Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Fiscal Period Focus | Q3 |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2021 |
Document Transition Report | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 1-5231 |
Entity Registrant Name | MCDONALDS CORP |
Entity Central Index Key | 0000063908 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 36-2361282 |
Entity Address, Address Line One | 110 North Carpenter Street |
Entity Address, City or Town | Chicago, |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60607 |
City Area Code | 630 |
Local Phone Number | 623-3000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | MCD |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 747,245,427 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and equivalents | $ 4,305.8 | $ 3,449.1 |
Accounts and notes receivable | 1,828.5 | 2,110.3 |
Inventories, at cost, not in excess of market | 50.1 | 51.1 |
Prepaid expenses and other current assets | 611.5 | 632.7 |
Total current assets | 6,795.9 | 6,243.2 |
Other assets | ||
Investments in and advances to affiliates | 1,171.4 | 1,297.2 |
Goodwill | 2,744.2 | 2,773.1 |
Miscellaneous | 4,057.9 | 3,527.4 |
Total other assets | 7,973.5 | 7,597.7 |
Lease right-of-use asset, net | 13,528.9 | 13,827.7 |
Property and equipment | ||
Property and equipment, at cost | 41,423.7 | 41,476.5 |
Accumulated depreciation and amortization | (16,995) | (16,518.3) |
Net property and equipment | 24,428.7 | 24,958.2 |
Total assets | 52,727 | 52,626.8 |
Current liabilities | ||
Accounts payable | 772.6 | 741.3 |
Dividends payable | 1,027.3 | 0 |
Lease liability | 701.5 | 701.5 |
Income taxes | 259.7 | 741.1 |
Other taxes | 253.5 | 227 |
Accrued interest | 312.2 | 388.4 |
Accrued payroll and other liabilities | 1,268.8 | 1,138.3 |
Current maturities of long-term debt | 500 | 2,243.6 |
Total current liabilities | 5,095.6 | 6,181.2 |
Long-term debt | 34,628 | 35,196.8 |
Long-term lease liability | 12,986.6 | 13,321.3 |
Long-term income taxes | 1,878.9 | 1,970.7 |
Deferred revenues - initial franchise fees | 720.1 | 702 |
Other long-term liabilities | 1,046.6 | 1,054.1 |
Deferred income taxes | 2,046.2 | 2,025.6 |
Shareholders' equity (deficit) | ||
Preferred stock, no par value; authorized—165.0 million shares; issued—none | 0 | 0 |
Common stock, $.01 par value; authorized—3.5 billion shares; issued—1,660.6 million shares | 16.6 | 16.6 |
Additional paid-in capital | 8,125.8 | 7,903.6 |
Retained earnings | 55,897.7 | 53,908.1 |
Accumulated other comprehensive income (loss) | (2,663.2) | (2,586.8) |
Common stock in treasury, at cost; 913.8 and 915.2 million shares | (67,051.9) | (67,066.4) |
Total shareholders' equity (deficit) | (5,675) | (7,824.9) |
Total liabilities and shareholders' equity (deficit) | $ 52,727 | $ 52,626.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, authorized | 165,000,000 | 165,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 3,500,000,000 | 3,500,000,000 |
Common stock, issued | 1,660,600,000 | 1,660,600,000 |
Common stock in treasury, shares | 913,400,000 | 915,200,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | ||||
Sales by Company-operated restaurants | $ 2,598.4 | $ 2,286.4 | $ 7,248.6 | $ 5,905.9 |
Revenues from franchised restaurants | 3,510.2 | 3,044.8 | 9,693.8 | 7,740.8 |
Other Revenues | 92.7 | 86.9 | 271.4 | 247.3 |
Total revenues | 6,201.3 | 5,418.1 | 17,213.8 | 13,894 |
Operating costs and expenses | ||||
Company-operated restaurant expenses | 2,108.4 | 1,876.3 | 5,947 | 5,077.5 |
Franchised restaurants-occupancy expenses | 592.6 | 567.9 | 1,743.2 | 1,646.6 |
Other Restaurant Expenses | 68.9 | 69.2 | 204.4 | 198 |
Depreciation and Amortization | 84.1 | 75.8 | 243.2 | 220.3 |
Other Selling, General and Administrative Expense | 559.6 | 454.7 | 1,622.4 | 1,547 |
Other operating (income) expense, net | (198.8) | (152.2) | (505.3) | 23.5 |
Total operating costs and expenses | 3,214.8 | 2,891.7 | 9,254.9 | 8,712.9 |
Operating income | 2,986.5 | 2,526.4 | 7,958.9 | 5,181.1 |
Interest expense | 293.7 | 310.1 | 890.2 | 909.2 |
Nonoperating (income) expense, net | 1.4 | (0.8) | 48.6 | (38.8) |
Income before provision for income taxes | 2,691.4 | 2,217.1 | 7,020.1 | 4,310.7 |
Provision for income taxes | 541.5 | 454.5 | 1,113.7 | 957.4 |
Net income | $ 2,149.9 | $ 1,762.6 | $ 5,906.4 | $ 3,353.3 |
Earnings per common share-basic | $ 2.88 | $ 2.37 | $ 7.91 | $ 4.50 |
Earnings per common share-diluted | 2.86 | 2.35 | 7.86 | 4.47 |
Dividends declared per common share | $ 2.67 | $ 1.25 | $ 5.25 | $ 3.75 |
Weighted average shares outstanding-basic | 747.1 | 744.5 | 746.5 | 744.4 |
