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beatandraise.com

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--12-31 MCD MCDONALDS CORP Q1 2011 2011-03-31 10-Q 0000063908 Large Accelerated Filer false

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<div> Comprehensive Income The following table presents the components of comprehensive income for the quarters ended March 31, 2011 and 2010:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Quarters Ended March 31,</td> <td valign="bottom"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> In millions</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2010</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,209.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,089.8</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Other comprehensive income (loss): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Foreign currency translation adjustments, net of hedging </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">483.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(242.8</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Cash flow hedging adjustments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.5</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Pension liability adjustment </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">21.1</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">0.8</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total other comprehensive income (loss) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">501.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(234.5</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total comprehensive income </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">1,710.3</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">855.3</td> </tr> </table> </div>

4285700000

<div> Debt Financing Short-term borrowings consist of outstanding balances on line of credit agreements at certain subsidiaries outside the U.S., denominated in various currencies at local market rates of interest. At December 31, 2010, Short-term borrowings and Current maturities of long-term debt included a reclassification to Long-term debt of $1.2 billion as they were supported by a line of credit agreement expiring in March 2012, more than 12 months from the balance sheet date. As of March 31, 2011, this reclassification can no longer be made since the line of credit expires within 12 months of the balance sheet date. This line of credit remained unused at March 31, 2011 and December 31, 2010. </div>

