McDonald's (MCD) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-5231
Entity Registrant Name	McDONALD’S CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2361282
Entity Address, Address Line One	110 North Carpenter Street
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
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MCD
Security Exchange Name	NYSE
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
Entity Common Stock, Shares Outstanding	732,423,892
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000063908

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and equivalents	$ 2,828.3	$ 4,709.2
Accounts and notes receivable	1,889.9	1,872.4
Inventories, at cost, not in excess of market	43.4	55.6
Prepaid expenses and other current assets	979.2	511.3
Total current assets	5,740.8	7,148.5
Other assets
Investments in and advances to affiliates	963.8	1,201.2
Goodwill	2,651.3	2,782.5
Miscellaneous	4,254.6	4,449.5
Total other assets	7,869.7	8,433.2
Lease right-of-use asset, net	12,192.8	13,552
Property and equipment
Property and equipment, at cost	39,096.8	41,916.6
Accumulated depreciation and amortization	(16,398.5)	(17,196)
Net property and equipment	22,698.3	24,720.6
Total assets	48,501.6	53,854.3
Current liabilities
Accounts payable	794.8	1,006.8
Lease liability	654.9	705.5
Income taxes	386.3	360.7
Other taxes	203.6	236.7
Accrued interest	318.4	363.3
Accrued payroll and other liabilities	1,128.1	1,347
Total current liabilities	3,486.1	4,020
Long-term debt	34,866.2	35,622.7
Long-term lease liability	11,766.8	13,020.9
Long-term income taxes	1,085	1,896.8
Deferred revenues - initial franchise fees	727.8	738.3
Other long-term liabilities	990.8	1,081
Deferred income taxes	2,145.1	2,075.6
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	8,460.1	8,231.6
Retained earnings	58,752	57,534.7
Accumulated other comprehensive income (loss)	(2,559.7)	(2,573.7)
Common stock in treasury, at cost; 928.2 and 915.8 million shares	(71,235.2)	(67,810.2)
Total shareholders' equity (deficit)	(6,566.2)	(4,601)
Total liabilities and shareholders' equity (deficit)	$ 48,501.6	$ 53,854.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 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	928,200,000	915,800,000

Condensed Consolidated Statemen

Condensed Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Sales by Company-operated restaurants	$ 2,124.8	$ 2,598.4	$ 6,540	$ 7,248.6
Revenues from franchised restaurants	3,671.2	3,510.2	10,460.8	9,693.8
Other Revenues	76.1	92.7	255.3	271.4
Total revenues	5,872.1	6,201.3	17,256.1	17,213.8
Operating costs and expenses
Company-operated restaurant expenses	1,779.6	2,108.4	5,508.6	5,947
Franchised restaurants-occupancy expenses	589	592.6	1,761.6	1,743.2
Other Restaurant Expenses	57.4	68.9	187.6	204.4
Selling, general & administrative expenses
Depreciation and Amortization	93.3	84.1	279	243.2
Other Selling, General and Administrative Expense	576.4	559.6	1,771.9	1,622.4
Other operating (income) expense, net	12.5	(198.8)	959.1	(505.3)
Total operating costs and expenses	3,108.2	3,214.8	10,467.8	9,254.9
Operating income	2,763.9	2,986.5	6,788.3	7,958.9
Interest expense	306.2	293.7	884.1	890.2
Nonoperating (income) expense, net	(78.5)	1.4	417.7	48.6
Income before provision for income taxes	2,536.2	2,691.4	5,486.5	7,020.1
Provision for income taxes	554.6	541.5	1,212.5	1,113.7
Net income	$ 1,981.6	$ 2,149.9	$ 4,274	$ 5,906.4
Earnings per common share-basic	$ 2.70	$ 2.88	$ 5.79	$ 7.91
Earnings per common share-diluted	2.68	2.86	5.75	7.86
Dividends declared per common share	$ 1.38	$ 2.67	$ 4.14	$ 5.25
Weighted average shares outstanding-basic	734.9	747.1	738.3	746.5
Weighted average shares outstanding-diluted	739.5	752.6	743	751.9

