McDonald's (MCD) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	717,343,247
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000063908

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and equivalents	$ 792,000,000	$ 4,579,000,000
Accounts and notes receivable	2,404,000,000	2,488,000,000
Inventories, at cost, not in excess of market	46,000,000	53,000,000
Prepaid expenses and other current assets	963,000,000	866,000,000
Total current assets	4,205,000,000	7,986,000,000
Other assets
Investments in and advances to affiliates	2,876,000,000	1,080,000,000
Goodwill	3,048,000,000	3,040,000,000
Miscellaneous	5,627,000,000	5,618,000,000
Total other assets	11,551,000,000	9,738,000,000
Lease right-of-use asset, net	13,234,000,000	13,514,000,000
Property and equipment
Property and equipment, at cost	43,846,000,000	43,570,000,000
Accumulated depreciation and amortization	(19,035,000,000)	(18,662,000,000)
Net property and equipment	24,811,000,000	24,908,000,000
Total assets	53,801,000,000	56,147,000,000
Current liabilities
Short-term borrowings and current maturities of long-term debt	0	2,192,000,000
Accounts payable	949,000,000	1,103,000,000
Lease liability	655,000,000	688,000,000
Income taxes	464,000,000	705,000,000
Other taxes	279,000,000	268,000,000
Accrued interest	421,000,000	469,000,000
Accrued payroll and other liabilities	1,142,000,000	1,434,000,000
Total current liabilities	3,910,000,000	6,859,000,000
Long-term debt	38,524,000,000	37,153,000,000
Long-term lease liability	12,820,000,000	13,058,000,000
Long-term income taxes	85,000,000	363,000,000
Deferred revenues - initial franchise fees	791,000,000	790,000,000
Other long-term liabilities	885,000,000	950,000,000
Deferred income taxes	1,610,000,000	1,681,000,000
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	17,000,000	17,000,000
Additional paid-in capital	9,055,000,000	8,893,000,000
Retained earnings	65,026,000,000	63,480,000,000
Accumulated other comprehensive income (loss)	(2,463,000,000)	(2,456,000,000)
Common stock in treasury, at cost; 943.3 and 937.9 million shares	(76,459,000,000)	(74,640,000,000)
Total shareholders' equity (deficit)	(4,824,000,000)	(4,707,000,000)
Total liabilities and shareholders' equity (deficit)	$ 53,801,000,000	$ 56,147,000,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	943,300,000	937,900,000

Condensed Consolidated Statemen

Condensed Consolidated Statement of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Sales by Company-owned and operated restaurants	$ 2,461	$ 2,487	$ 4,816	$ 4,711
Revenues from franchised restaurants	3,940	3,933	7,663	7,521
Other Revenues	89	77	180	163
Total revenues	6,490	6,498	12,659	12,395
Operating costs and expenses
Company-operated restaurant expenses	2,074	2,091	4,109	4,014
Franchised restaurants-occupancy expenses	629	618	1,256	1,216
Other Restaurant Expenses	69	57	137	120
Selling, general & administrative expenses
Depreciation and Amortization	101	95	199	194
Other Selling, General and Administrative Expense	590	567	1,212	1,121
Other operating (income) expense, net	(107)	36	(90)	(93)
Total operating costs and expenses	3,570	3,393	7,003	6,759
Operating income	2,920	3,104	5,655	5,637
Interest expense	373	330	746	660
Nonoperating (income) expense, net	9	43	(54)	107
Income before provision for income taxes	2,555	2,817	4,964	5,084
Provision for income taxes	533	506	1,013	971
Net income	$ 2,022	$ 2,310	$ 3,951	$ 4,113
Earnings per common share-basic	$ 2.81	$ 3.17	$ 5.49	$ 5.63
Earnings per common share-diluted	2.80	3.15	5.46	5.60
Dividends declared per common share	$ 1.67	$ 1.52	$ 3.34	$ 3.04
Weighted average shares outstanding-basic	718.8	729.6	720.3	730.3
Weighted average shares outstanding-diluted	722	734.3	724	734.9

