filings.toolsMcDonald's (MCD) 10-K risk factor changes: FY2020 vs FY2019
The 2020-12-31 10-K against the 2019-12-31 one, compared heading by heading and sentence by sentence.
Item 1A0 rewritten0 added0 removed0 unchanged
All filing items1,051 rewritten781 added374 removed763 unchanged
Summary
counted, not written
- Item 1A headings could not be compared: only 0 carried over between the two years, which usually means one filing was read wrongly, so none is reported as new or removed.
- Sentence by sentence, 781 added, 374 removed, 1,051 rewritten and 763 unchanged across 5 items that differ.
Sentences by item
22 items, with every count and a link to each item that changed
| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Item 1A. Risk Factors and Cautionary Statement Regarding Forward-Looking Statements Pages 3, 29-35 | 0 | 0 | 0 | 0 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Pages 3-37 | 0 | 0 | 0 | 0 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk Pages 22-24 | 0 | 0 | 0 | 0 |
| Item 1. Business Pages 3-7, 9 | 0 | 0 | 0 | 0 |
| Item 3. Legal Proceedings Page 35 | 0 | 0 | 0 | 0 |
| Cover and table of contents | 759 | 364 | 1,016 | 760 |
| Item 1B. Unresolved Staff Comments Not applicable | 0 | 0 | 0 | 0 |
| Item 2. Properties Page 36 | 0 | 0 | 0 | 0 |
| Item 4. Mine Safety Disclosures Not applicable | 1 | 1 | 2 | 0 |
| Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities Page 28 | 0 | 0 | 0 | 0 |
| Item 6. Selected Financial Data Page 26 | 0 | 0 | 0 | 0 |
| Item 8. Financial Statements and Supplementary Data Pages 38-59 | 0 | 0 | 0 | 0 |
| Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Not applicable | 0 | 0 | 0 | 0 |
| Item 9A. Controls and Procedures Page 64 | 0 | 0 | 0 | 0 |
| Item 9B. Other Information Not applicable | 1 | 1 | 1 | 0 |
| Item 10. Directors, Executive Officers and Corporate Governance Page 36, (a) | 0 | 0 | 0 | 0 |
| Item 11. Executive Compensation (a) | 0 | 0 | 0 | 0 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters Page 64 | 0 | 0 | 0 | 0 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence (a) | 0 | 0 | 0 | 0 |
| Item 14. Principal Accounting Fees and Services (a) | 1 | 1 | 1 | 0 |
| Item 15. Exhibits and Financial Statement Schedules Pages 65-67 | 0 | 0 | 0 | 0 |
| Item 16. Form 10-K Summary Not applicable | 19 | 7 | 31 | 3 |
Underlined words on a shaded ground are new in FY2020; struck-through words were in FY2019. Sentences that are wholly new or wholly gone are labelled rather than marked.
Cover and table of contents
1,016 rewritten, 759 added, 364 removed, 760 unchanged
| FORM | [added: | |] 10-K | [added: | |]
For the fiscal year ended December 31, [removed: 2019][added: 2020]
Commission File [removed: Number 1-5231][added: Number 1-5231]
[removed: ][added: ]
| McDONALD’S CORPORATION | | | [added: | | | | | |]
| (Exact name of registrant as specified in its charter) | | | [added: | | | | | |]
| Delaware | | | | [added: | | | | | | | |] 36-2361282 | [added: | |]
| (State or other jurisdiction of incorporation or organization) | | | | [added: | | | | | | | |] (I.R.S. Employer Identification No.) | [added: | |]
| 110 North Carpenter Street, | [added: | |] Chicago, | [added: | |] Illinois | | [added: | | | |] 60607 | [added: | |]
| (Address of principal executive offices) | | | | [added: | | | | | | | |] (Zip code) | [added: | |]
Registrant’s telephone number, including area [removed: code: (630) 623-3000][added: code: (630) 623-3000]
| Title of each class | [added: | |] Trading Symbol(s) | [added: | |] Name of each exchange on which registered | [added: | |]
| Common Stock, $0.01 par value | [added: | |] MCD | [added: | |] New York Stock Exchange | [added: | |]
The aggregate market value of common stock held by non-affiliates of the registrant as of June [removed: 28, 2019] [added: 30, 2020] was [removed: $157,661,991,693.][added: $137,233,144,378.]
The number of shares outstanding of the registrant’s common stock as of January 31, [removed: 2020] [added: 2021] was [removed: 745,446,655.][added: 745,572,145.]
