$YUMC
Yum China Holdings Inc

2017 Q2 Form 10-Q Financial Statement

#000156459017013258 Filed on July 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $1.841B $1.588B
YoY Change 15.93% -2.93%
Cost Of Revenue $453.0M $804.0M
YoY Change -43.66% -5.19%
Gross Profit $1.388B $784.0M
YoY Change 77.04% -0.51%
Gross Profit Margin 75.39% 49.37%
Selling, General & Admin $620.0M $662.0M
YoY Change -6.34% -1.93%
% of Gross Profit 44.67% 84.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $96.00M $103.0M
YoY Change -6.8% -5.5%
% of Gross Profit 6.92% 13.14%
Operating Expenses $635.0M $679.0M
YoY Change -6.48% -1.74%
Operating Profit $171.0M $87.00M
YoY Change 96.55% 1.16%
Interest Expense $16.00M $14.00M
YoY Change 14.29% 133.33%
% of Operating Profit 9.36% 16.09%
Other Income/Expense, Net
YoY Change
Pretax Income $175.0M $89.00M
YoY Change 96.63% 1.14%
Income Tax $43.00M $16.00M
% Of Pretax Income 24.57% 17.98%
Net Earnings $125.0M $77.00M
YoY Change 62.34% 20.31%
Net Earnings / Revenue 6.79% 4.85%
Basic Earnings Per Share $0.32 $0.21
Diluted Earnings Per Share $0.31 $0.21
COMMON SHARES
Basic Shares Outstanding 387.0M 363.8M
Diluted Shares Outstanding 399.0M 363.8M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.202B $561.0M
YoY Change 114.26%
Cash & Equivalents $892.0M $508.0M
Short-Term Investments $310.0M $53.00M
Other Short-Term Assets $150.0M $98.00M
YoY Change 53.06%
Inventory $266.0M $216.0M
Prepaid Expenses
Receivables $74.00M $117.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.692B $992.0M
YoY Change 70.56%
LONG-TERM ASSETS
Property, Plant & Equipment $1.617B $1.742B
YoY Change -7.18%
Goodwill $103.0M
YoY Change
Intangibles $105.0M
YoY Change
Long-Term Investments $51.00M $46.00M
YoY Change 10.87%
Other Assets $287.0M $329.0M
YoY Change -12.77%
Total Long-Term Assets $2.329B $2.301B
YoY Change 1.22%
TOTAL ASSETS
Total Short-Term Assets $1.692B $992.0M
Total Long-Term Assets $2.329B $2.301B
Total Assets $4.021B $3.293B
YoY Change 22.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $492.0M $495.0M
YoY Change -0.61%
Accrued Expenses $271.0M $268.0M
YoY Change 1.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.002B $968.0M
YoY Change 3.51%
LONG-TERM LIABILITIES
Long-Term Debt $27.00M $31.00M
YoY Change -12.9%
Other Long-Term Liabilities $260.0M $236.0M
YoY Change 10.17%
Total Long-Term Liabilities $260.0M $267.0M
YoY Change -2.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.002B $968.0M
Total Long-Term Liabilities $260.0M $267.0M
Total Liabilities $1.289B $1.293B
YoY Change -0.31%
SHAREHOLDERS EQUITY
Retained Earnings $322.0M
YoY Change
Common Stock $2.367B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $59.00M
YoY Change
Treasury Stock Shares
Shareholders Equity $2.669B $2.000B
YoY Change
Total Liabilities & Shareholders Equity $4.021B $3.293B
YoY Change 22.11%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $125.0M $77.00M
YoY Change 62.34% 20.31%
Depreciation, Depletion And Amortization $96.00M $103.0M
YoY Change -6.8% -5.5%
Cash From Operating Activities $116.0M $49.00M
YoY Change 136.73% -60.8%
INVESTING ACTIVITIES
Capital Expenditures -$103.0M -$92.00M
YoY Change 11.96% -15.6%
Acquisitions
YoY Change
Other Investing Activities -$156.0M $6.000M
YoY Change -2700.0% -45.45%
Cash From Investing Activities -$259.0M -$86.00M
YoY Change 201.16% -12.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.00M -125.0M
YoY Change -66.4% -20.89%
NET CHANGE
Cash From Operating Activities 116.0M 49.00M
Cash From Investing Activities -259.0M -86.00M
Cash From Financing Activities -42.00M -125.0M
Net Change In Cash -185.0M -162.0M
YoY Change 14.2% 23.66%
FREE CASH FLOW
Cash From Operating Activities $116.0M $49.00M
Capital Expenditures -$103.0M -$92.00M
Free Cash Flow $219.0M $141.0M
YoY Change 55.32% -39.74%

Facts In Submission

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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 1 &#8211; Description of the Business</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Yum China Holdings, Inc. (&#8220;Yum China&#8221; and, together with its subsidiaries, the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221;) was incorporated in Delaware on April 1, 2016. The Company separated from Yum! Brands, Inc. (&#8220;YUM&#8221; or the &#8220;Parent&#8221;) on October 31, 2016 (the &#8220;separation&#8221;), becoming an independent publicly traded company as a result of a pro rata distribution (the &#8220;distribution&#8221;) of all outstanding shares of Yum China common stock to shareholders of YUM. On October 31, 2016, YUM&#8217;s shareholders of record as of 5:00 p.m. Eastern Time on October 19, 2016 received one share of Yum China common stock for every one share of YUM common stock held as of the record date. Yum China&#8217;s common stock began trading &#8220;regular way&#8221; under the ticker symbol &#8220;YUMC&#8221; on the New York Stock Exchange on November 1, 2016. