignated derivatives $ 3.2 $ 32.4 (1) The amount of gain (loss) recognized in income related to components excluded from effectiveness testing. Fair Value Hedges The Company enters into fair value hedges to reduce the exposure to changes in fair values of certain liabilities. The Company enters into fair value hedges that convert a portion of its fixed rate debt into floating rate debt by use of interest rate swaps. At June 30, 2018 , the carrying amount of fixed-rate debt that was effectively converted was $727.7 million , which included a decrease of $22.3 million of cumulative hedging adjustments. For the six months ended June 30, 2018 , the Company recognized a $16.2 million loss on the fair value of interest rate swaps, and a corresponding gain on the fair value of the related hedged debt instrument to Interest expense. Cash Flow Hedges The Company enters into cash flow hedges to reduce the exposure to variability in certain expected future cash flows. To protect against the reduction in value of forecasted foreign currency cash flows (such as royalties denominated in foreign currencies), the Company uses foreign currency forwards to hedge a portion of anticipated exposures. The hedges cover the next 18 months for certain exposures and are denominated in various currencies. As of June 30, 2018 , the Company had derivatives outstanding with an equivalent notional amount of $809.5 million that hedged a portion of forecasted foreign currency denominated cash flows. Based on market conditions at June 30, 2018 , the $23.8 million in cumulative cash flow hedging gains , after tax, is not expected to have a significant effect on earnings over the next 12 months. Net Investment Hedges The Company primarily uses foreign currency denominated debt (third party and intercompany) to hedge its investments in certain foreign subsidiaries and affiliates. Realized and unrealized translation adjustments from these hedges are included in shareholders' equity in the foreign currency translation component of OCI and offset translation adjustments on the underlying net assets of foreign subsidiaries and affiliates, which also are recorded in OCI. As of June 30, 2018 , $11.7 billion of the Company's third party foreign currency denominated debt and $4.0 billion of intercompany foreign currency denominated debt were designated to hedge investments in certain foreign subsidiaries and affiliates. Undesignated Derivatives The Company enters into certain derivatives that are not designated for hedge accounting, therefore the changes in the fair value of these derivatives are recognized immediately in earnings together with the gain or loss from the hedged balance sheet position. As an example, the Company enters into equity derivative contracts, including total return swaps, to hedge market-driven changes in certain of its supplemental benefit plan liabilities. Changes in the fair value of these derivatives are recorded in Selling, general & administrative expenses together with the changes in the supplemental benefit plan liabilities. In addition, the Company uses foreign currency forwards to mitigate the change in fair value of certain foreign currency denominated assets and liabilities. The changes in the fair value of these derivatives are recognized in Nonoperating (income) expense, net, along with the currency gain or loss from the hedged balance sheet position. Credit Risk The Company is exposed to credit-related losses in the event of non-performance by its derivative counterparties. The Company did not have significant exposure to any individual counterparty at June 30, 2018 and has master agreements that contain netting arrangements. For financial reporting purposes, the Company presents gross derivative balances in the financial statements and supplementary data, including for counterparties subject to netting arrangements. Some of these agreements also require each party to post collateral if credit ratings fall below, or aggregate exposures exceed, certain contractual limits. At June 30, 2018

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The Company franchises and operates McDonald’s restaurants in the global restaurant industry. The following reporting segments reflect how management reviews and evaluates operating performance. • U.S. - the Company's largest segment • International Lead Markets - established markets including Australia, Canada, France, Germany, the U.K. and related markets • High Growth Markets - markets the Company believes have relatively higher restaurant expansion and franchising potential including China, Italy, South Korea, Poland, Russia, Spain, Switzerland, the Netherlands and related markets • Foundational Markets & Corporate - the remaining markets in the McDonald's system, most of which operate under a largely franchised model. Corporate activities are also reported within this segment The following table presents the Company’s revenues and operating income by segment: Quarters Ended Six Months Ended June 30, June 30, In millions 2018 2017 2018 2017 Revenues U.S. $ 1,961.2 $ 2,048.4 $ 3,828.4 $ 3,977.4 International Lead Markets 1,930.9 1,813.2 3,808.4 3,456.7 High Growth Markets 1,014.0 1,679.2 1,986.2 3,216.4 Foundational Markets & Corporate 447.8 508.9 869.8 1,075.1 Total revenues $ 5,353.9 $ 6,049.7 $ 10,492.8 $ 11,725.6 Operating Income U.S. $ 999.2 $ 1,072.9 $ 1,997.2 $ 2,020.8 International Lead Markets 889.9 776.0 1,699.6 1,442.6 High Growth Markets 282.7 349.5 517.0 650.2 Foundational Markets & Corporate 90.5 96.7 191.6 215.5 Total operating income $ 2,262.3 $ 2,295.1 $ 4,405.4 $ 4,329.1

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission. There were no subsequent events that required recognition or disclosure.

