McDonald's (MCD) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	728,763,452
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000063908

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and equivalents	$ 1,625.6	$ 2,583.8
Accounts and notes receivable	2,193.6	2,115
Inventories, at cost, not in excess of market	52.4	52
Prepaid expenses and other current assets	1,073.8	673.4
Total current assets	4,945.4	5,424.2
Other assets
Investments in and advances to affiliates	1,038.8	1,064.5
Goodwill	2,968.6	2,900.4
Miscellaneous	4,869	4,707.2
Total other assets	8,876.4	8,672.1
Lease right-of-use asset, net	12,518.7	12,565.7
Property and equipment
Property and equipment, at cost	42,131	41,037.6
Accumulated depreciation and amortization	(18,029.5)	(17,264)
Net property and equipment	24,101.5	23,773.6
Total assets	50,442	50,435.6
Current liabilities
Accounts payable	806.6	980.2
Lease liability	687.2	661.1
Income taxes	385.4	274.9
Other taxes	245	255.1
Accrued interest	342.8	393.4
Accrued payroll and other liabilities	1,206.7	1,237.4
Total current liabilities	3,673.7	3,802.1
Long-term debt	35,710.1	35,903.5
Long-term lease liability	12,074.2	12,134.4
Long-term income taxes	552.7	791.9
Deferred revenues - initial franchise fees	769.1	757.8
Other long-term liabilities	1,041.8	1,051.8
Deferred income taxes	1,619.5	1,997.5
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	8,735.8	8,547.1
Retained earnings	61,436.6	59,543.9
Accumulated other comprehensive income (loss)	(2,455.6)	(2,486.6)
Common stock in treasury, at cost; 931.9 and 929.3 million shares	(72,732.5)	(71,624.4)
Total shareholders' equity (deficit)	(4,999.1)	(6,003.4)
Total liabilities and shareholders' equity (deficit)	$ 50,442	$ 50,435.6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	931,900,000	929,300,000

Condensed Consolidated Statemen

Condensed Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Sales by Company-operated restaurants	$ 2,487	$ 2,112.8	$ 4,711.3	$ 4,415.2
Revenues from franchised restaurants	3,933.3	3,526.8	7,520.8	6,789.6
Other Revenues	77.2	78.8	163.2	179.2
Total revenues	6,497.5	5,718.4	12,395.3	11,384
Operating costs and expenses
Company-operated restaurant expenses	2,091.3	1,769.8	4,014.4	3,729
Franchised restaurants-occupancy expenses	618.2	588.6	1,216.5	1,172.6
Other Restaurant Expenses	57	57.9	119.8	130.2
Selling, general & administrative expenses
Depreciation and Amortization	95.2	93	194.5	185.7
Other Selling, General and Administrative Expense	567.5	611.2	1,120.8	1,195.5
Other operating (income) expense, net	(35.8)	886.1	92.8	946.6
Total operating costs and expenses	3,393.4	4,006.6	6,758.8	7,359.6
Operating income	3,104.1	1,711.8	5,636.5	4,024.4
Interest expense	330.2	290.6	659.9	577.9
Nonoperating (income) expense, net	(42.8)	12.1	(107.1)	496.2
Income before provision for income taxes	2,816.7	1,409.1	5,083.7	2,950.3
Provision for income taxes	506.3	221.1	971	657.9
Net income	$ 2,310.4	$ 1,188	$ 4,112.7	$ 2,292.4
Earnings per common share-basic	$ 3.17	$ 1.61	$ 5.63	$ 3.10
Earnings per common share-diluted	3.15	1.60	5.60	3.08
Dividends declared per common share	$ 1.52	$ 1.38	$ 3.04	$ 2.76
Weighted average shares outstanding-basic	729.6	737.5	730.3	740
Weighted average shares outstanding-diluted	734.3	742	734.9	744.8