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<div> 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 use derivatives with a level of complexity or with a risk higher than the exposures to be hedged and does not hold or issue derivatives for trading purposes.   The Company documents its risk management objective and strategy for undertaking hedging transactions, as well as all relationships between hedging instruments and hedged items. The Company’s derivatives that are designated as hedging instruments consist mainly of interest rate exchange agreements, forward foreign currency exchange agreements and foreign currency options. Interest rate exchange agreements are entered into to manage the interest rate risk associated with the Company’s fixed and floating- rate borrowings. Forward foreign currency exchange agreements and foreign currency options are entered into to mitigate the risk that forecasted foreign currency cash flows (such as royalties denominated in foreign currencies) will be adversely affected by changes in foreign currency exchange rates. Certain foreign currency denominated debt is used, in part, to protect the value of the Company’s investments in certain foreign subsidiaries and affiliates from changes in foreign currency exchange rates. The Company also enters into certain derivatives that are not designated as hedging instruments. The Company has entered into equity derivative contracts to mitigate 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. In addition, the Company uses forward foreign currency exchange agreements and foreign currency exchange agreements to mitigate the change in fair value of certain foreign currency denominated assets and liabilities. Since these derivatives are not designated as hedging instruments, the changes in the fair value of these hedges are recognized immediately in nonoperating (income) expense together with the currency gain or loss from the hedged balance sheet position. A portion of the Company’s foreign currency options (more fully described in the Cash Flow Hedging Strategy section) are undesignated as hedging instruments as the underlying foreign currency royalties are earned. All derivative instruments designated as hedging instruments are classified as fair value, cash flow or net investment hedges. All derivatives (including those not designated as hedging instruments) are recognized on the Consolidated balance sheet at fair value and classified based on the instruments’ maturity date. Changes in the fair value measurements of the derivative instruments are reflected as adjustments to other comprehensive income (OCI) and/or current earnings. The following table presents the fair values of derivative instruments included on the Consolidated balance sheet:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="23%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td width="21%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="8" align="center">Derivative Assets</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="8" align="center">Derivative Liabilities</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> In millions</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Balance Sheet Classification </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Balance Sheet Classification </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> </tr> <tr> <td valign="top"> Derivatives designated as hedging instruments </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Foreign currency </td> <td valign="bottom">  </td> <td valign="bottom"> Prepaid expenses and other current assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> Accrued payroll and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(4.6</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Interest rate </td> <td valign="bottom">  </td> <td valign="bottom"> Prepaid expenses and other current assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="top"> Interest rate </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Miscellaneous other assets </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">53.4</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">72.1</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Other long-term liabilities </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">(6.4</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">(0.3</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total derivatives designated as hedging instruments </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">59.8</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">80.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(14.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(4.9</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Derivatives not designated as hedging instruments </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Foreign currency </td> <td valign="bottom">  </td> <td valign="bottom"> Prepaid expenses and other current assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> Accrued payroll and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(10.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3.8</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Equity </td> <td valign="bottom">  </td> <td valign="bottom"> Prepaid expenses and other current assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">114.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">104.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="top"> Foreign currency </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Miscellaneous other assets </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">2.6</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">2.7</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total derivatives not designated as hedging instruments </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">128.2</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">113.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(10.0</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(3.8</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total derivatives1 </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">188.0</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">193.2</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(24.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(8.7</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1) </td> <td valign="top" align="left"> The fair value of derivatives is presented on a gross basis. Accordingly, the 2011 and 2010 total asset and liability fair values do not agree with the values provided in the Fair Value Measurements note because that disclosure reflects netting adjustments related to specific counterparties of $2.8 million and $0.3 million, respectively. </td> </tr> </table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left"></td> </tr> </table> The following table presents the pretax amounts affecting income and OCI for the three months ended March 31, 2011 and 2010, respectively:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="47%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">In millions</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="6">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> </tr> <tr> <td valign="bottom" rowspan="2" nowrap="nowrap" align="center"> Derivatives in Fair Value Hedging Relationships </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Income on Derivative</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" rowspan="2" colspan="6" align="center"> Hedged Items in Fair Value Hedging Relationships </td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Income on Related Hedged Items</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> </tr> <tr> <td valign="top"> Interest rate </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="5">Fixed-rate debt</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(21.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11.8</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td height="8"></td> <td height="8" colspan="8"></td> <td height="8" colspan="8"></td> <td height="8" colspan="8"></td> </tr> <tr> <td valign="bottom" rowspan="2" nowrap="nowrap" align="center"> Derivatives in Cash flow Hedging Relationships </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Accumulated OCI on Derivative (Effective Portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Reclassified from Accumulated OCI into Income (Effective Portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion)</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> </tr> <tr> <td valign="top"> Foreign currency </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(12.