Part III of this Form 10-K incorporates information by reference from the registrant’s [removed: 2020] [added: 2021] definitive proxy statement, which will be filed no later than 120 days after December 31, [removed: 2019.][added: 2020.]
| [added: | | | | | |] Page reference | | [added: | | | |]
| [removed: Forward-Looking Statements] [added: FORWARD-LOOKING STATEMENTS] | [removed: [3](#sF8DF311E4AB45F6384A99DBC30946096)] | [added: |]
| [removed: About McDonald's] [added: ABOUT McDONALD'S] | [removed: [3](#s38F4D7DDFEF452DEBF7E8563ACD6632F)] | [added: |]
| [added: | | | | | |] Business Summary | [removed: [3](#sF57301828907507EAB917B280A2F55B9)] | [added: | [3](#ie6432d332c1e474ebcfd7a8ae92953e8_16) | | |]
| [removed: Management's Discussion and Analysis of Financial Condition and Results of Operations] [added: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS] | [removed: [6](#sECE336AB921F5A0B8A02304BC032213C)] | [added: |]
| [added: | | | | | |] Management's View of the Business | [removed: [6](#s1448C79560785ED297DC2D2EEBDFA083)] | [added: | [8](#ie6432d332c1e474ebcfd7a8ae92953e8_22) | | |]
| [added: | | | | | |] Financial Performance and Strategic Direction | [removed: [6](#s756FDB777BD95DFCA63337805D4339ED)] | [added: | [8](#ie6432d332c1e474ebcfd7a8ae92953e8_25) | | |]
| [added: | | | | | |] Consolidated Operating Results | [removed: [10](#sD9FC52B7BCA4558D9E5C17974F2690A7)] | [added: | [11](#ie6432d332c1e474ebcfd7a8ae92953e8_34) | | |]
| [added: | | | | | |] Cash Flows | [removed: [16](#s657661C144D65DAE939A21957405F22C)] | [added: | [19](#ie6432d332c1e474ebcfd7a8ae92953e8_40) | | |]
| [added: | | | | | |] Financial Position and Capital Resources | [removed: [17](#s40BFFAC34FF95B86AE37AC52BE22AC24)] | [added: | [21](#ie6432d332c1e474ebcfd7a8ae92953e8_43) | | |]
| [added: | | | | | |] Other Matters | [removed: [20](#sD6C278D4D6C15F49A91EC4B1CD3A03D1)] | [added: | [24](#ie6432d332c1e474ebcfd7a8ae92953e8_46) | | |]
| [removed: Other] [added: Other] Key [removed: Information] [added: Information] | [removed: [22](#s30BB3B1CEB7559CABA2F8C1DCBB74407)] | [added: |]
| [added: | | | | | |] Selected Financial Data | [removed: [22](#s9E278A2664355366A58534DDF111D2C6)] | [added: | [26](#ie6432d332c1e474ebcfd7a8ae92953e8_52) | | |]
| [added: | | | | | |] Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | [removed: [24](#sAADBFD89F00750978496155ED7302E68)] | [added: | [28](#ie6432d332c1e474ebcfd7a8ae92953e8_58) | | |]
| [removed: Risk Factors] [added: RISK FACTORS] | [removed: [25](#s13EBE1642C675ACC96A8BD3FAC195030)] | [added: |]
| [added: | | | | | |] Legal Proceedings | [removed: [31](#sCFB66267C4B65BD0A0E30A047172A417)] | [added: | [35](#ie6432d332c1e474ebcfd7a8ae92953e8_64) | | |]
| [added: | | | | | |] Information About our Executive Officers | [removed: [32](#sCA5E15C04C6754AF86378E99F04A1DE4)] | [added: | [36](#ie6432d332c1e474ebcfd7a8ae92953e8_70) | | |]
| [added: | | | | | |] Availability of Company Information | [removed: [33](#s678F0A23064359B987496050FAD6014F)] | [added: | [37](#ie6432d332c1e474ebcfd7a8ae92953e8_73) | | |]
| [removed: Financial] [added: Financial] Statements and Supplementary [removed: Data] [added: Data] | [removed: [33](#s149CF729827C5332A28025855A61F7A3)] | [added: | | | |]
| [removed: Controls] [added: Controls] and [removed: Procedures] [added: Procedures] | [removed: [59](#s7B669894E2BA59449DF2F732C8207729)] | [added: |]
| [removed: Security] [added: Security] Ownership of Certain Beneficial Owners and Management and Related Shareholder [removed: Matters] [added: Matters] | [removed: [59](#s525AADC07567581B9D93A09A6CC5CA9D)] | [added: |]
| [removed: [Exhibits] [added: Exhibits] and Financial Statement [removed: Schedules](#sE4E9A60778375641B2E7543E9FAECA79)] [added: Schedules] | [removed: [60](#sE4E9A60778375641B2E7543E9FAECA79)] | [added: | | | | | | |]
| [removed: Form] [added: Form] 10-K Cross-Reference [removed: Index] [added: Index] | [removed: [62](#sD9598220231C5F029AAC54ADD8887997)] | [added: |]
| [removed: FORWARD-LOOKING STATEMENTS] | [added: | | | | | Forward-Looking Statements | | | [3](#ie6432d332c1e474ebcfd7a8ae92953e8_10) | | |]
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Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
TABLE OF CONTENTS
| | | | | | | Outlook | | | [10](#ie6432d332c1e474ebcfd7a8ae92953e8_31) | | |
| | | | | | | Properties | | | [35](#ie6432d332c1e474ebcfd7a8ae92953e8_67) | | |
| | | | | | | [Signatures](#ie6432d332c1e474ebcfd7a8ae92953e8_232) | | | [69](#ie6432d332c1e474ebcfd7a8ae92953e8_232) | | |
For the year ended December 31, 2020, there were no material changes to the Company's corporate structure or in its method of conducting business.
