0000950170-23-018444 | 10-Q | XBRL Viewer

$ 2,917

$ 2,668

General and administrative expenses

163

151

Other operating costs and expenses

Closures and impairment expenses, net

Other expenses, net

Total costs and expenses, net

2,501

2,477

Income Before Income Taxes and Equity in Net Earnings (Losses) from Equity Method Investments

416

191

Interest income, net

^[1]

Investment loss

^[1]

(17)

(37)

437

166

Income tax provision

(125)

(55)

Equity in net earnings (losses) from equity method investments

(1)

Net income – including noncontrolling interests

313

110

Net income – noncontrolling interests

Net Income – Yum China Holdings, Inc.

$ 289

$ 100

Weighted-average common shares outstanding (in millions):

Basic

^[2]

418

426

Diluted

^[2]

423

430

Basic Earnings Per Common Share

$ 0.69

$ 0.23

Diluted Earnings Per Common Share

$ 0.68

$ 0.23

Company Sales [Member]

Revenues

$ 2,772

$ 2,548

Franchise [Member]

Revenues

Cost of goods and services sold

Transactions With Franchisees [Member]

Revenues

Cost of goods and services sold

Other Revenues [Member]

Revenues

Company Restaurant Expenses [Member]

Payroll and employee benefits

Food and paper

835

792

683

667

Occupancy and other operating expenses

691

738

Cost of goods and services sold

$ 2,209

$ 2,197

[1]

Amounts have not been allocated to any segment for performance reporting purposes.

[2]

As a result of the separation, shares of Yum China common stock were distributed to YUM’s shareholders of record as of October 19, 2016 and were included in the calculated weighted-average common shares outstanding. Holders of outstanding YUM equity awards generally received both adjusted YUM awards and Yum China awards, or adjusted awards of either YUM or Yum China in their entirety. Any subsequent exercise of these awards, whether held by the Company’s employees or YUM’s employees, would increase the number of common shares outstanding. The incremental shares arising from outstanding equity awards are included in the computation of diluted EPS, if there is dilutive effect. In September 2020, 41,910,700 common shares were issued as a result of the Company’s global offering and secondary listing on the HKEX and they were included in the calculated weighted-average common shares outstanding.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income - including noncontrolling interests	$ 313	$ 110
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustments	14	13
Comprehensive income - including noncontrolling interests	327	123
Comprehensive income - noncontrolling interests	26	12
Comprehensive Income - Yum China Holdings, Inc.	$ 301	$ 111

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Net income - including noncontrolling interests

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Cash Flows – Operating Activities

$ 313

$ 110

Depreciation and amortization

116

164

Non-cash operating lease cost

102

120

Closures and impairment expenses

Investment loss

^[1]

Equity in net (earnings) losses from equity method investments

(1)

Distributions of income received from equity method investments

Deferred income taxes

Share-based compensation expense

Changes in accounts receivable

(2)

Changes in inventories

Changes in prepaid expenses, other current assets and VAT assets

Changes in accounts payable and other current liabilities

(93)

(322)

Changes in income taxes payable

Changes in non-current operating lease liabilities

(94)

(106)

Other, net

(12)

Net Cash Provided by Operating Activities

507

171

Cash Flows – Investing Activities

Capital spending

(179)

(205)

Purchases of short-term investments, long-term bank deposits and notes

(1,378)

(1,041)

Maturities of short-term investments, long-term bank deposits and notes

1,126

1,281

Acquisition of business, net of cash acquired

(23)

Other, net

Net Cash (Used in) Provided by Investing Activities

(429)

Cash Flows – Financing Activities

Repurchase of shares of common stock

(60)

(224)

Cash dividends paid on common stock

(54)

(51)

Dividends paid to noncontrolling interests

(15)

(17)

Contributions from noncontrolling interests

Other, net

(5)

Net Cash Used in Financing Activities

(99)

(274)

Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash

Net Decrease in Cash, Cash Equivalents and Restricted Cash

(19)

(89)

Cash, Cash Equivalents and Restricted Cash - Beginning of Period

1,130

1,136

Cash, Cash Equivalents and Restricted Cash - End of Period

1,111

1,047

Supplemental Cash Flow Data

Cash paid for income tax

Non-cash Investing and Financing Activities

Capital expenditures included in accounts payable and other current liabilities

$ 139

$ 182

[1]	Amounts have not been allocated to any segment for performance reporting purposes.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 1,111	$ 1,130
Short-term investments	1,870	2,022
Accounts receivable, net	59	64
Inventories, net	378	417
Prepaid expenses and other current assets	296	307
Total Current Assets	3,714	3,940
Property, plant and equipment, net	2,114	2,118
Operating lease right-of-use assets	2,172	2,219
Goodwill	1,995	1,988
Intangible assets, net	157	159
Long-term bank deposits and notes	1,094	680
Equity investments	346	361
Deferred income tax assets	93	113
Other assets	278	248
Total Assets	11,963	11,826
Current Liabilities
Accounts payable and other current liabilities	1,957	2,098
Income taxes payable	143	68
Total Current Liabilities	2,100	2,166
Non-current operating lease liabilities	1,864	1,906
Non-current finance lease liabilities	41	42
Deferred income tax liabilities	378	390
Other liabilities	164	162
Total Liabilities	4,547	4,666
Redeemable Noncontrolling Interest	12	12
Equity
Common stock, $0.01 par value; 1,000 million shares authorized; 418 million shares and 419 million shares issued and outstanding March 31,2023 and December 31,2022, respectively;	4	4
Additional paid-in capital	4,391	4,390
Retained earnings	2,374	2,191
Accumulated other comprehensive loss	(91)	(103)
Total Yum China Holdings, Inc. Stockholders' Equity	6,678	6,482
Noncontrolling interests	726	666
Total Equity	7,404	7,148
Total Liabilities, Redeemable Noncontrolling Interest and Equity	$ 11,963	$ 11,826

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	418,000,000	419,000,000
Common stock, shares outstanding	418,000,000	419,000,000

Description of Business

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

Note 1 – Description of Business

Yum China Holdings, Inc. (“Yum China” and, together with its subsidiaries, the “Company,” “we,” “us” and “our”) was incorporated in Delaware on April 1, 2016.

The Company owns, franchises or has ownership in entities that own and operate restaurants (also referred to as “stores” or “units”) under the KFC, Pizza Hut, Taco Bell, Lavazza, Little Sheep and Huang Ji Huang concepts (collectively, the “concepts”). In connection with the separation of the Company in 2016 from its former parent company, Yum! Brands, Inc. (“YUM”), a master license agreement was entered into between Yum Restaurants Consulting (Shanghai) Company Limited (“YCCL”), a wholly-owned indirect subsidiary of the Company and YUM, through YRI China Franchising LLC, a subsidiary of YUM, effective from January 1, 2020 and previously through Yum! Restaurants Asia Pte. Ltd., another subsidiary of YUM, from October 31, 2016 to December 31, 2019, for the exclusive right to use and sublicense the use of intellectual property owned by YUM and its subsidiaries for the development and operation of the KFC, Pizza Hut and, subject to achieving certain agreed-upon milestones amended in April 2022, Taco Bell brands and their related marks and other intellectual property rights for restaurant services in the People’s Republic of China (the “PRC” or “China”), excluding Hong Kong, Macau and Taiwan. The term of the license is 50 years from October 31, 2016 for the KFC and Pizza Hut brands and, subject to achieving certain agreed-upon milestones, 50 years from April 15, 2022 for the Taco Bell brand, with automatic renewals for additional consecutive renewal terms of 50 years each, subject only to us being in “good standing” and unless we give notice of our intent not to renew. In exchange, we pay a license fee to YUM equal to 3% of net system sales from both our Company and franchise restaurants. We own the intellectual property of Little Sheep and Huang Ji Huang and pay no license fee related to these concepts.

In 1987, KFC was the first major global restaurant brand to enter China. As of March 31, 2023, there were over 9,200 KFC stores in China. We maintain a controlling interest of 58%, 70%, 83%, 92% and approximately 60% in the entities that own and operate the KFCs in and around Shanghai, Beijing, Wuxi, Suzhou and Hangzhou, respectively.

The first Pizza Hut in China opened in 1990. As of March 31, 2023, there were over 2,900 Pizza Hut restaurants in China.

In the second quarter of 2020, the Company partnered with Luigi Lavazza S.p.A. (“Lavazza Group”), the world renowned family-owned Italian coffee company, and entered into a joint venture to explore and develop the Lavazza coffee concept in China. In September 2021, the Company and Lavazza Group entered into agreements for the previously formed joint venture (“Lavazza joint venture”) to accelerate the expansion of Lavazza coffee shops in China. Upon execution of these agreements, the Company controls and consolidates the joint venture with its 65% equity interest. The acquisition was considered immaterial.

In 2017, the Company acquired a controlling interest in the holding company of DAOJIA.com.cn (“Daojia”), an online food delivery service provider in China. This business was extended to also include a team managing the delivery services for restaurants, including restaurants in our system, with their results reported under our delivery operating segment.

As part of our strategy to drive growth from off-premise occasions, we also developed our own retail brand operations, Shaofaner, which sells packaged foods through online and offline channels. The operating results of Shaofaner are included in our e-commerce business operating segment.

The Company has two reportable segments: KFC and Pizza Hut. Our remaining operating segments, including the operations of Taco Bell, Lavazza, Little Sheep, Huang Ji Huang, our delivery operating segment and our e-commerce business, are combined and referred to as All Other Segments, as those operating segments are insignificant both individually and in the aggregate. For 2022, All Other Segments also included COFFii & JOY and East Dawning. The Company decided to wind down the operations of the East Dawning brand in 2021, and closed all stores by March 2022. In addition, the Company decided to wind down the operations of COFFii & JOY and closed all stores in 2022. Additional details on our segment reporting are included in Note 14.

The Company’s common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “YUMC”. On September 10, 2020, the Company completed a secondary listing of its common stock on the Main Board of the Hong Kong Stock Exchange (“HKEX”) under the stock code “9987,” in connection with a global offering of 41,910,700 shares of its common stock. Net proceeds raised by the Company from the global offering after deducting underwriting fees and the offering expenses amounted to $2.2 billion. On October 24, 2022, the Company’s voluntary conversion of its secondary listing status to a primary listing status on the HKEX became effective (“Primary Conversion”) and the Company became a dual primary listed company on the NYSE and HKEX. On the same day, the Company’s shares of common stock traded on the HKEX were included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. The Company’s common stock listed on the NYSE and HKEX continue to be fully fungible.

Basis of Presentation

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Note 2 – Basis of Presentation

Our preparation of the accompanying Condensed Consolidated Financial Statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

We have prepared the Condensed Consolidated Financial Statements in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Condensed Consolidated Financial Statements include all normal and recurring adjustments considered necessary to present fairly our financial position as of March 31, 2023, and our results of operations, comprehensive income and cash flows for the quarters ended March 31, 2023 and 2022. Our results of operations, comprehensive income and cash flows for these interim periods are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 1, 2023.

Through the acquisition of Daojia, the Company also acquired a variable interest entity (“VIE”) and subsidiaries of the VIE effectively controlled by Daojia. There exists a parent-subsidiary relationship between Daojia and its VIE as a result of certain exclusive agreements that require Daojia to consolidate its VIE and subsidiaries of the VIE because Daojia is the primary beneficiary that possesses the power to direct the activities of the VIE that most significantly impact its economic performance, and is entitled to substantially all of the profits and has the obligation to absorb all of the expected losses of the VIE. The acquired VIE and its subsidiaries were considered immaterial, both individually and in the aggregate. The results of Daojia’s operations have been included in the Company’s Condensed Consolidated Financial Statements since the acquisition date.

Certain comparative items in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period’s presentation to facilitate comparison.

Recently Adopted Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08 Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). It requires issuers to apply ASC 606 Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.

In March 2022, the FASB issued ASU 2022-01 Fair Value Hedging—Portfolio Layer Method (“ASU 2022-01”), which allows entities to expand their use of the portfolio layer method for fair value hedges of interest rate risk. Under the guidance, entities can hedge all financial assets under the portfolio layer method and designate multiple hedged layers within a single closed portfolio. The guidance also clarifies the accounting for fair value hedge basis adjustments in portfolio layer hedges and how these adjustments should be disclosed. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.

In March 2022, the FASB issued ASU 2022-02 Financial Instrument—Credit Losses (“ASU 2022-02”), amending ASC 310 to eliminate the recognition and measurement guidance for a troubled debt restructuring for creditors that have adopted ASC 326 and requiring them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The guidance also requires entities to present gross write-offs by year of origination in their vintage disclosures. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.

In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restriction (“ASU 2022-03”), clarifying that a contractual restriction on sales of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered when measuring fair value. The guidance also clarifies that a contractual sales restriction should not be recognized as a separate unit of account. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.

In September 2022, the FASB issued ASU 2022-04 Liabilities—Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”), requiring entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about their obligations outstanding at the end of the reporting period. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.