Restaurant Information (Tables)

Restaurant Information (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure Restaurant Information By Ownership Type [Abstract]
Restaurant Information by Ownership Type	The following table presents restaurant information by ownership type: Restaurants at June 30, 2018 2017 Conventional franchised 21,535 21,317 Developmental licensed 7,013 7,263 Foreign affiliated 5,973 3,356 Total Franchised 34,521 31,936 Company-operated 2,885 5,075 Systemwide restaurants 37,406 37,011

Revenues (Disaggregation of Rev

Revenues (Disaggregation of Revenues) (Tables)	6 Months Ended
	Jun. 30, 2018
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents revenue disaggregated by revenue source (in millions): Quarters Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Company-operated sales U.S. $ 696.8 $ 849.5 $ 1,405.5 $ 1,685.1 International Lead Markets 1,022.7 1,021.4 2,029.8 1,962.6 High Growth Markets 732.6 1,459.3 1,432.9 2,804.6 Foundational Markets & Corporate 142.8 239.4 262.3 529.2 Total $ 2,594.9 $ 3,569.6 $ 5,130.5 $ 6,981.5 Franchised revenues U.S. $ 1,264.4 $ 1,198.9 $ 2,422.9 $ 2,292.3 International Lead Markets 908.2 791.8 1,778.6 1,494.1 High Growth Markets 281.4 219.9 553.3 411.8 Foundational Markets & Corporate 305.0 269.5 607.5 545.9 Total* $ 2,759.0 $ 2,480.1 $ 5,362.3 $ 4,744.1 Total revenues U.S. $ 1,961.2 $ 2,048.4 $ 3,828.4 $ 3,977.4 International Lead Markets 1,930.9 1,813.2 3,808.4 3,456.7 High Growth Markets 1,014.0 1,679.2 1,986.2 3,216.4 Foundational Markets & Corporate 447.8 508.9 869.8 1,075.1 Total $ 5,353.9 $ 6,049.7 $ 10,492.8 $ 11,725.6 * Although the Company expects the application of ASC 606 to negatively impact 2018 annual franchised revenues by approximately $50 million , results for the quarter and six months ended June 30, 2018, only reflected an impact of approximately $10 million and $15 million

Financial Instruments and Hed20

Financial Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Values of Derivative Instruments Included on Consolidated Balance Sheet	The following table presents the fair values of derivative instruments included on the condensed consolidated balance sheet: Derivative Assets Derivative Liabilities In millions Balance Sheet Classification June 30, 2018 December 31, 2017 Balance Sheet Classification June 30, 2018 December 31, 2017 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 20.7 $ 0.5 Accrued payroll and other liabilities $ (5.4 ) $ (31.0 ) Interest Rate Accrued payroll and other liabilities (0.8 ) (0.3 ) Foreign currency Miscellaneous other assets 5.6 0.1 Other long-term liabilities (0.1 ) (1.4 ) Interest rate Miscellaneous other assets Other long-term liabilities (21.6 ) (5.9 ) Total derivatives designated as hedging instruments $ 26.3 $ 0.6 $ (27.9 ) $ (38.6 ) Derivatives not designated as hedging instruments Equity Accrued payroll and other liabilities $ (3.1 ) $ (1.3 ) Foreign currency Prepaid expenses and other current assets $ 6.5 $ — Accrued payroll and other liabilities — (5.5 ) Equity Miscellaneous other assets 153.3 167.3 Total derivatives not designated as hedging instruments $ 159.8 $ 167.3 $ (3.1 ) $ (6.8 ) Total derivatives $ 186.1 $ 167.9 $ (31.0 ) $ (45.4 )
Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income	The following table presents the pre-tax amounts from derivative instruments affecting income and other comprehensive income (“OCI”) for the six months ended June 30, 2018 and 2017 , respectively: Location of Gain or Loss Recognized in Income on Derivative Gain (Loss) Recognized in Accumulated OCI Gain (Loss) Reclassified into Income from Accumulated OCI Gain (Loss) Recognized in Income on Derivative In millions 2018 2017 2018 2017 2018 2017 Foreign currency Nonoperating income/expense $ 31.8 $ (47.5 ) $ (19.7 ) $ 9.4 Interest rate Interest expense — — (0.5 ) (0.2 ) Cash flow hedges $ 31.8 $ (47.5 ) $ (20.2 ) $ 9.2 Foreign currency denominated debt Nonoperating income/expense $ 399.7 $ (978.1 ) $ — $ — Foreign currency derivatives Nonoperating income/expense 1.0 (23.0 ) — 8.0 Foreign currency derivatives (1) Interest expense $ 0.2 $ — Net investment hedges $ 400.7 $ (1,001.1 ) $ — $ 8.0 $ 0.2 $ — Foreign currency Nonoperating income/expense $ 11.8 $ (18.5 ) Equity Selling, general & administrative expenses (8.6 ) 50.9 Undesignated derivatives $ 3.2 $ 32.4 (1) The amount of gain (loss) recognized in income related to components excluded from effectiveness testing.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Revenues and Operating Income by Geographic Segment	The following table presents the Company’s revenues and operating income by segment: Quarters Ended Six Months Ended June 30, June 30, In millions 2018 2017 2018 2017 Revenues U.S. $ 1,961.2 $ 2,048.4 $ 3,828.4 $ 3,977.4 International Lead Markets 1,930.9 1,813.2 3,808.4 3,456.7 High Growth Markets 1,014.0 1,679.2 1,986.2 3,216.4 Foundational Markets & Corporate 447.8 508.9 869.8 1,075.1 Total revenues $ 5,353.9 $ 6,049.7 $ 10,492.8 $ 11,725.6 Operating Income U.S. $ 999.2 $ 1,072.9 $ 1,997.2 $ 2,020.8 International Lead Markets 889.9 776.0 1,699.6 1,442.6 High Growth Markets 282.7 349.5 517.0 650.2 Foundational Markets & Corporate 90.5 96.7 191.6 215.5 Total operating income $ 2,262.3 $ 2,295.1 $ 4,405.4 $ 4,329.1