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,022,000,000	$ 2,310,000,000	$ 3,951,000,000	$ 4,113,000,000
Foreign currency translation adjustments:
Gain (loss) recognized in accumulated other comprehensive income (AOCI), including net investment hedges	28,000,000	40,000,000	(87,000,000)	55,000,000
Reclassification of (gain) loss to net income	41,000,000	0	41,000,000	0
Foreign currency translation adjustments-net of tax benefit (expense) of $(29), $18, and $(122), $54	69,000,000	40,000,000	(46,000,000)	55,000,000
Cash flow hedges:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	4,000,000	2,000,000	40,000,000	(7,000,000)
Reclassification of (gain) loss to net income	(2,000,000)	(4,000,000)	(1,000,000)	(13,000,000)
Cash flow hedges-net of tax benefit (expense) of $(1), $1, $(13) and $5	2,000,000	(2,000,000)	39,000,000	(20,000,000)
Defined benefit pension plans:
Gain (loss) recognized in AOCI	0	(3,000,000)	11,000,000	5,000,000
Reclassification of (gain) loss to net income	0	0	(10,000,000)	(10,000,000)
Defined benefit pension plans-net of tax benefit (expense) of $1, $0, $1 and $1	0	(3,000,000)	1,000,000	(5,000,000)
Total other comprehensive income (loss), net of tax	71,000,000	35,000,000	(6,000,000)	30,000,000
Comprehensive income (loss)	$ 2,093,000,000	$ 2,345,000,000	$ 3,945,000,000	$ 4,143,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ (1)	$ 1	$ (13)	$ 5
Other comprehensive income (loss), pension and other postretirement benefit plans, tax	1	0	1	1
Other comprehensive income (loss), foreign currency translation adjustment, tax	$ (29)	$ 18	$ (122)	$ 54

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 2,022	$ 2,310	$ 3,951	$ 4,113
Charges and credits:
Depreciation and amortization	502	492	1,012	983
Deferred income taxes	(226)	(152)	(364)	(239)
Share-based compensation	38	45	88	95
Other	16	(46)	(15)	(77)
Changes in working capital items	(663)	(976)	(593)	(781)
Cash provided by (used for) operations	1,689	1,673	4,079	4,094
Investing activities
Capital expenditures	(628)	(526)	(1,174)	(1,030)
Purchases of restaurant businesses	(110)	(114)	(162)	(212)
Payments to Acquire Equity Method Investments	(17)	0	(1,837)	0
Sales of restaurant businesses	60	59	102	80
Sales of property	14	4	22	22
Other	(165)	(93)	(289)	(272)
Cash used for investing activities	(846)	(670)	(3,338)	(1,412)
Financing activities
Net short-term borrowings	(2)	(158)	(341)	(144)
Long-term financing issuances	1,731	0	1,731	1,054
Long-term financing repayments	(500)	(1,376)	(1,785)	(1,377)
Treasury stock purchases	(934)	(570)	(1,852)	(1,148)
Common stock dividends	(1,199)	(1,109)	(2,405)	(2,220)
Proceeds from stock option exercises	22	75	121	149
Other	13	44	1	34
Cash provided by (used for) financing activities	(869)	(3,094)	(4,530)	(3,652)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(21)	8	1	12
Cash and equivalents increase (decrease)	(46)	(2,083)	(3,787)	(958)
Cash and equivalents at beginning of period	838	3,708	4,579	2,584
Cash and equivalents at end of period	$ 792	$ 1,626	$ 792	$ 1,626