Weighted average shares outstanding-diluted | 752.6 | 750 | 751.9 | 749.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2021 | |||
Net income | $ 2,149.9 | $ 1,762.6 | $ 5,906.4 | $ 3,353.3 |
Foreign currency translation adjustments: | ||||
Gain (loss) recognized in accumulated other comprehensive income (AOCI), including net investment hedges | (132.8) | 56.6 | (172.7) | (202.5) |
Reclassification of (gain) loss to net income | 14.3 | 9 | 34.7 | 9 |
Foreign currency translation adjustments-net of tax benefit (expense) of ($66.1), $116.8, ($133.7) and $67.6 | (118.5) | 65.6 | (138) | (193.5) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 26.8 | (27.1) | 48.7 | (84.2) |
Cash flow hedges: | ||||
Cash flow hedges-net of tax benefit (expense) of ($9.2), $6.6, ($24.1) and $27.1 | 30.8 | (22) | 81.1 | (90) |
Reclassification of (gain) loss to net income | 4 | 5.1 | 32.4 | (5.8) |
Defined benefit pension plans: | ||||
Gain (loss) recognized in AOCI | 0.1 | 0.5 | 0.9 | (2) |
Reclassification of (gain) loss to net income | (4.4) | 3.4 | (20.4) | 9.4 |
Defined benefit pension plans-net of tax benefit (expense) of $0.0, $0.0, $0.1 and $0.5 | (4.3) | 3.9 | (19.5) | 7.4 |
Total other comprehensive income (loss), net of tax | (92) | 47.5 | (76.4) | (276.1) |
Comprehensive income (loss) | $ 2,057.9 | $ 1,810.1 | $ 5,830 | $ 3,077.2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other comprehensive income (loss), foreign currency translation adjustment, tax | $ (66.1) | $ 116.8 | $ (133.7) | $ 67.6 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | (9.2) | 6.6 | (24.1) | 27.1 |
Other comprehensive income (loss), pension and other postretirement benefit plans, tax | $ 0 | $ 0 | $ 0.1 | $ 0.5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||||
Net income | $ 2,149.9 | $ 1,762.6 | $ 5,906.4 | $ 3,353.3 |
Charges and credits: | ||||
Depreciation and amortization | 469.2 | 440.1 | 1,386.5 | 1,287.1 |
Deferred income taxes | (45.8) | (38) | (416.2) | 196.3 |
Share-based compensation | 34.1 | 7.3 | 97.9 | 64 |
Other | (163.6) | (56.8) | (364.8) | (25.5) |
Changes in working capital items | 174 | 824.3 | (134.8) | (602.8) |
Cash provided by (used for) operations | 2,617.8 | 2,939.5 | 6,475 | 4,272.4 |
Investing activities | ||||
Capital expenditures | (501.5) | (390.2) | (1,352.8) | (1,177.7) |
Purchases of restaurant businesses | (28.6) | (6.7) | (116.7) | (50) |
Sales of restaurant businesses | 60.1 | 8 | 141.9 | 35.5 |
Sales of property | 41.3 | 0.2 | 97.9 | 17.8 |
Other | 43.8 | 120.8 | 186.7 | (8.5) |
Cash used for investing activities | (384.9) | (267.9) | (1,043) | (1,182.9) |
Financing activities | ||||
Net short-term borrowings | (0.3) | (993.4) | 7.6 | (885.7) |
Long-term financing issuances | 0 | 2.8 | 0 | 5,543 |
Long-term financing repayments | (0.4) | (451.5) | (1,739.4) | (1,414.1) |
Treasury stock purchases | (17.7) | (0.7) | (42.2) | (905.6) |
Common stock dividends | (963.9) | (930.9) | (2,889.5) | (2,791.3) |
Proceeds from stock option exercises | 66.6 | 105.3 | 198.6 | 262.3 |
Other | (11.7) | (0.1) | (32.7) | (122) |
Cash provided by (used for) financing activities | (927.4) | (2,268.5) | (4,497.6) | (313.4) |
Effect of exchange rates on cash and cash equivalents | (49.1) | 25 | (77.7) | 9.2 |
Cash and equivalents increase (decrease) | 1,256.4 | 428.1 | 856.7 | 2,785.3 |
Cash and equivalents at beginning of period | 3,049.4 | 3,255.7 | 3,449.1 | 898.5 |
Cash and equivalents at end of period | $ 4,305.8 | $ 3,683.8 | $ 4,305.8 | $ 3,683.8 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common stock issued | Additional paid-in capital | Retained earnings | Pensions | Cash Flow Hedges | Foreign currency translation | Common stock in treasury |
Beginning Balance (in shares) at Dec. 31, 2019 | 1,660.6 | (914.3) | ||||||
Beginning Balance at Dec. 31, 2019 | $ (8,210.3) | $ 16.6 | $ 7,653.9 | $ 52,930.5 | $ (243.7) | $ 12 | $ (2,251) | $ (66,328.6) |
Net income | 3,353.3 | 3,353.3 | ||||||
Other comprehensive income (loss), net of tax | (276.1) | 7.4 | (90) | (193.5) | ||||
Comprehensive income | 3,077.2 | |||||||
Common stock cash dividends | (2,791.3) | (2,791.3) | ||||||
Treasury stock purchases (in shares) | (4.3) | |||||||
Treasury stock purchases | (871.9) | $ (871.9) | ||||||
Share-based compensation | 64 | 64 | ||||||
Stock option exercises and other (in shares) | 3.1 | |||||||
Stock option exercises and other | 260.2 | 136.8 | $ 123.4 | |||||
Ending Balance (in shares) at Sep. 30, 2020 | 1,660.6 | (915.5) | ||||||
Ending Balance at Sep. 30, 2020 | (8,472.1) | $ 16.6 | 7,854.7 | 53,492.5 | (236.3) | (78) | (2,444.5) | $ (67,077.1) |
