$YUMC
Yum China Holdings, Inc.

2018 Q3 Form 10-Q Financial Statement

#000156459018028240 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $2.212B $2.130B
YoY Change 3.85% 13.12%
Cost Of Revenue $1.196B $978.0M
YoY Change 22.29% 9.89%
Gross Profit $1.016B $1.060B
YoY Change -4.15% 6.75%
Gross Profit Margin 45.93% 49.77%
Selling, General & Admin $734.0M $742.0M
YoY Change -1.08% 5.55%
% of Gross Profit 72.24% 70.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $108.0M $144.0M $105.0M
YoY Change 2.86% 10.77% 3.96%
% of Gross Profit 10.63% 9.91%
Operating Expenses $758.0M $762.0M
YoY Change -0.52% 5.39%
Operating Profit $269.0M $264.0M
YoY Change 1.89% -7.69%
Interest Expense $20.00M $28.00M
YoY Change -28.57% 40.0%
% of Operating Profit 7.43% 10.61%
Other Income/Expense, Net
YoY Change
Pretax Income $279.0M $272.0M
YoY Change 2.57% -5.88%
Income Tax $67.00M $87.00M
% Of Pretax Income 24.01% 31.99%
Net Earnings $203.0M $176.0M
YoY Change 15.34% -8.33%
Net Earnings / Revenue 9.18% 8.26%
Basic Earnings Per Share $0.53 $0.46
Diluted Earnings Per Share $0.51 $0.44
COMMON SHARES
Basic Shares Outstanding 384.0M 386.0M
Diluted Shares Outstanding 394.0M 398.0M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.532B $1.264B $1.568B
YoY Change -2.3% 31.12% 109.07%
Cash & Equivalents $1.334B $1.059B $1.423B
Short-Term Investments $198.0M $205.0M $91.00M
Other Short-Term Assets $154.0M $122.0M $159.0M
YoY Change -3.14% 1.67% 98.75%
Inventory $270.0M $297.0M $246.0M
Prepaid Expenses
Receivables $65.00M $79.00M $81.00M
Other Receivables $25.00M $40.00M $0.00
Total Short-Term Assets $2.046B $1.802B $2.054B
YoY Change -0.39% 26.37% 77.37%
LONG-TERM ASSETS
Property, Plant & Equipment $1.605B $1.691B $1.652B
YoY Change -2.85% 2.67% -3.22%
Goodwill $266.0M $108.0M $107.0M
YoY Change 148.6% 36.71% 30.49%
Intangibles $133.0M $101.0M $104.0M
YoY Change 27.88% 14.77% 8.33%
Long-Term Investments $68.00M $95.00M $74.00M
YoY Change -8.11% 33.8% 15.63%
Other Assets $498.0M $385.0M $301.0M
YoY Change 65.45% 51.57% 38.71%
Total Long-Term Assets $2.645B $2.485B $2.406B
YoY Change 9.93% 8.0% 4.38%
TOTAL ASSETS
Total Short-Term Assets $2.046B $1.802B $2.054B
Total Long-Term Assets $2.645B $2.485B $2.406B
Total Assets $4.691B $4.287B $4.460B
YoY Change 5.18% 15.03% 28.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $551.0M $420.0M $575.0M
YoY Change -4.17% -12.5% 10.36%
Accrued Expenses $376.0M $389.0M $313.0M
YoY Change 20.13% 15.43% -0.95%
Deferred Revenue $74.00M $72.00M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.192B $1.024B $1.212B
YoY Change -1.65% 1.99% 10.99%
LONG-TERM LIABILITIES
Long-Term Debt $26.00M $28.00M $28.00M
YoY Change -7.14% 0.0% -3.45%
Other Long-Term Liabilities $385.0M $388.0M $274.0M
YoY Change 40.51% 53.97% 18.1%
Total Long-Term Liabilities $385.0M $388.0M $274.0M
YoY Change 40.51% 53.97% 18.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.192B $1.024B $1.212B
Total Long-Term Liabilities $385.0M $388.0M $274.0M
Total Liabilities $1.603B $1.440B $1.514B
YoY Change 5.88% 12.15% 11.9%
SHAREHOLDERS EQUITY
Retained Earnings $916.0M $397.0M $533.0M
YoY Change 71.86% 892.5%
Common Stock $2.393B $2.375B $2.373B
YoY Change 0.84% 0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $315.0M $148.0M $148.0M
YoY Change 112.84% 640.0%
Treasury Stock Shares
Shareholders Equity $2.984B $2.765B $2.871B
YoY Change
Total Liabilities & Shareholders Equity $4.691B $4.287B $4.460B
YoY Change 5.18% 15.03% 28.79%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $203.0M $176.0M
YoY Change 15.34% -8.33%
Depreciation, Depletion And Amortization $108.0M $144.0M $105.0M
YoY Change 2.86% 10.77% 3.96%
Cash From Operating Activities $354.0M -$103.0M $514.0M
YoY Change -31.13% -334.09% 28.5%
INVESTING ACTIVITIES
Capital Expenditures -$129.0M -$153.0M -$85.00M
YoY Change 51.76% -8.93% -11.46%
Acquisitions
YoY Change
Other Investing Activities $8.000M -$110.0M $223.0M
YoY Change -96.41% 54.93% 185.9%
Cash From Investing Activities -$121.0M -$263.0M $138.0M
YoY Change -187.68% 10.04% -866.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -132.0M -43.00M -99.00M
YoY Change 33.33% -112.65% -23.26%
NET CHANGE
Cash From Operating Activities 354.0M -103.0M 514.0M
Cash From Investing Activities -121.0M -263.0M 138.0M
Cash From Financing Activities -132.0M -43.00M -99.00M
Net Change In Cash 101.0M -409.0M 553.0M
YoY Change -81.74% -382.07% 118.58%
FREE CASH FLOW
Cash From Operating Activities $354.0M -$103.0M $514.0M
Capital Expenditures -$129.0M -$153.0M -$85.00M
Free Cash Flow $483.0M $50.00M $599.0M
YoY Change -19.37% -76.42% 20.77%