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,981,600,000	$ 2,149,900,000	$ 4,274,000,000	$ 5,906,400,000
Foreign currency translation adjustments:
Gain (loss) recognized in accumulated other comprehensive income (AOCI), including net investment hedges	(369,500,000)	(132,800,000)	(644,300,000)	(172,700,000)
Reclassification of (gain) loss to net income	0	14,300,000	504,100,000	34,700,000
Foreign currency translation adjustments-net of tax benefit (expense) of ($66.1), $116.8, ($133.7) and $67.6	(369,500,000)	(118,500,000)	(140,200,000)	(138,000,000)
Cash flow hedges:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	101,400,000	26,800,000	231,800,000	48,700,000
Reclassification of (gain) loss to net income	(42,500,000)	4,000,000	(70,900,000)	32,400,000
Cash flow hedges-net of tax benefit (expense) of (24.3), (3.7), (29.3) and (14.9)	58,900,000	30,800,000	160,900,000	81,100,000
Defined benefit pension plans:
Gain (loss) recognized in AOCI	(700,000)	100,000	(600,000)	900,000
Reclassification of (gain) loss to net income	(2,000,000)	(4,400,000)	(6,100,000)	(20,400,000)
Defined benefit pension plans-net of tax benefit (expense) of $0.0, $0.0, $0.1 and $0.5	(2,700,000)	(4,300,000)	(6,700,000)	(19,500,000)
Total other comprehensive income (loss), net of tax	(313,300,000)	(92,000,000)	14,000,000	(76,400,000)
Comprehensive income (loss)	$ 1,668,300,000	$ 2,057,900,000	$ 4,288,000,000	$ 5,830,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ (16.9)	$ (9.2)	$ (46.2)	$ (24.1)
Other comprehensive income (loss), pension and other postretirement benefit plans, tax	0	0	0.1	0.1
Other comprehensive income (loss), foreign currency translation adjustment, tax	$ (198.7)	$ (66.1)	$ (435.7)	$ (133.7)

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 1,981.6	$ 2,149.9	$ 4,274	$ 5,906.4
Charges and credits:
Depreciation and amortization	465.6	469.2	1,407.5	1,386.5
Deferred income taxes	(196.3)	(45.8)	(383.1)	(416.2)
Share-based compensation	38.3	34.1	130.9	97.9
Other	(45.6)	(163.6)	260.6	(364.8)
Changes in working capital items	190.3	174	(504.6)	(134.8)
Cash provided by (used for) operations	2,433.9	2,617.8	5,185.3	6,475
Investing activities
Capital expenditures	(531.2)	(501.5)	(1,370.3)	(1,352.8)
Purchases of restaurant businesses	(152.3)	(28.6)	(349.5)	(116.7)
Sales of restaurant businesses	33.1	60.1	401.3	141.9
Sales of property	11.1	41.3	22.3	97.9
Other	(93.8)	43.8	(310.6)	186.7
Cash used for investing activities	(733.1)	(384.9)	(1,606.8)	(1,043)
Financing activities
Net short-term borrowings	(305.4)	(0.3)	10.7	7.6
Long-term financing issuances	1,500	0	3,374.5	0
Long-term financing repayments	(0.4)	(0.4)	(2,201.8)	(1,739.4)
Treasury stock purchases	(869.2)	(17.7)	(3,406.9)	(42.2)
Common stock dividends	(1,014.7)	(963.9)	(3,056.7)	(2,889.5)
Proceeds from stock option exercises	62.4	66.6	168.3	198.6
Other	80.9	(11.7)	48.7	(32.7)
Cash provided by (used for) financing activities	(546.4)	(927.4)	(5,063.2)	(4,497.6)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(198.6)	(49.1)	(396.2)	(77.7)
Cash and equivalents increase (decrease)	955.8	1,256.4	(1,880.9)	856.7
Cash and equivalents at beginning of period	1,872.5	3,049.4	4,709.2	3,449.1
Cash and equivalents at end of period	$ 2,828.3	$ 4,305.8	$ 2,828.3	$ 4,305.8

