RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP, 10-Q filed on 11/3/2023
Quarterly Report
v3.23.3
Cover - shares
 9 Months Ended
Sep. 30, 2023
Oct. 27, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 001-36787  
Entity Registrant Name RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP  
Entity Incorporation, State or Country Code Z4  
Entity Tax Identification Number 98-1206431  
Entity Address, Address Line One 130 King Street West, Suite 300  
Entity Address, Postal Zip Code M5X 1E1  
Entity Address, City or Town Toronto,  
Entity Address, State or Province ON  
City Area Code 905  
Local Phone Number 339-6011  
Title of 12(g) Security Class B exchangeable limited partnership units  
Trading Symbol QSP  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001618755  
Current Fiscal Year End Date --12-31  
Partnership exchangeable units    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   133,597,764
Class A common units    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   202,006,067
v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Current assets:                
Cash and cash equivalents $ 1,310     $ 1,178 $ 946     $ 1,087
Accounts and notes receivable, net of allowance of $35 and $36, respectively 692     614        
Inventories, net 160     133        
Prepaids and other current assets 221     123        
Total current assets 2,383     2,048        
Property and equipment, net of accumulated depreciation and amortization of $1,140 and $1,061, respectively 1,904     1,950        
Operating lease assets, net 1,060     1,082        
Intangible assets, net 10,946     10,991        
Goodwill 5,681     5,688        
Other assets, net 1,103     987        
Total assets 23,077     22,746        
Current liabilities:                
Accounts and drafts payable 693     758        
Other accrued liabilities 1,132     1,001        
Gift card liability 159     230        
Current portion of long-term debt and finance leases 87     127        
Total current liabilities 2,071     2,116        
Long-term debt, net of current portion 12,862     12,839        
Finance leases, net of current portion 305     311        
Operating lease liabilities, net of current portion 1,003     1,027        
Other liabilities, net 864     872        
Deferred income taxes, net 1,308     1,313        
Total liabilities 18,413     18,478        
Partners’ capital:                
Accumulated other comprehensive income (loss) (871)     (973)        
Total Partners’ capital 4,662     4,266        
Noncontrolling interests 2     2        
Total equity 4,664 $ 4,678 $ 4,311 4,268 $ 4,039 $ 3,909 $ 3,961 $ 3,853
Total liabilities and equity 23,077     22,746        
Class A common units                
Partners’ capital:                
Class A common units; 202,006,067 issued and outstanding at September 30, 2023 and December 31, 2022 9,584     8,735        
Partnership exchangeable units                
Partners’ capital:                
Partnership exchangeable units; 133,597,764 issued and outstanding at September 30, 2023; 142,996,640 issued and outstanding at December 31, 2022 $ (4,051)     $ (3,496)        
v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Financing receivable, allowance for credit loss, current $ 35 $ 36
Accumulated depreciation and amortization, property, plant, and equipment $ 1,140 $ 1,061
Class A common units    
Class A common units, issued (in shares) 202,006,067 202,006,067
Class A common units, outstanding (in shares) 202,006,067 202,006,067
Partnership exchangeable units    
Partnership exchangeable units, issued (in shares) 133,597,764 142,996,640
Partnership exchangeable units, outstanding (in shares) 133,597,764 142,996,640
v3.23.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:                
Total revenues $ 1,837     $ 1,726     $ 5,202 $ 4,816
Operating costs and expenses:                
Cost of sales 630     615     1,792 1,693
Franchise and property expenses 119     137     372 392
Advertising expenses and other services 326     276     909 782
General and administrative expenses 169     156     507 435
(Income) loss from equity method investments 1     8     19 30
Other operating expenses (income), net 10     (27)     20 (68)
Total operating costs and expenses 1,255     1,165     3,619 3,264
Income from operations 582     561     1,583 1,552
Interest expense, net 143     133     430 389
Loss on early extinguishment of debt 16     0     16 0
Income before income taxes 423     428     1,137 1,163
Income tax expense (benefit) 59     (102)     145 17
Net income 364 $ 351 $ 277 530 $ 346 $ 270 992 1,146
Net income attributable to noncontrolling interests 1     1     3 3
Net income attributable to common unitholders 363     529     989 1,143
Class A common units                
Operating costs and expenses:                
Net income attributable to common unitholders $ 252     $ 360     $ 682 $ 779
Earnings per unit - basic and diluted                
Earnings per unit, basic (in usd per share) $ 1.25     $ 1.78     $ 3.38 $ 3.86
Earnings per unit, diluted (in usd per share) $ 1.25     $ 1.78     $ 3.38 $ 3.86
Weighted average units outstanding - basic and diluted (in millions):                
Weighted average number of unit outstanding, basic (in shares) 202     202     202 202
Weighted average number of units outstanding, diluted (in shares) 202     202     202 202
Partnership exchangeable units                
Operating costs and expenses:                
Net income attributable to common unitholders $ 111     $ 169     $ 307 $ 364
Earnings per unit - basic and diluted                
Earnings per unit, basic (in usd per share) $ 0.80     $ 1.18     $ 2.18 $ 2.53
Earnings per unit, diluted (in usd per share) $ 0.80     $ 1.18     $ 2.18 $ 2.53
Weighted average units outstanding - basic and diluted (in millions):                
Weighted average number of unit outstanding, basic (in shares) 139     143     141 144
Weighted average number of units outstanding, diluted (in shares) 139     143     141 144
Sales                
Revenues:                
Total revenues $ 771     $ 759     $ 2,183 $ 2,076
Franchise and property revenues                
Revenues:                
Total revenues 753     698     2,163 1,989
Advertising revenues and other services                
Revenues:                
Total revenues $ 313     $ 269     $ 856 $ 751
v3.23.3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 364 $ 530 $ 992 $ 1,146
Foreign currency translation adjustment (270) (727) (36) (1,015)
Net change in fair value of net investment hedges, net of tax of $4, $(87), $12 and $(100) 182 384 67 575
Net change in fair value of cash flow hedges, net of tax of $(26), $(55), $(42) and $(145) 71 150 114 394
Amounts reclassified to earnings of cash flow hedges, net of tax of $6, $(2), $17 and $(15) (17) 5 (47) 42
Gain (loss) recognized on other, net of tax of $0, $0, $0 and $0 2 1 4 3
Other comprehensive income (loss) (32) (187) 102 (1)
Comprehensive income (loss) 332 343 1,094 1,145
Comprehensive income (loss) attributable to noncontrolling interests 1 1 3 3
Comprehensive income (loss) attributable to common unitholders $ 331 $ 342 $ 1,091 $ 1,142
v3.23.3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net change in fair value of net investment hedges, tax $ 4 $ (87) $ 12 $ (100)
Net change in fair value of cash flow hedges, tax (26) (55) (42) (145)
Amounts reclassified to earnings of cash flow hedges, tax 6 (2) 17 (15)
Gain (loss) recognized on other, tax $ 0 $ 0 $ 0 $ 0
v3.23.3
Condensed Consolidated Statement of Equity - USD ($)
$ in Millions
Total
Accumulated  Other Comprehensive Income (Loss)
Noncontrolling Interest
Class A common units
Class A common units
Common Stock
Partnership exchangeable units
Partnership exchangeable units
Partnership Exchangeable Units
Beginning balance Class A (in shares) at Dec. 31, 2021         202,006,067    
Beginning balances at Dec. 31, 2021 $ 3,853 $ (1,024) $ 3   $ 8,421   $ (3,547)
Beginning balance partnership exchangeable unit (in shares) at Dec. 31, 2021             144,993,458
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions declared on Class A common units (167)       (167)    
Distributions declared on partnership exchangeable units (78)           $ (78)
Exchange of Partnership exchangeable units for RBI common shares 0       84   $ (84)
Exchange of Partnership exchangeable units for RBI common shares (in shares)             (1,525,900)
Distribution to RBI for repurchase of RBI common shares (161)       (161)    
Capital contribution from RBI 40       40    
Restaurant VIE contributions (distributions) (1)   (1)        
Net income 270   1   $ 183   $ 86
Other comprehensive income (loss) 205 205          
Ending balance Class A (in shares) at Mar. 31, 2022         202,006,067    
Ending balances at Mar. 31, 2022 3,961 (819) 3   $ 8,400   $ (3,623)
Ending balance partnership exchangeable units (in shares) at Mar. 31, 2022             143,467,558
Beginning balance Class A (in shares) at Dec. 31, 2021         202,006,067    
Beginning balances at Dec. 31, 2021 3,853 (1,024) 3   $ 8,421   $ (3,547)
Beginning balance partnership exchangeable unit (in shares) at Dec. 31, 2021             144,993,458
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,146            
Other comprehensive income (loss) (1)            
Ending balance Class A (in shares) at Sep. 30, 2022         202,006,067    
Ending balances at Sep. 30, 2022 4,039 (1,025) 2   $ 8,570   $ (3,508)
Ending balance partnership exchangeable units (in shares) at Sep. 30, 2022             143,298,599
Beginning balance Class A (in shares) at Mar. 31, 2022         202,006,067    
Beginning balances at Mar. 31, 2022 3,961 (819) 3   $ 8,400   $ (3,623)
Beginning balance partnership exchangeable unit (in shares) at Mar. 31, 2022             143,467,558
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions declared on Class A common units (166)       (166)    
Distributions declared on partnership exchangeable units (77)           $ (77)
Exchange of Partnership exchangeable units for RBI common shares 0       8   $ (8)
Exchange of Partnership exchangeable units for RBI common shares (in shares)             (151,154)
Distribution to RBI for repurchase of RBI common shares (165)       (165)    
Capital contribution from RBI 30       30    
Restaurant VIE contributions (distributions) (1)   (1)        
Net income 346   1   $ 236   $ 109
Other comprehensive income (loss) (19) (19)          
Ending balance Class A (in shares) at Jun. 30, 2022         202,006,067    
Ending balances at Jun. 30, 2022 3,909 (838) 3   $ 8,343   $ (3,599)
Ending balance partnership exchangeable units (in shares) at Jun. 30, 2022             143,316,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions declared on Class A common units (165)       (165)    
Distributions declared on partnership exchangeable units (77)           $ (77)
Exchange of Partnership exchangeable units for RBI common shares 0       1   $ (1)
Exchange of Partnership exchangeable units for RBI common shares (in shares)             (17,805)
Capital contribution from RBI 31       31    
Restaurant VIE contributions (distributions) (2)   (2)        
Net income 530   1   $ 360   $ 169
Other comprehensive income (loss) (187) (187)          
Ending balance Class A (in shares) at Sep. 30, 2022         202,006,067    
Ending balances at Sep. 30, 2022 4,039 (1,025) 2   $ 8,570   $ (3,508)
Ending balance partnership exchangeable units (in shares) at Sep. 30, 2022             143,298,599
Beginning balance Class A (in shares) at Dec. 31, 2022       202,006,067 202,006,067    
Beginning balances at Dec. 31, 2022 4,268 (973) 2   $ 8,735   $ (3,496)
Beginning balance partnership exchangeable unit (in shares) at Dec. 31, 2022           142,996,640 142,996,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions declared on Class A common units (171)       (171)    
Distributions declared on partnership exchangeable units (77)           $ (77)
Exchange of Partnership exchangeable units for RBI common shares 0       136   $ (136)
Exchange of Partnership exchangeable units for RBI common shares (in shares)             (2,214,072)
Capital contribution from RBI 62       62    
Restaurant VIE contributions (distributions) (1)   (1)        
Net income 277   1   $ 189   $ 87
Other comprehensive income (loss) (47) (47)          
Ending balance Class A (in shares) at Mar. 31, 2023         202,006,067    
Ending balances at Mar. 31, 2023 4,311 (1,020) 2   $ 8,951   $ (3,622)
Ending balance partnership exchangeable units (in shares) at Mar. 31, 2023             140,782,568
Beginning balance Class A (in shares) at Dec. 31, 2022       202,006,067 202,006,067    
Beginning balances at Dec. 31, 2022 4,268 (973) 2   $ 8,735   $ (3,496)
Beginning balance partnership exchangeable unit (in shares) at Dec. 31, 2022           142,996,640 142,996,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exchange of Partnership exchangeable units for RBI common shares (in shares)           (9,398,876)  
Net income 992            
Other comprehensive income (loss) 102            
Ending balance Class A (in shares) at Sep. 30, 2023       202,006,067 202,006,067    
Ending balances at Sep. 30, 2023 4,664 (871) 2   $ 9,584   $ (4,051)
Ending balance partnership exchangeable units (in shares) at Sep. 30, 2023           133,597,764 133,597,764
Beginning balance Class A (in shares) at Mar. 31, 2023         202,006,067    
Beginning balances at Mar. 31, 2023 4,311 (1,020) 2   $ 8,951   $ (3,622)
Beginning balance partnership exchangeable unit (in shares) at Mar. 31, 2023             140,782,568
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions declared on Class A common units (172)       (172)    
Distributions declared on partnership exchangeable units (77)           $ (77)
Exchange of Partnership exchangeable units for RBI common shares 0       2   $ (2)
Exchange of Partnership exchangeable units for RBI common shares (in shares)             (23,787)
Capital contribution from RBI 85       85    
Restaurant VIE contributions (distributions) (1)   (1)        
Net income 351   1   $ 241   $ 109
Other comprehensive income (loss) 181 181          
Ending balance Class A (in shares) at Jun. 30, 2023         202,006,067    
Ending balances at Jun. 30, 2023 4,678 (839) 2   $ 9,107   $ (3,592)
Ending balance partnership exchangeable units (in shares) at Jun. 30, 2023             140,758,781
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions declared on Class A common units (176)       (176)    
Distributions declared on partnership exchangeable units (74)           $ (74)
Exchange of Partnership exchangeable units for RBI common shares 0       496   $ (496)
Exchange of Partnership exchangeable units for RBI common shares (in shares)             (7,161,017)
Distribution to RBI for repurchase of RBI common shares (142)       (142)    
Capital contribution from RBI 47       47    
Restaurant VIE contributions (distributions) (1)   (1)        
Net income 364   1   $ 252   $ 111
Other comprehensive income (loss) (32) (32)          
Ending balance Class A (in shares) at Sep. 30, 2023       202,006,067 202,006,067    
Ending balances at Sep. 30, 2023 $ 4,664 $ (871) $ 2   $ 9,584   $ (4,051)
Ending balance partnership exchangeable units (in shares) at Sep. 30, 2023           133,597,764 133,597,764
v3.23.3
Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares
 3 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Class A common units            
Cash dividend declared (in usd per share) $ 0.87 $ 0.85 $ 0.85 $ 0.82 $ 0.82 $ 0.83
Partnership exchangeable units            
Cash dividend declared (in usd per share) $ 0.55 $ 0.55 $ 0.55 $ 0.54 $ 0.54 $ 0.54
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 992 $ 1,146
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 142 143
Non-cash loss on early extinguishment of debt 5 0
Amortization of deferred financing costs and debt issuance discount 21 21
(Income) loss from equity method investments 19 30
(Gain) loss on remeasurement of foreign denominated transactions (11) (82)
Net (gains) losses on derivatives (111) 17
Share-based compensation and non-cash incentive compensation expense 141 93
Deferred income taxes (47) (29)
Other 19 8
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable (86) (93)
Inventories and prepaids and other current assets (49) (67)
Accounts and drafts payable (62) 113
Other accrued liabilities and gift card liability (62) (74)
Tenant inducements paid to franchisees (15) (13)
Other long-term assets and liabilities 24 (146)
Net cash provided by operating activities 920 1,067
Cash flows from investing activities:    
Payments for property and equipment (73) (52)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 23 11
Net payments in connection with purchase of Firehouse Subs 0 (12)
Settlement/sale of derivatives, net 40 22
Other investing activities, net (1) (35)
Net cash (used for) provided by investing activities (11) (66)
Cash flows from financing activities:    
Proceeds from long-term debt 55 2
Repayments of long-term debt and finance leases (79) (71)
Payment of financing costs (43) 0
Distributions on Class A common and Partnership exchangeable units (741) (728)
Distribution to RBI for repurchase of RBI common shares (115) (326)
Capital contribution from RBI 52 7
(Payments) proceeds from derivatives 100 8
Other financing activities, net (3) (3)
Net cash (used for) provided by financing activities (774) (1,111)
Effect of exchange rates on cash and cash equivalents (3) (31)
Increase (decrease) in cash and cash equivalents 132 (141)
Cash and cash equivalents at beginning of period 1,178 1,087
Cash and cash equivalents at end of period 1,310 946
Supplemental cash flow disclosures:    
Interest paid 544 318
Income taxes paid $ 184 $ 177
v3.23.3
Description of Business and Organization
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Organization Description of Business and Organization
Restaurant Brands International Limited Partnership (“Partnership”, “we”, “us” or “our”) is a Canadian limited partnership. We franchise and operate quick service restaurants serving premium coffee and other beverage and food products under the Tim Hortons® brand (“Tim Hortons” or “TH”), fast food hamburgers principally under the Burger King® brand (“Burger King” or “BK”), chicken principally under the Popeyes® brand (“Popeyes” or “PLK”) and sandwiches under the Firehouse Subs® brand (“Firehouse” or “FHS”). We are one of the world’s largest quick service restaurant, or QSR, companies as measured by total number of restaurants. As of September 30, 2023, we franchised or owned 5,701 Tim Hortons restaurants, 19,035 Burger King restaurants, 4,373 Popeyes restaurants and 1,266 Firehouse Subs restaurants, for a total of 30,375 restaurants, and operate in more than 100 countries. Approximately 100% of current system-wide restaurants are franchised.