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	Treasury Stock, Common
Beginning balance (in shares) at Dec. 31, 2022		1,660.6						929.3
Beginning balance at Dec. 31, 2022	$ (6,003)	$ 17	$ 8,547	$ 59,544	$ (298)	$ 31	$ (2,219)	$ (71,624)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,113			4,113
Other comprehensive income (loss), net of tax	30				(5)	(20)	55
Comprehensive income	4,143
Common stock cash dividends	(2,220)			(2,220)
Treasury stock purchases	(1,163)							(1,163)
Share-based compensation	95		95
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	149		94					$ 55
Ending balance (in shares) at Jun. 30, 2023		1,660.6						931.9
Ending balance at Jun. 30, 2023	(4,999)	$ 17	8,736	61,437	(303)	11	(2,164)	$ (72,733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock purchases (in shares)								(4.2)
Stock option exercises and other (in shares)								1.6
Beginning balance (in shares) at Mar. 31, 2023		1,660.6						930.5
Beginning balance at Mar. 31, 2023	(5,776)	$ 17	8,636	60,235	(299)	14	(2,204)	$ (72,174)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,310			2,310
Other comprehensive income (loss), net of tax	35				(3)	(2)	40
Comprehensive income	2,345
Common stock cash dividends	(1,109)			(1,109)
Treasury stock purchases	(579)							(579)
Share-based compensation	45		45
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	75		55					$ 20
Ending balance (in shares) at Jun. 30, 2023		1,660.6						931.9
Ending balance at Jun. 30, 2023	$ (4,999)	$ 17	8,736	61,437	(303)	11	(2,164)	$ (72,733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock purchases (in shares)								(2)
Stock option exercises and other (in shares)								0.6
Common stock in treasury, shares	937.9
Beginning balance (in shares) at Dec. 31, 2023		1,660.6						937.9
Beginning balance at Dec. 31, 2023	$ (4,707)	$ 17	8,893	63,480	(367)	(6)	(2,083)	$ (74,640)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,951			3,951
Other comprehensive income (loss), net of tax	(6)				1	39	(46)
Comprehensive income	3,945
Common stock cash dividends	(2,405)			(2,405)
Treasury stock purchases	(1,867)							(1,867)
Share-based compensation	88		88
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	121		73					$ 48
Ending balance (in shares) at Jun. 30, 2024		1,660.6						943.3
Ending balance at Jun. 30, 2024	(4,824)	$ 17	9,055	65,026	(367)	33	(2,129)	$ (76,459)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock purchases (in shares)								(6.7)
Stock option exercises and other (in shares)								1.3
Beginning balance (in shares) at Mar. 31, 2024		1,660.6						939.9
Beginning balance at Mar. 31, 2024	(4,833)	$ 17	9,001	64,203	(367)	32	(2,198)	$ (75,520)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,022			2,022
Other comprehensive income (loss), net of tax	71				0	2	69
Comprehensive income	2,093
Common stock cash dividends	(1,199)			(1,199)
Treasury stock purchases	(946)							(946)
Share-based compensation	38		38
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	22		15					$ 7
Ending balance (in shares) at Jun. 30, 2024		1,660.6						943.3
Ending balance at Jun. 30, 2024	$ (4,824)	$ 17	$ 9,055	$ 65,026	$ (367)	$ 33	$ (2,129)	$ (76,459)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock purchases (in shares)								(3.5)
Stock option exercises and other (in shares)								0.1
Common stock in treasury, shares	943.3

Condensed Consolidated Statem_6

Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock cash dividends (in dollars per share)	$ 1.67	$ 1.52	$ 3.34	$ 3.04

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
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, 2023 Annual Report on Form 10-K. In the opinion of management, all normal recurring adjustments necessary for a fair presentation have been included. The results for the quarter and six months ended June 30, 2024 do not necessarily indicate the results that may be expected for the full year. Change in Presentation In the first quarter of 2024, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share data or as otherwise designated. The change in rounding presentation has been applied to all prior year amounts presented. In certain circumstances, this change adjusted previously reported balances, however, these changes were not significant, and no other changes were made to previously reported financial information. Additionally, certain columns and rows within the financial statements and tables presented may not add due to rounding. Percentages have been calculated from the underlying whole-dollar amounts for all periods presented.

Restaurant Information

Restaurant Information	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 Conventional franchised 21,892 21,719 Developmental licensed 8,815 8,357 Foreign affiliated 9,531 8,598 Total Franchised 40,238 38,674 Company-owned and operated 2,168 2,127 Total Systemwide restaurants 42,406 40,801 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, 2024
Earnings Per Share [Abstract]
Per Common Share Information	Per Common Share Information

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). The pronouncement expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. We are currently in the process of determining the impact that ASU 2023-07 will have on the Company's consolidated financial statement disclosures. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). The pronouncement expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently in the process of determining the impact that ASU 2023-09 will have on the Company's consolidated financial statement disclosures.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2024
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 included 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 its customers and people. The Company incurred $101 million of charges related to Accelerating the Organization in the six months ended June 30, 2024. These charges were recorded in the Other operating (income) expense, net line within the consolidated statement of income, and primarily recorded within the Corporate segment. For the period presented, restructuring charges primarily consisted of professional services costs. 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 Professional Services and Other Costs Total 2024 Accrued Balance at Beginning of Year $ 41 $ 11 $ 7 $ 59 Restructuring Costs Incurred — — 44 44 Cash Payments (14) (5) (44) (63) Other Non-Cash Items — — (1) (1) Accrued Balance at March 31, 2024 $ 27 $ 6 $ 6 $ 39 Restructuring Costs Incurred (1) — 58 57 Cash Payments (5) (1) (50) (56) Other Non-Cash Items — — — — Accrued Balance at June 30, 2024 $ 21 $ 5 $ 14 $ 40 The Company continues to evolve its ways of working by driving efficiency and effectiveness across the organization, primarily led by its Global Business Services organization. Transformation efforts under Accelerating the Organization will continue to result in various restructuring charges as the strategy progresses through its anticipated completion during 2027. The Company expects to incur approximately $250 million of restructuring charges in 2024, primarily related to professional services costs.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes The effective income tax rate was 20.9% and 18.0% for the quarters ended 2024 and 2023, respectively, and 20.4% and 19.1% for the six months ended 2024 and 2023, respectively. The effective tax rate for both periods of 2023 reflected an income tax benefit of $55 million related to the remeasurement of a deferred tax liability.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures certain financial assets and liabilities at fair value. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date and are defined as follows: • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. • Level 2 – inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. • Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. There were no significant changes to the valuation techniques used to measure fair value as described in the Company's December 31, 2023 Annual Report on Form 10-K. At June 30, 2024, the fair value of the Company’s debt obligations was estimated at $36.4 billion, compared to a carrying amount of $38.5 billion. The fair value of debt obligations is based upon quoted market prices, classified as Level 2 within the valuation hierarchy. The carrying amount of cash and equivalents and notes receivable approximate fair value.

