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Mcdonald's Corporation 2016 Annual Report 1 Achieving Competitive, Predictable Food and Paper Costs Over the Long Term

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Mcdonald's Corporation 2016 Annual Report 1 Achieving Competitive, Predictable Food and Paper Costs Over the Long Term UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2016 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-5231 McDONALD’S CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-2361282 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One McDonald’s Plaza Oak Brook, Illinois 60523 (Address of principal executive offices) (Zip code) Registrant’s telephone number, including area code: (630) 623-3000 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered Common stock, $.01 par value New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None (Title of class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨ (do not check if a smaller reporting company) Smaller reporting company ¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x The aggregate market value of common stock held by non-affiliates of the registrant as of June 30, 2016 was $102,676,655,213 . The number of shares outstanding of the registrant’s common stock as of January 31, 2017 was 818,993,182 . DOCUMENTS INCORPORATED BY REFERENCE Part III of this Form 10-K incorporates information by reference from the registrant’s 2017 definitive proxy statement, which will be filed no later than 120 days after December 31, 2016 . McDONALD’S CORPORATION INDEX Page reference Part I. Item 1 Business 1 Item 1A Risk Factors and Cautionary Statement Regarding Forward-Looking Statements 3 Item 1B Unresolved Staff Comments 8 Item 2 Properties 8 Item 3 Legal Proceedings 8 Item 4 Mine Safety Disclosures 8 Additional Item Executive Officers of the Registrant 9 Part II. Item 5 Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 10 Item 6 Selected Financial Data 12 Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A Quantitative and Qualitative Disclosures About Market Risk 28 Item 8 Financial Statements and Supplementary Data 28 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51 Item 9A Controls and Procedures 51 Item 9B Other Information 51 Part III. Item 10 Directors, Executive Officers and Corporate Governance 51 Item 11 Executive Compensation 51 Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 51 Item 13 Certain Relationships and Related Transactions, and Director Independence 52 Item 14 Principal Accounting Fees and Services 52 Part IV. Item 15 Exhibits and Financial Statement Schedules 52 Item 16 Form 10-K Summary 54 Signatures 55 Exhibits All trademarks used herein are the property of their respective owners. Under a conventional franchise arrangement, the Company generally PART I owns the land and building or secures a long-term lease for the restaurant location and the franchisee pays for equipment, signs, seating and décor. The Company believes that ownership of real estate, combined with the co- ITEM 1. Business investment by franchisees, enables us to achieve restaurant performance levels that are among the highest in the industry. McDonald’s Corporation, the registrant, together with its sub-sidiaries, is Franchisees are also responsible for reinvesting capital in their referred to herein as the “Company.” businesses over time. In addition, to accelerate implementation of certain a. General initiatives, the Company frequently co-invests with franchisees to fund improvements to their restaurants or their operating systems. These During 2016, there were no material changes to the Company's corporate investments, developed with input from McDonald’s with the aim of structure or in its method of conducting business. The business is structured improving local business performance, increase the value of our brand with segments that combine markets with similar characteristics and through the development of modernized, more attractive and higher revenue opportunities for growth. Significant reportable segments include the United generating restaurants. States ("U.S."), International Lead Markets and High Growth Markets. In addition, throughout this report we present the Foundational Markets & The Company’s typical franchise term is 20 years. The Company Corporate segment, which includes markets in over 80 countries, as well as requires franchisees to meet rigorous standards and generally does not work Corporate activities. with passive investors. The business relationship with franchisees is designed to assure consistency and high quality at all McDonald’s b. Financial information about segments restaurants. Conventional franchisees contribute to the Company’s revenue Segment data for the years ended December 31, 2016 , 2015 , and 2014 are through the payment of rent and royalties based upon a percent of sales, included in Part II, Item 8, page 44 of this Form 10-K. with specified minimum rent payments, along with initial fees paid upon the c. Narrative description of business opening of a new restaurant or grant of a new franchise. This structure enables McDonald’s to generate significant levels of cash flow. ▪ General Under a developmental license arrangement, licensees provide capital The Company operates and franchises McDonald’s restaurants, which serve for the entire business, including the real estate interest. The Company does a locally-relevant menu of quality food and beverages sold at various price not invest any capital under a developmental license arrangement. The points in more than 100 countries. McDonald’s global system is comprised of Company receives a royalty based upon a percent of sales as well as initial both Company-owned and franchised restaurants. McDonald’s franchised fees upon the opening of a new restaurant or grant of a new license. We use restaurants are owned and operated under one of the following structures - the developmental license ownership structure in over 80 countries with a conventional franchise, developmental license or affiliate. The optimal total of approximately 6,300 restaurants. The largest developmental licensee ownership structure for an individual restaurant, trading area or market operates approximately 2,200 restaurants in 19 countries in Latin America (country) is based on a variety of factors, including the availability of and the Caribbean. In early 2017, the Company announced the sale of its individuals with the entrepreneurial experience and financial resources, as businesses in China and Hong Kong, including more than 1,750 company- well as the local legal and regulatory environment in critical areas such as operated restaurants, to a developmental licensee. Under the terms of the property ownership and franchising. We continually review our mix of agreement, the Company will retain a 20% ownership in the business.The Company-owned and franchised restaurants to help optimize overall Company expects to complete the sale and licensing transaction mid-year performance, with a goal to be approximately 95% franchised over the long 2017. term. The business relationship between McDonald’s and its independent franchisees is of fundamental importance to overall performance and to the Finally, the Company also has an equity investment in a limited number McDonald’s brand. This business relationship is supported by an agreement of foreign affiliated markets, referred to as “affiliates.” In these markets, the that requires adherence to standards and policies essential to protecting our Company receives a royalty based on a percent of sales and records its brand. share of net results in Equity in earnings of unconsolidated affiliates. The largest of these affiliates is Japan, where there are nearly 3,000 restaurants. The Company is primarily a franchisor, with approximately 85% of McDonald's restaurants currently owned and operated by independent ▪ Supply Chain and Quality Assurance franchisees. Franchising enables an individual to be their own employer and The Company and its franchisees purchase food, packaging, equipment and maintain control over all employment related matters, marketing and pricing other goods from numerous independent suppliers.
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