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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Restaurant Information by Ownership Type
The following table presents restaurant information by ownership type:
Restaurants at December 31,
2016

 
2015

 
2014

Conventional franchised
21,559

 
21,147

 
20,774

Developmental licensed
6,300

 
5,529

 
5,228

Foreign affiliated
3,371

 
3,405

 
3,542

Franchised
31,230

 
30,081

 
29,544

Company-operated
5,669

 
6,444

 
6,714

Systemwide restaurants
36,899

 
36,525

 
36,258
Share-Based Compensation Expense and Effect on Diluted Earnings Per Common Share
Share-based compensation expense and the effect on diluted earnings per common share were as follows:
In millions, except per share data
2016

 
2015

 
2014

Share-based compensation expense
$
131.3

 
$
110.0

 
$
112.8

After tax
$
89.6

 
$
76.0

 
$
72.8

Earnings per common share-diluted
$
0.11

 
$
0.08

 
$
0.08
Weighted-Average Assumptions
The following table presents the weighted-average assumptions used in the option pricing model for the 2016, 2015 and 2014 stock option grants. The expected life of the options represents the period of time the options are expected to be outstanding and is based on historical trends. Expected stock price volatility is generally based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected dividend yield is based on the Company’s most recent annual dividend rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term equal to the expected life.

Weighted-average assumptions
 
2016

2015

2014

Expected dividend yield
3.0
%
3.6
%
3.3
%
Expected stock price volatility
19.2
%
18.8
%
20.0
%
Risk-free interest rate
1.2
%
1.7
%
2.0
%
Expected life of options
(in years)
5.9

6.0

6.1

Fair value per option granted
$
13.65

$
10.43

$
12.23
Activity in Goodwill by Segment
The following table presents the 2016 activity in goodwill by segment:
In millions
U.S.

International
Lead Markets
 
High Growth
Markets
 
Foundational Markets
& Corporate
 
Consolidated
 
Balance at December 31, 2015
$
1,293.4

 
$
698.1

 
$
322.4

 
$
202.4

 
$
2,516.3

Net restaurant purchases (sales)
(10.1
)
 
3.3

 
3.0

 
(67.1
)
 
(70.9
)
Impairment losses
—

 
—

 
—

 
(39.9
)
 
(39.9
)
Currency translation
 
 
(20.2
)
 
(7.7
)
 
(4.0
)
 
(31.9
)
Assets of businesses held for sale
—

 
—

 
(37.6
)
 
0.5

 
(37.1
)
Balance at December 31, 2016
$
1,283.3

 
$
681.2

 
$
280.1

 
$
91.9

 
$
2,336.5
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables present financial assets and liabilities measured at fair value on a recurring basis by the valuation hierarchy as defined in the fair value guidance: 
December 31, 2016
 
 
 
 
 
 
In millions
Level 1*

 
Level 2

 
Carrying
Value
 
Derivative assets
$
134.3

 
$
47.0

 
 
$
181.3

Derivative liabilities
 
 
$
(5.6
)
 
 
$
(5.6
)
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
In millions
Level 1*

 
Level 2

 
Carrying
Value
 
Derivative assets
$
139.9

 
$
65.4

 
 
$
205.3

Derivative liabilities
 
 
$
(44.4
)
 
 
$
(44.4
)
*
Level 1 is comprised of derivatives that hedge market driven changes in liabilities associated with the Company’s supplemental benefit plans.
Fair Values of Derivative Instruments Included on Consolidated Balance Sheet
The following table presents the fair values of derivative instruments included on the consolidated balance sheet as of December 31, 2016 and 2015:
  
Derivative Assets
 
Derivative Liabilities
In millions
Balance Sheet Classification
 
2016

 
2015

 
Balance Sheet Classification
 
2016

 
2015

Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
Foreign currency
Prepaid expenses and other current assets
 
$
31.7

 
$
55.0

 
Accrued payroll and other liabilities
 
$
(2.0
)
 
$
(22.5
)
Interest rate
Prepaid expenses and other current assets
 
1.0

 
—

 
 
 
 
 
 
Foreign currency
Miscellaneous other assets
 
2.5

 
0.6

 
Other long-term liabilities
 
(0.1
)
 
(13.0
)
Interest rate
Miscellaneous other assets
 
1.7

 
5.3

 
Other long-term liabilities
 
(1.6
)
 
(3.4
)
Total derivatives designated as hedging instruments
 
$
36.9

 
$
60.9

 
 
 
$
(3.7
)
 
$
(38.9
)
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
Equity
Prepaid expenses and other current assets
 
$
134.3

 
$
0.3

 
Accrued payroll and other liabilities
 
$
(1.9
)
 
$
—

Foreign currency
Prepaid expenses and other current assets
 
10.1

 
4.2

 
Accrued payroll and other liabilities
 
—

 
(5.5
)
Equity
Miscellaneous other assets
 
—

 
139.9

 
 
 
 
 
 
Total derivatives not designated as hedging instruments
 
$
144.4

 
$
144.4

 
 
 
$
(1.9
)
 
$
(5.5
)
Total derivatives
 
$
181.3

 
$
205.3

 
 
 
$
(5.6
)
 
$
(44.4
)
Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income
 
 
Gain (Loss)
Recognized in AOCI
(Effective Portion)
 
Gain (Loss) Reclassified
From AOCI Into Earnings
(Effective Portion)
 
Gain (Loss)
Recognized in Earnings
(Amount Excluded from
Effectiveness Testing and
Ineffective Portion)
Derivatives in Hedging
Relationships
 
 
 
 
 
 
In millions
 
 
2016

 
2015

 
 
2016

 
2015

 
 
2016

 
2015

Foreign currency
 
 
$
28.6

 
$
35.3

 
 
$
24.6

 
$
53.0

 
 
$
—

 
$
22.9

Interest rate(1)
 
 
—

 
—

 
 
(0.5
)
 
(0.5
)
 
 
—

 
—

 
 
 
$
28.6

 
$
35.3

 
 
$
24.1

 
$
52.5

 
 
$
—

 
$
22.9

(1)The amount of gain (loss) reclassified from AOCI into earnings is recorded in interest expense.
Derivatives in Hedging
Relationships
 
Gain (Loss)
Recognized In Earnings
on Hedging Derivative
 
Gain (Loss)
Recognized In Earnings
on Hedged Items
 
 
In millions
 
 
2016

 
2015

 
 
2016

 
2015

Interest rate
 
 
$
(1.8
)
 
$
(3.4
)
 
 
$
1.8

 
$
3.4

Derivatives in Hedging
Relationships
 
Gain (Loss)
Recognized in AOCI
(Effective Portion)
 
In millions
 
 
2016

 
2015

Foreign currency denominated debt
 
 
$
654.9

 
$
668.1

Foreign currency derivatives
 
 
9.9

 
79.1


 
 
$
664.8

 
$
747.2

Derivatives Not Designated
for Hedge Accounting
 
Gain (Loss)
Recognized in Earnings
 
In millions
 
 
2016

 
2015

Foreign currency
 
 
$
4.3

 
$
14.6

Equity
 
 
26.0

 
38.9

 
 
 
$
30.3

 
$
53.5