$YUMC
Yum China Holdings Inc

2018 Q2 Form 10-Q Financial Statement

#000156459018020158 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $2.068B $1.841B
YoY Change 12.33% 15.93%
Cost Of Revenue $1.133B $453.0M
YoY Change 150.11% -43.66%
Gross Profit $935.0M $1.388B
YoY Change -32.64% 77.04%
Gross Profit Margin 45.21% 75.39%
Selling, General & Admin $708.0M $620.0M
YoY Change 14.19% -6.34%
% of Gross Profit 75.72% 44.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $117.0M $96.00M
YoY Change 21.88% -6.8%
% of Gross Profit 12.51% 6.92%
Operating Expenses $732.0M $635.0M
YoY Change 15.28% -6.48%
Operating Profit $193.0M $171.0M
YoY Change 12.87% 96.55%
Interest Expense $17.00M $16.00M
YoY Change 6.25% 14.29%
% of Operating Profit 8.81% 9.36%
Other Income/Expense, Net
YoY Change
Pretax Income $203.0M $175.0M
YoY Change 16.0% 96.63%
Income Tax $53.00M $43.00M
% Of Pretax Income 26.11% 24.57%
Net Earnings $143.0M $125.0M
YoY Change 14.4% 62.34%
Net Earnings / Revenue 6.91% 6.79%
Basic Earnings Per Share $0.37 $0.32
Diluted Earnings Per Share $0.36 $0.31
COMMON SHARES
Basic Shares Outstanding 386.0M 387.0M
Diluted Shares Outstanding 398.0M 399.0M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.539B $1.202B
YoY Change 28.04% 114.26%
Cash & Equivalents $1.261B $892.0M
Short-Term Investments $278.0M $310.0M
Other Short-Term Assets $171.0M $150.0M
YoY Change 14.0% 53.06%
Inventory $276.0M $266.0M
Prepaid Expenses
Receivables $73.00M $74.00M
Other Receivables $34.00M $0.00
Total Short-Term Assets $2.093B $1.692B
YoY Change 23.7% 70.56%
LONG-TERM ASSETS
Property, Plant & Equipment $1.657B $1.617B
YoY Change 2.47% -7.18%
Goodwill $276.0M $103.0M
YoY Change 167.96%
Intangibles $145.0M $105.0M
YoY Change 38.1%
Long-Term Investments $53.00M $51.00M
YoY Change 3.92% 10.87%
Other Assets $421.0M $287.0M
YoY Change 46.69% -12.77%
Total Long-Term Assets $2.637B $2.329B
YoY Change 13.22% 1.22%
TOTAL ASSETS
Total Short-Term Assets $2.093B $1.692B
Total Long-Term Assets $2.637B $2.329B
Total Assets $4.730B $4.021B
YoY Change 17.63% 22.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $584.0M $492.0M
YoY Change 18.7% -0.61%
Accrued Expenses $405.0M $271.0M
YoY Change 49.45% 1.12%
Deferred Revenue $80.00M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.206B $1.002B
YoY Change 20.36% 3.51%
LONG-TERM LIABILITIES
Long-Term Debt $27.00M $27.00M
YoY Change 0.0% -12.9%
Other Long-Term Liabilities $396.0M $260.0M
YoY Change 52.31% 10.17%
Total Long-Term Liabilities $396.0M $260.0M
YoY Change 52.31% -2.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.206B $1.002B
Total Long-Term Liabilities $396.0M $260.0M
Total Liabilities $1.629B $1.289B
YoY Change 26.38% -0.31%
SHAREHOLDERS EQUITY
Retained Earnings $751.0M $322.0M
YoY Change 133.23%
Common Stock $2.388B $2.367B
YoY Change 0.89%
Preferred Stock
YoY Change
Treasury Stock (at cost) $221.0M $59.00M
YoY Change 274.58%
Treasury Stock Shares
Shareholders Equity $3.003B $2.669B
YoY Change
Total Liabilities & Shareholders Equity $4.730B $4.021B
YoY Change 17.63% 22.11%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $143.0M $125.0M
YoY Change 14.4% 62.34%
Depreciation, Depletion And Amortization $117.0M $96.00M
YoY Change 21.88% -6.8%
Cash From Operating Activities $268.0M $116.0M
YoY Change 131.03% 136.73%
INVESTING ACTIVITIES
Capital Expenditures -$119.0M -$103.0M
YoY Change 15.53% 11.96%
Acquisitions
YoY Change
Other Investing Activities -$20.00M -$156.0M
YoY Change -87.18% -2700.0%
Cash From Investing Activities -$139.0M -$259.0M
YoY Change -46.33% 201.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -135.0M -42.00M
YoY Change 221.43% -66.4%
NET CHANGE
Cash From Operating Activities 268.0M 116.0M
Cash From Investing Activities -139.0M -259.0M
Cash From Financing Activities -135.0M -42.00M
Net Change In Cash -6.000M -185.0M
YoY Change -96.76% 14.2%
FREE CASH FLOW
Cash From Operating Activities $268.0M $116.0M
Capital Expenditures -$119.0M -$103.0M
Free Cash Flow $387.0M $219.0M
YoY Change 76.71% 55.32%

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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, 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;">The Company also owns a controlling interest in the holding company of DAOJIA.com.cn (&#8220;Daojia&#8221;), an established online food delivery service provider in China.</p></div>
us-gaap Basis Of Accounting
BasisOfAccounting
<div> <p style="text-align:justify;margin-top:12pt;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-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;">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 are referred to as Condensed Combined Financial Statements. 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 are referred to as Condensed Consolidated 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;">Our preparation of the accompanying Condensed Consolidated 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;">We have prepared the Condensed Consolidated 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 Financial Statements include all normal and recurring adjustments considered necessary to present fairly our financial position as of June 30, 2018, and the results of our operations and comprehensive income for the quarters and years to date ended June 30, 2018 and 2017, and cash flows for the years to date ended June 30, 2018 and 2017. 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 defined and included in the Company&#8217;s Annual Report on Form 10-K as filed with the SEC on February 27, 2018.</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 during the second quarter of 2017, 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;">During the first quarter of 2018, the Company completed the acquisition of an additional 36% equity interest in an unconsolidated affiliate that operates KFC stores in Wuxi, China (&#8220;Wuxi KFC&#8221;), for cash consideration of approximately $98 million, increasing the Company&#8217;s equity interest to 83%, allowing the Company to consolidate the entity. The acquisition was considered immaterial. We began consolidating Wuxi KFC upon the completion of acquisition.</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 May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU No. 2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606)</font> (&#8220;ASC 606&#8221;), to provide principles within a single framework for revenue recognition of transactions involving contracts with customers across all industries. The standard allows for either a full retrospective or modified retrospective transition method. In March, April and May 2016, the FASB issued the following amendments to clarify the implementation guidance: ASU No. 2016-04, <font style="font-style:italic;">Liabilities-Extinguishments of liabilities (Subtopic 450-20): Revenue of Breakage for Certain Prepaid Stored-Value Products (a consensus of the FASB Emerging Issues Task Force)</font>,<font style="font-style:italic;"> </font>ASU No. 2016-08, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</font>, ASU No. 2016-10 <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing</font> and ASU No. 2016-12, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</font>. The Company adopted these standards on January 1, 2018, and applied the full retrospective approach.</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%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The new standard did not have an impact on our recognition of revenue from Company-owned restaurants or our recognition of continuing fees from franchisees and unconsolidated affiliates; however, it changed the way we account for upfront fees. Upfront fees, such as initial and renewal fees from franchisees and unconsolidated affiliates, were previously recognized as revenue when we performed substantially all initial services required by the franchise agreement, generally upon the opening of a store or when a renewal agreement with a franchisee became effective. We now recognize the upfront fees from franchisees and unconsolidated affiliates as revenue over the term of each franchise agreement as the franchise rights are accounted for as rights to access our symbolic intellectual property in accordance with the new standard. Any unamortized portion of fees received is accounted for as a contract liability.</p> <p style="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%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The new standard also had an impact on certain transactions we entered into with franchisees and unconsolidated affiliates, such as sales of food and paper products and advertising services. These transactions were previously either not included or presented on a net basis in our statements of income or cash flows based on industry-specific guidance included in previous accounting guidance, which was superseded by the new standard. Under the new standard, we consider ourselves the principal in these arrangements as we have the ability to control a promised good or service before transferring that good or service to the customer. Therefore, we include such transactions in revenues and expenses on the Condensed Consolidated Statements of Income with no significant impact to Net income. </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 August 2016, the FASB issued ASU No. 2016-15, <font style="font-style:italic;">Statement of Cash Flows (Topic 230) </font>(&#8220;ASU 2016-15&#8221;), which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. <font style="color:#000000;">We adopted ASU 2016-15</font> on January 1, 2018,<font style="color:#000000;"> and such adoption did not have a material impact on our financial statements.</font></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 October 2016, the FASB issued ASU No. 2016-16, <font style="font-style:italic;">Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory</font> (&#8220;ASU 2016-16&#8221;), which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. <font style="color:#000000;">We adopted ASU 2016-16 </font>on January 1, 2018,<font style="color:#000000;"> and such adoption did not have a material impact on our financial statements.</font></p> <p style="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 November 2016, the FASB issued ASU No. 2016-18, <font style="font-style:italic;">Statement of Cash Flows (Topic 230): Restricted Cash</font> (&#8220;ASU 2016-18&#8221;), which requires that entities show the changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. <font style="color:#000000;">We adopted ASU 2016-18 </font>on January 1, 2018,<font style="color:#000000;"> and such adoption did not have a material impact on our financial statements.</font></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 January 2017, the FASB issued ASU No. 2017-01, <font style="font-style:italic;">Business Combinations (Topic 805): Clarifying the Definition of a Business </font>(&#8220;ASU 2017-01&#8221;), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. <font style="color:#000000;">We adopted ASU 2017-01 </font>on January 1, 2018, <font style="color:#000000;">and such adoption did not have a material impact on our financial statements.</font></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;">Certain comparative items in the Condensed Consolidated 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. <font style="color:#000000;">Effective at the beginning of fiscal year 2018, the Company changed its fiscal calendar from two months in the first quarter, three months in the second and third quarters and four months in the fourth quarter, to four three-month quarters ending on March 31, June 30, September 30 and December 31 of each year. The change was made to align with how management now measures performance internally and to facilitate the comparability of our results with peers using calendar quarters. Quarterly results of all prior financial periods presented have been recast as if they had been reported under our new fiscal calendar. </font></p></div>
CY2018Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
9000000
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
yumc Prepaid Gift Cards Expiration Period
PrepaidGiftCardsExpirationPeriod
P36M
yumc Product Vouchers Maximum Expiration Period
ProductVouchersMaximumExpirationPeriod
P12M
yumc Purchase Points Expiration Period
PurchasePointsExpirationPeriod
P18M
yumc Period Within Date Of Corresponding Sales In Which Trade Receivables Are Classified As Accounts And Notes Receivable
PeriodWithinDateOfCorrespondingSalesInWhichTradeReceivablesAreClassifiedAsAccountsAndNotesReceivable
30 days
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2017 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2017Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
12000000
CY2018Q2 yumc Deferred Revenue Related To Prepaid Stored Value Products
DeferredRevenueRelatedToPrepaidStoredValueProducts
51000000
CY2017Q4 yumc Deferred Revenue Related To Prepaid Stored Value Products
DeferredRevenueRelatedToPrepaidStoredValueProducts
50000000
CY2018Q2 yumc Deferred Revenue Related To Customer Loyalty Programs
DeferredRevenueRelatedToCustomerLoyaltyPrograms
22000000
CY2017Q4 yumc Deferred Revenue Related To Customer Loyalty Programs
DeferredRevenueRelatedToCustomerLoyaltyPrograms
16000000
CY2018Q2 yumc Deferred Revenue Related To Upfront Fees
DeferredRevenueRelatedToUpfrontFees
37000000
CY2017Q4 yumc Deferred Revenue Related To Upfront Fees
DeferredRevenueRelatedToUpfrontFees
39000000
CY2018Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
110000000
CY2017Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
105000000
CY2018Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
18000000
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
30000000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
10000000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
11000000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
11000000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9000000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2000000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1000000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3000000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1000000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14000000
CY2017Q1 yumc Number Of Tranches Of Warrants
NumberOfTranchesOfWarrants
2
CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
300000000
CY2017Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
550000000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1910000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
73000000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2723000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
105000000
CY2018Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
349000000
yumc Value Of Shares Repurchased With Trade Dates Prior To The Current Reporting Quarter But Settlement Dates In The Current Quarter
ValueOfSharesRepurchasedWithTradeDatesPriorToTheCurrentReportingQuarterButSettlementDatesInTheCurrentQuarter
3000000
yumc Number Of Shares Repurchased With Trade Dates Prior To The Current Reporting Quarter But Settlement Dates In The Current Quarter
NumberOfSharesRepurchasedWithTradeDatesPriorToTheCurrentReportingQuarterButSettlementDatesInTheCurrentQuarter
100000
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
CY2018Q2 yumc Store Closure Income Costs
StoreClosureIncomeCosts