Effective January 1, 2019, McDonald's changed its global operating structure.
Refer to the Segment and Geographic Information section included on page 50 of this Form 10-K for additional information.
The Company’s Other revenues are comprised of technology fees paid by franchisees, revenues from brand licensing arrangements, and third party revenues for the Dynamic Yield business.
As most revenues are based on a percent of sales, the Company expects that consumer sentiment and government regulations as a result of COVID-19 may continue to have a negative impact on revenue in the near term.
As both royalty revenues and the Company's share of net results in equity investments are based on sales results, the Company may continue to experience a negative impact to revenues and Equity in earnings of unconsolidated affiliates as a result of COVID-19 in the near term.
As a result of the COVID-19 pandemic, the Company implemented a framework called Safety+ for enhanced hygiene and safety standards to help re-enforce customer and crew safety.
Additionally, the Company worked closely with suppliers on contingency planning for continuous supply so that we were able to continue to operate safe restaurants, and we had no breaks in supply for food, packaging, toys or equipment globally throughout 2020 due to COVID-19.
The Company measures itself using the informal eating out ("IEO") segment information, which is inclusive of the Company’s primary competition of quick-service restaurants.
To guide our management of environmental matters, the Company has developed goals and performance indicators that are updated periodically on the Company’s website, informed by relevant frameworks including the Sustainability Accounting Standards Board.
The Company also discloses the impacts of environmental risks and opportunities in its annual CDP Climate Change, CDP Forests and CDP Water reports.
In recent years, we have made significant progress on our global commitments where we can make a difference at scale and drive industry-wide change.
The Company will continue to assess potential risks and opportunities to analyze possible material impacts to the System as we believe taking action on environmental matters will drive business value in the long-term by ensuring we are managing operational costs in our energy supply, improving the security of supply of our raw materials and reducing our exposure to increasing environmental risks, regulation and taxes.
The Company has global operations and is therefore subject to the laws of the United States and multiple foreign jurisdictions in which the Company operates and the rules and regulations of various governing bodies, which may differ among jurisdictions.
Throughout 2020, there were various instances around the world of COVID-19 related government restrictions on operating hours, dine-in capacity and in some cases, mandated full restaurant closures.
These government restrictions negatively impacted the Company's revenues.
The Company does not believe that compliance with other current government regulations will have a material effect on the Company's capital expenditures, earnings or competitive position.
- Human capital management
Purpose, Mission, & Values
Through our size and scale, the Company is embracing and prioritizing our role and commitment to the communities in which we operate through our:
- *Purpose* to feed and foster communities,
- *Mission* to create delicious feel-good moments for everyone, and
- *Core values* that define who we are and how we run our business.
At McDonald's, we are guided by our five core values:
1.*Serve* – We put our customers and people first;
2.*Inclusion* – We open our doors to everyone;
3.*Integrity* – We do the right thing;
4.*Community* – We are good neighbors; and
5.*Family* – We get better together.
The Company believes that it is our people, all around the world, who set us apart and bring these values to life on a daily basis.
In addition, the Company’s people strategies aim to create an environment grounded in diversity, equity and inclusion; continually evaluate and evolve compensation and benefits programs, while offering quality training and learning opportunities; and uphold a high standard of health and safety for employees and customers alike.
We encourage you to read more information within McDonald’s “Purpose & Impact” section on the Company’s website that includes additional information regarding our human capital management and other initiatives and is updated periodically as our strategies evolve.
Our website is not deemed incorporated by reference into this Annual Report on Form 10-K, but does provide background for reference.
