McDonald's (MCD) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2020shares
Entity Information [Line Items]
Document Type	10-Q
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	1-5231
Entity Registrant Name	MCDONALDS CORP
Entity Central Index Key	0000063908
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2361282
Entity Address, Address Line One	110 North Carpenter StreetChicago, Illinois
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
City Area Code	630
Local Phone Number	623-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MCD
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	744,102,514

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and equivalents	$ 3,255.7	$ 898.5
Accounts and notes receivable	2,852.6	2,224.2
Inventories, at cost, not in excess of market	42.6	50.2
Prepaid expenses and other current assets	458.5	385
Total current assets	6,609.4	3,557.9
Other assets
Investments in and advances to affiliates	1,278.1	1,270.3
Goodwill	2,671.9	2,677.4
Miscellaneous	2,547.2	2,584
Total other assets	6,497.2	6,531.7
Lease right-of-use asset, net	13,002.3	13,261.2
Property and equipment
Property and equipment, at cost	39,137.4	39,050.9
Accumulated depreciation and amortization	(15,307.4)	(14,890.9)
Net property and equipment	23,830	24,160
Total assets	49,938.9	47,510.8
Current liabilities
Short-term borrowings	1,000	0
Accounts payable	538.4	988.2
Lease liability	681.2	621
Income taxes	302.8	331.7
Other taxes	247.4	247.5
Accrued interest	316.1	337.8
Accrued payroll and other liabilities	1,073.6	1,035.7
Current maturities of long-term debt	3,086.6	59.1
Total current liabilities	7,246.1	3,621
Long-term debt	34,675.6	34,118.1
Long-term lease liability	12,478.9	12,757.8
Long-term income taxes	1,871.3	2,265.9
Deferred revenues - initial franchise fees	664.2	660.6
Other long-term liabilities	916.7	979.6
Deferred income taxes	1,549.2	1,318.1
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	7,780	7,653.9
Retained earnings	52,660.8	52,930.5
Accumulated other comprehensive income (loss)	(2,806.3)	(2,482.7)
Common stock in treasury, at cost; 916.5 and 914.3 million shares	(67,114.2)	(66,328.6)
Total shareholders' equity (deficit)	(9,463.1)	(8,210.3)
Total liabilities and shareholders' equity (deficit)	$ 49,938.9	$ 47,510.8

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	916,500,000	914,300,000

Condensed Consolidated Statemen

Condensed Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Sales by Company-operated restaurants	$ 1,593.7	$ 2,400.4	$ 3,619.5	$ 4,640.9
Revenues from franchised restaurants	2,088	2,940.9	4,696	5,656
Other Revenues	79.8	68.5	160.4	137
Total revenues	3,761.5	5,409.8	8,475.9	10,433.9
Operating costs and expenses
Company-operated restaurant expenses	1,448.4	1,967.1	3,201.2	3,853.3
Franchised restaurants-occupancy expenses	524.5	544.7	1,078.7	1,077.8
Other Restaurant Expenses	63.3	55.4	128.8	108.7
Depreciation and Amortization	71	63.2	144.5	124.6
Other Selling, General and Administrative Expense	576	469.9	1,092.3	907.6
Other operating (income) expense, net	117.2	35.6	175.7	(6)
Total operating costs and expenses	2,800.4	3,135.9	5,821.2	6,066
Operating income	961.1	2,273.9	2,654.7	4,367.9
Interest expense	319.1	284.2	599.1	558.3
Nonoperating (income) expense, net	(6.7)	(18.1)	(38)	(29.5)
Income before provision for income taxes	648.7	2,007.8	2,093.6	3,839.1
Provision for income taxes	164.9	490.9	502.9	993.8
Net income	$ 483.8	$ 1,516.9	$ 1,590.7	$ 2,845.3
Earnings per common share-basic	$ 0.65	$ 1.99	$ 2.14	$ 3.73
Earnings per common share-diluted	0.65	1.97	2.12	3.69
Dividends declared per common share	$ 1.25	$ 1.16	$ 2.50	$ 2.32
Weighted average shares outstanding-basic	743.8	761.8	744.3	763.3
Weighted average shares outstanding-diluted	748.6	768.7	749.6	770.2

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Document Fiscal Year Focus			2020
Net income	$ 483.8	$ 1,516.9	$ 1,590.7	$ 2,845.3
Foreign currency translation adjustments:
Gain (loss) recognized in accumulated other comprehensive income (AOCI), including net investment hedges	207.1	27.4	(259.1)	70.8
Reclassification of (gain) loss to net income	0	1.2	0	46.8
Foreign currency translation adjustments-net of tax benefit (expense) of $(115.3) and $(60.0)	207.1	28.6	(259.1)	117.6
Cash flow hedges:
Gain (loss) recognized in AOCI	(17.6)	1	(57.2)	9.2
Reclassification of (gain) loss to net income	(1.7)	(8)	(10.8)	(17)
Cash flow hedges-net of tax benefit (expense) of $14.7 and $0.2	(19.3)	(7)	(68)	(7.8)
Defined benefit pension plans:
Gain (loss) recognized in AOCI	(0.6)	0.4	(2.5)	0.4
Reclassification of (gain) loss to net income	2.9	1.5	6	2.7
Defined benefit pension plans-net of tax benefit (expense) of $0.4 and $0.0	2.3	1.9	3.5	3.1
Total other comprehensive income (loss), net of tax	190.1	23.5	(323.6)	112.9
Comprehensive income (loss)	$ 673.9	$ 1,540.4	$ 1,267.1	$ 2,958.2

