CHICAGO, Nov. 9, 2020 /PRNewswire/ -- McDonald's
Corporation today announced results for the third quarter ended
September 30, 2020.
"The resilience of the McDonald's system was on display during
the third quarter as the competitive strength of our business and
the 3 D's – Digital, Delivery and Drive Thru – led to significant
global comparable sales recovery," said McDonald's Chief Financial
Officer Kevin Ozan. "Our franchisees
and restaurant teams around the world remain focused on running
great restaurants and continuing to provide a safe environment for
customers to enjoy our great tasting food."
Third quarter financial performance:
- Global comparable sales declined 2.2%. Monthly comparable sales
results improved sequentially for all segments throughout the third
quarter.
- Consolidated revenues decreased 2% (2% in constant
currencies).
- Systemwide sales were flat with the prior year (decreased 1% in
constant currencies).
- Consolidated operating income increased 5% (3% in constant
currencies) and included $139 million
of strategic gains on the sale of McDonald's Japan stock. Excluding these gains, operating
income decreased 1% (2% in constant currencies).
- Diluted earnings per share of $2.35 increased 11% (10% in constant currencies).
Excluding $0.13 per share of
strategic gains related to the sale of McDonald's Japan stock, diluted earnings per share was
$2.22 for the quarter, an increase of
5% (4% in constant currencies).
- The Company declared a 3% increase in its quarterly cash
dividend to $1.29 per share, payable
on December 15, 2020.
THIRD QUARTER
COMPARABLE SALES
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|
Quarters Ended
September 30,
|
|
|
2020
|
|
2019
|
U.S.
|
|
4.6%
|
|
4.8%
|
International
Operated Markets
|
|
(4.4)
|
|
5.6
|
International
Developmental Licensed Markets & Corporate
|
|
(10.1)
|
|
8.1
|
Total
|
|
(2.2)%
|
|
5.9%
|
- Comparable Sales: Monthly comparable sales results
improved sequentially for all segments throughout the third quarter
of 2020.
-
- U.S.: Comparable sales were positive throughout the
quarter, benefiting from strong average check growth from larger
group orders as well as strong performance at the dinner daypart.
The Company's strategic marketing investments and resulting
promotional activity drove low double-digit comparable sales for
the month of September, including positive comparable sales across
all dayparts. Comparable guest counts remained negative for the
quarter.
- International Operated Markets: Comparable sales results
improved throughout the quarter, with consumer sentiment and
government regulations impacting the pace of recovery from
COVID-19. Limited operations also remained in place for some
markets. Comparable sales varied across markets with negative
comparable sales in France,
Spain, Germany and the U.K., partly offset by
positive comparable sales in Australia.
- International Developmental Licensed Markets: Comparable
sales results were impacted by negative comparable sales in
Latin America and China, partly offset by strong positive
comparable sales in Japan.
KEY FINANCIAL METRICS
- CONSOLIDATED
Dollars in millions,
except per share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
|
|
Quarters Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2020
|
|
|
2019
|
|
|
Inc/
(Dec)
|
|
|
|
Inc/
(Dec)
Excluding
Currency
Translation
|
|
|
|
2020
|
|
|
2019
|
|
|
Inc/
(Dec)
|
|
|
|
Inc/
(Dec)
Excluding
Currency
Translation
|
|
|
Revenues
|
$
|
5,418.1
|
|
|
$
|
5,502.3
|
|
|
(2)
|
|
%
|
|
(2)
|
|
%
|
|
$
|
13,894.0
|
|
|
$
|
15,936.2
|
|
|
(13)
|
|
%
|
|
(12)
|
|
%
|
Operating
income
|
2,526.4
|
|
|
2,409.3
|
|
|
5
|
|
|
|
3
|
|
|
|
5,181.1
|
|
|
6,777.2
|
|
|
(24)
|
|
|
|
(23)
|
|
|
Net income
|
1,762.6
|
|
|
1,607.9
|
|
|
10
|
|
|
|
8
|
|
|
|
3,353.3
|
|
|
4,453.2
|
|
|
(25)
|
|
|
|
(25)
|
|
|
Earnings per
share-diluted
|
$
|
2.35
|
|
|
$
|
2.11
|
|
|
11
|
|
%
|
|
10
|
|
%
|
|
$
|
4.47
|
|
|
$
|
5.80
|
|
|
(23)
|
|
%
|
|
(23)
|
|
%
|
Results for the quarter reflected stronger operating performance
in the U.S. due to higher sales-driven restaurant margins, partly
offset by sales performance declines in the International Operated
Markets and International Developmental Licensed Markets segments
as a result of COVID-19. The nine months reflected sales
performance declines in all segments as a result of COVID-19.