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, 2020		1,660.6						915.2
Beginning balance at Dec. 31, 2020	$ (7,824.9)	$ 16.6	$ 7,903.6	$ 53,908.1	$ (287.6)	$ (111.3)	$ (2,187.9)	$ (67,066.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,906.4			5,906.4
Other comprehensive income (loss), net of tax	(76.4)				(19.5)	81.1	(138)
Comprehensive income	5,830
Common stock cash dividends	(3,916.8)			(3,916.8)
Treasury stock purchases (in shares)								(0.2)
Treasury stock purchases	(59)							$ (59)
Share-based compensation	97.9		97.9
Stock option exercises and other (in shares)								2
Stock option exercises and other	197.8		124.3					$ 73.5
Ending balance (in shares) at Sep. 30, 2021		1,660.6						913.4
Ending balance at Sep. 30, 2021	(5,675)	$ 16.6	8,125.8	55,897.7	(307.1)	(30.2)	(2,325.9)	$ (67,051.9)
Beginning balance (in shares) at Jun. 30, 2021		1,660.6						913.8
Beginning balance at Jun. 30, 2021	(5,808)	$ 16.6	8,046	55,739	(302.8)	(61)	(2,207.4)	$ (67,038.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,149.9			2,149.9
Other comprehensive income (loss), net of tax	(92)				(4.3)	30.8	(118.5)
Comprehensive income	2,057.9
Common stock cash dividends	(1,991.2)			(1,991.2)
Treasury stock purchases (in shares)								(0.1)
Treasury stock purchases	(34.5)							$ (34.5)
Share-based compensation	34.1		34.1
Stock option exercises and other (in shares)								0.5
Stock option exercises and other	66.7		45.7					$ 21
Ending balance (in shares) at Sep. 30, 2021		1,660.6						913.4
Ending balance at Sep. 30, 2021	(5,675)	$ 16.6	8,125.8	55,897.7	(307.1)	(30.2)	(2,325.9)	$ (67,051.9)
Beginning balance (in shares) at Dec. 31, 2021		1,660.6						915.8
Beginning balance at Dec. 31, 2021	(4,601)	$ 16.6	8,231.6	57,534.7	(179.5)	(24.8)	(2,369.4)	$ (67,810.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,274			4,274
Other comprehensive income (loss), net of tax	14				(6.7)	160.9	(140.2)
Comprehensive income	4,288
Common stock cash dividends	(3,056.7)			(3,056.7)
Treasury stock purchases (in shares)								(14.1)
Treasury stock purchases	(3,486.8)							$ (3,486.8)
Share-based compensation	130.9		130.9
Stock option exercises and other (in shares)								1.7
Stock option exercises and other	159.4		97.6					$ 61.8
Ending balance (in shares) at Sep. 30, 2022		1,660.6						928.2
Ending balance at Sep. 30, 2022	(6,566.2)	$ 16.6	8,460.1	58,752	(186.2)	136.1	(2,509.6)	$ (71,235.2)
Beginning balance (in shares) at Jun. 30, 2022		1,660.6						924.9
Beginning balance at Jun. 30, 2022	(6,369.8)	$ 16.6	8,378.7	57,785.1	(183.5)	77.2	(2,140.1)	$ (70,303.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,981.6			1,981.6
Other comprehensive income (loss), net of tax	(313.3)				(2.7)	58.9	(369.5)
Comprehensive income	1,668.3
Common stock cash dividends	(1,014.7)			(1,014.7)
Treasury stock purchases (in shares)								(3.7)
Treasury stock purchases	(949.1)							$ (949.1)
Share-based compensation	38.3		38.3
Stock option exercises and other (in shares)								0.4
Stock option exercises and other	60.8		43.1					$ 17.7
Ending balance (in shares) at Sep. 30, 2022		1,660.6						928.2
Ending balance at Sep. 30, 2022	$ (6,566.2)	$ 16.6	$ 8,460.1	$ 58,752	$ (186.2)	$ 136.1	$ (2,509.6)	$ (71,235.2)

Condensed Consolidated Statem_6

Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock cash dividends (in dollars per share)	$ 1.38	$ 2.67	$ 4.14	$ 5.25

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
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, 2021 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 nine months ended September 30, 2022 do not necessarily indicate the results that may be expected for the full year. In the first quarter of 2022, the Company temporarily closed restaurants in Russia and Ukraine due to the ongoing war in the region. Beginning in September 2022, the Company began reopening certain restaurants in Ukraine. In June 2022, the Company completed the sale of its Russian business, resulting in a total exit from the market. The Company recorded a charge of $1,281 million for the nine months, comprised primarily of the write-off of the Company’s net investment in Russia, along with related cumulative foreign currency translation losses.

Restaurant Information

Restaurant Information	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restaurant Information	Restaurant Information The following table presents restaurant information by ownership type: Restaurants at September 30, 2022 2021 Conventional franchised 21,641 21,552 Developmental licensed 8,144 7,795 Foreign affiliated 8,145 7,639 Total Franchised 37,930 36,986 Company-operated 2,050 2,690 Total Systemwide restaurants 39,980 * 39,676 *Reflects the sale of over 850 restaurants in Russia in the second quarter of 2022, most of which were Company-operated. 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 accompanying condensed consolidated financial statements for the periods prior to purchase and sale.