Financial Instruments and Hedgi

Financial Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 Balance Sheet Classification June 30, 2024 December 31, 2023 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 36 $ 9 Accrued payroll and other liabilities $ (11) $ (37) Interest rate Prepaid expenses and other current assets $ — $ 4 Accrued payroll and other liabilities $ — $ (4) Foreign currency Miscellaneous other assets $ 29 $ 2 Other long-term liabilities $ (1) $ (14) Interest rate Miscellaneous other assets $ — $ — Other long-term liabilities $ (58) $ (58) Total derivatives designated as hedging instruments $ 65 $ 15 $ (70) $ (113) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ — $ — Accrued payroll and other liabilities $ — $ — Foreign currency Prepaid expenses and other current assets $ — $ 6 Accrued payroll and other liabilities $ (8) $ (5) Equity Miscellaneous other assets $ 116 $ 189 Total derivatives not designated as hedging instruments $ 116 $ 195 $ (8) $ (5) Total derivatives $ 181 $ 210 $ (78) $ (118) The following table presents the pre-tax amounts from derivative instruments affecting income and AOCI for the six months ended June 30, 2024 and 2023, respectively: Location of gain or loss Gain (loss) Gain (loss) Gain (loss) recognized in In millions 2024 2023 2024 2023 2024 2023 Foreign currency Nonoperating income/expense $ 49 $ (22) $ 1 $ 16 Interest rate Interest expense $ 4 $ 14 $ 1 $ — Cash flow hedges $ 53 $ (8) $ 2 $ 16 Foreign currency denominated debt Nonoperating income/expense $ 421 $ (294) Foreign currency derivatives Nonoperating income/expense $ 87 $ 46 Foreign currency derivatives (1) Interest expense $ 18 $ 11 Net investment hedges $ 508 $ (248) $ 18 $ 11 Foreign currency Nonoperating income/expense $ (6) $ 3 Equity Selling, general & administrative expenses $ (27) $ 31 Undesignated derivatives $ (33) $ 34 (1) The amount of gain (loss) recognized in income related to components excluded from effectiveness testing. Fair Value Hedges The Company enters into fair value hedges to reduce the exposure to changes in fair values of certain liabilities. The Company enters into fair value hedges that convert a portion of its fixed rate debt into floating rate debt by use of interest rate swaps. At June 30, 2024, the carrying amount of fixed-rate debt that was effectively converted was an equivalent notional amount of $763 million, which included a decrease of $58 million of cumulative hedging adjustments. For the six months ended June 30, 2024, the Company recognized a $4 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, 2024, the Company had derivatives outstanding with an equivalent notional amount of $2.2 billion that hedged a portion of forecasted foreign currency denominated cash flows. Based on market conditions at June 30, 2024, the $33 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, 2024, $13.6 billion of the Company's third-party foreign currency denominated debt, $539 million of the Company's intercompany foreign currency denominated debt and $1.7 billion of foreign currency derivatives were designated to hedge investments in certain foreign subsidiaries and affiliates. Undesignated Hedges 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. The Company may also use certain investments to hedge changes in these liabilities. Changes in the fair value of these derivatives or investments are recorded in Selling, general & administrative expenses together with the changes in the supplemental benefit plan liabilities. In addition, the Company uses foreign currency forwards to mitigate the change in fair value of certain foreign currency denominated assets and liabilities. The changes in the fair value of these derivatives are recognized in Nonoperating (income) expense, net, along with the currency gain or loss from the hedged balance sheet position. Credit Risk The Company is exposed to credit-related losses in the event of non-performance by its derivative counterparties. The Company did not have significant exposure to any individual counterparty at June 30, 2024 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, 2024, the Company was required to post $61 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, 2024
Leases [Abstract]
Franchise Arrangements	Franchise Arrangements Revenues from franchised restaurants consisted of: Quarters Ended Six Months Ended June 30, June 30, In millions 2024 2023 2024 2023 Rents $ 2,523 $ 2,509 $ 4,904 $ 4,779 Royalties 1,402 1,410 2,728 2,713 Initial fees 16 14 31 29 Revenues from franchised restaurants $ 3,940 $ 3,933 $ 7,663 $ 7,521