Beginning Balance (in shares) at Jun. 30, 2020 | 1,660.6 | (916.5) | ||||||
Beginning Balance at Jun. 30, 2020 | (9,463.1) | $ 16.6 | 7,780 | 52,660.8 | (240.2) | (56) | (2,510.1) | $ (67,114.2) |
Net income | 1,762.6 | 1,762.6 | ||||||
Other comprehensive income (loss), net of tax | 47.5 | 3.9 | (22) | 65.6 | ||||
Comprehensive income | 1,810.1 | |||||||
Common stock cash dividends | (930.9) | (930.9) | ||||||
Treasury stock purchases (in shares) | 0 | |||||||
Treasury stock purchases | (0.7) | $ (0.7) | ||||||
Share-based compensation | 7.3 | 7.3 | ||||||
Stock option exercises and other (in shares) | 1 | |||||||
Stock option exercises and other | 105.2 | 67.4 | $ 37.8 | |||||
Ending Balance (in shares) at Sep. 30, 2020 | 1,660.6 | (915.5) | ||||||
Ending Balance at Sep. 30, 2020 | (8,472.1) | $ 16.6 | 7,854.7 | 53,492.5 | (236.3) | (78) | (2,444.5) | $ (67,077.1) |
Beginning Balance (in shares) at Dec. 31, 2020 | 1,660.6 | (915.2) | ||||||
Beginning Balance at Dec. 31, 2020 | (7,824.9) | $ 16.6 | 7,903.6 | 53,908.1 | (287.6) | (111.3) | (2,187.9) | $ (67,066.4) |
Net income | 5,906.4 | 5,906.4 | ||||||
Other comprehensive income (loss), net of tax | (76.4) | (19.5) | 81.1 | (138) | ||||
Comprehensive income | 5,830 | |||||||
Common stock cash dividends | (3,916.8) | (3,916.8) | ||||||
Treasury stock purchases (in shares) | (0.2) | |||||||
Treasury stock purchases | (59) | $ (59) | ||||||
Share-based compensation | 97.9 | 97.9 | ||||||
Stock option exercises and other (in shares) | 2 | |||||||
Stock option exercises and other | 197.8 | 124.3 | $ 73.5 | |||||
Ending Balance (in shares) at Sep. 30, 2021 | 1,660.6 | (913.4) | ||||||
Ending Balance at Sep. 30, 2021 | (5,675) | $ 16.6 | 8,125.8 | 55,897.7 | (307.1) | (30.2) | (2,325.9) | $ (67,051.9) |
Beginning Balance (in shares) at Jun. 30, 2021 | 1,660.6 | (913.8) | ||||||
Beginning Balance at Jun. 30, 2021 | (5,808) | $ 16.6 | 8,046 | 55,739 | (302.8) | (61) | (2,207.4) | $ (67,038.4) |
Net income | 2,149.9 | 2,149.9 | ||||||
Other comprehensive income (loss), net of tax | (92) | (4.3) | 30.8 | (118.5) | ||||
Comprehensive income | 2,057.9 | |||||||
Common stock cash dividends | (1,991.2) | (1,991.2) | ||||||
Treasury stock purchases (in shares) | (0.1) | |||||||
Treasury stock purchases | (34.5) | $ (34.5) | ||||||
Share-based compensation | 34.1 | 34.1 | ||||||
Stock option exercises and other (in shares) | 0.5 | |||||||
Stock option exercises and other | 66.7 | 45.7 | $ 21 | |||||
Ending Balance (in shares) at Sep. 30, 2021 | 1,660.6 | (913.4) | ||||||
Ending Balance at Sep. 30, 2021 | $ (5,675) | $ 16.6 | $ 8,125.8 | $ 55,897.7 | $ (307.1) | $ (30.2) | $ (2,325.9) | $ (67,051.9) |
Condensed Consolidated Statem_6
Condensed Consolidated Statement of Shareholders' Equity Consolidated Statement of Shareholders Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per common share | $ 2.67 | $ 1.25 | $ 5.25 | $ 3.75 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | McDonald’s Corporation, the registrant, together with its subsidiaries, is referred to herein as the "Company." The Company, its franchisees and suppliers, are referred to herein as the "System." Basis of Presentation The accompanying condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements contained in the Company’s December 31, 2020 Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been included. The results for the quarter and nine months ended September 30, 2021 do not necessarily indicate the results that may be expected for the full year. |
Restaurant Information
Restaurant Information | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Restaurant Information By Ownership Type [Abstract] | |
Restaurant Information | Restaurant Information The following table presents restaurant information by ownership type: Restaurants at September 30, 2021 2020 Conventional franchised 21,552 21,781 Developmental licensed 7,795 7,660 Foreign affiliated 7,639 6,997 Total Franchised 36,986 36,438 Company-operated 2,690 2,658 Total Systemwide restaurants 39,676 39,096 The results of operations of restaurant businesses purchased and sold in transactions with franchisees were not material either individually or in the aggregate to the condensed consolidated financial statements for the periods prior to purchase and sale. |
Per Common Share Information