We are a subsidiary of Restaurant Brands International Inc. (“RBI”). RBI is our sole general partner, and as such, RBI has the exclusive right, power and authority to manage, control, administer and operate the business and affairs and to make decisions regarding the undertaking and business of Partnership in accordance with the partnership agreement of Partnership (“partnership agreement”) and applicable laws.
All references to “$” or “dollars” are to the currency of the United States unless otherwise indicated. All references to “Canadian dollars” or “C$” are to the currency of Canada unless otherwise indicated.
v3.23.3
Basis of Presentation and Consolidation
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Consolidation Basis of Presentation and Consolidation
We have prepared the accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, the Financial Statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and Canadian securities regulatory authorities on February 22, 2023.
The Financial Statements include our accounts and the accounts of entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. Investments in other affiliates that are owned 50% or less where we have significant influence are accounted for by the equity method. All material intercompany balances and transactions have been eliminated in consolidation.
In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the full year.
The preparation of consolidated financial statements in conformity with U.S. GAAP and related rules and regulations of the SEC requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
The carrying amounts for cash and cash equivalents, accounts and notes receivable and accounts and drafts payable approximate fair value based on the short-term nature of these amounts.
Supplier Finance Programs
Our TH business includes individually negotiated contracts with suppliers, which include payment terms that range up to 120 days. A global financial institution offers a voluntary supply chain finance (“SCF”) program to certain TH vendors, which provides suppliers that elect to participate with the ability to elect early payment, which is discounted based on the payment terms and a rate based on RBI's credit rating, which may be beneficial to the vendor. Participation in the SCF program is at the sole discretion of the suppliers and financial institution and we are not a party to the arrangements between the suppliers and the financial institution. Our obligations to suppliers are not affected by the suppliers’ decisions to participate in the SCF program and our payment terms remain the same based on the original supplier invoicing terms and conditions. No guarantees are provided by us or any of our subsidiaries in connection with the SCF Program.
Our confirmed outstanding obligations under the SCF program at September 30, 2023 and December 31, 2022 totaled $29 million and $47 million, respectively, and are classified as Accounts and drafts payable in our condensed consolidated balance sheets. All activity related to the obligations is classified as Cost of sales in our condensed consolidated statements of operations and presented within cash flows from operating activities in our condensed consolidated statements of cash flows.
v3.23.3
New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]  
New Accounting Pronouncements New Accounting PronouncementsAccounting Relief for the Transition Away from LIBOR and Certain other Reference Rates – In March 2020 and as clarified in January 2021 and December 2022, the Financial Accounting Standards Board (“FASB”) issued guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This amendment is effective as of March 12, 2020 through December 31, 2024. The expedients and exceptions provided by this new guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationships. During 2021, we adopted certain of the expedients as it relates to hedge accounting as certain of our debt agreements and hedging relationships bear interest at variable rates, primarily U.S. dollar LIBOR. Additionally, during the three months ended September 30, 2023, we amended the LIBOR-referencing credit agreement governing our senior secured term loan facilities to reference the Secured Overnight Financing Rate (SOFR) as further disclosed in Note 10, Long-Term Debt. As of September 30, 2023, none of our debt agreements and hedging relationships make reference to LIBOR. The adoption of and future elections under this new guidance did not and are not expected to have a material impact on our Financial Statements. Liabilities—Supplier Finance Programs – In September 2022, the FASB issued guidance that requires buyers in a supplier finance program to disclose sufficient information about the program to allow investors to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. These disclosures would include the key terms of the program, as well as the obligation amount that the buyer has confirmed as valid to the third party that is outstanding at the end of the reporting period, a rollforward of that amount, and a description of where that amount is presented in the balance sheet. This amendment is effective in 2023, except for the amendment on rollforward information which is effective in 2024, with early adoption permitted. This guidance should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. During the first quarter of 2023, we adopted this guidance and added necessary disclosures upon adoption as disclosed in Note 2, Basis of Presentation and Consolidation.
v3.23.3
Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Lease income - operating leases
Minimum lease payments$95 $100 $290 $314 
Variable lease payments122 112 337 291 
Amortization of favorable and unfavorable income lease contracts, net— — 1 1 
Subtotal - lease income from operating leases217 212 628 606 
Earned income on direct financing and sales-type leases4 2 9 5 
Total property revenues$221 $214 $637 $611 
Leases Leases
Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Lease income - operating leases
Minimum lease payments$95 $100 $290 $314 
Variable lease payments122 112 337 291 
Amortization of favorable and unfavorable income lease contracts, net— — 1 1 
Subtotal - lease income from operating leases217 212 628 606 
Earned income on direct financing and sales-type leases4 2 9 5 
Total property revenues$221 $214 $637 $611 
v3.23.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Contract Liabilities
Contract liabilities consist of deferred revenue resulting from initial and renewal franchise fees paid by franchisees, as well as upfront fees paid by master franchisees, which are generally recognized on a straight-line basis over the term of the underlying agreement. We may recognize unamortized franchise fees and upfront fees when a contract with a franchisee or master franchisee is modified and is accounted for as a termination of the existing contract. We classify these contract liabilities as Other liabilities, net in our condensed consolidated balance sheets. The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2022 and September 30, 2023 (in millions):
Contract Liabilities
Balance at December 31, 2022$540 
Recognized during period and included in the contract liability balance at the beginning of the year(44)
Increase, excluding amounts recognized as revenue during the period40 
Impact of foreign currency translation(2)
Balance at September 30, 2023$534 
The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) on a consolidated basis as of September 30, 2023 (in millions):
Contract liabilities expected to be recognized in
Remainder of 2023$14 
202452 
202550 
202647 
202744 
Thereafter327 
Total$534 
Disaggregation of Total Revenues
The following tables disaggregate revenue by segment (in millions):
Three months ended September 30, 2023
THBKPLKFHSTotal
Sales$717 $21 $23 $10 $771 
Royalties94 307 85 17 503 
Property revenues161 57 3 — 221 
Franchise fees and other revenue6 12 2 9 29 
Advertising revenues and other services82 141 75 15 313 
Total revenues$1,060 $538 $188 $51 $1,837 
Nine months ended September 30, 2023
THBKPLKFHSTotal
Sales$2,023 $64 $66 $30 $2,183 
Royalties261 882 241 52 1,436 
Property revenues456 171 10 — 637 
Franchise fees and other revenue19 40 10 21 90 
Advertising revenues and other services217 394 211 34 856 
Total revenues$2,976 $1,551 $538 $137 $5,202 
Three months ended September 30, 2022
THBKPLKFHSTotal
Sales$710 $19 $21 $9 $759 
Royalties87 274 74 16 451 
Property revenues154 57 3 — 214 
Franchise fees and other revenue9 18 1 5 33 
Advertising revenues and other services73 123 65 8 269 
Total revenues$1,033 $491 $164 $38 $1,726 
Nine months ended September 30, 2022
THBKPLKFHSTotal
Sales$1,937 $52 $58 $29 $2,076 
Royalties239 791 213 49 1,292 
Property revenues433 169 9 — 611 
Franchise fees and other revenue22 42 8 14 86 
Advertising revenues and other services199 353 189 10 751 
Total revenues$2,830 $1,407 $477 $102 $4,816 
v3.23.3
Earnings per Unit
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings per Unit Earnings per Unit
Partnership uses the two-class method in the computation of earnings per unit. Pursuant to the terms of the partnership agreement, RBI, as the holder of the Class A common units, is entitled to receive distributions from Partnership in an amount equal to the aggregate dividends payable by RBI to holders of RBI common shares, and the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”) are entitled to receive distributions from Partnership in an amount per unit equal to the dividends payable by RBI on each RBI common share. Partnership’s net income available to common unitholders is allocated between the Class A common units and Partnership exchangeable units on a fully-distributed basis and reflects residual net income after noncontrolling interests. Basic and diluted earnings per Class A common unit is determined by dividing net income allocated to Class A common unit holders by the weighted average number of Class A common units outstanding for the period. Basic and diluted earnings per Partnership exchangeable unit is determined by dividing net income allocated to the Partnership exchangeable units by the weighted average number of Partnership exchangeable units outstanding during the period.
There are no dilutive securities for Partnership as RBI equity awards will not affect the number of Class A common units or Partnership exchangeable units outstanding. However, the issuance of RBI shares by RBI in future periods will affect the allocation of net income attributable to common unitholders between Partnership’s Class A common units and Partnership exchangeable units.
The following table summarizes the basic and diluted earnings per unit calculations (in millions, except per unit amounts):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Allocation of net income among partner interests:
Net income allocated to Class A common unitholders$252 $360 $682 $779 
Net income allocated to Partnership exchangeable unitholders111 169 307 364 
Net income attributable to common unitholders$363 $529 $989 $1,143 
Denominator - basic and diluted partnership units:
Weighted average Class A common units202 202 202 202 
Weighted average Partnership exchangeable units139 143 141 144 
Earnings per unit - basic and diluted:
Class A common units (a)$1.25 $1.78 $3.38 $3.86 
Partnership exchangeable units (a)$0.80 $1.18 $2.18 $2.53 
(a) Earnings per unit may not recalculate exactly as it is calculated based on unrounded numbers.
v3.23.3
Intangible Assets, net and Goodwill
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net and Goodwill Intangible Assets, net and Goodwill
Intangible assets, net and goodwill consist of the following (in millions):

As of
September 30, 2023December 31, 2022
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$717 $(335)$382 $720 $(313)$407 
   Favorable leases81 (53)28 90 (57)33 
      Subtotal798 (388)410 810 (370)440 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,285 $— $6,285 $6,292 $— $6,292 
   Burger King brand
2,080 — 2,080 2,088 — 2,088 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,536 — 10,536 10,551 — 10,551 
Intangible assets, net$10,946 $10,991 
Goodwill:
   Tim Hortons segment$4,054 $4,059 
   Burger King segment588 590 
   Popeyes segment846 846 
   Firehouse Subs segment 193 193 
      Total$5,681 $5,688 
Amortization expense on intangible assets totaled $9 million for the three months ended September 30, 2023 and 2022. Amortization expense on intangible assets totaled $28 million and $29 million for the nine months ended September 30, 2023 and 2022, respectively. The change in brands and goodwill balances during the nine months ended September 30, 2023 was due to the impact of foreign currency translation.
v3.23.3
Equity Method Investments
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
The aggregate carrying amounts of our equity method investments were $135 million and $167 million as of September 30, 2023 and December 31, 2022, respectively, and are included as a component of Other assets, net in our accompanying condensed consolidated balance sheets.
Except for the following equity method investments, no quoted market prices are available for our other equity method investments. The aggregate market value of our 14.7% equity interest in Carrols Restaurant Group, Inc. based on the quoted market price on September 30, 2023 was approximately $62 million. The aggregate market value of our 9.4% equity interest in BK Brasil Operação e Assessoria a Restaurantes S.A. based on the quoted market price on September 30, 2023 was approximately $32 million. The aggregate market value of our 4.2% equity interest in TH International Limited based on the quoted market price on September 30, 2023 was approximately $12 million.
We have equity interests in entities that own or franchise Tim Hortons, Burger King and Popeyes restaurants. Sales, franchise and property revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenues from affiliates:
Royalties$106 $92 $301 $266 
Advertising revenues and other services21 20 59 54 
Property revenues6 8 24 23 
Franchise fees and other revenue6 3 15 12 
Sales4 4 14 12 
Total$143 $127 $413 $367 
At September 30, 2023 and December 31, 2022, we had $58 million and $42 million, respectively, of accounts receivable, net from our equity method investments which were recorded in Accounts and notes receivable, net in our condensed consolidated balance sheets.
With respect to our TH business, the most significant equity method investment is our 50% joint venture interest with The Wendy’s Company (the “TIMWEN Partnership”), which jointly holds real estate underlying Canadian combination restaurants. Distributions received from this joint venture were $4 million and $5 million during the three months ended September 30, 2023 and 2022, respectively. Distributions received from this joint venture were $9 million and $10 million during the nine months ended September 30, 2023 and 2022, respectively.
Associated with the TIMWEN Partnership, we recognized $5 million of rent expense during the three months ended September 30, 2023 and 2022, and $15 million and $14 million of rent expense during the nine months ended September 30, 2023 and 2022, respectively.
(Income) loss from equity method investments reflects our share of investee net income or loss and non-cash dilution gains or losses from changes in our ownership interests in equity investees.
v3.23.3
Other Accrued Liabilities and Other Liabilities, net
 9 Months Ended
Sep. 30, 2023
Other Liabilities Disclosure [Abstract]  
Other Accrued Liabilities and Other Liabilities, net Other Accrued Liabilities and Other Liabilities, net
Other accrued liabilities (current) and Other liabilities, net (noncurrent) consist of the following (in millions):
As of
September 30,
2023		December 31,
2022
Current:
Distribution payable$249 $243 
Interest payable88 89 
Accrued compensation and benefits110 124 
Taxes payable255 190 
Deferred income86 43 
Accrued advertising expenses55 37 
Restructuring and other provisions16 29 
Current portion of operating lease liabilities140 137 
Other133 109 
Other accrued liabilities$1,132 $1,001 
Noncurrent:
Taxes payable$164 $139 
Contract liabilities534 540 
Derivatives liabilities— 34 
Unfavorable leases43 50 
Accrued pension41 40 
Deferred income58 44 
Other24 25 
Other liabilities, net$864 $872 
v3.23.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following (in millions):
As of
September 30,
2023		December 31,
2022
Term Loan B$5,175 $5,190 
Term Loan A1,275 1,250 
3.875% First Lien Senior Notes due 2028
1,550 1,550 
3.50% First Lien Senior Notes due 2029
750 750 
5.75% First Lien Senior Notes due 2025
500 500 
4.375% Second Lien Senior Notes due 2028
750 750 
4.00% Second Lien Senior Notes due 2030
2,900 2,900 
TH Facility and other145 155 
Less: unamortized deferred financing costs and deferred issue discount(128)(111)
Total debt, net12,917 12,934 
    Less: current maturities of debt(55)(95)
Total long-term debt$12,862 $12,839 
Credit Facilities
On September 21, 2023, two of our subsidiaries (the “Borrowers”) entered into a seventh amendment (the “2023 Amendment”) to the credit agreement governing our senior secured term loan A facility (the “Term Loan A”), our senior secured term loan B facility (the “Term Loan B” and together with the Term Loan A the “Term Loan Facilities”) and our senior secured revolving credit facility (including revolving loans, swingline loans and letters of credit) (the “Revolving Credit Facility” and together with the Term Loan Facilities, the “Credit Facilities”). Under the 2023 Amendment we (i) amended the existing Revolving Credit Facility to increase the availability from $1,000 million to $1,250 million and extended the maturity of the facility to September 21, 2028 without changing the leverage-based spread to adjusted SOFR (Secured Overnight Financing Rate); (ii) increased the Term Loan A to $1,275 million and extended the maturity of the Term Loan A to September 21, 2028 without changing the leverage-based spread to adjusted SOFR; (iii) increased the Term Loan B to $5,175 million, extended the maturity of the Term Loan B to September 21, 2030, and changed the interest rate applicable to borrowings under our Term Loan B to term SOFR, subject to a floor of 0.00%, plus an applicable margin of 2.25%; and (iv) made certain other changes as set forth therein, including removing the 0.10% adjustment to the term SOFR rate across the facilities and changes to certain covenants to provide increased flexibility. The 2023 Amendment made no other material changes to the terms of the Credit Agreement. In connection with the 2023 Amendment, we capitalized approximately $44 million in debt issuance costs and recorded a $16 million loss on early extinguishment of debt that primarily reflects expensing of fees in connection with the 2023 Amendment and the write-off of unamortized debt issuance costs.
The principal amount of the Term Loan A amortizes in quarterly installments equal to $8 million beginning March 31, 2025 and $16 million beginning March 31, 2027 until maturity, with the balance payable at maturity. The principal amount of the Term Loan B amortizes in quarterly installments equal to $13 million beginning March 31, 2024 until maturity, with the balance payable at maturity.
