$MCD
MCDONALDS CORP

2018 Q1 Form 10-Q Financial Statement

#000006390818000025 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $5.139B $5.676B
YoY Change -9.46% -3.86%
Cost Of Revenue $2.611B $3.247B
YoY Change -19.57% -9.58%
Gross Profit $2.528B $2.429B
YoY Change 4.05% 5.01%
Gross Profit Margin 49.19% 42.8%
Selling, General & Admin $533.1M $521.3M
YoY Change 2.26% -9.81%
% of Gross Profit 21.09% 21.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $362.9M $325.3M
YoY Change 11.56% -15.22%
% of Gross Profit 14.36% 13.39%
Operating Expenses $533.1M $521.3M
YoY Change 2.26% -9.81%
Operating Profit $2.143B $2.034B
YoY Change 5.36% 14.25%
Interest Expense $236.8M $218.6M
YoY Change 8.33% 0.14%
% of Operating Profit 11.05% 10.75%
Other Income/Expense, Net -$18.40M -$7.900M
YoY Change 132.91% -154.86%
Pretax Income $1.888B $1.808B
YoY Change 4.45% 14.66%
Income Tax $512.5M $592.7M
% Of Pretax Income 27.15% 32.79%
Net Earnings $1.375B $1.215B
YoY Change 13.22% 8.0%
Net Earnings / Revenue 26.76% 21.4%
Basic Earnings Per Share $1.74 $1.48
Diluted Earnings Per Share $1.72 $1.47
COMMON SHARES
Basic Shares Outstanding 790.9M shares 818.8M shares
Diluted Shares Outstanding 798.7M shares 825.2M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.468B $2.412B
YoY Change 2.32% -27.13%
Cash & Equivalents $2.468B $2.412B
Short-Term Investments
Other Short-Term Assets $436.0M $2.102B
YoY Change -79.26% 332.51%
Inventory $53.80M $56.80M
Prepaid Expenses
Receivables $1.952B $1.337B
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.909B $5.907B
YoY Change -16.89% 16.94%
LONG-TERM ASSETS
Property, Plant & Equipment $22.70B $21.21B
YoY Change 7.02% -9.43%
Goodwill $2.405B $2.299B
YoY Change 4.59% -10.53%
Intangibles
YoY Change
Long-Term Investments $1.300B $767.0M
YoY Change 69.49% -6.46%
Other Assets $2.557B $1.933B
YoY Change 32.28% 0.06%
Total Long-Term Assets $28.81B $26.21B
YoY Change 9.92% -8.8%
TOTAL ASSETS
Total Short-Term Assets $4.909B $5.907B
Total Long-Term Assets $28.81B $26.21B
Total Assets $33.72B $32.12B
YoY Change 4.99% -4.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $779.9M $678.4M
YoY Change 14.96% 3.65%
Accrued Expenses $1.542B $1.430B
YoY Change 7.83% -24.97%
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 $2.821B $3.221B
YoY Change -12.4% 12.66%
LONG-TERM LIABILITIES
Long-Term Debt $30.87B $26.98B
YoY Change 14.4% 15.55%
Other Long-Term Liabilities $1.154B $2.139B
YoY Change -46.05% 3.79%
Total Long-Term Liabilities $32.02B $29.12B
YoY Change 9.96% 14.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.821B $3.221B
Total Long-Term Liabilities $32.02B $29.12B
Total Liabilities $34.84B $32.34B
YoY Change 7.73% 14.4%
SHAREHOLDERS EQUITY
Retained Earnings $48.40B $46.67B
YoY Change 3.71% 3.91%
Common Stock $16.60M $16.60M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $58.11B $52.82B
YoY Change 10.01% 18.03%
Treasury Stock Shares 875.4M shares 845.6M shares
Shareholders Equity $4.719B -$2.031B
YoY Change
Total Liabilities & Shareholders Equity $33.72B $32.12B
YoY Change 4.99% -4.96%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $1.375B $1.215B
YoY Change 13.22% 8.0%
Depreciation, Depletion And Amortization $362.9M $325.3M
YoY Change 11.56% -15.22%
Cash From Operating Activities $1.645B $1.544B
YoY Change 6.55% -11.53%
INVESTING ACTIVITIES
Capital Expenditures $552.8M $427.7M
YoY Change 29.25% 9.16%
Acquisitions
YoY Change
Other Investing Activities $41.00M $42.20M
YoY Change -2.84% 257.63%
Cash From Investing Activities -$359.1M $138.1M
YoY Change -360.03% -153.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.633B $748.0M
YoY Change 118.3% -82.65%
Debt Paid & Issued, Net $1.002B $402.1M
YoY Change 149.09% 88.34%
Cash From Financing Activities -$1.306B -$587.2M
YoY Change 122.45% -90.18%
NET CHANGE
Cash From Operating Activities $1.645B $1.544B
Cash From Investing Activities -$359.1M $138.1M
Cash From Financing Activities -$1.306B -$587.2M
Net Change In Cash -$20.10M $1.095B
YoY Change -101.84% -124.39%
FREE CASH FLOW
Cash From Operating Activities $1.645B $1.544B
Capital Expenditures $552.8M $427.7M
Free Cash Flow $1.092B $1.116B
YoY Change -2.14% -17.52%