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8.8</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Interest rate(1) </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.2</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="top"> Total </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">4.0</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(12.8</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(1.5</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(1.2</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">4.5</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">8.8</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="bottom" rowspan="2" nowrap="nowrap" align="center"> Net Investment Hedging Relationships </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Accumulated OCI on Derivative (Effective Portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" rowspan="2" colspan="6" align="center"> Derivatives Not Designated as Hedging Instruments </td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Income on Derivative</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> </tr> <tr> <td valign="top"> Foreign currency denominated debt </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">112.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(116.9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="5">Foreign Currency</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(5.3</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Foreign currency derivatives </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="5">Equity(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6.0</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="top"> Total </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">119.9</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(116.9</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">Total</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">2.8</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(11.3</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> </tr> </table> (Gains) losses recognized in income on derivatives are recorded in nonoperating (income) expense unless otherwise noted.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1) </td> <td valign="top" align="left"> The amount of (gain) loss reclassified from accumulated OCI into income is recorded in interest expense. </td> </tr> </table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2) </td> <td valign="top" align="left"> The amount of (gain) loss recognized in income on the derivatives used to hedge the supplemental benefit plan liabilities is recorded in selling, general & administrative expenses. </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Fair Value Hedging Strategy </td> </tr> </table> The Company enters into fair value hedges to reduce the exposure to changes in the fair values of certain liabilities. The fair value hedges the Company enters into consist of interest rate exchange agreements which convert a portion of its fixed-rate debt into floating-rate debt. All of the Company’s interest rate exchange agreements meet the shortcut method requirements. Accordingly, changes in the fair values of the interest rate exchange agreements are exactly offset by changes in the fair value of the underlying debt. No ineffectiveness has been recorded to net income related to interest rate exchange agreements designated as fair value hedges for the three months ended March 31, 2011. A total of $2.4 billion of the Company’s outstanding fixed-rate debt was effectively converted to floating-rate debt resulting from the use of interest rate exchange agreements.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Cash Flow Hedging Strategy </td> </tr> </table> The Company enters into cash flow hedges to reduce the exposure to variability in certain expected future cash flows. The types of cash flow hedges the Company enters into include interest rate exchange agreements, forward foreign currency exchange agreements and foreign currency options. To protect against the reduction in value of forecasted foreign currency cash flows (such as royalties denominated in foreign currencies), the Company uses forward foreign currency exchange agreements and foreign currency options to hedge a portion of anticipated exposures.   When the U.S. dollar strengthens against foreign currencies, the decline in present value of future foreign denominated royalties is offset by gains in the fair value of the forward foreign currency exchange agreements and/or foreign currency options. Conversely, when the U.S. dollar weakens, the increase in the present value of future foreign denominated royalties is offset by losses in the fair value of the forward foreign currency exchange agreements and/or foreign currency options. Although the fair value changes in the foreign currency options may fluctuate over the period of the contract, the Company’s total loss on a foreign currency option is limited to the upfront premium paid for the contract. However, the potential gains on a foreign currency option are unlimited as the settlement value of the contract is based upon the difference between the exchange rate at inception of the contract and the spot exchange rate at maturity. In limited situations, the Company uses foreign currency option collars, which limit the potential gains and lower the upfront premium paid, to protect against currency movements. The hedges typically cover the next 12 months for certain exposures and are denominated in various currencies. As of March 31, 2011, the Company had derivatives outstanding with an equivalent notional amount of $258.6 million that were used to hedge a portion of forecasted foreign currency denominated royalties. The Company excludes the time value of foreign currency options, as well as the discount or premium points on forward foreign currency exchange agreements, from its effectiveness assessment on its cash flow hedges. As a result, changes in the fair value of the derivatives due to these components, as well as the ineffectiveness of the hedges, are recognized in earnings currently. The effective portion of the gains or losses on the derivatives is reported in the deferred hedging adjustment component of OCI in shareholders’ equity and reclassified into earnings in the same period or periods in which the hedged transaction affects earnings. The Company recorded after tax adjustments related to cash flow hedges to the deferred hedging adjustment component of accumulated OCI in shareholders’ equity. The Company recorded a net decrease of $3.5 million for the three months ended March 31, 2011 and a net increase of $7.5 million for the three months ended March 31, 2010. Based on interest rates and foreign currency exchange rates at March 31, 2011, no significant amount of the $11.5 million in cumulative deferred hedging gains, after tax, at March 31, 2011, will be recognized in earnings over the next 12 months as the underlying hedged transactions are realized.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Hedge of Net Investment in Foreign Operations Strategy </td> </tr> </table> The Company primarily uses foreign currency denominated debt 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 OCI and offset translation adjustments on the underlying net assets of foreign subsidiaries and affiliates, which also are recorded in OCI. As of March 31, 2011, a total of $4.3 billion of the Company’s outstanding foreign currency denominated debt was designated to hedge investments in certain foreign subsidiaries and affiliates.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Credit Risk </td> </tr> </table> The Company is exposed to credit-related losses in the event of non-performance by the counterparties to its hedging instruments. The counterparties to these agreements consist of a diverse group of financial institutions. The Company continually monitors its positions and the credit ratings of its counterparties and adjusts positions as appropriate. The Company did not have significant exposure to any individual counterparty at March 31, 2011 and has master agreements that contain 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 March 31, 2011, neither the Company nor its counterparties were required to post collateral on any derivative position, other than on hedges of certain of the Company’s supplemental benefit plan liabilities where its counterparties were required to post collateral on their liability positions. </div>

