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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows - Operating Activities    
Net Income $ 253 $ 314
Depreciation and amortization [1] 45 35
Refranchising (gain) loss (5) (5)
Investment (income) expense, net (1) 22 [2],[3]
Deferred income taxes 8 21
Share-based compensation expense 21 23
Changes in accounts and notes receivable 71 44
Changes in prepaid expenses and other current assets (57) (32)
Changes in accounts payable and other current liabilities (32) (66)
Changes in income taxes payable 3 (26)
Other, net 98 33
Net Cash Provided by Operating Activities 404 363
Cash Flows - Investing Activities    
Capital spending (71) (49)
Proceeds from Sale of Long-Term Investments 0 104
Proceeds from Sale of Productive Assets 15 11
Payments to Acquire Short-Term Investments 90 0
Other, net (32) (21)
Net Cash Used in Investing Activities 2 45
Cash Flows - Financing Activities    
Repayments of long-term debt (5) (10)
Revolving credit facilities, three months or less, net 24 0
Repurchase shares of Common Stock (229) 0
Dividends paid on Common Stock (198) (189)
Other, net (35) (48)
Net Cash Provided by (Used in) Financing Activities (443) (247)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 10 (7)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (25) 154
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period 807 724
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period $ 782 $ 878
[1] The amounts of depreciation and amortization disclosed by reportable segment are primarily included within the segment expense captions of Company restaurant expenses and G&A expenses
[2] Amounts have not been allocated to any segment for performance reporting purposes.
[3] Investment income (expense), net includes $20 million of pre-tax investment losses related to the sale of our approximate 5% minority interest in Devyani International Limited during the quarter ended March 31, 2024.