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other comprehensive income (loss), foreign currency translation adjustment, tax	$ 66.1	$ 27.8	$ (49.2)	$ (32.2)
Other comprehensive income (loss), derivatives qualifying as hedges, tax	5.8	2	20.5	2.3
Other comprehensive income (loss), pension and other postretirement benefit plans, tax	$ 0.1	$ 0	$ 0.5	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income	$ 483.8	$ 1,516.9	$ 1,590.7	$ 2,845.3
Charges and credits:
Depreciation and amortization	425.7	398.3	847	790.9
Deferred income taxes	(42.1)	58	234.3	112.3
Share-based compensation	30.8	28.9	56.7	60.5
Other	119.2	14.9	31.3	66.4
Changes in working capital items	(1,230.5)	(91.5)	(1,427.1)	70.7
Cash provided by (used for) operations	(213.1)	1,925.5	1,332.9	3,946.1
Investing activities
Capital expenditures	(305)	(597.8)	(787.5)	(1,113.1)
Purchases of restaurant businesses	(23.7)	(384.8)	(43.3)	(393.8)
Sales of restaurant businesses	1.8	68.6	27.5	200.5
Sales of property	1.8	68.9	17.6	91.2
Other	(71.5)	(54.9)	(129.3)	(456.1)
Cash used for investing activities	(396.6)	(900)	(915)	(1,671.3)
Financing activities
Net short-term borrowings	(4.1)	589.1	107.7	495.1
Long-term financing issuances	0.8	6.5	5,540.2	2,519.8
Long-term financing repayments	(699.9)	(981.2)	(962.6)	(1,396.2)
Treasury stock purchases	(2.3)	(1,067.4)	(904.9)	(2,063.5)
Common stock dividends	(929.7)	(883)	(1,860.4)	(1,769.8)
Proceeds from stock option exercises	57.7	139.4	157	250
Other	(0.4)	0.5	(121.9)	(10.8)
Cash provided by (used for) financing activities	(1,577.9)	(2,196.1)	1,955.1	(1,975.4)
Effect of exchange rates on cash and cash equivalents	63.5	16	(15.8)	(30.9)
Cash and equivalents increase (decrease)	(2,124.1)	(1,154.6)	2,357.2	268.5
Cash and equivalents at beginning of period	5,379.8	2,289.1	898.5	866
Cash and equivalents at end of period	$ 3,255.7	$ 1,134.5	$ 3,255.7	$ 1,134.5