Business Acquisitions and Equity Investments

3 Months Ended

Mar. 31, 2023

Business Acquisitions And Equity Investments [Abstract]

Business Acquisitions and Equity Investments

Note 3 – Business Acquisitions and Equity Investments

Consolidation of Hangzhou KFC and Equity Investment in Hangzhou Catering

In the fourth quarter of 2021, the Company completed its investment in a 28% equity interest in Hangzhou Catering for cash consideration of $255 million. Hangzhou Catering holds a 45% equity interest in Hangzhou KFC, of which the Company previously held a 47% equity interest. Along with the investment, the Company also obtained two additional seats on the board of directors of Hangzhou KFC. Upon completion of the transaction, the Company directly and indirectly holds an approximately 60% equity interest in Hangzhou KFC and has majority representation on the board, and thus obtained control over Hangzhou KFC and started to consolidate its results from the acquisition date.

As a result of the acquisition of Hangzhou KFC, $66 million of the purchase price was allocated to the reacquired franchise right, which is amortized over the remaining franchise contract period of 1 year.

In addition to its equity interest in Hangzhou KFC, Hangzhou Catering operates approximately 60 Chinese dining restaurants under four time-honored brands and a food processing business. The Company applies the equity method of accounting to the 28% equity interest in Hangzhou Catering excluding the Hangzhou KFC business and classified this investment in Equity investments based on its then fair value. The Company elected to report its share of Hangzhou Catering’s financial results with a one-quarter lag because its results are not available in time for the Company to record them in the concurrent period. The Company's equity losses from Hangzhou Catering, net of taxes, were immaterial for both the quarters ended March 31, 2023 and 2022, and included in Equity in net earnings (losses) from equity method investments in our Condensed Consolidated Statement of Income. As of March 31, 2023 and December 31, 2022, the carrying amount of the Company’s equity method investment in Hangzhou Catering was $36 million and $37 million, respectively, exceeding the Company’s interest in Hangzhou Catering’s underlying net assets by $26 million and $26 million, respectively. Substantially all of this difference was attributable to its self-owned properties and impact of related deferred tax liabilities determined upon acquisition, which is being depreciated over a weighted-average remaining useful life of 20 years.

Consolidation of Suzhou KFC

In the third quarter of 2020, the Company completed the acquisition of an additional 25% equity interest in Suzhou KFC for cash consideration of $149 million, increasing its equity interest to 72%, and thus the Company obtained control over Suzhou KFC and started to consolidate its results from the acquisition date.

As a result of the acquisition of Suzhou KFC, $61 million of the purchase price was allocated to the reacquired franchise right, which is amortized over the remaining franchise contract period of 2.4 years.

In December 2022, the Company acquired an additional 20% equity interest in Suzhou KFC for cash consideration of $115 million, bringing its total ownership to 92%. As the Company has previously obtained control of Suzhou KFC, this transaction was accounted for as an equity transaction. Upon completion of the transaction, the excess of purchase consideration over the carrying amount of the non-controlling interests was $15 million, which was recorded in Additional paid-in capital.

As a result of the acquisitions of all former unconsolidated affiliates that operate our concepts by December 2021, the Company consolidated their results since their respective acquisition dates, and therefore we no longer have franchise fees and expenses and revenues and expenses from transactions with unconsolidated affiliates for the quarters ended March 31, 2023 and 2022.

Fujian Sunner Development Co., Ltd. (“Sunner”) Investment

In the first quarter of 2021, the Company acquired a 5% equity interest in Sunner, a Shenzhen Stock Exchange-listed company, for a total consideration of approximately $261 million. Sunner is China’s largest white-feathered chicken producer and the Company’s largest poultry supplier. The Company then accounted for the equity securities at fair value based on their closing market price on each measurement date.

In May 2021, a senior executive of the Company was nominated and appointed to Sunner’s board of directors upon Sunner’s shareholder approval. Through this representation, the Company participates in Sunner’s policy making process. The representation on the board, along with the Company being one of Sunner’s significant shareholders, provides the Company with the ability to exercise significant influence over the operating and financial policies of Sunner. As a result, the Company started to apply the equity method of accounting to the investment in May 2021 based on its then fair value. The Company elected to report its share of Sunner’s financial results with a one-quarter lag because Sunner’s results are not available in time for the Company to record them in the concurrent period. In the quarters ended March 31, 2023 and 2022, the Company's equity income from Sunner, net of taxes, was immaterial, which was included in Equity in net earnings (losses) from equity method investments in our Condensed Consolidated Statement of Income.

The Company purchased inventories of $119 million and $92 million from Sunner for the quarters ended March 31, 2023 and 2022, respectively. The Company’s accounts payable and other current liabilities due to Sunner were $49 million and $53 million as of March 31, 2023 and December 31, 2022, respectively.

As of March 31, 2023 and December 31, 2022, the Company’s investment in Sunner was classified in Equity investments and the carrying amounts were $230 million and $227 million, respectively, exceeding the Company’s interest in Sunner’s underlying net assets by $158 million and $157 million, respectively. As of March 31, 2023 and December 31, 2022, $17 million and $18 million of these basis differences were related to finite-lived intangible assets determined upon acquisition, respectively, which are being amortized over the estimated useful life of 20 years. The remaining differences were related to goodwill and indefinite-lived intangible assets, which are not subject to amortization, as well as deferred tax liabilities impact. As of March 31, 2023 and December 31, 2022, the market value of the Company’s investment in Sunner was $223 million and $214 million based on its quoted closing price, respectively.

Meituan Dianping (“Meituan”) Investment

In the third quarter of 2018, the Company subscribed for 8.4 million, or less than 1%, of the ordinary shares of Meituan, an e-commerce platform for services in China, for a total consideration of approximately $74 million, when it launched its initial public offering on the HKEX in September 2018. In the second quarter of 2020, the Company sold 4.2 million of the ordinary shares of Meituan.

The Company accounts for the equity securities at fair value with subsequent fair value changes recorded in our Condensed Consolidated Statements of Income. The fair value of the investment in Meituan is determined based on the closing market price for the shares at the end of each reporting period. The fair value change, to the extent the closing market price of shares of Meituan as of the end of reporting period is higher than our cost, is subject to U.S. tax.

In the quarters ended March 31, 2023 and 2022, the related pre-tax losses of $17 million and $38 million on investment in equity securities of Meituan were included in Investment loss in our Condensed Consolidated Statements of Income.

Revenue Recognition

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 4 – Revenue Recognition

The Company’s revenues primarily include Company sales, Franchise fees and income and Revenues from transactions with franchisees.

Company Sales

Revenues from Company-owned restaurants are recognized when a customer takes possession of the food and tenders payment, which is when our obligation to perform is satisfied. The Company presents sales net of sales-related taxes. We also offer our customers delivery through both our own mobile applications and third-party aggregators’ platforms, and we primarily use our dedicated riders to deliver orders. When orders are fulfilled by our dedicated riders, we control and determine the price for the delivery service and generally recognize revenue, including delivery fees, when a customer takes possession of the food. When orders are fulfilled by the delivery staff of third-party aggregators, who control and determine the price for the delivery service, we recognize revenue, excluding delivery fees, when control of the food is transferred to the third-party aggregators’ delivery staff. The payment terms with respect to these sales are short-term in nature.

We recognize revenues from prepaid stored-value products, including gift cards and product vouchers, when they are redeemed by the customer. Prepaid gift cards sold at any given point generally expire over the next 36 months, and product vouchers generally expire over a period of up to 12 months. We recognize breakage revenue, which is the amount of prepaid stored-value products that is not expected to be redeemed, either (1) proportionally in earnings as redemptions occur, in situations where the Company expects to be entitled to a breakage amount, or (2) when the likelihood of redemption is remote, in situations where the Company does not expect to be entitled to breakage, provided that there is no requirement for remitting balances to government agencies under unclaimed property laws. The Company reviews its breakage estimates at least annually based upon the latest available information regarding redemption and expiration patterns.

Our privilege membership programs offer privilege members rights to multiple benefits, such as free delivery and discounts on certain products. For certain privilege membership programs offering a pre-defined amount of benefits that can be redeemed ratably over the membership period, revenue is ratably recognized over the period based on the elapse of time. With respect to privilege membership programs offering members a mix of distinct benefits, including a welcome gift and assorted discount coupons with pre-defined quantities, consideration collected is allocated to the benefits provided based on their relative standalone selling price and revenue is recognized when food or services are delivered or the benefits expire. In determining the relative standalone selling price of the benefits, the Company considers likelihood of future redemption based on historical redemption pattern and reviews such estimates periodically based upon the latest available information regarding redemption and expiration patterns.

Franchise Fees and Income

Franchise fees and income primarily include upfront franchise fees, such as initial fees and renewal fees, and continuing fees. We have determined that the services we provide in exchange for upfront franchise fees and continuing fees are highly interrelated with the franchise right. We recognize upfront franchise fees received from a franchisee as revenue over the term of the franchise agreement or the renewal agreement because the franchise rights are accounted for as rights to access our symbolic intellectual property. The franchise agreement term is generally 10 years for KFC and Pizza Hut, generally five years for Little Sheep and three to 10 years for Huang Ji Huang. We recognize continuing fees, which are based upon a percentage of franchisee sales, as those sales occur.

Revenues from Transactions with Franchisees

Revenues from transactions with franchisees consist primarily of sales of food and paper products, advertising services, delivery services and other services provided to franchisees.

The Company centrally purchases substantially all food and paper products from suppliers for substantially all of our restaurants, including franchisees, and then sells and delivers them to the restaurants. In addition, the Company owns seasoning facilities for its Chinese dining business unit, which manufacture and sell seasoning products to Huang Ji Huang and Little Sheep franchisees. The Company also provides delivery services to franchisees. The performance obligation arising from such transactions is considered distinct from the franchise agreement as it is not highly dependent on the franchise agreement and the customer can benefit from such services on its own. We consider ourselves the principal in this arrangement as we have the ability to control a promised good or service before transferring that good or service to the franchisees. Revenue is recognized upon transfer of control over ordered items or services, generally upon delivery to the franchisees.

For advertising services, the Company often engages third parties to provide services and acts as a principal in the transaction based on our responsibilities of defining the nature of the services and administering and directing all marketing and advertising programs in accordance with the provisions of our franchise agreements. The Company collects advertising contributions, which are generally based on certain percentage of sales from substantially all of our restaurants, including franchisees. Other services provided to franchisees consist primarily of customer and technology support services. Advertising services and other services provided are highly interrelated to franchise right, and are not considered individually distinct. We recognize revenue when the related sales occur.

Other Revenues

Other revenues primarily include i) sales of products to customers through e-commerce channels and the sale of our seasoning products to distributors, and ii) revenues from logistics and warehousing services provided to third parties through our supply chain network. Our segment disclosures also include revenues relating to delivery services that were provided to our Company-owned restaurants and, therefore, were eliminated for consolidation purposes.

Other revenues are recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services.

Loyalty Programs

Each of the Company’s KFC and Pizza Hut reportable segments operates a loyalty program that allows registered members to earn points for each qualifying purchase. Points, which generally expire 18 months after being earned, may be redeemed for future purchases of KFC or Pizza Hut branded products or other products for free or at a discounted price. Points cannot be redeemed or exchanged for cash. The estimated value of points earned by the loyalty program members is recorded as a reduction of revenue at the time the points are earned, based on the percentage of points that are projected to be redeemed, with a corresponding deferred revenue liability included in Accounts payable and other current liabilities on the Condensed Consolidated Balance Sheets and subsequently recognized into revenue when the points are redeemed or expire. The Company estimates the value of the future redemption obligations based on the estimated value of the product for which points are expected to be redeemed and historical redemption patterns and reviews such estimates periodically based upon the latest available information regarding redemption and expiration patterns.

Disaggregation of Revenue

The following tables present revenue disaggregated by types of arrangements and segments:


	Quarter Ended 3/31/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	2,166	$	591	$	15	$	—	$	2,772	$	—		$	2,772
Franchise fees and income		17		2		6		—		25		—			25
Revenues from transactions with franchisees		10		1		19		63		93		—			93
Other revenues		5		3		162		10		180		(153	)		27
Total revenues	$	2,198	$	597	$	202	$	73	$	3,070	$	(153	)	$	2,917


	Quarter Ended 3/31/2022
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	1,991	$	542	$	15	$	—	$	2,548	$	—		$	2,548
Franchise fees and income		16		2		6		—		24		—			24
Revenues from transactions with franchisees		8		1		11		57		77		—			77
Other revenues		2		2		131		10		145		(126	)		19
Total revenues	$	2,017	$	547	$	163	$	67	$	2,794	$	(126	)	$	2,668

Accounts Receivable

Accounts receivable primarily consist of trade receivables and royalties from franchisees, and are generally due within 30 days of the period in which the corresponding sales occur. Our provision of credit losses for accounts receivable is based upon the current expected credit losses (“CECL”) model. The CECL model requires an estimate of the credit losses expected over the life of accounts receivable since initial recognition, and accounts receivable with similar risk characteristics are grouped together when estimating CECL. In assessing the CECL, the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical credit loss experience, adjusted for relevant factors impacting collectability and forward-looking information indicative of external market conditions. While we use the best information available in making our determination, the ultimate recovery of recorded receivables is also dependent upon future economic events and other conditions that may be beyond our control. Accounts receivable that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts. As of March 31, 2023 and December 31, 2022, the ending balances of provision for accounts receivable were both $2 million, and amounts of accounts receivable past due were immaterial.