Results for the quarter and nine months 2020 included
$139 million of pre-tax strategic
gains, or $0.13 per share, related to
the sale of McDonald's Japan
stock, which reduced the Company's ownership by about 3%. Results
for the nine months also included $0.01 per share of pre-tax strategic charges
primarily due to the write-off of impaired software that was no
longer being used of $26 million,
partly offset by $13 million of
income primarily comprised of a reversal of a reserve associated
with the Company's sale of its business in the India Delhi market
in January 2020.
Results for the nine months 2019 included $80 million of pre-tax strategic charges, or
$0.07 per share, primarily related to
impairment associated with the purchase of our joint venture
partner's interest in the India Delhi market, partly offset by
gains on the sales of property at the former Corporate
headquarters.
Results also included the following:
- Lower incentive-based compensation expense for the quarter and
nine months.
- A net reduction of reserves for bad debts of $27 million for the quarter and an increase of
reserves for bad debts of $66 million
for the nine months, all related to rent and royalty
deferrals.
- The nine months included over $200
million of committed incremental franchisee support for
marketing to accelerate recovery and drive growth across the U.S.
and International Operated Markets.
-
- About $100 million was recorded
in the U.S. and the remaining support was recorded in the
International Operated Markets segment.
Foreign currency translation had a positive impact of
$0.03 on diluted earnings per share
for the quarter and no impact on diluted earnings per share for the
nine months.
Outlined below is additional information for the quarter and
nine months ended September 30, 2020:
EARNINGS PER
SHARE-DILUTED RECONCILIATION
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|
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|
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|
|
|
|
|
|
Quarters Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
2020
|
|
|
2019
|
|
|
Inc/
(Dec)
|
|
|
Inc/
(Dec)
Excluding
Currency
Translation
|
|
|
2020
|
|
|
2019
|
|
|
Inc/
(Dec)
|
|
|
|
Inc/
(Dec)
Excluding
Currency
Translation
|
|
|
GAAP earnings per
share-
diluted
|
$
|
2.35
|
|
|
$
|
2.11
|
|
|
11
|
%
|
|
10
|
%
|
|
$
|
4.47
|
|
|
$
|
5.80
|
|
|
(23)
|
|
%
|
|
(23)
|
|
%
|
Strategic (gains)
charges
|
(0.13)
|
|
|
—
|
|
|
|
|
|
|
|
|
(0.12)
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|
|
0.07
|
|
|
|
|
|
|
|
Non-GAAP earnings
per
share-diluted
|
$
|
2.22
|
|
|
$
|
2.11
|
|
|
5
|
%
|
|
4
|
%
|
|
$
|
4.35
|
|
|
$
|
5.87
|
|
|
(26)
|
|
%
|
|
(26)
|
|
%
|
Excluding the current year and prior year strategic gains and
charges described above, for the quarter net income increased 3%
(2% in constant currencies) and diluted earnings per share
increased 5% (4% in constant currencies), and for the nine months
net income decreased 28% (28% in constant currencies) and diluted
earnings per share decreased 26% (26% in constant currencies).
RESTAURANT UPDATE
The Company has continued to follow the guidance of expert
health authorities to ensure the appropriate precautionary steps
are taken to protect the health and safety of our people and our
customers.
The Company began the third quarter with nearly all restaurants
globally open for business, and which currently remain open as of
the date of filing. However, as a result of COVID-19 resurgences,
since September, there have been numerous instances of government
restrictions on operating hours, limited dine-in capacity in most
countries and, in some cases, mandated dining room closures. These
restrictions are impacting most of the Company's key markets
outside of the U.S., including France, Germany, Canada and the U.K. The Company expects some
restrictions in various markets so long as the COVID-19 pandemic
continues.
