0000950170-24-094324 | 10-Q | XBRL Viewer

Fair Value Measurements and Disclosures (Tables)

6 Months Ended

Jun. 30, 2024

Assets Measured on Recurring Basis or Disclosed at Fair Value

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 and years to date ended June 30, 2024 and 2023.


			Fair Value Measurement or Disclosure at June 30, 2024
	Balance at June 30, 2024		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	300			$	300
Fixed income debt securities(a)		183				183
Money market funds		18		18
Total cash equivalents		501		18		483		—
Short-term investments:
Time deposits		986				986
Structured deposits		381				381
Variable return investments		67		67
Total short-term investments		1,434		67		1,367		—
Long-term bank deposits and notes:
Time deposits		580				580
Fixed income bank notes(a)		471				471
Total long-term bank deposits and notes		1,051		—		1,051		—
Equity investments:
Investment in equity securities		61		61
Total	$	3,047	$	146	$	2,901	$	—


			Fair Value Measurement or Disclosure at December 31, 2023
	Balance at December 31, 2023		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	293			$	293
Fixed income debt securities(a)		14		14
Money market funds		11		11
Total cash equivalents		318		25		293		—
Short-term investments:
Time deposits		1,113				1,113
Fixed income debt securities(a)		200				200
Structured deposits		138				138
Variable return investments		21		21
Total short-term investments		1,472		21		1,451		—
Long-term bank deposits and notes:
Time deposits		903				903
Fixed income bank notes(a)		362				362
Total long-term bank deposits and notes		1,265		—		1,265		—
Equity investments:
Investment in equity securities		45		45
Total	$	3,100	$	91	$	3,009	$	—

(a)

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

Schedule of Amounts Recognized From Non-recurring Fair Value Measurements

The following table presents amounts recognized from all non-recurring fair value measurements based on unobservable inputs (Level 3) during the quarters and years to date ended June 30, 2024 and 2023. These amounts exclude fair value measurements made for restaurants that were subsequently closed or refranchised prior to those respective period-end dates.


	Quarter Ended				Year to Date Ended
	6/30/2024		6/30/2023		6/30/2024		6/30/2023		Account Classification
Restaurant-level impairment(a)	$	7	$	14	$	7	$	14	Closure and impairment expenses, net

(a)

Restaurant-level impairment charges are recorded in Closures and impairment expenses, net and resulted mainly from our semi-annual impairment evaluation of long-lived assets of individual restaurants that were being operated at the time of impairment and had not been offered for refranchising. After considering the impairment charges recorded during the corresponding periods, the fair value of such assets as of June 30, 2024 and 2023 was $22 million and $55 million, respectively.

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8 – 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, 2023
Goodwill, gross	$	2,323		$	1,840		$	18	$	465
Accumulated impairment losses(a)		(391	)		—			—		(391	)
Goodwill, net		1,932			1,840			18		74
Effect of currency translation adjustments		(44	)		(42	)		—		(2	)
Balance as of June 30, 2024
Goodwill, gross		2,279			1,798			18		463
Accumulated impairment losses(a)		(391	)		—			—		(391	)
Goodwill, net	$	1,888		$	1,798		$	18	$	72

(a)

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

Intangible assets, net as of June 30, 2024 and December 31, 2023 are as follows:


	6/30/2024										12/31/2023
	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	$	262	$	(259	)	$	—		$	3	$	268	$	(265	)	$	—		$	3
Huang Ji Huang franchise related assets		21		(5	)		—			16		21		(4	)		—			17
Daojia platform		16		(4	)		(12	)		—		16		(4	)		(12	)		—
Customer-related assets		12		(10	)		(2	)		—		12		(10	)		(2	)		—
Others		8		(5	)		—			3		9		(6	)		—			3
	$	319	$	(283	)	$	(14	)	$	22	$	326	$	(289	)	$	(14	)	$	23
Indefinite-lived intangible assets
Little Sheep trademark	$	50	$	—		$	—		$	50	$	51	$	—		$	—		$	51
Huang Ji Huang trademark		74		—			—			74		76		—			—			76
	$	124	$	—		$	—		$	124	$	127	$	—		$	—		$	127

Total intangible assets	$	443	$	(283	)	$	(14	)	$	146	$	453	$	(289	)	$	(14	)	$	150

(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 less than $1 million for both quarters ended June 30, 2024 and 2023, and $1 million and $3 million for the years to date ended June 30, 2024 and 2023, respectively. As of June 30, 2024, expected amortization expense for the unamortized finite-lived intangible assets was $1 million for the remainder of 2024 and $2 million in each of 2025, 2026, 2027 and 2028.

Supplemental Balance Sheet Information (Details 1) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
PP&E, gross	$ 4,945	$ 4,883
Accumulated depreciation	(2,631)	(2,573)
PP&E, net	2,314	2,310
Buildings and Improvements, and Construction in Progress [Member]
Property Plant And Equipment [Line Items]
PP&E, gross	3,081	3,073
Finance Leases, Primarily Buildings [Member]
Property Plant And Equipment [Line Items]
PP&E, gross	73	68
Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
PP&E, gross	$ 1,791	$ 1,742

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared, per common share	$ 0.16	$ 0.13	$ 0.32	$ 0.26

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of Supplemental Balance Sheet


Supplemental Balance Sheet
	6/30/2024		12/31/2023		Account Classification
Assets
Operating lease right-of-use assets	$	2,151	$	2,217	Operating lease right-of-use assets
Finance lease right-of-use assets		43		41	PP&E, net
Total leased assets(a)	$	2,194	$	2,258

Liabilities
Current
Operating lease liabilities	$	418	$	426	Accounts payable and other current liabilities
Finance lease liabilities		5		5	Accounts payable and other current liabilities
Non-current
Operating lease liabilities		1,827		1,899	Non-current operating lease liabilities
Finance lease liabilities		46		44	Non-current finance lease liabilities
Total lease liabilities(a)	$	2,296	$	2,374

(a)

As of June 30, 2024, the decrease of right-of-use (“ROU”) assets was primarily due to the amortization of assets relating to existing leases with fixed lease payments, a higher portion of our new leases with variable lease payments and the impact of foreign currency translation. The decrease of lease liabilities was consistent with the decrease of ROU assets.

Summary of Lease Cost


Summary of Lease Cost
	Quarter Ended						Year to Date Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023			Account Classification

Operating lease cost	$	128		$	128		$	258		$	261		Occupancy and other operating expenses, G&A or Franchise expenses
Finance lease cost
Amortization of leased assets		2			1			3			2		Occupancy and other operating expenses
Interest on lease liabilities		—			1			1			1		Interest income, net
Variable lease cost(b)		97			95			212			201		Occupancy and other operating expenses or Franchise expenses
Short-term lease cost		3			4			6			8		Occupancy and other operating expenses or G&A
Sub-lease income		(5	)		(5	)		(10	)		(11	)	Franchise fees and income or Other revenues
Total lease cost	$	225		$	224		$	470		$	462

(b)

During the quarter and year to date ended June 30, 2023, the Company was granted $2 million and $10 million in lease concessions from landlords related to the effects of the COVID-19 pandemic, 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. The Company was no longer granted such lease concession beginning in 2024.

Schedule of Supplemental Cash Flow Information


Supplemental Cash Flow Information
	Year to Date Ended
	6/30/2024		6/30/2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	259	$	275
Operating cash flows from finance leases		1		1
Financing cash flows from finance leases		2		2
Right-of-use assets obtained in exchange for lease liabilities(c):
Operating leases	$	177	$	153
Finance leases		5		3

(c)

This supplemental non-cash disclosure for ROU assets obtained in exchange for lease liabilities includes an increase in lease liabilities associated with obtaining new ROU assets of $180 million and $171 million for the years to date ended June 30, 2024 and 2023, respectively, as well as adjustments to lease liabilities or ROU assets due to modification or other reassessment events, which resulted in a $2 million increase and $15 million decrease in lease liabilities for the years to date ended June 30, 2024 and 2023, respectively.

Schedule of Lease Terms and Discount Rate


Lease Term and Discount Rate
	6/30/2024			6/30/2023
Weighted-average remaining lease term (years)
Operating leases		6.9			7.1
Finance leases		10.8			11.2

Weighted-average discount rate
Operating leases		4.8	%		5.0	%
Finance leases		4.9	%		5.1	%

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities as of June 30, 2024 were as follows:


	Amount of Operating Leases		Amount of Finance Leases		Total
Remainder of 2024	$	274	$	4	$	278
2025		463		7		470
2026		416		7		423
2027		362		6		368
2028		297		6		303
Thereafter		832		36		868
Total undiscounted lease payment		2,644		66		2,710
Less: imputed interest(d)		399		15		414
Present value of lease liabilities	$	2,245	$	51	$	2,296

(d)

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.

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Line Items]
Finite-lived intangible assets, amortization expense			$ 1,000,000	$ 3,000,000
Expected amortization expense for the unamortized finite-lived intangible assets - remainder of 2024	$ 1,000,000		1,000,000
Expected amortization expense for the unamortized finite-lived intangible assets - 2025	2,000,000		2,000,000
Expected amortization expense for the unamortized finite-lived intangible assets - 2026	2,000,000		2,000,000
Expected amortization expense for the unamortized finite-lived intangible assets - 2027	2,000,000		2,000,000
Expected amortization expense for the unamortized finite-lived intangible assets - 2028	2,000,000		$ 2,000,000
Maximum [Member]
Goodwill [Line Items]
Finite-lived intangible assets, amortization expense	$ 1,000,000	$ 1,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 14 – 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 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.

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

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 15 – Subsequent Events

Cash Dividend

On August 5, 2024, the Company announced that the Board of Directors declared a cash dividend of $0.16 per share on Yum China’s common stock, payable on September 17, 2024, to stockholders of record as of the close of business on August 27, 2024. Total estimated cash dividend payable is approximately $61 million.

Business Acquisitions and Equity Investments - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) Restaurant	Jun. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2024 USD ($) Restaurant	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2021	Jun. 30, 2020 shares	Sep. 30, 2018 USD ($) shares
Business Acquisitions And Equity Investments [Line Items]
Number of restaurants \| Restaurant	13,000			13,000
Due to related parties, current	$ 168			$ 168		$ 140
Fujian Sunner Development Co., Ltd. [Member]
Business Acquisitions And Equity Investments [Line Items]
Percentage of equity interest acquired							5.00%
Purchase of inventories	131	$ 137		247	$ 256
Investment carrying amount				216		225
Market value	117			117		151
Investment in net assets excess of carrying amount	$ 148			$ 148		152
Finite-lived intangible asset, useful life	20 years			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	$ 15			$ 15		16
Fujian Sunner Development Co., Ltd. [Member] \| Accounts payable and other current liabilities [Member] \| Related Party [Member]
Business Acquisitions And Equity Investments [Line Items]
Due to related parties, current	52			52		51
Meituan Dianping [Member]
Business Acquisitions And Equity Investments [Line Items]
Unrealized investment gain (loss)	$ 8	$ (12)		$ 16	$ (29)
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
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	70			70
Investment carrying amount				$ 44		41
Investment in net assets excess of carrying amount	$ 23			$ 23		$ 24
Finite-lived intangible asset, useful life	20 years			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%			28.00%

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss)

$ 212

$ 197

$ 499

$ 486

Weighted-average common shares outstanding (for basic calculation)

^[1]

389

418

395

418

Effect of dilutive share-based awards

^[1]

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

^[1]

391

422

397

423

Basic Earnings Per Common Share

$ 0.55

$ 0.47

$ 1.27

$ 1.16

Diluted Earnings Per Common Share

$ 0.55

$ 0.47

$ 1.26

$ 1.15

Share-based awards excluded from the diluted EPS computation

^[2]

[1]

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.

[2]

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 periods presented, or because certain PSUs are contingently issuable based on the achievement of performance and market conditions, which have not been met as of June 30, 2024 and 2023.

- Definition

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

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]	Redeemable Noncontrolling Interest [Member]
Balance at Dec. 31, 2022	$ 7,148	$ 4	$ 4,390	$ 2,191	$ (103)		$ 666	$ 12
Balance (in shares) at Dec. 31, 2022		419
Net Income	527			486			41
Foreign currency translation adjustments	(245)				(213)		(32)
Comprehensive income (loss) - including noncontrolling interests	282
Cash dividends declared	(108)			(108)
Distributions to/contributions from noncontrolling interests	(19)						(19)
Repurchase and retirement of shares	(125)		(21)	(104)
Repurchase and retirement of shares (shares)		(2)
Exercise and vesting of share-based awards	(2)		(2)
Exercise and vesting of share-based awards (in shares)		1
Share-based compensation	29		29
Balance at Jun. 30, 2023	7,205	$ 4	4,396	2,465	(316)		656	12
Balance (in shares) at Jun. 30, 2023		417
Balance at Mar. 31, 2023	7,404	$ 4	4,391	2,374	(91)		726	12
Balance (in shares) at Mar. 31, 2023		418
Net Income	214			197			17
Foreign currency translation adjustments	(259)				(225)		(34)
Comprehensive income (loss) - including noncontrolling interests	(45)
Cash dividends declared	(54)			(54)
Distributions to/contributions from noncontrolling interests	(53)						(53)
Repurchase and retirement of shares	(63)		(11)	(52)
Repurchase and retirement of shares (shares)		(1)
Share-based compensation	16		16
Balance at Jun. 30, 2023	7,205	$ 4	4,396	2,465	(316)		656	12
Balance (in shares) at Jun. 30, 2023		417
Balance at Dec. 31, 2023	7,106	$ 4	4,320	2,310	(229)		701	13
Balance (in shares) at Dec. 31, 2023		407
Net Income	535			499			36
Foreign currency translation adjustments	(111)				(97)		(14)
Comprehensive income (loss) - including noncontrolling interests	424
Cash dividends declared	(126)			(126)
Distributions to/contributions from noncontrolling interests	(66)						(66)
Repurchase and retirement of shares	(877)		(225)	(635)		$ (17)
Repurchase and retirement of shares (shares)		(21)				(1)
Exercise and vesting of share-based awards	(15)		(15)
Exercise and vesting of share-based awards (in shares)		1
Share-based compensation	23		23
Balance at Jun. 30, 2024	6,469	$ 4	4,103	2,048	(326)	$ (17)	657	13
Balance (in shares) at Jun. 30, 2024		387				(1)
Balance at Mar. 31, 2024	6,575	$ 4	4,159	2,078	(300)	$ (76)	710	13
Balance (in shares) at Mar. 31, 2024		394				(2)
Net Income	228			212			16
Foreign currency translation adjustments	(30)				(26)		(4)
Comprehensive income (loss) - including noncontrolling interests	198
Cash dividends declared	(62)			(62)
Distributions to/contributions from noncontrolling interests	(65)						(65)
Repurchase and retirement of shares	(190)		(69)	(180)		$ 59
Repurchase and retirement of shares (shares)		(6)				1
Share-based compensation	13		13
Balance at Jun. 30, 2024	$ 6,469	$ 4	$ 4,103	$ 2,048	$ (326)	$ (17)	$ 657	$ 13
Balance (in shares) at Jun. 30, 2024		387				(1)

Supplemental Balance Sheet Information (Tables)

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Accounts Receivable, Net


Accounts Receivable, net	6/30/2024			12/31/2023
Accounts receivable, gross	$	76		$	69
Allowance for doubtful accounts		(2	)		(1	)
Accounts receivable, net	$	74		$	68

Prepaid Expenses and Other Current Assets


Prepaid Expenses and Other Current Assets	6/30/2024		12/31/2023
Value-added tax ("VAT") assets	$	99	$	91
Receivables from payment processors and aggregators		80		78
Interest receivables		64		46
Deposits, primarily lease deposits		23		25
Other prepaid expenses and current assets		102		99
Prepaid expenses and other current assets	$	368	$	339

Property, Plant and Equipment


Property, Plant and Equipment (“PP&E”)	6/30/2024			12/31/2023
Buildings and improvements, and construction in progress	$	3,081		$	3,073
Finance leases, primarily buildings		73			68
Machinery and equipment		1,791			1,742
PP&E, gross		4,945			4,883
Accumulated depreciation		(2,631	)		(2,573	)
PP&E, net	$	2,314		$	2,310

Equity Investments


Equity Investments	6/30/2024		12/31/2023
Investment in equity method investees	$	282	$	287
Investment in equity securities		61		45
Equity investments	$	343	$	332

Accounts Payable and Other Current Liabilities


Other Assets	6/30/2024		12/31/2023
Land use right	$	110	$	115
Long-term deposits, primarily lease deposits		96		94
Prepayment for acquisition of PP&E		30		28
VAT assets		8		6
Costs to obtain contracts		6		6
Others		12		16
Other assets	$	262	$	265


Accounts Payable and Other Current Liabilities	6/30/2024		12/31/2023
Accounts payable	$	819	$	786
Operating lease liabilities		418		426
Contract liabilities		217		196
Accrued compensation and benefits		213		299
Accrued capital expenditures		167		226
Dividends payable		91		40
Accrued marketing expenses		56		51
Other current liabilities		168		140
Accounts payable and other current liabilities	$	2,149	$	2,164

Other Liabilities and Deferred Credits


Other Liabilities	6/30/2024		12/31/2023
Contract liabilities	$	33	$	32
Accrued income tax payable		20		39
Other non-current liabilities		96		86
Other liabilities	$	149	$	157

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

12 Months Ended

Dec. 31, 2023

Jun. 30, 2024

Goodwill [Line Items]

Goodwill, gross

$ 2,323

$ 2,279

Accumulated impairment losses

^[1]

(391)

Goodwill, net

1,932

1,888

Effect of currency translation adjustments

(44)

KFC [Member]

Goodwill [Line Items]

Goodwill, gross

1,840

1,798

Goodwill, net

1,840

1,798

Effect of currency translation adjustments

(42)

Pizza Hut [Member]

Goodwill [Line Items]

Goodwill, gross

Goodwill, net

All Other Segments [Member]

Goodwill [Line Items]

Goodwill, gross

465

463

Accumulated impairment losses

^[1]

(391)

Goodwill, net

$ 72

Effect of currency translation adjustments

$ (2)

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

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
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		$ 1
Impairment losses related to costs to obtain contracts			0		0
Costs to obtain contracts	6		6		$ 6
Revenue recognized	$ 53	$ 72	$ 78	$ 81
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