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 2,310,400,000	$ 1,188,000,000	$ 4,112,700,000	$ 2,292,400,000
Foreign currency translation adjustments:
Gain (loss) recognized in accumulated other comprehensive income (AOCI), including net investment hedges	39,800,000	(190,600,000)	54,800,000	(274,800,000)
Reclassification of (gain) loss to net income	0	504,100,000	0	504,100,000
Foreign currency translation adjustments-net of tax benefit (expense) of $18.2, $(178.0), $53.8 and $(237.0)	39,800,000	313,500,000	54,800,000	229,300,000
Cash flow hedges:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	1,600,000	103,000,000	(6,900,000)	130,400,000
Reclassification of (gain) loss to net income	(4,400,000)	(18,300,000)	(12,600,000)	(28,400,000)
Cash flow hedges-net of tax benefit (expense) of 0.8, (24.3), 5.3 and (29.3)	(2,800,000)	84,700,000	(19,500,000)	102,000,000
Defined benefit pension plans:
Gain (loss) recognized in AOCI	(3,200,000)	0	5,200,000	100,000
Reclassification of (gain) loss to net income	0	(2,700,000)	(9,500,000)	(4,100,000)
Defined benefit pension plans-net of tax benefit (expense) of $0.0, $0.1, $1.1 and $0.1	(3,200,000)	(2,700,000)	(4,300,000)	(4,000,000)
Total other comprehensive income (loss), net of tax	33,800,000	395,500,000	31,000,000	327,300,000
Comprehensive income (loss)	$ 2,344,200,000	$ 1,583,500,000	$ 4,143,700,000	$ 2,619,700,000

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ 0.8	$ (24.3)	$ 5.3	$ (29.3)
Other comprehensive income (loss), pension and other postretirement benefit plans, tax	0	0.1	1.1	0.1
Other comprehensive income (loss), foreign currency translation adjustment, tax	$ 18.2	$ (178)	$ 53.8	$ (237)

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income	$ 2,310.4	$ 1,188	$ 4,112.7	$ 2,292.4
Charges and credits:
Depreciation and amortization	492.2	462.2	982.7	941.9
Deferred income taxes	(152.5)	(136.3)	(238.6)	(186.8)
Share-based compensation	45.2	38.3	94.9	92.6
Other	(46.4)	234.2	(77.2)	306.2
Changes in working capital items	(975.6)	(1,168.3)	(780.5)	(694.9)
Cash provided by (used for) operations	1,673.3	618.1	4,094	2,751.4
Investing activities
Capital expenditures	(526.5)	(437.9)	(1,029.8)	(839.1)
Purchases of restaurant businesses	(114)	(110.5)	(211.6)	(197.2)
Sales of restaurant businesses	59.2	351.7	80	368.2
Sales of property	3.7	6.3	21.7	11.2
Other	(92.9)	(128.8)	(272.1)	(216.8)
Cash used for investing activities	(670.5)	(319.2)	(1,411.8)	(873.7)
Financing activities
Net short-term borrowings	(157.1)	310.1	(144.3)	316.1
Long-term financing issuances	0	1,874.5	1,054.3	1,874.5
Long-term financing repayments	(1,376.9)	(850.8)	(1,376.9)	(2,201.4)
Treasury stock purchases	(569.7)	(1,031.2)	(1,148.1)	(2,537.7)
Common stock dividends	(1,108.8)	(1,016.9)	(2,220)	(2,042)
Proceeds from stock option exercises	74.9	47.2	148.7	105.9
Other	43.8	(19.6)	34.1	(32.2)
Cash provided by (used for) financing activities	(3,093.8)	(686.7)	(3,652.2)	(4,516.8)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	8.5	(75.4)	11.8	(197.6)
Cash and equivalents increase (decrease)	(2,082.5)	(463.2)	(958.2)	(2,836.7)
Cash and equivalents at beginning of period	3,708.1	2,335.7	2,583.8	4,709.2
Cash and equivalents at end of period	$ 1,625.6	$ 1,872.5	$ 1,625.6	$ 1,872.5