Revolving Credit Facility
As of September 30, 2023, we had no amounts outstanding under our Revolving Credit Facility, had $2 million of letters of credit issued against the Revolving Credit Facility, and our borrowing availability under our Revolving Credit Facility was $1,248 million. Funds available under the Revolving Credit Facility may be used to repay other debt, finance debt or RBI share repurchases or repurchases of Class B exchangeable limited partnership units, fund acquisitions or capital expenditures and for other general corporate purposes. We have a $125 million letter of credit sublimit as part of the Revolving Credit Facility, which reduces our borrowing availability thereunder by the cumulative amount of outstanding letters of credit.
TH Facility
One of our subsidiaries entered into a non-revolving delayed drawdown term credit facility in a total aggregate principal amount of C$225 million with a maturity date of October 4, 2025 (the “TH Facility”). The interest rate applicable to the TH Facility is the Canadian Bankers’ Acceptance rate plus an applicable margin equal to 1.40% or the Prime Rate plus an applicable margin equal to 0.40%, at our option. Obligations under the TH Facility are guaranteed by four of our subsidiaries, and amounts borrowed under the TH Facility are secured by certain parcels of real estate. As of September 30, 2023, we had approximately C$186 million outstanding under the TH Facility with a weighted average interest rate of 6.77%.
Restrictions and Covenants
As of September 30, 2023, we were in compliance with all applicable financial debt covenants under our senior secured term loan facilities and Revolving Credit Facility (together the "Credit Facilities"), the TH Facility, and the indentures governing our Senior Notes.
Fair Value Measurement
The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions):
As of
September 30,
2023		December 31,
2022
Fair value of our variable term debt and senior notes$11,996 $11,885 
Principal carrying amount of our variable term debt and senior notes12,900 12,890 
Interest Expense, net
Interest expense, net consists of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Debt (a)$144 $124 $424 $357 
Finance lease obligations5 4 14 14 
Amortization of deferred financing costs and debt issuance discount7 7 21 21 
Interest income(13)(2)(29)(3)
    Interest expense, net$143 $133 $430 $389 
(a)Amount includes $16 million and $17 million benefit during the three months ended September 30, 2023 and 2022, respectively, and $47 million and $40 million benefit during the nine months ended September 30, 2023 and 2022, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 13, Derivative Instruments.
v3.23.3
Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
v3.23.3
Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Equity Equity
During the nine months ended September 30, 2023, Partnership exchanged 9,398,876 Partnership exchangeable units pursuant to exchange notices received. In accordance with the terms of the partnership agreement, Partnership satisfied the exchange notices by exchanging these Partnership exchangeable units for the same number of newly issued RBI common shares. The issuances of shares were accounted for as capital contributions by RBI to Partnership. The exchanges of Partnership exchangeable units were recorded as increases to the Class A common units balance within partners’ capital in our consolidated balance sheet in an amount equal to the market value of the newly issued RBI common shares and a reduction to the Partnership exchangeable units balance within partners’ capital of our consolidated balance sheet in an amount equal to the cash paid by Partnership, if any, and the market value of the newly issued RBI common shares. Pursuant to the terms of the partnership agreement, upon the exchange of Partnership exchangeable units, each such Partnership exchangeable unit is automatically deemed cancelled concurrently with the exchange.
Distributions to RBI to Repurchase RBI Common Shares
During the three and nine months ended September 30, 2023, Partnership distributed to RBI $142 million to repurchase RBI common shares, of which $115 million was paid in cash during three and nine months ended September 30, 2023.
Accumulated Other Comprehensive Income (Loss)
The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions):
DerivativesPensionsForeign Currency TranslationAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2022$944 $(24)$(1,893)$(973)
Foreign currency translation adjustment— — (36)(36)
Net change in fair value of derivatives, net of tax181 — — 181 
Amounts reclassified to earnings of cash flow hedges, net of tax(47)— — (47)
Gain (loss) recognized on other, net of tax— 4 — 4 
Balance at September 30, 2023$1,078 $(20)$(1,929)$(871)
v3.23.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Disclosures about Derivative Instruments and Hedging Activities
We enter into derivative instruments for risk management purposes, including derivatives designated as cash flow hedges and derivatives designated as net investment hedges. We use derivatives to manage our exposure to fluctuations in interest rates and currency exchange rates.
Interest Rate Swaps
At September 30, 2023, we had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $3,500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities, including any subsequent refinancing or replacement of the Term Loan Facilities, beginning August 31, 2021 through the termination date of October 31, 2028. Additionally, at September 30, 2023, we also had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities effective September 30, 2019 through the termination date of September 30, 2026. Following the discontinuance of the U.S. dollar LIBOR after June 30, 2023, the interest rate on all these interest rate swaps transitioned from LIBOR to SOFR, with no impact to hedge effectiveness and no change in accounting treatment as a result of applicable accounting relief guidance for the transition away from LIBOR. At inception, all of these interest rate swaps were designated as cash flow hedges for hedge accounting. The unrealized changes in market value are recorded in AOCI, net of tax, and reclassified into interest expense during the period in which the hedged forecasted transaction affects earnings. The net amount of pre-tax gains in connection with these net unrealized gains in AOCI as of September 30, 2023 that we expect to be reclassified into interest expense within the next 12 months is $130 million.
Cross-Currency Rate Swaps
To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, we hedge a portion of our net investment in one or more of our foreign subsidiaries by using cross-currency rate swaps. At September 30, 2023, we had outstanding cross-currency rate swap contracts between the Canadian dollar and U.S. dollar and the Euro and U.S. dollar that have been designated as net investment hedges of a portion of our equity in foreign operations in those currencies. The component of the gains and losses on our net investment in these designated foreign operations driven by changes in foreign exchange rates are economically partly offset by movements in the fair value of our cross-currency swap contracts. The fair value of the swaps is calculated each period with changes in fair value reported in AOCI, net of tax. Such amounts will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations.
At September 30, 2023, we had outstanding cross-currency rate swaps that we entered into during 2022 to partially hedge the net investment in our Canadian subsidiaries. At inception, these cross-currency rate swaps were designated as a hedge and are accounted for as net investment hedges. These swaps are contracts in which we receive quarterly fixed-rate interest payments on the U.S. dollar notional amount of $5,000 million through the maturity date of September 30, 2028.
At September 30, 2023, we had outstanding cross-currency rate swaps in which we pay quarterly fixed-rate interest payments on the Euro notional value of €1,108 million and receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $1,200 million. At inception, these cross-currency rate swaps were designated as a hedge and are accounted for as a net investment hedge. During 2018, we extended the term of the swaps from March 31, 2021 to the maturity date of February 17, 2024. The extension of the term resulted in a re-designation of the hedge and the swaps continue to be accounted for as a net investment hedge. Additionally, at September 30, 2023, we also had outstanding cross-currency rate swaps in which we receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $400 million, entered during 2018, and $500 million, entered during 2019, through the maturity date of February 17, 2024 and $150 million, entered during 2021, through the maturity date of October 31, 2028. At inception, these cross-currency rate swaps were designated as a hedge and are accounted for as a net investment hedge.
In connection with the cross-currency rate swaps hedging Canadian dollar and Euro net investments, we utilize the spot method to exclude the interest component (the “Excluded Component”) from the accounting hedge without affecting net investment hedge accounting and amortize the Excluded Component over the life of the derivative instrument. The amortization of the Excluded Component is recognized in Interest expense, net in the condensed consolidated statement of operations. The change in fair value that is not related to the Excluded Component is recorded in AOCI and will be reclassified to earnings when the foreign subsidiaries are sold or substantially liquidated.
Foreign Currency Exchange Contracts
We use foreign exchange derivative instruments to manage the impact of foreign exchange fluctuations on U.S. dollar purchases and payments, such as coffee purchases made by our Canadian Tim Hortons operations. At September 30, 2023, we had outstanding forward currency contracts to manage this risk in which we sell Canadian dollars and buy U.S. dollars with a notional value of $176 million with maturities to November 15, 2024. We have designated these instruments as cash flow hedges, and as such, the unrealized changes in market value of effective hedges are recorded in AOCI and are reclassified into earnings during the period in which the hedged forecasted transaction affects earnings.
Credit Risk
By entering into derivative contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty.
Credit-Risk Related Contingent Features
Our derivative instruments do not contain any credit-risk related contingent features.
Quantitative Disclosures about Derivative Instruments and Fair Value Measurements
The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions):
Gain or (Loss) Recognized in Other Comprehensive Income (Loss)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Derivatives designated as cash flow hedges(1)
Interest rate swaps$91 $191 $154 $521 
Forward-currency contracts$6 $14 $2 $18 
Derivatives designated as net investment hedges
Cross-currency rate swaps$178 $471 $55 $675 
(1) We did not exclude any components from the cash flow hedge relationships presented in this table.
Location of Gain or (Loss) Reclassified from AOCI into EarningsGain or (Loss) Reclassified from
AOCI into Earnings
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Derivatives designated as cash flow hedges
Interest rate swapsInterest expense, net$23 $(8)$58 $(60)
Forward-currency contractsCost of sales$— $1 $6 $3 
Location of Gain or (Loss) Recognized in EarningsGain or (Loss) Recognized in Earnings
(Amount Excluded from Effectiveness Testing)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Derivatives designated as net investment hedges
Cross-currency rate swapsInterest expense, net$16 $17 $47 $40 
Fair Value as of
September 30,
2023		December 31, 2022Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate$339 $280 Other assets, net
Foreign currency3 7 Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency106 78 Other assets, net
Total assets at fair value$448 $365 
Liabilities:
Derivatives designated as net investment hedges
Foreign currency$— $34 Other liabilities, net
Total liabilities at fair value$— $34 
v3.23.3
Other Operating Expenses (Income), net
 9 Months Ended
Sep. 30, 2023
Other Income and Expenses [Abstract]  
Other Operating Expenses (Income), net Other Operating Expenses (Income), net
Other operating expenses (income), net consists of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings$30 $1 $19 $2 
Litigation settlements (gains) and reserves, net1 — (1)3 
Net losses (gains) on foreign exchange(18)(30)(11)(82)
Other, net(3)2 13 9 
     Other operating expenses (income), net$10 $(27)$20 $(68)
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings represent sales of properties and other costs related to restaurant closures and refranchisings. Gains and losses recognized in the current period may reflect certain costs related to closures and refranchisings that occurred in previous periods. The amount for the three and nine months ended September 30, 2023 includes asset write-offs and related costs in connection with the discontinuance of an internally developed software project.
Net losses (gains) on foreign exchange is primarily related to revaluation of foreign denominated assets and liabilities, primarily those denominated in Euros and Canadian dollars.
Other, net for the nine months ended September 30, 2023 is primarily related to payments in connection with FHS area representative buyouts.
v3.23.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
From time to time, we are involved in legal proceedings arising in the ordinary course of business relating to matters including, but not limited to, disputes with franchisees, suppliers, employees and customers, as well as disputes over our intellectual property.
On October 5, 2018, a class action complaint was filed against Burger King Worldwide, Inc. (“BKW”) and Burger King Company, successor in interest, (“BKC”) in the U.S. District Court for the Southern District of Florida by Jarvis Arrington, individually and on behalf of all others similarly situated. On October 18, 2018, a second class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Monique Michel, individually and on behalf of all others similarly situated. On October 31, 2018, a third class action complaint was filed against BKC and BKW in the U.S. District Court for the Southern District of Florida by Geneva Blanchard and Tiffany Miller, individually and on behalf of all others similarly situated. On November 2, 2018, a fourth class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Sandra Munster, individually and on behalf of all others similarly situated. These complaints have been consolidated and allege that the defendants violated Section 1 of the Sherman Act by incorporating an employee no-solicitation and no-hiring clause in the standard form franchise agreement all Burger King franchisees are required to sign. Each plaintiff seeks injunctive relief and damages for himself or herself and other members of the class. On March 24, 2020, the Court granted BKC’s motion to dismiss for failure to state a claim and on April 20, 2020 the plaintiffs filed a motion for leave to amend their complaint. On April 27, 2020, BKC filed a motion opposing the motion for leave to amend. The court denied the plaintiffs motion for leave to amend their complaint in August 2020 and the plaintiffs appealed this ruling. In August 2022, the federal appellate court reversed the lower court's decision to dismiss the case and remanded the case to the lower court for further proceedings. While we currently believe these claims are without merit, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.
On October 26, 2020, City of Warwick Municipal Employees Pension Fund, a purported stockholder of RBI, individually and putatively on behalf of all other stockholders similarly situated, filed a lawsuit in the Supreme Court of the State of New York County of New York naming RBI and certain of our officers, directors and shareholders as defendants alleging violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, as amended, in connection with certain offerings of securities by an affiliate in August and September 2019. The complaint alleges that the shelf registration statement used in connection with such offering contained certain false and/or misleading statements or omissions. The complaint seeks, among other relief, class certification of the lawsuit, unspecified compensatory damages, rescission, pre-judgement and post-judgement interest, costs and expenses. On December 18, 2020 the plaintiffs filed an amended complaint and on February 16, 2021 RBI filed a motion to dismiss the complaint. The plaintiffs filed a brief in opposition to the motion on April 19, 2021 and RBI filed a reply in May 2021. The motion to dismiss was heard in April 2022 and the motion to dismiss was denied in May 2022. On June 6, 2022, we filed an answer to the complaint and on July 8, 2022, we filed an appeal of the denial of the motion to dismiss. On November 10, 2022, the appellate division reversed the trial court and ordered that the complaint be dismissed. Plaintiffs moved for leave to appeal to the Court of Appeals of the State of New York, which RBI opposed, and on March 21, 2023, the Court of Appeals denied leave to appeal. As that decision is now final, we do not anticipate any further proceedings in this matter.
v3.23.3
Segment Reporting
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As stated in Note 1, Description of Business and Organization, we manage four brands. Under the Tim Hortons brand, we operate in the donut/coffee/tea category of the quick service segment of the restaurant industry. Under the Burger King brand, we operate in the fast food hamburger restaurant category of the quick service segment of the restaurant industry. Under the Popeyes brand, we operate in the chicken category of the quick service segment of the restaurant industry. Under the Firehouse Subs brand, we operate in the specialty subs category of the quick service segment of the restaurant industry. Our business generates revenue from the following sources: (i) sales, consisting primarily of supply chain sales, which represent sales of products, supplies and restaurant equipment to franchisees, as well as sales to retailers and sales at restaurants owned by us (“Company restaurants”); (ii) franchise revenues, consisting primarily of royalties based on a percentage of sales reported by franchise restaurants and franchise fees paid by franchisees; (iii) property revenues from properties we lease or sublease to franchisees; and (iv) advertising revenues and other services, consisting primarily of advertising fund contributions based on a percentage of sales reported by franchise restaurants. We manage each of our brands as an operating segment and each operating segment represents a reportable segment.


The following tables present revenues, by segment and by country (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenues by operating segment:
     TH$1,060 $1,033 $2,976 $2,830 
     BK538 491 1,551 1,407 
     PLK188 164 538 477 
     FHS51 38 137 102 
Total revenues$1,837 $1,726 $5,202 $4,816 

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenues by country (a):
     Canada$956 $940 $2,683 $2,565 
     United States645 587 1,849 1,679 
     Other236 199 670 572 
Total revenues$1,837 $1,726 $5,202 $4,816 

(a)Only Canada and the United States represented 10% or more of our total revenues in each period presented.
Our measure of segment income is Adjusted EBITDA. Adjusted EBITDA represents earnings (net income or loss) before interest expense, net, loss on early extinguishment of debt, income tax (benefit) expense, and depreciation and amortization, adjusted to exclude (i) the non-cash impact of share-based compensation and non-cash incentive compensation expense, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net and, (iv) income/expenses from non-recurring projects and non-operating activities. For the periods referenced, income/expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expense incurred in connection with the acquisition of Firehouse consisting of professional fees, compensation-related expenses and integration costs (“FHS Transaction costs”); and (ii) non-operating costs from professional advisory and consulting services associated with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movements as well as services related to significant tax reform legislation and regulations (“Corporate restructuring and advisory fees”).
Adjusted EBITDA is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items that management believes are not relevant to management’s assessment of our operating performance. A reconciliation of segment income to net income consists of the following (in millions):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Segment income:
     TH$311 $305 $852 $810 
     BK298 262 842 761 
     PLK75 62 214 179 
     FHS14 13 43 40 
          Adjusted EBITDA698 642 1,951 1,790 
Share-based compensation and non-cash incentive compensation expense49 34 141 93 
FHS Transaction costs— 3 19 8 
Corporate restructuring and advisory fees5 12 17 21 
Impact of equity method investments (a)5 13 29 41 
Other operating expenses (income), net10 (27)20 (68)
          EBITDA629 607 1,725 1,695 
Depreciation and amortization47 46 142 143 
          Income from operations582 561 1,583 1,552 
Interest expense, net143 133 430 389 
Loss on early extinguishment of debt16 — 16 — 
Income tax expense (benefit)59 (102)145 17 
          Net income$364 $530 $992 $1,146 
(a)Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in segment income.
v3.23.3
Supplemental Financial Information
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Information Supplemental Financial Information
1011778 B.C. Unlimited Liability Company (the “Parent Issuer”) and New Red Finance Inc. (the “Co-Issuer” and together with the Parent Issuer, the “Issuers”) entered into an amended credit agreement, as amended from time to time, that provides for obligations under the Credit Facilities. The Issuers entered into the 3.875% First Lien Senior Notes Indenture with respect to the 3.875% First Lien Senior Notes due 2028. The Issuers entered into the 3.500% First Lien Senior Notes Indenture with respect to the 3.500% First Lien Senior Notes due 2029. The Issuers entered into the 5.750% First Lien Senior Notes Indenture with respect to the 5.750% First Lien Senior Notes due 2025. The Issuers entered into the 4.375% Second Lien Senior Notes Indenture with respect to the 4.375% Second Lien Senior Notes due 2028. The Issuers entered into the 4.000% Second Lien Senior Notes Indenture with respect to the 4.000% Second Lien Senior Notes due 2030.