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 02, 2024
Document And Entity Information [Line Items]
Entity Registrant Name	Yum China Holdings, Inc.
Entity Central Index Key	0001673358
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Type	10-Q
Trading Symbol	YUMC
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Period End Date	Jun. 30, 2024
Entity Common Stock Shares Outstanding		384,423,600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code	DE
Security Exchange Name	NYSE
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-37762
Entity Tax Identification Number	81-2421743
Entity Address, Address Line One	101 East Park Boulevard, Suite 805
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75074
City Area Code	469
Local Phone Number	980-2898
Entity Address, Country	US
The Stock Exchange of Hong Kong Limited [Member]
Document And Entity Information [Line Items]
Trading Symbol	9987
Other Address [Member]
Document And Entity Information [Line Items]
Entity Address, Address Line One	Yum China Building
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200030
Entity Address, Country	CN
Entity Address, Address Line Two	20 Tian Yao Qiao Road

Contingencies - Narrative (Details)	1 Months Ended
Contingencies - Narrative (Details)	Feb. 28, 2015
Commitments and Contingencies Disclosure [Abstract]
Income tax rate on gains derived from indirect transfer of assets	10.00%
Percentage of tax assessed on difference between fair market value and tax basis	10.00%

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

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Cash Flows – Operating Activities

Net income - including noncontrolling interests

$ 535

$ 527

Depreciation and amortization

235

228

Non-cash operating lease cost

203

202

Closures and impairment expenses

Investment (gain) loss

^[1]

(16)

Distributions of income received from equity method investments

Deferred income taxes

(2)

Share-based compensation expense

Changes in accounts receivable

(5)

Changes in inventories

Changes in prepaid expenses, other current assets and value-added tax assets

(28)

Changes in accounts payable and other current liabilities

Changes in income taxes payable

Changes in non-current operating lease liabilities

(206)

(193)

Other, net

(21)

(36)

Net Cash Provided by Operating Activities

843

924

Cash Flows – Investing Activities

Capital spending

(358)

(332)

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

(1,479)

(2,172)

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

1,702

1,904

Other, net

Net Cash Used in Investing Activities

(132)

(598)

Cash Flows – Financing Activities

Proceeds from short-term borrowings

307

Repayment of short-term borrowings

(52)

Repurchase of shares of common stock

(869)

(122)

Cash dividends paid on common stock

(126)

(108)

Dividends paid to noncontrolling interests

(28)

Contributions from noncontrolling interests

Payment of acquisition related holdback

(3)

Other, net

(17)

(4)

Net Cash Used in Financing Activities

(785)

(230)

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

(11)

(37)

Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash

(85)

Cash, Cash Equivalents, and Restricted Cash - Beginning of Period

1,128

1,130

Cash, Cash Equivalents, and Restricted Cash - End of Period

1,043

1,189

Supplemental Cash Flow Data

Cash paid for income tax

187

175

Cash paid for interest

Non-cash Investing and Financing Activities

Capital expenditures included in accounts payable and other current liabilities

$ 167

$ 153

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 13 – Segment Reporting

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


	Quarter Ended 6/30/2024
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	2,014	$	540	$	42	$	83	$	2,679	$	—		$	2,679
Inter-segment revenue		—		—		137		—		137		(137	)		—
Total	$	2,014	$	540	$	179	$	83	$	2,816	$	(137	)	$	2,679


	Quarter Ended 6/30/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	1,984	$	554	$	46	$	70	$	2,654	$	—		$	2,654
Inter-segment revenue		—		—		136		—		136		(136	)		—
Total	$	1,984	$	554	$	182	$	70	$	2,790	$	(136	)	$	2,654


	Year to Date Ended 6/30/2024
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	4,244	$	1,135	$	88	$	170	$	5,637	$	—		$	5,637
Inter-segment revenue		—		—		294		—		294		(294	)		—
Total	$	4,244	$	1,135	$	382	$	170	$	5,931	$	(294	)	$	5,637


	Year to Date Ended 6/30/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	4,182	$	1,151	$	95	$	143	$	5,571	$	—		$	5,571
Inter-segment revenue		—		—		289		—		289		(289	)		—
Total	$	4,182	$	1,151	$	384	$	143	$	5,860	$	(289	)	$	5,571


	Quarter Ended						Year to Date Ended
Operating Profit (Loss)	6/30/2024			6/30/2023			6/30/2024			6/30/2023
KFC	$	264		$	273		$	636		$	693
Pizza Hut		40			35			87			90
All Other Segments		(3	)		(6	)		(8	)		(13	)
Unallocated revenues from transactions with franchisees(b)		67			60			139			123
Unallocated other revenues		16			10			31			20
Unallocated expenses for transactions with franchisees(b)		(66	)		(59	)		(138	)		(122	)
Unallocated other operating costs and expenses		(16	)		(10	)		(30	)		(18	)
Unallocated and corporate G&A expenses		(36	)		(46	)		(78	)		(101	)
Unallocated other income, net		—			—			1			1
Operating Profit	$	266		$	257		$	640		$	673
Interest income, net(a)		31			40			69			78
Investment gain (loss)(a)		8			(11	)		16			(28	)
Income Before Income Taxes and Equity in Net Earnings (Losses) from Equity Method Investments	$	305		$	286		$	725		$	723


	Quarter Ended				Year to Date Ended
Impairment Charges	6/30/2024		6/30/2023		6/30/2024		6/30/2023
KFC(c)	$	8	$	9	$	10	$	12
Pizza Hut(c)		5		4		6		5
All Other Segments(c)		2		4		3		4
	$	15	$	17	$	19	$	21


	Total Assets
	6/30/2024		12/31/2023
KFC	$	5,262	$	5,371
Pizza Hut		889		904
All Other Segments		325		347
Corporate and Unallocated(d)		5,092		5,409
	$	11,568	$	12,031

(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 and restaurant-level impairment charges resulting from our semi-annual impairment evaluation.

(d)

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

As substantially all of the Company's revenue is derived from the PRC and substantially all of the Company's long-lived assets are located in the PRC, no geographical information is presented. In addition, revenue derived from and long-lived assets located in the U.S., the Company’s country of domicile, are immaterial.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

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

6 Months Ended

Jun. 30, 2024

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				Year to Date Ended
	6/30/2024		6/30/2023		6/30/2024		6/30/2023
Net Income – Yum China Holdings, Inc.	$	212	$	197	$	499	$	486
Weighted-average common shares outstanding (for basic calculation)(a)		389		418		395		418
Effect of dilutive share-based awards(a)		2		4		2		5
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)(a)		391		422		397		423
Basic Earnings Per Common Share	$	0.55	$	0.47	$	1.27	$	1.16
Diluted Earnings Per Common Share	$	0.55	$	0.47	$	1.26	$	1.15
Share-based awards excluded from the diluted EPS computation(b)		6		2		6		2

(a)

(b)

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, net
Accounts receivable, gross	$ 76	$ 69
Allowance for doubtful accounts	(2)	(1)
Accounts receivable, net	74	68
Prepaid Expenses and Other Current Assets
Value-added tax ("VAT") assets	99	91
Receivables from payment processors and aggregators	80	78
Interest receivables	64	46
Deposits, primarily lease deposits	23	25
Other prepaid expenses and current assets	102	99
Prepaid expenses and other current assets	368	339
Equity Investments
Investment in equity method investees	282	287
Investment in equity securities	61	45
Equity investments	343	332
Other Assets
Land use right	110	115
Long-term deposits, primarily lease deposits	96	94
Prepayment for acquisition of PP&E	30	28
VAT assets	8	6
Costs to obtain contracts	6	6
Others	12	16
Other assets	262	265
Accounts Payable and Other Current Liabilities
Accounts payable	819	786
Operating lease liabilities	418	426
Contract liabilities	217	196
Accrued compensation and benefits	213	299
Accrued capital expenditures	167	226
Dividends payable	91	40
Accrued marketing expenses	56	51
Other current liabilities	168	140
Accounts payable and other current liabilities	2,149	2,164
Other Liabilities
Contract liabilities	33	32
Accrued income tax payable	20	39
Other non-current liabilities	96	86
Other liabilities	$ 149	$ 157

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

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

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

Operating cash flows from operating leases

$ 259

$ 275

Operating cash flows from finance leases

Financing cash flows from finance leases

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

Operating leases

^[1]

177

153

Finance leases

^[1]

$ 5

$ 3

[1]

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax And Effective Tax Rate


	Quarter Ended						Year to Date Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023
Income tax provision	$	77		$	71		$	190		$	196
Effective tax rate		25.2	%		24.7	%		26.2	%		27.0	%

Business Acquisitions and Equity Investments - Summary of Pre-tax Gains or Losses in Investment in Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Meituan Dianping [Member]
Debt and Equity Securities, FV-NI [Line Items]
Unrealized gain (loss) recorded on equity securities still held as of the end of the period	$ 8	$ (12)	$ 16	$ (29)

Short-term Borrowings - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Short-term bank borrowing outstanding	$ 416	$ 168
Short-term investments	1,434	1,472
Short-Term Debt [Member]
Short-Term Debt [Line Items]
Short-term investments	$ 57	$ 79
Weighted-average interest rate	1.80%

Business Acquisitions and Equity Investments

6 Months Ended

Jun. 30, 2024

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.

In addition to its equity interest in Hangzhou KFC, Hangzhou Catering operates approximately 70 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 recorded 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 earnings (losses) from Hangzhou Catering, net of taxes, were immaterial for both quarters ended June 30, 2024 and 2023, and both years to date ended June 30, 2024 and 2023, and included in Equity in net earnings (losses) from equity method investments in our Condensed Consolidated Statement of Income. As of June 30, 2024 and December 31, 2023, the carrying amount of the Company’s equity method investment in Hangzhou Catering was $44 million and $41 million, respectively, exceeding the Company’s interest in Hangzhou Catering’s underlying net assets by $23 million and $24 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.