THE FOLLOWING DEFINITIONS APPLY TO THESE TERMS AS USED
THROUGHOUT THIS RELEASE
Constant currency results exclude the effects of foreign
currency translation and are calculated by translating current year
results at prior year average exchange rates. Management reviews
and analyzes business results excluding the effect of foreign
currency translation, impairment and other strategic charges and
gains, as well as income tax provision adjustments related to the
Tax Cuts and Jobs Act of 2017, and bases incentive compensation
plans on these results, because the Company believes this better
represents underlying business trends.
Comparable sales are compared to the same period in the prior
year and represent sales at all restaurants, whether operated by
the Company or by franchisees, in operation at least thirteen
months including those temporarily closed. Some of the reasons
restaurants may be temporarily closed include reimaging or
remodeling, rebuilding, road construction and natural disasters
(which includes restaurants temporarily closed due to COVID-19 in
2020). Comparable sales exclude the impact of currency translation,
and, since 2017, also exclude sales from Venezuela due to its hyper-inflation.
Management generally identifies hyper-inflationary markets as those
markets whose cumulative inflation rate over a three-year period
exceeds 100%. Management believes that these exclusions more
accurately reflect the underlying business trends. Comparable sales
are driven by changes in guest counts and average check, which is
affected by changes in pricing and product mix. The goal is to
achieve a relatively balanced contribution from both guest counts
and average check.
Comparable guest counts represent the number of transactions at
all restaurants, whether operated by the Company or by franchisees,
in operation at least thirteen months including those temporarily
closed.
Systemwide sales include sales at all restaurants, whether
operated by the Company or by franchisees. While franchised sales
are not recorded as revenues by the Company, management believes
the information is important in understanding the Company's
financial performance, because these sales are the basis on which
the Company calculates and records franchised revenues and are
indicative of the financial health of the franchisee base. The
Company's revenues consist solely of sales by Company-operated
restaurants and fees from franchised restaurants operated by
conventional franchisees, developmental licensees and
affiliates.
RELATED COMMUNICATIONS
This press release should be read in conjunction with Exhibit
99.2 in the Company's Form 8-K filing for supplemental information
related to the Company's results for the quarter and nine months
ended September 30, 2020.
McDonald's Corporation will broadcast its investor earnings
conference call live over the Internet at 7:30 a.m. (Central Time) on November 9,
2020. A link to the live webcast will be available at
www.investor.mcdonalds.com. There will also be an archived webcast
available for a limited time thereafter.
McDonald's will broadcast its virtual Investor Update live over
the Internet at 8:30 a.m. (Central
Time) on November 9, 2020. For
additional information and registration details, please visit:
http://investorupdate.mcd.com or the Investor Events section
of the Company's Internet home page at www.investor.mcdonalds.com.
There will also be an archived webcast available for a limited time
thereafter.
UPCOMING COMMUNICATIONS
For important news and information regarding McDonald's,
including the timing of future investor conferences and earnings
calls, visit the Investor Relations section of the Company's
Internet home page at www.investor.mcdonalds.com. McDonald's uses
this website as a primary channel for disclosing key information to
its investors, some of which may contain material and previously
non-public information.
ABOUT McDONALD'S
McDonald's is the world's leading global foodservice retailer
with about 39,000 locations in over 100 countries. Approximately
93% of McDonald's restaurants worldwide are owned and operated
by independent local business owners.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements, which
reflect management's expectations regarding future events and
operating performance and speak only as of the date hereof. These
forward-looking statements involve a number of risks and
uncertainties. Factors that could cause actual results to differ
materially from our expectations are detailed in the Company's
filings with the Securities and Exchange Commission, including the
risk factors discussed in Exhibit 99.2 in the Company's Form 8-K
filing on November 9, 2020. The Company undertakes no
obligation to update such forward-looking statements, except as may
otherwise be required by law.