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us-gaap Nature Of Operations
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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 intellectual property of East Dawning and Little Sheep 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
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<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 September 30, 2018, and the results of our operations and comprehensive income for the quarters and years to date ended September 30, 2018 and 2017, and cash flows for the years to date ended September 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:9pt;">&nbsp;</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%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2016, the FASB issued ASU No. 2016-01, <font style="font-style:italic;color:#000000;">Recognition and Measurement of Financial Assets and Financial Liabilities </font><font style="color:#000000;">(&#8220;ASU 2016-01&#8221;). ASU 2016-01 amends</font> various aspects of the recognition, measurement, presentation and disclosure of financial instruments. Certain equity investments will be measured at fair value with changes recognized in net income. We adopted ASU 2016-01 on January 1, 2018. While the adoption did not have a material impact on our financial statements, the standard requires our equity investment in Meituan Dianping (see Note 9), which was consummated in September 2018, to be re-measured to fair value in each future reporting period with corresponding changes recorded in our Condensed Consolidated Statements of 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>
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CY2018Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
255000000
yumc Value Of Shares Repurchased With Trade Dates In The Current Reporting Quarter But Settlement Dates Subsequent To The Current Quarter
ValueOfSharesRepurchasedWithTradeDatesInTheCurrentReportingQuarterButSettlementDatesSubsequentToTheCurrentQuarter
6000000
yumc Number Of Shares Repurchased With Trade Dates In The Current Reporting Quarter But Settlement Dates Subsequent To The Current Quarter
NumberOfSharesRepurchasedWithTradeDatesInTheCurrentReportingQuarterButSettlementDatesSubsequentToTheCurrentQuarter
200000
CY2018Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
17000000
CY2017Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
19000000
CY2018Q3 yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
-7000000
CY2017Q3 yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
3000000
yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
-7000000
yumc Foreign Exchange Gain Loss And Other Income Expense
ForeignExchangeGainLossAndOtherIncomeExpense
-1000000
CY2018Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
67000000
CY2017Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
81000000
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2000000
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2000000
CY2018Q3 us-gaap Prepaid Rent
PrepaidRent
41000000
CY2017Q4 us-gaap Prepaid Rent
PrepaidRent
41000000
CY2018Q3 yumc Receivables From Payment Processors And Aggregators
ReceivablesFromPaymentProcessorsAndAggregators
25000000
CY2017Q4 yumc Receivables From Payment Processors And Aggregators
ReceivablesFromPaymentProcessorsAndAggregators
40000000
CY2018Q3 us-gaap Dividends Receivable
DividendsReceivable
31000000
CY2017Q4 us-gaap Dividends Receivable
DividendsReceivable
21000000
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
82000000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
60000000
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3347000000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3416000000
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1742000000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1725000000
CY2018Q3 yumc Land Use Right Noncurrent
LandUseRightNoncurrent
140000000
CY2017Q4 yumc Land Use Right Noncurrent
LandUseRightNoncurrent
131000000
CY2018Q3 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
205000000
CY2017Q4 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
176000000
CY2018Q3 yumc Long Term Deposits
LongTermDeposits
61000000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2018Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
78000000
CY2017Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
28000000
CY2018Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
74000000
CY2017Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
72000000
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
115000000
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
104000000
CY2018Q3 yumc Deferred Escalating Minimum Rent
DeferredEscalatingMinimumRent
148000000
CY2017Q4 yumc Deferred Escalating Minimum Rent
DeferredEscalatingMinimumRent
162000000
CY2018Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
31000000
CY2017Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
33000000
CY2018Q3 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
74000000
CY2018Q3 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
9000000
CY2017Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
10000000
CY2018Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
551000000
CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
420000000
CY2018Q3 us-gaap Construction Payable Current
ConstructionPayableCurrent
115000000
CY2017Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
142000000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
183000000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
219000000
CY2018Q3 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
97000000
CY2017Q4 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
112000000
CY2018Q3 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
66000000
CY2017Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
32000000
CY2018Q3 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
43000000
CY2017Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
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
-17000000
CY2018Q3 us-gaap Goodwill Gross
GoodwillGross
648000000
CY2018Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
382000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
195000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
115000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
80000000
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
CY2018Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
248000000
CY2017Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
205000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10000000
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7000000
CY2017Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
7000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
19000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
15000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
15000000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
14000000
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.242
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.319
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.294
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
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
CY2018Q3 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
1000000
CY2018Q3 yumc Guarantees Outstanding Of Unconsolidated Affiliates
GuaranteesOutstandingOfUnconsolidatedAffiliates
0

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