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TABLE OF CONTENTS
| Outlook | [9](#s0094C1E398C05281ABE58E5D260D2AB4) |
| Properties | [31](#s9ACB290DC22D5A53A3F531768B7FEBB4) |
| [Signatures](#s217A504D9FC556DAA885E1FB6B32C07F) | [63](#s217A504D9FC556DAA885E1FB6B32C07F) |
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a.
Effective January 1, 2019, McDonald's operates under an organizational structure designed to support the Company's efforts toward efficiently driving growth through the Velocity Growth Plan (the "Plan").
b.
This structure enables McDonald’s to generate significant and predictable levels of cash flow.
The Company does not consider its operations to be seasonal to any material degree.
Information about the Company’s working capital practices is incorporated herein by reference from Management’s Discussion and Analysis of Financial Condition and Results of Operations for the years ended December 31, 2019, 2018 and 2017 on pages 6 through 21 and the Consolidated Statement of Cash Flows for the years ended December 31, 2019, 2018 and 2017 on page 37 of this Form 10-K.
The Company’s business is not dependent upon either a single customer or small group of customers.
| • | Government contracts |
No material portion of the business is subject to renegotiation of profits or termination of contracts or subcontracts at government election.
The Company launched a framework in 2018, which includes the environment-related pillars of climate action, packaging and recycling, beef sustainability, and other sustainable sourcing efforts.
Increased focus by certain governmental authorities or consumers on environmental matters may lead to new governmental initiatives or opportunities.
While we cannot predict the precise nature of these initiatives, we expect that they may impact our business both directly and indirectly.
The Company’s number of employees worldwide, including its corporate and other office employees as well as Company-owned and operated restaurant employees, was approximately 205,000 as of year-end 2019.
MANAGEMENT'S VIEW OF THE BUSINESS
| • | Comparable sales 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. 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%. 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. |
| • | ROIIC is a measure reviewed by management over one-year and three-year time periods to evaluate the overall profitability of the markets, the effectiveness of capital deployed and the future allocation of capital. The return is calculated by dividing the change in operating income plus depreciation and amortization (numerator) by the cash used for investing activities (denominator), primarily capital expenditures. The calculation uses a constant average foreign exchange rate over the periods included in the calculation. |
In 2019, global comparable sales increased 5.9% and global comparable guest counts increased 1.0%, reflecting the continued execution against the Velocity Growth Plan.
| • | Comparable sales in the U.S. increased 5.0% and comparable guest counts decreased 1.9%. The increase in comparable sales reflected strong sales of our iconic core products driven by promotional activity and the continued positive impact from our Experience of the Future ("EOTF") deployment, as well as menu price increases. |
| • | Comparable sales in the International Operated segment increased 6.1% and comparable guest counts increased 3.5%, reflecting positive results across all markets, primarily driven by the U.K. and France. |
| • | Comparable sales in the International Developmental Licensed segment increased 7.2% and comparable guest counts increased 2.2%, reflecting positive sales performance across all geographic regions. |
| • | Consolidated revenues were relatively flat with the prior year (increased 3% in constant currencies) at $21.1 billion. |
| • | Operating margin, defined as operating income as a percent of total revenues, increased from 42.0% in 2018 to 43.0% in 2019. Excluding the items referenced in the previous bullet point, operating margin increased from 43.1% in 2018 to 43.4% in 2019. |
| • | One-year ROIIC was 22.8% and three-year ROIIC was 40.6% for the period ended December 31, 2019. Excluding significant investing cash flows resulting from the Company's strategic refranchising initiatives, three-year ROIIC was 24.6% (see reconciliation in Exhibit 12). |
| • | The Company returned $8.6 billion to shareholders through share repurchases and dividends for the year, marking successful achievement of the Company's targeted return of $25 billion for the three-year period ending 2019. |
The strength of the alignment among the Company, its franchisees and suppliers is key to McDonald's long-term success.
By leveraging the System, McDonald’s is able to identify, implement and scale ideas that meet customers' changing needs and preferences.
McDonald's continually builds on its competitive advantages of System alignment and geographic diversification to deliver consistent, yet locally-relevant restaurant experiences to customers as an integral part of their communities.
CUSTOMER-CENTRIC GROWTH STRATEGY
The Velocity Growth Plan, the Company’s customer-centric strategy, is rooted in extensive customer research and insights, along with a deep understanding of the key drivers of the business.
The Plan is designed to drive sustainable comparable sales and guest count growth, reliable long-term measures of the Company's strength that are vital to growing shareholder value.
