$MCD
MCDONALDS CORP

2020 Q1 Form 10-Q Financial Statement

#000006390820000042 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $4.714B $5.024B
YoY Change -6.16% -2.23%
Cost Of Revenue $554.2M $533.1M
YoY Change 3.96% -79.58%
Gross Profit $4.160B $4.491B
YoY Change -7.37% 77.67%
Gross Profit Margin 88.24% 89.39%
Selling, General & Admin $450.0M $499.1M
YoY Change -9.84% -6.38%
% of Gross Profit 10.82% 11.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $73.50M $61.40M
YoY Change 19.71% -83.08%
% of Gross Profit 1.77% 1.37%
Operating Expenses $523.5M $499.1M
YoY Change 4.89% -6.38%
Operating Profit $1.694B $2.094B
YoY Change -19.12% -2.29%
Interest Expense $280.0M $274.1M
YoY Change 2.15% 15.75%
% of Operating Profit 16.53% 13.09%
Other Income/Expense, Net $31.30M $11.40M
YoY Change 174.56% -161.96%
Pretax Income $1.445B $1.831B
YoY Change -21.1% -3.0%
Income Tax $338.0M $502.9M
% Of Pretax Income 23.39% 27.46%
Net Earnings $1.107B $1.328B
YoY Change -16.67% -3.42%
Net Earnings / Revenue 23.48% 26.44%
Basic Earnings Per Share $1.49 $1.74
Diluted Earnings Per Share $1.47 $1.72
COMMON SHARES
Basic Shares Outstanding 744.8M shares 764.9M shares
Diluted Shares Outstanding 750.7M shares 771.6M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.408B $2.473B
YoY Change 118.68% 0.2%
Cash & Equivalents $5.380B $2.289B
Short-Term Investments $28.00M $184.0M
Other Short-Term Assets $415.0M $458.0M
YoY Change -9.39% 5.05%
Inventory $39.10M $40.80M
Prepaid Expenses
Receivables $1.695B $1.993B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.557B $4.964B
YoY Change 52.22% 1.12%
LONG-TERM ASSETS
Property, Plant & Equipment $23.60B $23.28B
YoY Change 1.34% 2.55%
Goodwill $2.627B $2.318B
YoY Change 13.36% -3.62%
Intangibles
YoY Change
Long-Term Investments $1.277B $1.190B
YoY Change 7.31% -8.46%
Other Assets $2.481B $2.386B
YoY Change 4.02% -6.72%
Total Long-Term Assets $43.01B $41.50B
YoY Change 3.64% 44.04%
TOTAL ASSETS
Total Short-Term Assets $7.557B $4.964B
Total Long-Term Assets $43.01B $41.50B
Total Assets $50.57B $46.47B
YoY Change 8.83% 37.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $671.9M $823.6M
YoY Change -18.42% 5.6%
Accrued Expenses $1.975B $2.211B
YoY Change -10.67% 43.39%
Deferred Revenue
YoY Change
Short-Term Debt $1.000B $0.00
YoY Change
Long-Term Debt Due $106.0M
YoY Change
Total Short-Term Liabilities $3.988B $3.380B
YoY Change 18.0% 19.78%
LONG-TERM LIABILITIES
Long-Term Debt $38.05B $32.89B
YoY Change 15.67% 6.55%
Other Long-Term Liabilities $893.9M $1.017B
YoY Change -12.13% -11.85%
Total Long-Term Liabilities $38.94B $33.91B
YoY Change 14.84% 5.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.988B $3.380B
Total Long-Term Liabilities $38.94B $33.91B
Total Liabilities $42.93B $37.29B
YoY Change 15.12% 7.01%
SHAREHOLDERS EQUITY
Retained Earnings $53.11B $50.93B
YoY Change 4.28% 5.23%
Common Stock $16.60M $16.60M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $67.13B $62.41B
YoY Change 7.56% 7.41%
Treasury Stock Shares 917.1M shares 897.1M shares
Shareholders Equity -$9.293B -$6.551B
YoY Change
Total Liabilities & Shareholders Equity $50.57B $46.47B
YoY Change 8.83% 37.79%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $1.107B $1.328B
YoY Change -16.67% -3.42%
Depreciation, Depletion And Amortization $73.50M $61.40M
YoY Change 19.71% -83.08%
Cash From Operating Activities $1.546B $2.021B
YoY Change -23.49% 22.82%
INVESTING ACTIVITIES
Capital Expenditures $482.5M $515.3M
YoY Change -6.37% -6.78%
Acquisitions
YoY Change
Other Investing Activities $57.80M $401.2M
YoY Change -85.59% 878.54%
Cash From Investing Activities -$518.4M -$771.3M
YoY Change -32.79% 114.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $902.6M $996.1M
YoY Change -9.39% -39.0%
Debt Paid & Issued, Net $262.7M $415.0M
YoY Change -36.7% -58.57%
Cash From Financing Activities $3.533B $220.7M
YoY Change 1500.82% -116.9%
NET CHANGE
Cash From Operating Activities $1.546B $2.021B
Cash From Investing Activities -$518.4M -$771.3M
Cash From Financing Activities $3.533B $220.7M
Net Change In Cash $4.481B $1.470B
YoY Change 204.85% -7413.43%
FREE CASH FLOW
Cash From Operating Activities $1.546B $2.021B
Capital Expenditures $482.5M $515.3M
Free Cash Flow $1.064B $1.505B
YoY Change -29.35% 37.8%