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, 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	2,292.4			2,292.4
Other comprehensive income (loss), net of tax	327.3				(4)	102	229.3
Comprehensive income	2,619.7
Common stock cash dividends	(2,042)			(2,042)
Treasury stock purchases (in shares)								(10.4)
Treasury stock purchases	(2,537.7)							$ (2,537.7)
Share-based compensation	92.6		92.6
Stock option exercises and other (in shares)								1.3
Stock option exercises and other	98.6		54.5					$ 44.1
Ending balance (in shares) at Jun. 30, 2022		1,660.6						924.9
Ending 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)
Beginning balance (in shares) at Mar. 31, 2022		1,660.6						921.1
Beginning balance at Mar. 31, 2022	(5,990.8)	$ 16.6	8,307.1	57,614	(180.8)	(7.5)	(2,453.6)	$ (69,286.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,188			1,188
Other comprehensive income (loss), net of tax	395.5				(2.7)	84.7	313.5
Comprehensive income	1,583.5
Common stock cash dividends	(1,016.9)			(1,016.9)
Treasury stock purchases (in shares)								(4.3)
Treasury stock purchases	(1,031.2)							$ (1,031.2)
Share-based compensation	38.3		38.3
Stock option exercises and other (in shares)								0.5
Stock option exercises and other	47.3		33.3					$ 14
Ending balance (in shares) at Jun. 30, 2022		1,660.6						924.9
Ending 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)
Beginning balance (in shares) at Dec. 31, 2022		1,660.6						929.3
Beginning balance at Dec. 31, 2022	(6,003.4)	$ 16.6	8,547.1	59,543.9	(298.2)	30.7	(2,219.1)	$ (71,624.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,112.7			4,112.7
Other comprehensive income (loss), net of tax	31				(4.3)	(19.5)	54.8
Comprehensive income	4,143.7
Common stock cash dividends	(2,220)			(2,220)
Treasury stock purchases (in shares)								(4.2)
Treasury stock purchases	(1,163)							$ (1,163)
Share-based compensation	94.9		94.9
Stock option exercises and other (in shares)								1.6
Stock option exercises and other	148.7		93.8					$ 54.9
Ending balance (in shares) at Jun. 30, 2023		1,660.6						931.9
Ending balance at Jun. 30, 2023	(4,999.1)	$ 16.6	8,735.8	61,436.6	(302.5)	11.2	(2,164.3)	$ (72,732.5)
Beginning balance (in shares) at Mar. 31, 2023		1,660.6						930.5
Beginning balance at Mar. 31, 2023	(5,776.1)	$ 16.6	8,635.5	60,235	(299.3)	14	(2,204.1)	$ (72,173.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,310.4			2,310.4
Other comprehensive income (loss), net of tax	33.8				(3.2)	(2.8)	39.8
Comprehensive income	2,344.2
Common stock cash dividends	(1,108.8)			(1,108.8)
Treasury stock purchases (in shares)								(2)
Treasury stock purchases	(578.5)							$ (578.5)
Share-based compensation	45.2		45.2
Stock option exercises and other (in shares)								0.6
Stock option exercises and other	74.9		55.1					$ 19.8
Ending balance (in shares) at Jun. 30, 2023		1,660.6						931.9
Ending balance at Jun. 30, 2023	$ (4,999.1)	$ 16.6	$ 8,735.8	$ 61,436.6	$ (302.5)	$ 11.2	$ (2,164.3)	$ (72,732.5)

Condensed Consolidated Statem_6

Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock cash dividends (in dollars per share)	$ 1.52	$ 1.38	$ 3.04	$ 2.76

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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, 2022 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, 2023 do not necessarily indicate the results that may be expected for the full year.