2000000
yumc Store Closure Income Costs
StoreClosureIncomeCosts
5000000
CY2018Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
19000000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
21000000
CY2017Q2 yumc Store Closure Income Costs
StoreClosureIncomeCosts
1000000
yumc Store Closure Income Costs
StoreClosureIncomeCosts
5000000
CY2017Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
19000000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
23000000
CY2018Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
12000000
CY2017Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14000000
CY2018Q2 yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
-5000000
CY2017Q2 yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
-3000000
yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
-4000000
CY2018Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
75000000
CY2018Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2000000
CY2018Q2 us-gaap Prepaid Rent
PrepaidRent
43000000
CY2017Q4 us-gaap Prepaid Rent
PrepaidRent
41000000
CY2017Q4 yumc Receivables From Payment Processors And Aggregators
ReceivablesFromPaymentProcessorsAndAggregators
38000000
CY2017Q4 us-gaap Dividends Receivable
DividendsReceivable
21000000
CY2018Q2 yumc Land Use Right Noncurrent
LandUseRightNoncurrent
136000000
CY2017Q4 yumc Land Use Right Noncurrent
LandUseRightNoncurrent
131000000
CY2018Q2 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
197000000
CY2017Q4 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
176000000
CY2018Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
18000000
CY2017Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
10000000
CY2018Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
584000000
CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
424000000
CY2018Q2 us-gaap Construction Payable Current
ConstructionPayableCurrent
120000000
CY2017Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
142000000
CY2018Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
179000000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
233000000
CY2018Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
25000000
CY2017Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
16000000
CY2018Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
81000000
CY2017Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
28000000
CY2018Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
80000000
CY2017Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
72000000
CY2018Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
78000000
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
70000000
CY2018Q2 yumc Deferred Escalating Minimum Rent
DeferredEscalatingMinimumRent
156000000
CY2017Q4 yumc Deferred Escalating Minimum Rent
DeferredEscalatingMinimumRent
162000000
CY2018Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
30000000
CY2017Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
33000000
CY2018Q2 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
96000000
CY2017Q4 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
112000000
CY2018Q2 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
69000000
CY2017Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
32000000
CY2018Q2 yumc Other Non Current Liabilities And Deferred Credits
OtherNonCurrentLiabilitiesAndDeferredCredits
45000000
CY2017Q4 yumc Other Non Current Liabilities And Deferred Credits
OtherNonCurrentLiabilitiesAndDeferredCredits
49000000
CY2017Q4 us-gaap Goodwill Gross
GoodwillGross
490000000
CY2017Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
382000000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
175000000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-7000000
CY2018Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
90000000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
149000000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
104000000
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45000000
CY2018Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
259000000
CY2017Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
205000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6000000
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7000000
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
14000000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
20000000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
15000000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
15000000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
15000000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.260
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.264
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.279
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2018Q2 yumc Long Lived Assets
LongLivedAssets
2078000000
CY2017Q4 yumc Long Lived Assets
LongLivedAssets
1900000000
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
CY2018Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
2000000
CY2018Q2 yumc Guarantees Outstanding Of Unconsolidated Affiliates
GuaranteesOutstandingOfUnconsolidatedAffiliates
0

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