XML 53 R38.htm IDEA: XBRL DOCUMENT v3.20.4
Short-term Borrowings and Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
 20202019
Short-term Borrowings  
Current maturities of long-term debt$463 $437 
Other— 4 
463 441 
Less current portion of debt issuance costs and discounts(10)(10)
Short-term borrowings$453 $431 
Long-term Debt  
Securitization Notes$2,869 $2,898 
Subsidiary Senior Unsecured Notes1,800 2,850 
Term Loan A Facility431 463 
Term Loan B Facility1,916 1,935 
YUM Senior Unsecured Notes3,725 2,425 
Finance lease obligations (See Note 12)
72 77 
 $10,813 $10,648 
Less debt issuance costs and discounts(78)(80)
Less current maturities of long-term debt(463)(437)
Long-term debt$10,272 $10,131 
Securitization Notes issued that remain outstanding The following table summarizes Securitization Notes outstanding at December 31, 2020:
   Interest Rate
Issuance Date
Anticipated Repayment Date(a)
Outstanding Principal
(in millions)		Stated
Effective(b)
May 2016May 2023$483 4.377 %4.59 %
May 2016May 2026$965 4.970 %5.14 %
November 2018November 2023$808 4.318 %4.53 %
November 2018November 2028$613 4.940 %5.06 %

(a)The legal final maturity dates of the Securitization Notes issued in 2016 and 2018 are May 2046 and November 2048, respectively. If the Issuer has not repaid or refinanced a series of Securitization Notes prior to its respective Anticipated Repayment Dates, rapid amortization of principal on all Securitization Notes will occur and additional interest will accrue on the Securitization Notes.

(b)Includes the effects of the amortization of any discount and debt issuance costs.
Credit Agreement and Subsidiary Senior Unsecured Notes issued that remain outstanding
The following table summarizes borrowings outstanding under the Credit Agreement as well as our Subsidiary Senior Unsecured Notes as of December 31, 2020. There are no outstanding borrowings under the Revolving Facility and $1.3 million of letters of credit outstanding as of December 31, 2020.

   Interest Rate
Issuance DateMaturity DateOutstanding Principal
(in millions)		Stated
Effective(b)
Term Loan A FacilityJune 2016June 2022$431 (a)3.22 %
Term Loan B FacilityJune 2016April 2025$1,916 (a)3.53 %
Senior Note Due 2026June 2016June 2026$1,050 5.25 %5.39 %
Senior Note Due 2027June 2017June 2027$750 4.75 %4.90 %

(a)The interest rates applicable to the Term Loan A Facility as well as the Revolving Facility range from 1.25% to 1.75% plus LIBOR or from 0.25% to 0.75% plus the Base Rate (as defined in the Credit Agreement), at the Borrowers’ election, based upon the total net leverage ratio of the Borrowers and the Specified Guarantors (as defined in the Credit Agreement). As of December 31, 2020, the interest rate spreads on the LIBOR and Base Rate applicable to our Term Loan A Facility were 1.25% and 0.25%, respectively.

The interest rates applicable to the Term Loan B Facility are 1.75% plus LIBOR or 0.75% plus the Base Rate, at the Borrowers’ election.

(b)    Includes the effects of the amortization of any discount and debt issuance costs as well as the impact of the interest rate swaps on the Term Loan B Facility (See Note 13). The effective rates related to our Term Loan A and B Facilities are based on LIBOR-based interest rates through December 31, 2020.
Senior Unsecured Notes issued that remain outstanding The following table summarizes all YUM Senior Unsecured Notes issued that remain outstanding at December 31, 2020:
   Interest Rate
Issuance DateMaturity DatePrincipal Amount (in millions)Stated
Effective(a)
October 2007November 2037$325 6.88 %7.45 %
August 2011November 2021$350 3.75 %3.88 %
October 2013November 2023$325 3.88 %4.01 %
October 2013November 2043$275 5.35 %5.42 %
September 2019January 2030$800 4.75 %4.90 %
April 2020April 2025$600 7.75 %8.05 %
September 2020March 2031$1,050 3.63 %3.77 %

(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.
Annual maturities of short-term borrowings and long-term debt excluding capital lease obligations and derivative instrument adjustments
The annual maturities of all Short-term borrowings and Long-term debt as of December 31, 2020, excluding finance lease obligations of $72 million and debt issuance costs and discounts of $88 million are as follows:

 
Year ended: 
2021$455 
2022424 
20231,626 
202436 
20252,452 
Thereafter5,748 
Total$10,741