$MCD
MCDONALDS CORP

2017 Q1 Form 10-Q Financial Statement

#000006390817000025 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $5.676B $5.904B
YoY Change -3.86% -0.92%
Cost Of Revenue $3.247B $3.590B
YoY Change -9.58% -4.46%
Gross Profit $2.429B $2.314B
YoY Change 5.01% 5.11%
Gross Profit Margin 42.8% 39.19%
Selling, General & Admin $521.3M $578.0M
YoY Change -9.81% -0.82%
% of Gross Profit 21.46% 24.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $325.3M $383.7M
YoY Change -15.22% -0.62%
% of Gross Profit 13.39% 16.59%
Operating Expenses $521.3M $578.0M
YoY Change -9.81% -0.82%
Operating Profit $2.034B $1.780B
YoY Change 14.25% 28.5%
Interest Expense $218.6M $218.3M
YoY Change 0.14% 48.2%
% of Operating Profit 10.75% 12.26%
Other Income/Expense, Net -$7.900M $14.40M
YoY Change -154.86% -9.43%
Pretax Income $1.808B $1.576B
YoY Change 14.66% 25.7%
Income Tax $592.7M $451.6M
% Of Pretax Income 32.79% 28.65%
Net Earnings $1.215B $1.125B
YoY Change 8.0% 38.61%
Net Earnings / Revenue 21.4% 19.05%
Basic Earnings Per Share $1.48 $1.27
Diluted Earnings Per Share $1.47 $1.25
COMMON SHARES
Basic Shares Outstanding 818.8M shares 888.9M shares
Diluted Shares Outstanding 825.2M shares 896.3M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.412B $3.310B
YoY Change -27.13% 102.45%
Cash & Equivalents $2.412B $3.310B
Short-Term Investments
Other Short-Term Assets $2.102B $486.0M
YoY Change 332.51% -36.64%
Inventory $56.80M $93.70M
Prepaid Expenses
Receivables $1.337B $1.162B
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.907B $5.052B
YoY Change 16.94% 40.6%
LONG-TERM ASSETS
Property, Plant & Equipment $21.21B $23.42B
YoY Change -9.43% 0.52%
Goodwill $2.299B $2.570B
YoY Change -10.53% -0.91%
Intangibles
YoY Change
Long-Term Investments $767.0M $820.0M
YoY Change -6.46% -8.99%
Other Assets $1.933B $1.932B
YoY Change 0.06% 9.34%
Total Long-Term Assets $26.21B $28.74B
YoY Change -8.8% 0.63%
TOTAL ASSETS
Total Short-Term Assets $5.907B $5.052B
Total Long-Term Assets $26.21B $28.74B
Total Assets $32.12B $33.80B
YoY Change -4.96% 5.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $678.4M $654.5M
YoY Change 3.65% -6.77%
Accrued Expenses $1.430B $1.906B
YoY Change -24.97% 13.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $222.9M
YoY Change
Total Short-Term Liabilities $3.221B $2.859B
YoY Change 12.66% 3.88%
LONG-TERM LIABILITIES
Long-Term Debt $26.98B $23.35B
YoY Change 15.55% 63.4%
Other Long-Term Liabilities $2.139B $2.061B
YoY Change 3.79% 3.16%
Total Long-Term Liabilities $29.12B $25.41B
YoY Change 14.6% 56.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.221B $2.859B
Total Long-Term Liabilities $29.12B $25.41B
Total Liabilities $32.34B $28.27B
YoY Change 14.4% 48.48%
SHAREHOLDERS EQUITY
Retained Earnings $46.67B $44.91B
YoY Change 3.91% 3.75%
Common Stock $16.60M $16.60M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $52.82B $44.75B
YoY Change 18.03% 25.24%
Treasury Stock Shares 845.6M shares 782.8M shares
Shareholders Equity -$2.031B $3.863B
YoY Change
Total Liabilities & Shareholders Equity $32.12B $33.80B
YoY Change -4.96% 5.1%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $1.215B $1.125B
YoY Change 8.0% 38.61%
Depreciation, Depletion And Amortization $325.3M $383.7M
YoY Change -15.22% -0.62%
Cash From Operating Activities $1.544B $1.745B
YoY Change -11.53% 2.69%
INVESTING ACTIVITIES
Capital Expenditures $427.7M $391.8M
YoY Change 9.16% -0.2%
Acquisitions
YoY Change
Other Investing Activities $42.20M $11.80M
YoY Change 257.63% 180.95%
Cash From Investing Activities $138.1M -$255.9M
YoY Change -153.97% -26.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $748.0M $4.312B
YoY Change -82.65% 611.03%
Debt Paid & Issued, Net $402.1M $213.5M
YoY Change 88.34% -60.85%
Cash From Financing Activities -$587.2M -$5.979B
YoY Change -90.18% 275.24%
NET CHANGE
Cash From Operating Activities $1.544B $1.745B
Cash From Investing Activities $138.1M -$255.9M
Cash From Financing Activities -$587.2M -$5.979B
Net Change In Cash $1.095B -$4.489B
YoY Change -124.39% 1747.49%
FREE CASH FLOW
Cash From Operating Activities $1.544B $1.745B
Capital Expenditures $427.7M $391.8M
Free Cash Flow $1.116B $1.353B
YoY Change -17.52% 3.56%