1.16

1.15

<div> Per Common Share Information 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 12.2 million shares and 14.1 million shares for the first quarter 2011 and 2010, respectively. Stock options that were not included in diluted weighted-average shares because they would have been antidilutive were 3.9 million shares for the first quarter 2011 and none for the first quarter 2010. </div>

31300000

21800000

<div> Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, and certain non-financial assets and liabilities on a nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"> </td> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"> </td> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Level 2 – inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"> </td> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. </td> </tr> </table> Certain of the Company’s derivatives are valued using various pricing models or discounted cash flow analyses that incorporate observable market parameters, such as interest rate yield curves, option volatilities and currency rates, classified as Level 2 within the valuation hierarchy. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by the counterparty or the Company.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Certain Financial Assets and Liabilities Measured at Fair Value </td> </tr> </table> The following table presents financial assets and liabilities measured at fair value on a recurring basis by the valuation hierarchy as defined in the fair value guidance:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="73%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> In millions</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Level 1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Level 2</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Level 3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Carrying Value</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">March 31, 2011</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">403.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">403.9</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Investments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">137.7</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">137.7</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Derivative assets </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">114.9</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">* </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">70.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">185.2</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total assets at fair value </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">656.5</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">70.3</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">726.8</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Derivative liabilities </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(21.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(21.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total liabilities at fair value </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">(21.3</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">(21.3</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> December 31, 2010</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">722.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">722.5</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Investments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131.6</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131.6</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Derivative assets </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">104.4</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">* </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">88.5</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">192.9</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total assets at fair value </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">958.5</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">88.5</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">1,047.0</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Derivative liabilities </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total liabilities at fair value </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">) </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left">*</td> <td valign="top" align="left">Includes long-term investments and derivatives that hedge market-driven changes in liabilities associated with the Company’s supplemental benefit plans.</td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Non-Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis </td> </tr> </table> Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). At March 31, 2011, no material fair value adjustments or fair value measurements were required for non-financial assets or liabilities.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Certain Financial Assets and Liabilities not Measured at Fair Value </td> </tr> </table> At March 31, 2011, the fair value of the Company’s debt obligations was estimated at $12.9 billion, compared to a carrying amount of $12.0 billion. This fair value was estimated using various pricing models or discounted cash flow analyses that incorporated quoted market prices, and is similar to Level 2 within the valuation hierarchy. The carrying amount for both cash and equivalents and notes receivable approximate fair value. </div>

354300000

1958900000

489900000

-3700000

12200000

120100000

-1512300000

-519200000

1553100000

1209000000

-6900000

1825900000

<div> 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, 2010 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 ended March 31, 2011 do not necessarily indicate the results that may be expected for the full year. The results of operations of McDonald’s restaurant businesses purchased and sold were not material, on either an individual or aggregate basis, to the condensed consolidated financial statements for periods prior to purchase and sale. </div>