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
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, 2024. • International Operated Markets - comprised of markets or countries in which the Company owns and operates and franchises restaurants, including Australia, Canada, France, Germany, Italy, Poland, Spain and the U.K. The segment is 89% franchised as of June 30, 2024. • International Developmental Licensed Markets & Corporate - comprised primarily of developmental licensee and affiliate markets in the McDonald’s System, including equity method investments in China and Japan. Corporate activities are also reported in this segment. The segment is 98% franchised as of June 30, 2024. The following table presents the Company’s revenues and operating income by segment: Quarters Ended Six Months Ended June 30, June 30, In millions 2024 2023 2024 2023 Revenues U.S. $ 2,698 $ 2,701 $ 5,258 $ 5,189 International Operated Markets 3,147 3,156 6,134 5,950 International Developmental Licensed Markets & Corporate 645 641 1,267 1,256 Total revenues $ 6,490 $ 6,498 $ 12,659 $ 12,395 Operating Income U.S. $ 1,511 $ 1,495 $ 2,907 $ 2,790 International Operated Markets 1,493 1,518 2,858 2,710 International Developmental Licensed Markets & Corporate (84) 92 (109) 136 Total operating income $ 2,920 $ 3,104 $ 5,655 $ 5,637

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
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. On July 2, 2024, the Company completed the acquisition of Alonyal Limited, which owns and operates 228 McDonald’s restaurants in Israel. As a result of this acquisition, McDonald’s will now consolidate the financial statements of Alonyal Limited into its results. Revenues from these restaurants will now be reflected as Company-owned and operated sales, rather than royalties charged to the former developmental licensee partner based on a percentage of sales being recorded within Franchised revenue. The Company will continue to report results from this market within the International Developmental Licensed Markets & Corporate segment. The Company is currently in the process of accounting for this transaction and expects to complete its preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of the third quarter of 2024. There were no other subsequent events that required recognition or disclosure.

Investments, Equity Method and

Investments, Equity Method and Joint Ventures	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure	Equity Method Investments The Company has various investments accounted for using the equity method. Under the equity method of accounting, the Company records its proportionate share of the net income or loss of each equity method investee, with a corresponding change to the carrying value of the investment. The carrying value of the investment is also adjusted for any dividends received and the effect of foreign exchange. The Company records its proportionate share of net income or loss within the Other operating (income) expense, net line on the consolidated statement of net income. The carrying value of the investments are recorded within the Investments in and advances to affiliates line on the consolidated balance sheet. The Company’s primary equity method investments include partial ownership in Grand Foods Holding, an entity that operates and manages McDonald's business in mainland China, Hong Kong and Macau, and partial ownership in McDonald’s Japan Holdings Co., Ltd, an entity that operates and manages McDonald’s business in Japan. The Company has granted these entities the right to operate the McDonald's business as part of a Master Franchise Agreement. Revenue related to these agreements are accounted for in a manner consistent with the Company’s other franchise arrangements. The following table summarizes the amounts related to the Company’s primary equity method investees during the periods presented. June 30, 2024 December 31, 2023 In Millions Percentage Ownership Fair Value (Level 1) Carrying Amount Percentage Ownership Fair Value (Level 1) Carrying Amount Grand Foods Holding 48 % N/A $ 2,109 20 % N/A $ 238 McDonald's Japan Holdings Co., Ltd 35 % $ 1,851 $ 547 35 % $ 2,034 $ 597 On January 30, 2024, the Company acquired an additional 28% ownership stake in Grand Foods Holding from the global investment firm Carlyle in exchange for $1.8 billion in cash. The acquisition increased the Company's equity ownership to 48%, but did not result in control of the entity. As such, the Company remains a minority partner and will continue to account for the investment under the equity method. As of June 30, 2024, the aggregate carrying amount of the Company's investments in these equity method investees exceeded its proportionate share of the net assets of these equity method investees by $1.5 billion. This difference is not amortized. Management has concluded that there are no indicators of impairment related to these investments. The following table summarizes the amounts recorded related to the Company's primary equity method investments during the six months ended June 30, 2024 and June 30, 2023, respectively. Six Months Ended June 30, In Millions 2024 2023 Revenue $ 260 $ 235 Equity in Earnings $ 66 $ 50 Accounts Receivable $ 135 $ 137 Dividends Received $ 13 $ 14

