Pizza Hut 2015 Annual Report Download - page 156
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YUM! BRANDS, INC.-2015 Form10-K48
Form 10-K
PART II
ITEM 8Financial Statements and Supplementary Data
NOTE6 Franchise and License Fees and Income
2015 2014 2013
Initial fees, including renewal fees $ 88 $ 83 $ 90
Initial franchise fees included in Refranchising (gain) loss (10) (5) (13)
78 78 77
Continuing fees and rental income 1,882 1,877 1,823
Franchise and license fees and income $ 1,960 $ 1,955 $ 1,900
NOTE7 Other (Income) Expense
2015 2014 2013
Equity (income) loss from investments in unconsolidated affiliates $ (41) $ (30) $ (26)
China poultry supply insurance recovery(a) (5) (25) —
Loss associated with planned sale of aircraft(b) 15 — —
Foreign exchange net (gain) loss and other 21 14 10
Other (income) expense $ (10) $ (41) $ (16)
(a) Recoveries related to lost profits associated with a 2012 poultry supply incident.
(b) During 2015, we made the decision to dispose of a corporate aircraft in China. The loss associated with this planned sale reflects the shortfall of the expected proceeds, less any selling
costs, over the carrying value of the aircraft.
NOTE8 Supplemental Balance Sheet Information
Prepaid Expenses and Other Current Assets 2015 2014
Income tax receivable $ 41 $ 55
Assets held for sale(a) 28 14
Other prepaid expenses and current assets 173 185
Prepaid expenses and other current assets $ 242 $ 254
(a) Reflects the carrying value of a corporate aircraft in China (See Note 7) as well as restaurants we have offered for sale to franchisees and excess properties that we do not intend to use for
restaurant operations in the future.
Property, Plant and Equipment 2015 2014
Land $ 480 $ 506
Buildings and improvements 4,462 4,549
Capital leases, primarily buildings 203 210
Machinery and equipment 2,687 2,817
Property, plant and equipment, gross 7,832 8,082
Accumulated depreciation and amortization (3,643) (3,584)
Property, plant and equipment, net $ 4,189 $ 4,498
Depreciation and amortization expense related to property, plant and equipment was $712 million, $702 million and $686 million in 2015, 2014 and
2013, respectively.
Accounts Payable and Other Current Liabilities 2015 2014
Accounts payable $ 616 $ 694
Accrued capital expenditures 174 250
Accrued compensation and benefits 465 419
Dividends payable 197 178
Accrued taxes, other than income taxes 116 100
Other current liabilities 417 329
Accounts payable and other current liabilities $ 1,985 $ 1,970