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Form 10-K
YUM CHINA HOLDINGS, INC. filed this Form 10-K on 02/27/2019
Document Outline
Entire Document (14710.7 KB)
Subdocument 1 - 10-K - 10-K
Page 1 - UNITED STATES
Page 2 - Table of Contents
Page 3 - Forward-Looking Statements
Page 4 - PART I
Page 5 - General
Page 6 - Other Concepts
Page 7 - Same-Store Sales Growth
Page 8 - Enhanced Profitability
Page 9 - Restaurant Operations
Page 10 - Trademarks and Patents
Page 11 - Government Regulation
Page 12 - Value-Added Tax / Business Tax and Local Surcharges.
Page 13 - Gains on Indirect Disposal of Equity Interests in Our China Subsidiaries.
Page 14 - Tax Cuts and Jobs Act (the Tax Act ).
Page 15 - Executive Officers of the Registrant
Page 16 - Danny Tan
Page 17 - Alice Wang
Page 18 - Any significant failure to maintain effective quality assurance systems for our restaurants could ha
Page 19 - We derive substantially all of our revenue from our operations in China and, as a result, our busine
Page 20 - Shortages or interruptions in the availability and delivery of food and other supplies may increase
Page 21 - We may not attain our target development goals; aggressive development could cannibalize existing sa
Page 22 - We are subject to all of the risks associated with leasing real estate, and any adverse developments
Page 23 - Labor shortages or increases in labor costs could slow our growth and harm our business and results
Page 24 - Unauthorized access to, or improper use, disclosure, theft or destruction of, our customer or employ
Page 25 - Our operations are highly dependent upon our information technology systems and any failures or inte
Page 26 - Our business depends on the performance of, and our long-term relationships with, third-party mobile
Page 27 - Our restaurants offer delivery services. Any failure to provide timely and reliable delivery service
Page 28 - The anticipated benefits of the acquisition of Daojia may not be realized in a timely manner or at a
Page 29 - Our inability or failure to recognize, respond to and effectively manage the accelerated impact of s
Page 30 - We could be party to litigation that could adversely affect us by increasing our expenses, diverting
Page 31 - Tax matters, including changes in tax rates, disagreements with taxing authorities and imposition of
Page 32 - The restaurant industry in which we operate is highly competitive.
Page 33 - Our licensor may not be able to adequately protect its intellectual property, which could harm the v
Page 34 - Changes in accounting standards and subjective assumptions, estimates and judgments by management re
Page 35 - Unforeseeable business interruptions could adversely affect our business.
Page 36 - Uncertainties with respect to the interpretation and enforcement of Chinese laws, rules and regulati
Page 37 - Changes in trade relations between the United States and China, including the imposition of new or h
Page 38 - Governmental control of currency conversion and payments of foreign currency and RMB out of mainland
Page 39 - We rely to a significant extent on dividends and other distributions on equity paid by our principal
Page 40 - Under the EIT Law, if we are classified as a China resident enterprise for Chinese enterprise income
Page 41 - We and our stockholders face uncertainty with respect to indirect transfers of equity interests in C
Page 42 - You may experience difficulties in effecting service of legal process, enforcing foreign judgments o
Page 43 - Our restaurants are susceptible to risks in relation to unexpected land acquisitions, building closu
Page 44 - Failure to make adequate contributions to various employee benefit plans as required by Chinese regu
Page 45 - Chinese regulation of loans to, and direct investment in, Chinese entities by offshore holding compa
Page 46 - e.g.
