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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
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) |
Condensed Cash Flow Statement |
|  | 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).
Condensed Balance Sheet |
|  | 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.
Future minimum commitments and amounts to be received as lessor or sublessor under non-cancelable leases | 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 |  |  |

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