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Fair Value Disclosures
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Disclosures
As of June 30, 2025, the carrying values of cash and cash equivalents, restricted cash, 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 our notes receivable, net of allowances, and lease guarantees, less reserves for expected losses, approximates their carrying value. The following table presents the carrying value and estimated fair value of the Company’s debt obligations:
6/30/202512/31/2024
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
Securitization Notes(a)
$3,743 $3,533 $3,743 $3,561 
Subsidiary Senior Unsecured Notes(b)
750 751 750 739 
Term Loan A Facility(b)
500 494 500 496 
Term Loan B Facility(b)
1,436 1,446 1,444 1,451 
YUM Senior Unsecured Notes(b)
4,550 4,511 4,550 4,368 
(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 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
Condensed Consolidated Balance SheetLevel6/30/202512/31/2024
Assets
InvestmentsOther assets1 $1 $1 
InvestmentsOther assets3 7 7 
Interest Rate SwapsPrepaid expenses and other current assets2 7 5 
Interest Rate Swaps
Other liabilities and deferred credits
2 (5)— 
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.