21100000

-3500000

483700000

501300000

1700000

8800000

1370600000

635100000

508700000

-19400000

429300000

61700000

6111600000

4152700000

<div> The following table presents the pretax amounts affecting income and OCI for the three months ended March 31, 2011 and 2010, respectively:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="47%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">In millions</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="6">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> </tr> <tr> <td valign="bottom" rowspan="2" nowrap="nowrap" align="center"> Derivatives in Fair Value Hedging Relationships </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Income on Derivative</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" rowspan="2" colspan="6" align="center"> Hedged Items in Fair Value Hedging Relationships </td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Income on Related Hedged Items</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> </tr> <tr> <td valign="top"> Interest rate </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="5">Fixed-rate debt</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(21.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11.8</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td height="8"></td> <td height="8" colspan="8"></td> <td height="8" colspan="8"></td> <td height="8" colspan="8"></td> </tr> <tr> <td valign="bottom" rowspan="2" nowrap="nowrap" align="center"> Derivatives in Cash flow Hedging Relationships </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Accumulated OCI on Derivative (Effective Portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Reclassified from Accumulated OCI into Income (Effective Portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing and Ineffective Portion)</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> </tr> <tr> <td valign="top"> Foreign currency </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(12.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8.8</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Interest rate(1) </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.2</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="top"> Total </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">4.0</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(12.8</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(1.5</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(1.2</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">4.5</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">8.8</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="bottom" rowspan="2" nowrap="nowrap" align="center"> Net Investment Hedging Relationships </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Accumulated OCI on Derivative (Effective Portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" rowspan="2" colspan="6" align="center"> Derivatives Not Designated as Hedging Instruments </td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">(Gain) Loss Recognized in Income on Derivative</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2011</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="right">2010</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom" colspan="5"> </td> <td> </td> </tr> <tr> <td valign="top"> Foreign currency denominated debt </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">112.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(116.9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="5">Foreign Currency</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(5.3</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Foreign currency derivatives </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="5">Equity(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6.0</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="top"> Total </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">119.9</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(116.9</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">Total</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">2.8</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom">$</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" align="right">(11.3</td> <td style="BORDER-BOTTOM: #000000 2px solid; BORDER-TOP: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> </tr> </table> (Gains) losses recognized in income on derivatives are recorded in nonoperating (income) expense unless otherwise noted.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1) </td> <td valign="top" align="left"> The amount of (gain) loss reclassified from accumulated OCI into income is recorded in interest expense. </td> </tr> </table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2) </td> <td valign="top" align="left"> The amount of (gain) loss recognized in income on the derivatives used to hedge the supplemental benefit plan liabilities is recorded in selling, general & administrative expenses. </td> </tr> </table> </div>

<div> The following table presents the fair values of derivative instruments included on the Consolidated balance sheet:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="23%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td width="21%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="8" align="center">Derivative Assets</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" colspan="8" align="center">Derivative Liabilities</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> In millions</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Balance Sheet Classification </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Balance Sheet Classification </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" colspan="2" align="center">March 31, 2011</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" colspan="2" align="center">December 31, 2010</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> </tr> <tr> <td valign="top"> Derivatives designated as hedging instruments </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Foreign currency </td> <td valign="bottom">  </td> <td valign="bottom"> Prepaid expenses and other current assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> Accrued payroll and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(4.6</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Interest rate </td> <td valign="bottom">  </td> <td valign="bottom"> Prepaid expenses and other current assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="top"> Interest rate </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Miscellaneous other assets </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">53.4</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">72.1</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Other long-term liabilities </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">(6.4</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">(0.3</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total derivatives designated as hedging instruments </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">59.8</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">80.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(14.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(4.9</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Derivatives not designated as hedging instruments </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Foreign currency </td> <td valign="bottom">  </td> <td valign="bottom"> Prepaid expenses and other current assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> Accrued payroll and other liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(10.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3.8</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Equity </td> <td valign="bottom">  </td> <td valign="bottom"> Prepaid expenses and other current assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">114.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">104.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="top"> Foreign currency </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom"> Miscellaneous other assets </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">2.6</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" align="right">2.7</td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px dotted" valign="bottom">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total derivatives not designated as hedging instruments </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">128.2</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">113.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(10.0</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(3.8</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total derivatives 1 </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">188.0</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">193.2</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(24.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(8.7</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1) </td> <td valign="top" align="left"> The fair value of derivatives is presented on a gross basis. Accordingly, the 2011 and 2010 total asset and liability fair values do not agree with the values provided in the Fair Value Measurements note because that disclosure reflects netting adjustments related to specific counterparties of $2.8 million and $0.3 million, respectively. </td> </tr> </table> </div>