The agreement governing our Credit Facilities, the 3.875% First Lien Senior Notes Indenture, the 3.500% First Lien Senior Notes Indenture, the 5.750% First Lien Senior Notes Indenture, the 4.375% Second Lien Senior Notes Indenture and the 4.000% Second Lien Senior Notes Indenture allow the financial reporting obligation of the Parent Issuer to be satisfied through the reporting of Partnership’s consolidated financial information, provided that the consolidated financial information of the Parent Issuer and its restricted subsidiaries is presented on a standalone basis.
The following represents the condensed consolidating financial information for the Parent Issuer and its restricted subsidiaries (“Consolidated Borrowers”) on a consolidated basis, together with eliminations, as of and for the periods indicated. The condensed consolidating financial information of Partnership is combined with the financial information of its wholly-owned subsidiaries that are also parent entities of the Parent Issuer and presented in a single column under the heading “RBILP”. The consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the Issuers and Partnership operated as independent entities.
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of September 30, 2023
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,310 $— $— $1,310 
Accounts and notes receivable, net692 — — 692 
Inventories, net160 — — 160 
Prepaids and other current assets221 — — 221 
Total current assets2,383 — — 2,383 
Property and equipment, net1,904 — — 1,904 
Operating lease assets, net1,060 — — 1,060 
Intangible assets, net10,946 — — 10,946 
Goodwill5,681 — — 5,681 
Intercompany receivable— 249 (249)— 
Investment in subsidiaries— 4,664 (4,664)— 
Other assets, net1,103 — — 1,103 
Total assets$23,077 $4,913 $(4,913)$23,077 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$693 $— $— $693 
Other accrued liabilities883 249 — 1,132 
Gift card liability159 — — 159 
Current portion of long-term debt and finance leases87 — — 87 
Total current liabilities1,822 249 — 2,071 
Long-term debt, net of current portion12,862 — — 12,862 
Finance leases, net of current portion305 — — 305 
Operating lease liabilities, net of current portion1,003 — — 1,003 
Other liabilities, net864 — — 864 
Payables to affiliates249 — (249)— 
Deferred income taxes, net1,308 — — 1,308 
Total liabilities18,413 249 (249)18,413 
Partners’ capital:
Class A common units— 9,584 — 9,584 
Partnership exchangeable units— (4,051)— (4,051)
Common shares2,546 — (2,546)— 
Retained earnings2,987 — (2,987)— 
Accumulated other comprehensive income (loss)(871)(871)871 (871)
Total Partners' capital/shareholders' equity4,662 4,662 (4,662)4,662 
Noncontrolling interests2 2 (2)2 
Total equity4,664 4,664 (4,664)4,664 
Total liabilities and equity$23,077 $4,913 $(4,913)$23,077 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of December 31, 2022
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,178 $— $— $1,178 
Accounts and notes receivable, net614 — — 614 
Inventories, net133 — — 133 
Prepaids and other current assets123 — — 123 
Total current assets2,048 — — 2,048 
Property and equipment, net1,950 — — 1,950 
Operating lease assets. net1,082 — — 1,082 
Intangible assets, net10,991 — — 10,991 
Goodwill5,688 — — 5,688 
Intercompany receivable— 243 (243)— 
Investment in subsidiaries— 4,268 (4,268)— 
Other assets, net987 — — 987 
Total assets$22,746 $4,511 $(4,511)$22,746 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$758 $— $— $758 
Other accrued liabilities758 243 — 1,001 
Gift card liability230 — — 230 
Current portion of long-term debt and finance leases127 — — 127 
Total current liabilities1,873 243 — 2,116 
Long-term debt, net of current portion12,839 — — 12,839 
Finance leases, net of current portion311 — — 311 
Operating lease liabilities, net of current portion1,027 — — 1,027 
Other liabilities, net872 — — 872 
Payables to affiliates243 — (243)— 
Deferred income taxes, net1,313 — — 1,313 
Total liabilities18,478 243 (243)18,478 
Partners’ capital:
Class A common units— 8,735 — 8,735 
Partnership exchangeable units— (3,496)— (3,496)
Common shares2,494 — (2,494)— 
Retained earnings2,745 — (2,745)— 
Accumulated other comprehensive income (loss)(973)(973)973 (973)
Total Partners' capital/shareholders' equity4,266 4,266 (4,266)4,266 
Noncontrolling interests2 2 (2)2 
Total equity4,268 4,268 (4,268)4,268 
Total liabilities and equity$22,746 $4,511 $(4,511)$22,746 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended September 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$771 $— $— $771 
Franchise and property revenues753 — — 753 
Advertising revenues and other services313 — — 313 
Total revenues1,837 — — 1,837 
Operating costs and expenses:
Cost of sales630 — — 630 
Franchise and property expenses119 — — 119 
Advertising expenses and other services326 — — 326 
General and administrative expenses169 — — 169 
(Income) loss from equity method investments1 — — 1 
Other operating expenses (income), net10 — — 10 
Total operating costs and expenses1,255 — — 1,255 
Income from operations582 — — 582 
Interest expense, net143 — — 143 
Loss on early extinguishment of debt16 — — 16 
Income before income taxes423 — — 423 
Income tax expense59 — — 59 
Net income364 — — 364 
Equity in earnings of consolidated subsidiaries— 364 (364)— 
Net income (loss)364 364 (364)364 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$363 $363 $(363)$363 
Comprehensive income (loss)$332 $332 $(332)$332 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Nine Months Ended September 30, 2023

Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$2,183 $— $— $2,183 
Franchise and property revenues2,163 — — 2,163 
Advertising revenues and other services856 — — 856 
Total revenues5,202 — — 5,202 
Operating costs and expenses:
Cost of sales1,792 — — 1,792 
Franchise and property expenses372 — — 372 
Advertising expenses and other services909 — — 909 
General and administrative expenses507 — — 507 
(Income) loss from equity method investments19 — — 19 
Other operating expenses (income), net20 — — 20 
Total operating costs and expenses3,619 — — 3,619 
Income from operations1,583 — — 1,583 
Interest expense, net430 — — 430 
Loss on early extinguishment of debt16 — — 16 
Income before income taxes1,137 — — 1,137 
Income tax expense145 — — 145 
Net income992 — — 992 
Equity in earnings of consolidated subsidiaries— 992 (992)— 
Net income (loss)992 992 (992)992 
Net income (loss) attributable to noncontrolling interests3 3 (3)3 
Net income (loss) attributable to common unitholders$989 $989 $(989)$989 
Comprehensive income (loss)$1,094 $1,094 $(1,094)$1,094 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended September 30, 2022
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$759 $— $— $759 
Franchise and property revenues698 — — 698 
Advertising revenues and other services269 — — 269 
Total revenues1,726 — — 1,726 
Operating costs and expenses:
Cost of sales615 — — 615 
Franchise and property expenses137 — — 137 
Advertising expenses and other services276 — — 276 
General and administrative expenses156 — — 156 
(Income) loss from equity method investments8 — — 8 
Other operating expenses (income), net(27)— — (27)
Total operating costs and expenses1,165 — — 1,165 
Income from operations561 — — 561 
Interest expense, net133 — — 133 
Income before income taxes428 — — 428 
Income tax expense (benefit)(102)— — (102)
Net income530 — — 530 
Equity in earnings of consolidated subsidiaries— 530 (530)— 
Net income (loss)530 530 (530)530 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$529 $529 $(529)$529 
Comprehensive income (loss)$343 $343 $(343)$343 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Nine Months Ended September 30, 2022

Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$2,076 $— $— $2,076 
Franchise and property revenues1,989 — — 1,989 
Advertising revenues and other services751 — — 751 
Total revenues4,816 — — 4,816 
Operating costs and expenses:
Cost of sales1,693 — — 1,693 
Franchise and property expenses392 — — 392 
Advertising expenses and other services782 — — 782 
General and administrative expenses435 — — 435 
(Income) loss from equity method investments30 — — 30 
Other operating expenses (income), net(68)— — (68)
Total operating costs and expenses3,264 — — 3,264 
Income from operations1,552 — — 1,552 
Interest expense, net389 — — 389 
Income before income taxes1,163 — — 1,163 
Income tax expense17 — — 17 
Net income1,146 — — 1,146 
Equity in earnings of consolidated subsidiaries— 1,146 (1,146)— 
Net income (loss)1,146 1,146 (1,146)1,146 
Net income (loss) attributable to noncontrolling interests3 3 (3)3 
Net income (loss) attributable to common unitholders$1,143 $1,143 $(1,143)$1,143 
Comprehensive income (loss)$1,145 $1,145 $(1,145)$1,145 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Nine months ended September 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$992 $992 $(992)$992 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (992)992 — 
Depreciation and amortization142 — — 142 
Non-cash loss on early extinguishment of debt5 — — 5 
Amortization of deferred financing costs and debt issuance discount21 — — 21 
(Income) loss from equity method investments19 — — 19 
(Gain) loss on remeasurement of foreign denominated transactions(11)— — (11)
Net (gains) losses on derivatives(111)— — (111)
Share-based compensation and non-cash incentive compensation expense141 — — 141 
Deferred income taxes(47)— — (47)
Other19 — — 19 
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable(86)— — (86)
Inventories and prepaids and other current assets(49)— — (49)
Accounts and drafts payable(62)— — (62)
Other accrued liabilities and gift card liability(62)— — (62)
Tenant inducements paid to franchisees(15)— — (15)
Other long-term assets and liabilities24 — — 24 
Net cash provided by operating activities920 — — 920 
Cash flows from investing activities:
Payments for property and equipment(73)— — (73)
Net proceeds from disposal of assets, restaurant closures, and refranchisings23 — — 23 
Settlement/sale of derivatives, net40 — — 40 
Other investing activities, net(1)— — (1)
Net cash (used for) provided by investing activities(11)— — (11)
Cash flows from financing activities:
Proceeds from long-term debt55 — — 55 
Repayments of long-term debt and finance leases(79)— — (79)
Payment of financing costs(43)— — (43)
Distributions on Class A common and Partnership exchangeable units— (741)— (741)
Distribution to RBI for repurchase of RBI common shares— (115)— (115)
Capital contribution from RBI52 — — 52 
Distributions from subsidiaries(856)856 — — 
(Payments) proceeds from derivatives100 — — 100 
Other financing activities, net(3)— — (3)
Net cash (used for) provided by financing activities(774)— — (774)
Effect of exchange rates on cash and cash equivalents(3)— — (3)
Increase (decrease) in cash and cash equivalents132 — — 132 
Cash and cash equivalents at beginning of period1,178 — — 1,178 
Cash and cash equivalents at end of period$1,310 $— $— $1,310 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Nine Months Ended September 30, 2022
Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$1,146 $1,146 $(1,146)$1,146 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (1,146)1,146 — 
Depreciation and amortization143 — — 143 
Amortization of deferred financing costs and debt issuance discount21 — — 21 
(Income) loss from equity method investments30 — — 30 
(Gain) loss on remeasurement of foreign denominated transactions(82)— — (82)
Net (gains) losses on derivatives17 — — 17 
Share-based compensation and non-cash incentive compensation expense93 — — 93 
Deferred income taxes(29)— — (29)
Other8 — — 8 
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable(93)— — (93)
Inventories and prepaids and other current assets(67)— — (67)
Accounts and drafts payable113 — — 113 
Other accrued liabilities and gift card liability(74)— — (74)
Tenant inducements paid to franchisees(13)— — (13)
Other long-term assets and liabilities(146)— — (146)
Net cash provided by operating activities1,067 — — 1,067 
Cash flows from investing activities:
Payments for property and equipment(52)— — (52)
Net proceeds from disposal of assets, restaurant closures, and refranchisings11 — — 11 
Net payments in connection with purchase of Firehouse Subs(12)— — (12)
Settlement/sale of derivatives, net22 — — 22 
Other investing activities, net(35)— — (35)
Net cash (used for) provided by investing activities(66)— — (66)
Cash flows from financing activities:
Proceeds from long-term debt2 — — 2 
Repayments of long-term debt and finance leases(71)— — (71)
Distributions on Class A common and Partnership exchangeable units— (728)— (728)
Distribution to RBI for repurchase of RBI common shares— (326)— (326)
Capital contribution from RBI7 — — 7 
Distributions from subsidiaries(1,054)1,054 — — 
(Payments) proceeds from derivatives8 — — 8 
Other financing activities, net(3)— — (3)
Net cash (used for) provided by financing activities(1,111)— — (1,111)
Effect of exchange rates on cash and cash equivalents(31)— — (31)
Increase (decrease) in cash and cash equivalents(141)— — (141)
Cash and cash equivalents at beginning of period1,087 — — 1,087 
Cash and cash equivalents at end of period$946 $— $— $946 
v3.23.3
Subsequent Events
 9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Cash Distributions/Dividends
On October 4, 2023, RBI paid a cash dividend of $0.55 per RBI common share to common shareholders of record on September 20, 2023. Partnership made a distribution to RBI as holder of Class A common units in the amount of the aggregate dividends declared and paid by RBI on RBI common shares and also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.55 per exchangeable unit to holders of record on September 20, 2023.
Subsequent to September 30, 2023, the RBI board of directors declared a cash dividend of $0.55 per RBI common share, which will be paid on January 4, 2024 to RBI common shareholders of record on December 21, 2023. Partnership will make a distribution to RBI as holder of Class A common units in the amount of the aggregate dividends declared and paid by RBI on RBI common shares. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.55 per Partnership exchangeable unit, and the record date and payment date for such distribution will be the same as the record date and payment date for the cash dividend per RBI common share set forth above.
Derivatives
In October 2023, we entered into new cross-currency rate swap contracts between the Euro and U.S. dollar in which we receive quarterly fixed-rate interest payments on the U.S. dollar aggregate amount of $1,400 million through the maturity date of October 31, 2026. At inception, these cross-currency rate swaps were designated as hedges and are accounted for as net investment hedges. In connection with these new cross-currency rate swaps, we settled our existing cross-currency rate swap contracts between the Euro and U.S. dollar with a notional value of $400 million and $500 million with a maturity date of February 17, 2024 and received $59 million in cash as part of this settlement.
Distributions to RBI to Repurchase RBI Common Shares
Subsequent to September 30, 2023 through October 31, 2023, RBI repurchased 5,539,777 of common shares for $358 million, which was funded by distributions from Partnership.
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.3
Basis of Presentation and Consolidation (Policies)
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting We have prepared the accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, the Financial Statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and Canadian securities regulatory authorities on February 22, 2023.
Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP and related rules and regulations of the SEC requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates.The carrying amounts for cash and cash equivalents, accounts and notes receivable and accounts and drafts payable approximate fair value based on the short-term nature of these amounts.
New Accounting Pronouncements New Accounting PronouncementsAccounting Relief for the Transition Away from LIBOR and Certain other Reference Rates – In March 2020 and as clarified in January 2021 and December 2022, the Financial Accounting Standards Board (“FASB”) issued guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This amendment is effective as of March 12, 2020 through December 31, 2024. The expedients and exceptions provided by this new guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationships. During 2021, we adopted certain of the expedients as it relates to hedge accounting as certain of our debt agreements and hedging relationships bear interest at variable rates, primarily U.S. dollar LIBOR. Additionally, during the three months ended September 30, 2023, we amended the LIBOR-referencing credit agreement governing our senior secured term loan facilities to reference the Secured Overnight Financing Rate (SOFR) as further disclosed in Note 10, Long-Term Debt. As of September 30, 2023, none of our debt agreements and hedging relationships make reference to LIBOR. The adoption of and future elections under this new guidance did not and are not expected to have a material impact on our Financial Statements. Liabilities—Supplier Finance Programs – In September 2022, the FASB issued guidance that requires buyers in a supplier finance program to disclose sufficient information about the program to allow investors to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. These disclosures would include the key terms of the program, as well as the obligation amount that the buyer has confirmed as valid to the third party that is outstanding at the end of the reporting period, a rollforward of that amount, and a description of where that amount is presented in the balance sheet. This amendment is effective in 2023, except for the amendment on rollforward information which is effective in 2024, with early adoption permitted. This guidance should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. During the first quarter of 2023, we adopted this guidance and added necessary disclosures upon adoption as disclosed in Note 2, Basis of Presentation and Consolidation.