Costs to Obtain Contracts

Costs to obtain contracts consist of upfront franchise fees that we paid to YUM prior to the separation in relation to initial fees or renewal fees we received from franchisees, as well as license fees that are payable to YUM in relation to our deferred revenue of prepaid stored-value products, privilege membership programs and customer loyalty programs. They meet the requirements to be capitalized as they are incremental costs of obtaining contracts with customers and the Company expects to generate future economic benefits from such costs incurred. Such costs to obtain contracts are included in Other assets on the Condensed Consolidated Balance Sheets and are amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the assets relate. Subsequent to the separation, we are no longer required to pay YUM initial or renewal fees that we receive from franchisees. The Company did not incur any impairment losses related to costs to obtain contracts during any of the periods presented. Costs to obtain contracts were $7 million and $6 million at March 31, 2023 and December 31, 2022, respectively.

Contract Liabilities

Contract liabilities at March 31, 2023 and December 31, 2022 were as follows:


Contract liabilities	3/31/2023		12/31/2022
– Deferred revenue related to prepaid stored-value products	$	157	$	139
– Deferred revenue related to upfront franchise fees		33		32
– Deferred revenue related to customer loyalty programs		24		23
– Deferred revenue related to privilege membership programs		17		16
Total	$	231	$	210

Contract liabilities primarily consist of deferred revenue related to prepaid stored-value products, privilege membership programs, customer loyalty programs and upfront franchise fees. Deferred revenue related to prepaid stored-value products, privilege membership programs and customer loyalty programs is included in Accounts payable and other current liabilities in the Condensed Consolidated Balance Sheets. Deferred revenue related to upfront franchise fees that we expect to recognize as revenue in the next 12 months is included in Accounts payable and other current liabilities, and the remaining balance is included in Other liabilities in the Condensed Consolidated Balance Sheets. Revenue recognized that was included in the contract liability balance at the beginning of each period amounted to $58 million and $62 million for the quarters ended March 31, 2023 and 2022, respectively. Changes in contract liability balances were not materially impacted by business acquisition, change in estimate of transaction price or any other factors during any of the periods presented.

The Company has elected, as a practical expedient, not to disclose the value of remaining performance obligations associated with sales-based royalty promised to franchisees in exchange for franchise right and other related services. The remaining duration of the performance obligation is the remaining contractual term of each franchise agreement. We recognize continuing franchisee fees and revenues from advertising services and other services provided to franchisees based on a certain percentage of sales, as those sales occur.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Earning Per Common Share (EPS)

Earnings Per Common Share ("EPS")

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Note 5 – Earnings Per Common Share (“EPS”)

The following table summarizes the components of basic and diluted EPS (in millions, except per share data):


	Quarter Ended
	3/31/2023		3/31/2022
Net Income – Yum China Holdings, Inc.	$	289	$	100
Weighted-average common shares outstanding (for basic calculation)(a)		418		426
Effect of dilutive share-based awards(a)		5		4
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)(a)		423		430
Basic Earnings Per Common Share	$	0.69	$	0.23
Diluted Earnings Per Common Share	$	0.68	$	0.23
Share-based awards excluded from the diluted EPS computation(b)		2		3

(a)

(b)

These outstanding stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and performance stock units (“PSUs”) were excluded from the computation of diluted EPS because to do so would have been antidilutive for the quarters presented, or because certain PSUs are contingently issuable based on the achievement of performance and market conditions, which have not been met as of March 31, 2023 and 2022.

Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Equity

Note 6 – Equity

Changes in Equity and Redeemable Noncontrolling Interest (in millions)


	Yum China Holdings, Inc.
												Accumulated
	Common					Additional						Other															Redeemable
	Stock					Paid-in			Retained			Comprehensive			Treasury Stock						Noncontrolling			Total			Noncontrolling
	Shares*			Amount		Capital			Earnings			(Loss) Income			Shares			Amount			Interests			Equity			Interest
Balance at December 31, 2022		419		$	4	$	4,390		$	2,191		$	(103	)		—		$	—		$	666		$	7,148		$	12
Net Income										289												24			313			—
Foreign currency translation adjustments													12									2			14			—
Comprehensive income																									327			—
Cash dividends declared ($0.13 per common share)										(54	)														(54	)
Contributions from/ dividends declared to noncontrolling interests																						34			34
Repurchase and retirement of shares		(1	)		—		(10	)		(52	)														(62	)
Exercise and vesting of share- based awards		1			—		(2	)																	(2	)
Share-based compensation							13															—			13
Balance at March 31, 2023		418		$	4	$	4,391		$	2,374		$	(91	)		—		$	—		$	726		$	7,404		$	12

Balance at December 31, 2021		449		$	4	$	4,695		$	2,892		$	268			(21	)	$	(803	)	$	852		$	7,908		$	14
Net Income										100											10				110			—
Foreign currency translation adjustments													11								2				13			—
Comprehensive income																									123			—
Cash dividends declared ($0.12 per common share)										(51	)														(51	)
Dividends declared																						(81	)		(81	)
Contributions from noncontrolling interests																					18				18
Repurchase of shares of common stock																(5	)		(232	)					(232	)
Exercise and vesting of share- based awards		—			—		(2	)																	(2	)
Share-based compensation							11																		11
Balance at March 31, 2022		449		$	4	$	4,704		$	2,941		$	279			(26	)	$	(1,035	)	$	801		$	7,694		$	14

*: Shares may not add due to rounding.

Share Repurchase and Retirement

Our Board of Directors has authorized an aggregate of $2.4 billion for our share repurchase program. The Company repurchased 1 million and 5 million shares of Yum China common stock at a total cost of $62 million and $232 million during the quarters ended March 31, 2023 and 2022, respectively. The total repurchase cost included $2 million and $8 million settled subsequent to March 31, 2023 and 2022, for shares repurchased with trade dates on and prior to March 31, 2023 and 2022, respectively. As of March 31, 2023, approximately $1.1 billion remained available for future share repurchases under the authorization.

The Inflation Reduction Act of 2022 (“IRA”), which is discussed further in Note 13, imposes an excise tax of 1% on net share repurchases that occur after December 31, 2022. Excise tax incurred on net share repurchases was recognized as part of the cost of the shares repurchased and the financial impact was not material during the first quarter of 2023.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

Items Affecting Comparability Of Net Income [Abstract]

Items Affecting Comparability of Net Income

3 Months Ended

Mar. 31, 2023

Items Affecting Comparability of Net Income

Note 7 – Items Affecting Comparability of Net Income

Impact of COVID-19 Pandemic

Starting in the first quarter of 2020, the COVID-19 pandemic significantly impacted the Company’s operations and caused significant volatility in our operations. During the first quarter of 2023, sales rebounded significantly year-over-year and sequentially. The Company’s strong sales growth was driven by tremendous efforts in seizing opportunities as the country pivoted from strict COVID-19 measures. Margins also improved substantially, benefiting from sales leveraging, cost structure rebasing, and temporary relief from the government and landlords, which contributed to the year-over-year operating profit growth. Operating profit for the quarters ended March 31, 2023 and 2022 was $416 million and $191 million, respectively.

Fair Value Changes for Investment in Equity Securities

In September 2018, we invested in the equity securities of Meituan, the fair value of which is determined based on the closing market price for the shares at the end of each reporting period, with subsequent fair value changes recorded as Investment loss in our Condensed Consolidated Statements of Income. We recorded related pre-tax unrealized investment loss of $17 million and $38 million for the quarters ended March 31, 2023 and 2022, respectively.

See Note 3 for additional information on our investment in Meituan.

Other Expenses, Net

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other Expenses, Net

Note 8 – Other Expenses, net


	Quarter Ended
	3/31/2023			3/31/2022
Amortization of reacquired franchise rights(a)	$	2		$	26
Foreign exchange impact and others		(1	)		(1	)
Other expenses, net	$	1		$	25

(a)

As a result of the acquisition of Hangzhou KFC, Suzhou KFC and Wuxi KFC, $66 million, $61 million and $61 million of the purchase price were allocated to intangible assets related to reacquired franchise rights, respectively, which are being amortized over the remaining franchise contract period of 1 year, 2.4 years and 5 years. The above reacquired franchise rights were substantially amortized as of December 31, 2022 and resulted in the decrease of amortization expenses in the quarter ended March 31, 2023.

Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Information

Note 9 – Supplemental Balance Sheet Information


Accounts Receivable, net	3/31/2023			12/31/2022
Accounts receivable, gross	$	61		$	66
Allowance for doubtful accounts		(2	)		(2	)
Accounts receivable, net	$	59		$	64


Prepaid Expenses and Other Current Assets	3/31/2023		12/31/2022
VAT assets	$	95	$	88
Interest receivables		38		31
Receivables from payment processors and aggregators		37		53
Dividends receivable from equity method investees		2		6
Other prepaid expenses and current assets		124		129
Prepaid expenses and other current assets	$	296	$	307


Property, Plant and Equipment (“PP&E”)	3/31/2023			12/31/2022
Buildings and improvements, and construction in progress	$	2,937		$	2,912
Finance leases, primarily buildings		62			62
Machinery and equipment		1,645			1,612
PP&E, gross		4,644			4,586
Accumulated depreciation		(2,530	)		(2,468	)
PP&E, net	$	2,114		$	2,118


Equity Investments	3/31/2023		12/31/2022
Investment in equity method investees	$	268	$	266
Investment in equity securities		78		95
Equity investments	$	346	$	361


Other Assets	3/31/2023		12/31/2022
Land use right	$	122	$	123
Long-term deposits, primarily lease deposits		90		90
Prepayment for acquisition of PP&E(a)		36		6
Costs to obtain contracts		7		6
VAT assets		5		5
Others		18		18
Other assets	$	278	$	248

(a)

The increase was primarily due to a prepayment made in relation to the acquisition of a building located in Shanghai to house the Company’s headquarters and flagship stores, which is currently expected to be delivered to the Company around 2026.


Accounts Payable and Other Current Liabilities	3/31/2023		12/31/2022
Accounts payable	$	674	$	727
Operating lease liabilities		437		448
Accrued compensation and benefits		263		285
Contract liabilities		203		182
Accrued capital expenditures		139		181
Accrued marketing expenses		69		72
Other current liabilities		172		203
Accounts payable and other current liabilities	$	1,957	$	2,098


Other Liabilities	3/31/2023		12/31/2022
Accrued income tax payable	$	55	$	52
Contract liabilities		28		28
Other non-current liabilities		81		82
Other liabilities	$	164	$	162

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 10 – Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows:


	Total Company			KFC		Pizza Hut		All Other Segments
Balance as of December 31, 2022
Goodwill, gross	$	2,379		$	1,893	$	19	$	467
Accumulated impairment losses(a)		(391	)		—		—		(391	)
Goodwill, net		1,988			1,893		19		76
Effect of currency translation adjustments		7			7		—		—
Balance as of March 31, 2023
Goodwill, gross		2,386			1,900		19		467
Accumulated impairment losses(a)		(391	)		—		—		(391	)
Goodwill, net	$	1,995		$	1,900	$	19	$	76

(a)

Accumulated impairment losses represent goodwill impairment attributable to the reporting units of Little Sheep and Daojia.

Intangible assets, net as of March 31, 2023 and December 31, 2022 are as follows:


	3/31/2023										12/31/2022
	Gross Carrying Amount(a)		Accumulated Amortization(a)			Accumulated Impairment Losses(b)			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment Losses(b)			Net Carrying Amount
Finite-lived intangible assets
Reacquired franchise rights	$	277	$	(273	)	$	—		$	4	$	276	$	(271	)	$	—		$	5
Huang Ji Huang franchise related assets		22		(3	)		—			19		22		(3	)		—			19
Daojia platform		16		(4	)		(12	)		—		16		(4	)		(12	)		—
Customer-related assets		12		(10	)		(2	)		—		12		(9	)		(2	)		1
Others		9		(5	)		—			4		9		(5	)		—			4
	$	336	$	(295	)	$	(14	)	$	27	$	335	$	(292	)	$	(14	)	$	29
Indefinite-lived intangible assets
Little Sheep trademark	$	52	$	—		$	—		$	52	$	52	$	—		$	—		$	52
Huang Ji Huang trademark		78		—			—			78		78		—			—			78
	$	130	$	—		$	—		$	130	$	130	$	—		$	—		$	130

Total intangible assets	$	466	$	(295	)	$	(14	)	$	157	$	465	$	(292	)	$	(14	)	$	159

(a)

Changes in gross carrying amount and accumulated amortization include the effect of currency translation adjustments.

(b)

Accumulated impairment losses represent impairment charges on intangible assets acquired from Daojia primarily attributable to the Daojia platform.

Amortization expense for finite-lived intangible assets was $2 million and $26 million for the quarters ended March 31, 2023 and 2022, respectively. The decrease in amortized expense for finite-lived intangible assets in 2023 was primarily due to certain reacquired franchise rights being substantially amortized as of December 31, 2022 (See Note 8 for details). As of March 31, 2023, expected amortization expense for the unamortized finite-lived intangible assets is approximately $2 million for the remainder of 2023, and $2 million in each of 2024, 2025, 2026 and 2027.