McDONALD'S
CORPORATION
CONDENSED
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollars and shares
in millions, except per share data
|
|
|
|
|
|
Quarters Ended
September 30,
|
2020
|
|
|
2019
|
|
|
Inc/
(Dec)
|
Revenues
|
|
|
|
|
|
|
|
Sales by
Company-operated restaurants
|
$
|
2,286.4
|
|
|
$
|
2,416.6
|
|
|
$
|
(130.2)
|
|
|
(5)
|
%
|
Revenues from
franchised restaurants
|
3,044.8
|
|
|
3,014.0
|
|
|
30.8
|
|
|
1
|
|
Other
revenues
|
86.9
|
|
|
71.7
|
|
|
15.2
|
|
|
21
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
5,418.1
|
|
|
5,502.3
|
|
|
(84.2)
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
Company-operated
restaurant expenses
|
1,876.3
|
|
|
1,967.7
|
|
|
(91.4)
|
|
|
(5)
|
|
Franchised
restaurants-occupancy expenses
|
567.9
|
|
|
559.5
|
|
|
8.4
|
|
|
2
|
|
Other restaurant
expenses
|
69.2
|
|
|
57.5
|
|
|
11.7
|
|
|
20
|
|
Selling,
general & administrative expenses
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
75.8
|
|
|
69.0
|
|
|
6.8
|
|
|
10
|
|
Other
|
454.7
|
|
|
474.6
|
|
|
(19.9)
|
|
|
(4)
|
|
Other operating
(income) expense, net
|
(152.2)
|
|
|
(35.3)
|
|
|
(116.9)
|
|
|
n/m
|
|
Total operating costs
and expenses
|
2,891.7
|
|
|
3,093.0
|
|
|
(201.3)
|
|
|
(7)
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
2,526.4
|
|
|
2,409.3
|
|
|
117.1
|
|
|
5
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
310.1
|
|
|
280.6
|
|
|
29.5
|
|
|
10
|
|
Nonoperating (income)
expense, net
|
(0.8)
|
|
|
(23.5)
|
|
|
22.7
|
|
|
97
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
2,217.1
|
|
|
2,152.2
|
|
|
64.9
|
|
|
3
|
|
Provision for income
taxes
|
454.5
|
|
|
544.3
|
|
|
(89.8)
|
|
|
(16)
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
$
|
1,762.6
|
|
|
$
|
1,607.9
|
|
|
$
|
154.7
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE-DILUTED
|
$
|
2.35
|
|
|
$
|
2.11
|
|
|
$
|
0.24
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding-diluted
|
750.0
|
|
|
763.9
|
|
|
(13.9)
|
|
|
(2)
|
%
|
McDONALD'S
CORPORATION
CONDENSED
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollars and shares
in millions, except per share data
|
|
|
|
|
|
Nine Months Ended
September 30,
|
2020
|
|
|
2019
|
|
|
Inc/
(Dec)
|
Revenues
|
|
|
|
|
|
|
|
Sales by
Company-operated restaurants
|
$
|
5,905.9
|
|
|
$
|
7,057.5
|
|
|
$
|
(1,151.6)
|
|
|
(16)
|
%
|
Revenues from
franchised restaurants
|
7,740.8
|
|
|
8,670.0
|
|
|
(929.2)
|
|
|
(11)
|
|
Other
revenues
|
247.3
|
|
|
208.7
|
|
|
38.6
|
|
|
18
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
13,894.0
|
|
|
15,936.2
|
|
|
(2,042.2)
|
|
|
(13)
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
Company-operated
restaurant expenses
|
5,077.5
|
|
|
5,821.0
|
|
|
(743.5)
|
|
|
(13)
|
|
Franchised
restaurants-occupancy expenses
|
1,646.6
|
|
|
1,637.3
|
|
|
9.3
|
|
|
1
|
|
Other restaurant
expenses
|
198.0
|
|
|
166.2
|
|
|
31.8
|
|
|
19
|
|
Selling,
general & administrative expenses
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
220.3
|
|
|
193.6
|
|
|
26.7
|
|
|
14
|
|
Other
|
1,547.0
|
|
|
1,382.2
|
|
|
164.8
|
|
|
12
|
|
Other operating
(income) expense, net
|
23.5
|
|
|
(41.3)
|
|
|