Restaurant Information by Owner

Restaurant Information by Ownership Type (Details) - Restaurant	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Number of Restaurants	37,406	37,011
Franchised
Segment Reporting Information [Line Items]
Number of Restaurants	34,521	31,936
Franchised | Conventional franchised
Segment Reporting Information [Line Items]
Number of Restaurants	21,535	21,317
Franchised | Developmental licensed
Segment Reporting Information [Line Items]
Number of Restaurants	7,013	7,263
Franchised | Affiliated
Segment Reporting Information [Line Items]
Number of Restaurants	5,973	3,356
Company-operated
Segment Reporting Information [Line Items]
Number of Restaurants	2,885	5,075

Per Common Share Information (A

Per Common Share Information (Additional Information) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Dilutive effect of share-based compensation	7.1	7.6	7.6	7.1
Stock options that were not included in diluted weighted-average shares	2.6	0.1	2.6	4

Recent Accounting Pronounceme24

Recent Accounting Pronouncements (Recently Issued Accounting Standards) (Tax Act) (Details - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	$ 52	$ 700

Recent Accounting Pronounceme25

Recent Accounting Pronouncements (Recently Adopted Accounting Standards) (Income Taxes) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 49,106.7		$ 48,325.8
Accounting Standards Update 2016-06 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		$ 57

Revenues (Disaggregation of R26

Revenues (Disaggregation of Revenues) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Sales by Company-operated restaurants	$ 2,594.9	$ 3,569.6	$ 5,130.5	$ 6,981.5
Revenues from franchised restaurants	2,759	2,480.1	5,362.3	4,744.1
Total revenues	5,353.9	6,049.7	10,492.8	11,725.6
United States
Disaggregation of Revenue [Line Items]
Sales by Company-operated restaurants	696.8	849.5	1,405.5	1,685.1
Revenues from franchised restaurants	1,264.4	1,198.9	2,422.9	2,292.3
Total revenues	1,961.2	2,048.4	3,828.4	3,977.4
International Lead Markets
Disaggregation of Revenue [Line Items]
Sales by Company-operated restaurants	1,022.7	1,021.4	2,029.8	1,962.6
Revenues from franchised restaurants	908.2	791.8	1,778.6	1,494.1
Total revenues	1,930.9	1,813.2	3,808.4	3,456.7
High Growth Markets
Disaggregation of Revenue [Line Items]
Sales by Company-operated restaurants	732.6	1,459.3	1,432.9	2,804.6
Revenues from franchised restaurants	281.4	219.9	553.3	411.8
Total revenues	1,014	1,679.2	1,986.2	3,216.4
Foundational Markets and Corporate
Disaggregation of Revenue [Line Items]
Sales by Company-operated restaurants	142.8	239.4	262.3	529.2
Revenues from franchised restaurants	305	269.5	607.5	545.9
Total revenues	$ 447.8	$ 508.9	$ 869.8	$ 1,075.1