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Note 11 – Leases

As of March 31, 2023, we leased over 13,000 properties in China for our Company-owned restaurants. We generally enter into lease agreements for our restaurants with initial terms of 10 to 20 years. Most of our lease agreements contain termination options that permit us to terminate the lease agreement early if the restaurant’s unit contribution is negative for a specified period of time. We generally do not have renewal options for our leases. Such options are accounted for only when it is reasonably certain that we will exercise the options. The rent under the majority of our current restaurant lease agreements is generally payable in one of three ways: (i) fixed rent; (ii) the higher of a fixed base rent or a percentage of the restaurant’s sales; or (iii) a percentage of the restaurant’s sales. Most leases require us to pay common area maintenance fees for the leased property. In addition to restaurants leases, we also lease office spaces, logistics centers and equipment. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

In limited cases, we sub-lease certain restaurants to franchisees in connection with refranchising transactions or lease our properties to other third parties. The lease payments under these leases are generally based on the higher of a fixed base rent or a percentage of the restaurant’s annual sales. Income from sub-lease agreements with franchisees or lease agreements with other third parties are included in Franchise fees and income and Other revenues, respectively, within our Condensed Consolidated Statements of Income.


Supplemental Balance Sheet
	3/31/2023		12/31/2022		Account Classification
Assets
Operating lease right-of-use assets	$	2,172	$	2,219	Operating lease right-of-use assets
Finance lease right-of-use assets		38		38	PP&E, net
Total leased assets	$	2,210	$	2,257

Liabilities
Current
Operating lease liabilities	$	437	$	448	Accounts payable and other current liabilities
Finance lease liabilities		5		5	Accounts payable and other current liabilities
Non-current
Operating lease liabilities		1,864		1,906	Non-current operating lease liabilities
Finance lease liabilities		41		42	Non-current finance lease liabilities
Total lease liabilities	$	2,347	$	2,401


Summary of Lease Cost	Quarter Ended
	3/31/2023			3/31/2022			Account Classification

Operating lease cost	$	132		$	157		Occupancy and other operating expenses, G&A or Franchise expenses
Finance lease cost
Amortization of leased assets		1			1		Occupancy and other operating expenses
Interest on lease liabilities		1			—		Interest income, net
Variable lease cost(a)		106			96		Occupancy and other operating expenses or Franchise expenses
Short-term lease cost		4			3		Occupancy and other operating expenses or G&A
Sub-lease income		(5	)		(6	)	Franchise fees and income or Other revenues
Total lease cost	$	239		$	251

(a)

The Company was granted $8 million and $3 million in lease concessions from landlords related to the effects of the COVID-19 pandemic during the quarters ended March 31, 2023 and 2022, respectively. The lease concessions were primarily in the form of rent reduction over the period of time when the Company’s restaurant business was adversely impacted. The Company applied the interpretive guidance in a FASB staff question-and-answer document issued in April 2020 and elected: (1) not to evaluate whether a concession received in response to the COVID-19 pandemic is a lease modification and (2) to assume such concession was contemplated as part of the existing lease contract with no contract modification. Such concession was recognized as negative variable lease cost in the period the concession was granted.


Supplemental Cash Flow Information	Quarter Ended
	3/31/2023		3/31/2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	137	$	155
Operating cash flows from finance leases		1		1
Financing cash flows from finance leases		1		1
Right-of-use assets obtained in exchange for lease liabilities(b):
Operating leases	$	46	$	28
Finance leases		—		3

(b)

This supplemental non-cash disclosure for right-of-use (“ROU”) assets obtained in exchange for lease liabilities includes an increase in lease liabilities associated with obtaining new ROU assets of $65 million and $63 million for the quarters ended March 31, 2023 and 2022, respectively, as well as adjustments to lease liabilities or ROU assets due to modification or other reassessment events, which resulted in a $19 million and $32 million decrease in lease liabilities for the quarters ended March 31, 2023 and 2022, respectively.



Lease Term and Discount Rate	3/31/2023			3/31/2022
Weighted-average remaining lease term (years)
Operating leases		7.1			7.1
Finance leases		11.0			11.4

Weighted-average discount rate
Operating leases		5.1	%		5.4	%
Finance leases		5.1	%		5.4	%

Summary of Future Lease Payments and Lease Liabilities

Maturities of lease liabilities as of March 31, 2023 were as follows:


	Amount of Operating Leases		Amount of Finance Leases		Total
Remainder of 2023	$	417	$	5	$	422
2024		456		6		462
2025		395		6		401
2026		346		6		352
2027		289		5		294
Thereafter		843		32		875
Total undiscounted lease payment		2,746		60		2,806
Less: imputed interest(c)		445		14		459
Present value of lease liabilities	$	2,301	$	46	$	2,347

(c)

As the rate implicit in the lease cannot be readily determined, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the imputed interest and present value of lease payments. We used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date.

As of March 31, 2023, we have additional lease agreements that have been signed but not yet commenced, with total undiscounted minimum lease payments of $126 million. These leases will commence between the second quarter of 2023 and 2026 with lease terms of 1 year to 20 years.

Fair Value Measurements and Disclosures

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements and Disclosures

Note 12 – Fair Value Measurements and Disclosures

The Company’s financial assets and liabilities primarily consist of cash and cash equivalents, short-term investments, long-term bank deposits and notes, accounts receivable, accounts payable and lease liabilities, and the carrying values of these assets and liabilities approximate their fair value in general.

The Company’s financial assets also include its investment in the equity securities of Meituan, which is measured at fair value based on the closing market price for the shares at the end of each reporting period, with subsequent fair value changes recorded in our Condensed Consolidated Statements of Income.

The following table is a summary of our financial assets measured on a recurring basis or disclosed at fair value and the level within the fair value hierarchy in which the measurement falls. The Company classifies its cash equivalents, short-term investments, long-term bank deposits and notes, and investment in equity securities within Level 1 or Level 2 in the fair value hierarchy because it uses quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value, respectively. No transfers among the levels within the fair value hierarchy occurred during the quarters ended March 31, 2023 and 2022.


			Fair Value Measurement or Disclosure at March 31, 2023
	Balance at March 31, 2023		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	250			$	250
Fixed income debt securities(a)		100				100
Money market funds		8		8
Total cash equivalents		358		8		350		—
Short-term investments:
Time deposits		1,195				1,195
Fixed income debt securities(a)		550				550
Structured deposits		125				125
Total short-term investments		1,870		—		1,870		—
Long-term bank deposits and notes:
Time deposits(b)		943				943
Fixed income bank notes(a)		151				151
Total long-term bank deposits and notes		1,094		—		1,094		—
Equity investments:
Investment in equity securities		78		78
Total	$	3,400	$	86	$	3,314	$	—


			Fair Value Measurement or Disclosure at December 31, 2022
	Balance at December 31, 2022		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	355			$	355
Fixed income debt securities(a)		129		29		100
Money market funds		59		59
Total cash equivalents		543		88		455		—
Short-term investments:
Time deposits		1,434				1,434
Fixed income debt securities(a)		500				500
Structured deposits		88				88
Total short-term investments		2,022		—		2,022		—
Long-term bank deposits and notes:
Time deposits(b)		680				680
Equity investments:
Investment in equity securities		95		95
Total	$	3,340	$	183	$	3,157	$	—

(a)

Classified as held-to-maturity investments and measured at amortized cost.

(b)

As of March 31, 2023 and December 31, 2022, the long-term bank deposits and notes balance included $81 million of time deposits, which is restricted for use in order to secure the balance of prepaid stored-value cards issued by the Company pursuant to regulatory requirements.

Non-Recurring Fair Value Measurements

In addition, certain of the Company’s restaurant-level assets (including operating lease ROU assets and PP&E), goodwill and intangible assets, are measured at fair value based on unobservable inputs (Level 3) on a non-recurring basis, if determined to be impaired.

We review long-lived assets of restaurants semi-annually for impairment, or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We recorded restaurant-level impairment of nil for both quarters ended March 31, 2023 and 2022, excluding fair value measurements made for restaurants that were subsequently closed or refranchised prior to those respective quarter-end dates.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 – Income Taxes


	Quarter Ended
	3/31/2023			3/31/2022
Income tax provision	$	125		$	55
Effective tax rate		28.5	%		33.1	%

The lower effective tax rate for the quarter ended March 31, 2023 was primarily due to a true-up of foreign withholding tax in the quarter ended March 31, 2022, a reduction in valuation allowance for certain subsidiaries, and less impact from our investment in Meituan.

In December 2017, the U.S. enacted the Tax Cuts and Jobs Act (the “Tax Act”), which included a broad range of tax reforms. The Tax Act requires a U.S. shareholder to be subject to tax on Global Intangible Low Taxed Income (“GILTI”) earned by certain foreign subsidiaries. We have elected the option to account for current year GILTI tax as a period cost as incurred, and therefore included it in estimating the annual effective tax rate.

In August 2022, the IRA was signed into law in the U.S., which contains certain tax measures, including a Corporate Alternative Minimum Tax (“CAMT”) of 15% on certain large corporations. On December 27, 2022, the U.S. Treasury Department and the Internal Revenue Services (the “IRS”) released Notice 2023-7, announcing their intention to issue proposed regulations addressing the application of the new CAMT. Notice 2023-7 also provides interim guidance regarding certain CAMT issues, and states that the U.S. Treasury Department and the IRS plan to issue additional interim guidance addressing other issues before publishing proposed regulations. The Company will monitor the regulatory developments and continue to evaluate the impact on our financial statements, if any.

In December 2022, a refined Foreign Sourced Income Exemption (“FSIE”) regime was published in Hong Kong and took effect from January 1, 2023. Under the new FSIE regime, certain foreign sourced income would be deemed as being sourced from Hong Kong and chargeable to Hong Kong Profits Tax, if the recipient entity fails to meet the prescribed exception requirements. Certain dividends, interests and disposal gains, if any, received by us and our Hong Kong subsidiaries will be subject to the new tax regime. Based on our preliminary analysis, we do not believe this legislation will have a material impact on our financial statements. The Company will monitor the regulatory developments and continue to evaluate the impact, if any.

We are subject to reviews, examinations and audits by Chinese tax authorities, the IRS and other tax authorities with respect to income and non-income based taxes. Since 2016, we have been under a national audit on transfer pricing by the Chinese State Taxation Administration (the “STA”) in China regarding our related party transactions for the period from 2006 to 2015. The information and views currently exchanged with the tax authorities focus on our franchise arrangement with YUM. We continue to provide information requested by the tax authorities to the extent it is available to the Company. It is reasonably possible that there could be significant developments, including expert review and assessment by the STA, within the next 12 months. The ultimate assessment and decision of the STA will depend upon further review of the information provided, as well as ongoing technical and other discussions with the STA and in-charge local tax authorities, and therefore, it is not possible to reasonably estimate the potential impact at this time. We will continue to defend our transfer pricing position. However, if the STA prevails in the assessment of additional tax due based on its ruling, the assessed tax, interest and penalties, if any, could have a material adverse impact on our financial position, results of operations and cash flows.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Note 14 –Segment Reporting

We have two reportable segments: KFC and Pizza Hut. Our remaining non-reportable operating segments, including the operations of Taco Bell, Lavazza, Little Sheep, Huang Ji Huang, our delivery operating segment and our e-commerce business, and for 2022, also including COFFii & JOY and East Dawning, are combined and referred to as All Other Segments, as these operating segments are insignificant both individually and in aggregate.


	Quarter Ended 3/31/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	2,198	$	597	$	49	$	73	$	2,917	$	—		$	2,917
Inter-segment revenue		—		—		153		—		153		(153	)		—
Total	$	2,198	$	597	$	202	$	73	$	3,070	$	(153	)	$	2,917


	Quarter Ended 3/31/2022
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	2,017	$	547	$	41	$	63	$	2,668	$	—		$	2,668
Inter-segment revenue		—		—		122		4		126		(126	)		—
Total	$	2,017	$	547	$	163	$	67	$	2,794	$	(126	)	$	2,668


	Quarter Ended
Operating Profit (Loss)	3/31/2023			3/31/2022
KFC	$	420		$	220
Pizza Hut		55			30
All Other Segments		(6	)		(17	)
Unallocated revenues from transactions with franchisees(b)		63			57
Unallocated other revenues		10			10
Unallocated expenses for transactions with franchisees(b)		(63	)		(57	)
Unallocated other operating costs and expenses		(8	)		(9	)


Unallocated and corporate G&A expenses		(56	)		(44	)
Unallocated other income, net		1			1
Operating Profit	$	416		$	191
Interest income, net(a)		38			12
Investment loss(a)		(17	)		(37	)
Income Before Income Taxes and Equity in Net Earnings (Losses) from Equity Method Investments	$	437		$	166


	Quarter Ended
Impairment Charges	3/31/2023		3/31/2022
KFC(c)	$	3	$	5
Pizza Hut(c)		1		1
All Other Segments(c)		—		2
	$	4	$	8


	Total Assets
	3/31/2023		12/31/2022
KFC	$	5,238	$	5,296
Pizza Hut		879		880
All Other Segments		378		381
Corporate and Unallocated(d)		5,468		5,269
	$	11,963	$	11,826

(a)

Amounts have not been allocated to any segment for performance reporting purposes.

