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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows - Operating Activities    
Net Income $ 1,134 $ 954
Depreciation and amortization 104 104
Refranchising (gain) loss (40) (15)
Investment (income) expense, net [1] (21) (19)
Deferred income taxes (93) 3
Share-based compensation expense 69 64
Changes in accounts and notes receivable (13) (26)
Changes in prepaid expenses and other current assets (16) (3)
Changes in accounts payable and other current liabilities (52) (149)
Changes in income taxes payable (4) (3)
Other, net 87 65
Net Cash Provided by Operating Activities 1,155 975
Cash Flows - Investing Activities    
Capital spending (179) (158)
Proceeds from Divestiture of Businesses, Net of Cash Divested 121 0
Proceeds from Sale of Productive Assets 57 51
Other, net (3) (5)
Net Cash Used in Investing Activities (4) (112)
Cash Flows - Financing Activities    
Proceeds from long-term debt 0 999
Repayments of long-term debt (60) (678)
Revolving credit facilities, three months or less, net (279) 0
Repurchase shares of Common Stock (50) (714)
Dividends paid on Common Stock (508) (489)
Debt Issuance Costs 0 (11)
Other, net (24) (35)
Net Cash Provided by (Used in) Financing Activities (921) (928)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (2) (43)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 228 (108)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 647 771
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period $ 875 $ 663
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 12).