An excerpt. Shown here: 40 of 1,016 rewritten, 40 of 759 added and 40 of 364 removed. The counts are complete. For every sentence, read Cover and table of contents in the FY2020 filing and the FY2019 filing.
Item 4. Mine Safety Disclosures Not applicable
2 rewritten, 1 added, 1 removed, 0 unchanged
| | [added: | |] Additional Item | [added: | |] Information About our Executive Officers | [added: | |] Page [removed: 32] [added: 36] | [added: | |]
| Part II | | | | [added: | | | | | | | |]
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Item 9B. Other Information Not applicable
1 rewritten, 1 added, 1 removed, 0 unchanged
| Part III | | | | [added: | | | | | | | |]
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Item 14. Principal Accounting Fees and Services (a)
1 rewritten, 1 added, 1 removed, 0 unchanged
| Part IV | | | | [added: | | | | | | | |]
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Item 16. Form 10-K Summary Not applicable
31 rewritten, 19 added, 7 removed, 3 unchanged
| Signatures | | | [added: | | | | | |] Page [removed: 63] [added: 69] | [added: | |]
(a) - Incorporated herein by reference from the Company's definitive proxy statement, which will be filed no later than 120 days after December 31, [removed: 2019.][added: 2020.]
McDonald's Corporation [removed: 2019] [added: 2020] Annual Report [removed: 62][added: 68]
| Signatures | [added: | |]
| *By* | [added: | |] /s/ Kevin M. Ozan | [added: | |]
| | [added: | |] Kevin M. Ozan | [added: | |]
| | [added: | |] *Corporate Executive Vice President and Chief Financial Officer* | [added: | |]
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in their capacities indicated below on the [removed: 26th] [added: 23rd] day of February, [removed: 2020:][added: 2021:]
| *By* | [added: | |] /s/ Lloyd H. Dean | [added: | |] *By* | [added: | |] /s/ Richard H. Lenny | [added: | |]
| | [added: | |] Lloyd H. Dean | | [added: | | | |] Richard H. Lenny | [added: | |]
| | [added: | |] *Director* | | [added: | | | |] *Director* | [added: | |]
| *By* | [added: | |] /s/ Robert A. Eckert | [added: | |] *By* | [added: | |] /s/ John J. Mulligan | [added: | |]
| | [added: | |] Robert A. Eckert | | [added: | | | |] John J. Mulligan | [added: | |]
| *By* | [added: | |] /s/ Catherine M. Engelbert | [added: | |] *By* | [added: | |] /s/ Kevin M. Ozan | [added: | |]
| | [added: | |] Catherine M. Engelbert | | [added: | | | |] Kevin M. Ozan | [added: | |]
| | [added: | |] *Director* | | [added: | | | |] *Corporate Executive Vice President and Chief Financial Officer* | [added: | |]
| | | | [added: | | | | | |] *(Principal Financial Officer)* | [added: | |]
| *By* | [added: | |] /s/ Margaret H. Georgiadis | [added: | |] *By* | [added: | |] /s/ Sheila A. Penrose | [added: | |]
| | [added: | |] Margaret H. Georgiadis | | [added: | | | |] Sheila A. Penrose | [added: | |]
| *By* | [added: | |] /s/ Enrique Hernandez, Jr. | [added: | |] *By* | [added: | |] /s/ John W. Rogers, Jr. | [added: | |]
| | [added: | |] Enrique Hernandez, Jr. | | [added: | | | |] John W. Rogers, Jr. | [added: | |]
| | [added: | |] *Chairman of the Board and Director* | | [added: | | | |] *Director* | [added: | |]
| *By* | [added: | |] /s/ Catherine Hoovel | [added: | |] *By* | [added: | |] /s/ Paul S. Walsh | [added: | |]
| | [added: | |] Catherine Hoovel | | [added: | | | |] Paul S. Walsh | [added: | |]
| | [added: | |] *Corporate Vice President – Chief Accounting Officer* | | [added: | | | |] *Director* | [added: | |]
| | [added: | |] *(Principal Accounting Officer)* | | | [added: | | | | | |]
| *By* | [added: | |] /s/ Christopher J. Kempczinski | [added: | |] *By* | [added: | |] /s/ Miles D. White | [added: | |]
| | [added: | |] Christopher J. Kempczinski | | [added: | | | |] Miles D. White | [added: | |]
| | [added: | |] *President, Chief Executive Officer and Director* | | [added: | | | |] *Director* | [added: | |]
| | [added: | |] *(Principal Executive Officer)* | | | [added: | | | | | |]
McDonald's Corporation [removed: 2019] [added: 2020] Annual Report [removed: 63][added: 69]
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| | | | February 23, 2021 | | |
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| | February 26, 2020 |
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