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Shareholders' Equity - 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, 2018		1,660.6						(893.5)
Beginning Balance at Dec. 31, 2018	$ (6,258.4)	$ 16.6	$ 7,376	$ 50,487	$ (216.6)	$ 32.4	$ (2,425.3)	$ (61,528.5)
Net income	2,845.3			2,845.3
Other comprehensive income (loss), net of tax	112.9				3.1	(7.8)	117.6
Comprehensive income	2,958.2
Common stock cash dividends	(1,769.8)			(1,769.8)
Treasury stock purchases (in shares)								(10.8)
Treasury stock purchases	(2,047.3)							$ (2,047.3)
Share-based compensation	60.5		60.5
Stock option exercises and other (in shares)								3.1
Stock option exercises and other	248		113					$ 135
Ending Balance (in shares) at Jun. 30, 2019		1,660.6						(901.2)
Ending Balance at Jun. 30, 2019	(6,808.8)	$ 16.6	7,549.5	51,562.5	(213.5)	24.6	(2,307.7)	$ (63,440.8)
Beginning Balance (in shares) at Mar. 31, 2019		1,660.6						(897.1)
Beginning Balance at Mar. 31, 2019	(6,550.9)	$ 16.6	7,438.5	50,928.6	(215.4)	31.6	(2,336.3)	$ (62,414.5)
Net income	1,516.9			1,516.9
Other comprehensive income (loss), net of tax	23.5				1.9	(7)	28.6
Comprehensive income	1,540.4
Common stock cash dividends	(883)			(883)
Treasury stock purchases (in shares)								(5.4)
Treasury stock purchases	(1,083.6)							$ (1,083.6)
Share-based compensation	28.9		28.9
Stock option exercises and other (in shares)								1.3
Stock option exercises and other	139.4		82.1					$ 57.3
Ending Balance (in shares) at Jun. 30, 2019		1,660.6						(901.2)
Ending Balance at Jun. 30, 2019	(6,808.8)	$ 16.6	7,549.5	51,562.5	(213.5)	24.6	(2,307.7)	$ (63,440.8)
Beginning Balance (in shares) at Dec. 31, 2019		1,660.6						(914.3)
Beginning Balance at Dec. 31, 2019	(8,210.3)	$ 16.6	7,653.9	52,930.5	(243.7)	12	(2,251)	$ (66,328.6)
Net income	1,590.7			1,590.7
Other comprehensive income (loss), net of tax	(323.6)				3.5	(68)	(259.1)
Comprehensive income	1,267.1
Common stock cash dividends	(1,860.4)			(1,860.4)
Treasury stock purchases (in shares)								(4.3)
Treasury stock purchases	(871.2)							$ (871.2)
Share-based compensation	56.7		56.7
Stock option exercises and other (in shares)								2.1
Stock option exercises and other	155		69.4					$ 85.6
Ending Balance (in shares) at Jun. 30, 2020		1,660.6						(916.5)
Ending Balance at Jun. 30, 2020	(9,463.1)	$ 16.6	7,780	52,660.8	(240.2)	(56)	(2,510.1)	$ (67,114.2)
Beginning Balance (in shares) at Mar. 31, 2020		1,660.6						(917.1)
Beginning Balance at Mar. 31, 2020	(9,293.4)	$ 16.6	7,713.5	53,106.7	(242.5)	(36.7)	(2,717.2)	$ (67,133.8)
Net income	483.8			483.8
Other comprehensive income (loss), net of tax	190.1				2.3	(19.3)	207.1
Comprehensive income	673.9
Common stock cash dividends	(929.7)			(929.7)
Treasury stock purchases (in shares)								(0.1)
Treasury stock purchases	(2.3)							$ (2.3)
Share-based compensation	30.8		30.8
Stock option exercises and other (in shares)								0.7
Stock option exercises and other	57.6		35.7					$ 21.9
Ending Balance (in shares) at Jun. 30, 2020		1,660.6						(916.5)
Ending Balance at Jun. 30, 2020	$ (9,463.1)	$ 16.6	$ 7,780	$ 52,660.8	$ (240.2)	$ (56)	$ (2,510.1)	$ (67,114.2)

Condensed Consolidated Statem_6

Condensed Consolidated Statement of Shareholders' Equity Consolidated Statement of Shareholders Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share	$ 1.25	$ 1.16	$ 2.50	$ 2.32

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	McDonald’s Corporation, the registrant, together with its subsidiaries, is referred to herein as the "Company." The Company, its franchisees and suppliers, are referred to herein as the "System." 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, 2019 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, 2020 , do not necessarily indicate the results that may be expected for the full year. Prior to January 1, 2020, the Company presented both expenditures and receipts related to technology fees charged to franchisees and revenues related to certain licensing arrangements within Other operating (income) expense, net, because these activities were not part of the Company’s ongoing major or central operations. Effective January 1, 2020, the Company is presenting the revenues and expenses related to these activities within Other revenues and Other restaurant expenses, respectively, in the Condensed Consolidated Statement of Income. The change in presentation was applied retrospectively to all periods presented and had no effect on Operating income, Net income, or Earnings per share.

Restaurant Information

Restaurant Information	6 Months Ended
	Jun. 30, 2020
Disclosure Restaurant Information By Ownership Type [Abstract]
Restaurant Information	Restaurant Information The following table presents restaurant information by ownership type: Restaurants at June 30, 2020 2019 Conventional franchised 21,822 21,717 Developmental licensed 7,685 7,413 Foreign affiliated 6,864 6,331 Total Franchised 36,371 35,461 Company-operated 2,649 2,647 Total Systemwide restaurants 39,020 38,108 The results of operations of restaurant businesses purchased and sold in transactions with franchisees were not material either individually or in the aggregate to the Condensed Consolidated Financial Statements for the periods prior to purchase and sale.

Per Common Share Information

Per Common Share Information	6 Months Ended
	Jun. 30, 2020
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 4.8 million shares and 6.9 million shares for the quarters 2020 and 2019 , respectively, and 5.3 million shares and 6.9 million shares for the six months 2020 and 2019, respectively. Share-based compensation awards that would have been antidilutive, and therefore were not included in the calculation of diluted weighted-average shares, totaled 2.8 million shares and 1.1 million shares for the quarters 2020 and 2019 , respectively, and 2.8 million shares and 2.0 million shares for the six months 2020 and 2019, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
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, 2019 Annual Report on Form 10-K. At June 30, 2020 , the fair value of the Company’s debt obligations was estimated at $43.9 billion , compared to a carrying amount of $38.8 billion , which reflects the new financings during the first quarter of a $1 billion line of credit and $5.5 billion of debt issuances under the Company's existing registration statement on Form S-3 with maturities ranging from 2025 to 2050 and interests rates ranging from 1.45% to 4.20% . The fair value was based upon quoted market prices, Level 2 within the valuation hierarchy. The carrying amounts of cash and equivalents, short-term investments and notes receivable approximate fair value.