Contract Liabilities Contract LiabilitiesContract liabilities consist of deferred revenue resulting from initial and renewal franchise fees paid by franchisees, as well as upfront fees paid by master franchisees, which are generally recognized on a straight-line basis over the term of the underlying agreement. We may recognize unamortized franchise fees and upfront fees when a contract with a franchisee or master franchisee is modified and is accounted for as a termination of the existing contract.
Earnings per Unit Earnings per Unit
Partnership uses the two-class method in the computation of earnings per unit. Pursuant to the terms of the partnership agreement, RBI, as the holder of the Class A common units, is entitled to receive distributions from Partnership in an amount equal to the aggregate dividends payable by RBI to holders of RBI common shares, and the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”) are entitled to receive distributions from Partnership in an amount per unit equal to the dividends payable by RBI on each RBI common share. Partnership’s net income available to common unitholders is allocated between the Class A common units and Partnership exchangeable units on a fully-distributed basis and reflects residual net income after noncontrolling interests. Basic and diluted earnings per Class A common unit is determined by dividing net income allocated to Class A common unit holders by the weighted average number of Class A common units outstanding for the period. Basic and diluted earnings per Partnership exchangeable unit is determined by dividing net income allocated to the Partnership exchangeable units by the weighted average number of Partnership exchangeable units outstanding during the period.
There are no dilutive securities for Partnership as RBI equity awards will not affect the number of Class A common units or Partnership exchangeable units outstanding. However, the issuance of RBI shares by RBI in future periods will affect the allocation of net income attributable to common unitholders between Partnership’s Class A common units and Partnership exchangeable units.
v3.23.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Schedule of Property Revenues
Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Lease income - operating leases
Minimum lease payments$95 $100 $290 $314 
Variable lease payments122 112 337 291 
Amortization of favorable and unfavorable income lease contracts, net— — 1 1 
Subtotal - lease income from operating leases217 212 628 606 
Earned income on direct financing and sales-type leases4 2 9 5 
Total property revenues$221 $214 $637 $611 
v3.23.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Change in Contract Liabilities The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2022 and September 30, 2023 (in millions):
Contract Liabilities
Balance at December 31, 2022$540 
Recognized during period and included in the contract liability balance at the beginning of the year(44)
Increase, excluding amounts recognized as revenue during the period40 
Impact of foreign currency translation(2)
Balance at September 30, 2023$534 
Schedule of Estimated Revenues Expected to be Recognized
The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) on a consolidated basis as of September 30, 2023 (in millions):
Contract liabilities expected to be recognized in
Remainder of 2023$14 
202452 
202550 
202647 
202744 
Thereafter327 
Total$534 
Disaggregation of Total Revenues
The following tables disaggregate revenue by segment (in millions):
Three months ended September 30, 2023
THBKPLKFHSTotal
Sales$717 $21 $23 $10 $771 
Royalties94 307 85 17 503 
Property revenues161 57 3 — 221 
Franchise fees and other revenue6 12 2 9 29 
Advertising revenues and other services82 141 75 15 313 
Total revenues$1,060 $538 $188 $51 $1,837 
Nine months ended September 30, 2023
THBKPLKFHSTotal
Sales$2,023 $64 $66 $30 $2,183 
Royalties261 882 241 52 1,436 
Property revenues456 171 10 — 637 
Franchise fees and other revenue19 40 10 21 90 
Advertising revenues and other services217 394 211 34 856 
Total revenues$2,976 $1,551 $538 $137 $5,202 
Three months ended September 30, 2022
THBKPLKFHSTotal
Sales$710 $19 $21 $9 $759 
Royalties87 274 74 16 451 
Property revenues154 57 3 — 214 
Franchise fees and other revenue9 18 1 5 33 
Advertising revenues and other services73 123 65 8 269 
Total revenues$1,033 $491 $164 $38 $1,726 
Nine months ended September 30, 2022
THBKPLKFHSTotal
Sales$1,937 $52 $58 $29 $2,076 
Royalties239 791 213 49 1,292 
Property revenues433 169 9 — 611 
Franchise fees and other revenue22 42 8 14 86 
Advertising revenues and other services199 353 189 10 751 
Total revenues$2,830 $1,407 $477 $102 $4,816 
v3.23.3
Earnings per Unit (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Unit
The following table summarizes the basic and diluted earnings per unit calculations (in millions, except per unit amounts):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Allocation of net income among partner interests:
Net income allocated to Class A common unitholders$252 $360 $682 $779 
Net income allocated to Partnership exchangeable unitholders111 169 307 364 
Net income attributable to common unitholders$363 $529 $989 $1,143 
Denominator - basic and diluted partnership units:
Weighted average Class A common units202 202 202 202 
Weighted average Partnership exchangeable units139 143 141 144 
Earnings per unit - basic and diluted:
Class A common units (a)$1.25 $1.78 $3.38 $3.86 
Partnership exchangeable units (a)$0.80 $1.18 $2.18 $2.53 
(a) Earnings per unit may not recalculate exactly as it is calculated based on unrounded numbers.
v3.23.3
Intangible Assets, net and Goodwill (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net and Goodwill
Intangible assets, net and goodwill consist of the following (in millions):

As of
September 30, 2023December 31, 2022
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$717 $(335)$382 $720 $(313)$407 
   Favorable leases81 (53)28 90 (57)33 
      Subtotal798 (388)410 810 (370)440 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,285 $— $6,285 $6,292 $— $6,292 
   Burger King brand
2,080 — 2,080 2,088 — 2,088 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,536 — 10,536 10,551 — 10,551 
Intangible assets, net$10,946 $10,991 
Goodwill:
   Tim Hortons segment$4,054 $4,059 
   Burger King segment588 590 
   Popeyes segment846 846 
   Firehouse Subs segment 193 193 
      Total$5,681 $5,688 
v3.23.3
Equity Method Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Franchise and Property Revenues Sales, franchise and property revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenues from affiliates:
Royalties$106 $92 $301 $266 
Advertising revenues and other services21 20 59 54 
Property revenues6 8 24 23 
Franchise fees and other revenue6 3 15 12 
Sales4 4 14 12 
Total$143 $127 $413 $367 
v3.23.3
Other Accrued Liabilities and Other Liabilities, net (Tables)
 9 Months Ended
Sep. 30, 2023
Other Liabilities Disclosure [Abstract]  
Schedule of Other Accrued Liabilities (Current) and Other Liabilities (NonCurrent), Net
Other accrued liabilities (current) and Other liabilities, net (noncurrent) consist of the following (in millions):
As of
September 30,
2023		December 31,
2022
Current:
Distribution payable$249 $243 
Interest payable88 89 
Accrued compensation and benefits110 124 
Taxes payable255 190 
Deferred income86 43 
Accrued advertising expenses55 37 
Restructuring and other provisions16 29 
Current portion of operating lease liabilities140 137 
Other133 109 
Other accrued liabilities$1,132 $1,001 
Noncurrent:
Taxes payable$164 $139 
Contract liabilities534 540 
Derivatives liabilities— 34 
Unfavorable leases43 50 
Accrued pension41 40 
Deferred income58 44 
Other24 25 
Other liabilities, net$864 $872 
v3.23.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
Long-term debt consists of the following (in millions):
As of
September 30,
2023		December 31,
2022
Term Loan B$5,175 $5,190 
Term Loan A1,275 1,250 
3.875% First Lien Senior Notes due 2028
1,550 1,550 
3.50% First Lien Senior Notes due 2029
750 750 
5.75% First Lien Senior Notes due 2025
500 500 
4.375% Second Lien Senior Notes due 2028
750 750 
4.00% Second Lien Senior Notes due 2030
2,900 2,900 
TH Facility and other145 155 
Less: unamortized deferred financing costs and deferred issue discount(128)(111)
Total debt, net12,917 12,934 
    Less: current maturities of debt(55)(95)
Total long-term debt$12,862 $12,839 
Summary of Fair Value Measurement The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions):
As of
September 30,
2023		December 31,
2022
Fair value of our variable term debt and senior notes$11,996 $11,885 
Principal carrying amount of our variable term debt and senior notes12,900 12,890 
Schedule of Interest Expense, Net
Interest expense, net consists of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Debt (a)$144 $124 $424 $357 
Finance lease obligations5 4 14 14 
Amortization of deferred financing costs and debt issuance discount7 7 21 21 
Interest income(13)(2)(29)(3)
    Interest expense, net$143 $133 $430 $389 
(a)Amount includes $16 million and $17 million benefit during the three months ended September 30, 2023 and 2022, respectively, and $47 million and $40 million benefit during the nine months ended September 30, 2023 and 2022, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 13, Derivative Instruments.
v3.23.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Summary of Changes in the Components of Accumulated Other Comprehensive Income (Loss)
The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions):
DerivativesPensionsForeign Currency TranslationAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2022$944 $(24)$(1,893)$(973)
Foreign currency translation adjustment— — (36)(36)
Net change in fair value of derivatives, net of tax181 — — 181 
Amounts reclassified to earnings of cash flow hedges, net of tax(47)— — (47)
Gain (loss) recognized on other, net of tax— 4 — 4 
Balance at September 30, 2023$1,078 $(20)$(1,929)$(871)
v3.23.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Quantitative Disclosures of Derivative Instruments Including Estimated Fair Values
The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions):
Gain or (Loss) Recognized in Other Comprehensive Income (Loss)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Derivatives designated as cash flow hedges(1)
Interest rate swaps$91 $191 $154 $521 
Forward-currency contracts$6 $14 $2 $18 
Derivatives designated as net investment hedges
Cross-currency rate swaps$178 $471 $55 $675 
(1) We did not exclude any components from the cash flow hedge relationships presented in this table.
Location of Gain or (Loss) Reclassified from AOCI into EarningsGain or (Loss) Reclassified from
AOCI into Earnings
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Derivatives designated as cash flow hedges
Interest rate swapsInterest expense, net$23 $(8)$58 $(60)
Forward-currency contractsCost of sales$— $1 $6 $3 
Location of Gain or (Loss) Recognized in EarningsGain or (Loss) Recognized in Earnings
(Amount Excluded from Effectiveness Testing)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Derivatives designated as net investment hedges
Cross-currency rate swapsInterest expense, net$16 $17 $47 $40 
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
Fair Value as of
September 30,
2023		December 31, 2022Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate$339 $280 Other assets, net
Foreign currency3 7 Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency106 78 Other assets, net
Total assets at fair value$448 $365 
Liabilities:
Derivatives designated as net investment hedges
Foreign currency$— $34 Other liabilities, net
Total liabilities at fair value$— $34 
v3.23.3
Other Operating Expenses (Income), net (Tables)
 9 Months Ended
Sep. 30, 2023
Other Income and Expenses [Abstract]  
Other Operating Expenses (Income), Net
Other operating expenses (income), net consists of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings$30 $1 $19 $2 
Litigation settlements (gains) and reserves, net1 — (1)3 
Net losses (gains) on foreign exchange(18)(30)(11)(82)
Other, net(3)2 13 9 
     Other operating expenses (income), net$10 $(27)$20 $(68)
v3.23.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Revenues by Geographic Segment
The following tables present revenues, by segment and by country (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenues by operating segment:
     TH$1,060 $1,033 $2,976 $2,830 
     BK538 491 1,551 1,407 
     PLK188 164 538 477 
     FHS51 38 137 102 
Total revenues$1,837 $1,726 $5,202 $4,816 

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenues by country (a):
     Canada$956 $940 $2,683 $2,565 
     United States645 587 1,849 1,679 
     Other236 199 670 572 
Total revenues$1,837 $1,726 $5,202 $4,816 

(a)Only Canada and the United States represented 10% or more of our total revenues in each period presented.
Reconciliation of Segment Income to Net Income (Loss) A reconciliation of segment income to net income consists of the following (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Segment income:
     TH$311 $305 $852 $810 
     BK298 262 842 761 
     PLK75 62 214 179 
     FHS14 13 43 40 
          Adjusted EBITDA698 642 1,951 1,790 
Share-based compensation and non-cash incentive compensation expense49 34 141 93 
FHS Transaction costs— 3 19 8 
Corporate restructuring and advisory fees5 12 17 21 
Impact of equity method investments (a)5 13 29 41 
Other operating expenses (income), net10 (27)20 (68)
          EBITDA629 607 1,725 1,695 
Depreciation and amortization47 46 142 143 
          Income from operations582 561 1,583 1,552 
Interest expense, net143 133 430 389 
Loss on early extinguishment of debt16 — 16 — 
Income tax expense (benefit)59 (102)145 17 
          Net income$364 $530 $992 $1,146 
(a)Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in segment income.
v3.23.3
Supplemental Financial Information (Tables)
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets The following represents the condensed consolidating financial information for the Parent Issuer and its restricted subsidiaries (“Consolidated Borrowers”) on a consolidated basis, together with eliminations, as of and for the periods indicated. The condensed consolidating financial information of Partnership is combined with the financial information of its wholly-owned subsidiaries that are also parent entities of the Parent Issuer and presented in a single column under the heading “RBILP”. The consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the Issuers and Partnership operated as independent entities.
