XML 64 R39.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Debt [Table Text Block] |
|  | 2019 |  | 2018
Short-term Borrowings |  |  |  |
Current maturities of long-term debt |  | $ | 437 |  |  | $ | 331 |
Other |  | 4 |  |  | — |
|  | 441 |  |  | 331 |
Less current portion of debt issuance costs and discounts |  | (10 | ) |  | (10 | )
Short-term borrowings |  | $ | 431 |  |  | $ | 321 |
Long-term Debt |  |  |  |
Securitization Notes |  | $ | 2,898 |  |  | $ | 2,928 |
Subsidiary Senior Unsecured Notes |  | 2,850 |  |  | 2,850 |
Term Loan A Facility |  | 463 |  |  | 488 |
Term Loan B Facility |  | 1,935 |  |  | 1,955 |
YUM Senior Unsecured Notes |  | 2,425 |  |  | 1,875 |
Finance lease obligations (See Note 11) |  | 77 |  |  | 71 |
|  | $ | 10,648 |  |  | $ | 10,167 |
Less debt issuance costs and discounts |  | (80 | ) |  | (85 | )
Less current maturities of long-term debt |  | (437 | ) |  | (331 | )
Long-term debt |  | $ | 10,131 |  |  | $ | 9,751 |
The following table presents the carrying value and estimated fair value of the Company’s debt obligations:
| 2019 |  | 2018
| Carrying Value |  | Fair Value (Level 2) |  | Carrying Value |  | Fair Value (Level 2)
Securitization Notes(a) | $ | 2,898 |  |  | $ | 3,040 |  |  | $ | 2,928 |  |  | $ | 2,967 |
Subsidiary Senior Unsecured Notes(b) | 2,850 |  |  | 3,004 |  |  | 2,850 |  |  | 2,733 |
Term Loan A Facility(b) | 463 |  |  | 464 |  |  | 488 |  |  | 479 |
Term Loan B Facility(b) | 1,935 |  |  | 1,949 |  |  | 1,955 |  |  | 1,915 |
YUM Senior Unsecured Notes(b) | 2,425 |  |  | 2,572 |  |  | 1,875 |  |  | 1,798 |
(a) | We estimated the fair value of the Securitization Notes by obtaining broker quotes from two separate brokerage firms that are knowledgeable about the Company’s Securitization Notes and, at times, trade these notes. The markets in which the Securitization Notes trade are not considered active markets.
(b) We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.
Debt Instrument [Line Items] |
Annual maturities of short-term borrowings and long-term debt excluding capital lease obligations and derivative instrument adjustments | e. As included in the table above, on September 11, 2019, Yum! Brands, Inc. issued $800 million aggregate principal amount of 4.75% YUM Senior Unsecured Notes due January 15, 2030 (the “2030 Notes”). The net proceeds from the issuance were used to repay in full $250 million aggregate principal amount of YUM Senior Unsecured Notes that matured in September 2019, to repay the then outstanding borrowings under our $1 billion revolving facility and for general corporate purposes. Interest on the 2030 Notes is payable semiannually in arrears on January 15 and July 15 of each year. The Company incurred debt issuance costs of $10 million in connection with the issuance of the 2030 Notes. These issuance costs are recorded as a reduction in Long-term debt on our Consolidated Balance Sheet. The YUM Senior Unsecured Notes represent senior, unsecured obligations and rank equally in right of payment with all of our existing and future unsecured unsubordinated indebtedness. Our YUM Senior Unsecured Notes contain cross-default provisions whereby the acceleration of the maturity of any of our indebtedness in a principal amount in excess of $50 million will constitute a default under the YUM Senior Unsecured Notes unless such indebtedness is discharged, or the acceleration of the maturity of that indebtedness is annulled, within 30 days after notice. The annual maturities of all Short-term borrowings and Long-term debt as of December 31, 2019, excluding finance lease obligations of $77 million are as follows
Senior Unsecured Notes [Member] |
Debt Instrument [Line Items] |
Senior Unsecured Notes issued that remain outstanding |
|  |  |  |  |  | Interest Rate
Issuance Date |  | Maturity Date |  | Principal Amount (in millions) |  | Stated |  | Effective(a)
October 2007 |  | November 2037 |  | $ | 325 |  |  | 6.88 | % |  | 7.45 | %
August 2010 |  | November 2020 |  | $ | 350 |  |  | 3.88 | % |  | 4.01 | %
August 2011 |  | November 2021 |  | $ | 350 |  |  | 3.75 | % |  | 3.88 | %
October 2013 |  | November 2023 |  | $ | 325 |  |  | 3.88 | % |  | 4.01 | %
October 2013 |  | November 2043 |  | $ | 275 |  |  | 5.35 | % |  | 5.42 | %
September 2019 |  | January 2030 |  | $ | 800 |  |  | 4.75 | % |  | 4.90 | %
(a) | Includes the effects of the amortization of any (1) premium or discount; (2) debt issuance costs; and (3) gain or loss upon settlement of related treasury locks and forward starting interest rate swaps utilized to hedge the interest rate risk prior to debt issuance.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Annual maturities of short-term borrowings and long-term debt, exlcuding capital lease obligations and derivative intrument adjustments [Table Text Block] + References No definition available. + Details
Name: | yum_AnnualMaturitiesOfShortTermBorrowingsAndLongTermDebtExlcudingCapitalLeaseObligationsAndDerivativeIntrumentAdjustmentsTableTextBlock
Namespace Prefix: | yum_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_UnsecuredDebtMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |