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Fair Value Disclosures
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
As of December 31, 2024, the carrying values of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, short-term borrowings, accounts payable and borrowings under our Revolving Facility approximated their fair
values because of the short-term nature of these instruments. The fair value of notes receivable net of allowances and lease guarantees less subsequent amortization approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations:

 
2024
2023
 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2)
Securitization Notes(a)
$3,743 $3,561 $3,743 $3,391 
Subsidiary Senior Unsecured Notes(b)
750 739 750 742 
Term Loan A Facility(b)
500 496 717 716 
Term Loan B Facility(b)
1,444 1,451 1,459 1,466 
YUM Senior Unsecured Notes(b)
4,550 4,368 4,550 4,439 
(a)    We estimated the fair value of the Securitization Notes using market quotes and calculations. The markets in which the Securitization Notes trade are not considered active markets.

(b)    We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.

Recurring Fair Value Measurements

The Company has interest rate swaps and investments, all of which are required to be measured at fair value on a recurring basis (see Note 13 for discussion regarding derivative instruments). The following table presents fair values for those assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the measurements fall.  
Fair Value
Consolidated Balance SheetLevel
2024
2023
Assets
InvestmentsOther assets1 $1 $125 
InvestmentsOther assets3 7 7 
Interest Rate SwapsPrepaid expenses and other current assets2 5 24 
Interest Rate SwapsOther assets2 — 2 

The fair value of the Company’s interest rate swaps were determined based on the present value of expected future cash flows considering the risks involved, including nonperformance risk, and using discount rates appropriate for the duration based on observable inputs.

Investments as of December 31, 2023, primarily included our approximate 5% minority interest in Devyani, a publicly-traded entity, with a fair value of $124 million.

Non-Recurring Fair Value Measurements
During the years ended December 31, 2024, 2023 and 2022, we recognized non-recurring fair value measurements of $13 million, $11 million and $9 million, respectively, related to restaurant-level impairment. Restaurant-level impairment charges are recorded in Other (income) expense and resulted primarily from our impairment evaluation of long-lived assets of individual restaurants that were being operated at the time of impairment and had not been offered for refranchising. The fair value measurements used in these impairment evaluations were based on discounted cash flow estimates using unobservable inputs (Level 3). These amounts exclude fair value measurements made for assets that were subsequently disposed of prior to those respective year end dates. The remaining net book value of restaurant assets measured at fair value during the years ended December 31, 2024 and 2023 as of the end of both years, was $21 million.