Per Common Share Information

Per Common Share Information	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Per Common Share Information	Per Common Share InformationDiluted earnings per common share is calculated as 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 4.6 million shares and 5.5 million shares for the quarters 2022 and 2021, respectively, and 4.7 million shares and 5.4 million shares for the nine months 2022 and 2021, respectively. Share-based compensation awards that would have been antidilutive, and therefore were not included in the calculation of diluted weighted-average shares, totaled 1.5 million shares and 1.4 million shares for the quarters 2022 and 2021, respectively, and 1.5 million shares and 3.0 million shares for the nine months 2022 and 2021, respectively.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Leases In July 2021, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2021-05, "Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments" ("ASU 2021-05"). The pronouncement amends the current guidance on classification for a lease that includes variable lease payments that do not depend on an index or rate. Under the amended guidance, a lessor must classify as an operating lease any lease that would otherwise be classified as a sales-type or direct financing lease and that would result in the recognition of a selling loss at lease commencement. ASU 2021-05 is effective for fiscal years beginning after December 15, 2021, including applicable interim periods. The Company adopted the new standard effective January 1, 2022. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU No. 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 adoption of ASU 2020-04 will not have a material impact on the Company's consolidated financial statements.

Updates to Significant Accounti

Updates to Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Updates to Significant Accounting Policies	Updates to Significant Accounting Policies Long-lived Assets and Goodwill 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. During the first quarter of 2022, the Company temporarily closed restaurants in Russia and Ukraine due to the ongoing war in the region. Restaurants remained closed in Russia through the Company's sale of its Russian business in the second quarter 2022. Beginning in September 2022, the Company began reopening certain restaurants in Ukraine. While the Company continues to monitor economic uncertainty resulting from the ongoing war and to assess the financial impact on restaurant operations in certain regions of Ukraine, based on its analysis and in consideration of the totality of events and circumstances, there were no indicators of impairment during the third quarter of 2022. As of September 30, 2022, the Company’s net investment in Ukraine was approximately $75 million, primarily consisting of building and equipment assets. In addition, there was approximately $150 million of cumulative foreign currency translation losses reflected in the AOCI section of the condensed consolidated statement of shareholder’s equity at September 30, 2022.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes The effective income tax rate was 21.9% and 20.1% for the quarters 2022 and 2021, respectively, and 22.1% and 15.9% for the nine months 2022 and 2021, respectively. The effective tax rate for the nine months 2022 reflected the tax impacts of current year pre-tax charges of $1,281 million related to the sale of the Company's business in Russia and a pre-tax gain of $271 million related to the Company's sale of its Dynamic Yield business. The nine months 2022 also reflected $537 million of nonoperating expense related to the settlement of a tax audit in France. The effective tax rates for the quarter and nine months 2021 reflected the tax impacts of net pre-tax gains of $106 million and $339 million, respectively, primarily related to the sale of McDonald's Japan stock as well as a benefit of $364 million in the nine months related to the remeasurement of deferred taxes as a result of a change in the U.K. statutory income tax rate. As of September 30, 2022 and December 31, 2021, the Company’s gross unrecognized tax benefits totaled $616.4 million and $1,504.9 million, respectively. The Company continues to engage with various tax jurisdictions to resolve tax audits. During the nine months 2022, the Company finalized and settled certain tax examinations and remeasured other income tax reserves based on audit progression. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: In millions 2022 Balance at January 1 $ 1,504.9 Decreases for positions taken in prior years (575.6) Increases for positions taken in prior years 64.3 Increases for positions in the current year 30.3 Decreases due to settlements with taxing authorities (407.5) Decreases due to the lapsing of statutes of limitations — Balance at September 30 $ 616.4

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
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. There were no significant changes to the valuation techniques used to measure fair value as described in the Company's December 31, 2021 Annual Report on Form 10-K.