Restaurant Information

Restaurant Information	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restaurant Information	Restaurant Information The following table presents restaurant information by ownership type: Restaurants at June 30, 2023 2022 Conventional franchised 21,719 21,621 Developmental licensed 8,357 7,918 Foreign affiliated 8,598 8,125 Total Franchised 38,674 37,664 Company-operated 2,127 2,032 Total Systemwide restaurants 40,801 39,696 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	6 Months Ended
	Jun. 30, 2023
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 4.7 million shares and 4.5 million shares for the quarters ended 2023 and 2022, respectively, and 4.6 million shares and 4.8 million shares for the six months ended 2023 and 2022, respectively. Share-based compensation awards that would have been antidilutive, and therefore were not included in the calculation of diluted weighted-average shares, totaled 1.2 million shares and 1.6 million shares for the quarters ended 2023 and 2022, respectively, and 2.1 million shares and 1.6 million shares for the six months ended 2023 and 2022, respectively.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements during the quarter and six months ended June 30, 2023 that are of significance or potential significance to the Company.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Accelerating the Organization In January 2023, the Company announced an evolution of its successful Accelerating the Arches strategy. Enhancements to the strategy include the addition of Restaurant Development to the Company’s growth pillars and an internal effort to modernize ways of working, Accelerating the Organization , both of which are aimed at elevating the Company’s performance. Accelerating the Organization is designed to unlock further growth as the Company focuses on becoming faster, more innovative and more efficient for the benefit of our customers and people. The Company expects to incur up to $250 million of expenses related to this strategic initiative in 2023, of which $199 million was incurred in the six months ended June 30, 2023. These expenses were recorded in the Other operating (income) expense, net line within the consolidated statement of income. Restructuring expenses primarily consist of employee termination benefits, costs to terminate contracts, including lease terminations, and professional services and other costs. Professional services and other costs primarily relate to expenses incurred for legal and consulting activities. There were no significant non-cash impairment charges included in the amounts listed in the table below. The following table summarizes the balance of accrued expenses related to this strategic initiative (in millions): Employee Termination Benefits Costs to Terminate Contracts Other Related Costs Total 2023 Beginning Balance $ — $ — $ — $ — Restructuring Costs Incurred 110.3 26.9 43.3 180.5 Cash Payments (1.5) (1.4) (0.3) (3.2) Other Non-Cash Items — — (14.1) (14.1) Accrued Balance at March 31, 2023 $ 108.8 $ 25.5 $ 28.9 $ 163.2 Restructuring Costs Incurred (8.8) 5.6 21.9 18.7 Cash Payments (27.7) (11.7) (46.8) (86.2) Other Non-Cash Items — — (2.5) (2.5) Accrued Balance at June 30, 2023 $ 72.3 $ 19.4 $ 1.5 $ 93.2 Of the $199 million of restructuring costs incurred in the six months ended June 30, 2023, $62 million was recorded in the U.S., $72 million was recorded in the International Operated Markets segment and $65 million was recorded in the International Developmental Licensed Markets & Corporate segment, the majority of which was recorded at Corporate. Substantially all of the accrued restructuring balance recorded at June 30, 2023, related to the Company’s Accelerating the Organization initiative, is expected to be paid out by the end of 2023. As part of Accelerating the Organization, the Company is also in the initial stages of developing a strategy that will utilize an enterprise-wide Global Business Services model to deliver business services at scale with greater efficiency. Additional costs will be incurred as the strategy progresses; however, at this point in time these future costs cannot be estimated. The expectation is that the Company will complete the majority of its Global Business Services strategy by the end of 2027.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes The effective income tax rate was 18.0% and 15.7% for the quarters ended 2023 and 2022, respectively, and 19.1% and 22.3% for the six months ended 2023 and 2022, respectively. The effective tax rate for both periods 2023 reflected a tax benefit of $55 million related to the remeasurement of certain deferred tax liabilities. The six months 2023 also reflected a tax benefit of $50 million on restructuring charges related to Accelerating the Organization . The effective tax rate for the quarter and six months 2022 reflected $214 million and $239 million, respectively, of net tax benefits related to the sale of the Company’s Russia and Dynamic Yield businesses, as well as approximately $50 million of net tax benefits related to global tax audit progression. The six months 2022 were also unfavorably impacted by the non-deductible $537 million of nonoperating expense related to the settlement of a tax audit in France.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
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, 2022 Annual Report on Form 10-K.