The purchase amount from Hangzhou Catering was immaterial for both quarters ended June 30, 2024 and 2023, and both years to date ended June 30, 2024 and 2023. The Company’s accounts payable and other current liabilities due to Hangzhou Catering were immaterial as of both June 30, 2024 and December 31, 2023.

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. Sunner is China’s largest white-feathered chicken producer and the Company’s largest poultry supplier. 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 and years to date ended June 30, 2024 and 2023, the Company's equity income (losses) from Sunner, net of taxes, was immaterial and was included in Equity in net earnings (losses) from equity method investments in our Condensed Consolidated Statement of Income.

The Company purchased inventories of $131 million and $137 million from Sunner for the quarters ended June 30, 2024 and 2023, respectively, and $247 million and $256 million for the years to date ended June 30, 2024 and 2023, respectively. The Company’s accounts payable and other current liabilities due to Sunner were $52 million and $51 million as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024 and December 31, 2023, the carrying amount of the Company’s investment in Sunner was $216 million and $225 million, respectively, exceeding the Company’s interest in Sunner’s underlying net assets by $148 million and $152 million, respectively. As of June 30, 2024 and December 31, 2023, $15 million and $16 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 June 30, 2024 and December 31, 2023, the market value of the Company’s investment in Sunner was $117 million and $151 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, a delivery aggregator 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.

A summary of pre-tax gains or losses on investment in equity securities of Meituan recognized, which were included in Investment gain (loss) in our Condensed Consolidated Statements of Income, is as follows:


	Quarter Ended					Year to Date Ended
	6/30/2024		6/30/2023			6/30/2024		6/30/2023
Unrealized gain (loss) recorded on equity securities still held as of the end of the period	$	8	$	(12	)	$	16	$	(29	)

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	387,000,000	407,000,000
Common stock, shares outstanding	386,000,000	407,000,000

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Quarter Ended 6/30/2024
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	2,014	$	540	$	42	$	83	$	2,679	$	—		$	2,679
Inter-segment revenue		—		—		137		—		137		(137	)		—
Total	$	2,014	$	540	$	179	$	83	$	2,816	$	(137	)	$	2,679


	Quarter Ended 6/30/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	1,984	$	554	$	46	$	70	$	2,654	$	—		$	2,654
Inter-segment revenue		—		—		136		—		136		(136	)		—
Total	$	1,984	$	554	$	182	$	70	$	2,790	$	(136	)	$	2,654


	Year to Date Ended 6/30/2024
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	4,244	$	1,135	$	88	$	170	$	5,637	$	—		$	5,637
Inter-segment revenue		—		—		294		—		294		(294	)		—
Total	$	4,244	$	1,135	$	382	$	170	$	5,931	$	(294	)	$	5,637


	Year to Date Ended 6/30/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated(a)		Combined		Elimination			Consolidated
Revenue from external customers	$	4,182	$	1,151	$	95	$	143	$	5,571	$	—		$	5,571
Inter-segment revenue		—		—		289		—		289		(289	)		—
Total	$	4,182	$	1,151	$	384	$	143	$	5,860	$	(289	)	$	5,571


	Quarter Ended						Year to Date Ended
Operating Profit (Loss)	6/30/2024			6/30/2023			6/30/2024			6/30/2023
KFC	$	264		$	273		$	636		$	693
Pizza Hut		40			35			87			90
All Other Segments		(3	)		(6	)		(8	)		(13	)
Unallocated revenues from transactions with franchisees(b)		67			60			139			123
Unallocated other revenues		16			10			31			20
Unallocated expenses for transactions with franchisees(b)		(66	)		(59	)		(138	)		(122	)
Unallocated other operating costs and expenses		(16	)		(10	)		(30	)		(18	)
Unallocated and corporate G&A expenses		(36	)		(46	)		(78	)		(101	)
Unallocated other income, net		—			—			1			1
Operating Profit	$	266		$	257		$	640		$	673
Interest income, net(a)		31			40			69			78
Investment gain (loss)(a)		8			(11	)		16			(28	)
Income Before Income Taxes and Equity in Net Earnings (Losses) from Equity Method Investments	$	305		$	286		$	725		$	723


	Quarter Ended				Year to Date Ended
Impairment Charges	6/30/2024		6/30/2023		6/30/2024		6/30/2023
KFC(c)	$	8	$	9	$	10	$	12
Pizza Hut(c)		5		4		6		5
All Other Segments(c)		2		4		3		4
	$	15	$	17	$	19	$	21


	Total Assets
	6/30/2024		12/31/2023
KFC	$	5,262	$	5,371
Pizza Hut		889		904
All Other Segments		325		347
Corporate and Unallocated(d)		5,092		5,409
	$	11,568	$	12,031

(a)

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

(b)

(c)

Primarily includes store closure impairment charges and restaurant-level impairment charges resulting from our semi-annual impairment evaluation.

(d)

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements

In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842) — Common Control Arrangements (“ASU 2023-01”). It requires all lessees, including public business entities, to amortize leasehold improvements associated with common control leases over their useful life to the common control group and account for them as a transfer of assets between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. ASU 2023-01 is effective for the Company from January 1, 2024, with early adoption permitted. We adopted this standard on January 1, 2024, 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.

In determining the fair value of restaurant-level assets, the Company considered the highest and best use of the assets from a market participants’ perspective, which is represented by the higher of the forecasted discounted cash flows from operating restaurants and the price market participants would pay to sub-lease the ROU assets and acquire the remaining restaurants assets, even if that use differs from the current use by the Company. The after-tax cash flows incorporate reasonable assumptions we believe a franchisee would make, such as sales growth, and include a deduction for royalties we would receive under a franchise agreement with terms substantially at market. The discount rate used in the fair value calculation is our estimate of the required rate-of-return that a franchisee would expect to receive when purchasing a similar restaurant and the related long-lived assets. In situations where the highest and best use of restaurant-level assets are represented by sub-leasing the operating lease ROU assets and acquiring the remaining restaurant assets, the Company continues to use these assets in operating its restaurant business, which is consistent with its long-term strategy of growing revenue through operating restaurant concepts.

As of each relevant measurement date, the fair value of restaurant-level assets, if determined to be impaired, is primarily represented by a price market participant would pay to sub-lease the operating lease ROU assets and acquire the remaining restaurant assets, which reflects the highest and best use of the assets. Significant unobservable inputs used in the fair value measurement include market rental prices, which were determined with the assistance of an independent valuation specialist. The direct comparison approach is used as the valuation technique by assuming a sub-lease of each of the properties in its existing state with vacant possession. By making reference to lease transactions as available in the relevant market, comparable properties in close proximity have been selected and adjustments have been made to account for any difference in factors such as location and property size.


	Quarter Ended				Year to Date Ended
	6/30/2024		6/30/2023		6/30/2024		6/30/2023		Account Classification
Restaurant-level impairment(a)	$	7	$	14	$	7	$	14	Closure and impairment expenses, net

(a)

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. We primarily use our dedicated riders to deliver orders, and also use platform riders at select locations. When orders are fulfilled by our dedicated riders or platform 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, sales of Lavazza coffee retail products beyond Lavazza coffee shops, and sales 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 in 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 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 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 in 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 – Income Taxes


	Quarter Ended						Year to Date Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023
Income tax provision	$	77		$	71		$	190		$	196
Effective tax rate		25.2	%		24.7	%		26.2	%		27.0	%

The higher effective tax rate for the quarter ended June 30, 2024 was primarily due to less benefits from preferential tax rates at qualified subsidiaries recognized in the second quarter of 2024.

The lower effective tax rate for the year to date ended June 30, 2024 was primarily due to the favorable impact from the reduction of certain non-deductible items and the impact from fair value change of 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. In 2023, additional notices were released to continue to provide interim guidance regarding certain CAMT issues before proposed regulations are published. 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 may be subject to the new tax regime. Based on our preliminary analysis, this legislation did not have a material impact on our financial statements. The Company will monitor the developments and continue to evaluate the impact, if any.

The Organization for Economic Cooperation and Development (the “OECD”), the European Union and other jurisdictions (including jurisdictions in which we have operations or presence) have committed to enacting substantial changes to numerous long-standing tax principles impacting how large multinational enterprises are taxed. In particular, the OECD's Pillar Two initiative introduced a 15% global minimum tax applied on a jurisdiction-by-jurisdiction basis and for which many jurisdictions have now committed to an effective enactment date starting January 1, 2024. 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements and Disclosures - Schedule of Amounts Recognized From Non-recurring Fair Value Measurements (Parenthetical) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 22	$ 55
Investment, Type [Extensible Enumeration]	Restaurants [Member]	Restaurants [Member]

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column C)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

+ Details

Short-term Borrowings

6 Months Ended

Jun. 30, 2024

Short-Term Debt [Abstract]

Short-term Borrowings

Note 9 – Short-term Borrowings

As of June 30, 2024 and December 31, 2023, we had outstanding short-term bank borrowings of $416 million and $168 million, respectively, mainly to manage working capital at our operating subsidiaries, which were secured by short-term investments of $57 million and $79 million, respectively. The bank borrowings are RMB denominated, bear a weighted-average interest rate of 1.8%, and are due within one year from their issuance dates.

Description of Business

6 Months Ended

Jun. 30, 2024

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, Lavazza, Huang Ji Huang, Little Sheep and Taco Bell 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, 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 Huang Ji Huang and Little Sheep and pay no license fee related to these concepts.