<div> 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. </div>

<div> Segment Information The Company franchises and operates McDonald’s restaurants in the food service industry. The following table presents the Company’s revenues and operating income by geographic segment. The APMEA segment represents operations in Asia/Pacific, Middle East and Africa. Other Countries & Corporate represents operations in Canada and Latin America, as well as Corporate activities.   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Quarters Ended March 31, </td> <td valign="bottom"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> In millions</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2010</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Revenues </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> U.S. </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,925.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,876.7</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Europe </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,440.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,245.4</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> APMEA </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,400.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,191.3</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Other Countries & Corporate </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">345.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">296.7</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total revenues </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">6,111.6</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">5,610.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Operating Income </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> U.S. </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">793.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">809.4</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Europe </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">675.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">601.0</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> APMEA </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">348.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">272.1</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Other Countries & Corporate </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">9.6</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total operating income </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">1,825.9</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">1,674.1</td> </tr> </table> </div>

563600000

24000000

1054600000

1042400000

-48900000 1698900000 <div> Restaurant Information The following table presents restaurant information by ownership type:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"> Restaurants at March 31, </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" align="right">2011      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" align="right">2010    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Conventional franchised </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">19,306      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">19,021    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Developmental licensed </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">3,529      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">3,206    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Foreign affiliated </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">3,563      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">4,020    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Franchised </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">26,398      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">26,247    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Company-operated </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">6,407      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">6,241    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Systemwide restaurants </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">32,805      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">32,488</td> </tr> </table> </div> 3416700000 <div> The following table presents financial assets and liabilities measured at fair value on a recurring basis by the valuation hierarchy as defined in the fair value guidance:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="73%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> In millions</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Level 1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Level 2</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Level 3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Carrying Value</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">March 31, 2011</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">403.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">403.9</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Investments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">137.7</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">137.7</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Derivative assets </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">114.9</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">* </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">70.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">185.2</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total assets at fair value </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">656.5</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">70.3</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">726.8</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Derivative liabilities </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(21.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(21.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total liabilities at fair value </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">(21.3</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">(21.3</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> December 31, 2010</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">722.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">722.5</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Investments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131.6</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131.6</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Derivative assets </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">104.4</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">* </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">88.5</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">192.9</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total assets at fair value </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">958.5</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">88.5</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">1,047.0</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Derivative liabilities </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total liabilities at fair value </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">) </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">) </td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left">*</td> <td valign="top" align="left">Includes long-term investments and derivatives that hedge market-driven changes in liabilities associated with the Company’s supplemental benefit plans.</td> </tr> </table> </div> <div> The following table presents the components of comprehensive income for the quarters ended March 31, 2011 and 2010:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">Quarters Ended March 31,</td> <td valign="bottom"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> In millions</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2010</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,209.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,089.8</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Other comprehensive income (loss): </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Foreign currency translation adjustments, net of hedging </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">483.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(242.8</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Cash flow hedging adjustments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.5</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Pension liability adjustment </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">21.1</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">0.8</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total other comprehensive income (loss) </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">501.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(234.5</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total comprehensive income </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">1,710.3</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">855.3</td> </tr> </table> </div> <div> Impairment and Other Charges (Credits), Net In the first quarter 2010, the Company recorded after tax impairment charges of $30.0 million related to its share of strategic restaurant closing costs in Japan. These charges primarily consisted of asset writeoffs and lease termination costs. </div> <div> The following table presents the Company’s revenues and operating income by geographic segment. The APMEA segment represents operations in Asia/Pacific, Middle East and Africa. Other Countries & Corporate represents operations in Canada and Latin America, as well as Corporate activities.   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="86%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Quarters Ended March 31, </td> <td valign="bottom"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> In millions</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2010</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Revenues </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> U.S. </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,925.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,876.7</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Europe </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,440.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,245.4</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> APMEA </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,400.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,191.3</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Other Countries & Corporate </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">345.3</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">296.7</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Total revenues </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">6,111.6</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">5,610.1</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Operating Income </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> U.S. </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">793.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">809.4</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Europe </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">675.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">601.0</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> APMEA </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">348.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">272.1</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="top"> Other Countries & Corporate </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">9.6</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">(8.4</td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 2px solid" valign="top"> Total operating income </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">1,825.9</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom"> $</td> <td style="BORDER-BOTTOM: #000000 2px solid" valign="bottom" align="right">1,674.1</td> </tr> </table> </div> <div> The following table presents restaurant information by ownership type:   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"> Restaurants at March 31, </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" align="right">2011      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom" align="right">2010    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Conventional franchised </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">19,306      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">19,021    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Developmental licensed </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">3,529      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">3,206    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Foreign affiliated </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">3,563      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">4,020    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Franchised </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">26,398      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">26,247    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Company-operated </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">6,407      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">6,241    </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-RIGHT: #000000 1px solid" valign="top"> Systemwide restaurants </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">32,805      </td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">   </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="right">32,488</td> </tr> </table> </div>