(b)

Primarily includes revenues and associated expenses of transactions with franchisees derived from the Company’s central procurement model whereby the Company centrally purchases substantially all food and paper products from suppliers then sells and delivers to KFC and Pizza Hut restaurants, including franchisees. Amounts have not been allocated to any segment for purposes of making operating decisions or assessing financial performance as the transactions are deemed corporate revenues and expenses in nature.

(c)

Primarily includes store closure impairment charges.

(d)

Primarily includes cash and cash equivalents, short-term investments, long-term bank deposits and notes, equity investments, inventories that are centrally managed and PP&E that are not specifically identifiable within each segment.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies Disclosure [Abstract]

Contingencies

3 Months Ended

Mar. 31, 2023

Contingencies

Note 15 – Contingencies

Indemnification of China Tax on Indirect Transfers of Assets

In February 2015, the STA issued Bulletin 7 on Income arising from Indirect Transfers of Assets by Non-Resident Enterprises. Pursuant to Bulletin 7, an “indirect transfer” of Chinese taxable assets, including equity interests in a Chinese resident enterprise, by a non-resident enterprise, may be recharacterized and treated as a direct transfer of Chinese taxable assets, if such arrangement does not have reasonable commercial purpose and the transferor has avoided payment of Chinese enterprise income tax. As a result, gains derived from such an indirect transfer may be subject to Chinese enterprise income tax at a rate of 10%.

YUM concluded, and we concurred, that it is more likely than not that YUM will not be subject to this tax with respect to the pro rata distribution of all outstanding shares of Yum China common stock to shareholders of YUM in connection with the separation (the “distribution”). However, there are significant uncertainties regarding what constitutes a reasonable commercial purpose, how the safe harbor provisions for group restructurings are to be interpreted, and how the taxing authorities will ultimately view the distribution. As a result, YUM’s position could be challenged by Chinese tax authorities resulting in a 10% tax assessed on the difference between the fair market value and the tax basis of the separated China business. As YUM’s tax basis in the China business is minimal, the amount of such a tax could be significant.

Any tax liability arising from the application of Bulletin 7 to the distribution is expected to be settled in accordance with the tax matters agreement between the Company and YUM. Pursuant to the tax matters agreement, to the extent any Chinese indirect transfer tax pursuant to Bulletin 7 is imposed, such tax and related losses will be allocated between YUM and the Company in proportion to their respective share of the combined market capitalization of YUM and the Company during the 30 trading days after the separation. Such a settlement could be significant and have a material adverse effect on our results of operations and our financial condition. At the inception of the tax indemnity being provided to YUM, the fair value of the non-contingent obligation to stand ready to perform was insignificant and the liability for the contingent obligation to make payment was not probable or estimable.

Guarantees for Franchisees

From time to time, we have guaranteed certain lines of credit and loans of franchisees. As of March 31, 2023, no guarantees were outstanding for franchisees.

Legal Proceedings

The Company is subject to various lawsuits covering a variety of allegations from time to time. The Company believes that the ultimate liability, if any, in excess of amounts already provided for these matters in the Condensed Consolidated Financial Statements, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Matters faced by the Company from time to time include, but are not limited to, claims from landlords, employees, customers and others related to operational, contractual or employment issues.

Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 16 – Subsequent Events

Cash Dividend

On May 2, 2023, the Company announced that the Board of Directors declared a cash dividend of $0.13 per share on Yum China’s common stock, payable as of the close of business on June 20, 2023, to stockholders of record as of the close of business on May 30, 2023. Total estimated cash dividend payable is approximately $54 million.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08 Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). It requires issuers to apply ASC 606 Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements. In March 2022, the FASB issued ASU 2022-01 Fair Value Hedging—Portfolio Layer Method (“ASU 2022-01”), which allows entities to expand their use of the portfolio layer method for fair value hedges of interest rate risk. Under the guidance, entities can hedge all financial assets under the portfolio layer method and designate multiple hedged layers within a single closed portfolio. The guidance also clarifies the accounting for fair value hedge basis adjustments in portfolio layer hedges and how these adjustments should be disclosed. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements. In March 2022, the FASB issued ASU 2022-02 Financial Instrument—Credit Losses (“ASU 2022-02”), amending ASC 310 to eliminate the recognition and measurement guidance for a troubled debt restructuring for creditors that have adopted ASC 326 and requiring them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The guidance also requires entities to present gross write-offs by year of origination in their vintage disclosures. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements. In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restriction (“ASU 2022-03”), clarifying that a contractual restriction on sales of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered when measuring fair value. The guidance also clarifies that a contractual sales restriction should not be recognized as a separate unit of account. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements. In September 2022, the FASB issued ASU 2022-04 Liabilities—Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”), requiring entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about their obligations outstanding at the end of the reporting period. We adopted this standard on January 1, 2023, and such adoption did not have a material impact on our financial statements.
Fair Value Measurements and Disclosures	Non-Recurring Fair Value Measurements In addition, certain of the Company’s restaurant-level assets (including operating lease ROU assets and PP&E), goodwill and intangible assets, are measured at fair value based on unobservable inputs (Level 3) on a non-recurring basis, if determined to be impaired. We review long-lived assets of restaurants semi-annually for impairment, or whenever events or changes in circumstances indicate that the carrying amount of a restaurant may not be recoverable. We recorded restaurant-level impairment of nil for both quarters ended March 31, 2023 and 2022, excluding fair value measurements made for restaurants that were subsequently closed or refranchised prior to those respective quarter-end dates.
Revenue Recognition	Company Sales Revenues from Company-owned restaurants are recognized when a customer takes possession of the food and tenders payment, which is when our obligation to perform is satisfied. The Company presents sales net of sales-related taxes. We also offer our customers delivery through both our own mobile applications and third-party aggregators’ platforms, and we primarily use our dedicated riders to deliver orders. When orders are fulfilled by our dedicated riders, we control and determine the price for the delivery service and generally recognize revenue, including delivery fees, when a customer takes possession of the food. When orders are fulfilled by the delivery staff of third-party aggregators, who control and determine the price for the delivery service, we recognize revenue, excluding delivery fees, when control of the food is transferred to the third-party aggregators’ delivery staff. The payment terms with respect to these sales are short-term in nature. We recognize revenues from prepaid stored-value products, including gift cards and product vouchers, when they are redeemed by the customer. Prepaid gift cards sold at any given point generally expire over the next 36 months, and product vouchers generally expire over a period of up to 12 months. We recognize breakage revenue, which is the amount of prepaid stored-value products that is not expected to be redeemed, either (1) proportionally in earnings as redemptions occur, in situations where the Company expects to be entitled to a breakage amount, or (2) when the likelihood of redemption is remote, in situations where the Company does not expect to be entitled to breakage, provided that there is no requirement for remitting balances to government agencies under unclaimed property laws. The Company reviews its breakage estimates at least annually based upon the latest available information regarding redemption and expiration patterns. Our privilege membership programs offer privilege members rights to multiple benefits, such as free delivery and discounts on certain products. For certain privilege membership programs offering a pre-defined amount of benefits that can be redeemed ratably over the membership period, revenue is ratably recognized over the period based on the elapse of time. With respect to privilege membership programs offering members a mix of distinct benefits, including a welcome gift and assorted discount coupons with pre-defined quantities, consideration collected is allocated to the benefits provided based on their relative standalone selling price and revenue is recognized when food or services are delivered or the benefits expire. In determining the relative standalone selling price of the benefits, the Company considers likelihood of future redemption based on historical redemption pattern and reviews such estimates periodically based upon the latest available information regarding redemption and expiration patterns. Franchise Fees and Income Franchise fees and income primarily include upfront franchise fees, such as initial fees and renewal fees, and continuing fees. We have determined that the services we provide in exchange for upfront franchise fees and continuing fees are highly interrelated with the franchise right. We recognize upfront franchise fees received from a franchisee as revenue over the term of the franchise agreement or the renewal agreement because the franchise rights are accounted for as rights to access our symbolic intellectual property. The franchise agreement term is generally 10 years for KFC and Pizza Hut, generally five years for Little Sheep and three to 10 years for Huang Ji Huang. We recognize continuing fees, which are based upon a percentage of franchisee sales, as those sales occur. Revenues from Transactions with Franchisees Revenues from transactions with franchisees consist primarily of sales of food and paper products, advertising services, delivery services and other services provided to franchisees. The Company centrally purchases substantially all food and paper products from suppliers for substantially all of our restaurants, including franchisees, and then sells and delivers them to the restaurants. In addition, the Company owns seasoning facilities for its Chinese dining business unit, which manufacture and sell seasoning products to Huang Ji Huang and Little Sheep franchisees. The Company also provides delivery services to franchisees. The performance obligation arising from such transactions is considered distinct from the franchise agreement as it is not highly dependent on the franchise agreement and the customer can benefit from such services on its own. We consider ourselves the principal in this arrangement as we have the ability to control a promised good or service before transferring that good or service to the franchisees. Revenue is recognized upon transfer of control over ordered items or services, generally upon delivery to the franchisees. For advertising services, the Company often engages third parties to provide services and acts as a principal in the transaction based on our responsibilities of defining the nature of the services and administering and directing all marketing and advertising programs in accordance with the provisions of our franchise agreements. The Company collects advertising contributions, which are generally based on certain percentage of sales from substantially all of our restaurants, including franchisees. Other services provided to franchisees consist primarily of customer and technology support services. Advertising services and other services provided are highly interrelated to franchise right, and are not considered individually distinct. We recognize revenue when the related sales occur. Other Revenues Other revenues primarily include i) sales of products to customers through e-commerce channels and the sale of our seasoning products to distributors, and ii) revenues from logistics and warehousing services provided to third parties through our supply chain network. Our segment disclosures also include revenues relating to delivery services that were provided to our Company-owned restaurants and, therefore, were eliminated for consolidation purposes. Other revenues are recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services.
Loyalty Programs	Loyalty Programs Each of the Company’s KFC and Pizza Hut reportable segments operates a loyalty program that allows registered members to earn points for each qualifying purchase. Points, which generally expire 18 months after being earned, may be redeemed for future purchases of KFC or Pizza Hut branded products or other products for free or at a discounted price. Points cannot be redeemed or exchanged for cash. The estimated value of points earned by the loyalty program members is recorded as a reduction of revenue at the time the points are earned, based on the percentage of points that are projected to be redeemed, with a corresponding deferred revenue liability included in Accounts payable and other current liabilities on the Condensed Consolidated Balance Sheets and subsequently recognized into revenue when the points are redeemed or expire. The Company estimates the value of the future redemption obligations based on the estimated value of the product for which points are expected to be redeemed and historical redemption patterns and reviews such estimates periodically based upon the latest available information regarding redemption and expiration patterns.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consist of trade receivables and royalties from franchisees, and are generally due within 30 days of the period in which the corresponding sales occur. Our provision of credit losses for accounts receivable is based upon the current expected credit losses (“CECL”) model. The CECL model requires an estimate of the credit losses expected over the life of accounts receivable since initial recognition, and accounts receivable with similar risk characteristics are grouped together when estimating CECL. In assessing the CECL, the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical credit loss experience, adjusted for relevant factors impacting collectability and forward-looking information indicative of external market conditions. While we use the best information available in making our determination, the ultimate recovery of recorded receivables is also dependent upon future economic events and other conditions that may be beyond our control. Accounts receivable that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the allowance for doubtful accounts.
Costs to Obtain Contracts	Costs to Obtain Contracts Costs to obtain contracts consist of upfront franchise fees that we paid to YUM prior to the separation in relation to initial fees or renewal fees we received from franchisees, as well as license fees that are payable to YUM in relation to our deferred revenue of prepaid stored-value products, privilege membership programs and customer loyalty programs. They meet the requirements to be capitalized as they are incremental costs of obtaining contracts with customers and the Company expects to generate future economic benefits from such costs incurred. Such costs to obtain contracts are included in Other assets on the Condensed Consolidated Balance Sheets and are amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the assets relate.

Disclosure of accounting policy for revenue from contract with customer.