Financial Instruments and Hedgi

Financial Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 December 31, 2021 Balance Sheet Classification September 30, 2022 December 31, 2021 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 141.3 $ 42.4 Accrued payroll and other liabilities $ — $ (3.3) Interest rate Prepaid expenses and other current assets — 0.3 Accrued payroll and other liabilities — — Foreign currency Miscellaneous other assets 76.7 28.0 Other long-term liabilities — (0.5) Interest rate Miscellaneous other assets — 8.6 Other long-term liabilities (92.0) (4.1) Total derivatives designated as hedging instruments $ 218.0 $ 79.3 $ (92.0) $ (7.9) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ 173.8 $ 9.5 Accrued payroll and other liabilities $ (14.3) $ — Foreign currency Prepaid expenses and other current assets 16.4 0.5 Accrued payroll and other liabilities — — Equity Miscellaneous other assets — 200.3 Total derivatives not designated as hedging instruments $ 190.2 $ 210.3 $ (14.3) $ — Total derivatives $ 408.2 $ 289.6 $ (106.3) $ (7.9) The following table presents the pre-tax amounts from derivative instruments affecting income and AOCI for the nine months ended September 30, 2022 and 2021, respectively: Location of gain or loss Gain (loss) Gain (loss) Gain (loss) recognized in In millions 2022 2021 2022 2021 2022 2021 Foreign currency Nonoperating income/expense $ 214.5 $ 63.1 $ 94.4 $ (37.4) Interest rate Interest expense 83.9 — (3.0) (4.7) Cash flow hedges $ 298.4 $ 63.1 $ 91.4 $ (42.1) Foreign currency denominated debt Nonoperating income/expense $ 1,917.0 $ 574.3 $ 47.1 Foreign currency derivatives Nonoperating income/expense 37.1 31.4 Foreign currency derivatives (1) Interest expense $ 6.6 $ 11.0 Net investment hedges $ 1,954.1 $ 605.7 $ 47.1 $ 6.6 $ 11.0 Foreign currency Nonoperating income/expense $ 15.9 $ 10.4 Equity Selling, general & administrative expenses (50.4) 54.4 Equity Other operating income/expense, net — (7.8) Undesignated derivatives $ (34.5) $ 57.0 (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 the use of interest rate swaps. At September 30, 2022, the carrying amount of fixed-rate debt that was effectively converted was an equivalent notional amount of $952.1 million, which included a decrease of $92.0 million of cumulative hedging adjustments. For the nine months ended September 30, 2022, the Company recognized a $96.8 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 up to the next 18 months for certain exposures and are denominated in various currencies. As of September 30, 2022, the Company had foreign currency derivatives outstanding with an equivalent notional amount of $1.4 billion that hedged a portion of forecasted foreign currency denominated cash flows. To protect against the variability of interest rates on anticipated bond issuances, the Company may use treasury locks to hedge a portion of expected future cash flows. As of September 30, 2022, the Company did not have any of these derivatives outstanding. Based on market conditions at September 30, 2022, the $136.1 million in cumulative cash flow hedging gains, after tax, is not expected to have a significant effect on the Company's earnings over the next 12 months. Net Investment Hedges The Company uses foreign currency denominated debt (third-party and intercompany) and foreign currency derivatives 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 September 30, 2022, $11.7 billion of the Company's third-party foreign currency denominated debt, $826.5 million of the Company's intercompany foreign currency denominated debt and $224.9 million of foreign currency derivatives 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. Changes in the fair value of these derivatives are recognized in Nonoperating (income) expense, net, together 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 September 30, 2022 and has master agreements that contain netting arrangements. For financial reporting purposes, the Company presents gross derivative balances in its 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 September 30, 2022, 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.

Franchise Arrangements

Franchise Arrangements	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Franchise Arrangements	Franchise Arrangements Revenues from franchised restaurants consisted of: Quarters Ended Nine Months Ended September 30, September 30, In millions 2022 2021 2022 2021 Rents $ 2,357.5 $ 2,254.1 $ 6,713.8 $ 6,205.9 Royalties 1,300.7 1,243.1 3,709.0 3,449.6 Initial fees 13.0 13.0 38.0 38.3 Revenues from franchised restaurants $ 3,671.2 $ 3,510.2 $ 10,460.8 $ 9,693.8

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022. • International Operated Markets - comprised of markets or countries in which the Company operates and franchises restaurants, including Australia, Canada, France, Germany, Italy, the Netherlands, Spain and the U.K. The segment is 89% franchised as of September 30, 2022. During the second quarter of 2022, the Company completed the sale of its business in Russia. • International Developmental Licensed Markets & Corporate - comprised primarily of developmental licensee and affiliate markets in the McDonald’s System. Corporate activities are also reported in this segment. The segment is 98% franchised as of September 30, 2022. The following table presents the Company’s revenues and operating income by segment: Quarters Ended Nine Months Ended September 30, September 30, In millions 2022 2021 2022 2021 Revenues U.S. $ 2,456.6 $ 2,260.7 $ 7,042.2 $ 6,615.0 International Operated Markets 2,817.8 3,372.7 8,487.4 9,007.6 International Developmental Licensed Markets & Corporate 597.7 567.9 1,726.5 1,591.2 Total revenues $ 5,872.1 $ 6,201.3 $ 17,256.1 $ 17,213.8 Operating Income U.S. $ 1,326.6 $ 1,254.9 $ 3,797.5 $ 3,647.9 International Operated Markets 1,374.4 1,519.6 2,639.9 3,745.4 International Developmental Licensed Markets & Corporate 62.9 212.0 350.9 565.6 Total operating income* $ 2,763.9 $ 2,986.5 $ 6,788.3 $ 7,958.9 *Results for the nine months 2022 included pre-tax charges of $1,281 million related to the sale of the Company's business in Russia, as well as $271 million of gains related to the Company's sale of its Dynamic Yield business. The quarter and nine months 2021 reflected $106 million and $339 million, respectively, of net gains, primarily related to the sale of McDonald's Japan stock.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
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. There were no subsequent events that required recognition or disclosure.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
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, 2021 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 nine months ended September 30, 2022 do not necessarily indicate the results that may be expected for the full year.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements Leases In July 2021, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2021-05, "Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments" ("ASU 2021-05"). The pronouncement amends the current guidance on classification for a lease that includes variable lease payments that do not depend on an index or rate. Under the amended guidance, a lessor must classify as an operating lease any lease that would otherwise be classified as a sales-type or direct financing lease and that would result in the recognition of a selling loss at lease commencement. ASU 2021-05 is effective for fiscal years beginning after December 15, 2021, including applicable interim periods. The Company adopted the new standard effective January 1, 2022. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU No. 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 adoption of ASU 2020-04 will not have a material impact on the Company's consolidated financial statements.

