$MCD
MCDONALDS CORP

2017 Q3 Form 10-Q Financial Statement

#000006390817000053 Filed on November 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3 2016 Q2
Revenue $5.755B $6.424B $6.265B
YoY Change -10.42% -2.89% -3.58%
Cost Of Revenue $2.937B $3.677B $3.679B
YoY Change -20.12% -8.62% -8.19%
Gross Profit $2.818B $2.747B $2.586B
YoY Change 2.57% 6.01% 3.84%
Gross Profit Margin 48.96% 42.76% 41.28%
Selling, General & Admin $567.0M $582.9M $596.1M
YoY Change -2.73% -0.19% 0.62%
% of Gross Profit 20.12% 21.22% 23.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $355.8M $370.6M $383.3M
YoY Change -3.99% -4.41% -2.27%
% of Gross Profit 12.63% 13.49% 14.82%
Operating Expenses $567.0M $582.9M $596.1M
YoY Change -2.73% -0.19% 0.62%
Operating Profit $3.079B $2.137B $1.858B
YoY Change 44.08% 5.27% 0.47%
Interest Expense $236.7M $221.4M $223.9M
YoY Change 6.91% 37.6% 50.07%
% of Operating Profit 7.69% 10.36% 12.05%
Other Income/Expense, Net -$23.20M -$11.40M $16.20M
YoY Change 103.51% -226.67% 31.71%
Pretax Income $2.820B $1.905B $1.650B
YoY Change 48.04% 1.39% -3.63%
Income Tax $935.8M $629.1M $557.3M
% Of Pretax Income 33.19% 33.03% 33.77%
Net Earnings $1.884B $1.275B $1.093B
YoY Change 47.69% -2.58% -9.11%
Net Earnings / Revenue 32.73% 19.85% 17.44%
Basic Earnings Per Share $2.34 $1.52 $1.27
Diluted Earnings Per Share $2.32 $1.50 $1.25
COMMON SHARES
Basic Shares Outstanding 805.3M shares 841.4M shares 864.0M shares
Diluted Shares Outstanding 813.5M shares 847.7M shares 871.2M shares

Balance Sheet

Concept 2017 Q3 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.671B $2.267B $3.128B
YoY Change 17.82% -7.58% -21.78%
Cash & Equivalents $2.671B $2.267B $3.128B
Short-Term Investments
Other Short-Term Assets $496.0M $595.0M $564.0M
YoY Change -16.64% -26.09% -18.61%
Inventory $54.20M $90.50M $87.40M
Prepaid Expenses
Receivables $1.569B $1.350B $1.267B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.790B $4.302B $5.047B
YoY Change 11.35% -4.24% -15.5%
LONG-TERM ASSETS
Property, Plant & Equipment $21.98B $22.99B $22.85B
YoY Change -4.38% -1.09% -3.55%
Goodwill $2.373B $2.505B $2.499B
YoY Change -5.25% -2.98% -4.91%
Intangibles
YoY Change
Long-Term Investments $1.000B $878.0M $852.0M
YoY Change 13.9% 3.66% -0.93%
Other Assets $2.418B $1.816B $1.899B
YoY Change 33.1% 0.96% 5.71%
Total Long-Term Assets $27.77B $28.18B $28.10B
YoY Change -1.47% -0.99% -3.02%
TOTAL ASSETS
Total Short-Term Assets $4.790B $4.302B $5.047B
Total Long-Term Assets $27.77B $28.18B $28.10B
Total Assets $32.56B $32.49B $33.15B
YoY Change 0.22% -1.43% -5.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $685.2M $852.2M $574.6M
YoY Change -19.6% 6.18% -31.6%
Accrued Expenses $1.694B $2.290B $1.873B
YoY Change -26.03% 15.95% 0.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $215.8M
YoY Change
Total Short-Term Liabilities $3.740B $4.477B $2.667B
YoY Change -16.45% 51.42% -3.39%
LONG-TERM LIABILITIES
Long-Term Debt $28.40B $26.01B $26.01B
YoY Change 9.21% 44.56% 45.29%
Other Long-Term Liabilities $2.292B $2.249B $2.208B
YoY Change 1.95% 8.53% 4.53%
Total Long-Term Liabilities $30.69B $28.26B $28.22B
YoY Change 8.63% 40.84% 40.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.740B $4.477B $2.667B
Total Long-Term Liabilities $30.69B $28.26B $28.22B
Total Liabilities $34.44B $32.73B $30.89B
YoY Change 5.2% 42.2% 35.61%
SHAREHOLDERS EQUITY
Retained Earnings $47.63B $45.03B $45.27B
YoY Change 5.78% 1.87% 3.64%
Common Stock $16.60M $16.60M $16.60M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $55.88B $50.76B $48.11B
YoY Change 10.09% 27.8% 28.67%
Treasury Stock Shares 863.4M shares 830.2M shares 807.3M shares
Shareholders Equity -$3.478B -$1.624B $640.0M
YoY Change
Total Liabilities & Shareholders Equity $32.56B $32.49B $33.15B
YoY Change 0.22% -1.43% -5.15%