800000

7400000

2000000

-900000

4000000

4500000

-600000

-21500000

Fixed-rate debt

21500000

112500000

-1500000

4000000

4500000

119900000

2800000

793000000

1925800000

675300000

2440000000

348000000

1400500000

9600000

345300000

0000063908 mcd:OtherCountriesAndCorporateMember 2011-01-01 2011-03-31 0000063908 mcd:AsiaPacificMiddleEastAfricaMember 2011-01-01 2011-03-31 0000063908 mcd:EuropeMember 2011-01-01 2011-03-31 0000063908 mcd:UnitedStatesMember 2011-01-01 2011-03-31 0000063908 us-gaap:NondesignatedMember 2011-01-01 2011-03-31 0000063908 us-gaap:NetInvestmentHedgingMember 2011-01-01 2011-03-31 0000063908 us-gaap:CashFlowHedgingMember 2011-01-01 2011-03-31 0000063908 mcd:OtherForeignCurrencyDenominatedDebtMemberus-gaap:NetInvestmentHedgingMember 2011-01-01 2011-03-31 0000063908 us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember 2011-01-01 2011-03-31 0000063908 us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember 2011-01-01 2011-03-31 0000063908 us-gaap:ForeignExchangeMemberus-gaap:CashFlowHedgingMember 2011-01-01 2011-03-31 0000063908 us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember 2011-01-01 2011-03-31 0000063908 us-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember 2011-01-01 2011-03-31 0000063908 us-gaap:EquityMemberus-gaap:NondesignatedMember 2011-01-01 2011-03-31 0000063908 2011-01-01 2011-03-31 0000063908 mcd:OtherCountriesAndCorporateMember 2010-01-01 2010-03-31 0000063908 mcd:McdonaldsJapanMember 2010-01-01 2010-03-31 0000063908 mcd:AsiaPacificMiddleEastAfricaMember 2010-01-01 2010-03-31 0000063908 mcd:EuropeMember 2010-01-01 2010-03-31 0000063908 mcd:UnitedStatesMember 2010-01-01 2010-03-31 0000063908 us-gaap:NondesignatedMember 2010-01-01 2010-03-31 0000063908 us-gaap:NetInvestmentHedgingMember 2010-01-01 2010-03-31 0000063908 us-gaap:CashFlowHedgingMember 2010-01-01 2010-03-31 0000063908 mcd:OtherForeignCurrencyDenominatedDebtMemberus-gaap:NetInvestmentHedgingMember 2010-01-01 2010-03-31 0000063908 us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMember 2010-01-01 2010-03-31 0000063908 us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember 2010-01-01 2010-03-31 0000063908 us-gaap:ForeignExchangeMemberus-gaap:CashFlowHedgingMember 2010-01-01 2010-03-31 0000063908 us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember 2010-01-01 2010-03-31 0000063908 us-gaap:EquityMemberus-gaap:NondesignatedMember 2010-01-01 2010-03-31 0000063908 2010-01-01 2010-03-31 0000063908 mcd:BalanceSheetFairValueInputsLevel2Member 2010-12-31 0000063908 mcd:BalanceSheetFairValueInputsLevel1Member 2010-12-31 0000063908 us-gaap:InterestRateContractMembermcd:PrepaidExpensesAndOtherCurrentAssetsMember 2010-12-31 0000063908 us-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember 2010-12-31 0000063908 us-gaap:InterestRateContractMemberus-gaap:OtherAssetsMember 