Revenues (Revenues Narrative) (

Revenues (Revenues Narrative) (Details) - Accounting Standards Update 2014-09 [Member] - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2018	Jan. 01, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred Tax Assets Other Assets				$ 150
Deferred Revenue				$ 600
Impact to franchised revenues due to application of ASC 606	$ (10)	$ (15)
Scenario, Forecast [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Expected impact to 2018 annual franchised revenues due to application of ASC 606			$ (50)

Fair Value Measurements (Additi

Fair Value Measurements (Additional Information) (Details) $ in Billions	Jun. 30, 2018USD ($)
Fair Value Measurements [Line Items]
Debt obligations, carrying amount	$ 31
Level 2
Fair Value Measurements [Line Items]
Debt obligations, fair value	$ 32.1

Financial Instruments and Hed29

Financial Instruments and Hedging Activities (Fair Values of Derivative Instruments Included on Consolidated Balance Sheet) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 186.1	$ 167.9
Liability Derivatives Fair Value	31	45.4
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	26.3	0.6
Liability Derivatives Fair Value	27.9	38.6
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	159.8	167.3
Liability Derivatives Fair Value	3.1	6.8
Interest Rate Contract [Member] | Accrued Expenses And Other Current Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	0.8	0.3
Interest Rate Contract [Member] | Other Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	21.6	5.9
Equity [Member] | Accrued Expenses And Other Current Liabilities [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	3.1	1.3
Equity [Member] | Other Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	153.3	167.3
Foreign Exchange [Member] | Accrued Expenses And Other Current Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	5.4	31
Foreign Exchange [Member] | Accrued Expenses And Other Current Liabilities [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	0	5.5
Foreign Exchange [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	20.7	0.5
Foreign Exchange [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	6.5	0
Foreign Exchange [Member] | Other Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	0.1	1.4
Foreign Exchange [Member] | Other Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 5.6	$ 0.1

(Derivatives Pretax Amounts Aff

(Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion)	$ (20.2)	$ 9.2
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	31.8	(47.5)
Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion)	0	8
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	400.7	(1,001.1)
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion)	0.2	0
Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion)	3.2	32.4
Foreign Exchange [Member] | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion)	(19.7)	9.4
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	31.8	(47.5)
Foreign Exchange Forward [Member] | Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion)	0	8
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	1	(23)
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion)	0.2	0
Interest Rate Contract [Member] | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion)	(0.5)	(0.2)
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	0	0
Other Foreign Currency Denominated Debt [Member] | Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion)	0	0
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	399.7	(978.1)
Nonoperating Income (Expense) [Member] | Foreign Exchange [Member] | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	11.8	(18.5)
Selling, General and Administrative Expenses [Member] | Equity [Member] | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	$ (8.6)	$ 50.9

(Financial Instruments and Hedg

(Financial Instruments and Hedging Activities - Additional Information) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Cumulative deferred hedging gain (loss), after tax, included in accumulated other comprehensive income	$ 23.8
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, notional amount	727.7
Intercompany Debt [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates	4,000
Debt [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates	11,700
Interest Rate Risk [Member] | Fair Value Hedging [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative instruments, gain (loss) recognized in income, net	(16.2)
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	$ (22.3)
Royalty Arrangement [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Period covered by hedge	18 months
Derivative, notional amount	$ 809.5

Segment Information (Segment an

Segment Information (Segment and Geographic Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 5,353.9	$ 6,049.7	$ 10,492.8	$ 11,725.6
Operating Income	2,262.3	2,295.1	4,405.4	4,329.1
United States
Segment Reporting Information [Line Items]
Total revenues	1,961.2	2,048.4	3,828.4	3,977.4
Operating Income	999.2	1,072.9	1,997.2	2,020.8
International Lead Markets
Segment Reporting Information [Line Items]
Total revenues	1,930.9	1,813.2	3,808.4	3,456.7
Operating Income	889.9	776	1,699.6	1,442.6
High Growth Markets
Segment Reporting Information [Line Items]
Total revenues	1,014	1,679.2	1,986.2	3,216.4
Operating Income	282.7	349.5	517	650.2
Foundational Markets and Corporate
Segment Reporting Information [Line Items]
Total revenues	447.8	508.9	869.8	1,075.1
Operating Income	$ 90.5	$ 96.7	$ 191.6	$ 215.5