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of September 30, 2023
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,310 $— $— $1,310 
Accounts and notes receivable, net692 — — 692 
Inventories, net160 — — 160 
Prepaids and other current assets221 — — 221 
Total current assets2,383 — — 2,383 
Property and equipment, net1,904 — — 1,904 
Operating lease assets, net1,060 — — 1,060 
Intangible assets, net10,946 — — 10,946 
Goodwill5,681 — — 5,681 
Intercompany receivable— 249 (249)— 
Investment in subsidiaries— 4,664 (4,664)— 
Other assets, net1,103 — — 1,103 
Total assets$23,077 $4,913 $(4,913)$23,077 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$693 $— $— $693 
Other accrued liabilities883 249 — 1,132 
Gift card liability159 — — 159 
Current portion of long-term debt and finance leases87 — — 87 
Total current liabilities1,822 249 — 2,071 
Long-term debt, net of current portion12,862 — — 12,862 
Finance leases, net of current portion305 — — 305 
Operating lease liabilities, net of current portion1,003 — — 1,003 
Other liabilities, net864 — — 864 
Payables to affiliates249 — (249)— 
Deferred income taxes, net1,308 — — 1,308 
Total liabilities18,413 249 (249)18,413 
Partners’ capital:
Class A common units— 9,584 — 9,584 
Partnership exchangeable units— (4,051)— (4,051)
Common shares2,546 — (2,546)— 
Retained earnings2,987 — (2,987)— 
Accumulated other comprehensive income (loss)(871)(871)871 (871)
Total Partners' capital/shareholders' equity4,662 4,662 (4,662)4,662 
Noncontrolling interests2 2 (2)2 
Total equity4,664 4,664 (4,664)4,664 
Total liabilities and equity$23,077 $4,913 $(4,913)$23,077 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of December 31, 2022
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,178 $— $— $1,178 
Accounts and notes receivable, net614 — — 614 
Inventories, net133 — — 133 
Prepaids and other current assets123 — — 123 
Total current assets2,048 — — 2,048 
Property and equipment, net1,950 — — 1,950 
Operating lease assets. net1,082 — — 1,082 
Intangible assets, net10,991 — — 10,991 
Goodwill5,688 — — 5,688 
Intercompany receivable— 243 (243)— 
Investment in subsidiaries— 4,268 (4,268)— 
Other assets, net987 — — 987 
Total assets$22,746 $4,511 $(4,511)$22,746 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$758 $— $— $758 
Other accrued liabilities758 243 — 1,001 
Gift card liability230 — — 230 
Current portion of long-term debt and finance leases127 — — 127 
Total current liabilities1,873 243 — 2,116 
Long-term debt, net of current portion12,839 — — 12,839 
Finance leases, net of current portion311 — — 311 
Operating lease liabilities, net of current portion1,027 — — 1,027 
Other liabilities, net872 — — 872 
Payables to affiliates243 — (243)— 
Deferred income taxes, net1,313 — — 1,313 
Total liabilities18,478 243 (243)18,478 
Partners’ capital:
Class A common units— 8,735 — 8,735 
Partnership exchangeable units— (3,496)— (3,496)
Common shares2,494 — (2,494)— 
Retained earnings2,745 — (2,745)— 
Accumulated other comprehensive income (loss)(973)(973)973 (973)
Total Partners' capital/shareholders' equity4,266 4,266 (4,266)4,266 
Noncontrolling interests2 2 (2)2 
Total equity4,268 4,268 (4,268)4,268 
Total liabilities and equity$22,746 $4,511 $(4,511)$22,746 
Condensed Consolidating Statements of Operations
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended September 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$771 $— $— $771 
Franchise and property revenues753 — — 753 
Advertising revenues and other services313 — — 313 
Total revenues1,837 — — 1,837 
Operating costs and expenses:
Cost of sales630 — — 630 
Franchise and property expenses119 — — 119 
Advertising expenses and other services326 — — 326 
General and administrative expenses169 — — 169 
(Income) loss from equity method investments1 — — 1 
Other operating expenses (income), net10 — — 10 
Total operating costs and expenses1,255 — — 1,255 
Income from operations582 — — 582 
Interest expense, net143 — — 143 
Loss on early extinguishment of debt16 — — 16 
Income before income taxes423 — — 423 
Income tax expense59 — — 59 
Net income364 — — 364 
Equity in earnings of consolidated subsidiaries— 364 (364)— 
Net income (loss)364 364 (364)364 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$363 $363 $(363)$363 
Comprehensive income (loss)$332 $332 $(332)$332 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Nine Months Ended September 30, 2023

Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$2,183 $— $— $2,183 
Franchise and property revenues2,163 — — 2,163 
Advertising revenues and other services856 — — 856 
Total revenues5,202 — — 5,202 
Operating costs and expenses:
Cost of sales1,792 — — 1,792 
Franchise and property expenses372 — — 372 
Advertising expenses and other services909 — — 909 
General and administrative expenses507 — — 507 
(Income) loss from equity method investments19 — — 19 
Other operating expenses (income), net20 — — 20 
Total operating costs and expenses3,619 — — 3,619 
Income from operations1,583 — — 1,583 
Interest expense, net430 — — 430 
Loss on early extinguishment of debt16 — — 16 
Income before income taxes1,137 — — 1,137 
Income tax expense145 — — 145 
Net income992 — — 992 
Equity in earnings of consolidated subsidiaries— 992 (992)— 
Net income (loss)992 992 (992)992 
Net income (loss) attributable to noncontrolling interests3 3 (3)3 
Net income (loss) attributable to common unitholders$989 $989 $(989)$989 
Comprehensive income (loss)$1,094 $1,094 $(1,094)$1,094 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended September 30, 2022
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$759 $— $— $759 
Franchise and property revenues698 — — 698 
Advertising revenues and other services269 — — 269 
Total revenues1,726 — — 1,726 
Operating costs and expenses:
Cost of sales615 — — 615 
Franchise and property expenses137 — — 137 
Advertising expenses and other services276 — — 276 
General and administrative expenses156 — — 156 
(Income) loss from equity method investments8 — — 8 
Other operating expenses (income), net(27)— — (27)
Total operating costs and expenses1,165 — — 1,165 
Income from operations561 — — 561 
Interest expense, net133 — — 133 
Income before income taxes428 — — 428 
Income tax expense (benefit)(102)— — (102)
Net income530 — — 530 
Equity in earnings of consolidated subsidiaries— 530 (530)— 
Net income (loss)530 530 (530)530 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$529 $529 $(529)$529 
Comprehensive income (loss)$343 $343 $(343)$343 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Nine Months Ended September 30, 2022

Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$2,076 $— $— $2,076 
Franchise and property revenues1,989 — — 1,989 
Advertising revenues and other services751 — — 751 
Total revenues4,816 — — 4,816 
Operating costs and expenses:
Cost of sales1,693 — — 1,693 
Franchise and property expenses392 — — 392 
Advertising expenses and other services782 — — 782 
General and administrative expenses435 — — 435 
(Income) loss from equity method investments30 — — 30 
Other operating expenses (income), net(68)— — (68)
Total operating costs and expenses3,264 — — 3,264 
Income from operations1,552 — — 1,552 
Interest expense, net389 — — 389 
Income before income taxes1,163 — — 1,163 
Income tax expense17 — — 17 
Net income1,146 — — 1,146 
Equity in earnings of consolidated subsidiaries— 1,146 (1,146)— 
Net income (loss)1,146 1,146 (1,146)1,146 
Net income (loss) attributable to noncontrolling interests3 3 (3)3 
Net income (loss) attributable to common unitholders$1,143 $1,143 $(1,143)$1,143 
Comprehensive income (loss)$1,145 $1,145 $(1,145)$1,145 
Condensed Consolidating Statements of Cash Flows
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Nine months ended September 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$992 $992 $(992)$992 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (992)992 — 
Depreciation and amortization142 — — 142 
Non-cash loss on early extinguishment of debt5 — — 5 
Amortization of deferred financing costs and debt issuance discount21 — — 21 
(Income) loss from equity method investments19 — — 19 
(Gain) loss on remeasurement of foreign denominated transactions(11)— — (11)
Net (gains) losses on derivatives(111)— — (111)
Share-based compensation and non-cash incentive compensation expense141 — — 141 
Deferred income taxes(47)— — (47)
Other19 — — 19 
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable(86)— — (86)
Inventories and prepaids and other current assets(49)— — (49)
Accounts and drafts payable(62)— — (62)
Other accrued liabilities and gift card liability(62)— — (62)
Tenant inducements paid to franchisees(15)— — (15)
Other long-term assets and liabilities24 — — 24 
Net cash provided by operating activities920 — — 920 
Cash flows from investing activities:
Payments for property and equipment(73)— — (73)
Net proceeds from disposal of assets, restaurant closures, and refranchisings23 — — 23 
Settlement/sale of derivatives, net40 — — 40 
Other investing activities, net(1)— — (1)
Net cash (used for) provided by investing activities(11)— — (11)
Cash flows from financing activities:
Proceeds from long-term debt55 — — 55 
Repayments of long-term debt and finance leases(79)— — (79)
Payment of financing costs(43)— — (43)
Distributions on Class A common and Partnership exchangeable units— (741)— (741)
Distribution to RBI for repurchase of RBI common shares— (115)— (115)
Capital contribution from RBI52 — — 52 
Distributions from subsidiaries(856)856 — — 
(Payments) proceeds from derivatives100 — — 100 
Other financing activities, net(3)— — (3)
Net cash (used for) provided by financing activities(774)— — (774)
Effect of exchange rates on cash and cash equivalents(3)— — (3)
Increase (decrease) in cash and cash equivalents132 — — 132 
Cash and cash equivalents at beginning of period1,178 — — 1,178 
Cash and cash equivalents at end of period$1,310 $— $— $1,310 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Nine Months Ended September 30, 2022
Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$1,146 $1,146 $(1,146)$1,146 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (1,146)1,146 — 
Depreciation and amortization143 — — 143 
Amortization of deferred financing costs and debt issuance discount21 — — 21 
(Income) loss from equity method investments30 — — 30 
(Gain) loss on remeasurement of foreign denominated transactions(82)— — (82)
Net (gains) losses on derivatives17 — — 17 
Share-based compensation and non-cash incentive compensation expense93 — — 93 
Deferred income taxes(29)— — (29)
Other8 — — 8 
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable(93)— — (93)
Inventories and prepaids and other current assets(67)— — (67)
Accounts and drafts payable113 — — 113 
Other accrued liabilities and gift card liability(74)— — (74)
Tenant inducements paid to franchisees(13)— — (13)
Other long-term assets and liabilities(146)— — (146)
Net cash provided by operating activities1,067 — — 1,067 
Cash flows from investing activities:
Payments for property and equipment(52)— — (52)
Net proceeds from disposal of assets, restaurant closures, and refranchisings11 — — 11 
Net payments in connection with purchase of Firehouse Subs(12)— — (12)
Settlement/sale of derivatives, net22 — — 22 
Other investing activities, net(35)— — (35)
Net cash (used for) provided by investing activities(66)— — (66)
Cash flows from financing activities:
Proceeds from long-term debt2 — — 2 
Repayments of long-term debt and finance leases(71)— — (71)
Distributions on Class A common and Partnership exchangeable units— (728)— (728)
Distribution to RBI for repurchase of RBI common shares— (326)— (326)
Capital contribution from RBI7 — — 7 
Distributions from subsidiaries(1,054)1,054 — — 
(Payments) proceeds from derivatives8 — — 8 
Other financing activities, net(3)— — (3)
Net cash (used for) provided by financing activities(1,111)— — (1,111)
Effect of exchange rates on cash and cash equivalents(31)— — (31)
Increase (decrease) in cash and cash equivalents(141)— — (141)
Cash and cash equivalents at beginning of period1,087 — — 1,087 
Cash and cash equivalents at end of period$946 $— $— $946 
v3.23.3
Description of Business and Organization (Details)
Sep. 30, 2023
restaurant
brand
country
Basis Of Presentation [Line Items]  
Number of franchised or owned restaurants 30,375
Number of countries in which company and franchise restaurants operated (more than) | country 100
Percentage of franchised restaurants 100.00%
Tim Hortons brand  
Basis Of Presentation [Line Items]  
Number of franchised or owned restaurants 5,701
Burger King brand  
Basis Of Presentation [Line Items]  
Number of franchised or owned restaurants 19,035
Popeyes brand  
Basis Of Presentation [Line Items]  
Number of franchised or owned restaurants 4,373
Firehouse Subs restaurants  
Basis Of Presentation [Line Items]  
Number of franchised or owned restaurants | brand 1,266
v3.23.3
Basis of Presentation and Consolidation (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Supplier finance programs, term 120 days  
Supply chain finance $ 29 $ 47
v3.23.3
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Lease income - operating leases        
Minimum lease payments $ 95 $ 100 $ 290 $ 314
Variable lease payments 122 112 337 291
Amortization of favorable and unfavorable income lease contracts, net 0 0 1 1
Subtotal - lease income from operating leases 217 212 628 606
Earned income on direct financing and sales-type leases 4 2 9 5
Total property revenues $ 221 $ 214 $ 637 $ 611
v3.23.3
Revenue Recognition - Change In Contract Liabilities (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2023
USD ($)
Change In Contract With Customer Liability [Roll Forward]  
Beginning balance $ 540
Recognized during period and included in the contract liability balance at the beginning of the year (44)
Increase, excluding amounts recognized as revenue during the period 40
Impact of foreign currency translation (2)
Ending balance $ 534
v3.23.3
Revenue Recognition - Estimated Revenue Recognition (Details)
$ in Millions
Sep. 30, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 534
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 14
Revenue, remaining performance obligation, expected timing of satisfaction, period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 52
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 50
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 47
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 44
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 327
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.23.3
Revenue Recognition - Disaggregation of Total Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Property revenues $ 221 $ 214 $ 637 $ 611
Total revenues 1,837 1,726 5,202 4,816
TH        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Property revenues 161 154 456 433
Total revenues 1,060 1,033 2,976 2,830
BK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Property revenues 57 57 171 169
Total revenues 538 491 1,551 1,407
PLK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Property revenues 3 3 10 9
Total revenues 188 164 538 477
FHS        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Property revenues 0 0 0 0
Total revenues 51 38 137 102
Sales        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 771 759 2,183 2,076
Total revenues 771 759 2,183 2,076
Sales | TH        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 717 710 2,023 1,937
Sales | BK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 21 19 64 52
Sales | PLK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 23 21 66 58
Sales | FHS        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 10 9 30 29
Royalties        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 503 451 1,436 1,292
Royalties | TH        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 94 87 261 239
Royalties | BK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 307 274 882 791
Royalties | PLK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 85 74 241 213
Royalties | FHS        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 17 16 52 49
Franchise fees and other revenue        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 29 33 90 86
Franchise fees and other revenue | TH        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 6 9 19 22
Franchise fees and other revenue | BK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 12 18 40 42
Franchise fees and other revenue | PLK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 2 1 10 8
Franchise fees and other revenue | FHS        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 9 5 21 14
Advertising revenues and other services        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 313 269 856 751
Total revenues 313 269 856 751
Advertising revenues and other services | TH        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 82 73 217 199
Advertising revenues and other services | BK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 141 123 394 353
Advertising revenues and other services | PLK        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues 75 65 211 189
Advertising revenues and other services | FHS        
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]        
Revenues $ 15 $ 8 $ 34 $ 10
v3.23.3
Earnings per Unit (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Allocation of net income among partner interests:        
Net income attributable to common unitholders $ 363 $ 529 $ 989 $ 1,143
Class A common units        
Allocation of net income among partner interests:        
Net income attributable to common unitholders $ 252 $ 360 $ 682 $ 779
Denominator - basic and diluted partnership units:        
Weighted average number of unit outstanding, basic (in shares) 202 202 202 202
Weighted average number of units outstanding, diluted (in shares) 202 202 202 202
Earnings per unit - basic and diluted:        
Earnings per unit, basic (in usd per share) $ 1.25 $ 1.78 $ 3.38 $ 3.86
Earnings per unit, diluted (in usd per share) $ 1.25 $ 1.78 $ 3.38 $ 3.86
Partnership exchangeable units        
Allocation of net income among partner interests:        
Net income attributable to common unitholders $ 111 $ 169 $ 307 $ 364
Denominator - basic and diluted partnership units:        
Weighted average number of unit outstanding, basic (in shares) 139 143 141 144
Weighted average number of units outstanding, diluted (in shares) 139 143 141 144
Earnings per unit - basic and diluted:        
Earnings per unit, basic (in usd per share) $ 0.80 $ 1.18 $ 2.18 $ 2.53
Earnings per unit, diluted (in usd per share) $ 0.80 $ 1.18 $ 2.18 $ 2.53
v3.23.3
Intangible Assets, net and Goodwill - Schedule of Intangible Assets, net and Goodwill (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross $ 798 $ 810
Accumulated Amortization (388) (370)
Net 410 440
Indefinite-lived Intangible Assets [Line Items]    
Intangible assets, net 10,946 10,991
Goodwill [Line Items]    
Goodwill 5,681 5,688
Tim Hortons brand    
Goodwill [Line Items]    
Goodwill 4,054 4,059
Burger King brand    
Goodwill [Line Items]    
Goodwill 588 590
Popeyes brand    
Goodwill [Line Items]    
Goodwill 846 846
Firehouse Subs brand    
Goodwill [Line Items]    
Goodwill 193 193
Trade names    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 10,536 10,551
Trade names | Tim Hortons brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 6,285 6,292
Trade names | Burger King brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 2,080 2,088
Trade names | Popeyes brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 1,355 1,355
Trade names | Firehouse Subs brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 816 816
Franchise agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross 717 720
Accumulated Amortization (335) (313)
Net 382 407
Favorable leases    
Finite-Lived Intangible Assets [Line Items]    
Gross 81 90
Accumulated Amortization (53) (57)
Net $ 28 $ 33
v3.23.3
Intangible Assets, net and Goodwill - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense on intangible assets $ 9 $ 9 $ 28 $ 29
v3.23.3
Equity Method Investments - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]          
Investment in subsidiaries $ 0   $ 0   $ 0
Related Party          
Schedule of Equity Method Investments [Line Items]          
Accounts receivable, net 58   58   42
Carrols Restaurant Group, Inc.          
Schedule of Equity Method Investments [Line Items]          
Quoted market price $ 62   $ 62    
BK Brasil          
Schedule of Equity Method Investments [Line Items]          
Joint-venture interest 9.40%   9.40%    
Quoted market price $ 32   $ 32    
TH International Limited          
Schedule of Equity Method Investments [Line Items]          
Joint-venture interest 4.20%   4.20%    
Quoted market price $ 12   $ 12    
Wendy's Company TIMWEN Partnership | Tim Hortons brand          
Schedule of Equity Method Investments [Line Items]          
Cash distributions 4 $ 5 9 $ 10  
Rent expense $ 5 $ 5 $ 15 $ 14  
United States | Carrols Restaurant Group, Inc.          