In 1987, KFC was the first major global restaurant brand to enter China. As of June 30, 2024, there were 10,931 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 June 30, 2024, there were 3,504 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 established a joint venture (“Lavazza joint venture”), to explore and develop the Lavazza coffee concept in China. Lavazza joint venture operates both the coffee shop business and the retail business. We maintain a controlling interest of 65% equity interest in the Lavazza joint venture.

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.

We operate our own retail brand, 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 non-reportable operating segments, including the operations of Lavazza, Huang Ji Huang, Little Sheep and Taco Bell, our delivery operating segment and our e-commerce business, are combined and referred to as All Other Segments, as these operating segments are insignificant both individually and in the aggregate. Additional details on our segment reporting are included in Note 13.

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.

Business Acquisitions and Equity Investments (Tables)

6 Months Ended

Jun. 30, 2024

Meituan Dianping [Member]

Schedule Of Trading Securities And Other Trading Assets [Line Items]

Summary of Pre-tax Gains or Losses on Investment in Equity Securities


	Quarter Ended					Year to Date Ended
	6/30/2024		6/30/2023			6/30/2024		6/30/2023
Unrealized gain (loss) recorded on equity securities still held as of the end of the period	$	8	$	(12	)	$	16	$	(29	)

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

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 6/30/2024
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	1,983	$	530	$	15	$	—	$	2,528	$	—		$	2,528
Franchise fees and income		16		2		4		—		22		—			22
Revenues from transactions with franchisees		12		1		16		67		96		—			96
Other revenues		3		7		144		16		170		(137	)		33
Total revenues	$	2,014	$	540	$	179	$	83	$	2,816	$	(137	)	$	2,679


	Quarter Ended 6/30/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	1,954	$	546	$	17	$	—	$	2,517	$	—		$	2,517
Franchise fees and income		15		2		4		—		21		—			21
Revenues from transactions with franchisees		11		1		17		60		89		—			89
Other revenues		4		5		144		10		163		(136	)		27
Total revenues	$	1,984	$	554	$	182	$	70	$	2,790	$	(136	)	$	2,654


	Year to Date Ended 6/30/2024
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	4,176	$	1,117	$	29	$	—	$	5,322	$	—		$	5,322
Franchise fees and income		34		4		9		—		47		—			47
Revenues from transactions with franchisees		26		2		36		139		203		—			203
Other revenues		8		12		308		31		359		(294	)		65
Total revenues	$	4,244	$	1,135	$	382	$	170	$	5,931	$	(294	)	$	5,637


	Year to Date Ended 6/30/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	4,120	$	1,137	$	32	$	—	$	5,289	$	—		$	5,289
Franchise fees and income		32		4		10		—		46		—			46
Revenues from transactions with franchisees		21		2		36		123		182		—			182
Other revenues		9		8		306		20		343		(289	)		54
Total revenues	$	4,182	$	1,151	$	384	$	143	$	5,860	$	(289	)	$	5,571

Contract Liabilities

Contract liabilities at June 30, 2024 and December 31, 2023 were as follows:


Contract liabilities	6/30/2024		12/31/2023
– Deferred revenue related to prepaid stored-value products	$	160	$	142
– Deferred revenue related to upfront franchise fees		38		37
– Deferred revenue related to customer loyalty programs		24		24
– Deferred revenue related to privilege membership programs		28		24
– Others		—		1
Total	$	250	$	228

Fair Value Measurements and Disclosures - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
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
Restricted time deposits in short term investments		$ 21,000,000
Restricted time deposits in long term investments and notes	$ 61,000,000	$ 28,000,000

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income - including noncontrolling interests	$ 228	$ 214	$ 535	$ 527
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustments	(30)	(259)	(111)	(245)
Comprehensive income (loss) - including noncontrolling interests	198	(45)	424	282
Comprehensive income (loss) - noncontrolling interests	12	(17)	22	9
Comprehensive Income (Loss) - Yum China Holdings, Inc.	$ 186	$ (28)	$ 402	$ 273

- Definition

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

+ References + Details

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

+ Details

- Definition

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.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

Revenue Recognition - Contract Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Contract liabilities
Contract liabilities	$ 250	$ 228
Deferred Revenue Related To Prepaid Stored Value Products [Member]
Contract liabilities
Contract liabilities	160	142
Deferred Revenue Related To Upfront Franchise Fees [Member]
Contract liabilities
Contract liabilities	38	37
Deferred Revenue Related To Customer Loyalty Programs [Member]
Contract liabilities
Contract liabilities	24	24
Deferred Revenue Related To Privilege Membership Programs [Member]
Contract liabilities
Contract liabilities	$ 28	24
Others [Member]
Contract liabilities
Contract liabilities		$ 1

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

Jun. 30, 2024

Dec. 31, 2023

Finite-lived intangible assets

Gross Carrying Amount

$ 319

^[1]

$ 326

Accumulated Amortization

(283)

^[1]

(289)

Accumulated Impairment Losses

^[2]

(14)

Net Carrying Amount

Indefinite-lived intangible assets

Net Carrying Amount

124

127

Total intangible assets

Gross Carrying Amount

443

^[1]

453

Intangible assets, net

146

150

Reacquired franchise rights [Member]

Finite-lived intangible assets

Gross Carrying Amount

262

^[1]

268

Accumulated Amortization

(259)

^[1]

(265)

Net Carrying Amount

Daojia platform [Member]

Finite-lived intangible assets

Gross Carrying Amount

^[1]

Accumulated Amortization

(4)

^[1]

(4)

Accumulated Impairment Losses

^[2]

(12)

Customer-related assets [Member]

Finite-lived intangible assets

Gross Carrying Amount

^[1]

Accumulated Amortization

(10)

^[1]

(10)

Accumulated Impairment Losses

^[2]

(2)

Others [Member]

Finite-lived intangible assets

Gross Carrying Amount

^[1]

Accumulated Amortization

(5)

^[1]

(6)

Net Carrying Amount

Huang Ji Huang Group [Member]

Finite-lived intangible assets

Gross Carrying Amount

^[1]

Accumulated Amortization

(5)

^[1]

(4)

Net Carrying Amount

Trademark [Member] | Little Sheep [Member]

Indefinite-lived intangible assets

Net Carrying Amount

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

Indefinite-lived intangible assets

Net Carrying Amount

$ 74

$ 76

[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 (Tables)

6 Months Ended

Jun. 30, 2024

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, 2023
Goodwill, gross	$	2,323		$	1,840		$	18	$	465
Accumulated impairment losses(a)		(391	)		—			—		(391	)
Goodwill, net		1,932			1,840			18		74
Effect of currency translation adjustments		(44	)		(42	)		—		(2	)
Balance as of June 30, 2024
Goodwill, gross		2,279			1,798			18		463
Accumulated impairment losses(a)		(391	)		—			—		(391	)
Goodwill, net	$	1,888		$	1,798		$	18	$	72

(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 June 30, 2024 and December 31, 2023 are as follows:


	6/30/2024										12/31/2023
	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	$	262	$	(259	)	$	—		$	3	$	268	$	(265	)	$	—		$	3
Huang Ji Huang franchise related assets		21		(5	)		—			16		21		(4	)		—			17
Daojia platform		16		(4	)		(12	)		—		16		(4	)		(12	)		—
Customer-related assets		12		(10	)		(2	)		—		12		(10	)		(2	)		—
Others		8		(5	)		—			3		9		(6	)		—			3
	$	319	$	(283	)	$	(14	)	$	22	$	326	$	(289	)	$	(14	)	$	23
Indefinite-lived intangible assets
Little Sheep trademark	$	50	$	—		$	—		$	50	$	51	$	—		$	—		$	51
Huang Ji Huang trademark		74		—			—			74		76		—			—			76
	$	124	$	—		$	—		$	124	$	127	$	—		$	—		$	127

Total intangible assets	$	443	$	(283	)	$	(14	)	$	146	$	453	$	(289	)	$	(14	)	$	150

(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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Description of Business - Narrative (Details) $ in Millions		3 Months Ended	6 Months Ended
Description of Business - Narrative (Details) $ in Millions	Sep. 10, 2020 USD ($) shares	Dec. 31, 2021 USD ($)	Jun. 30, 2024 Segment Restaurant	Jun. 30, 2020
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			10,931
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			3,504
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
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			70

Fair Value Measurements and Disclosures - Schedule of Amounts Recognized From Non-recurring Fair Value Measurements (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]

Closure And Impairment Income Expenses Net

Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Restaurant-level impairment [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Restaurant-level impairment

^[1]

$ 7

$ 14

$ 7

$ 14

[1]

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 212	$ 197	$ 499	$ 486

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases - Narrative (Details) $ in Millions	6 Months Ended
Leases - Narrative (Details) $ in Millions	Jun. 30, 2024 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 \| $	$ 131
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

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Note 10 – Leases

As of June 30, 2024, 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 profit 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
	6/30/2024		12/31/2023		Account Classification
Assets
Operating lease right-of-use assets	$	2,151	$	2,217	Operating lease right-of-use assets
Finance lease right-of-use assets		43		41	PP&E, net
Total leased assets(a)	$	2,194	$	2,258

Liabilities
Current
Operating lease liabilities	$	418	$	426	Accounts payable and other current liabilities
Finance lease liabilities		5		5	Accounts payable and other current liabilities
Non-current
Operating lease liabilities		1,827		1,899	Non-current operating lease liabilities
Finance lease liabilities		46		44	Non-current finance lease liabilities
Total lease liabilities(a)	$	2,296	$	2,374