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Revenue from Contract with Customer [Abstract]

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Disaggregation of Revenue by Types of Arrangements and Segments

The following tables present revenue disaggregated by types of arrangements and segments:


	Quarter Ended 3/31/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	2,166	$	591	$	15	$	—	$	2,772	$	—		$	2,772
Franchise fees and income		17		2		6		—		25		—			25
Revenues from transactions with franchisees		10		1		19		63		93		—			93
Other revenues		5		3		162		10		180		(153	)		27
Total revenues	$	2,198	$	597	$	202	$	73	$	3,070	$	(153	)	$	2,917


	Quarter Ended 3/31/2022
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	1,991	$	542	$	15	$	—	$	2,548	$	—		$	2,548
Franchise fees and income		16		2		6		—		24		—			24
Revenues from transactions with franchisees		8		1		11		57		77		—			77
Other revenues		2		2		131		10		145		(126	)		19
Total revenues	$	2,017	$	547	$	163	$	67	$	2,794	$	(126	)	$	2,668

Contract Liabilities

Contract liabilities at March 31, 2023 and December 31, 2022 were as follows:


Contract liabilities	3/31/2023		12/31/2022
– Deferred revenue related to prepaid stored-value products	$	157	$	139
– Deferred revenue related to upfront franchise fees		33		32
– Deferred revenue related to customer loyalty programs		24		23
– Deferred revenue related to privilege membership programs		17		16
Total	$	231	$	210

Earnings Per Common Share ("EPS") (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table summarizes the components of basic and diluted EPS (in millions, except per share data):


	Quarter Ended
	3/31/2023		3/31/2022
Net Income – Yum China Holdings, Inc.	$	289	$	100
Weighted-average common shares outstanding (for basic calculation)(a)		418		426
Effect of dilutive share-based awards(a)		5		4
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)(a)		423		430
Basic Earnings Per Common Share	$	0.69	$	0.23
Diluted Earnings Per Common Share	$	0.68	$	0.23
Share-based awards excluded from the diluted EPS computation(b)		2		3

(a)

(b)

Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Changes in Equity and Redeemable Noncontrolling Interest

Changes in Equity and Redeemable Noncontrolling Interest (in millions)


	Yum China Holdings, Inc.
												Accumulated
	Common					Additional						Other															Redeemable
	Stock					Paid-in			Retained			Comprehensive			Treasury Stock						Noncontrolling			Total			Noncontrolling
	Shares*			Amount		Capital			Earnings			(Loss) Income			Shares			Amount			Interests			Equity			Interest
Balance at December 31, 2022		419		$	4	$	4,390		$	2,191		$	(103	)		—		$	—		$	666		$	7,148		$	12
Net Income										289												24			313			—
Foreign currency translation adjustments													12									2			14			—
Comprehensive income																									327			—
Cash dividends declared ($0.13 per common share)										(54	)														(54	)
Contributions from/ dividends declared to noncontrolling interests																						34			34
Repurchase and retirement of shares		(1	)		—		(10	)		(52	)														(62	)
Exercise and vesting of share- based awards		1			—		(2	)																	(2	)
Share-based compensation							13															—			13
Balance at March 31, 2023		418		$	4	$	4,391		$	2,374		$	(91	)		—		$	—		$	726		$	7,404		$	12

Balance at December 31, 2021		449		$	4	$	4,695		$	2,892		$	268			(21	)	$	(803	)	$	852		$	7,908		$	14
Net Income										100											10				110			—
Foreign currency translation adjustments													11								2				13			—
Comprehensive income																									123			—
Cash dividends declared ($0.12 per common share)										(51	)														(51	)
Dividends declared																						(81	)		(81	)
Contributions from noncontrolling interests																					18				18
Repurchase of shares of common stock																(5	)		(232	)					(232	)
Exercise and vesting of share- based awards		—			—		(2	)																	(2	)
Share-based compensation							11																		11
Balance at March 31, 2022		449		$	4	$	4,704		$	2,941		$	279			(26	)	$	(1,035	)	$	801		$	7,694		$	14

*: Shares may not add due to rounding.

Other Expenses, Net (Tables)

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other Expenses, Net


	Quarter Ended
	3/31/2023			3/31/2022
Amortization of reacquired franchise rights(a)	$	2		$	26
Foreign exchange impact and others		(1	)		(1	)
Other expenses, net	$	1		$	25

(a)

Supplemental Balance Sheet Information (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Accounts Receivable, Net


Accounts Receivable, net	3/31/2023			12/31/2022
Accounts receivable, gross	$	61		$	66
Allowance for doubtful accounts		(2	)		(2	)
Accounts receivable, net	$	59		$	64

Prepaid Expenses and Other Current Assets


Prepaid Expenses and Other Current Assets	3/31/2023		12/31/2022
VAT assets	$	95	$	88
Interest receivables		38		31
Receivables from payment processors and aggregators		37		53
Dividends receivable from equity method investees		2		6
Other prepaid expenses and current assets		124		129
Prepaid expenses and other current assets	$	296	$	307

Property, Plant and Equipment


Property, Plant and Equipment (“PP&E”)	3/31/2023			12/31/2022
Buildings and improvements, and construction in progress	$	2,937		$	2,912
Finance leases, primarily buildings		62			62
Machinery and equipment		1,645			1,612
PP&E, gross		4,644			4,586
Accumulated depreciation		(2,530	)		(2,468	)
PP&E, net	$	2,114		$	2,118

Equity Investments


Equity Investments	3/31/2023		12/31/2022
Investment in equity method investees	$	268	$	266
Investment in equity securities		78		95
Equity investments	$	346	$	361

Accounts Payable and Other Current Liabilities


Other Assets	3/31/2023		12/31/2022
Land use right	$	122	$	123
Long-term deposits, primarily lease deposits		90		90
Prepayment for acquisition of PP&E(a)		36		6
Costs to obtain contracts		7		6
VAT assets		5		5
Others		18		18
Other assets	$	278	$	248

(a)


Accounts Payable and Other Current Liabilities	3/31/2023		12/31/2022
Accounts payable	$	674	$	727
Operating lease liabilities		437		448
Accrued compensation and benefits		263		285
Contract liabilities		203		182
Accrued capital expenditures		139		181
Accrued marketing expenses		69		72
Other current liabilities		172		203
Accounts payable and other current liabilities	$	1,957	$	2,098

Other Liabilities and Deferred Credits


Other Liabilities	3/31/2023		12/31/2022
Accrued income tax payable	$	55	$	52
Contract liabilities		28		28
Other non-current liabilities		81		82
Other liabilities	$	164	$	162

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill are as follows:


	Total Company			KFC		Pizza Hut		All Other Segments
Balance as of December 31, 2022
Goodwill, gross	$	2,379		$	1,893	$	19	$	467
Accumulated impairment losses(a)		(391	)		—		—		(391	)
Goodwill, net		1,988			1,893		19		76
Effect of currency translation adjustments		7			7		—		—
Balance as of March 31, 2023
Goodwill, gross		2,386			1,900		19		467
Accumulated impairment losses(a)		(391	)		—		—		(391	)
Goodwill, net	$	1,995		$	1,900	$	19	$	76

(a)

Accumulated impairment losses represent goodwill impairment attributable to the reporting units of Little Sheep and Daojia.

Schedule of Finite and Indefinite Lived Intangible Assets by Major Class

Intangible assets, net as of March 31, 2023 and December 31, 2022 are as follows:


	3/31/2023										12/31/2022
	Gross Carrying Amount(a)		Accumulated Amortization(a)			Accumulated Impairment Losses(b)			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment Losses(b)			Net Carrying Amount
Finite-lived intangible assets
Reacquired franchise rights	$	277	$	(273	)	$	—		$	4	$	276	$	(271	)	$	—		$	5
Huang Ji Huang franchise related assets		22		(3	)		—			19		22		(3	)		—			19
Daojia platform		16		(4	)		(12	)		—		16		(4	)		(12	)		—
Customer-related assets		12		(10	)		(2	)		—		12		(9	)		(2	)		1
Others		9		(5	)		—			4		9		(5	)		—			4
	$	336	$	(295	)	$	(14	)	$	27	$	335	$	(292	)	$	(14	)	$	29
Indefinite-lived intangible assets
Little Sheep trademark	$	52	$	—		$	—		$	52	$	52	$	—		$	—		$	52
Huang Ji Huang trademark		78		—			—			78		78		—			—			78
	$	130	$	—		$	—		$	130	$	130	$	—		$	—		$	130

Total intangible assets	$	466	$	(295	)	$	(14	)	$	157	$	465	$	(292	)	$	(14	)	$	159

(a)

Changes in gross carrying amount and accumulated amortization include the effect of currency translation adjustments.

(b)

Accumulated impairment losses represent impairment charges on intangible assets acquired from Daojia primarily attributable to the Daojia platform.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Summary of Supplemental Balance Sheet

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]


Supplemental Balance Sheet
	3/31/2023		12/31/2022		Account Classification
Assets
Operating lease right-of-use assets	$	2,172	$	2,219	Operating lease right-of-use assets
Finance lease right-of-use assets		38		38	PP&E, net
Total leased assets	$	2,210	$	2,257

Liabilities
Current
Operating lease liabilities	$	437	$	448	Accounts payable and other current liabilities
Finance lease liabilities		5		5	Accounts payable and other current liabilities
Non-current
Operating lease liabilities		1,864		1,906	Non-current operating lease liabilities
Finance lease liabilities		41		42	Non-current finance lease liabilities
Total lease liabilities	$	2,347	$	2,401

Summary of Lease Cost


Summary of Lease Cost	Quarter Ended
	3/31/2023			3/31/2022			Account Classification

Operating lease cost	$	132		$	157		Occupancy and other operating expenses, G&A or Franchise expenses
Finance lease cost
Amortization of leased assets		1			1		Occupancy and other operating expenses
Interest on lease liabilities		1			—		Interest income, net
Variable lease cost(a)		106			96		Occupancy and other operating expenses or Franchise expenses
Short-term lease cost		4			3		Occupancy and other operating expenses or G&A
Sub-lease income		(5	)		(6	)	Franchise fees and income or Other revenues
Total lease cost	$	239		$	251

(a)

Schedule of Supplemental Cash Flow Information


Supplemental Cash Flow Information	Quarter Ended
	3/31/2023		3/31/2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	137	$	155
Operating cash flows from finance leases		1		1
Financing cash flows from finance leases		1		1
Right-of-use assets obtained in exchange for lease liabilities(b):
Operating leases	$	46	$	28
Finance leases		—		3

(b)

Schedule of Lease Terms and Discount Rate



Lease Term and Discount Rate	3/31/2023			3/31/2022
Weighted-average remaining lease term (years)
Operating leases		7.1			7.1
Finance leases		11.0			11.4

Weighted-average discount rate
Operating leases		5.1	%		5.4	%
Finance leases		5.1	%		5.4	%

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2023 were as follows:


	Amount of Operating Leases		Amount of Finance Leases		Total
Remainder of 2023	$	417	$	5	$	422
2024		456		6		462
2025		395		6		401
2026		346		6		352
2027		289		5		294
Thereafter		843		32		875
Total undiscounted lease payment		2,746		60		2,806
Less: imputed interest(c)		445		14		459
Present value of lease liabilities	$	2,301	$	46	$	2,347

(c)

Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Assets Measured on Recurring Basis or Disclosed at Fair Value


			Fair Value Measurement or Disclosure at March 31, 2023
	Balance at March 31, 2023		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	250			$	250
Fixed income debt securities(a)		100				100
Money market funds		8		8
Total cash equivalents		358		8		350		—
Short-term investments:
Time deposits		1,195				1,195
Fixed income debt securities(a)		550				550
Structured deposits		125				125
Total short-term investments		1,870		—		1,870		—
Long-term bank deposits and notes:
Time deposits(b)		943				943
Fixed income bank notes(a)		151				151
Total long-term bank deposits and notes		1,094		—		1,094		—
Equity investments:
Investment in equity securities		78		78
Total	$	3,400	$	86	$	3,314	$	—


			Fair Value Measurement or Disclosure at December 31, 2022
	Balance at December 31, 2022		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	355			$	355
Fixed income debt securities(a)		129		29		100
Money market funds		59		59
Total cash equivalents		543		88		455		—
Short-term investments:
Time deposits		1,434				1,434
Fixed income debt securities(a)		500				500
Structured deposits		88				88
Total short-term investments		2,022		—		2,022		—
Long-term bank deposits and notes:
Time deposits(b)		680				680
Equity investments:
Investment in equity securities		95		95
Total	$	3,340	$	183	$	3,157	$	—

(a)

Classified as held-to-maturity investments and measured at amortized cost.

(b)

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax And Effective Tax Rate


	Quarter Ended
	3/31/2023			3/31/2022
Income tax provision	$	125		$	55
Effective tax rate		28.5	%		33.1	%

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Quarter Ended 3/31/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	2,198	$	597	$	49	$	73	$	2,917	$	—		$	2,917
Inter-segment revenue		—		—		153		—		153		(153	)		—
Total	$	2,198	$	597	$	202	$	73	$	3,070	$	(153	)	$	2,917


	Quarter Ended 3/31/2022
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	2,017	$	547	$	41	$	63	$	2,668	$	—		$	2,668
Inter-segment revenue		—		—		122		4		126		(126	)		—
Total	$	2,017	$	547	$	163	$	67	$	2,794	$	(126	)	$	2,668


	Quarter Ended
Operating Profit (Loss)	3/31/2023			3/31/2022
KFC	$	420		$	220
Pizza Hut		55			30
All Other Segments		(6	)		(17	)
Unallocated revenues from transactions with franchisees(b)		63			57
Unallocated other revenues		10			10
Unallocated expenses for transactions with franchisees(b)		(63	)		(57	)
Unallocated other operating costs and expenses		(8	)		(9	)


Unallocated and corporate G&A expenses		(56	)		(44	)
Unallocated other income, net		1			1
Operating Profit	$	416		$	191
Interest income, net(a)		38			12
Investment loss(a)		(17	)		(37	)
Income Before Income Taxes and Equity in Net Earnings (Losses) from Equity Method Investments	$	437		$	166


	Quarter Ended
Impairment Charges	3/31/2023		3/31/2022
KFC(c)	$	3	$	5
Pizza Hut(c)		1		1
All Other Segments(c)		—		2
	$	4	$	8


	Total Assets
	3/31/2023		12/31/2022
KFC	$	5,238	$	5,296
Pizza Hut		879		880
All Other Segments		378		381
Corporate and Unallocated(d)		5,468		5,269
	$	11,963	$	11,826

(a)

Amounts have not been allocated to any segment for performance reporting purposes.