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CY2017Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-04, &#8220;Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,&#8221;&#160;which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, an impairment charge will be recorded based on the excess of a reporting unit's carrying amount over its fair value. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently evaluating the impact of ASU 2017-04.</font></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU 2016-16, &#8220;Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.&#8221; The goal of this update is to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual reporting periods. The Company anticipates that ASU 2016-16 will have a material impact on the Company&#8217;s consolidated balance sheet, primarily resulting in additional deferred tax assets. The Company expects little to no impact on the consolidated statement of income or the Company&#8217;s cash flows. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Lease Accounting</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases (Topic 842),&#8221; to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company anticipates ASU 2016-02 to have a material impact on the consolidated balance sheet. Upon adoption, a portion of our franchise related revenue may be subject to the allocation provisions outlined in ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." We are currently evaluating the specific implementation requirements, if any, for allocating consideration within our lessor contracts in accordance with ASU 2014-09. The impact of ASU 2016-02 is non-cash in nature, as such, it will not affect the Company&#8217;s cash flows.</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued guidance codified in Accounting Standards Codification ("ASC") 606, "Revenue Recognition - Revenue from Contracts with Customers," which amends the guidance in former ASC 605, "Revenue Recognition." The core principal of the standard is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration expected to be received for those goods or services. The standard also calls for additional disclosures around the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard will be effective for the Company beginning January 1, 2018, with early adoption permitted. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption ("modified retrospective method"). The Company currently expects to apply the modified retrospective method upon adoption. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company does not believe the standard will impact its recognition of revenue from company-operated restaurants or its recognition of royalties from restaurants operated by franchisees or licensed to affiliates and developmental licensees, which are based on a percent of sales. While we continue to assess the potential impacts to other less significant revenue transactions, we currently believe the standard will change the way initial fees from franchisees for new restaurant openings or new franchise terms are recognized. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's current accounting policy is to recognize initial franchise fees when "earned" per the contract terms, which is when a new store opens or at the start of a new franchise term. In accordance with the new guidance, the initial franchise services are not distinct from the continuing rights or services offered during the term of the franchise agreement, and will therefore be treated as a single performance obligation. As such, initial fees received will likely be recognized over the franchise term. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We do not anticipate this impact to be material to the Company&#8217;s consolidated statement of income, and the cumulative catch-up adjustment to be recorded as deferred revenue upon adoption is expected to be approximately </font><font style="font-family:inherit;font-size:10pt;">2%</font><font style="font-family:inherit;font-size:10pt;"> of the Company's consolidated long-term liabilities. No impact to the Company's consolidated statement of cash flows is expected as the initial fees will continue to be collected upon store opening date or the beginning of a new franchise term. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Upon adoption of ASU 2016-02, a portion of our franchise related revenue may be subject to the allocation provisions outlined within the revenue recognition standard. We are currently evaluating the specific implementation requirements, if any, for allocating consideration within our lessor contracts in accordance with the revenue recognition standard.</font></div></div>

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