Financial Instruments and Hedgi

Financial Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Balance Sheet Classification June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 12.4 $ 53.3 Accrued payroll and other liabilities $ (29.9) $ (17.9) Interest rate Prepaid expenses and other current assets 13.6 — Accrued payroll and other liabilities (7.7) — Foreign currency Miscellaneous other assets 12.0 28.7 Other long-term liabilities (7.6) (30.7) Interest rate Miscellaneous other assets — — Other long-term liabilities (81.1) (91.5) Total derivatives designated as hedging instruments $ 38.0 $ 82.0 $ (126.3) $ (140.1) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ 231.3 $ 200.5 Accrued payroll and other liabilities $ — $ — Foreign currency Prepaid expenses and other current assets 1.3 — Accrued payroll and other liabilities — (1.6) Equity Miscellaneous other assets — — Total derivatives not designated as hedging instruments $ 232.6 $ 200.5 $ — $ (1.6) Total derivatives $ 270.6 $ 282.5 $ (126.3) $ (141.7) The following table presents the pre-tax amounts from derivative instruments affecting income and AOCI for the six months ended June 30, 2023 and 2022, respectively: Location of gain or loss Gain (loss) Gain (loss) Gain (loss) recognized in In millions 2023 2022 2023 2022 2023 2022 Foreign currency Nonoperating income/expense $ (22.3) $ 101.8 $ 15.8 $ 38.8 Interest rate Interest expense 13.6 66.1 0.3 (2.2) Cash flow hedges $ (8.7) $ 167.9 $ 16.1 $ 36.6 Foreign currency denominated debt Nonoperating income/expense $ (293.5) $ 1,015.2 Foreign currency derivatives Nonoperating income/expense 45.8 27.4 Foreign currency derivatives (1) Interest expense $ 11.1 $ 4.4 Net investment hedges $ (247.7) $ 1,042.6 $ 11.1 $ 4.4 Foreign currency Nonoperating income/expense $ 2.9 $ 6.5 Equity Selling, general & administrative expenses $ 31.1 $ (23.3) Undesignated derivatives $ 34.0 $ (16.8) (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 June 30, 2023, the carrying amount of fixed-rate debt that was effectively converted was an equivalent notional amount of $1.0 billion, which included a decrease of $88.8 million of cumulative hedging adjustments. For the six months ended June 30, 2023, the Company recognized a $2.7 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 up to the next 18 months for certain exposures and are denominated in various currencies. As of June 30, 2023, the Company had foreign currency derivatives outstanding with an equivalent notional amount of $1.7 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 June 30, 2023, the Company had derivatives outstanding with a notional amount of $500 million that hedge a portion of forecasted cash flows. Based on market conditions at June 30, 2023, the $11.3 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 June 30, 2023, $13.4 billion of the Company's third-party foreign currency denominated debt, $1.0 billion of the Company's intercompany foreign currency denominated debt and $652 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 June 30, 2023 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 June 30, 2023, the Company was required to post $99 million 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	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Franchise Arrangements	Franchise Arrangements Revenues from franchised restaurants consisted of: Quarters Ended Six Months Ended June 30, June 30, In millions 2023 2022 2023 2022 Rents $ 2,508.8 $ 2,275.2 $ 4,778.6 $ 4,356.3 Royalties 1,410.3 1,239.6 2,713.3 2,408.3 Initial fees 14.2 12.0 28.9 25.0 Revenues from franchised restaurants $ 3,933.3 $ 3,526.8 $ 7,520.8 $ 6,789.6

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
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, 2023. • 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 June 30, 2023. During the second quarter of 2022, the Company completed the sale of its business in Russia, resulting in a total exit from the market. • 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 June 30, 2023. The following table presents the Company’s revenues and operating income by segment: Quarters Ended Six Months Ended June 30, June 30, In millions 2023 2022 2023 2022 Revenues U.S. $ 2,701.2 $ 2,410.0 $ 5,188.8 $ 4,585.6 International Operated Markets 3,155.6 2,747.5 5,950.4 5,669.6 International Developmental Licensed Markets & Corporate 640.7 560.9 1,256.1 1,128.8 Total revenues $ 6,497.5 $ 5,718.4 $ 12,395.3 $ 11,384.0 Operating Income U.S. $ 1,494.9 $ 1,319.9 $ 2,790.0 $ 2,470.9 International Operated Markets 1,517.5 136.3 2,710.2 1,265.5 International Developmental Licensed Markets & Corporate 91.7 255.6 136.3 288.0 Total operating income* $ 3,104.1 $ 1,711.8 $ 5,636.5 $ 4,024.4 * Results for the quarter and six months 2023 reflected $18 million and $198 million, respectively, primarily related to pre-tax restructuring charges related to Accelerating the Organization.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
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)	6 Months Ended
	Jun. 30, 2023
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, 2022 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, 2023 do not necessarily indicate the results that may be expected for the full year.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements during the quarter and six months ended June 30, 2023 that are of significance or potential significance to the Company.

Updates to Significant Accounti

Updates to Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements during the quarter and six months ended June 30, 2023 that are of significance or potential significance to the Company.

