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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Restaurant Information by Ownership Type | The following table presents restaurant information by ownership type:
Restaurants at December 31, | 2023 |  | 2022 |  | 2021
Conventional franchised | 21,818 |  |  | 21,720 |  |  | 21,607 |
Developmental licensed | 8,684 |  |  | 8,229 |  |  | 7,913 |
Foreign affiliated | 9,178 |  |  | 8,220 |  |  | 7,775 |
Total Franchised | 39,680 |  |  | 38,169 |  |  | 37,295 |
Company-operated | 2,142 |  |  | 2,106 |  |  | 2,736 |
Total Systemwide restaurants | 41,822 |  |  | 40,275 |  |  | 40,031 |
Activity in Goodwill by Segment | The following table presents the 2023 activity in goodwill by segment:
In millions | U.S. | International Operated Markets | International Developmental Licensed Markets & Corporate | Consolidated
Balance at December 31, 2022 | $ | 1,815.2 |  |  | $ | 1,085.2 |  |  | $ | — |  |  | $ | 2,900.4 |
Net restaurant purchases (sales) | 17.7 |  |  | 89.7 |  |  | — |  |  | 107.4 |
Currency translation | — |  |  | 32.6 |  |  | — |  |  | 32.6 |
Balance at December 31, 2023 | $ | 1,832.9 |  |  | $ | 1,207.5 |  |  | $ | — |  |  | $ | 3,040.4 |
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, 2023 |  |  |  |  |  |
In millions | Level 1 (1) |  | Level 2 |  | Total Carrying Value
Investments | $ | 191.5 |  |  |  |  |  | $ | 191.5 |
Derivative assets | $ | 188.6 |  |  | $ | 20.7 |  |  |  | $ | 209.3 |
Derivative liabilities |  |  | $ | (118.2) |  |  |  | $ | (118.2) |
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) |
(1) Level 1 is comprised of derivatives and investments 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, 2023 and 2022:
| Derivative Assets |  | Derivative Liabilities
In millions | Balance Sheet Classification |  | 2023 |  | 2022 |  | Balance Sheet Classification |  | 2023 |  | 2022
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Foreign currency | Prepaid expenses and other current assets |  | $ | 8.5 |  |  | $ | 53.3 |  |  | Accrued payroll and other liabilities |  | $ | (37.3) |  |  | $ | (17.9) |
Interest rate | Prepaid expenses and other current assets |  | 4.3 |  |  | $ | — |  |  | Accrued payroll and other liabilities |  | (3.6) |  |  | — |
Foreign currency | Miscellaneous other assets |  | 2.4 |  |  | 28.7 |  |  | Other long-term liabilities |  | (14.3) |  |  | (30.7) |
Interest rate | Miscellaneous other assets |  | — |  |  | — |  |  | Other long-term liabilities |  | (58.2) |  |  | (91.5) |
Total derivatives designated as hedging instruments |  | $ | 15.2 |  |  | $ | 82.0 |  |  |  |  | $ | (113.4) |  |  | $ | (140.1) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Equity | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 200.5 |  |  | Accrued payroll and other liabilities |  |  |  |
Foreign currency | Prepaid expenses and other current assets |  | 5.5 |  |  | — |  |  | Accrued payroll and other liabilities |  | (4.8) |  |  | (1.6) |
Equity | Miscellaneous other assets |  | 188.6 |  |  | — |  |  |  |  |  |  |
Total derivatives not designated as hedging instruments |  | $ | 194.1 |  |  | $ | 200.5 |  |  |  |  | $ | (4.8) |  |  | $ | (1.6) |
Total derivatives |  | $ | 209.3 |  |  | $ | 282.5 |  |  |  |  | $ | (118.2) |  |  | $ | (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 year ended December 31, 2023 and 2022, 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 |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022
Foreign currency | Nonoperating income/expense | $ | (39.7) |  |  |  | $ | 122.5 |  |  |  | $ | 20.2 |  |  |  | $ | 137.8 |  |  |  |  |  |  |
Interest rate | Interest expense | 14.6 |  |  |  | 83.9 |  |  |  | 0.9 |  |  |  | (2.9) |  |  |  |  |  |  |
Cash flow hedges | $ | (25.1) |  |  |  | $ | 206.4 |  |  |  | $ | 21.1 |  |  |  | $ | 134.9 |  |  |  |  |  |  |
Foreign currency denominated debt | Nonoperating income/expense | $ | (435.2) |  |  |  | $ | 902.8 |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Nonoperating income/expense | 40.1 |  |  |  | (12.0) |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives(1) | Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25.8 |  |  |  | $ | 11.2 |
Net investment hedges | $ | (395.1) |  |  |  | $ | 890.8 |  |  |  |  |  |  |  |  |  | $ | 25.8 |  |  |  | $ | 11.2 |
Foreign currency | Nonoperating income/expense |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4.3 |  |  |  | $ | 9.3 |
Equity | Selling, general & administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  | 26.8 |  |  |  | (9.3) |
Undesignated derivatives |  |  |  |  |  |  |  |  |  |  |  |  | $ | 31.1 |  |  |  |
(1)The amount of gain (loss) recognized in income related to components excluded from effectiveness testing.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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