Per Common Share Information | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Diluted earnings per common share is calculated using net income divided by diluted weighted-average shares. Diluted weighted-average shares include weighted-average shares outstanding plus the dilutive effect of share-based compensation, calculated using the treasury stock method, of 5.5 million shares for each of the quarters 2021 and 2020, and 5.4 million shares for each of the nine months 2021 and 2020. Share-based compensation awards that would have been antidilutive, and therefore were not included in the calculation of diluted weighted-average shares, totaled 1.4 million shares and 1.8 million shares for the quarters 2021 and 2020, respectively, and 3.0 million shares and 1.9 million shares for the nine months 2021 and 2020, respectively. In September 2021, McDonald's Board of Directors declared a 7% increase in the quarterly cash dividend to $1.38 per share of common stock, resulting in $1.0 billion of dividends payable in December 2021. In addition, the Company resumed its share repurchase program in September 2021. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes The effective income tax rate was 20.1% and 20.5% for the quarters ended 2021 and 2020, respectively, and 15.9% and 22.2% for the nine months ended 2021 and 2020, respectively. The tax rate for the nine months ended 2021 included a benefit of $364 million related to the remeasurement of deferred taxes as a result of a change in the U.K. statutory income tax rate. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. The Company did not have any significant changes to the valuation techniques used to measure fair value as described in the Company's December 31, 2020 Annual Report on Form 10-K. |
Financial Instruments and Hedgi
Financial Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Hedging Activities | Financial Instruments and Hedging Activities The Company is exposed to global market risks, including the effect of changes in interest rates and foreign currency fluctuations. The Company uses foreign currency denominated debt and derivative instruments to mitigate the impact of these changes. The Company does not hold or issue derivatives for trading purposes. The following table presents the fair values of derivative instruments included on the Condensed Consolidated Balance Sheet: Derivative Assets Derivative Liabilities In millions Balance Sheet Classification September 30, 2021 December 31, 2020 Balance Sheet Classification September 30, 2021 December 31, 2020 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 40.1 $ — Accrued payroll and other liabilities $ (7.2) $ (64.5) Interest rate Prepaid expenses and other current assets 2.1 — Accrued payroll and other liabilities — — Foreign currency Miscellaneous other assets 25.3 5.6 Other long-term liabilities (0.1) (15.0) Interest rate Miscellaneous other assets 18.0 35.8 Other long-term liabilities (0.2) — Total derivatives designated as hedging instruments $ 85.5 $ 41.4 $ (7.5) $ (79.5) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ — $ 185.6 Accrued payroll and other liabilities $ (2.5) $ (8.6) Foreign currency Prepaid expenses and other current assets 1.0 — Accrued payroll and other liabilities — (9.4) Equity Miscellaneous other assets 197.6 — Total derivatives not designated as hedging instruments $ 198.6 $ 185.6 $ (2.5) $ (18.0) Total derivatives $ 284.1 $ 227.0 $ (10.0) $ (97.5) The following table presents the pre-tax amounts from derivative instruments affecting income and AOCI for the nine months ended September 30, 2021 and 2020, respectively: Location of Gain or Loss Gain (Loss) Gain (Loss) Gain (Loss) Recognized in In millions 2021 2020 2021 2020 2021 2020 Foreign currency Nonoperating income/expense $ 63.1 $ (18.8) $ (37.4) $ 11.3 Interest rate Interest expense — (90.8) (4.7) (3.8) Cash flow hedges $ 63.1 $ (109.6) $ (42.1) $ 7.5 Foreign currency denominated debt Nonoperating income/expense $ 574.3 $ (396.8) $ 47.1 $ 17.6 Foreign currency derivatives Nonoperating income/expense 31.4 2.1 Foreign currency derivatives (1) Interest expense $ 11.0 $ 11.0 Net investment hedges $ 605.7 $ (394.7) $ 47.1 $ 17.6 $ 11.0 $ 11.0 Foreign currency Nonoperating income/expense $ 10.4 $ (17.2) Equity Selling, general & administrative expenses 54.4 27.2 Equity Other operating income/expense, net (7.8) (5.6) Undesignated derivatives $ 57.0 $ 4.4 (1) The amount of gain (loss) recognized in income related to components excluded from effectiveness testing. Fair Value Hedges The Company enters into fair value hedges to reduce the exposure to changes in fair values of certain liabilities. The Company enters into fair value hedges that convert a portion of its fixed rate debt into floating rate debt by use of interest rate swaps. At September 30, 2021, the carrying amount of fixed-rate debt that was effectively converted was $1.5 billion, which included an increase of $19.9 million of cumulative hedging