(b)

(c)

Primarily includes store closure impairment charges.

(d)

Description of Business - Narrative (Details) $ in Millions		3 Months Ended			12 Months Ended
Description of Business - Narrative (Details) $ in Millions	Sep. 10, 2020 USD ($) shares	Mar. 31, 2023 Segment Restaurant	Dec. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2021
Segment Reporting Information [Line Items]
Entity, date of incorporation		Apr. 01, 2016
Entity Incorporation, State or Country Code		DE
Additional consecutive renewal terms of license agreement		50 years
Percentage of license fees on net sales		3.00%
Number of reportable segments \| Segment		2
Number of restaurants		13,000
Global Offering [Member]
Segment Reporting Information [Line Items]
Global offering shares of common stock \| shares	41,910,700
Net proceeds from global offering \| $	$ 2,200
Lavazza Joint Venture [Member]
Segment Reporting Information [Line Items]
Joint venture equity interest percentage						65.00%
KFC [Member] \| Minimum [Member]
Segment Reporting Information [Line Items]
Number of restaurants		9,200
KFC [Member] \| Shanghai [Member] \| Owner and Operator of KFC [Member]
Segment Reporting Information [Line Items]
Controlling ownership percentage maintained		58.00%
KFC [Member] \| Beijing [Member] \| Owner and Operator of KFC [Member]
Segment Reporting Information [Line Items]
Controlling ownership percentage maintained		70.00%
KFC [Member] \| Wuxi [Member] \| Owner and Operator of KFC [Member]
Segment Reporting Information [Line Items]
Controlling ownership percentage maintained		83.00%
KFC [Member] \| Suzhou [Member] \| Owner and Operator of KFC [Member]
Segment Reporting Information [Line Items]
Controlling ownership percentage maintained		92.00%
KFC [Member] \| Hangzhou [Member] \| Owner and Operator of KFC [Member]
Segment Reporting Information [Line Items]
Controlling ownership percentage maintained		60.00%
Pizza Hut [Member] \| Minimum [Member]
Segment Reporting Information [Line Items]
Number of restaurants		2,900
KFC and Pizza Hut [Member]
Segment Reporting Information [Line Items]
Expiration term of license agreement		50 years
Taco Bell [Member]
Segment Reporting Information [Line Items]
Expiration term of license agreement		50 years
Suzhou KFC [Member]
Segment Reporting Information [Line Items]
Percentage of additional equity interest acquired				25.00%	20.00%
Cash consideration paid to acquire interest \| $				$ 149	$ 115
Hangzhou Catering [Member]
Segment Reporting Information [Line Items]
Percentage of additional equity interest acquired			28.00%
Cash consideration paid to acquire interest \| $			$ 255
Number of restaurants		60

Business Acquisitions and Equity Investments - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended					12 Months Ended
	Mar. 31, 2023 USD ($) Restaurant	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 shares	Sep. 30, 2018 USD ($) shares
Business Acquisitions And Equity Investments [Line Items]
Number of restaurants \| Restaurant	13,000
Additional Paid-in Capital [Member]
Business Acquisitions And Equity Investments [Line Items]
Acquisition of noncontrolling interest						$ 15
Fujian Sunner Development Co., Ltd. [Member]
Business Acquisitions And Equity Investments [Line Items]
Percentage of equity interest acquired				5.00%
Total consideration paid to acquire interest				$ 261
Purchase of inventories	$ 119	$ 92
Investment carrying amount	230					227
Market value	223					214
Investment in net assets excess of carrying amount	$ 158					157
Finite-lived intangible asset, useful life	20 years
Fujian Sunner Development Co., Ltd. [Member] \| Finite-Lived Intangible Assets [Member]
Business Acquisitions And Equity Investments [Line Items]
Investment in net assets excess of carrying amount	$ 17					18
Fujian Sunner Development Co., Ltd. [Member] \| Accounts payable and other current liabilities [Member]
Business Acquisitions And Equity Investments [Line Items]
Accounts payable and other current liabilities due to Sunner	49					53
Meituan Dianping [Member]
Business Acquisitions And Equity Investments [Line Items]
Unrealized investment gain (loss)	$ 17	$ 38
Number of ordinary shares subscribed \| shares									8.4
Maximum percentage of ordinary shares subscribed									1.00%
Fair value of Investment in Meituan's ordinary shares									$ 74
Number of ordinary shares sold \| shares								4.2
Reacquired Franchise Rights [Member] \| Hangzhou KFC [Member]
Business Acquisitions And Equity Investments [Line Items]
Purchase price allocated to intangible assets			$ 66
Remaining franchise contract period			1 year
Hangzhou KFC [Member]
Business Acquisitions And Equity Investments [Line Items]
Percentage of equity interest previously held by company			47.00%
Percentage of equity interest by company			60.00%
Hangzhou Catering [Member]
Business Acquisitions And Equity Investments [Line Items]
Percentage of additional equity interest acquired			28.00%
Cash consideration paid to acquire interest			$ 255
Number of restaurants \| Restaurant	60
Investment carrying amount	$ 36					37
Investment in net assets excess of carrying amount	$ 26					$ 26
Finite-lived intangible asset, useful life	20 years
Hangzhou Catering [Member] \| Hangzhou KFC [Member]
Business Acquisitions And Equity Investments [Line Items]
Percentage of equity interest acquired			45.00%
Hangzhou Catering [Member] \| Unconsolidated Affiliates [Member]
Business Acquisitions And Equity Investments [Line Items]
Percentage of equity interest acquired	28.00%
Suzhou KFC [Member]
Business Acquisitions And Equity Investments [Line Items]
Percentage of additional equity interest acquired					25.00%	20.00%
Equity interest in acquiree, including subsequent acquisition, percentage					72.00%	92.00%
Cash consideration paid to acquire interest					$ 149	$ 115
Suzhou KFC [Member] \| Reacquired Franchise Rights [Member]
Business Acquisitions And Equity Investments [Line Items]
Purchase price allocated to intangible assets	$ 61						$ 61
Remaining franchise contract period	2 years 4 months 24 days						2 years 4 months 24 days

Business Acquisitions and Equity Investments - Summary of Pre-tax Gains or Losses in Investment in Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Meituan Dianping [Member]
Debt and Equity Securities, FV-NI [Line Items]
Unrealized losses recorded on equity securities still held as of the end of the period	$ 17	$ 38

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue From Contract With Customer [Line Items]
Prepaid gift cards expiration period	36 months
Product vouchers maximum expiration period	12 months
Points expiration period	18 months
Number of days from the period in which the corresponding sales occur that trade receivables are generally due	30 days
Provision for accounts receivable	$ 2		$ 2
Impairment losses related to costs to obtain contracts	0		0
Costs to obtain contracts	7		$ 6
Revenue recognized	$ 58	$ 62
KFC [Member]
Revenue From Contract With Customer [Line Items]
Franchisee agreement term	10 years
Pizza Hut [Member]
Revenue From Contract With Customer [Line Items]
Franchisee agreement term	10 years
Little Sheep [Member]
Revenue From Contract With Customer [Line Items]
Franchisee agreement term	5 years
Huang Ji Huang [Member] \| Minimum [Member]
Revenue From Contract With Customer [Line Items]
Franchisee agreement term	3 years
Huang Ji Huang [Member] \| Maximum [Member]
Revenue From Contract With Customer [Line Items]
Franchisee agreement term	10 years

Revenue Recognition - Schedule of Disaggregation of Revenue by Types of Arrangements and Segments (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

$ 2,917

$ 2,668

KFC [Member]

2,198

2,017

Pizza Hut [Member]

All Other Segments [Member]

597

547

Corporate and Unallocated [Member]

202

163

^[1]

Combined [Member]

3,070

2,794

Elimination [Member]

Elimination [Member] | All Other Segments [Member]

(153)

(126)

Operating Segments [Member] | KFC [Member]

153

122

Operating Segments [Member] | Pizza Hut [Member]

2,198

Operating Segments [Member] | All Other Segments [Member]

597

202

163

Company Sales [Member]

Company Sales [Member] | KFC [Member]

2,772

2,548

Company Sales [Member] | Pizza Hut [Member]

2,166

1,991

Company Sales [Member] | All Other Segments [Member]

591

542

Company Sales [Member] | Combined [Member]

2,772

2,548

Franchise [Member]

Franchise [Member] | KFC [Member]

Franchise [Member] | Pizza Hut [Member]

Franchise [Member] | All Other Segments [Member]

Franchise [Member] | Combined [Member]

Transactions With Franchisees [Member]

Transactions With Franchisees [Member] | KFC [Member]

Transactions With Franchisees [Member] | Pizza Hut [Member]

Transactions With Franchisees [Member] | All Other Segments [Member]

Transactions With Franchisees [Member] | Corporate and Unallocated [Member]

Transactions With Franchisees [Member] | Combined [Member]

Other Revenues [Member]

Other Revenues [Member] | KFC [Member]

Other Revenues [Member] | Pizza Hut [Member]

Other Revenues [Member] | All Other Segments [Member]

Other Revenues [Member] | Corporate and Unallocated [Member]

162

131

Other Revenues [Member] | Combined [Member]

Other Revenues [Member] | Elimination [Member]

180

145

Net Income - Yum China Holdings, Inc.

$ (153)

$ (126)

[1]	Amounts have not been allocated to any segment for performance reporting purposes.

Revenue Recognition - Contract Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Contract liabilities
Contract liabilities	$ 231	$ 210
Deferred Revenue Related To Prepaid Stored Value Products [Member]
Contract liabilities
Contract liabilities	157	139
Deferred Revenue Related To Upfront Franchise Fees [Member]
Contract liabilities
Contract liabilities	33	32
Deferred Revenue Related To Customer Loyalty Programs [Member]
Contract liabilities
Contract liabilities	24	23
Deferred Revenue Related To Privilege Membership Programs [Member]
Contract liabilities
Contract liabilities	$ 17	$ 16

Earnings Per Common Share ("EPS") (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Earnings Per Share [Abstract]

$ 289

$ 100

Weighted-average common shares outstanding (for basic calculation)

^[1]

418

426

Effect of dilutive share-based awards

^[1]

Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)

^[1]

423

430

Basic Earnings Per Common Share

$ 0.69

$ 0.23

Diluted Earnings Per Common Share

$ 0.68

$ 0.23

Share-based awards excluded from the diluted EPS computation

^[2]

[1]

[2]

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Earnings Per Common Share ("EPS") (Parenthetical) (Details)	1 Months Ended
	Sep. 30, 2020 shares
Secondary Listing [Member]
Class Of Warrant Or Right [Line Items]
Global offering shares of common stock	41,910,700

Equity (Details) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Foreign currency translation adjustments

$ 7,148

$ 7,908

Net Income

313

110

Comprehensive income

327

123

Cash dividends declared

(54)

(51)

Dividends declared

(81)

Contribution from dividends declared to noncontrolling interests

Repurchase of shares of common stock

$ (62)

$ (232)

Repurchase of shares of common stock, shares

(1)

(5)

Exercise and vesting of share-based awards

$ (62)

(2)

$ (2)

Share-based compensation

7,404

7,694

Common Stock [Member]

Beginning balance (in shares)

$ 4

^[1]

419

449

Exercise and vesting of share-based awards, shares

^[1]

$ (1)

^[1]

Ending balance (in shares)

$ 4

^[1]

418

449

Additional Paid-in Capital [Member]

$ 4,390

$ 4,695

Exercise and vesting of share-based awards

(10)

(2)

Share-based compensation

Retained Earnings [Member]

4,391

4,704

2,191

2,892

Net Income

289

100

Cash dividends declared

(54)

(51)

(52)

Accumulated Other Comprehensive (Loss) Income [Member]

2,374

2,941

Foreign currency translation adjustments

(103)

268

(91)

279

Treasury Stock [Member]

Beginning balance (in shares)

$ (803)

(21)

Repurchase of shares of common stock

$ (232)

Repurchase of shares of common stock, shares

(5)

Ending balance (in shares)

$ (1,035)

(26)

Noncontrolling Interests [Member]

Foreign currency translation adjustments

666

$ 852

Net Income

Dividends declared

(81)

Contribution from dividends declared to noncontrolling interests

Redeemable Noncontrolling Interest [Member]

726

801

Other Income and Expenses [Abstract]

$ 12

$ 14

[1]	Shares may not add due to rounding.