Financial Instruments and Hedgi

Financial Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2020
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, 2020 December 31, 2019 Balance Sheet Classification June 30, 2020 December 31, 2019 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 10.4 $ 10.0 Accrued payroll and other liabilities $ (4.9 ) $ (5.2 ) Interest rate Prepaid expenses and other current assets Accrued payroll and other liabilities Foreign currency Miscellaneous other assets 24.7 9.5 Other long-term liabilities (2.2 ) (1.2 ) Interest rate Miscellaneous other assets 39.3 12.1 Other long-term liabilities Total derivatives designated as hedging instruments $ 74.4 $ 31.6 $ (7.1 ) $ (6.4 ) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ 0.2 $ 1.6 Accrued payroll and other liabilities $ — $ (0.1 ) Foreign currency Prepaid expenses and other current assets — 12.4 Accrued payroll and other liabilities (0.6 ) (4.8 ) Equity Miscellaneous other assets 155.3 179.1 Total derivatives not designated as hedging instruments $ 155.5 $ 193.1 $ (0.6 ) $ (4.9 ) Total derivatives $ 229.9 $ 224.7 $ (7.7 ) $ (11.3 ) The following table presents the pre-tax amounts from derivative instruments affecting income and AOCI for the six months ended June 30, 2020 and 2019 , respectively: Location of Gain or Loss Recognized in Income on Derivative Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified into Income from AOCI Gain (Loss) Recognized in Income on Derivative In millions 2020 2019 2020 2019 2020 2019 Foreign currency Nonoperating income/expense $ 16.4 $ 11.9 $ 16.4 $ 22.6 Interest rate Interest expense (90.8 ) (2.3 ) (0.6 ) Cash flow hedges $ (74.4 ) $ 11.9 $ 14.1 $ 22.0 Foreign currency denominated debt Nonoperating income/expense $ 91.3 $ 104.3 Foreign currency derivatives Nonoperating income/expense 15.0 9.2 Foreign currency derivatives (1) Interest expense $ 7.3 $ 5.1 Net investment hedges $ 106.3 $ 113.5 $ 7.3 $ 5.1 Foreign currency Nonoperating income/expense $ (10.9 ) $ (2.9 ) Equity Selling, general & administrative expenses (23.6 ) 61.0 Undesignated derivatives $ (34.5 ) $ 58.1 (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, 2020 , the carrying amount of fixed-rate debt that was effectively converted was $1.0 billion , which included an increase of $39.3 million of cumulative hedging adjustments. For the six months ended June 30, 2020 , the Company recognized a $27.2 million gain on the fair value of interest rate swaps, and a corresponding loss 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. To protect against the variability of interest rates of an anticipated bond issuance, the Company may use treasury locks to hedge a portion of the expected future cash flows. As of June 30, 2020 , the Company had derivatives outstanding with an equivalent notional amount of $934.9 million that hedged a portion of forecasted foreign currency denominated cash flows. Based on market conditions at June 30, 2020 , the $56.0 million in cumulative cash flow hedging losses , 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 Other comprehensive income ("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, 2020 , $12.2 billion of the Company's third party foreign currency denominated debt and $0.5 billion of intercompany foreign currency denominated debt was 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, 2020 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, 2020 , the Company was required to post an immaterial amount of collateral due to the negative fair value of certain derivative positions. The Company's counterparties were not required to post collateral on any derivative position, other than on certain hedges of the Company’s supplemental benefit plan liabilities where the counterparties were required to post collateral on their liability positions.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates under an organizational structure with the following global business segments reflecting how management reviews and evaluates operating performance: • U.S. - the Company's largest market. The segment is 95% franchised as of June 30, 2020 . • International Operated Markets - comprised of wholly-owned markets, or countries in which the Company operates restaurants, including Australia, Canada, France, Germany, Italy, the Netherlands, Russia, Spain and the U.K. The segment is 84% franchised as of June 30, 2020 . • International Developmental Licensed Markets & Corporate - comprised of primarily developmental licensee and affiliate markets in the McDonald’s system. Corporate activities are also reported within this segment. The segment is 98% franchised as of June 30, 2020 . The following table presents the Company’s revenues and operating income by segment: Quarters Ended Six Months Ended June 30, June 30, In millions 2020 2019 2020 2019 Revenues U.S. $ 1,758.6 $ 2,043.8 $ 3,629.6 $ 3,931.4 International Operated Markets 1,612.5 2,904.5 4,016.8 5,587.2 International Developmental Licensed Markets & Corporate 390.4 461.5 829.5 915.3 Total revenues $ 3,761.5 $ 5,409.8 $ 8,475.9 $ 10,433.9 Operating Income U.S. $ 735.2 $ 1,048.8 1,627.6 2,000.7 International Operated Markets 234.8 1,218.8 1,113.9 2,266.8 International Developmental Licensed Markets & Corporate (8.9 ) 6.3 (86.8 ) 100.4 Total operating income $ 961.1 $ 2,273.9 2,654.7 4,367.9