adjustments. For the nine months ended September 30, 2021, the Company recognized a $15.9 million loss on the fair value of interest rate swaps, and a corresponding gain on the fair value of the related hedged debt instrument to interest expense. Cash Flow Hedges The Company enters into cash flow hedges to reduce the exposure to variability in certain expected future cash flows. To protect against the reduction in value of forecasted foreign currency cash flows (such as royalties denominated in foreign currencies), the Company uses foreign currency forwards to hedge a portion of anticipated exposures. The hedges cover the next 18 months for certain exposures and are denominated in various currencies. As of September 30, 2021, the Company had derivatives outstanding with an equivalent notional amount of $1.3 billion that hedged a portion of forecasted foreign currency denominated cash flows. Based on market conditions at September 30, 2021, the $30.2 million in cumulative cash flow hedging losses, after tax, is not expected to have a significant effect on earnings over the next 12 months. Net Investment Hedges The Company primarily uses foreign currency denominated debt (third-party and intercompany) to hedge its investments in certain foreign subsidiaries and affiliates. Realized and unrealized translation adjustments from these hedges are included in shareholders' equity in the foreign currency translation component of Other comprehensive income ("OCI") and offset translation adjustments on the underlying net assets of foreign subsidiaries and affiliates, which also are recorded in OCI. As of September 30, 2021, $11.4 billion of the Company's third-party foreign currency denominated debt, $1.2 billion of the Company's intercompany foreign currency denominated debt and $1.1 billion of derivatives were designated to hedge investments in certain foreign subsidiaries and affiliates. Undesignated Derivatives The Company enters into certain derivatives that are not designated for hedge accounting. Therefore, the changes in the fair value of these derivatives are recognized immediately in earnings together with the gain or loss from the hedged balance sheet position. As an example, the Company enters into equity derivative contracts, including total return swaps, to hedge market-driven changes in certain of its supplemental benefit plan liabilities. Changes in the fair value of these derivatives are recorded in Selling, general & administrative expenses together with the changes in the supplemental benefit plan liabilities. The Company has also used certain derivatives to mitigate the share price risk related to its sale of stock in McDonald’s Japan. The changes in the fair value of the undesignated derivatives used for the most recent sale transaction were recognized immediately in earnings in Other Operating (income) expense, net. In addition, the Company uses foreign currency forwards to mitigate the change in fair value of certain foreign currency denominated assets and liabilities. The changes in the fair value of these derivatives are recognized in Nonoperating (income) expense, net, along with the currency gain or loss from the hedged balance sheet position. Credit Risk The Company is exposed to credit-related losses in the event of non-performance by its derivative counterparties. The Company did not have significant exposure to any individual counterparty at September 30, 2021 and has master agreements that contain netting arrangements. For financial reporting purposes, the Company presents gross derivative balances in the financial statements and supplementary data, including for counterparties subject to netting arrangements. Some of these agreements also require each party to post collateral if credit ratings fall below, or aggregate exposures exceed, certain contractual limits. At September 30, 2021, neither the Company nor its counterparties were required to post collateral on any derivative position, other than on certain hedges of the Company’s supplemental benefit plan liabilities where the counterparties were required to post collateral on their liability positions. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company operates under an organizational structure with the following global business segments reflecting how management reviews and evaluates operating performance: • U.S. - the Company's largest market. The segment is 95% franchised as of September 30, 2021. • International Operated Markets - comprised of markets or countries in which the Company operates and franchises restaurants, including Australia, Canada, France, Germany, Italy, the Netherlands, Russia, Spain and the U.K. The segment is 84% franchised as of September 30, 2021. • International Developmental Licensed Markets & Corporate - comprised primarily of developmental licensee and affiliate markets in the McDonald’s System. Corporate activities are also reported in this segment. The segment is 98% franchised as of September 30, 2021. The following table presents the Company’s revenues and operating income by segment: Quarters Ended Nine Months Ended September 30, September 30, In millions 2021 2020 2021 2020 Revenues U.S. $ 2,260.7 $ 2,094.2 $ 6,615.0 $ 5,723.8 International Operated Markets 3,372.7 2,845.9 9,007.6 6,862.7 International Developmental Licensed Markets & Corporate 567.9 478.0 1,591.2 1,307.5 Total revenues $ 6,201.3 $ 5,418.1 $ 17,213.8 $ 13,894.0 Operating Income U.S. $ 1,254.9 $ 1,078.3 $ 3,647.9 $ 2,705.9 International Operated Markets 1,519.6 1,197.9 3,745.4 2,311.8 International Developmental Licensed Markets & Corporate * 212.0 250.2 565.6 163.4 Total operating income $ 2,986.5 $ 2,526.4 $ 7,958.9 $ 5,181.1 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission. There were no subsequent events that required recognition or disclosure. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which simplifies the accounting for income taxes. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including applicable interim periods. The Company adopted the new standard effective January 1, 2021. The adoption of the standard did not have a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or |
Restaurant Information (Tables)
Restaurant Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Restaurant Information By Ownership Type [Abstract] | |
Restaurant Information by Ownership Type | The following table presents restaurant information by ownership type: Restaurants at September 30, 2021 2020 Conventional franchised 21,552 21,781 Developmental licensed 7,795 7,660 Foreign affiliated 7,639 6,997 Total Franchised 36,986 36,438 Company-operated 2,690 2,658 Total Systemwide restaurants 39,676 39,096 |
Financial Instruments and Hed_2
Financial Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments Included on Consolidated Balance Sheet | The following table presents the fair values of derivative instruments included on the Condensed Consolidated Balance Sheet: Derivative Assets Derivative Liabilities In millions Balance Sheet Classification September 30, 2021 December 31, 2020 Balance Sheet Classification September 30, 2021 December 31, 2020 Derivatives designated as hedging instruments Foreign currency Prepaid expenses and other current assets $ 40.1 $ — Accrued payroll and other liabilities $ (7.2) $ (64.5) Interest rate Prepaid expenses and other current assets 2.1 — Accrued payroll and other liabilities — — Foreign currency Miscellaneous other assets 25.3 5.6 Other long-term liabilities (0.1) (15.0) Interest rate Miscellaneous other assets 18.0 35.8 Other long-term liabilities (0.2) — Total derivatives designated as hedging instruments $ 85.5 $ 41.4 $ (7.5) $ (79.5) Derivatives not designated as hedging instruments Equity Prepaid expenses and other current assets $ — $ 185.6 Accrued payroll and other liabilities $ (2.5) $ (8.6) Foreign currency Prepaid expenses and other current assets 1.0 — Accrued payroll and other liabilities — (9.4) Equity Miscellaneous other assets 197.6 — Total derivatives not designated as hedging instruments $ 198.6 $ 185.6 $ (2.5) $ (18.0) Total derivatives $ 284.1 $ 227.0 $ (10.0) $ (97.5) |
Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income | The following table presents the pre-tax amounts from derivative instruments affecting income and AOCI for the nine months ended September 30, 2021 and 2020, respectively: Location of Gain or Loss Gain (Loss) Gain (Loss) Gain (Loss) Recognized in In millions 2021 2020 2021 2020 2021 2020 Foreign currency Nonoperating income/expense $ 63.1 $ (18.8) $ (37.4) $ 11.3 Interest rate Interest expense — (90.8) (4.7) (3.8) Cash flow hedges $ 63.1 $ (109.6) $ (42.1) $ 7.5 Foreign currency denominated debt Nonoperating income/expense $ 574.3 $ (396.8) $ 47.1 $ 17.6 Foreign currency derivatives Nonoperating income/expense 31.4 2.1 Foreign currency derivatives (1) Interest expense $ 11.0 $ 11.0 Net investment hedges $ 605.7 $ (394.7) $ 47.1 $ 17.6 $ 11.0 $ 11.0 Foreign currency Nonoperating income/expense $ 10.4 $ (17.2) Equity Selling, general & administrative expenses 54.4 27.2 Equity Other operating income/expense, net (7.8) (5.6) Undesignated derivatives $ 57.0 $ 4.4 (1) The amount of gain (loss) recognized in income related to components excluded from effectiveness testing. |
