Except as required by law, we do not undertake to update such forward-looking statements. Therefore, you should not rely unduly on any forward-looking statements. The Company, its franchisees and suppliers, are referred to herein as the "System. Effective January 1, 2019, McDonald\'s changed its global operating structure. The Company has established and enforces high food safety and quality standards. These government restrictions negatively impacted the Company\'s revenues. This is complemented by additional reporting channels in many markets. We believe this helps to facilitate talent attraction, career development and retention. CommunitiesThe Company embraces our role and commitment to the communities we serve. Refer to the Operating Income section on page 17 for additional details. 8226;Diluted earnings per share of $6.31 decreased 20% (20% in constant currencies). 8226;The Company expects operating margin percent to be in the low-to-mid 40% range. &# Globally, the Company expects to open over 1,300 restaurants. In 2019, results reflected the weakening of the Euro and most other major currencies. In early March 2020, the Company suspended its share repurchase program. The revenue declines were driven by the U.K., France, Germany, Italy and Spain. Free cash flow was $4.6 billion in 2020, a decrease of $1.1 billion or 19%. The Company's free cash flow conversion rate was 98% in 2020 and 95% in 2019. The decrease in openings during the year compared to 2019 was due to COVID-19. These effects are excluded as they have no impact on the obligation at maturity. The Company does not hold or issue derivatives for trading purposes. All swaps are over-the-counter instruments. At December 31, 2020, total liabilities for the supplemental plans were $431 million. Actual results may differ from these estimates. Therefore, we believe that such a comparison is not meaningful. Brand value is based in part on consumer perceptions. These risks could expose us to market, operational and execution costs or risks. Additionally, we operate in a complex and costly advertising environment. We face intense competition in our markets, which could hurt our business. We compete primarily in the IEO segment, which is highly competitive. We compete on the basis of product choice, quality, affordability, service and location. We may also face challenges and uncertainties in developed markets. Supply chain interruptions may increase costs or reduce revenues. Our franchise business model presents a number of risks. Business risks affecting our operations also affect our franchisees. Our ownership mix also affects our results and financial condition. Similar concerns apply to our franchisees. Effective succession planning is important to our long-term success. Food safety concerns may have an adverse effect on our business. Further, adverse publicity resulting from claims may hurt our business. In addition, thousands of people from time to time seek employment in such restaurants. Mr. Henry has served the Company for 3 years. Such reports may be obtained by visiting the SEC\'s website at www.sec.gov. Copies of these documents are also available free of charge by calling (800) 228-9623. The Company has determined that it is the principal in these arrangements. These leases are not a material subset of the Company's lease portfolio. Refer to the Income Taxes footnote on page 53 for additional information. The fair value was based on quoted market prices, Level 2 withi