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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-1200000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1200000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1200000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-513700000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
89400000 USD
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
593200000 USD
CY2019Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1417800000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
1106900000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
1328400000 USD
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
421300000 USD
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
392600000 USD
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
276400000 USD
CY2019Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
54300000 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
25900000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
31600000 USD
CY2020Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
87900000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-51500000 USD
CY2020Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
196600000 USD
CY2019Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-162200000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1546000000.0 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2020600000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
482500000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
515300000 USD
CY2020Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
19600000 USD
CY2019Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
9000000.0 USD
CY2020Q1 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
25700000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
131900000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
15800000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
22300000 USD
CY2020Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
57800000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
401200000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-518400000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-771300000 USD
CY2020Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
111800000 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-94000000.0 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
5539400000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2513300000 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
262700000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
415000000.0 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
902600000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
996100000 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
930700000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
886800000 USD
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
99300000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
110600000 USD
CY2020Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-121500000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-11300000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3533000000.0 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
220700000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-79300000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-46900000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4481300000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1423100000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
898500000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
866000000.0 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5379800000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2289100000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-6258400000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
1328400000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
89400000 USD
CY2019Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1417800000 USD
CY2019Q1 us-gaap Dividends Cash
DividendsCash
886800000 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
963700000 USD
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
31600000 USD
CY2019Q1 mcd Stock Option Exercises And Other Value
StockOptionExercisesAndOtherValue
108600000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-6550900000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-8210300000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
1106900000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-513700000 USD
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
593200000 USD
CY2020Q1 us-gaap Dividends Cash
DividendsCash
930700000 USD
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
868900000 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
25900000 USD
CY2020Q1 mcd Stock Option Exercises And Other Value
StockOptionExercisesAndOtherValue
97400000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-9293400000 USD
CY2020Q1 us-gaap Number Of Restaurants
NumberOfRestaurants
38984 Restaurant
CY2019Q1 us-gaap Number Of Restaurants
NumberOfRestaurants
37971 Restaurant
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5900000 shares
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6700000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000.0 shares
CY2020Q1 us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue recognition</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company's revenues consist of sales by Company-operated restaurants and fees from restaurants operated by franchisees, developmental licensees and affiliates. Revenues from conventional franchised restaurants include rent and royalties based on a percent of sales with minimum rent payments, and initial fees. Revenues from restaurants licensed to developmental licensees and affiliates include a royalty based on a percent of sales, and generally include initial fees. The Company’s Other revenues are comprised of fees paid by franchisees to recover a portion of costs incurred by the Company for various technology platforms, revenues from brand licensing arrangements to market and sell consumer packaged goods using the McDonald’s brand, and third party revenues for the Dynamic Yield business.</span></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Sales by Company-operated restaurants are recognized on a cash basis at the time of the underlying sale and are presented net of sales tax and other sales-related taxes. Royalty revenues are based on a percent of sales and recognized at the time the underlying sales occur. Rental income includes both minimum rent payments, which are recognized straight-line over the franchise term (with the exception of rent concessions as a result of COVID-19 – refer to the Leasing policy update on page 10), and variable rent payments based on a percent of sales, which are recognized at the time the underlying sales occur. Initial fees are recognized as the Company satisfies the performance obligation over the franchise term, which is generally </span><span style="font-family:inherit;font-size:10pt;"><span>20</span></span><span style="font-family:inherit;font-size:10pt;"> years.</span></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company provides goods or services related to various technology platforms to certain franchisees that are distinct from the franchise agreement because they do not require integration with other goods or services we provide. The Company has determined that it is the principal in these arrangements. Accordingly, the related revenue is presented on a gross basis on the Condensed Consolidated Statement of Income. These revenues are recognized as the goods or services are transferred to the franchisee, and related expenses are recognized as incurred. Brand licensing arrangement revenues are based on a percent of sales and are recognized at the time the underlying sales occur. Dynamic Yield third party revenues are generated from providing software as a service solutions to customers and are recognized over the applicable subscription period as the service is performed.</span></div>
CY2020Q1 mcd Franchise Agreement Period
FranchiseAgreementPeriod
P20Y
CY2020Q1 mcd Deferredcollectionamountofrentalincome
Deferredcollectionamountofrentalincome
300000000 USD
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
39200000000 USD
CY2020Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
1000000000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
5500000000 USD
CY2020Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
271300000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
224700000 USD
CY2020Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
-900000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
-11300000 USD
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
36700000 USD
CY2020Q1 mcd Rental Income
RentalIncome
1668200000 USD
CY2019Q1 mcd Rental Income
RentalIncome
1747600000 USD
CY2020Q1 us-gaap Proceeds From Royalties Received
ProceedsFromRoyaltiesReceived
928800000 USD
CY2019Q1 us-gaap Proceeds From Royalties Received
ProceedsFromRoyaltiesReceived
956700000 USD
CY2020Q1 mcd Initial Fees
InitialFees
11000000.0 USD
CY2019Q1 mcd Initial Fees
InitialFees
10800000 USD
CY2020Q1 mcd Revenuesfromfranchisedrestaurants
Revenuesfromfranchisedrestaurants
2608000000.0 USD
CY2019Q1 mcd Revenuesfromfranchisedrestaurants
Revenuesfromfranchisedrestaurants
2715100000 USD
CY2020Q1 us-gaap Revenues
Revenues
4714400000 USD
CY2019Q1 us-gaap Revenues
Revenues
5024100000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1693600000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2094000000.0 USD

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