Franchise Arrangements (Tables)
Franchise Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Franchise Arrangements Additional Information [Abstract] | |
Revenues from Franchised Restaurants | Revenues from franchised restaurants consisted of: Quarters Ended Nine Months Ended September 30, September 30, In millions 2021 2020 2021 2020 Rents $ 2,254.1 $ 1,961.7 $ 6,205.9 $ 4,944.8 Royalties 1,243.1 1,071.3 3,449.6 2,762.1 Initial fees 13.0 11.8 38.3 33.9 Revenues from franchised restaurants $ 3,510.2 $ 3,044.8 $ 9,693.8 $ 7,740.8 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Revenues and Operating Income by Geographic Segment | The following table presents the Company’s revenues and operating income by segment: Quarters Ended Nine Months Ended September 30, September 30, In millions 2021 2020 2021 2020 Revenues U.S. $ 2,260.7 $ 2,094.2 $ 6,615.0 $ 5,723.8 International Operated Markets 3,372.7 2,845.9 9,007.6 6,862.7 International Developmental Licensed Markets & Corporate 567.9 478.0 1,591.2 1,307.5 Total revenues $ 6,201.3 $ 5,418.1 $ 17,213.8 $ 13,894.0 Operating Income U.S. $ 1,254.9 $ 1,078.3 $ 3,647.9 $ 2,705.9 International Operated Markets 1,519.6 1,197.9 3,745.4 2,311.8 International Developmental Licensed Markets & Corporate * 212.0 250.2 565.6 163.4 Total operating income $ 2,986.5 $ 2,526.4 $ 7,958.9 $ 5,181.1 |
Restaurant Information by Owner
Restaurant Information by Ownership Type (Details) - Restaurant | Sep. 30, 2021 | Sep. 30, 2020 |
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 39,676 | 39,096 |
Franchised | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 36,986 | 36,438 |
Franchised | Conventional franchised | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 21,552 | 21,781 |
Franchised | Developmental licensed | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 7,795 | 7,660 |
Franchised | Affiliated | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 7,639 | 6,997 |
Company-operated | ||
Segment Reporting Information [Line Items] | ||
Number of Restaurants | 2,690 | 2,658 |
Per Common Share Information (A
Per Common Share Information (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||||||
Dilutive effect of share-based compensation | 5.5 | 5.5 | 5.4 | 5.4 | ||
Stock options that were not included in diluted weighted-average shares | 1.4 | 1.8 | 3 | 1.9 | ||
Dividends Payable, Amount Per Share | $ 1.38 | |||||
Dividends payable | $ 1,027.3 | $ 1,027.3 | $ 0 | |||
Dividends Payable | $ 1,000 | $ 1,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 20.10% | 20.50% | 15.90% | 22.20% |
Deferred Tax Assets, Tax Deferred Expense | $ 364 | $ 364 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) $ in Millions | Sep. 30, 2021USD ($) |
Fair Value Measurements [Line Items] | |
Debt obligations, carrying amount | $ 35,100 |
Long-term Debt | 1,200 |
Level 2 | |
Fair Value Measurements [Line Items] | |
Debt obligations, fair value | $ 39,700 |
Minimum [Member] | |
Fair Value Measurements [Line Items] | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 0.25% |
Maximum [Member] | |
Fair Value Measurements [Line Items] | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 0.875% |
Financial Instruments and Hed_3
Financial Instruments and Hedging Activities (Fair Values of Derivative Instruments Included on Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | $ 284.1 | $ 227 |
Liability Derivatives Fair Value | 10 | 97.5 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 85.5 | 41.4 |
Liability Derivatives Fair Value | 7.5 | 79.5 |
Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 198.6 | 185.6 |
Liability Derivatives Fair Value | 2.5 | 18 |
Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 2.1 | |
Interest Rate Contract [Member] | Other Liabilities [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | 0.2 | |
Interest Rate Contract [Member] | Other Assets [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 18 | 35.8 |
Equity [Member] | Accrued Expenses And Other Current Liabilities [Member] | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | 2.5 | 8.6 |
Equity [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 0 | 185.6 |
Equity [Member] | Other Assets [Member] | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 197.6 | |
Foreign Exchange [Member] | Accrued Expenses And Other Current Liabilities [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | 7.2 | 64.5 |
Foreign Exchange [Member] | Accrued Expenses And Other Current Liabilities [Member] | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | 0 | 9.4 |
Foreign Exchange [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 40.1 | |
