XML 61 R27.htm IDEA: XBRL DOCUMENT v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Restaurant Information by Ownership Type
The following table presents restaurant information by ownership type:
Restaurants at December 31,202420232022
Conventional franchised22,077 21,818 21,720 
Developmental licensed9,247 8,684 8,229 
Foreign affiliated10,108 9,178 8,220 
    Total Franchised41,432 39,680 38,169 
    Company-owned and operated2,045 2,142 2,106 
        Total Systemwide restaurants43,477 41,822 40,275 
Activity in Goodwill by Segment
The following table presents the 2024 activity in goodwill by segment:
In millionsU.S.International
Operated Markets		International Developmental
Licensed Markets &
Corporate		Consolidated
Balance at December 31, 2023$1,833 $1,207 $— $3,040 
Net restaurant purchases (sales)18 3 158 179 
Currency translation— (78)4 (74)
Balance at December 31, 2024$1,851 $1,132 $162 $3,145 
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, 2024
In millions
Level 1 (1)
Level 2Total Carrying
Value
Investments$226 $226 
Derivative assets$135 $199 $334 
Derivative liabilities$(41)$(41)
December 31, 2023
In millions
Level 1 (1)
Level 2 Total Carrying
Value
Investments$192 $192 
Derivative assets$189 $21 $210 
Derivative liabilities$(118)$(118)
(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, 2024 and 2023:
  Derivative AssetsDerivative Liabilities
In millionsBalance Sheet Classification20242023Balance Sheet Classification20242023
Derivatives designated as hedging instruments
Foreign currency
Prepaid expenses and other current assets
$125 $9 
Accrued payroll and other liabilities
$(1)$(37)
Interest rate
Prepaid expenses and other current assets
34 4 
Accrued payroll and other liabilities
(6)(4)
Foreign currencyMiscellaneous other assets40 2 Other long-term liabilities— (14)
Interest rateMiscellaneous other assets
— — Other long-term liabilities(34)(58)
Total derivatives designated as hedging instruments$199 $15  $(41)$(113)
Derivatives not designated as hedging instruments
EquityPrepaid expenses and other current assets$135 $— 

Foreign currencyPrepaid expenses and other current assets— 6 
Accrued payroll and other liabilities
$— $(5)
EquityMiscellaneous other assets— 189 
Total derivatives not designated as hedging instruments$135 $195  $— $(5)
Total derivatives$334 $210  $(41)$(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 year ended December 31, 2024 and 2023, 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 millions202420232024202320242023
Foreign currencyNonoperating income/expense$126 $(40)$(1)$20 
Interest rateInterest expense38 15 1 1 
Cash flow hedges$164 $(25)$— $21 
Foreign currency denominated debtNonoperating income/expense$891 $(435)
Foreign currency derivativesNonoperating income/expense114 40 
Foreign currency derivatives(1)
Interest expense$45 $26 
Net investment hedges$1,005 $(395)$45 $26 
Foreign currencyNonoperating income/expense$(3)$4 
EquitySelling, general & administrative expenses(9)27 
Undesignated derivatives$(12)$31 
(1)The amount of gain (loss) recognized in income related to components excluded from effectiveness testing.