Summary of Lease Cost
	Quarter Ended						Year to Date Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023			Account Classification

Operating lease cost	$	128		$	128		$	258		$	261		Occupancy and other operating expenses, G&A or Franchise expenses
Finance lease cost
Amortization of leased assets		2			1			3			2		Occupancy and other operating expenses
Interest on lease liabilities		—			1			1			1		Interest income, net
Variable lease cost(b)		97			95			212			201		Occupancy and other operating expenses or Franchise expenses
Short-term lease cost		3			4			6			8		Occupancy and other operating expenses or G&A
Sub-lease income		(5	)		(5	)		(10	)		(11	)	Franchise fees and income or Other revenues
Total lease cost	$	225		$	224		$	470		$	462

(a)

(b)


Supplemental Cash Flow Information
	Year to Date Ended
	6/30/2024		6/30/2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	259	$	275
Operating cash flows from finance leases		1		1
Financing cash flows from finance leases		2		2
Right-of-use assets obtained in exchange for lease liabilities(c):
Operating leases	$	177	$	153
Finance leases		5		3

(c)


Lease Term and Discount Rate
	6/30/2024			6/30/2023
Weighted-average remaining lease term (years)
Operating leases		6.9			7.1
Finance leases		10.8			11.2

Weighted-average discount rate
Operating leases		4.8	%		5.0	%
Finance leases		4.9	%		5.1	%

Summary of Future Lease Payments and Lease Liabilities

Maturities of lease liabilities as of June 30, 2024 were as follows:


	Amount of Operating Leases		Amount of Finance Leases		Total
Remainder of 2024	$	274	$	4	$	278
2025		463		7		470
2026		416		7		423
2027		362		6		368
2028		297		6		303
Thereafter		832		36		868
Total undiscounted lease payment		2,644		66		2,710
Less: imputed interest(d)		399		15		414
Present value of lease liabilities	$	2,245	$	51	$	2,296

(d)

As of June 30, 2024, we have additional lease agreements that have been signed but not yet commenced, with total undiscounted minimum lease payments of $131 million. These leases will commence between the third quarter of 2024 and 2026 with lease terms of 1 year to 20 years.

Fair Value Measurements and Disclosures

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Disclosures

Note 11 – 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, short-term borrowings 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.


			Fair Value Measurement or Disclosure at June 30, 2024
	Balance at June 30, 2024		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	300			$	300
Fixed income debt securities(a)		183				183
Money market funds		18		18
Total cash equivalents		501		18		483		—
Short-term investments:
Time deposits		986				986
Structured deposits		381				381
Variable return investments		67		67
Total short-term investments		1,434		67		1,367		—
Long-term bank deposits and notes:
Time deposits		580				580
Fixed income bank notes(a)		471				471
Total long-term bank deposits and notes		1,051		—		1,051		—
Equity investments:
Investment in equity securities		61		61
Total	$	3,047	$	146	$	2,901	$	—


			Fair Value Measurement or Disclosure at December 31, 2023
	Balance at December 31, 2023		Level 1		Level 2		Level 3
Cash equivalents:
Time deposits	$	293			$	293
Fixed income debt securities(a)		14		14
Money market funds		11		11
Total cash equivalents		318		25		293		—
Short-term investments:
Time deposits		1,113				1,113
Fixed income debt securities(a)		200				200
Structured deposits		138				138
Variable return investments		21		21
Total short-term investments		1,472		21		1,451		—
Long-term bank deposits and notes:
Time deposits		903				903
Fixed income bank notes(a)		362				362
Total long-term bank deposits and notes		1,265		—		1,265		—
Equity investments:
Investment in equity securities		45		45
Total	$	3,100	$	91	$	3,009	$	—

(a)

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

The Company is required to place bank deposits or purchase insurance to secure the balance of prepaid stored-value cards issued by the Company pursuant to regulatory requirements. $61 million of time deposits in Long-term bank deposits and notes were restricted for use as of June 30, 2024, and $21 million of time deposits in Short-term investments and $28 million of time deposits in Long-term bank deposits and notes were restricted for use as of December 31, 2023.

Non-Recurring Fair Value Measurements


	Quarter Ended				Year to Date Ended
	6/30/2024		6/30/2023		6/30/2024		6/30/2023		Account Classification
Restaurant-level impairment(a)	$	7	$	14	$	7	$	14	Closure and impairment expenses, net

(a)

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Segment Reporting Information [Line Items]

Revenues

$ 2,679

$ 2,654

$ 5,637

$ 5,571

Operating Profit

266

257

640

673

Unallocated other income, net

Interest income, net

^[1]

Investment (gain) loss

^[1]

(11)

(28)

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

305

286

725

723

Impairment Charges

Total Assets

11,568

$ 12,031

KFC [Member]

Segment Reporting Information [Line Items]

Impairment Charges

^[2]

Pizza Hut [Member]

Segment Reporting Information [Line Items]

Impairment Charges

^[2]

All Other Segments [Member]

Segment Reporting Information [Line Items]

Impairment Charges

^[2]

Revenue From External Customers [Member]

Segment Reporting Information [Line Items]

Revenues

2,654

5,637

5,571

Corporate and Unallocated [Member]

Segment Reporting Information [Line Items]

Unallocated revenues from transactions with franchisees

^[3]

139

123

Unallocated Other revenues

Unallocated expenses for transactions with franchisees

^[3]

(66)

(59)

(138)

(122)

Unallocated Other operating costs and expenses

(16)

(10)

(30)

(18)

Unallocated and corporate G&A expenses

(36)

(46)

(78)

(101)

Total Assets

^[4]

5,092

5,409

Operating Segments [Member] | KFC [Member]

Segment Reporting Information [Line Items]

Revenues

2,014

1,984

4,244

4,182

Operating Profit

264

273

636

693

Total Assets

5,262

5,371

Operating Segments [Member] | Pizza Hut [Member]

Segment Reporting Information [Line Items]

Revenues

540

554

1,135

1,151

Operating Profit

Total Assets

889

904

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

Segment Reporting Information [Line Items]

Revenues

179

182

382

384

Operating Profit

(3)

(6)

(8)

(13)

Total Assets

325

$ 347

Operating Segments [Member] | Corporate and Unallocated [Member]

Segment Reporting Information [Line Items]

Revenues

^[1]

170

143

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

Segment Reporting Information [Line Items]

Revenues

2,014

1,984

4,244

4,182

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

Segment Reporting Information [Line Items]

Revenues

540

554

1,135

1,151

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

Segment Reporting Information [Line Items]

Revenues

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

Segment Reporting Information [Line Items]

Revenues

^[1]

170

143

Operating Segments [Member] | Inter-Segment Revenue [Member] | All Other Segments [Member]

Segment Reporting Information [Line Items]

Revenues

137

136

294

289

Operating Segments [Member] | Inter-Segment Revenue [Member] | Corporate and Unallocated [Member]

Segment Reporting Information [Line Items]

Revenues

^[1]

Elimination [Member]

Segment Reporting Information [Line Items]

Revenues

(137)

(136)

(294)

(289)

Combined [Member]

Segment Reporting Information [Line Items]

Revenues

2,816

2,790

5,931

5,860

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

Segment Reporting Information [Line Items]

Revenues

2,679

2,654

5,637

5,571

Combined [Member] | Inter-Segment Revenue [Member]

Segment Reporting Information [Line Items]

Revenues

$ 137

$ 136

$ 294

$ 289

[1]	Amounts have not been allocated to any segment for performance reporting purposes.
[2]	Primarily includes store closure impairment charges and restaurant-level impairment charges resulting from our semi-annual impairment evaluation.
[3]	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.
[4]	Primarily includes cash and cash equivalents, short-term investments, long-term bank deposits and notes, equity investments, and inventories that are centrally managed and PP&E that are not specifically identifiable within each segment. As substantially all of the Company's revenue is derived from the PRC and substantially all of the Company's long-lived assets are located in the PRC, no geographical information is presented. In addition, revenue derived from and long-lived assets located in the U.S., the Company’s country of domicile, are immaterial.

Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Equity

Note 6 – Equity

Share Repurchase and Retirement

Our Board of Directors has authorized an aggregate of $3.4 billion for our share repurchase program. During the years to date ended June 30, 2024 and 2023, the Company repurchased 21.7 million shares of common stock for $868 million, and 2.1 million shares of common stock for $124 million, respectively, under the repurchase program. The total repurchase cost included $3 million and $2 million settled subsequent to June 30, 2024 and 2023, for shares repurchased with trade dates on and prior to June 30, 2024 and 2023, respectively. As of June 30, 2024, approximately $666 million remained available for future share repurchases under the authorization.

Of the shares repurchased for the year to date ended June 30, 2024, 21.2 million shares were retired and resumed the status of authorized and unissued shares of common stock, and 0.5 million shares repurchased on the HKEX are expected to be retired subsequent to June 30, 2024 and included in Treasury stock in the Condensed Consolidated Financial Statement.