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023 Annual Report on Form 10-K. In the opinion of management, all normal recurring adjustments necessary for a fair presentation have been included. The results for the quarter and six months ended June 30, 2024 do not necessarily indicate the results that may be expected for the full year. Change in Presentation In the first quarter of 2024, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share data or as otherwise designated. The change in rounding presentation has been applied to all prior year amounts presented. In certain circumstances, this change adjusted previously reported balances, however, these changes were not significant, and no other changes were made to previously reported financial information. Additionally, certain columns and rows within the financial statements and tables presented may not add due to rounding. Percentages have been calculated from the underlying whole-dollar amounts for all periods presented.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). The pronouncement expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. We are currently in the process of determining the impact that ASU 2023-07 will have on the Company's consolidated financial statement disclosures. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). The pronouncement expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently in the process of determining the impact that ASU 2023-09 will have on the Company's consolidated financial statement disclosures.

Updates to Significant Accounti

Updates to Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). The pronouncement expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. We are currently in the process of determining the impact that ASU 2023-07 will have on the Company's consolidated financial statement disclosures. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). The pronouncement expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently in the process of determining the impact that ASU 2023-09 will have on the Company's consolidated financial statement disclosures.

Restaurant Information (Tables)

Restaurant Information (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 Conventional franchised 21,892 21,719 Developmental licensed 8,815 8,357 Foreign affiliated 9,531 8,598 Total Franchised 40,238 38,674 Company-owned and operated 2,168 2,127 Total Systemwide restaurants 42,406 40,801

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2024
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 Professional Services and Other Costs Total 2024 Accrued Balance at Beginning of Year $ 41 $ 11 $ 7 $ 59 Restructuring Costs Incurred — — 44 44 Cash Payments (14) (5) (44) (63) Other Non-Cash Items — — (1) (1) Accrued Balance at March 31, 2024 $ 27 $ 6 $ 6 $ 39 Restructuring Costs Incurred (1) — 58 57 Cash Payments (5) (1) (50) (56) Other Non-Cash Items — — — — Accrued Balance at June 30, 2024 $ 21 $ 5 $ 14 $ 40

Financial Instruments and Hed_2

Financial Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 Balance Sheet Classification June 30, 2024 December 31, 2023 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 36 $ 9 Accrued payroll and other liabilities $ (11) $ (37) Interest rate Prepaid expenses and other current assets $ — $ 4 Accrued payroll and other liabilities $ — $ (4) Foreign currency Miscellaneous other assets $ 29 $ 2 Other long-term liabilities $ (1) $ (14) Interest rate Miscellaneous other assets $ — $ — Other long-term liabilities $ (58) $ (58) Total derivatives designated as hedging instruments $ 65 $ 15 $ (70) $ (113) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ — $ — Accrued payroll and other liabilities $ — $ — Foreign currency Prepaid expenses and other current assets $ — $ 6 Accrued payroll and other liabilities $ (8) $ (5) Equity Miscellaneous other assets $ 116 $ 189 Total derivatives not designated as hedging instruments $ 116 $ 195 $ (8) $ (5) Total derivatives $ 181 $ 210 $ (78) $ (118)
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, 2024 and 2023, respectively: Location of gain or loss Gain (loss) Gain (loss) Gain (loss) recognized in In millions 2024 2023 2024 2023 2024 2023 Foreign currency Nonoperating income/expense $ 49 $ (22) $ 1 $ 16 Interest rate Interest expense $ 4 $ 14 $ 1 $ — Cash flow hedges $ 53 $ (8) $ 2 $ 16 Foreign currency denominated debt Nonoperating income/expense $ 421 $ (294) Foreign currency derivatives Nonoperating income/expense $ 87 $ 46 Foreign currency derivatives (1) Interest expense $ 18 $ 11 Net investment hedges $ 508 $ (248) $ 18 $ 11 Foreign currency Nonoperating income/expense $ (6) $ 3 Equity Selling, general & administrative expenses $ (27) $ 31 Undesignated derivatives $ (33) $ 34 (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, 2024
Leases [Abstract]
Revenues from Franchised Restaurants	Revenues from franchised restaurants consisted of: Quarters Ended Six Months Ended June 30, June 30, In millions 2024 2023 2024 2023 Rents $ 2,523 $ 2,509 $ 4,904 $ 4,779 Royalties 1,402 1,410 2,728 2,713 Initial fees 16 14 31 29 Revenues from franchised restaurants $ 3,940 $ 3,933 $ 7,663 $ 7,521