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company owns, franchises or has an ownership in entities that own and operate restaurants under the KFC, Pizza Hut Casual Dining, Pizza Hut Home Service, East Dawning, Little Sheep and Taco Bell concepts (collectively, the &#8220;Concepts&#8221;). In connection with the separation of the Company from YUM, Yum! Restaurants Asia Pte. Ltd., a wholly-owned indirect subsidiary of YUM, and Yum Restaurants Consulting (Shanghai) Company Limited (&#8220;YCCL&#8221;), a wholly-owned indirect subsidiary of Yum China, entered into a 50-year master license agreement with automatic renewals for additional consecutive renewal terms of 50 years each, subject only to YCCL being in &#8220;good standing&#8221; and unless YCCL gives notice of its intent not to renew, for the exclusive right to use and sub-license 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&#8217;s Republic of China excluding Hong Kong, Taiwan and Macau (the &#8220;PRC&#8221; or &#8220;China&#8221;). 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 East Dawning and Little Sheep intellectual property and pay no license fee related to these concepts.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the quarter ended May 31, 2017, the Company completed the acquisition of a controlling interest in the holding company of DAOJIA.com.cn (&#8220;Daojia&#8221;), an established online food delivery service provider. The Company agreed to pay cash consideration of $36.7 million to the sellers and made a concurrent capital contribution of $25.0 million to Daojia. As of the completion of the acquisition, the Company held 90% of Daojia&#8217;s outstanding shares of common stock, or 80% of its equity interests on a fully-diluted basis. Daojia became an operating segment of the Company. The acquisition was considered immaterial. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The operations of each Concept also represent an operating segment of the Company. In connection with the previously-announced plans to integrate the businesses of Pizza Hut Casual Dining and Pizza Hut Home Service, beginning with the quarter ended May 31, 2017, the two businesses were combined and reported together as the Pizza Hut reportable segment. As a result, the Company has two reportable segments: KFC, which remains unchanged, and Pizza Hut. Our remaining operating segments, including the operations of East Dawning, Little Sheep, Taco Bell and Daojia, are combined and referred to as All Other Segments, as those operating segments are insignificant both individually and in the aggregate. Segment financial information for prior periods has been recast to align with this change in segment reporting. There was no impact to the consolidated and combined financial statements of the Company as a result of this change. </p></div>
us-gaap Basis Of Accounting
BasisOfAccounting
<div> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 2 &#8211; Basis of Presentation</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with our separation from YUM, the direct and indirect equity interests of all of our operating subsidiaries and intermediate holding companies were transferred from YUM to Yum China, when Yum China was still one of YUM&#8217;s subsidiaries, through a series of transactions, which were completed in August 2016. The Company separated from YUM on October 31, 2016, becoming an independent publicly traded company as a result of a pro rata distribution of all outstanding shares of Yum China common stock to shareholders of YUM.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The financial statements presented herein represent (i) for periods prior to October 31, 2016, the combined financial statements of YUM&#8217;s China businesses and operations when Yum China was a wholly-owned subsidiary of YUM (referred to as &#8220;Condensed Combined Financial Statements&#8221;) and (ii) for periods subsequent to October 31, 2016, the consolidated financial statements of the Company as a separate publicly traded company following its separation from YUM (referred to as &#8220;Condensed Consolidated Financial Statements&#8221; and, together with the Condensed Combined Financial Statements, referred to as the &#8220;Condensed Consolidated and Combined Financial Statements&#8221;). </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our preparation of the accompanying Condensed Consolidated and Combined Financial Statements in conformity with Generally Accepted Accounting Principles in the United States of America (&#8220;GAAP&#8221;) 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.