Equity (Parenthetical) (Details) - $ / shares	3 Months Ended
Equity (Parenthetical) (Details) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Cash dividends declared, per common share	$ 0.13	$ 0.12

Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class Of Stock [Line Items]
Stock repurchase program, authorized amount	$ 2,400
Treasury stock repurchased, shares	1	5
Treasury stock repurchased, value	$ 62	$ 232
Stock repurchase program, remaining authorized repurchase amount	$ 1,100
Excise tax on net share repurchases	1.00%
$2 Million Settled Subsequent to March 31, 2023 [Member]
Class Of Stock [Line Items]
Treasury stock repurchased, value	$ 2
$8 Million Settled Subsequent to March 31, 2022 [Member]
Class Of Stock [Line Items]
Treasury stock repurchased, value		$ 8

Items Affecting Comparability of Net Income - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Operating profit	$ 416	$ 191
Fujian Sunner Development Co., Ltd. [Member]
Percentage of equity interest acquired			5.00%
Meituan Dianping [Member]
Pre-tax loss from disposal of equity security	$ 17	$ 38

Other Expenses, Net (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Amortization of reacquired franchise rights

^[1]

$ 2

$ 26

Foreign exchange impact and others

(1)

Other expenses, net

$ 1

$ 25

[1]

Other Expenses, Net (Parenthetical) (Details) - Reacquired Franchise Rights [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2020
Suzhou KFC [Member]
Other Operating Income Expense Net [Line Items]
Purchase price allocated to intangible assets	$ 61	$ 61
Remaining franchise contract period	2 years 4 months 24 days	2 years 4 months 24 days
Hangzhou KFC [Member]
Other Operating Income Expense Net [Line Items]
Purchase price allocated to intangible assets	$ 66
Remaining franchise contract period	1 year
Wuxi KFC [Member]
Other Operating Income Expense Net [Line Items]
Purchase price allocated to intangible assets	$ 61
Remaining franchise contract period	5 years

Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions

Mar. 31, 2023

Dec. 31, 2022

Accounts Receivable, net

Accounts receivable, gross

$ 61

$ 66

Allowance for doubtful accounts

(2)

Accounts receivable, net

Prepaid Expenses and Other Current Assets

VAT assets

Interest receivables

Receivables from payment processors and aggregators

Dividends receivable from equity method investees

Other prepaid expenses and current assets

124

129

Prepaid expenses and other current assets

296

307

Equity Investments

Investment in equity method investees

268

266

Investment in equity securities

Equity investments

346

361

Other Assets

Land use right

122

123

Long-term deposits, primarily lease deposits

Prepayment for acquisition of PP&E

^[1]

Costs to obtain contracts

VAT assets

Others

Other assets

278

248

Accounts Payable and Other Current Liabilities

Accounts payable

674

727

Operating lease liabilities

437

448

Accrued compensation and benefits

263

285

Contract liabilities

203

182

Accrued capital expenditures

139

181

Accrued marketing expenses

Other current liabilities

172

203

Accounts payable and other current liabilities

1,957

2,098

Other Liabilities

Accrued income tax payable

Contract liabilities

Other non-current liabilities

Other liabilities

$ 164

$ 162

[1]	The increase was primarily due to a prepayment made in relation to the acquisition of a building located in Shanghai to house the Company’s headquarters and flagship stores, which is currently expected to be delivered to the Company around 2026.

Supplemental Balance Sheet Information (Details 1) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
PP&E, gross	$ 4,644	$ 4,586
Accumulated depreciation	(2,530)	(2,468)
PP&E, net	2,114	2,118
Buildings and Improvements, and Construction in Progress [Member]
Property Plant And Equipment [Line Items]
PP&E, gross	2,937	2,912
Finance Leases, Primarily Buildings [Member]
Property Plant And Equipment [Line Items]
PP&E, gross	62	62
Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
PP&E, gross	$ 1,645	$ 1,612

Goodwill and Intangible Assets (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Dec. 31, 2022

$ 2,386

$ 2,379

^[1]

(391)

Effect of currency translation adjustment

1,995

1,988

KFC [Member]

1,900

1,893

Effect of currency translation adjustment

1,900

1,893

Pizza Hut [Member]

All Other Segments [Member]

467

^[1]

(391)

$ 76

[1]	Accumulated impairment losses represent goodwill impairment attributable to the reporting units of Little Sheep and Daojia.

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Goodwill and Intangible Assets (Details 1) - USD ($)
$ in Millions

Mar. 31, 2023

Dec. 31, 2022

$ 336

^[1]

$ 335

(295)

^[1]

(292)

^[2]

(14)

Indefinite-lived intangible assets

130

Total intangible assets

Reacquired franchise rights [Member]

466

^[1]

465

Intangible assets, net

157

159

277

^[1]

276

(273)

^[1]

(271)

Daojia platform [Member]

^[1]

(4)

^[1]

(4)

Customer-related assets [Member]

^[2]

(12)

^[1]

(10)

^[1]

(9)

^[2]

(2)

Others [Member]

^[1]

(5)

^[1]

(5)

Huang Ji Huang Group [Member]

^[1]

(3)

^[1]

(3)

Trademark [Member] | Little Sheep [Member]

Indefinite-lived intangible assets

Trademark [Member] | Huang Ji Huang Group [Member]

Indefinite-lived intangible assets

Amortization of leased assets

$ 78

[1]	Changes in gross carrying amount and accumulated amortization include the effect of currency translation adjustments.
[2]	Accumulated impairment losses represent impairment charges on intangible assets acquired from Daojia primarily attributable to the Daojia platform.

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-lived intangible assets
Finite-lived intangible assets, amortization expense	$ 2	$ 26
Expected amortization expense for the unamortized finite-lived intangible assets - remainder of 2023	2
Expected amortization expense for the unamortized finite-lived intangible assets - 2024	2
Expected amortization expense for the unamortized finite-lived intangible assets - 2025	2
Expected amortization expense for the unamortized finite-lived intangible assets - 2026	2
Expected amortization expense for the unamortized finite-lived intangible assets - 2027	$ 2

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($) Restaurant
Schedule Of Lease Assets And Liabilities [Line Items]
Number of restaurants leased \| Restaurant	13,000
Additional lease signed but not commenced with total undiscounted minimum lease payments \| $	$ 126
Maximum [Member]
Schedule Of Lease Assets And Liabilities [Line Items]
Lease agreements initial terms	20 years
Lease terms	20 years
Minimum [Member]
Schedule Of Lease Assets And Liabilities [Line Items]
Lease agreements initial terms	10 years
Lease terms	1 year

Leases - Summary of Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Lease Assets And Liabilities [Abstract]
Operating lease right-of-use assets	$ 2,172	$ 2,219
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease right-of-use assets	Operating lease right-of-use assets
Finance lease right-of-use assets	$ 38	$ 38
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total leased assets	$ 2,210	$ 2,257
Operating lease liabilities	437	448
Finance lease liabilities, Current	$ 5	$ 5
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and other current liabilities	Accounts payable and other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and other current liabilities	Accounts payable and other current liabilities
Non-current operating lease liabilities	$ 1,864	$ 1,906
Non-current finance lease liabilities	41	42
Total lease liabilities	$ 2,347	$ 2,401

Leases - Summary of Lease Cost (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Lease, Cost [Abstract]

Operating lease cost

$ 132

$ 157

Finance lease cost

Interest on lease liabilities

Variable lease cost

^[1]

106

Short-term lease cost

Sub-lease income

(5)

(6)

Total lease cost

$ 239

$ 251

[1]

Leases - Summary of Lease Cost (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease, Cost [Abstract]
Lease concessions from landlords related to the effects of COVID-19	$ 8	$ 3

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

$ 137

$ 155

Operating cash flows from finance leases

Financing cash flows from finance leases

Right-of-use assets obtained in exchange for new lease liabilities

Operating leases

^[1]

$ 46

Finance leases

^[1]

$ 3

[1]

Leases - Schedule of Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Schedule Of Lease Assets And Liabilities [Line Items]

Right-of-use assets non-cash transactions, operating leases

^[1]

$ 46

$ 28

Right-of-use assets non-cash transactions, finance leases

^[1]

Non Cash Transactions [Member]

Schedule Of Lease Assets And Liabilities [Line Items]

Right-of-use assets non-cash transactions, operating leases

Modification or Other Reassessment Events [Member]

Schedule Of Lease Assets And Liabilities [Line Items]

Right-of-use assets non-cash transactions, operating leases

$ 19

$ 32

[1]

Leases - Schedule of Lease Term and Discount Rate (Details)	Mar. 31, 2023	Mar. 31, 2022
Weighted-average remaining lease term (years)
Operating leases	7 years 1 month 6 days	7 years 1 month 6 days
Finance leases	11 years	11 years 4 months 24 days
Weighted-average discount rate
Operating leases	5.10%	5.40%
Finance leases	5.10%	5.40%

Leases - Summary of Maturities of Lease Liabilities (Details)
$ in Millions

Mar. 31, 2023

USD ($)

Amount of Operating Leases

$ 417

456

395

346

289

843

Total undiscounted lease payment

2,746

Less: imputed interest

445

^[1]

Present value of lease liabilities

2,301

Amount of Finance Leases

Total undiscounted lease payment

Less: imputed interest

^[1]

Present value of lease liabilities

Amount of Operating And Finance Leases, Total

422

462

401

352

294

875

Total undiscounted lease payment

2,806

Less: imputed interest

459

^[1]

Present value of lease liabilities

$ 2,347

[1]

Fair Value Measurements and Disclosures - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Equity Level 1 To Level 2 Transfer Amount	$ 0	$ 0
Fair Value Equity Level 2 To Level 1 Transfer Amount	$ 0	$ 0

Fair Value Measurements and Disclosures - Assets Measured on Recurring Basis or Disclosed at Fair Value (Details) - Recurring Fair Value Measurements [Member] - USD ($)
$ in Millions

Mar. 31, 2023

Dec. 31, 2022

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

$ 358

$ 543

1,870

2,022

Total assets, Fair Value Measurement or Disclosure

1,094

3,400

3,340

Level 1 [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

Total assets, Fair Value Measurement or Disclosure

183

Level 2 [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

350

455

Total assets, Fair Value Measurement or Disclosure

1,870

2,022

3,314

3,157

Bank Time Deposits [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

250

355

1,195

1,434

Bank Time Deposits [Member] | Level 2 [Member]

^[1]

943

680

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

250

355

1,195

1,434

Money Market Funds [Member]

^[1]

943

680

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

Money Market Funds [Member] | Level 1 [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

Fixed Income Debt Securities [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

^[2]

100

129

^[2]

550

500

Fixed Income Debt Securities [Member] | Level 1 [Member]

^[2]

151

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

^[2]

Fixed Income Debt Securities [Member] | Level 2 [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Cash equivalents, Fair Value Measurement or Disclosure

^[2]

100

^[2]

550

500

Investment in Equity Securities [Member]

^[2]

151

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Equity investments: Investment in equity securities

Investment in Equity Securities [Member] | Level 1 [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Equity investments: Investment in equity securities

Structured Deposits [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Structured Deposits [Member] | Level 2 [Member]

125

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

$ 125

$ 88

[1]	As of March 31, 2023 and December 31, 2022, the long-term bank deposits and notes balance included $81 million of time deposits, which is restricted for use in order to secure the balance of prepaid stored-value cards issued by the Company pursuant to regulatory requirements.
[2]	Classified as held-to-maturity investments and measured at amortized cost.

Fair Value Measurements and Disclosures - Assets Measured on Recurring Basis or Disclosed at Fair Value (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Restricted Time Deposits	$ 81	$ 81

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 125	$ 55
Effective tax rate	28.50%	33.10%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Income Taxes - Narrative (Details)	1 Months Ended
Income Taxes - Narrative (Details)	Aug. 31, 2022
Income Tax Disclosure [Abstract]
Corporate alternative minimum tax rate	15.00%

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

$ 2,917

$ 2,668

Unallocated other income, net

416

191

Interest income, net

^[1]

Investment loss

^[1]

(17)

(37)

Income Before Income Taxes and Equity in Net Earnings (Losses) from Equity Method Investments

437

166

11,963

$ 11,826

KFC [Member]

2,198

2,017

^[2]

Pizza Hut [Member]

597

547

All Other Segments [Member]

^[2]

202

163

Combined Elimination [Member]

^[2]

Revenue From External Customers [Member]

153

126

Revenue From External Customers [Member] | KFC [Member]

2,668

Revenue From External Customers [Member] | Pizza Hut [Member]

2,198

2,017

Revenue From External Customers [Member] | All Other Segments [Member]

597

547

Corporate and Unallocated [Member]

Unallocated revenues from transactions with franchisees

^[1]

^[3]

Unallocated Other revenues

Unallocated expenses for transactions with franchisees

^[3]

(63)

(57)

Unallocated Other operating costs and expenses

(8)

(9)

Unallocated and corporate G&A expenses

(56)

(44)

Corporate and Unallocated [Member] | Revenue From External Customers [Member]

^[4]

5,468

5,269

Operating Segments [Member] | KFC [Member]

^[1]

2,198

420

220

Operating Segments [Member] | Pizza Hut [Member]

5,238

5,296

597

Operating Segments [Member] | All Other Segments [Member]

879

880

202

163

(6)

(17)

378

$ 381

Elimination [Member]

Elimination [Member] | All Other Segments [Member]

(153)

(126)

Elimination [Member] | Corporate And Unallocated

153

122

^[1]

Combined [Member]

Combined [Member] | Revenue From External Customers [Member]

3,070

2,794