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission. In July 2020, the Company announced its plan to divest a portion of our stake in McDonald’s Japan, which is a publicly traded company on the Japan Exchange Group (JASDAQ). The Company currently owns about 49% of McDonald's Japan and we record our share of net results in Equity in earnings of unconsolidated affiliates. We will retain at least a 35% ownership and expect the divestiture will occur gradually over time. On July 30, 2020 the Company repaid the total $1 billion balance on its line of credit that was classified as Short-term borrowings on the Condensed Consolidated Balance Sheet as of June 30, 2020. The $1 billion line of credit agreement remains in place and the amount remains available to be borrowed. There were no other subsequent events that required recognition or disclosure.

Updates to Significant Accounti

Updates to Significant Accounting Policies (Notes)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Updates to Significant Accounting Policies Revenue recognition The Company's revenues consist of sales by Company-operated restaurants and fees from restaurants operated by franchisees, developmental licensees and 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 developmental licensees and affiliates include a royalty based on a percent of sales, and generally include initial fees. The Company’s Other revenues are comprised of fees paid by franchisees to recover a portion of costs incurred by the Company for various technology platforms, revenues from brand licensing arrangements to market and sell consumer packaged goods using the McDonald’s brand, and third party revenues for the Dynamic Yield business. Sales by Company-operated restaurants 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. Royalty revenues are based on a percent of sales and recognized at the time the underlying sales occur. Rental income includes both minimum rent payments, which are recognized straight-line over the franchise term (with the exception of rent concessions as a result of COVID-19 – refer to the Leasing policy update on page 11), and variable rent payments based on a percent of sales, which are recognized at the time the underlying sales occur. Initial fees are recognized as the Company satisfies the performance obligation over the franchise term, which is generally 20 years. The Company provides goods or services related to various technology platforms to certain franchisees that are distinct from the franchise agreement because they do not require integration with other goods or services we provide. The Company has determined that it is the principal in these arrangements. Accordingly, the related revenue is presented on a gross basis on the Condensed Consolidated Statement of Income. These revenues are recognized as the goods or services are transferred to the franchisee, and related expenses are recognized as incurred. Brand licensing arrangement revenues are based on a percent of sales and are recognized at the time the underlying sales occur. Dynamic Yield third party revenues are generated from providing software as a service solutions to customers and are recognized over the applicable subscription period as the service is performed. Long-lived assets, Goodwill and Capitalized Software Long-lived assets and Goodwill are typically reviewed for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if an indicator of impairment exists. The Company has continued to monitor the significant global economic uncertainty as a result of COVID-19 to assess the outlook for restaurant operations and the impact that any disruption may have on the Company's business and overall financial performance. As a result of the Company's analysis, and in consideration of the totality of events and circumstances, including the potential impact of COVID-19 related disruptions on the Company’s operating results, there were no indicators of impairment during the quarter or six months 2020. In addition to the Long-lived assets and Goodwill impairment analysis, the Company reviews capitalized software for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if an indicator of impairment exists, which occurs more regularly throughout the year, such as when new software may be ready for its intended use. Results for the quarter and six months 2020 reflected write-offs of impaired software that were no longer being used of $11.9 million and $26.3 million, respectively. Leasing The FASB issued guidance for how companies may account for COVID-19 related rent concessions in the form of FASB staff and Board members’ remarks at the April 8, 2020 public meeting and the FASB Staff Q&A issued on April 10, 2020. The Company elected the practical expedient to account for COVID-19 related rent concessions as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. This was elected for the Company’s entire lessee and lessor portfolio for any rent deferrals or rent abatements. For the lessee portfolio, the Company elected not to remeasure the lease liability and right-of-use asset if a rent deferral or a rent abatement is granted. The Company deferred collection of approximately $150 million and $450 million of rental income on revenue that was recognized in the quarter and six months, respectively. Rental income includes both minimum rent payments and variable rent payments based on a percent of sales. The extent of the deferrals differs in length by market, but the deferrals primarily impact cash collection in the second quarter of 2020, the vast majority of which is expected to be collected in the third and fourth quarters of 2020.