Updates to Significant Accoun_2

Updates to Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Long-lived Assets and Goodwill	Long-lived Assets and GoodwillLong-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.

Restaurant Information (Tables)

Restaurant Information (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restaurant Information by Ownership Type	The following table presents restaurant information by ownership type: Restaurants at September 30, 2022 2021 Conventional franchised 21,641 21,552 Developmental licensed 8,144 7,795 Foreign affiliated 8,145 7,639 Total Franchised 37,930 36,986 Company-operated 2,050 2,690 Total Systemwide restaurants 39,980 * 39,676 *Reflects the sale of over 850 restaurants in Russia in the second quarter of 2022, most of which were Company-operated.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits	The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: In millions 2022 Balance at January 1 $ 1,504.9 Decreases for positions taken in prior years (575.6) Increases for positions taken in prior years 64.3 Increases for positions in the current year 30.3 Decreases due to settlements with taxing authorities (407.5) Decreases due to the lapsing of statutes of limitations — Balance at September 30 $ 616.4

Financial Instruments and Hed_2

Financial Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 December 31, 2021 Balance Sheet Classification September 30, 2022 December 31, 2021 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 141.3 $ 42.4 Accrued payroll and other liabilities $ — $ (3.3) Interest rate Prepaid expenses and other current assets — 0.3 Accrued payroll and other liabilities — — Foreign currency Miscellaneous other assets 76.7 28.0 Other long-term liabilities — (0.5) Interest rate Miscellaneous other assets — 8.6 Other long-term liabilities (92.0) (4.1) Total derivatives designated as hedging instruments $ 218.0 $ 79.3 $ (92.0) $ (7.9) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ 173.8 $ 9.5 Accrued payroll and other liabilities $ (14.3) $ — Foreign currency Prepaid expenses and other current assets 16.4 0.5 Accrued payroll and other liabilities — — Equity Miscellaneous other assets — 200.3 Total derivatives not designated as hedging instruments $ 190.2 $ 210.3 $ (14.3) $ — Total derivatives $ 408.2 $ 289.6 $ (106.3) $ (7.9)
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 nine months ended September 30, 2022 and 2021, respectively: Location of gain or loss Gain (loss) Gain (loss) Gain (loss) recognized in In millions 2022 2021 2022 2021 2022 2021 Foreign currency Nonoperating income/expense $ 214.5 $ 63.1 $ 94.4 $ (37.4) Interest rate Interest expense 83.9 — (3.0) (4.7) Cash flow hedges $ 298.4 $ 63.1 $ 91.4 $ (42.1) Foreign currency denominated debt Nonoperating income/expense $ 1,917.0 $ 574.3 $ 47.1 Foreign currency derivatives Nonoperating income/expense 37.1 31.4 Foreign currency derivatives (1) Interest expense $ 6.6 $ 11.0 Net investment hedges $ 1,954.1 $ 605.7 $ 47.1 $ 6.6 $ 11.0 Foreign currency Nonoperating income/expense $ 15.9 $ 10.4 Equity Selling, general & administrative expenses (50.4) 54.4 Equity Other operating income/expense, net — (7.8) Undesignated derivatives $ (34.5) $ 57.0 (1) The amount of gain (loss) recognized in income related to components excluded from effectiveness testing.