64.8
|
|
|
n/m
|
|
Total operating costs
and expenses
|
8,712.9
|
|
|
9,159.0
|
|
|
(446.1)
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
5,181.1
|
|
|
6,777.2
|
|
|
(1,596.1)
|
|
|
(24)
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
909.2
|
|
|
838.9
|
|
|
70.3
|
|
|
8
|
|
Nonoperating (income)
expense, net
|
(38.8)
|
|
|
(53.0)
|
|
|
14.2
|
|
|
27
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
4,310.7
|
|
|
5,991.3
|
|
|
(1,680.6)
|
|
|
(28)
|
|
Provision for income
taxes
|
957.4
|
|
|
1,538.1
|
|
|
(580.7)
|
|
|
(38)
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
$
|
3,353.3
|
|
|
$
|
4,453.2
|
|
|
$
|
(1,099.9)
|
|
|
(25)
|
%
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE-DILUTED
|
$
|
4.47
|
|
|
$
|
5.80
|
|
|
$
|
(1.33)
|
|
|
(23)
|
%
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding-diluted
|
749.8
|
|
|
768.1
|
|
|
(18.3)
|
|
|
(2)
|
%
|
McDONALD'S
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEET (UNAUDITED)
|
|
In millions,
except per share data
|
|
September 30,
2020
|
|
|
December 31,
2019
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and
equivalents
|
|
$
|
3,683.8
|
|
|
|
$
|
898.5
|
|
Accounts and notes
receivable
|
|
2,391.8
|
|
|
|
2,224.2
|
|
Inventories, at cost,
not in excess of market
|
|
44.2
|
|
|
|
50.2
|
|
Prepaid expenses and
other current assets
|
|
616.3
|
|
|
|
385.0
|
|
Total current
assets
|
|
6,736.1
|
|
|
|
3,557.9
|
|
Other
assets
|
|
|
|
|
|
Investments in and
advances to affiliates
|
|
1,283.3
|
|
|
|
1,270.3
|
|
Goodwill
|
|
2,715.8
|
|
|
|
2,677.4
|
|
Miscellaneous
|
|
2,469.6
|
|
|
|
2,584.0
|
|
Total other
assets
|
|
6,468.7
|
|
|
|
6,531.7
|
|
Lease right-of-use
asset, net
|
|
13,276.2
|
|
|
|
13,261.2
|
|
Property and
equipment
|
|
|
|
|
|
Property and
equipment, at cost
|
|
40,088.6
|
|
|
|
39,050.9
|
|
Accumulated
depreciation and amortization
|
|
(15,870.3)
|
|
|
|
(14,890.9)
|
|
Net property and
equipment
|
|
24,218.3
|
|
|
|
24,160.0
|
|
Total
assets
|
|
$
|
50,699.3
|
|
|
|
$
|
47,510.8
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
689.0
|
|
|
|
988.2
|
|
Lease
liability
|
|
718.2
|
|
|
|
621.0
|
|
Income
taxes
|
|
364.0
|
|
|
|
331.7
|
|
Other
taxes
|
|
256.6
|
|
|
|
247.5
|
|
Accrued
interest
|
|
340.2
|
|
|
|
337.8
|
|
Accrued payroll and
other liabilities
|
|
1,223.4
|
|
|
|
1,035.7
|
|
Current maturities of
long-term debt
|
|
2,688.8
|
|
|
|
59.1
|
|
Total current
liabilities
|
|
6,280.2
|
|
|
|
3,621.0
|
|
Long-term
debt
|
|
35,143.4
|
|
|
|
34,118.1
|
|
Long-term lease
liability
|
|
12,736.0
|
|
|
|
12,757.8
|
|
Long-term income
taxes
|
|
1,957.3
|
|
|
|
2,265.9
|
|
Deferred revenues
- initial franchise fees
|
|
679.8
|
|
|
|
660.6
|
|
Other long-term
liabilities
|
|
951.5
|
|
|
|
979.6
|
|
Deferred income
taxes
|
|
1,423.2
|
|
|
|
1,318.1
|
|
Shareholders'
equity (deficit)
|
|
|
|
|
|
Preferred stock, no
par value; authorized – 165.0 million shares;
issued – none
|
|
—
|
|
|
|
—
|
|
Common stock, $.01
par value; authorized – 3.5 billion shares; issued –
1,660.6 million shares
|
|
16.6
|
|
|
|
16.6
|
|
Additional paid-in
capital
|
|
7,854.7
|
|
|
|
7,653.9
|
|
Retained