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Revenues U.S. $ 2,698 $ 2,701 $ 5,258 $ 5,189 International Operated Markets 3,147 3,156 6,134 5,950 International Developmental Licensed Markets & Corporate 645 641 1,267 1,256 Total revenues $ 6,490 $ 6,498 $ 12,659 $ 12,395 Operating Income U.S. $ 1,511 $ 1,495 $ 2,907 $ 2,790 International Operated Markets 1,493 1,518 2,858 2,710 International Developmental Licensed Markets & Corporate (84) 92 (109) 136 Total operating income $ 2,920 $ 3,104 $ 5,655 $ 5,637

Restaurant Information (Details

Restaurant Information (Details) - Restaurant	Jun. 30, 2024	Jun. 30, 2023
Franchisor Disclosure
Number of Restaurants	42,406	40,801
Franchised
Franchisor Disclosure
Number of Restaurants	40,238	38,674
Franchised | Conventional franchised
Franchisor Disclosure
Number of Restaurants	21,892	21,719
Franchised | Developmental licensed
Franchisor Disclosure
Number of Restaurants	8,815	8,357
Franchised | Affiliated
Franchisor Disclosure
Number of Restaurants	9,531	8,598
Company-operated
Franchisor Disclosure
Number of Restaurants	2,168	2,127

Per Common Share Information (D

Per Common Share Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Dilutive effect of share-based compensation (in shares)	3.2	4.7	3.7	4.6
Antidilutive share-based compensation awards (in shares)	3.2	1.2	2.2	2.1

Restructuring (Additional Infor

Restructuring (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Cost, Expected Cost	$ 250,000,000		$ 250,000,000
Restructuring and Related Cost, Incurred Cost	57,000,000	$ 44,000,000	101,000,000
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, 2024	Mar. 31, 2024	Jun. 30, 2024	Jan. 01, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 40,000,000	$ 39,000,000	$ 40,000,000	$ 59,000,000
Restructuring and Related Cost, Incurred Cost	57,000,000	44,000,000	101,000,000
Payments for Restructuring	(56,000,000)	(63,000,000)
Restructuring Reserve, Accrual Adjustment	0	(1,000,000)
Special Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	21,000,000	27,000,000	21,000,000	41,000,000
Restructuring and Related Cost, Incurred Cost	(1,000,000)	0
Payments for Restructuring	(5,000,000)	(14,000,000)
Restructuring Reserve, Accrual Adjustment	0	0
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	5,000,000	6,000,000	5,000,000	11,000,000
Restructuring and Related Cost, Incurred Cost	0	0
Payments for Restructuring	(1,000,000)	(5,000,000)
Restructuring Reserve, Accrual Adjustment	0	0
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	14,000,000	6,000,000	$ 14,000,000	$ 7,000,000
Restructuring and Related Cost, Incurred Cost	58,000,000	44,000,000
Payments for Restructuring	(50,000,000)	(44,000,000)
Restructuring Reserve, Accrual Adjustment	$ 0	$ (1,000,000)

Income Taxes (Additional Inform

Income Taxes (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	20.90%	18%	20.40%	19.10%
Deferred Tax Liabilities, Tax Deferred Income		$ 55		$ 55

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Billions	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Debt obligations, fair value	$ 36.4
Debt obligations, carrying amount	$ 38.5

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, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 181	$ 210
Liability Derivatives Fair Value	(78)	(118)
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	65	15
Liability Derivatives Fair Value	(70)	(113)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	116	195
Liability Derivatives Fair Value	(8)	(5)
Foreign Exchange [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	36	9
Foreign Exchange [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	0	6
Foreign Exchange [Member] | Accrued Expenses And Other Current Liabilities [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	(11)	(37)
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	(8)	(5)
Foreign Exchange [Member] | Other Assets [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	29	2
Foreign Exchange [Member] | Other long-term liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	(1)	(14)
Equity [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	0	0
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	116	189
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	4
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	(4)
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	$ (58)	$ (58)