Franchise Arrangements (Tables)

Franchise Arrangements (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Revenues from Franchised Restaurants	Revenues from franchised restaurants consisted of: Quarters Ended Nine Months Ended September 30, September 30, In millions 2022 2021 2022 2021 Rents $ 2,357.5 $ 2,254.1 $ 6,713.8 $ 6,205.9 Royalties 1,300.7 1,243.1 3,709.0 3,449.6 Initial fees 13.0 13.0 38.0 38.3 Revenues from franchised restaurants $ 3,671.2 $ 3,510.2 $ 10,460.8 $ 9,693.8

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Revenues and Operating Income by Segment	The following table presents the Company’s revenues and operating income by segment: Quarters Ended Nine Months Ended September 30, September 30, In millions 2022 2021 2022 2021 Revenues U.S. $ 2,456.6 $ 2,260.7 $ 7,042.2 $ 6,615.0 International Operated Markets 2,817.8 3,372.7 8,487.4 9,007.6 International Developmental Licensed Markets & Corporate 597.7 567.9 1,726.5 1,591.2 Total revenues $ 5,872.1 $ 6,201.3 $ 17,256.1 $ 17,213.8 Operating Income U.S. $ 1,326.6 $ 1,254.9 $ 3,797.5 $ 3,647.9 International Operated Markets 1,374.4 1,519.6 2,639.9 3,745.4 International Developmental Licensed Markets & Corporate 62.9 212.0 350.9 565.6 Total operating income* $ 2,763.9 $ 2,986.5 $ 6,788.3 $ 7,958.9 *Results for the nine months 2022 included pre-tax charges of $1,281 million related to the sale of the Company's business in Russia, as well as $271 million of gains related to the Company's sale of its Dynamic Yield business. The quarter and nine months 2021 reflected $106 million and $339 million, respectively, of net gains, primarily related to the sale of McDonald's Japan stock.

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain (loss) on disposition of business	$ (1,281)

Restaurant Information (Details

Restaurant Information (Details) - Restaurant	3 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Franchisor Disclosure
Number of Restaurants		39,980	39,676
Number of restaurants sold	850
Franchised
Franchisor Disclosure
Number of Restaurants		37,930	36,986
Franchised | Conventional franchised
Franchisor Disclosure
Number of Restaurants		21,641	21,552
Franchised | Developmental licensed
Franchisor Disclosure
Number of Restaurants		8,144	7,795
Franchised | Affiliated
Franchisor Disclosure
Number of Restaurants		8,145	7,639
Company-operated
Franchisor Disclosure
Number of Restaurants		2,050	2,690

Per Common Share Information (D

Per Common Share Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Dilutive effect of share-based compensation (in shares)	4.6	5.5	4.7	5.4
Antidilutive share-based compensation awards (in shares)	1.5	1.4	1.5	3

Updates to Significant Accoun_3

Updates to Significant Accounting Policies (Details)	3 Months Ended
	Sep. 30, 2022 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Impairment of long-lived assets and goodwill	$ 0
Cumulative foreign currency translation losses	150,000,000
UKRAINE
Revenues from External Customers and Long-Lived Assets [Line Items]
Building and equipment assets in Ukraine	$ 75,000,000

Income Taxes (Additional Inform

Income Taxes (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Effective Income Tax Rate Reconciliation, Percent	21.90%	20.10%	22.10%	15.90%
Gain (loss) on disposition of business			$ (1,281)
Nonoperating expense of tax settlement			537
Gain (loss) on sale of stock in subsidiary or equity method investee		$ 106		$ 339
Benefit of deferred taxes		$ 364		$ 364
Gross unrecognized tax benefits	$ 616.4		616.4		$ 1,504.9
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dynamic Yield
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on disposal			$ 271

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Reconciliation of Unrecognized Tax [Roll Forward]
Balance at January 1	$ 1,504.9
Decreases for positions taken in prior years	(575.6)
Increases for positions taken in prior years	64.3
Increases for positions in the current year	30.3
Decreases due to settlements with taxing authorities	(407.5)
Decreases due to the lapsing of statutes of limitations	0
Balance at June 30	$ 616.4

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Billions	Sep. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Debt obligations, fair value	$ 31.9
Debt obligations, carrying amount	$ 34.9

Financial Instruments and Hed_3

Financial Instruments and Hedging Activities (Fair Values of Derivative Instruments Included on Consolidated Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 408.2	$ 289.6
Liability Derivatives Fair Value	(106.3)	(7.9)
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	218	79.3
Liability Derivatives Fair Value	(92)	(7.9)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	190.2	210.3
Liability Derivatives Fair Value	(14.3)	0
Foreign Exchange [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	141.3	42.4
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	16.4	0.5
Foreign Exchange [Member] | Accrued Expenses And Other Current Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	0	(3.3)
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	0
Foreign Exchange [Member] | Other Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	76.7	28
Foreign Exchange [Member] | Other long-term liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	0	(0.5)
Equity [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	173.8	9.5
Equity [Member] | Accrued Expenses And Other Current Liabilities [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	(14.3)	0
Equity [Member] | Other Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	0	200.3
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	0	0.3
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	0
Interest Rate Contract [Member] | Other Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	0	8.6
Interest Rate Contract [Member] | Other long-term liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	$ (92)	$ (4.1)