Recent Accounting Pronouncement

Recent Accounting Pronouncements Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued guidance codified in Accounting Standards Codification Topic 326, "Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments". The standard replaces the incurred loss impairment methodology in prior GAAP with a methodology that instead reflects a current estimate of all expected credit losses on financial assets, including receivables. The guidance requires that an entity measure and recognize expected credit losses at the time the asset is recorded, while considering a broader range of information to estimate credit losses including country specific macroeconomic conditions that correlate with historical loss experience, delinquency trends and aging behavior of receivables, among others. The Company adopted this guidance effective January 1, 2020, prospectively, and the adoption of this standard did not have a material impact to the Condensed Consolidated Financial Statements. The Company had an Allowance for bad debts of $116.7 million as of June 30, 2020 recorded as a reduction to Accounts and notes receivable on the Condensed Consolidated Balance Sheet. Included in this amount were increases in the allowance related to rent and royalty deferrals of $45 million and $92 million for the quarter and six months, respectively. The Company will continue to actively monitor the impact of the COVID-19 pandemic on expected losses. Recent Accounting Pronouncements Not Yet Adopted Income Taxes In December 2019, the FASB issued Accounting Standard Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” ("ASU 2019-12"), which simplifies the accounting for income taxes. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including applicable interim periods. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on its consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the impact the adoption of ASU 2020-04 will have on its consolidated financial statements.

Updates to Significant Accoun_2

Updates to Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	Long-lived assets, Goodwill and Capitalized Software Long-lived assets and Goodwill are typically reviewed for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if an indicator of impairment exists. The Company has continued to monitor the significant global economic uncertainty as a result of COVID-19 to assess the outlook for restaurant operations and the impact that any disruption may have on the Company's business and overall financial performance. As a result of the Company's analysis, and in consideration of the totality of events and circumstances, including the potential impact of COVID-19 related disruptions on the Company’s operating results, there were no indicators of impairment during the quarter or six months 2020. In addition to the Long-lived assets and Goodwill impairment analysis, the Company reviews capitalized software for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if an indicator of impairment exists, which occurs more regularly throughout the year, such as when new software may be ready for its intended use. Results for the quarter and six months 2020 reflected write-offs of impaired software that were no longer being used of $11.9 million and $26.3 million, respectively.
Revenue Recognition, Sales of Goods [Policy Text Block]	Revenue recognition The Company's revenues consist of sales by Company-operated restaurants and fees from restaurants operated by franchisees, developmental licensees and 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 developmental licensees and affiliates include a royalty based on a percent of sales, and generally include initial fees. The Company’s Other revenues are comprised of fees paid by franchisees to recover a portion of costs incurred by the Company for various technology platforms, revenues from brand licensing arrangements to market and sell consumer packaged goods using the McDonald’s brand, and third party revenues for the Dynamic Yield business. Sales by Company-operated restaurants 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. Royalty revenues are based on a percent of sales and recognized at the time the underlying sales occur. Rental income includes both minimum rent payments, which are recognized straight-line over the franchise term (with the exception of rent concessions as a result of COVID-19 – refer to the Leasing policy update on page 11), and variable rent payments based on a percent of sales, which are recognized at the time the underlying sales occur. Initial fees are recognized as the Company satisfies the performance obligation over the franchise term, which is generally 20 years. The Company provides goods or services related to various technology platforms to certain franchisees that are distinct from the franchise agreement because they do not require integration with other goods or services we provide. The Company has determined that it is the principal in these arrangements. Accordingly, the related revenue is presented on a gross basis on the Condensed Consolidated Statement of Income. These revenues are recognized as the goods or services are transferred to the franchisee, and related expenses are recognized as incurred. Brand licensing arrangement revenues are based on a percent of sales and are recognized at the time the underlying sales occur. Dynamic Yield third party revenues are generated from providing software as a service solutions to customers and are recognized over the applicable subscription period as the service is performed.
Leases of Lessee Disclosure [Text Block]	Leasing The FASB issued guidance for how companies may account for COVID-19 related rent concessions in the form of FASB staff and Board members’ remarks at the April 8, 2020 public meeting and the FASB Staff Q&A issued on April 10, 2020. The Company elected the practical expedient to account for COVID-19 related rent concessions as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. This was elected for the Company’s entire lessee and lessor portfolio for any rent deferrals or rent abatements. For the lessee portfolio, the Company elected not to remeasure the lease liability and right-of-use asset if a rent deferral or a rent abatement is granted. The Company deferred collection of approximately $150 million and $450 million of rental income on revenue that was recognized in the quarter and six months, respectively. Rental income includes both minimum rent payments and variable rent payments based on a percent of sales. The extent of the deferrals differs in length by market, but the deferrals primarily impact cash collection in the second quarter of 2020, the vast majority of which is expected to be collected in the third and fourth quarters of 2020.

