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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.