Restaurant Information (Tables)

Restaurant Information (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restaurant Information by Ownership Type	The following table presents restaurant information by ownership type: Restaurants at June 30, 2023 2022 Conventional franchised 21,719 21,621 Developmental licensed 8,357 7,918 Foreign affiliated 8,598 8,125 Total Franchised 38,674 37,664 Company-operated 2,127 2,032 Total Systemwide restaurants 40,801 39,696

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the balance of accrued expenses related to this strategic initiative (in millions): Employee Termination Benefits Costs to Terminate Contracts Other Related Costs Total 2023 Beginning Balance $ — $ — $ — $ — Restructuring Costs Incurred 110.3 26.9 43.3 180.5 Cash Payments (1.5) (1.4) (0.3) (3.2) Other Non-Cash Items — — (14.1) (14.1) Accrued Balance at March 31, 2023 $ 108.8 $ 25.5 $ 28.9 $ 163.2 Restructuring Costs Incurred (8.8) 5.6 21.9 18.7 Cash Payments (27.7) (11.7) (46.8) (86.2) Other Non-Cash Items — — (2.5) (2.5) Accrued Balance at June 30, 2023 $ 72.3 $ 19.4 $ 1.5 $ 93.2

Financial Instruments and Hed_2

Financial Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Balance Sheet Classification June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 12.4 $ 53.3 Accrued payroll and other liabilities $ (29.9) $ (17.9) Interest rate Prepaid expenses and other current assets 13.6 — Accrued payroll and other liabilities (7.7) — Foreign currency Miscellaneous other assets 12.0 28.7 Other long-term liabilities (7.6) (30.7) Interest rate Miscellaneous other assets — — Other long-term liabilities (81.1) (91.5) Total derivatives designated as hedging instruments $ 38.0 $ 82.0 $ (126.3) $ (140.1) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ 231.3 $ 200.5 Accrued payroll and other liabilities $ — $ — Foreign currency Prepaid expenses and other current assets 1.3 — Accrued payroll and other liabilities — (1.6) Equity Miscellaneous other assets — — Total derivatives not designated as hedging instruments $ 232.6 $ 200.5 $ — $ (1.6) Total derivatives $ 270.6 $ 282.5 $ (126.3) $ (141.7)
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, 2023 and 2022, respectively: Location of gain or loss Gain (loss) Gain (loss) Gain (loss) recognized in In millions 2023 2022 2023 2022 2023 2022 Foreign currency Nonoperating income/expense $ (22.3) $ 101.8 $ 15.8 $ 38.8 Interest rate Interest expense 13.6 66.1 0.3 (2.2) Cash flow hedges $ (8.7) $ 167.9 $ 16.1 $ 36.6 Foreign currency denominated debt Nonoperating income/expense $ (293.5) $ 1,015.2 Foreign currency derivatives Nonoperating income/expense 45.8 27.4 Foreign currency derivatives (1) Interest expense $ 11.1 $ 4.4 Net investment hedges $ (247.7) $ 1,042.6 $ 11.1 $ 4.4 Foreign currency Nonoperating income/expense $ 2.9 $ 6.5 Equity Selling, general & administrative expenses $ 31.1 $ (23.3) Undesignated derivatives $ 34.0 $ (16.8) (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, 2023
Leases [Abstract]
Revenues from Franchised Restaurants	Revenues from franchised restaurants consisted of: Quarters Ended Six Months Ended June 30, June 30, In millions 2023 2022 2023 2022 Rents $ 2,508.8 $ 2,275.2 $ 4,778.6 $ 4,356.3 Royalties 1,410.3 1,239.6 2,713.3 2,408.3 Initial fees 14.2 12.0 28.9 25.0 Revenues from franchised restaurants $ 3,933.3 $ 3,526.8 $ 7,520.8 $ 6,789.6

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Revenues and Operating Income by 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 2023 2022 2023 2022 Revenues U.S. $ 2,701.2 $ 2,410.0 $ 5,188.8 $ 4,585.6 International Operated Markets 3,155.6 2,747.5 5,950.4 5,669.6 International Developmental Licensed Markets & Corporate 640.7 560.9 1,256.1 1,128.8 Total revenues $ 6,497.5 $ 5,718.4 $ 12,395.3 $ 11,384.0 Operating Income U.S. $ 1,494.9 $ 1,319.9 $ 2,790.0 $ 2,470.9 International Operated Markets 1,517.5 136.3 2,710.2 1,265.5 International Developmental Licensed Markets & Corporate 91.7 255.6 136.3 288.0 Total operating income* $ 3,104.1 $ 1,711.8 $ 5,636.5 $ 4,024.4 * Results for the quarter and six months 2023 reflected $18 million and $198 million, respectively, primarily related to pre-tax restructuring charges related to Accelerating the Organization.