earnings
|
|
53,492.5
|
|
|
|
52,930.5
|
|
Accumulated other
comprehensive income (loss)
|
|
(2,758.8)
|
|
|
|
(2,482.7)
|
|
Common stock in
treasury, at cost; 915.5 and 914.3 million shares
|
|
(67,077.1)
|
|
|
|
(66,328.6)
|
|
Total
shareholders' equity (deficit)
|
|
(8,472.1)
|
|
|
|
(8,210.3)
|
|
Total liabilities
and shareholders' equity (deficit)
|
|
$
|
50,699.3
|
|
|
|
$
|
47,510.8
|
|
McDONALD'S
CORPORATION
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
|
|
|
|
Quarters
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
In
millions
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Operating
activities
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,762.6
|
|
|
$
|
1,607.9
|
|
|
$
|
3,353.3
|
|
|
$
|
4,453.2
|
|
|
Adjustments to
reconcile to cash provided by operations
|
|
|
|
|
|
|
|
|
|
Charges and
credits:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
440.1
|
|
|
413.4
|
|
|
1,287.1
|
|
|
1,204.3
|
|
|
Deferred income
taxes
|
|
(38.0)
|
|
|
78.5
|
|
|
196.3
|
|
|
190.8
|
|
|
Share-based
compensation
|
|
7.3
|
|
|
29.6
|
|
|
64.0
|
|
|
90.1
|
|
|
Other
|
|
(56.8)
|
|
|
(64.2)
|
|
|
(25.5)
|
|
|
2.2
|
|
|
Changes in working
capital items
|
|
824.3
|
|
|
221.5
|
|
|
(602.8)
|
|
|
292.2
|
|
|
Cash provided by
operations
|
|
2,939.5
|
|
|
2,286.7
|
|
|
4,272.4
|
|
|
6,232.8
|
|
|
Investing
activities
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(390.2)
|
|
|
(548.7)
|
|
|
(1,177.7)
|
|
|
(1,661.8)
|
|
|
Purchases of
restaurant businesses
|
|
(6.7)
|
|
|
(41.0)
|
|
|
(50.0)
|
|
|
(434.8)
|
|
|
Sales of restaurant
businesses
|
|
8.0
|
|
|
49.4
|
|
|
35.5
|
|
|
249.9
|
|
|
Sales of
property
|
|
0.2
|
|
|
21.1
|
|
|
17.8
|
|
|
112.3
|
|
|
Other
|
|
120.8
|
|
|
(73.6)
|
|
|
(8.5)
|
|
|
(529.7)
|
|
|
Cash used for
investing activities
|
|
(267.9)
|
|
|
(592.8)
|
|
|
(1,182.9)
|
|
|
(2,264.1)
|
|
|
Financing
activities
|
|
|
|
|
|
|
|
|
|
Net short-term
borrowings
|
|
(993.4)
|
|
|
(600.7)
|
|
|
(885.7)
|
|
|
(105.6)
|
|
|
Long-term financing
issuances
|
|
2.8
|
|
|
1,975.0
|
|
|
5,543.0
|
|
|
4,494.8
|
|
|
Long-term financing
repayments
|
|
(451.5)
|
|
|
(667.9)
|
|
|
(1,414.1)
|
|
|
(2,064.1)
|
|
|
Treasury stock
purchases
|
|
(0.7)
|
|
|
(1,467.8)
|
|
|
(905.6)
|
|
|
(3,531.3)
|
|
|
Common stock
dividends
|
|
(930.9)
|
|
|
(876.9)
|
|
|
(2,791.3)
|
|
|
(2,646.7)
|
|
|
Proceeds from stock
option exercises
|
|
105.3
|
|
|
73.4
|
|
|
262.3
|
|
|
323.4
|
|
|
Other
|
|
(0.1)
|
|
|
(12.7)
|
|
|
(122.0)
|
|
|
(23.5)
|
|
|
Cash used for
financing activities
|
|
(2,268.5)
|
|
|
(1,577.6)
|
|
|
(313.4)
|
|
|
(3,553.0)
|
|
|
Effect of exchange
rates on cash and cash
equivalents
|
|
25.0
|
|
|
(73.5)
|
|
|
9.2
|
|
|
(104.4)
|
|
|
Cash and equivalents
increase
|
|
428.1
|
|
|
42.8
|
|
|
2,785.3
|
|
|
311.3
|
|
|
Cash and equivalents
at beginning of period
|
|
3,255.7
|
|
|
1,134.5
|
|
|
898.5
|
|
|
866.0
|
|
|
Cash and
equivalents at end of period
|
|
$
|
3,683.8
|
|
|
$
|
1,177.3
|
|
|
$
|
3,683.8
|
|
|
$
|
1,177.3
|
|
|
View original
content:http://www.prnewswire.com/news-releases/mcdonalds-reports-third-quarter-2020-results-301168171.html
SOURCE McDonald's Corporation