Schedule of Equity Method Investments [Line Items]          
Joint-venture interest 14.70%   14.70%    
Canada | Wendy's Company TIMWEN Partnership          
Schedule of Equity Method Investments [Line Items]          
Joint-venture interest 50.00%   50.00%    
Other assets          
Schedule of Equity Method Investments [Line Items]          
Investment in subsidiaries $ 135   $ 135   $ 167
v3.23.3
Equity Method Investments - Summary of Franchise and Property Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues from affiliates:        
Property revenues $ 221 $ 214 $ 637 $ 611
Total revenues 1,837 1,726 5,202 4,816
Affiliates        
Revenues from affiliates:        
Total revenues 143 127 413 367
Royalties        
Revenues from affiliates:        
Revenues 503 451 1,436 1,292
Royalties | Affiliates        
Revenues from affiliates:        
Revenues 106 92 301 266
Advertising revenues and other services        
Revenues from affiliates:        
Revenues 313 269 856 751
Total revenues 313 269 856 751
Advertising revenues and other services | Affiliates        
Revenues from affiliates:        
Revenues 21 20 59 54
Property revenues | Affiliates        
Revenues from affiliates:        
Property revenues 6 8 24 23
Franchise fees and other revenue        
Revenues from affiliates:        
Revenues 29 33 90 86
Franchise fees and other revenue | Affiliates        
Revenues from affiliates:        
Revenues 6 3 15 12
Sales | Affiliates        
Revenues from affiliates:        
Revenues $ 4 $ 4 $ 14 $ 12
v3.23.3
Other Accrued Liabilities and Other Liabilities, net (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Current:    
Distribution payable $ 249 $ 243
Interest payable 88 89
Accrued compensation and benefits 110 124
Taxes payable 255 190
Deferred income 86 43
Accrued advertising expenses 55 37
Restructuring and other provisions 16 29
Current portion of operating lease liabilities 140 137
Other 133 109
Other accrued liabilities 1,132 1,001
Noncurrent:    
Taxes payable 164 139
Contract liabilities 534 540
Derivatives liabilities 0 34
Unfavorable leases 43 50
Accrued pension 41 40
Deferred income 58 44
Other 24 25
Other liabilities, net $ 864 $ 872
Operating lease, liability, current, statement of financial position [Extensible Enumeration] Other accrued liabilities Other accrued liabilities
v3.23.3
Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
TH Facility and other $ 145 $ 155
Less: unamortized deferred financing costs and deferred issue discount (128) (111)
Total debt, net 12,917 12,934
Less: current maturities of debt (55) (95)
Total long-term debt 12,862 12,839
Term Loan B    
Debt Instrument [Line Items]    
Term loan facility 5,175 5,190
Term Loan A    
Debt Instrument [Line Items]    
Term loan facility $ 1,275 1,250
3.875% First Lien Senior Notes due 2028 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 3.875%  
Senior notes $ 1,550 1,550
3.50% First Lien Senior Notes due 2029 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 3.50%  
Senior notes $ 750 750
5.75% First Lien Senior Notes due 2025    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 5.75%  
5.75% First Lien Senior Notes due 2025 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 5.75%  
Senior notes $ 500 500
4.375% Second Lien Senior Notes due 2028    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.375%  
4.375% Second Lien Senior Notes due 2028 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.375%  
Senior notes $ 750 750
4.00% Second Lien Senior Notes due 2030    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.00%  
4.00% Second Lien Senior Notes due 2030 | Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 4.00%  
Senior notes $ 2,900 $ 2,900
v3.23.3
Long-Term Debt - Credit Facility (Details)
 3 Months Ended 9 Months Ended
Sep. 21, 2023
USD ($)
subsidiary
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 20, 2023
USD ($)
Line of Credit Facility [Line Items]            
Loss on early extinguishment of debt   $ 16,000,000 $ 0 $ 16,000,000 $ 0  
Secured Debt            
Line of Credit Facility [Line Items]            
Capitalized debt issuance costs $ 44,000,000          
Loss on early extinguishment of debt $ 16,000,000          
Term Loan A Due September 21, 2028            
Line of Credit Facility [Line Items]            
Number of subsidiaries | subsidiary 2          
Secured debt $ 1,275,000,000          
Term Loan A Due September 21, 2028 | Beginning March 31, 2025            
Line of Credit Facility [Line Items]            
Periodic payment 8,000,000          
Term Loan A Due September 21, 2028 | Beginning March 31, 2027            
Line of Credit Facility [Line Items]            
Periodic payment 16,000,000          
Term Loan A Due September 21, 2028 | Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Aggregate principal amount outstanding 1,250,000,000         $ 1,000,000,000
Term Loan B Due September 21, 2030            
Line of Credit Facility [Line Items]            
Secured debt $ 5,175,000,000          
Interest rate, base rate floor (as a percent) 0.00%          
Term Loan B Due September 21, 2030 | Beginning March 31, 2024            
Line of Credit Facility [Line Items]            
Periodic payment $ 13,000,000          
Term Loan B Due September 21, 2030 | SOFR            
Line of Credit Facility [Line Items]            
Basis spread on variable rate 2.25%          
Interest rate adjustment percent 0.10%          
v3.23.3
Long-Term Debt - Revolving Credit Facility (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]    
Amount outstanding under credit facility $ 12,917,000,000 $ 12,934,000,000
Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Amount outstanding under credit facility 0  
Letters of credit issued against credit facility 2,000,000  
Remaining borrowing capacity 1,248,000,000  
Letter of credit sublimit as part of revolving credit facility $ 125,000,000  
v3.23.3
Long-Term Debt - TH facility (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2023
USD ($)
subsidiary
Sep. 30, 2023
CAD ($)
subsidiary
Dec. 31, 2022
USD ($)
Line of Credit Facility [Line Items]      
Amount outstanding under credit facility $ 12,917   $ 12,934
TH Facility      
Line of Credit Facility [Line Items]      
Aggregate principal amount outstanding   $ 225,000,000  
Amount outstanding under credit facility   $ 186,000,000  
Interest rate 6.77% 6.77%  
TH Facility | Canadian Bankers' Acceptance Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.40%    
TH Facility | Prime Rate      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.40%    
TH Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Number of subsidiaries | subsidiary 1 1  
Number of guaranteed subsidiaries | subsidiary 4 4  
v3.23.3
Long-Term Debt - Schedule of Fair Value Measurement (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Fair value of our variable term debt and senior notes $ 11,996 $ 11,885
Principal carrying amount of our variable term debt and senior notes $ 12,900 $ 12,890
v3.23.3
Long-Term Debt - Schedule of Interest Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Debt Disclosure [Abstract]        
Debt $ 144 $ 124 $ 424 $ 357
Finance lease obligations 5 4 14 14
Amortization of deferred financing costs and debt issuance discount 7 7 21 21
Interest income (13) (2) (29) (3)
Interest expense, net 143 133 430 389
Cross-currency rate swaps | Derivatives designated as net investment hedges | Interest expense, net        
Debt Instrument [Line Items]        
Gain reclassified to earnings, net investment hedge $ 16 $ 17 $ 47 $ 40
v3.23.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Abstract]        
Effective income tax rate 14.00% (23.80%) 12.80% 1.50%
Effective tax rate, net reserve releases $ 171   $ 171  
Effective tax rate, net reserve releases, percent   39.90%   14.70%
v3.23.3
Equity - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Stockholders Equity [Line Items]    
Distribution to RBI for repurchase of RBI common shares $ 142 $ 142
Distribution to RBI for repurchase of RBI common shares $ 115 $ 115
Partnership exchangeable units    
Stockholders Equity [Line Items]    
BKW reorganization into Partnership (in shares)   9,398,876
v3.23.3
Equity - Summary of Changes in the Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss)        
Beginning balances $ 4,678 $ 3,909 $ 4,268 $ 3,853
Foreign currency translation adjustment (270) (727) (36) (1,015)
Net change in fair value of derivatives, net of tax     181  
Amounts reclassified to earnings of cash flow hedges, net of tax (17) 5 (47) 42
Gain (loss) recognized on other, net of tax 2 1 4 3
Ending balances 4,664 4,039 4,664 4,039
Derivatives        
Accumulated Other Comprehensive Income (Loss)        
Beginning balances     944  
Net change in fair value of derivatives, net of tax     181  
Amounts reclassified to earnings of cash flow hedges, net of tax     (47)  
Ending balances 1,078   1,078  
Pensions        
Accumulated Other Comprehensive Income (Loss)        
Beginning balances     (24)  
Gain (loss) recognized on other, net of tax     4  
Ending balances (20)   (20)  
Foreign Currency Translation        
Accumulated Other Comprehensive Income (Loss)        
Beginning balances     (1,893)  
Foreign currency translation adjustment     (36)  
Ending balances (1,929)   (1,929)  
Accumulated  Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss)        
Beginning balances (839) (838) (973) (1,024)
Ending balances $ (871) $ (1,025) $ (871) $ (1,025)
v3.23.3
Derivative Instruments - Additional Information (Details)
€ in Millions
 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2023
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Interest Rate Swaps - Period One          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Notional amount $ 3,500,000,000        
Interest Rate Swaps - Period Two          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Notional amount 500,000,000        
Interest Rate Swap | Interest expense, net          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Loss reclassified from OACI to Income 130,000,000        
Cross Currency Interest Rate Contract | Fixed Income Interest Rate | Hedge Funds          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Notional amount 1,200,000,000 € 1,108      
Cross Currency Interest Rate Contract | Derivatives designated as net investment hedges | Fixed Income Interest Rate          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Notional amount 5,000,000,000   $ 150,000,000 $ 500,000,000 $ 400,000,000
Foreign Exchange Contract          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Notional amount $ 176,000,000        
v3.23.3
Derivative Instruments - Quantitative Disclosures of Derivative Instruments Including Estimated Fair Values (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest rate swaps | Derivatives designated as cash flow hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Recognized in Other Comprehensive Income (Loss) $ 91 $ 191 $ 154 $ 521
Interest rate swaps | Interest expense, net | Derivatives designated as cash flow hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Reclassified from AOCI into Earnings 23 (8) 58 (60)
Forward-currency contracts | Derivatives designated as cash flow hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Recognized in Other Comprehensive Income (Loss) 6 14 2 18
Forward-currency contracts | Cost of sales | Derivatives designated as cash flow hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Reclassified from AOCI into Earnings 0 1 6 3
Cross-currency rate swaps | Derivatives designated as net investment hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Recognized in Other Comprehensive Income (Loss) 178 471 55 675
Cross-currency rate swaps | Interest expense, net | Derivatives designated as net investment hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing) $ 16 $ 17 $ 47 $ 40
v3.23.3
Derivative Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives assets $ 448 $ 365
Derivatives liabilities 0 34
Derivatives designated as cash flow hedges | Interest rate | Other assets, net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives assets 339 280
Derivatives designated as cash flow hedges | Foreign currency | Prepaids and other current assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives assets 3 7
Derivatives designated as net investment hedges | Foreign currency | Other assets, net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives assets 106 78
Derivatives designated as net investment hedges | Foreign currency | Other liabilities, net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities $ 0 $ 34
v3.23.3
Other Operating Expenses (Income), net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Other Income and Expenses [Abstract]        
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings $ 30 $ 1 $ 19 $ 2
Litigation settlements (gains) and reserves, net 1 0 (1) 3
Net losses (gains) on foreign exchange (18) (30) (11) (82)
Other, net (3) 2 13 9
Other operating expenses (income), net $ 10 $ (27) $ 20 $ (68)
v3.23.3
Segment Reporting - Additional Information (Details)
 9 Months Ended
Sep. 30, 2023
brand
Segment Reporting [Abstract]  
Number of brands 4
v3.23.3
Segment Reporting - Revenues by Operating Segment and Country (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue, Major Customer [Line Items]        
Total revenues $ 1,837 $ 1,726 $ 5,202 $ 4,816
Canada        
Revenue, Major Customer [Line Items]        
Total revenues $ 956 $ 940 $ 2,683 $ 2,565
Canada | Revenue Benchmark | Geographic Concentration Risk        
Revenue, Major Customer [Line Items]        
Concentration risk, percentage 10.00% 10.00% 10.00% 10.00%
United States        
Revenue, Major Customer [Line Items]        
Total revenues $ 645 $ 587 $ 1,849 $ 1,679
United States | Revenue Benchmark | Geographic Concentration Risk        
Revenue, Major Customer [Line Items]        
Concentration risk, percentage 10.00% 10.00% 10.00% 10.00%
Other        
Revenue, Major Customer [Line Items]        
Total revenues $ 236 $ 199 $ 670 $ 572
TH        
Revenue, Major Customer [Line Items]        
Total revenues 1,060 1,033 2,976 2,830
BK        
Revenue, Major Customer [Line Items]        
Total revenues 538 491 1,551 1,407
PLK        
Revenue, Major Customer [Line Items]        
Total revenues 188 164 538 477
FHS        
Revenue, Major Customer [Line Items]        
Total revenues $ 51 $ 38 $ 137 $ 102
v3.23.3
Segment Reporting - Reconciliation of Segment Income to Net Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]                
Adjusted EBITDA $ 698     $ 642     $ 1,951 $ 1,790
Impact of equity method investments 1     8     19 30
Other operating expenses (income), net 10     (27)     20 (68)
EBITDA 629     607     1,725 1,695
Depreciation and amortization 47     46     142 143
Income from operations 582     561     1,583 1,552
Interest expense, net 143     133     430 389
Loss on early extinguishment of debt 16     0     16 0
Income tax expense (benefit) 59     (102)     145 17
Net income 364 $ 351 $ 277 530 $ 346 $ 270 992 1,146
Unallocated Management G&A                
Segment Reporting, Revenue Reconciling Item [Line Items]                
Share-based compensation and non-cash incentive compensation expense 49     34     141 93
Corporate restructuring and advisory fees 5     12     17 21
Impact of equity method investments 5     13     29 41
Other operating expenses (income), net 10     (27)     20 (68)
Unallocated Management G&A | Firehouse Subs brand                
Segment Reporting, Revenue Reconciling Item [Line Items]                
FHS Transaction costs 0     3     19 8
TH | Operating Segments                
Segment Reporting, Revenue Reconciling Item [Line Items]                
Adjusted EBITDA 311     305     852 810
BK | Operating Segments                
Segment Reporting, Revenue Reconciling Item [Line Items]                
Adjusted EBITDA 298     262     842 761
PLK | Operating Segments                
Segment Reporting, Revenue Reconciling Item [Line Items]                
Adjusted EBITDA 75     62     214 179
FHS | Operating Segments                
Segment Reporting, Revenue Reconciling Item [Line Items]                
Adjusted EBITDA $ 14     $ 13     $ 43 $ 40
v3.23.3
Supplemental Financial Information - Narrative (Details)
Sep. 30, 2023
3.875% First Lien Senior Notes due 2028 | Senior Notes  
Stated interest rate (as a percent) 3.875%
3.50% First Lien Senior Notes due 2029  
Stated interest rate (as a percent) 3.50%
5.75% First Lien Senior Notes due 2025  
Stated interest rate (as a percent) 5.75%
5.75% First Lien Senior Notes due 2025 | Senior Notes  
Stated interest rate (as a percent) 5.75%
4.375% Second Lien Senior Notes due 2028  
Stated interest rate (as a percent) 4.375%
4.375% Second Lien Senior Notes due 2028 | Senior Notes  
Stated interest rate (as a percent) 4.375%
4.00% Second Lien Senior Notes due 2030  
Stated interest rate (as a percent) 4.00%
4.00% Second Lien Senior Notes due 2030 | Senior Notes  
Stated interest rate (as a percent) 4.00%
v3.23.3
Supplemental Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Current assets:                
Cash and cash equivalents $ 1,310     $ 1,178 $ 946     $ 1,087
Accounts and notes receivable, net 692     614        
Inventories, net 160     133        
Prepaids and other current assets 221     123        
Total current assets 2,383     2,048        
Property and equipment, net 1,904     1,950        
Operating lease assets, net 1,060     1,082        
Intangible assets, net 10,946     10,991        
Goodwill 5,681     5,688        
Investment in subsidiaries 0     0        
Other assets, net 1,103     987        
Total assets 23,077     22,746        
Current liabilities:                
Accounts and drafts payable 693     758        
Other accrued liabilities 1,132     1,001        
Gift card liability 159     230        
Current portion of long-term debt and finance leases 87     127        
Total current liabilities 2,071     2,116        
Long-term debt, net of current portion 12,862     12,839        
Finance leases, net of current portion 305     311        
Operating lease liabilities, net of current portion 1,003     1,027        
Other liabilities, net 864     872        
Deferred income taxes, net 1,308     1,313        
Total liabilities 18,413     18,478        
Partners’ capital:                
Common shares 0     0        
Retained earnings 0     0        
Accumulated other comprehensive income (loss) (871)     (973)        
Total Partners’ capital 4,662     4,266        
Noncontrolling interests 2     2        
Total equity 4,664 $ 4,678 $ 4,311 4,268 4,039 $ 3,909 $ 3,961 3,853
Total liabilities and equity 23,077     22,746        
Related Party                
Current assets:                
Intercompany receivable 0     0        
Current liabilities:                
Other liabilities, net 0     0        
Nonrelated Party                
Current liabilities:                
Other liabilities, net 864              
Deferred income taxes, net       1,313        
Class A common units                
Partners’ capital:                
Class A common units 9,584     8,735        
Partnership exchangeable units                
Partners’ capital:                
Partnership exchangeable units (4,051)     (3,496)        
Eliminations                
Current assets:                
Cash and cash equivalents 0     0 0     0
Accounts and notes receivable, net 0     0        
Inventories, net 0     0        
Prepaids and other current assets 0     0        
Total current assets 0     0        
Property and equipment, net 0     0        
Operating lease assets, net 0     0        
Intangible assets, net 0     0        
Goodwill 0     0        
Investment in subsidiaries (4,664)     (4,268)        
Other assets, net 0     0        
Total assets (4,913)     (4,511)        
Current liabilities:                
Accounts and drafts payable 0     0        
Other accrued liabilities 0     0        
Gift card liability 0     0        
Current portion of long-term debt and finance leases 0     0        
Total current liabilities 0     0        
Long-term debt, net of current portion 0     0        
Finance leases, net of current portion 0     0        