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain (loss) on disposition of business	$ 1,153	$ 1,281

Restaurant Information (Details

Restaurant Information (Details) - Restaurant	Jun. 30, 2023	Jun. 30, 2022
Franchisor Disclosure
Number of Restaurants	40,801	39,696
Franchised
Franchisor Disclosure
Number of Restaurants	38,674	37,664
Franchised | Conventional franchised
Franchisor Disclosure
Number of Restaurants	21,719	21,621
Franchised | Developmental licensed
Franchisor Disclosure
Number of Restaurants	8,357	7,918
Franchised | Affiliated
Franchisor Disclosure
Number of Restaurants	8,598	8,125
Company-operated
Franchisor Disclosure
Number of Restaurants	2,127	2,032

Per Common Share Information (D

Per Common Share Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Dilutive effect of share-based compensation (in shares)	4.7	4.5	4.6	4.8
Antidilutive share-based compensation awards (in shares)	1.2	1.6	2.1	1.6

Restructuring (Additional Infor

Restructuring (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Cost, Incurred Cost	$ 18,700,000	$ 180,500,000	$ 199,000,000
Maximum [Member]
Restructuring and Related Activities [Abstract]
Restructuring and Related Cost, Expected Cost	250,000,000		250,000,000
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 250,000,000		$ 250,000,000

Restructuring (Summary of Accru

Restructuring (Summary of Accrued Expenses Balance) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jan. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 93,200,000	$ 163,200,000	$ 93,200,000	$ 0
Restructuring and Related Cost, Incurred Cost	18,700,000	180,500,000	199,000,000
Payments for Restructuring	(86,200,000)	(3,200,000)
Restructuring Reserve, Accrual Adjustment	(2,500,000)	(14,100,000)
Special Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	72,300,000	108,800,000	72,300,000
Restructuring and Related Cost, Incurred Cost	(8,800,000)	110,300,000
Payments for Restructuring	(27,700,000)	(1,500,000)
Restructuring Reserve, Accrual Adjustment	0	0
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	19,400,000	25,500,000	19,400,000
Restructuring and Related Cost, Incurred Cost	5,600,000	26,900,000
Payments for Restructuring	(11,700,000)	(1,400,000)
Restructuring Reserve, Accrual Adjustment	0	0
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1,500,000	28,900,000	1,500,000
Restructuring and Related Cost, Incurred Cost	21,900,000	43,300,000
Payments for Restructuring	(46,800,000)	(300,000)
Restructuring Reserve, Accrual Adjustment	$ (2,500,000)	$ (14,100,000)
U.S.
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost			62,000,000
International Operated Markets
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost			72,000,000
International Developmental Licensed Markets and Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost			$ 65,000,000

Income Taxes (Additional Inform

Income Taxes (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	18%	15.70%	19.10%	22.30%
Nonoperating expense of tax settlement				$ 537
Gross unrecognized tax benefits		$ 50		50
Deferred Tax Liabilities, Tax Deferred Income	$ 55		$ 55
Other Tax Expense (Benefit)		$ 214	$ 50	$ 239

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Billions	Jun. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Debt obligations, fair value	$ 33.6
Debt obligations, carrying amount	$ 35.7

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, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 270.6	$ 282.5
Liability Derivatives Fair Value	(126.3)	(141.7)
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	38	82
Liability Derivatives Fair Value	(126.3)	(140.1)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	232.6	200.5
Liability Derivatives Fair Value	0	(1.6)
Foreign Exchange [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	12.4	53.3
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	1.3	0
Foreign Exchange [Member] | Accrued Expenses And Other Current Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	(29.9)	(17.9)
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	(1.6)
Foreign Exchange [Member] | Other Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	12	28.7
Foreign Exchange [Member] | Other long-term liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	(7.6)	(30.7)
Equity [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	231.3	200.5
Equity [Member] | Accrued Expenses And Other Current Liabilities [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	0	0
Equity [Member] | Other Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	0	0
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	13.6	0
Interest Rate Contract [Member] | Accrued Expenses And Other Current Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	(7.7)	0
Interest Rate Contract [Member] | Other Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	0	0
Interest Rate Contract [Member] | Other long-term liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	$ (81.1)	$ (91.5)