Cashflow Statement

Concept 2017 Q3 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $1.884B $1.275B $1.093B
YoY Change 47.69% -2.58% -9.11%
Depreciation, Depletion And Amortization $355.8M $370.6M $383.3M
YoY Change -3.99% -4.41% -2.27%
Cash From Operating Activities $1.685B $2.251B $1.248B
YoY Change -25.17% 15.6% -17.52%
INVESTING ACTIVITIES
Capital Expenditures $416.9M $405.3M $352.5M
YoY Change 2.86% -1.79% -15.24%
Acquisitions
YoY Change
Other Investing Activities $45.70M $49.70M $20.90M
YoY Change -8.05% 12.95% -213.59%
Cash From Investing Activities $1.175B -$351.1M -$203.7M
YoY Change -434.58% -16.11% -41.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.082B $1.970B $3.381B
YoY Change 5.68% -17.66% 117.35%
Debt Paid & Issued, Net $3.600M $5.700M $600.4M
YoY Change -36.84% -8.06% 19.74%
Cash From Financing Activities -$2.810B -$2.776B -$1.137B
YoY Change 1.24% -6.81% -204.52%
NET CHANGE
Cash From Operating Activities $1.685B $2.251B $1.248B
Cash From Investing Activities $1.175B -$351.1M -$203.7M
Cash From Financing Activities -$2.810B -$2.776B -$1.137B
Net Change In Cash $49.20M -$875.7M -$92.10M
YoY Change -105.62% -39.59% -104.08%
FREE CASH FLOW
Cash From Operating Activities $1.685B $2.251B $1.248B
Capital Expenditures $416.9M $405.3M $352.5M
Free Cash Flow $1.268B $1.846B $895.9M
YoY Change -31.33% 20.27% -18.38%