Financial Instruments and Hed_4

Financial Instruments and Hedging Activities (Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Derivatives in Cash Flow Hedging Relationships
Cash flow hedges
Gain (loss) recognized in AOCI	$ 298.4	$ 63.1
Gain (loss) reclassified into income from AOCI	91.4	(42.1)
Net Investment Hedging Relationships
Net investment hedges
Gain (loss) recognized in AOCI	1,954.1	605.7
Gain (loss) reclassified into income from AOCI		47.1
Derivative instruments, gain (loss) recognized in income, net	6.6	11
Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	(34.5)	57
Foreign Exchange [Member] | Derivatives in Cash Flow Hedging Relationships
Cash flow hedges
Gain (loss) recognized in AOCI	214.5	63.1
Gain (loss) reclassified into income from AOCI	94.4	(37.4)
Foreign Exchange [Member] | Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	15.9	10.4
Interest Rate Contract [Member] | Derivatives in Cash Flow Hedging Relationships
Cash flow hedges
Gain (loss) recognized in AOCI	83.9	0
Gain (loss) reclassified into income from AOCI	(3)	(4.7)
Other Foreign Currency Denominated Debt [Member] | Net Investment Hedging Relationships
Net investment hedges
Gain (loss) recognized in AOCI	1,917	574.3
Gain (loss) reclassified into income from AOCI		47.1
Foreign Exchange Forward [Member] | Net Investment Hedging Relationships
Net investment hedges
Gain (loss) recognized in AOCI	37.1	31.4
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging Relationships
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	6.6	11
Equity [Member] | Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	(50.4)	54.4
Equity Contract [Member] | Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	$ 0	$ (7.8)

Financial Instruments and Hed_5

Financial Instruments and Hedging Activities (Additional Information) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Cumulative cash flow hedging gain (losses), after tax	$ (136,100,000)
Debt [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates	11,700,000,000
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	826,500,000
Derivatives in Cash Flow Hedging Relationships
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	0
Net Investment Hedging Relationships
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	224,900,000
Gain (loss) on the fair value of interest rate swaps	6,600,000	$ 11,000,000
Interest Rate Risk [Member] | Fair Value Hedging [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	(92,000,000)
Gain (loss) on the fair value of interest rate swaps	(96,800,000)
Royalty Arrangement [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 1,400,000,000
Period covered by hedge	18 months
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 952,100,000

Franchise Arrangements (Detail)

Franchise Arrangements (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Rents	$ 2,357.5	$ 2,254.1	$ 6,713.8	$ 6,205.9
Royalties	1,300.7	1,243.1	3,709	3,449.6
Initial Fees	13	13	38	38.3
Revenues from franchised restaurants	$ 3,671.2	$ 3,510.2	$ 10,460.8	$ 9,693.8

Segment Information (Additional

Segment Information (Additional Information) (Details)	Sep. 30, 2022
U.S.
Noncontrolling Interest [Line Items]
Percentage of segment franchised	95%
International Operated Markets
Noncontrolling Interest [Line Items]
Percentage of segment franchised	89%
International Developmental Licensed Markets and Corporate
Noncontrolling Interest [Line Items]
Percentage of segment franchised	98%

Segment Information (Revenues a

Segment Information (Revenues and Operating Income by Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 5,872.1	$ 6,201.3	$ 17,256.1	$ 17,213.8
Operating Income	2,763.9	2,986.5	6,788.3	7,958.9
Gain (loss) on disposition of business			(1,281)
Gain (loss) on sale of stock in subsidiary or equity method investee		106		339
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dynamic Yield
Segment Reporting Information [Line Items]
Pre-tax gain (loss) on disposal			271
U.S.
Segment Reporting Information [Line Items]
Total revenues	2,456.6	2,260.7	7,042.2	6,615
Operating Income	1,326.6	1,254.9	3,797.5	3,647.9
International Operated Markets
Segment Reporting Information [Line Items]
Total revenues	2,817.8	3,372.7	8,487.4	9,007.6
Operating Income	1,374.4	1,519.6	2,639.9	3,745.4
International Developmental Licensed Markets and Corporate
Segment Reporting Information [Line Items]
Total revenues	597.7	567.9	1,726.5	1,591.2
Operating Income	$ 62.9	$ 212	$ 350.9	$ 565.6