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CY2017Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
545800000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
71700000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
65300000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
41000000.0 USD
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
42200000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-359100000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
138100000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
556000000.0 USD
CY2017Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-769200000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1499700000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1993000000.0 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1001600000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
402100000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1632900000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
748000000.0 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
797500000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
770600000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
75300000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
116200000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-5200000 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-6500000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1306200000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-587200000 USD
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
24300000 USD
CY2017Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
54700000 USD
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4200000 USD
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1149600000 USD
CY2018Q1 mcd Increase Decreaseincashbalancesofbusinessesheldforsale
IncreaseDecreaseincashbalancesofbusinessesheldforsale
0 USD
CY2017Q1 mcd Increase Decreaseincashbalancesofbusinessesheldforsale
IncreaseDecreaseincashbalancesofbusinessesheldforsale
39200000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2463800000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1223400000 USD
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2468000000.0 USD
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2412200000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-3268000000.0 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
1375400000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
31900000 USD
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1407300000 USD
CY2018Q1 mcd Adoptionof Asc606
AdoptionofASC606
-450200000 USD
CY2018Q1 mcd Adoptionof Asu201616
AdoptionofASU201616
-57000000.0 USD
CY2018Q1 us-gaap Dividends Cash
DividendsCash
797500000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1666800000 USD
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
39800000 USD
CY2018Q1 mcd Stock Option Exercises And Other Value
StockOptionExercisesAndOtherValue
73600000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-4718800000 USD
CY2018Q1 us-gaap Number Of Restaurants
NumberOfRestaurants
37286 Restaurant
CY2017Q1 us-gaap Number Of Restaurants
NumberOfRestaurants
36905 Restaurant
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7800000 shares
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6400000 shares
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2500000 shares
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4600000 shares
CY2018Q1 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;">Measurement Period - Tax Cuts and Jobs Act of 2017</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 December 2017, the Securities and Exchange Commission published Staff Accounting Bulletin No. 118 ("SAB 118"), which provides guidance on reporting for accounting impacts of the Tax Cuts and Jobs Act of 2017 (“Tax Act”). SAB 118 allowed the Company to provide reasonable estimates in its 2017 consolidated financial statements for the income tax effects of the Tax Act and to report those effects as provisional amounts in its financial statements through a limited measurement period. Under SAB 118, the measurement period may not extend beyond one year from the enactment of the Tax Act.</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;">The Company has not completed the accounting for the tax effects of the enactment of the Tax Act, although it has made reasonable estimates of the effects on existing deferred tax balances and on the one-time transition tax on earnings of certain foreign subsidiaries. A net provisional tax cost of approximately </span><span style="font-family:inherit;font-size:10pt;"><span>$700 million</span></span><span style="font-family:inherit;font-size:10pt;"> was originally recognized in the Company's 2017 consolidated financial statements, and subsequently increased by </span><span style="font-family:inherit;font-size:10pt;"><span>$52 million</span></span><span style="font-family:inherit;font-size:10pt;"> in the first quarter of 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;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.  Most prominent among the amendments is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. 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 will adopt the new standard effective January 1, 2019.</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;">At transition, the Company will recognize and measure leases using the required modified retrospective approach. The Company anticipates ASU 2016-02 will have a material impact to the consolidated balance sheet due to the significance of the Company’s operating lease portfolio. The Company will elect an optional practical expedient to retain the current classification of leases, and, therefore, anticipates a minimal initial impact on the consolidated statement of income. The impact of ASU 2016-02 is non-cash in nature; therefore, it will not affect the Company’s cash flows. </span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Adopted Accounting Standards</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;">Derivatives and Hedging</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 August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 expands components of fair value hedging, specifies the recognition and presentation of the effects of hedging instruments, and eliminates the separate measurement and presentation of hedge ineffectiveness. The Company elected to early adopt the new standard in the first quarter of 2018 and applied the presentation and disclosure guidance on a prospective basis. The adoption of the new standard did not have a material impact on the Company's condensed consolidated financial statements.</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. The Company adopted this standard on January 1, 2018 using a modified retrospective method, resulting in a cumulative catch up adjustment of </span><span style="font-family:inherit;font-size:10pt;"><span>$57 million</span></span><span style="font-family:inherit;font-size:10pt;">, the majority of which was recorded within miscellaneous other assets on the condensed consolidated balance sheet. The adoption of this standard does not have a material impact on the condensed 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;">Revenue Recognition</span></div><div style="line-height:120%;padding-top:6px;text-indent:30px;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 control of the promised goods or services is transferred to customers in an amount that reflects the consideration expected to be received for those goods or services. The standard also requires additional disclosures around the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.</span></div><span style="font-family:inherit;font-size:10pt;">On January 1, 2018, the Company adopted ASC 606 using the modified retrospective method. Refer to the </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenues </span>footnote below for further details.
CY2018Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2535600000 USD
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3411900000 USD
CY2018Q1 us-gaap Franchise Revenue
FranchiseRevenue
2603300000 USD
CY2017Q1 us-gaap Franchise Revenue
FranchiseRevenue
2264000000.0 USD
CY2018Q1 us-gaap Revenues
Revenues
5138900000 USD
CY2017Q1 us-gaap Revenues
Revenues
5675900000 USD
CY2018Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30900000000 USD
CY2018Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
156000000.0 USD
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
167900000 USD
CY2018Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
-55700000 USD
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
-45400000 USD
CY2018Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-12000000.0 USD
CY2018Q1 us-gaap Revenues
Revenues
5138900000 USD
CY2017Q1 us-gaap Revenues
Revenues
5675900000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2143100000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2034000000.0 USD

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