Facts In Submission

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CY2017Q3 us-gaap Net Income Loss
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NetIncomeLoss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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50700000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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780600000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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255000000.0 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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252200000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
50700000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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889900000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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273300000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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10200000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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500000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
0 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax
100000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2017Q3 us-gaap Comprehensive Income Net Of Tax
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CY2016Q3 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2017Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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370600000 USD
us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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CY2017Q3 us-gaap Deferred Income Tax Expense Benefit
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CY2016Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
375600000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2017Q3 us-gaap Share Based Compensation
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39500000 USD
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ShareBasedCompensation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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102100000 USD
CY2017Q3 us-gaap Gain Loss On Sale Of Business
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902000000.0 USD
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69100000 USD
us-gaap Gain Loss On Sale Of Business
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1065200000 USD
us-gaap Gain Loss On Sale Of Business
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208100000 USD
CY2017Q3 us-gaap Other Noncash Income Expense
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42300000 USD
CY2016Q3 us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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67800000 USD
us-gaap Other Noncash Income Expense
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CY2017Q3 us-gaap Increase Decrease In Operating Capital
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us-gaap Increase Decrease In Operating Capital
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398400000 USD
us-gaap Increase Decrease In Operating Capital
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CY2017Q3 us-gaap Net Cash Provided By Used In Operating Activities
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1684500000 USD
CY2016Q3 us-gaap Net Cash Provided By Used In Operating Activities
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2251100000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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4441900000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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5244700000 USD
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q3 us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1213300000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1149600000 USD
CY2017Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
20800000 USD
CY2016Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
38300000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
38900000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
75300000 USD
CY2017Q3 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1900000 USD
CY2016Q3 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
125400000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
851800000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
441400000 USD
CY2017Q3 mcd Proceedsfromsaleofbusinessesin Chinaand Hong Kong
ProceedsfromsaleofbusinessesinChinaandHongKong
1597000000.0 USD
CY2016Q3 mcd Proceedsfromsaleofbusinessesin Chinaand Hong Kong
ProceedsfromsaleofbusinessesinChinaandHongKong
0 USD
mcd Proceedsfromsaleofbusinessesin Chinaand Hong Kong
ProceedsfromsaleofbusinessesinChinaandHongKong
1597000000.0 USD
mcd Proceedsfromsaleofbusinessesin Chinaand Hong Kong
ProceedsfromsaleofbusinessesinChinaandHongKong
0 USD
CY2017Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
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59200000 USD
CY2016Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
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16800000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
153300000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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55200000 USD
CY2017Q3 us-gaap Payments For Proceeds From Other Investing Activities
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45700000 USD
CY2016Q3 us-gaap Payments For Proceeds From Other Investing Activities
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49700000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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183900000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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82400000 USD
CY2017Q3 us-gaap Net Cash Provided By Used In Investing Activities
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CY2016Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
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1166000000.0 USD
us-gaap Net Cash Provided By Used In Investing Activities
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CY2017Q3 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2016Q3 us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Repayments Of Short Term Debt
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CY2017Q3 us-gaap Proceeds From Issuance Of Long Term Debt
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400000 USD
CY2016Q3 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
600000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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2530500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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3372700000 USD
CY2017Q3 us-gaap Repayments Of Long Term Debt
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CY2016Q3 us-gaap Repayments Of Long Term Debt
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5700000 USD
us-gaap Repayments Of Long Term Debt
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407100000 USD
us-gaap Repayments Of Long Term Debt
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819600000 USD
CY2017Q3 us-gaap Payments For Repurchase Of Common Stock
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2081700000 USD
CY2016Q3 us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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CY2017Q3 us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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CY2017Q3 us-gaap Proceeds From Stock Options Exercised
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82500000 USD
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36100000 USD
us-gaap Proceeds From Stock Options Exercised
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373100000 USD
us-gaap Proceeds From Stock Options Exercised
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249900000 USD
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3500000 USD
CY2016Q3 us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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-1100000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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CY2017Q3 us-gaap Net Cash Provided By Used In Financing Activities
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CY2016Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2017Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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14400000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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229600000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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38400000 USD
CY2017Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
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125400000 USD
CY2016Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1273800000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2017Q3 mcd Increase Decreaseincashbalancesofbusinessesheldforsale
IncreaseDecreaseincashbalancesofbusinessesheldforsale
153400000 USD
CY2016Q3 mcd Increase Decreaseincashbalancesofbusinessesheldforsale
IncreaseDecreaseincashbalancesofbusinessesheldforsale
0 USD
mcd Increase Decreaseincashbalancesofbusinessesheldforsale
IncreaseDecreaseincashbalancesofbusinessesheldforsale
174000000.0 USD
mcd Increase Decreaseincashbalancesofbusinessesheldforsale
IncreaseDecreaseincashbalancesofbusinessesheldforsale
0 USD
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2392400000 USD
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3128000000.0 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1223400000 USD
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2671200000 USD
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2266700000 USD
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2671200000 USD
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2266700000 USD
CY2017Q3 us-gaap Number Of Restaurants
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36976 Restaurant
CY2016Q3 us-gaap Number Of Restaurants
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36615 Restaurant
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8200000 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6300000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7600000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7100000 shares
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4200000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1200000 shares
CY2017Q3 us-gaap Dividends Payable Amount Per Share
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1.01
CY2017Q3 us-gaap Dividends Payable Current
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CY2017Q3 us-gaap Debt Instrument Carrying Amount
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28600000000 USD
CY2017Q3 us-gaap Derivative Fair Value Of Derivative Asset
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163600000 USD
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Asset
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181300000 USD
CY2017Q3 us-gaap Derivative Fair Value Of Derivative Liability
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54700000 USD
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Liability
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5600000 USD
CY2017Q3 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
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CY2017Q3 us-gaap Revenues
Revenues
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CY2016Q3 us-gaap Revenues
Revenues
6424100000 USD
us-gaap Revenues
Revenues
17480200000 USD
us-gaap Revenues
Revenues
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CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3079400000 USD
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OperatingIncomeLoss
2137300000 USD
us-gaap Operating Income Loss
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7408500000 USD
us-gaap Operating Income Loss
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5775500000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
Recently Issued Accounting Standards<div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles</span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” 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 does not expect an impact to the consolidated financial statements from the adoption of ASU 2017-04.</span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes</span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” 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 ASU 2016-16 will have a material impact on the consolidated balance sheet, primarily resulting in additional deferred tax assets and a related reduction in prepaid assets, but little to no impact on the consolidated statements of income and cash flows. </span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Lease Accounting</span></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” 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 will have a material impact on the consolidated balance sheet. The impact of ASU 2016-02 is non-cash in nature, as such, it will not affect the Company’s cash flows. The Company is currently evaluating the impact of ASU 2016-02 on the consolidated statement of income.</span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span 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 principle 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 Company will adopt the standard effective January 1, 2018.</span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span 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. </span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span 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 expect the standard will change the way initial fees from franchisees for new restaurant openings or new franchise terms are recognized. </span></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company's current accounting policy is to recognize initial franchise fees when a new restaurant 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. </span></div><span style="font-family:inherit;font-size:10pt;">Although the standard will impact the manner in which we record revenue from initial fees, we do not anticipate this impact to be material to the Company’s consolidated statement of income. The cumulative catch-up adjustment to be recorded as deferred revenue upon adoption is expected to be approximately </span><span style="font-family:inherit;font-size:10pt;"><span>2%</span></span> 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 the restaurant opening date or the beginning of a new franchise term.
CY2017Q3 mcd Franchisefeesexpectedcumulativecatchupadjustment
Franchisefeesexpectedcumulativecatchupadjustment
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