Foreign Exchange [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 1 | |
Foreign Exchange [Member] | Other Liabilities [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | 0.1 | 15 |
Foreign Exchange [Member] | Other Assets [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | $ 25.3 | $ 5.6 |
(Derivatives Pretax Amounts Aff
(Derivatives Pretax Amounts Affecting Income and Other Comprehensive Income) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Derivatives in Cash Flow Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion) | $ (42.1) | $ 7.5 |
Gain (Loss) Recognized in Accumulated OCI (Effective Portion) | 63.1 | (109.6) |
Net Investment Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion) | 47.1 | 17.6 |
Gain (Loss) Recognized in Accumulated OCI (Effective Portion) | 605.7 | (394.7) |
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion) | 11 | 11 |
Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments, gain (loss) recognized in income, net | 57 | 4.4 |
Foreign Exchange [Member] | Derivatives in Cash Flow Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion) | (37.4) | 11.3 |
Gain (Loss) Recognized in Accumulated OCI (Effective Portion) | 63.1 | (18.8) |
Foreign Exchange [Member] | Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments, gain (loss) recognized in income, net | 10.4 | (17.2) |
Foreign Exchange Forward [Member] | Net Investment Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Accumulated OCI (Effective Portion) | 31.4 | 2.1 |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion) | 11 | 11 |
Interest Rate Contract [Member] | Derivatives in Cash Flow Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion) | (4.7) | (3.8) |
Gain (Loss) Recognized in Accumulated OCI (Effective Portion) | (90.8) | |
Other Foreign Currency Denominated Debt [Member] | Net Investment Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified into Income from Accumulated OCI (Effective Portion) | 47.1 | 17.6 |
Gain (Loss) Recognized in Accumulated OCI (Effective Portion) | 574.3 | (396.8) |
Equity [Member] | Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments, gain (loss) recognized in income, net | 54.4 | 27.2 |
Equity Contract [Member] | Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments, gain (loss) recognized in income, net | $ (7.8) | $ (5.6) |
(Financial Instruments and Hedg
(Financial Instruments and Hedging Activities - Additional Information) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Cumulative deferred hedging gain (loss), after tax, included in accumulated other comprehensive income | $ (30.2) |
Interest Rate Swap | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Derivative, Notional Amount | 1,500 |
Intercompany Debt [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates | 1,200 |
Debt [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Foreign currency denominated debt designated to hedge investments in certain foreign subsidiaries and affiliates | 11,400 |
Interest Rate Risk [Member] | Fair Value Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Derivative instruments, gain (loss) recognized in income, net | (15.9) |
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | 19.9 |
Royalty Arrangement [Member] | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Derivative, Notional Amount | $ 1,300 |
Period covered by hedge | 18 months |
Derivative | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |
Derivative, Notional Amount | $ 1,100 |
Revenues from Franchised Restau
Revenues from Franchised Restaurants (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Franchisor Disclosure | ||||
Rents | $ 2,254.1 | $ 1,961.7 | $ 6,205.9 | $ 4,944.8 |
Royalties | 1,243.1 | 1,071.3 | 3,449.6 | 2,762.1 |
Initial Fees | 13 | 11.8 | 38.3 | 33.9 |
Revenues from franchised restaurants | $ 3,510.2 | $ 3,044.8 | $ 9,693.8 | $ 7,740.8 |
Segment Information (Segment an
Segment Information (Segment and Geographic Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | $ 106 | $ 339 | ||
Total revenues | 6,201.3 | $ 5,418.1 | 17,213.8 | $ 13,894 |
Operating Income | 2,986.5 | 2,526.4 | 7,958.9 | 5,181.1 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,260.7 | 2,094.2 | 6,615 | 5,723.8 |
Operating Income | 1,254.9 | 1,078.3 | 3,647.9 | 2,705.9 |
International Operated Markets | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 3,372.7 | 2,845.9 | 9,007.6 | 6,862.7 |
Operating Income | 1,519.6 | 1,197.9 | 3,745.4 | 2,311.8 |
International Developmental Licensed Markets and Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 567.9 | 478 | 1,591.2 | 1,307.5 |
Operating Income | $ 212 | $ 250.2 | $ 565.6 | $ 163.4 |