Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.

Selected Financial Data

YUM! Brands, Inc. and Subsidiaries

(in millions, except per share and unit amounts)




	2018			2017			2016			2015			2014
Income Statement Data
Revenues
Company sales	$	2,000		$	3,572		$	4,189		$	4,336		$	4,503
Franchise and property revenues	2,482			2,306			2,167			2,082			2,084
Franchise contributions for advertising and other services	1,206			—			—			—			—
Total	5,688			5,878			6,356			6,418			6,587
Refranchising (gain) loss	(540		)	(1,083		)	(163		)	23			(16		)
Operating Profit	2,296			2,761			1,682			1,434			1,517
Other pension (income) expense	14			47			32			40			N/A
Interest expense, net	452			445			307			141			146
Income from continuing operations before income taxes	1,839			2,274			1,345			1,253			1,374
Income from continuing operations	1,542			1,340			1,018			926			1,006
Income from discontinued operations, net of tax	N/A			N/A			625			357			45
Net Income	1,542			1,340			1,643			1,283			1,051
Basic earnings per share from continuing operations	4.80			3.86			2.58			2.13			2.27
Basic earnings per share from discontinued operations	N/A			N/A			1.59			0.82			0.10
Basic earnings per share	4.80			3.86			4.17			2.95			2.37
Diluted earnings per share from continuing operations	4.69			3.77			2.54			2.09			2.22
Diluted earnings per share from discontinued operations	N/A			N/A			1.56			0.81			0.10
Diluted earnings per share	4.69			3.77			4.10			2.90			2.32
Diluted earnings per share from continuing operations excluding Special Items	3.17			2.96			2.46			2.31			2.20
Cash Flow Data
Provided by operating activities	$	1,176		$	1,030		$	1,248		$	1,260		$	1,217
Capital spending	234			318			427			442			508
Proceeds from refranchising of restaurants	825			1,773			370			213			83
Repurchase shares of Common Stock	2,390			1,960			5,403			1,200			820
Dividends paid on Common Stock	462			416			744			730			669
Balance Sheet Data
Total assets	$	4,130		$	5,311		$	5,453		$	4,939		$	5,073
Long-term debt	9,751			9,429			9,059			2,988			3,003
Total debt	10,072			9,804			9,125			3,908			3,268
Other Data
Number of units at year end
Franchise	47,268			43,603			40,834			39,320			37,959
Company	856			1,481			2,841			3,163			3,279
System	48,124			45,084			43,675			42,483			41,238
System net new unit growth	7		%	3		%	3		%	3		%	3		%
System and same-store sales
KFC Division System sales	$	26,239		$	24,515		$	23,242		$	22,628		$	23,458
System sales growth	7		%	5		%	3		%	(3		)%	1		%
System sales growth, ex FX	6		%	6		%	7		%	5		%	4		%
Same-store sales growth	2		%	3		%	2		%	1		%	1		%
Pizza Hut Division System sales	$	12,212		$	12,034		$	12,019		$	11,999		$	12,106
System sales growth (decline)	1		%	—		%	—		%	(1		)%	1		%
System sales growth, ex FX	1		%	1		%	2		%	3		%	2		%
Same-store sales growth (decline)	—		%	—		%	(2		)%	—		%	(2		)%
Taco Bell Division System sales	$	10,786		$	10,145		$	9,660		$	9,102		$	8,459
System sales growth	6		%	5		%	6		%	8		%	4		%
System sales growth, ex FX	6		%	5		%	6		%	8		%	4		%
Same-store sales growth	4		%	4		%	2		%	5		%	3		%
Shares outstanding at year end	306			332			355			420			434
Cash dividends declared per common share	$	1.44		$	0.90		$	1.73		$	1.74		$	1.56
Market price per share at year end	$	91.92		$	81.61		$	63.33		$	73.05		$	73.14

The table above reflects the impact of the adoption of new revenue recognition accounting standards in fiscal year 2018. Refer to Note 2 in our Consolidated Financial Statements for information regarding our adoption of the new revenue recognition standards.

System unit growth in 2018 includes addition of 1,282 Telepizza units. See Management's Discussion and Analysis ("MD&A") Part II, Item 7 for a description of the Telepizza strategic alliance.

Fiscal years for our U.S. and certain international subsidiaries that operate on a weekly periodic calendar include 52 weeks in 2018, 2017, 2015 and 2014 and 53 weeks in 2016. Refer to Note 2 in our Consolidated Financial Statements for additional details related to our fiscal calendar.

Discontinued operations in 2016, 2015 and 2014 reflects the spin-off of our China business into an independent, publicly traded company (the "Separation"). See Note 1 in our Consolidated Financial Statements.

Historical stock prices prior to November 1, 2016, do not reflect any adjustment for the impact of the Separation.

The non-GAAP measures of System sales, System sales excluding the impacts of foreign currency translation ("FX") and Diluted earnings per share from continuing operations excluding Special Items are discussed in further detail in our MD&A within Part II, Item 7.

See discussion of our 2018, 2017 and 2016 Special Items in our MD&A. Special Items in 2015 negatively impacted Operating Profit by $91 million and negatively impacted Net Income by $95 million, due to costs associated with the KFC Acceleration Agreement and Refranchising losses. Special Items in 2014 positively impacted Operating Profit by $16 million and positively impacted Net Income by $12 million, primarily due to Refranchising gains.

Selected financial data for years 2016 and 2015 has been recast from that originally presented to present the change in our reporting calendar and retroactively adopting a new accounting standard related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. 2014 reflects our Balance Sheet and store count data that were recast for purposes of presenting 2015 Consolidated Statement of Cash Flows and unit growth. No other data presented in 2014 has been recast. Refer to Note 5 in our Consolidated Financial Statements for additional details related to our change in reporting calendar.

The selected financial data should be read in conjunction with the Consolidated Financial Statements.

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