Restaurant Information (Tables)

Restaurant Information (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 2019 Conventional franchised 21,822 21,717 Developmental licensed 7,685 7,413 Foreign affiliated 6,864 6,331 Total Franchised 36,371 35,461 Company-operated 2,649 2,647 Total Systemwide restaurants 39,020 38,108

Financial Instruments and Hed_2

Financial Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 December 31, 2019 Balance Sheet Classification June 30, 2020 December 31, 2019 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 10.4 $ 10.0 Accrued payroll and other liabilities $ (4.9 ) $ (5.2 ) Interest rate Prepaid expenses and other current assets Accrued payroll and other liabilities Foreign currency Miscellaneous other assets 24.7 9.5 Other long-term liabilities (2.2 ) (1.2 ) Interest rate Miscellaneous other assets 39.3 12.1 Other long-term liabilities Total derivatives designated as hedging instruments $ 74.4 $ 31.6 $ (7.1 ) $ (6.4 ) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ 0.2 $ 1.6 Accrued payroll and other liabilities $ — $ (0.1 ) Foreign currency Prepaid expenses and other current assets — 12.4 Accrued payroll and other liabilities (0.6 ) (4.8 ) Equity Miscellaneous other assets 155.3 179.1 Total derivatives not designated as hedging instruments $ 155.5 $ 193.1 $ (0.6 ) $ (4.9 ) Total derivatives $ 229.9 $ 224.7 $ (7.7 ) $ (11.3 )
Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income	The following table presents the pre-tax amounts from derivative instruments affecting income and AOCI for the six months ended June 30, 2020 and 2019 , respectively: Location of Gain or Loss Recognized in Income on Derivative Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified into Income from AOCI Gain (Loss) Recognized in Income on Derivative In millions 2020 2019 2020 2019 2020 2019 Foreign currency Nonoperating income/expense $ 16.4 $ 11.9 $ 16.4 $ 22.6 Interest rate Interest expense (90.8 ) (2.3 ) (0.6 ) Cash flow hedges $ (74.4 ) $ 11.9 $ 14.1 $ 22.0 Foreign currency denominated debt Nonoperating income/expense $ 91.3 $ 104.3 Foreign currency derivatives Nonoperating income/expense 15.0 9.2 Foreign currency derivatives (1) Interest expense $ 7.3 $ 5.1 Net investment hedges $ 106.3 $ 113.5 $ 7.3 $ 5.1 Foreign currency Nonoperating income/expense $ (10.9 ) $ (2.9 ) Equity Selling, general & administrative expenses (23.6 ) 61.0 Undesignated derivatives $ (34.5 ) $ 58.1 (1) The amount of gain (loss) recognized in income related to components excluded from effectiveness testing.

Franchise Arrangements (Tables)

Franchise Arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Franchise Arrangements Additional Information [Abstract]
Revenues from Franchised Restaurants	Revenues from franchised restaurants consisted of: Quarters Ended Six Months Ended June 30, June 30, In millions 2020 2019 2020 2019 Rents $ 1,314.9 $ 1,898.6 $ 2,983.1 $ 3,646.2 Royalties 762.0 1,031.8 1,690.8 1,988.5 Initial fees 11.1 10.5 22.1 21.3 Revenues from franchised restaurants $ 2,088.0 $ 2,940.9 $ 4,696.0 $ 5,656.0

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
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 2020 2019 2020 2019 Revenues U.S. $ 1,758.6 $ 2,043.8 $ 3,629.6 $ 3,931.4 International Operated Markets 1,612.5 2,904.5 4,016.8 5,587.2 International Developmental Licensed Markets & Corporate 390.4 461.5 829.5 915.3 Total revenues $ 3,761.5 $ 5,409.8 $ 8,475.9 $ 10,433.9 Operating Income U.S. $ 735.2 $ 1,048.8 1,627.6 2,000.7 International Operated Markets 234.8 1,218.8 1,113.9 2,266.8 International Developmental Licensed Markets & Corporate (8.9 ) 6.3 (86.8 ) 100.4 Total operating income $ 961.1 $ 2,273.9 2,654.7 4,367.9

Restaurant Information by Owner

Restaurant Information by Ownership Type (Details) - Restaurant	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Number of Restaurants	39,020	38,108
Franchised
Segment Reporting Information [Line Items]
Number of Restaurants	36,371	35,461
Franchised | Conventional franchised
Segment Reporting Information [Line Items]
Number of Restaurants	21,822	21,717
Franchised | Developmental licensed
Segment Reporting Information [Line Items]
Number of Restaurants	7,685	7,413
Franchised | Affiliated
Segment Reporting Information [Line Items]
Number of Restaurants	6,864	6,331
Company-operated
Segment Reporting Information [Line Items]
Number of Restaurants	2,649	2,647

Per Common Share Information (A

Per Common Share Information (Additional Information) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Dilutive effect of share-based compensation	4.8	6.9	5.3	6.9
Stock options that were not included in diluted weighted-average shares	2.8	1.1	2.8	2

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Recently Adopted Accounting Standards) (Income Taxes) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 52,660.8	$ 52,930.5

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Recently Adopted Accounting Standards) (Lease Accounting) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Lease right-of-use asset, net	$ 13,002.3	$ 13,261.2

Recent Accounting Pronounceme_4

Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance For Doubtful Accounts, Accounts Receivable		$ 116.7
Increase (Decrease) in Accounts and Notes Receivable	$ 45	$ 92