Financial Instruments and Hed_4

Financial Instruments and Hedging Activities (Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Derivatives in Cash Flow Hedging Relationships
Cash flow hedges
Gain (loss) recognized in AOCI	$ (8.7)	$ 167.9
Gain (loss) reclassified into income from AOCI	16.1	36.6
Net Investment Hedging Relationships
Net investment hedges
Gain (loss) recognized in AOCI	(247.7)	1,042.6
Gain (loss) reclassified into income from AOCI
Derivative instruments, gain (loss) recognized in income, net	11.1	4.4
Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	34	(16.8)
Foreign Exchange [Member] | Derivatives in Cash Flow Hedging Relationships
Cash flow hedges
Gain (loss) recognized in AOCI	(22.3)	101.8
Gain (loss) reclassified into income from AOCI	15.8	38.8
Foreign Exchange [Member] | Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	2.9	6.5
Interest Rate Contract [Member] | Derivatives in Cash Flow Hedging Relationships
Cash flow hedges
Gain (loss) recognized in AOCI	13.6	66.1
Gain (loss) reclassified into income from AOCI	0.3	(2.2)
Other Foreign Currency Denominated Debt [Member] | Net Investment Hedging Relationships
Net investment hedges
Gain (loss) recognized in AOCI	(293.5)	1,015.2
Gain (loss) reclassified into income from AOCI
Foreign Exchange Forward [Member] | Net Investment Hedging Relationships
Net investment hedges
Gain (loss) recognized in AOCI	45.8	27.4
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging Relationships
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	11.1	4.4
Equity [Member] | Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	$ 31.1	$ (23.3)

Financial Instruments and Hed_5

Financial Instruments and Hedging Activities (Additional Information) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Cumulative cash flow hedging gain (losses), after tax	$ 11,300,000
Debt [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates	13,400,000,000
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	1,000,000,000
Net Investment Hedging Relationships
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	652,000,000
Gain (loss) on the fair value of interest rate swaps	11,100,000	$ 4,400,000
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	(88,800,000)
Gain (loss) on the fair value of interest rate swaps	(2,700,000)
Royalty Arrangement [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 1,700,000,000
Period covered by hedge	18 months
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 1,000,000,000

Franchise Arrangements (Detail)

Franchise Arrangements (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Rents	$ 2,508.8	$ 2,275.2	$ 4,778.6	$ 4,356.3
Royalties	1,410.3	1,239.6	2,713.3	2,408.3
Initial Fees	14.2	12	28.9	25
Revenues from franchised restaurants	$ 3,933.3	$ 3,526.8	$ 7,520.8	$ 6,789.6

Segment Information (Additional

Segment Information (Additional Information) (Details)	Jun. 30, 2023
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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 6,497,500,000	$ 5,718,400,000	$ 12,395,300,000	$ 11,384,000,000
Operating Income	3,104,100,000	1,711,800,000	5,636,500,000	4,024,400,000
Restructuring, Settlement and Impairment Provisions	18,000,000		198,000,000
Gain (loss) on disposition of business		1,153,000,000		1,281,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dynamic Yield
Segment Reporting Information [Line Items]
Pre-tax gain (loss) on disposal				271,000,000
U.S.
Segment Reporting Information [Line Items]
Total revenues	2,701,200,000	2,410,000,000	5,188,800,000	4,585,600,000
Operating Income	1,494,900,000	1,319,900,000	2,790,000,000	2,470,900,000
International Operated Markets
Segment Reporting Information [Line Items]
Total revenues	3,155,600,000	2,747,500,000	5,950,400,000	5,669,600,000
Operating Income	1,517,500,000	136,300,000	2,710,200,000	1,265,500,000
International Developmental Licensed Markets and Corporate
Segment Reporting Information [Line Items]
Total revenues	640,700,000	560,900,000	1,256,100,000	1,128,800,000
Operating Income	$ 91,700,000	$ 255,600,000	$ 136,300,000	$ 288,000,000