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying Condensed Combined Financial Statements have been prepared on a standalone basis and are derived from YUM&#8217;s consolidated financial statements and underlying accounting records. Transactions between the Company and YUM that were not cash settled were considered to be effectively settled at the time the transactions were recorded. The Condensed Combined Financial Statements include all revenues, costs, assets and liabilities directly attributable to the Company either through specific identification or allocation. The Condensed Combined Statements of Income include allocations for certain of YUM&#8217;s Corporate functions that provided a direct benefit to the Company. These costs have been allocated based on Company system sales relative to YUM&#8217;s global system sales. System sales includes the sales results of all restaurants regardless of ownership. All allocated costs have been deemed to have been paid to YUM in the period in which the costs were recorded. The Company considers the cost allocation methodology and results for the periods prior to October 31, 2016 to be reasonable. However, the allocations may not be indicative of the actual expense that would have been incurred had the Company operated as an independent publicly traded company for the periods prior to October 31, 2016. Upon the separation, Parent Company Investment was adjusted as a result of settlement of certain assets and liabilities with YUM and formed the Company&#8217;s common stock and additional paid-in capital. See Note 3 for further discussion.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have prepared the Condensed Consolidated and Combined Financial Statements in accordance with the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;) 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 and Combined Financial Statements include all normal and recurring adjustments considered necessary to present fairly our financial position as of May 31, 2017, and the results of our operations and comprehensive income for the quarters and years to date ended May 31, 2017 and 2016, and cash flows for the years to date ended May 31, 2017 and 2016. 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 and Combined Financial Statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K as filed with the SEC on March 8, 2017.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Through the acquisition of Daojia, the Company also acquired a variable interest entity (&#8220;VIE&#8221;) and subsidiaries of the VIE effectively controlled by Daojia. <font style="color:#000000;">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 has the obligation to absorb substantially all of the profits and all of the expected losses of the VIE. </font>The acquired VIE and its subsidiaries were considered immaterial, both individually and in the aggregate. The results of Daojia&#8217;s operations have been included in the Company&#8217;s Condensed Consolidated Financial Statements since the acquisition date.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Recently Adopted Accounting Pronouncements</font></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2015, the Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued ASU No. 2015-11, <font style="font-style:italic;">Inventory (Topic 330)</font> (ASU 2015-11), which requires inventory within the scope of the standard to be measured at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for the Company in the first quarter of 2017, with early adoption permitted. We adopted ASU 2015-11 during the quarter ended February 28, 2017, and such adoption did not have a material impact on our financial statements. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, the FASB issued ASU No. 2016-09, <font style="font-style:italic;">Compensation-Stock Compensation (Topic 718)</font> (ASU 2016-09): <font style="font-style:italic;">Improvements to Employee Share-Based Payment Accounting.</font> ASU 2016-09 includes provisions to simplify several aspects of accounting for share-based payment transactions, including income tax consequences, accounting for forfeitures, classification of awards as either equity or liability, and classification on the statement of cash flows. ASU 2016-09 includes a requirement that the tax effect related to the settlement of share-based awards be recorded within income tax expense or benefit in the income statement. The simplification of income tax accounting for share-based payment transactions also impacts the computation of weighted-average diluted shares outstanding under the treasury stock method. ASU 2016-09 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016, with early adoption permitted. The Company adopted ASU 2016-09 during the quarter ended February 28, 2017 and the impact of the adoption resulted in the following:</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;">&#8226;</p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company elected to continue to estimate the number of awards expected to be forfeited and adjust the estimate when appropriate, as is currently required. This adoption did not have a material impact on the Company&#8217;s consolidated results of operations, financial condition or cash flows.