Page 47 - Risks Related to the Separation and Related Transactions
Page 48 - If the distribution does not qualify as a transaction that is generally tax-free for U.S. federal in
Page 49 - As a result of the separation, our ability to engage in strategic transactions may be limited. In ad
Page 50 - We have limited history operating as an independent publicly traded company and our accounting and o
Page 51 - Our management has limited experience managing a public company, and regulatory compliance may diver
Page 52 - We have incurred and will continue to incur increased administrative and other costs by virtue of ou
Page 53 - YUM may fail to perform under certain transaction agreements that we entered into with it as part of
Page 54 - A court could require that we assume responsibility for obligations allocated to YUM under the separ
Page 55 - Risks Related to Our Common Stock
Page 56 - The interests of the Investors may differ from the interests of other holders of Company common stoc
Page 57 - 2018 Form 10-K
Page 58 - PART II
Page 59 - 2018 Form 10-K
Page 60 - Stock Performance Graph
Page 61 - Revenue from Contracts with Customers (Topic 606)
Page 62 - Selected Financial Data
Page 63 - 2018 Form 10-K
Page 64 - Basis of Presentation
Page 65 - 2018 Form 10-K
Page 66 - Results of Operations
Page 67 - 2018 Form 10-K
Page 68 - Performance Metrics
Page 69 - Special Items
Page 70 - 2018 Form 10-K
Page 71 - Adjusted EBITDA
Page 72 - Segment Results
Page 73 - Company Sales and Restaurant Profit
Page 74 - G A Expenses
Page 75 - Company Sales and Restaurant Profit
Page 76 - G A Expenses
Page 77 - All Other Segments
Page 78 - Corporate Unallocated
Page 79 - Corporate G A Expenses
Page 80 - Significant Known Events, Trends or Uncertainties Expected to Impact Future Results
Page 81 - Foreign Currency Exchange Rate
Page 82 - Dividends and Share Repurchases
Page 83 - Borrowing Capacity
Page 84 - Off-Balance Sheet Arrangements
Page 85 - Compensation Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounti
Page 86 - Impairment or Disposal of Long-Lived Assets
Page 87 - Impairment of Goodwill
Page 88 - Financial Instruments
Page 89 - Share-Based Compensation
Page 90 - PRC Value-Added Tax
Page 91 - Quantitative and Qualitative Disclosures About Market Risk
Page 92 - Investment Risk
Page 93 - INDEX TO FINANCIAL INFORMATION
Page 94 - Report of Independent Registered Public Accounting Firm
Page 95 - Combined Financial Statements
Page 96 - Definition and Limitations of Internal Control Over Financial Reporting
Page 97 - Consolidated and Combined Statements of Income
Page 98 - Consolidated and Combined Statements of Comprehensive Income
Page 99 - Consolidated and Combined Statements of Cash Flows
Page 100 - Consolidated Balance Sheets
Page 101 - Consolidated and Combined Statements of Equity
Page 102 - Notes to Consolidated Financial Statements
Page 103 - Note 2 Summary of Significant Accounting Policies
Page 104 - Comparative Information.
Page 105 - Foreign Currency.
Page 106 - Company Sales
Page 107 - Loyalty Programs.
Page 108 - Share-Based Compensation.
Page 109 - Government Subsidies.
Page 110 - Income Taxes.
Page 111 - Fair Value Measurements.
Page 112 - Receivables.
Page 113 - Internal Development Costs and Abandoned Site Costs.
Page 114 - Equity Investments.
Page 115 - Guarantees.
Page 116 - Earnings Per Share.
Page 117 - Recognition and Measurement of Financial Assets and Financial Liabilities
Page 118 - Statement of Cash Flows (Topic 230)Restricted Cash
Page 119 - Franchise Fees and Income
Page 120 - Note 4 Transactions with Parent
Page 121 - License Fee
Page 122 - Note 6 Items Affecting Comparability of Net Income and Cash Flows
Page 123 - Meituan Dianping ( Meituan ) investment
Page 124 - Losses Associated with Sale of Aircraft
Page 125 - 2018 Form 10-K
Page 126 - Note 9 Goodwill and Intangible Assets
Page 127 - Note 10 Credit Facilities
Page 128 - Distinguishing Liabilities from Equity
Page 129 - Note 12 Leases
Page 130 - Non-recurring fair value measurements
Page 131 - 2018 Form 10-K
Page 132 - Note 14 Retirement Plans
Page 133 - Note 15 Share-Based Compensation
Page 134 - Award Valuation
Page 135 - Award Activity
Page 136 - RSUs and PSUs
Page 137 - Cash Dividend
Page 138 - Note 17 Income Taxes
Page 139 - Statutory rate differential attributable to foreign operations.
Page 140 - Tax benefit from Little Sheep restructuring
Page 141 - 2018 Form 10-K
Page 142 - Note 18 Segment Reporting
Page 143 - 2018 Form 10-K
Page 144 - Note 19 Contingencies
Page 145 - Guarantees for Franchisees and Unconsolidated Affiliates
Page 146 - Note 20 Selected Quarterly Financial Data (unaudited; in millions, except per share amounts)
Page 147 - Share-Based Compensation
Page 148 - Evaluation of Disclosure Controls and Procedures
Page 149 - PART III
Page 150 - PART IV
Page 151 - Yum China Holdings, Inc.
Page 152 - 2018 Form 10-K
Page 153 - 2018 Form 10-K
Page 154 - 2018 Form 10-K
Page 155 - 2018 Form 10-K
Page 156 - SIGNATURES
Subdocument 2 - EX-21.1 - EX-21.1
Page 1 - Exhibit 21.1
Page 2 - N/A
Subdocument 3 - EX-23.1 - EX-23.1
Page 1 - N/A
Subdocument 4 - EX-31.1 - EX-31.1
Page 1 - N/A
Subdocument 5 - EX-31.2 - EX-31.2
Page 1 - N/A
Subdocument 6 - EX-32.1 - EX-32.1
Page 1 - N/A
Subdocument 7 - EX-32.2 - EX-32.2
Page 1 - N/A
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