Fair Value Measurements (Additi

Fair Value Measurements (Additional Information) (Details) $ in Billions	Jun. 30, 2020USD ($)
Fair Value Measurements [Line Items]
Debt obligations, carrying amount	$ 38.8
Line of Credit, Current	1
Long-term Debt	5.5
Level 2
Fair Value Measurements [Line Items]
Debt obligations, fair value	$ 43.9
Minimum [Member]
Fair Value Measurements [Line Items]
Long-term Debt, Weighted Average Interest Rate, at Point in Time	1.45%
Maximum [Member]
Fair Value Measurements [Line Items]
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.20%

Financial Instruments and Hed_3

Financial Instruments and Hedging Activities (Fair Values of Derivative Instruments Included on Consolidated Balance Sheet) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 229.9	$ 224.7
Liability Derivatives Fair Value	7.7	11.3
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	74.4	31.6
Liability Derivatives Fair Value	7.1	6.4
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	155.5	193.1
Liability Derivatives Fair Value	0.6	4.9
Interest Rate Contract [Member] | Accrued Expenses And Other Current Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value
Interest Rate Contract [Member] | Other Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value
Interest Rate Contract [Member] | Other Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	39.3	12.1
Equity [Member] | Accrued Expenses And Other Current Liabilities [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	0	0.1
Equity [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	0.2	1.6
Equity [Member] | Other Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	155.3	179.1
Foreign Exchange [Member] | Accrued Expenses And Other Current Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	4.9	5.2
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	0.6	4.8
Foreign Exchange [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	10.4	10
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	0	12.4
Foreign Exchange [Member] | Other Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	2.2	1.2
Foreign Exchange [Member] | Other Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 24.7	$ 9.5

(Derivatives Pretax Amounts Aff

(Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion)	$ 14.1	$ 22
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	(74.4)	11.9
Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	106.3	113.5
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion)	7.3	5.1
Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	(34.5)	58.1
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)	16.4	22.6
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	16.4	11.9
Foreign Exchange [Member] | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	(10.9)	(2.9)
Foreign Exchange Forward [Member] | Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	15	9.2
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)	7.3	5.1
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)	(2.3)	(0.6)
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	(90.8)
Other Foreign Currency Denominated Debt [Member] | Net Investment Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	91.3	104.3
Equity [Member] | Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	$ (23.6)	$ 61

(Financial Instruments and Hedg

(Financial Instruments and Hedging Activities - Additional Information) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Cumulative deferred hedging gain (loss), after tax, included in accumulated other comprehensive income	$ 56
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	1,000
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	500
Debt [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates	12,200
Interest Rate Risk [Member] | Fair Value Hedging [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative instruments, gain (loss) recognized in income, net	27.2
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	39.3
Royalty Arrangement [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 934.9
Period covered by hedge	18 months

Revenues from Franchised Restau

Revenues from Franchised Restaurants (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Franchisor Disclosure
Rents	$ 1,314.9	$ 1,898.6	$ 2,983.1	$ 3,646.2
Royalties	762	1,031.8	1,690.8	1,988.5
Initial Fees	11.1	10.5	22.1	21.3
Revenues from franchised restaurants	$ 2,088	$ 2,940.9	$ 4,696	$ 5,656

Franchise Arrangements - Additi

Franchise Arrangements - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020
Franchisor Disclosure [Abstract]
Franchise Agreement Period	20 years

Segment Information (Segment an

Segment Information (Segment and Geographic Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Document Fiscal Year Focus			2020
Total revenues	$ 3,761.5	$ 5,409.8	$ 8,475.9	$ 10,433.9
Operating Income	961.1	2,273.9	2,654.7	4,367.9
United States
Segment Reporting Information [Line Items]
Total revenues	1,758.6	2,043.8	3,629.6	3,931.4
Operating Income	735.2	1,048.8	1,627.6	2,000.7
International Operated Markets
Segment Reporting Information [Line Items]
Total revenues	1,612.5	2,904.5	4,016.8	5,587.2
Operating Income	234.8	1,218.8	1,113.9	2,266.8
International Developmental Licensed Markets and Corporate
Segment Reporting Information [Line Items]
Total revenues	390.4	461.5	829.5	915.3
Operating Income	$ (8.9)	$ 6.3	$ (86.8)	$ 100.4

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) $ in Billions	6 Months Ended
	Jun. 30, 2020USD ($)
Subsequent Events [Abstract]
Line of Credit, Current	$ 1
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Target Ownership Percentage by Noncontrolling Owners	35.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	49.00%

Updates to Significant Accoun_3

Updates to Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Accounting Policies [Abstract]
Deferred collection amount of rental income	$ 150	$ 450
Franchise Agreement Period		20 years

Updates to Significant Accoun_4

Updates to Significant Accounting Policies Capitalized Software (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Capitalized Software [Abstract]
Asset Impairment Charges	$ 11.9	$ 26.3