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;">&#8226;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recorded an excess tax benefit of $5.9 million and $6.8 million within provision for income taxes for the quarter and year to date ended May 31, 2017, respectively, related to excess tax benefits on awards, on a prospective basis. Prior to adoption, the tax effect of share-based awards would have been recognized in additional paid-in capital. </p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;">&#8226;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under ASU 2016-09, excess tax benefits from share-based arrangements are classified within cash flow from operating activities, rather than within cash flow from financing activities. The Company applied this provision on a retrospective basis and the prior period statement of cash flows was adjusted. This adoption did not have a material impact on the Company&#8217;s cash flows. </p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;">&#8226;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There was no material impact on the computation of weighted-average diluted shares outstanding.</p></td></tr></table></div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain comparative items in the Condensed Consolidated and Combined Financial Statements have been reclassified to conform to the current period&#8217;s presentation to facilitate comparison.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our fiscal year ends on December 31. The Company operates on a fiscal monthly calendar, with two months in the first quarter, three months in the second and third quarters and four months in the fourth quarter.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p></div>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-04-01
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
yumc Expiration Term Of Master License Agreement
ExpirationTermOfMasterLicenseAgreement
P50Y
yumc Additional Consecutive Renewal Terms Of License Agreement
AdditionalConsecutiveRenewalTermsOfLicenseAgreement
P50Y
yumc Percentage Of License Fees On Net Sales
PercentageOfLicenseFeesOnNetSales
0.03
CY2016Q2 yumc Continuing Fees Paid To Franchise
ContinuingFeesPaidToFranchise
12000000
yumc Continuing Fees Paid To Franchise
ContinuingFeesPaidToFranchise
22000000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2017Q2 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
5900000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
6800000
yumc Percentage Of Initial Fees And Continuing Fees To Sales
PercentageOfInitialFeesAndContinuingFeesToSales
0.03
CY2016Q2 yumc Initial Fees Paid To Parent
InitialFeesPaidToParent
2000000
yumc Initial Fees Paid To Parent
InitialFeesPaidToParent
4000000
CY2016Q2 yumc Initial Fees Paid To Franchise
InitialFeesPaidToFranchise
1000000
yumc Initial Fees Paid To Franchise
InitialFeesPaidToFranchise
1000000
CY2016Q2 yumc Continuing Fees Paid To Parent
ContinuingFeesPaidToParent
44000000
yumc Continuing Fees Paid To Parent
ContinuingFeesPaidToParent
82000000
CY2016Q2 yumc License Fees Paid
LicenseFeesPaid
59000000
yumc License Fees Paid
LicenseFeesPaid
109000000
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
387901955
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
363758219
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
387754681
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
363758219
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9424278
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8925022
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
397326233
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
363758219
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
396679703
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
363758219
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19131358
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18625451
CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
300000000
yumc Value Of Shares Repurchased With Trade Dates Prior To The Current Reporting Quarter But Settlement Dates In The Current Quarter
ValueOfSharesRepurchasedWithTradeDatesPriorToTheCurrentReportingQuarterButSettlementDatesInTheCurrentQuarter
9000000
yumc Number Of Shares Repurchased With Trade Dates Prior To The Current Reporting Quarter But Settlement Dates In The Current Quarter
NumberOfSharesRepurchasedWithTradeDatesPriorToTheCurrentReportingQuarterButSettlementDatesInTheCurrentQuarter
200000
CY2017Q2 yumc Store Closure Income Costs
StoreClosureIncomeCosts
3000000
yumc Store Closure Income Costs
StoreClosureIncomeCosts
5000000
CY2017Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
20000000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
22000000
CY2016Q2 yumc Store Closure Income Costs
StoreClosureIncomeCosts
4000000
yumc Store Closure Income Costs
StoreClosureIncomeCosts
6000000
CY2016Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
35000000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
37000000
CY2017Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
13000000
CY2016Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
10000000
CY2017Q2 yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
-2000000
CY2016Q2 yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
2000000
yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
-2000000
yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
1000000
CY2017Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
75000000
CY2016Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
76000000
CY2017Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1000000
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2000000
CY2017Q2 us-gaap Prepaid Rent
PrepaidRent
38000000
CY2016Q4 us-gaap Prepaid Rent
PrepaidRent
39000000
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
112000000
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
81000000
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3207000000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3139000000
CY2017Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1590000000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1492000000
CY2017Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
492000000
CY2016Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
480000000
CY2017Q2 us-gaap Construction Payable Current
ConstructionPayableCurrent
89000000
CY2016Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
132000000
CY2017Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
168000000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
191000000
CY2017Q2 yumc Accrued Income Taxes And Other
AccruedIncomeTaxesAndOther
14000000
CY2016Q4 yumc Accrued Income Taxes And Other
AccruedIncomeTaxesAndOther
14000000
CY2017Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
5000000
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
198000000
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
154000000
CY2017Q2 yumc Deferred Escalating Minimum Rent
DeferredEscalatingMinimumRent
156000000
CY2016Q4 yumc Deferred Escalating Minimum Rent
DeferredEscalatingMinimumRent
153000000
CY2017Q2 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
104000000
CY2016Q4 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
99000000
CY2016Q4 us-gaap Goodwill Gross
GoodwillGross
461000000
CY2016Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
382000000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
23000000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
1000000
CY2017Q2 us-gaap Goodwill Gross
GoodwillGross
485000000
CY2017Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
382000000
CY2017Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
142000000
CY2017Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
90000000
CY2017Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
52000000
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
119000000
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
84000000
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
35000000
CY2017Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
195000000
CY2016Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
172000000
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5000000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
9000000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
16000000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
8000000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4000000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
4000000
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.229
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.186
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.274
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.262
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2017Q2 yumc Unallocated And Corporate Expenses
UnallocatedAndCorporateExpenses
40000000
CY2016Q2 yumc Unallocated And Corporate Expenses
UnallocatedAndCorporateExpenses
37000000
yumc Unallocated And Corporate Expenses
UnallocatedAndCorporateExpenses
63000000
yumc Unallocated And Corporate Expenses
UnallocatedAndCorporateExpenses
61000000
CY2016Q2 yumc Unallocated Other Income Expense
UnallocatedOtherIncomeExpense
4000000
yumc Unallocated Other Income Expense
UnallocatedOtherIncomeExpense
4000000
CY2017Q2 yumc Unallocated Refranchising Gain
UnallocatedRefranchisingGain
1000000
CY2016Q2 yumc Unallocated Refranchising Gain
UnallocatedRefranchisingGain
1000000
yumc Unallocated Refranchising Gain
UnallocatedRefranchisingGain
2000000
yumc Unallocated Refranchising Gain
UnallocatedRefranchisingGain
4000000
CY2017Q2 yumc Long Lived Assets
LongLivedAssets
1825000000
CY2016Q4 yumc Long Lived Assets
LongLivedAssets
1814000000
CY2015Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies Foreign
EffectiveIncomeTaxRateReconciliationTaxContingenciesForeign
0.10
CY2015Q1 yumc Percentage Of Tax Assessed On Difference Between Fair Market Value And Tax Basis
PercentageOfTaxAssessedOnDifferenceBetweenFairMarketValueAndTaxBasis
0.10
CY2017Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
2000000
CY2017Q2 yumc Guarantees Outstanding Of Unconsolidated Affiliates
GuaranteesOutstandingOfUnconsolidatedAffiliates
0
CY2017Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
2000000

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