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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Restaurant Information by Ownership Type

The following table presents restaurant information by ownership type:

Restaurants at December 31,			2022						2021						2020
Conventional franchised			21,720						21,607						21,712
Developmental licensed			8,229						7,913						7,663
Foreign affiliated			8,220						7,775						7,146
Total Franchised			38,169						37,295						36,521
Company-operated			2,106						2,736						2,677
Total Systemwide restaurants			40,275						40,031						39,198

Activity in Goodwill by Segment

The following table presents the 2022 activity in goodwill by segment:

In millions			U.S.			International Operated Markets						International Developmental Licensed Markets & Corporate						Consolidated
Balance at December 31, 2021			$	1,673.4					$	1,109.1					$	—					$	2,782.5
Net restaurant purchases (sales)			141.8						47.0						—						188.8
Currency translation			—						(70.9)						—						(70.9)
Balance at December 31, 2022			$	1,815.2					$	1,085.2					$	—					$	2,900.4

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, 2022
In millions						Level 1 (1)						Level 2						Total Carrying Value
Derivative assets						$	200.5					$	82.0								$	282.5
Derivative liabilities												$	(141.7)								$	(141.7)
December 31, 2021
In millions						Level 1 (1)						Level 2						Total Carrying Value
Derivative assets						$	209.8					$	79.8								$	289.6
Derivative liabilities												$	(7.9)								$	(7.9)

(1)    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, 2022 and 2021:

			Derivative Assets																		Derivative Liabilities
In millions			Balance Sheet Classification						2022						2021						Balance Sheet Classification						2022						2021
Derivatives designated as hedging instruments
Foreign currency			Prepaid expenses and other current assets						$	53.3					$	42.4					Accrued payroll and other liabilities						$	(17.9)					$	(3.3)
Interest rate			Prepaid expenses and other current assets						—						$	0.3					Accrued payroll and other liabilities						—						—
Foreign currency			Miscellaneous other assets						28.7						28.0						Other long-term liabilities						(30.7)						(0.5)
Interest rate			Miscellaneous other assets						—						8.6						Other long-term liabilities						(91.5)						(4.1)
Total derivatives designated as hedging instruments									$	82.0					$	79.3											$	(140.1)					$	(7.9)
Derivatives not designated as hedging instruments
Equity			Prepaid expenses and other current assets						$	200.5					$	9.5					Accrued payroll and other liabilities						$	(1.6)					$	—
Foreign currency			Prepaid expenses and other current assets						—						0.5						Accrued payroll and other liabilities						—						—
Equity			Miscellaneous other assets						—						200.3
Total derivatives not designated as hedging instruments									$	200.5					$	210.3											$	(1.6)					$	—
Total derivatives									$	282.5					$	289.6											$	(141.7)					$	(7.9)

Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income

The following table presents the pre-tax amounts from derivative instruments affecting income and AOCI for the year ended December 31, 2022 and 2021, respectively:

			Location of gain or loss recognized in income on derivative			Gain (loss) recognized in AOCI															Gain (loss) reclassified into income from AOCI															Gain (loss) recognized in income on derivative
In millions																		2022																											2021									2022									2021									2022									2021
Foreign currency															Nonoperating income/expense			$	122.5																										$	74.2								$	137.8								$	(30.9)
Interest rate			Interest expense			83.9									—									(2.9)									(6.3)
Cash flow hedges						$	206.4								$	74.2								$	134.9								$	(37.2)
Foreign currency denominated debt			Nonoperating income/expense			$	902.8								$	725.8																	47.1
Foreign currency derivatives			Nonoperating income/expense			(12.0)									40.2
Foreign currency derivatives(1)			Interest expense																																							$	11.2								$	14.7
Net investment hedges						$	890.8								$	766.0																	$	47.1								$	11.2								$	14.7
Foreign currency			Nonoperating income/expense																																							$	9.3								$	9.4
Equity			Selling, general & administrative expenses																																							(9.3)									99.3
Equity			Other operating income/ expense, net																																							—									(11.3)
Undesignated derivatives																																										$	—								$	97.4
(1)The amount of gain (loss) recognized in income related to components excluded from effectiveness testing.

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