2010-12-31 0000063908 us-gaap:ForeignExchangeMembermcd:PrepaidExpensesAndOtherCurrentAssetsMember 2010-12-31 0000063908 us-gaap:ForeignExchangeMembermcd:AccruedExpensesAndOtherCurrentLiabilitiesMember 2010-12-31 0000063908 us-gaap:ForeignExchangeMemberus-gaap:OtherAssetsMember 2010-12-31 0000063908 us-gaap:EquityMembermcd:PrepaidExpensesAndOtherCurrentAssetsMember 2010-12-31 0000063908 2010-12-31 0000063908 2009-12-31 0000063908 mcd:CompanyOperatedRestaurantMember 2011-03-31 0000063908 mcd:NonCompanyOperatedRestaurantMember 2011-03-31 0000063908 mcd:NonCompanyOperatedRestaurantMembermcd:ForeignAffiliatedMember 2011-03-31 0000063908 mcd:NonCompanyOperatedRestaurantMembermcd:ConventionalFranchisesMember 2011-03-31 0000063908 mcd:NonCompanyOperatedRestaurantMembermcd:DevelopmentalLicenseesMember 2011-03-31 0000063908 mcd:BalanceSheetFairValueInputsLevel2Member 2011-03-31 0000063908 mcd:BalanceSheetFairValueInputsLevel1Member 2011-03-31 0000063908 us-gaap:InterestRateContractMembermcd:PrepaidExpensesAndOtherCurrentAssetsMember 2011-03-31 0000063908 us-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember 2011-03-31 0000063908 us-gaap:InterestRateContractMemberus-gaap:OtherAssetsMember 2011-03-31 0000063908 us-gaap:ForeignExchangeMembermcd:PrepaidExpensesAndOtherCurrentAssetsMember 2011-03-31 0000063908 us-gaap:ForeignExchangeMembermcd:AccruedExpensesAndOtherCurrentLiabilitiesMember 2011-03-31 0000063908 us-gaap:ForeignExchangeMemberus-gaap:OtherAssetsMember 2011-03-31 0000063908 us-gaap:EquityMembermcd:PrepaidExpensesAndOtherCurrentAssetsMember 2011-03-31 0000063908 2011-03-31 0000063908 mcd:CompanyOperatedRestaurantMember 2010-03-31 0000063908 mcd:NonCompanyOperatedRestaurantMember 2010-03-31 0000063908 mcd:NonCompanyOperatedRestaurantMembermcd:ForeignAffiliatedMember 2010-03-31 0000063908 mcd:NonCompanyOperatedRestaurantMembermcd:ConventionalFranchisesMember 2010-03-31 0000063908 mcd:NonCompanyOperatedRestaurantMembermcd:DevelopmentalLicenseesMember 2010-03-31 0000063908 2010-03-31 iso4217:USD mcd:Store shares iso4217:USD shares Includes long-term investments and derivatives that hedge market-driven changes in liabilities associated with the Company's supplemental benefit plans. The fair value of derivatives is presented on a gross basis. Accordingly, the 2011 and 2010 total asset and liability fair values do not agree with the values provided in the Fair Value Measurements note because that disclosure reflects netting adjustments related to specific counterparties of $2.8 million and $0.3 million, respectively. The amount of (gain) loss reclassified from accumulated OCI into income is recorded in interest expense. The amount of (gain) loss recognized in income on the derivatives used to hedge the supplemental benefit plan liabilities is recorded in selling, general & administrative expenses.