Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]


Property and Equipment

Net property and equipment consisted of:


In millions	'December 31, 2023		2022
Land	$	7,081.3	$	6,686.3
Buildings and improvements on owned land	20,059.3		18,934.2
Buildings and improvements on leased land	13,322.3		12,492.0
Equipment, signs and seating	2,692.7		2,498.6
Other	414.4		426.5
Property and equipment, at cost	43,570.0		41,037.6
Accumulated depreciation and amortization	(18,662.4)		(17,264.0)
Net property and equipment	$	24,907.6	$	23,773.6

Depreciation and amortization expense for property and equipment was (in millions): 2023–$1,501.5; 2022–$1,454.0; 2021–$1,530.7. The increase in Net property and equipment was primarily driven by higher capital expenditures as a result of the addition of Restaurant Development to the Company’s growth pillars under its Accelerating the Arches strategy.