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, 2024	Jun. 30, 2023
Derivatives in Cash Flow Hedging Relationships
Cash flow hedges
Gain (loss) recognized in AOCI	$ 53	$ (8)
Gain (loss) reclassified into income from AOCI	2	16
Net Investment Hedging Relationships
Net investment hedges
Gain (loss) recognized in AOCI	508	(248)
Gain (loss) reclassified into income from AOCI
Derivative instruments, gain (loss) recognized in income, net	18	11
Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	(33)	34
Foreign Exchange [Member] | Derivatives in Cash Flow Hedging Relationships
Cash flow hedges
Gain (loss) recognized in AOCI	49	(22)
Gain (loss) reclassified into income from AOCI	1	16
Foreign Exchange [Member] | Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	(6)	3
Interest Rate Contract [Member] | Derivatives in Cash Flow Hedging Relationships
Cash flow hedges
Gain (loss) recognized in AOCI	4	14
Gain (loss) reclassified into income from AOCI	1	0
Other Foreign Currency Denominated Debt [Member] | Net Investment Hedging Relationships
Net investment hedges
Gain (loss) recognized in AOCI	421	(294)
Gain (loss) reclassified into income from AOCI
Foreign Exchange Forward [Member] | Net Investment Hedging Relationships
Net investment hedges
Gain (loss) recognized in AOCI	87	46
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging Relationships
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	18	11
Equity [Member] | Derivatives Not Designated as Hedging Instruments
Net investment hedges
Derivative instruments, gain (loss) recognized in income, net	$ (27)	$ 31

Financial Instruments and Hed_5

Financial Instruments and Hedging Activities (Additional Information) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Cumulative cash flow hedging gain (losses), after tax	$ 33,000,000
Debt Instrument, Collateral Amount	61,000,000
Debt [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates	13,600,000,000
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	539,000,000
Net Investment Hedging Relationships
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	1,700,000,000
Gain (loss) on the fair value of interest rate swaps	18,000,000	$ 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	58,000,000
Gain (loss) on the fair value of interest rate swaps	(4,000,000)
Royalty Arrangement [Member]
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 2,200,000,000
Period covered by hedge	18 months
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, Notional Amount	$ 763,000,000

Franchise Arrangements (Detail)

Franchise Arrangements (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Rents	$ 2,523	$ 2,509	$ 4,904	$ 4,779
Royalties	1,402	1,410	2,728	2,713
Initial Fees	16	14	31	29
Revenues from franchised restaurants	$ 3,940	$ 3,933	$ 7,663	$ 7,521

Segment Information (Additional

Segment Information (Additional Information) (Details)	Jun. 30, 2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 6,490,000,000	$ 6,498,000,000	$ 12,659,000,000	$ 12,395,000,000
Operating Income	2,920,000,000	3,104,000,000	5,655,000,000	5,637,000,000
U.S.
Segment Reporting Information [Line Items]
Total revenues	2,698,000,000	2,701,000,000	5,258,000,000	5,189,000,000
Operating Income	1,511,000,000	1,495,000,000	2,907,000,000	2,790,000,000
International Operated Markets
Segment Reporting Information [Line Items]
Total revenues	3,147,000,000	3,156,000,000	6,134,000,000	5,950,000,000
Operating Income	1,493,000,000	1,518,000,000	2,858,000,000	2,710,000,000
International Developmental Licensed Markets and Corporate
Segment Reporting Information [Line Items]
Total revenues	645,000,000	641,000,000	1,267,000,000	1,256,000,000
Operating Income	$ (84,000,000)	$ 92,000,000	$ (109,000,000)	$ 136,000,000

Subsequent Events (Details)

Subsequent Events (Details) - ISRAEL	Jun. 30, 2024 Restaurant
Subsequent Events [Abstract]
Number of Stores	228
Subsequent Event [Line Items]
Number of Stores	228

Investments, Equity Method an_2

Investments, Equity Method and Joint Ventures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments	$ (17)	$ 0	$ (1,837)	$ 0
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity	1,500		1,500
Income (Loss) from Equity Method Investments			66	50
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Related Party Transaction, Revenue from Related Party			260	235
Related Party Transaction, Net Receivables Due from Related Party	$ 135	$ 137	135	137
Proceeds from Dividends Received			$ 13	$ 14
Grand Foods Holding
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	48%		48%		20%
Equity Method Investments	$ 2,109		$ 2,109		$ 238
McDonald's Japan Holdings Co., Ltd
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	35%		35%		35%
Equity Method Investment, Quoted Market Value	$ 1,851		$ 1,851		$ 2,034
Equity Method Investments	$ 547		$ 547		$ 597
Additional Grand Foods Holding Shares
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	28%		28%
Payments to Acquire Equity Method Investments			$ (1,800)