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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Lease Accounting Components of Lease Cost
|  | 2024 |  | 2023 |  | 2022
Operating lease cost |  | $ | 135 |  |  | $ | 130 |  |  | $ | 133 |
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use assets |  | 7 |  |  | 6 |  |  | 7 |
Interest on lease liabilities |  | 2 |  |  | 2 |  |  | 3 |
Total finance lease cost |  | $ | 9 |  |  | $ | 8 |  |  | $ | 10 |
Sublease income |  | $ | (48) |  |  | $ | (51) |  |  | $ | (55) |
Supplemental Cash Flow Information
|  | 2024 |  | 2023 |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 137 |  |  | $ | 127 |  |  | $ | 137 |  |
Operating cash flows from finance leases |  | 2 |  |  | 2 |  |  | 3 |  |
Financing cash flows from finance leases |  | 8 |  |  | 7 |  |  | 5 |  |
Right-of-use assets obtained in exchange for lease obligations(a) |  |  |  |  |  |  |
Operating leases |  | 247 |  |  | 127 |  |  | 93 |  |
Finance leases |  | 26 |  |  | 6 |  |  | 10 |  |
Operating lease liabilities transferred through refranchising |  | (8) |  |  | (14) |  |  | (14) |  |
Finance lease and other debt obligations transferred through refranchising |  | (1) |  |  | (5) |  |  | — |  |
(a) The year ended December 31, 2024, includes $124 million and $22 million of operating and finance lease right-of-use assets, respectively, acquired as part of the U.K. and Ireland restaurant acquisition (see Note 3). Supplemental Balance Sheet Information
|  | 2024 |  | 2023 |  | Consolidated Balance Sheet
Assets |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 881 |  |  | $ | 764 |  |  | Other assets
Finance lease right-of-use assets |  | 49 |  |  | 29 |  |  | Property, plant and equipment, net
Total right-of-use assets(a) |  | $ | 930 |  |  | $ | 793 |  |  |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | $ | 91 |  |  | $ | 79 |  |  | Accounts payable and other current liabilities
Finance |  | 8 |  |  | 8 |  |  | Short-term borrowings
Non-current |  |  |  |  |  |
Operating |  | 862 |  |  | 757 |  |  | Other liabilities and deferred credits
Finance |  | 59 |  |  | 42 |  |  | Long-term debt
Total lease liabilities(a) |  | $ | 1,020 |  |  | $ | 886 |  |  |
Weighted-average Remaining Lease Term (in years) |  |  |  |  |  |
Operating leases |  | 10.9 |  | 10.6 |  |
Finance leases |  | 14.8 |  | 11.4 |  |
Weighted-average Discount Rate |  |  |  |  |  |
Operating leases |  | 5.3 | % |  | 5.3 | % |  |
Finance leases |  | 5.5 | % |  | 5.7 | % |  |
(a) U.S. operating lease right-of-use assets and liabilities totaled $549 million and $615 million, respectively, as of December 31, 2024, and $541 million and $605 million, respectively, as of December 31, 2023. These amounts primarily related to Taco Bell U.S. and Habit Burger & Grill including leases related to Company-operated restaurants, leases related to franchise-operated restaurants we sublease and the Taco Bell and Habit Burger & Grill restaurant support center. Maturity of Lease Payments and Receivables Future minimum lease payments, including rental payments for lease renewal options we are reasonably certain to exercise, and amounts to be received as lessor or sublessor as of December 31, 2024, were as follows:
|  | Commitments |  | Lease Receivables
|  | Finance |  | Operating |  | Direct Financing |  | Operating
2025 |  | $ | 11 |  |  | $ | 137 |  |  | $ | 3 |  |  | $ | 70 |
2026 |  | 9 |  |  | 142 |  |  | 3 |  |  | 60 |
2027 |  | 8 |  |  | 134 |  |  | 2 |  |  | 60 |
2028 |  | 7 |  |  | 123 |  |  | 2 |  |  | 53 |
2029 |  | 6 |  |  | 110 |  |  | 2 |  |  | 49 |
Thereafter |  | 50 |  |  | 618 |  |  | 14 |  |  | 340 |
Total lease payments/receipts |  | 91 |  |  | 1,264 |  |  | 26 |  |  | $ | 632 |
Less imputed interest/unearned income |  | (24) |  |  | (311) |  |  | (9) |  |  |
Total lease liabilities/receivables |  | $ | 67 |  |  | $ | 953 |  |  | $ | 17 |  |  |
As of December 31, 2024, we have executed real estate leases that have not yet commenced with estimated future nominal lease payments of approximately $90 million, which are not included in the tables above. These leases are expected to commence in 2025 and 2026 with lease terms of up to 20 years.

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- Definition Disclosure of lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. In addition, this includes a description and amounts of lessor entity's leasing arrangements for operating, capital and leveraged leases. + References No definition available. + Details
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