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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows - Operating Activities    
Net Income $ 681 $ 718
Depreciation and amortization 76 67
Refranchising (gain) loss (19) (21)
Investment (income) expense, net [1] 22 (5)
Deferred income taxes 12 (73)
Share-based compensation expense 38 47
Changes in accounts and notes receivable 15 (21)
Changes in prepaid expenses and other current assets (36) (19)
Changes in accounts payable and other current liabilities (78) (107)
Changes in income taxes payable (46) 19
Other, net 40 73
Net Cash Provided by Operating Activities 705 678
Cash Flows - Investing Activities    
Capital spending (99) (122)
Proceeds from Sale of Long-Term Investments 104 0
Proceeds from Divestiture of Businesses, Net of Cash Divested 0 121
Payments to Acquire Long-Term Investments 174 0
Proceeds from Sale of Productive Assets 30 31
Payments to Acquire Short-Term Investments 116 1
Other, net 2 (5)
Net Cash Used in Investing Activities (253) 26
Cash Flows - Financing Activities    
Proceeds from long-term debt 237 0
Repayments of long-term debt (463) (40)
Revolving credit facilities, three months or less, net 175 (249)
Repurchase shares of Common Stock (50) (50)
Dividends paid on Common Stock (377) (339)
Other, net (69) (20)
Net Cash Provided by (Used in) Financing Activities (547) (698)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (6) 6
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (101) 12
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 724 647
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period $ 623 $ 659
[1] Includes changes in the value of our investment in Devyani International Limited (see Note 13).