The Inflation Reduction Act of 2022 (“IRA”), which is discussed further in Note 12, imposes an excise tax of 1% on net share repurchases that occur after December 31, 2022. Estimated excise tax on net share repurchases, which was recognized as part of the cost of the shares repurchased, amounted to $8 million and $1 million for the years to date ended June 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Income Taxes - Narrative (Details)	1 Months Ended	6 Months Ended
Income Taxes - Narrative (Details)	Aug. 31, 2022	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Corporate alternative minimum tax rate	15.00%	15.00%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 1,043	$ 1,128
Short-term investments	1,434	1,472
Accounts receivable, net	74	68
Inventories, net	362	424
Prepaid expenses and other current assets	368	339
Total Current Assets	3,281	3,431
Property, plant and equipment, net	2,314	2,310
Operating lease right-of-use assets	2,151	2,217
Goodwill	1,888	1,932
Intangible assets, net	146	150
Long-term bank deposits and notes	1,051	1,265
Equity investments	343	332
Deferred income tax assets	132	129
Other assets	262	265
Total Assets	11,568	12,031
Current Liabilities
Accounts payable and other current liabilities	2,149	2,164
Short-term borrowings	416	168
Income taxes payable	113	90
Total Current Liabilities	2,678	2,422
Non-current operating lease liabilities	1,827	1,899
Non-current finance lease liabilities	46	44
Deferred income tax liabilities	386	390
Other liabilities	149	157
Total Liabilities	5,086	4,912
Redeemable Noncontrolling Interest	13	13
Equity
Common stock, $0.01 par value; 1,000 million shares authorized; 387 million shares and 407 million shares issued at June 30, 2024 and December 31, 2023, respectively; 386 million shares and 407 million shares outstanding at June 30, 2024 and December 31, 2023, respectively.	4	4
Treasury stock	(17)
Additional paid-in capital	4,103	4,320
Retained earnings	2,048	2,310
Accumulated other comprehensive loss	(326)	(229)
Total Yum China Holdings, Inc. Stockholders' Equity	5,812	6,405
Noncontrolling interests	657	701
Total Equity	6,469	7,106
Total Liabilities, Redeemable Noncontrolling Interest and Equity	$ 11,568	$ 12,031

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 77	$ 71	$ 190	$ 196
Effective tax rate	25.20%	24.70%	26.20%	27.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Leases - Summary of Lease Cost (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Schedule Of Lease Assets And Liabilities [Line Items]
Lease concessions from landlords related to the effects of COVID-19	$ 2	$ 10

Leases - Schedule of Lease Term and Discount Rate (Details)	Jun. 30, 2024	Jun. 30, 2023
Weighted-average remaining lease term (years)
Operating leases	6 years 10 months 24 days	7 years 1 month 6 days
Finance leases	10 years 9 months 18 days	11 years 2 months 12 days
Weighted-average discount rate
Operating leases	4.80%	5.00%
Finance leases	4.90%	5.10%

Equity - Narrative (Details) - USD ($) shares in Millions	6 Months Ended
Equity - Narrative (Details) - USD ($) shares in Millions	Jun. 30, 2024	Jun. 30, 2023
Class Of Stock [Line Items]
Stock repurchase program, authorized amount	$ 3,400,000,000
Treasury stock repurchased, shares	21.7	2.1
Treasury stock repurchased, value	$ 868,000,000	$ 124,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 666,000,000
Number of shares repurchased	0.5
Shares repurchases retired and resumed	21.2
Excise tax on net share repurchases	1.00%
Excise tax on net share repurchases cost	$ 8,000,000	1,000,000
$3 Million Settled Subsequent to June 30, 2024 [Member]
Class Of Stock [Line Items]
Treasury stock repurchased, value	$ 3,000,000
$2 Million Settled Subsequent to June 30, 2023 [Member]
Class Of Stock [Line Items]
Treasury stock repurchased, value		$ 2,000,000

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

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Schedule Of Lease Assets And Liabilities [Line Items]

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

^[1]

$ 177

$ 153

Non Cash Transactions [Member]

Schedule Of Lease Assets And Liabilities [Line Items]

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

180

171

Modification or Other Reassessment Events [Member]

Schedule Of Lease Assets And Liabilities [Line Items]

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

$ 2

$ 15

[1]

Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, $ in Millions	Aug. 05, 2024 USD ($) $ / shares
Subsequent Event [Line Items]
Dividends declared date	Aug. 05, 2024
Dividends payable, amount per share \| $ / shares	$ 0.16
Dividends payable date	Sep. 17, 2024
Dividends payable, date of record	Aug. 27, 2024
Estimated cash dividend payable \| $	$ 61

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Disaggregation Of Revenue [Line Items]

Total revenues

$ 2,679

$ 2,654

$ 5,637

$ 5,571

Combined [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

2,816

2,790

5,931

5,860

Elimination [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

(137)

(136)

(294)

(289)

Operating Segments [Member] | KFC [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

2,014

1,984

4,244

4,182

Operating Segments [Member] | Pizza Hut [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

540

554

1,135

1,151

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

Disaggregation Of Revenue [Line Items]

Total revenues

179

182

382

384

Operating Segments [Member] | Corporate and Unallocated [Member]

Disaggregation Of Revenue [Line Items]

Total revenues

^[1]

170

143

Company Sales [Member]

Disaggregation Of Revenue [Line Items]

Revenues

2,528

2,517

5,322

5,289

Company Sales [Member] | Combined [Member]

Disaggregation Of Revenue [Line Items]

Revenues

2,528

2,517

5,322

5,289

Company Sales [Member] | Operating Segments [Member] | KFC [Member]

Disaggregation Of Revenue [Line Items]

Revenues

1,983

1,954

4,176

4,120

Company Sales [Member] | Operating Segments [Member] | Pizza Hut [Member]

Disaggregation Of Revenue [Line Items]

Revenues

530

546

1,117

1,137

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

Disaggregation Of Revenue [Line Items]

Revenues

Franchise [Member]

Disaggregation Of Revenue [Line Items]

Revenues

Franchise [Member] | Combined [Member]

Disaggregation Of Revenue [Line Items]

Revenues

Franchise [Member] | Operating Segments [Member] | KFC [Member]

Disaggregation Of Revenue [Line Items]

Revenues

Franchise [Member] | Operating Segments [Member] | Pizza Hut [Member]

Disaggregation Of Revenue [Line Items]

Revenues

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

Disaggregation Of Revenue [Line Items]

Revenues

Transactions With Franchisees [Member]

Disaggregation Of Revenue [Line Items]

Revenues

203

182

Transactions With Franchisees [Member] | Combined [Member]

Disaggregation Of Revenue [Line Items]

Revenues

203

182

Transactions With Franchisees [Member] | Operating Segments [Member] | KFC [Member]

Disaggregation Of Revenue [Line Items]

Revenues

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

Disaggregation Of Revenue [Line Items]

Revenues

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

Disaggregation Of Revenue [Line Items]

Revenues

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

Disaggregation Of Revenue [Line Items]

Revenues

139

123

Other Revenues [Member]

Disaggregation Of Revenue [Line Items]

Revenues

Other Revenues [Member] | Combined [Member]

Disaggregation Of Revenue [Line Items]

Revenues

170

163

359

343

Other Revenues [Member] | Elimination [Member]

Disaggregation Of Revenue [Line Items]

Revenues

(137)

(136)

(294)

(289)

Other Revenues [Member] | Operating Segments [Member] | KFC [Member]

Disaggregation Of Revenue [Line Items]

Revenues

Other Revenues [Member] | Operating Segments [Member] | Pizza Hut [Member]

Disaggregation Of Revenue [Line Items]

Revenues

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

Disaggregation Of Revenue [Line Items]

Revenues

144

308

306

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

Disaggregation Of Revenue [Line Items]

Revenues

$ 16

$ 10

$ 31

$ 20

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

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 4 – Revenue Recognition

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

Company Sales

Franchise Fees and Income

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.

Other Revenues

Loyalty Programs

Disaggregation of Revenue

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


	Quarter Ended 6/30/2024
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	1,983	$	530	$	15	$	—	$	2,528	$	—		$	2,528
Franchise fees and income		16		2		4		—		22		—			22
Revenues from transactions with franchisees		12		1		16		67		96		—			96
Other revenues		3		7		144		16		170		(137	)		33
Total revenues	$	2,014	$	540	$	179	$	83	$	2,816	$	(137	)	$	2,679


	Quarter Ended 6/30/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	1,954	$	546	$	17	$	—	$	2,517	$	—		$	2,517
Franchise fees and income		15		2		4		—		21		—			21
Revenues from transactions with franchisees		11		1		17		60		89		—			89
Other revenues		4		5		144		10		163		(136	)		27
Total revenues	$	1,984	$	554	$	182	$	70	$	2,790	$	(136	)	$	2,654


	Year to Date Ended 6/30/2024
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	4,176	$	1,117	$	29	$	—	$	5,322	$	—		$	5,322
Franchise fees and income		34		4		9		—		47		—			47
Revenues from transactions with franchisees		26		2		36		139		203		—			203
Other revenues		8		12		308		31		359		(294	)		65
Total revenues	$	4,244	$	1,135	$	382	$	170	$	5,931	$	(294	)	$	5,637


	Year to Date Ended 6/30/2023
Revenues	KFC		Pizza Hut		All Other Segments		Corporate and Unallocated		Combined		Elimination			Consolidated
Company sales	$	4,120	$	1,137	$	32	$	—	$	5,289	$	—		$	5,289
Franchise fees and income		32		4		10		—		46		—			46
Revenues from transactions with franchisees		21		2		36		123		182		—			182
Other revenues		9		8		306		20		343		(289	)		54
Total revenues	$	4,182	$	1,151	$	384	$	143	$	5,860	$	(289	)	$	5,571

Accounts Receivable

Costs to Obtain Contracts

Contract Liabilities

Contract liabilities at June 30, 2024 and December 31, 2023 were as follows:


Contract liabilities	6/30/2024		12/31/2023
– Deferred revenue related to prepaid stored-value products	$	160	$	142
– Deferred revenue related to upfront franchise fees		38		37
– Deferred revenue related to customer loyalty programs		24		24
– Deferred revenue related to privilege membership programs		28		24
– Others		—		1
Total	$	250	$	228

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 $53 million and $72 million for the quarters ended June 30, 2024 and 2023, respectively, and $78 million and $81 million for the years to date ended June 30, 2024 and 2023, 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

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

Jun. 30, 2024

USD ($)

Amount of Operating Leases

$ 274

463

416

362

297

832

Total undiscounted lease payment

2,644

Less: imputed interest

399

^[1]

Present value of lease liabilities

2,245

Amount of Finance Leases

Total undiscounted lease payment

Less: imputed interest

^[1]

Present value of lease liabilities

Amount of Operating And Finance Leases, Total

278

470

423

368

303

868

Total undiscounted lease payment

2,710

Less: imputed interest

414

^[1]

Present value of lease liabilities

$ 2,296

[1]

Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Revenues

Total revenues

$ 2,679

$ 2,654

$ 5,637

$ 5,571

Costs and Expenses, Net

General and administrative expenses

133

153

273

316

Other operating costs and expenses

Closures and impairment expenses, net

Other (income) expenses, net

(1)

Total costs and expenses, net

2,413

2,397

4,997

4,898

Operating Profit

266

257

640

673

Interest income, net

^[1]

Investment gain (loss)

^[1]

(11)

(28)

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

305

286

725

723

Income tax provision

(77)

(71)

(190)

(196)

Equity in net earnings (losses) from equity method investments

(1)

Net income – including noncontrolling interests

228

214

535

527

Net income – noncontrolling interests

Net Income – Yum China Holdings, Inc.

$ 212

$ 197

$ 499

$ 486

Weighted-average common shares outstanding (in millions):

Basic

^[2]

389

418

395

418

Diluted

^[2]

391

422

397

423

Basic Earnings Per Common Share

$ 0.55

$ 0.47

$ 1.27

$ 1.16

Diluted Earnings Per Common Share

$ 0.55

$ 0.47

$ 1.26

$ 1.15

Company Sales [Member]

Revenues

Revenues

$ 2,528

$ 2,517

$ 5,322

$ 5,289

Franchise [Member]

Revenues

Revenues

Costs and Expenses, Net

Cost of goods and services sold

Transactions With Franchisees [Member]

Revenues

Revenues

203

182

Costs and Expenses, Net

Cost of goods and services sold

196

175

Other Revenues [Member]

Revenues

Revenues

Company Restaurant Expenses [Member]

Costs and Expenses, Net

Food and paper

797

773

1,693

1,608

Payroll and employee benefits

666

665

1,374

1,348

Occupancy and other operating expenses

674

675

1,371

1,366

Cost of goods and services sold

$ 2,137

$ 2,113

$ 4,438

$ 4,322

[1]

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

[2]

Earnings Per Common Share ("EPS")

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earning Per Common Share (EPS)

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				Year to Date Ended
	6/30/2024		6/30/2023		6/30/2024		6/30/2023
Net Income – Yum China Holdings, Inc.	$	212	$	197	$	499	$	486
Weighted-average common shares outstanding (for basic calculation)(a)		389		418		395		418
Effect of dilutive share-based awards(a)		2		4		2		5
Weighted-average common and dilutive potential common shares outstanding (for diluted calculation)(a)		391		422		397		423
Basic Earnings Per Common Share	$	0.55	$	0.47	$	1.27	$	1.16
Diluted Earnings Per Common Share	$	0.55	$	0.47	$	1.26	$	1.15
Share-based awards excluded from the diluted EPS computation(b)		6		2		6		2

(a)

(b)

Leases - Summary of Supplemental Balance Sheet (Details) - USD ($)
$ in Millions

Jun. 30, 2024

Dec. 31, 2023

Schedule Of Lease Assets And Liabilities [Abstract]

Operating lease right-of-use assets

$ 2,151

$ 2,217

Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]

Operating lease right-of-use assets

Finance lease right-of-use assets

$ 43

$ 41

Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]

Property, Plant and Equipment, Net

Total leased assets

^[1]

$ 2,194

$ 2,258

Operating lease liabilities

418

426

Finance lease liabilities, Current

$ 5

Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]

Accounts payable and other current liabilities

Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]

Accounts payable and other current liabilities

Non-current operating lease liabilities

$ 1,827

$ 1,899

Non-current finance lease liabilities

Total lease liabilities

^[1]

$ 2,296

$ 2,374

[1]

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Lease, Cost [Abstract]

Operating lease cost

$ 128

$ 258

$ 261

Finance lease cost

Amortization of leased assets

Interest on lease liabilities

Variable lease cost

^[1]

212

201

Short-term lease cost

Sub-lease income

(5)

(10)

(11)

Total lease cost

$ 225

$ 224

$ 470

$ 462

[1]

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

Jun. 30, 2024

Dec. 31, 2023

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

Cash equivalents, Fair Value Measurement or Disclosure

$ 501

$ 318

Investments, Fair Value Measurement or Disclosure

1,434

1,472

Long-term bank deposits and notes

1,051

1,265

Total assets, Fair Value Measurement or Disclosure

3,047

3,100

Level 1 [Member]

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

Cash equivalents, Fair Value Measurement or Disclosure

Investments, Fair Value Measurement or Disclosure

Total assets, Fair Value Measurement or Disclosure

146

Level 2 [Member]

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

Cash equivalents, Fair Value Measurement or Disclosure

483

293

Investments, Fair Value Measurement or Disclosure

1,367

1,451

Long-term bank deposits and notes

1,051

1,265

Total assets, Fair Value Measurement or Disclosure

2,901

3,009

Time Deposits [Member]

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

Cash equivalents, Fair Value Measurement or Disclosure

300

293

Investments, Fair Value Measurement or Disclosure

986

1,113

Long-term bank deposits and notes

580

903

Time Deposits [Member] | Level 2 [Member]

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

Cash equivalents, Fair Value Measurement or Disclosure

300

293

Investments, Fair Value Measurement or Disclosure

986

1,113

Long-term bank deposits and notes

580

903

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

^[1]

Investments, Fair Value Measurement or Disclosure

^[1]

183

200

Long-term bank deposits and notes

^[1]

471

362

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

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

Cash equivalents, Fair Value Measurement or Disclosure

^[1]

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

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

Investments, Fair Value Measurement or Disclosure

^[1]

183

200

Long-term bank deposits and notes

^[1]

471

362

Money Market Funds [Member]

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

Investment in Equity Securities [Member]

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]

Investments, Fair Value Measurement or Disclosure

381

138

Structured Deposits [Member] | Level 2 [Member]

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

Investments, Fair Value Measurement or Disclosure

381

138

Variable Return Investments [Member]

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

Investments, Fair Value Measurement or Disclosure

Variable Return Investments [Member] | Level 1 [Member]

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

Investments, Fair Value Measurement or Disclosure

$ 67

$ 21

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

Basis of Presentation

6 Months Ended

Jun. 30, 2024

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 June 30, 2024, and our results of operations, comprehensive income, statements of equity for the quarters and years to date ended June 30, 2024 and 2023 and cash flows for the years to date ended June 30, 2024 and 2023. 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 February 29, 2024.

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.

Recently Adopted Accounting Pronouncements

Supplemental Balance Sheet Information

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Information

Note 7 – Supplemental Balance Sheet Information


Accounts Receivable, net	6/30/2024			12/31/2023
Accounts receivable, gross	$	76		$	69
Allowance for doubtful accounts		(2	)		(1	)
Accounts receivable, net	$	74		$	68


Prepaid Expenses and Other Current Assets	6/30/2024		12/31/2023
Value-added tax ("VAT") assets	$	99	$	91
Receivables from payment processors and aggregators		80		78
Interest receivables		64		46
Deposits, primarily lease deposits		23		25
Other prepaid expenses and current assets		102		99
Prepaid expenses and other current assets	$	368	$	339


Property, Plant and Equipment (“PP&E”)	6/30/2024			12/31/2023
Buildings and improvements, and construction in progress	$	3,081		$	3,073
Finance leases, primarily buildings		73			68
Machinery and equipment		1,791			1,742
PP&E, gross		4,945			4,883
Accumulated depreciation		(2,631	)		(2,573	)
PP&E, net	$	2,314		$	2,310


Equity Investments	6/30/2024		12/31/2023
Investment in equity method investees	$	282	$	287
Investment in equity securities		61		45
Equity investments	$	343	$	332


Other Assets	6/30/2024		12/31/2023
Land use right	$	110	$	115
Long-term deposits, primarily lease deposits		96		94
Prepayment for acquisition of PP&E		30		28
VAT assets		8		6
Costs to obtain contracts		6		6
Others		12		16
Other assets	$	262	$	265


Accounts Payable and Other Current Liabilities	6/30/2024		12/31/2023
Accounts payable	$	819	$	786
Operating lease liabilities		418		426
Contract liabilities		217		196
Accrued compensation and benefits		213		299
Accrued capital expenditures		167		226
Dividends payable		91		40
Accrued marketing expenses		56		51
Other current liabilities		168		140
Accounts payable and other current liabilities	$	2,149	$	2,164


Other Liabilities	6/30/2024		12/31/2023
Contract liabilities	$	33	$	32
Accrued income tax payable		20		39
Other non-current liabilities		96		86
Other liabilities	$	149	$	157