Operating lease liabilities, net of current portion 0     0        
Other liabilities, net       0        
Deferred income taxes, net 0              
Total liabilities (249)     (243)        
Partners’ capital:                
Common shares (2,546)     (2,494)        
Retained earnings (2,987)     (2,745)        
Accumulated other comprehensive income (loss) 871     973        
Total Partners’ capital (4,662)     (4,266)        
Noncontrolling interests (2)     (2)        
Total equity (4,664)     (4,268)        
Total liabilities and equity (4,913)     (4,511)        
Eliminations | Related Party                
Current assets:                
Intercompany receivable (249)     (243)        
Current liabilities:                
Other liabilities, net (249)     (243)        
Eliminations | Nonrelated Party                
Current liabilities:                
Other liabilities, net 0              
Deferred income taxes, net       0        
Eliminations | Class A common units                
Partners’ capital:                
Class A common units 0     0        
Eliminations | Partnership exchangeable units                
Partners’ capital:                
Partnership exchangeable units 0     0        
Consolidated Borrowers | Reportable Legal Entities                
Current assets:                
Cash and cash equivalents 1,310     1,178 946     1,087
Accounts and notes receivable, net 692     614        
Inventories, net 160     133        
Prepaids and other current assets 221     123        
Total current assets 2,383     2,048        
Property and equipment, net 1,904     1,950        
Operating lease assets, net 1,060     1,082        
Intangible assets, net 10,946     10,991        
Goodwill 5,681     5,688        
Investment in subsidiaries 0     0        
Other assets, net 1,103     987        
Total assets 23,077     22,746        
Current liabilities:                
Accounts and drafts payable 693     758        
Other accrued liabilities 883     758        
Gift card liability 159     230        
Current portion of long-term debt and finance leases 87     127        
Total current liabilities 1,822     1,873        
Long-term debt, net of current portion 12,862     12,839        
Finance leases, net of current portion 305     311        
Operating lease liabilities, net of current portion 1,003     1,027        
Other liabilities, net       872        
Deferred income taxes, net 1,308              
Total liabilities 18,413     18,478        
Partners’ capital:                
Common shares 2,546     2,494        
Retained earnings 2,987     2,745        
Accumulated other comprehensive income (loss) (871)     (973)        
Total Partners’ capital 4,662     4,266        
Noncontrolling interests 2     2        
Total equity 4,664     4,268        
Total liabilities and equity 23,077     22,746        
Consolidated Borrowers | Reportable Legal Entities | Related Party                
Current assets:                
Intercompany receivable 0     0        
Current liabilities:                
Other liabilities, net 249     243        
Consolidated Borrowers | Reportable Legal Entities | Nonrelated Party                
Current liabilities:                
Other liabilities, net 864              
Deferred income taxes, net       1,313        
Consolidated Borrowers | Reportable Legal Entities | Class A common units                
Partners’ capital:                
Class A common units 0     0        
Consolidated Borrowers | Reportable Legal Entities | Partnership exchangeable units                
Partners’ capital:                
Partnership exchangeable units 0     0        
RBILP | Reportable Legal Entities                
Current assets:                
Cash and cash equivalents 0     0 $ 0     $ 0
Accounts and notes receivable, net 0     0        
Inventories, net 0     0        
Prepaids and other current assets 0     0        
Total current assets 0     0        
Property and equipment, net 0     0        
Operating lease assets, net 0     0        
Intangible assets, net 0     0        
Goodwill 0     0        
Investment in subsidiaries 4,664     4,268        
Other assets, net 0     0        
Total assets 4,913     4,511        
Current liabilities:                
Accounts and drafts payable 0     0        
Other accrued liabilities 249     243        
Gift card liability 0     0        
Current portion of long-term debt and finance leases 0     0        
Total current liabilities 249     243        
Long-term debt, net of current portion 0     0        
Finance leases, net of current portion 0     0        
Operating lease liabilities, net of current portion 0     0        
Other liabilities, net       0        
Deferred income taxes, net 0              
Total liabilities 249     243        
Partners’ capital:                
Common shares 0     0        
Retained earnings 0     0        
Accumulated other comprehensive income (loss) (871)     (973)        
Total Partners’ capital 4,662     4,266        
Noncontrolling interests 2     2        
Total equity 4,664     4,268        
Total liabilities and equity 4,913     4,511        
RBILP | Reportable Legal Entities | Related Party                
Current assets:                
Intercompany receivable 249     243        
Current liabilities:                
Other liabilities, net 0     0        
RBILP | Reportable Legal Entities | Nonrelated Party                
Current liabilities:                
Other liabilities, net 0              
Deferred income taxes, net       0        
RBILP | Reportable Legal Entities | Class A common units                
Partners’ capital:                
Class A common units 9,584     8,735        
RBILP | Reportable Legal Entities | Partnership exchangeable units                
Partners’ capital:                
Partnership exchangeable units $ (4,051)     $ (3,496)        
v3.23.3
Supplemental Financial Information - Condensed Consolidating Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:                
Total revenues $ 1,837     $ 1,726     $ 5,202 $ 4,816
Operating costs and expenses:                
Cost of sales 630     615     1,792 1,693
Franchise and property expenses 119     137     372 392
Advertising expenses and other services 326     276     909 782
General and administrative expenses 169     156     507 435
(Income) loss from equity method investments 1     8     19 30
Other operating expenses (income), net 10     (27)     20 (68)
Total operating costs and expenses 1,255     1,165     3,619 3,264
Income from operations 582     561     1,583 1,552
Interest expense, net 143     133     430 389
Loss on early extinguishment of debt 16     0     16 0
Income before income taxes 423     428     1,137 1,163
Income tax expense (benefit) 59     (102)     145 17
Net income 364     530     992 1,146
Equity in earnings of consolidated subsidiaries 0     0     0 0
Net income 364 $ 351 $ 277 530 $ 346 $ 270 992 1,146
Net income (loss) attributable to noncontrolling interests 1     1     3 3
Net income attributable to common unitholders 363     529     989 1,143
Comprehensive income (loss) 332     343     1,094 1,145
Eliminations                
Revenues:                
Total revenues 0     0     0 0
Operating costs and expenses:                
Cost of sales 0     0     0 0
Franchise and property expenses 0     0     0 0
Advertising expenses and other services 0     0     0 0
General and administrative expenses 0     0     0 0
(Income) loss from equity method investments 0     0     0 0
Other operating expenses (income), net 0     0     0 0
Total operating costs and expenses 0     0     0 0
Income from operations 0     0     0 0
Interest expense, net 0     0     0 0
Loss on early extinguishment of debt 0           0  
Income before income taxes 0     0     0 0
Income tax expense (benefit) 0     0     0 0
Net income 0     0     0 0
Equity in earnings of consolidated subsidiaries (364)     (530)     (992) (1,146)
Net income (364)     (530)     (992) (1,146)
Net income (loss) attributable to noncontrolling interests (1)     (1)     (3) (3)
Net income attributable to common unitholders (363)     (529)     (989) (1,143)
Comprehensive income (loss) (332)     (343)     (1,094) (1,145)
Consolidated Borrowers | Reportable Legal Entities                
Revenues:                
Total revenues 1,837     1,726     5,202 4,816
Operating costs and expenses:                
Cost of sales 630     615     1,792 1,693
Franchise and property expenses 119     137     372 392
Advertising expenses and other services 326     276     909 782
General and administrative expenses 169     156     507 435
(Income) loss from equity method investments 1     8     19 30
Other operating expenses (income), net 10     (27)     20 (68)
Total operating costs and expenses 1,255     1,165     3,619 3,264
Income from operations 582     561     1,583 1,552
Interest expense, net 143     133     430 389
Loss on early extinguishment of debt 16           16  
Income before income taxes 423     428     1,137 1,163
Income tax expense (benefit) 59     (102)     145 17
Net income 364     530     992 1,146
Equity in earnings of consolidated subsidiaries 0     0     0 0
Net income 364     530     992 1,146
Net income (loss) attributable to noncontrolling interests 1     1     3 3
Net income attributable to common unitholders 363     529     989 1,143
Comprehensive income (loss) 332     343     1,094 1,145
RBILP | Reportable Legal Entities                
Revenues:                
Total revenues 0     0     0 0
Operating costs and expenses:                
Cost of sales 0     0     0 0
Franchise and property expenses 0     0     0 0
Advertising expenses and other services 0     0     0 0
General and administrative expenses 0     0     0 0
(Income) loss from equity method investments 0     0     0 0
Other operating expenses (income), net 0     0     0 0
Total operating costs and expenses 0     0     0 0
Income from operations 0     0     0 0
Interest expense, net 0     0     0 0
Loss on early extinguishment of debt 0           0  
Income before income taxes 0     0     0 0
Income tax expense (benefit) 0     0     0 0
Net income 0     0     0 0
Equity in earnings of consolidated subsidiaries 364     530     992 1,146
Net income 364     530     992 1,146
Net income (loss) attributable to noncontrolling interests 1     1     3 3
Net income attributable to common unitholders 363     529     989 1,143
Comprehensive income (loss) 332     343     1,094 1,145
Sales                
Revenues:                
Total revenues 771     759     2,183 2,076
Sales | Eliminations                
Revenues:                
Total revenues 0     0     0 0
Sales | Consolidated Borrowers | Reportable Legal Entities                
Revenues:                
Total revenues 771     759     2,183 2,076
Sales | RBILP | Reportable Legal Entities                
Revenues:                
Total revenues 0     0     0 0
Franchise and property revenues                
Revenues:                
Total revenues 753     698     2,163 1,989
Franchise and property revenues | Eliminations                
Revenues:                
Total revenues 0     0     0 0
Franchise and property revenues | Consolidated Borrowers | Reportable Legal Entities                
Revenues:                
Total revenues 753     698     2,163 1,989
Franchise and property revenues | RBILP | Reportable Legal Entities                
Revenues:                
Total revenues 0     0     0 0
Advertising revenues and other services                
Revenues:                
Total revenues 313     269     856 751
Advertising revenues and other services | Eliminations                
Revenues:                
Total revenues 0     0     0 0
Advertising revenues and other services | Consolidated Borrowers | Reportable Legal Entities                
Revenues:                
Total revenues 313     269     856 751
Advertising revenues and other services | RBILP | Reportable Legal Entities                
Revenues:                
Total revenues $ 0     $ 0     $ 0 $ 0
v3.23.3
Supplemental Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:                
Net income $ 364 $ 351 $ 277 $ 530 $ 346 $ 270 $ 992 $ 1,146
Adjustments to reconcile net income to net cash provided by operating activities:                
Equity in loss (earnings) of consolidated subsidiaries 0     0     0 0
Depreciation and amortization             142 143
Non-cash loss on early extinguishment of debt             5 0
Amortization of deferred financing costs and debt issuance discount 7     7     21 21
(Income) loss from equity method investments 1     8     19 30
(Gain) loss on remeasurement of foreign denominated transactions             (11) (82)
Net (gains) losses on derivatives             (111) 17
Share-based compensation and non-cash incentive compensation expense             141 93
Deferred income taxes             (47) (29)
Other             19 8
Changes in current assets and liabilities, excluding acquisitions and dispositions:                
Accounts and notes receivable             (86) (93)
Inventories and prepaids and other current assets             (49) (67)
Accounts and drafts payable             (62) 113
Other accrued liabilities and gift card liability             (62) (74)
Tenant inducements paid to franchisees             (15) (13)
Other long-term assets and liabilities             24 (146)
Net cash provided by operating activities             920 1,067
Cash flows from investing activities:                
Payments for property and equipment             (73) (52)
Net proceeds from disposal of assets, restaurant closures, and refranchisings             23 11
Net payments in connection with purchase of Firehouse Subs             0 (12)
Settlement/sale of derivatives, net             40 22
Other investing activities, net             (1) (35)
Net cash (used for) provided by investing activities             (11) (66)
Cash flows from financing activities:                
Proceeds from long-term debt             55 2
Repayments of long-term debt and finance leases             (79) (71)
Payment of financing costs             (43) 0
Distributions on Class A common and Partnership exchangeable units             (741) (728)
Distribution to RBI for repurchase of RBI common shares             (115) (326)
Capital contribution from RBI             52 7
Distributions from subsidiaries             0 0
(Payments) proceeds from derivatives             100 8
Other financing activities, net             (3) (3)
Net cash (used for) provided by financing activities             (774) (1,111)
Effect of exchange rates on cash and cash equivalents             (3) (31)
Increase (decrease) in cash and cash equivalents             132 (141)
Cash and cash equivalents at beginning of period     1,178     1,087 1,178 1,087
Cash and cash equivalents at end of period 1,310     946     1,310 946
Eliminations                
Cash flows from operating activities:                
Net income (364)     (530)     (992) (1,146)
Adjustments to reconcile net income to net cash provided by operating activities:                
Equity in loss (earnings) of consolidated subsidiaries 364     530     992 1,146
Depreciation and amortization             0 0
Non-cash loss on early extinguishment of debt             0  
Amortization of deferred financing costs and debt issuance discount             0 0
(Income) loss from equity method investments 0     0     0 0
(Gain) loss on remeasurement of foreign denominated transactions             0 0
Net (gains) losses on derivatives             0 0
Share-based compensation and non-cash incentive compensation expense             0 0
Deferred income taxes             0 0
Other             0 0
Changes in current assets and liabilities, excluding acquisitions and dispositions:                
Accounts and notes receivable             0 0
Inventories and prepaids and other current assets             0 0
Accounts and drafts payable             0 0
Other accrued liabilities and gift card liability             0 0
Tenant inducements paid to franchisees             0 0
Other long-term assets and liabilities             0 0
Net cash provided by operating activities             0 0
Cash flows from investing activities:                
Payments for property and equipment             0 0
Net proceeds from disposal of assets, restaurant closures, and refranchisings             0 0
Net payments in connection with purchase of Firehouse Subs               0
Settlement/sale of derivatives, net             0 0
Other investing activities, net             0 0
Net cash (used for) provided by investing activities             0 0
Cash flows from financing activities:                
Proceeds from long-term debt             0 0
Repayments of long-term debt and finance leases             0 0
Payment of financing costs             0  
Distributions on Class A common and Partnership exchangeable units             0 0
Distribution to RBI for repurchase of RBI common shares             0 0
Capital contribution from RBI             0 0
Distributions from subsidiaries             0 0
(Payments) proceeds from derivatives             0 0
Other financing activities, net             0 0
Net cash (used for) provided by financing activities             0 0
Effect of exchange rates on cash and cash equivalents             0 0
Increase (decrease) in cash and cash equivalents             0 0
Cash and cash equivalents at beginning of period     0     0 0 0
Cash and cash equivalents at end of period 0     0     0 0
Consolidated Borrowers | Reportable Legal Entities                
Cash flows from operating activities:                
Net income 364     530     992 1,146
Adjustments to reconcile net income to net cash provided by operating activities:                
Equity in loss (earnings) of consolidated subsidiaries 0     0     0 0
Depreciation and amortization             142 143
Non-cash loss on early extinguishment of debt             5  
Amortization of deferred financing costs and debt issuance discount             21 21
(Income) loss from equity method investments 1     8     19 30
(Gain) loss on remeasurement of foreign denominated transactions             (11) (82)
Net (gains) losses on derivatives             (111) 17
Share-based compensation and non-cash incentive compensation expense             141 93
Deferred income taxes             (47) (29)
Other             19 8
Changes in current assets and liabilities, excluding acquisitions and dispositions:                
Accounts and notes receivable             (86) (93)
Inventories and prepaids and other current assets             (49) (67)
Accounts and drafts payable             (62) 113
Other accrued liabilities and gift card liability             (62) (74)
Tenant inducements paid to franchisees             (15) (13)
Other long-term assets and liabilities             24 (146)
Net cash provided by operating activities             920 1,067
Cash flows from investing activities:                
Payments for property and equipment             (73) (52)
Net proceeds from disposal of assets, restaurant closures, and refranchisings             23 11
Net payments in connection with purchase of Firehouse Subs               (12)
Settlement/sale of derivatives, net             40 22
Other investing activities, net             (1) (35)
Net cash (used for) provided by investing activities             (11) (66)
Cash flows from financing activities:                
Proceeds from long-term debt             55 2
Repayments of long-term debt and finance leases             (79) (71)
Payment of financing costs             (43)  
Distributions on Class A common and Partnership exchangeable units             0 0
Distribution to RBI for repurchase of RBI common shares             0 0
Capital contribution from RBI             52 7
Distributions from subsidiaries             (856) (1,054)
(Payments) proceeds from derivatives             100 8
Other financing activities, net             (3) (3)
Net cash (used for) provided by financing activities             (774) (1,111)
Effect of exchange rates on cash and cash equivalents             (3) (31)
Increase (decrease) in cash and cash equivalents             132 (141)
Cash and cash equivalents at beginning of period     1,178     1,087 1,178 1,087
Cash and cash equivalents at end of period 1,310     946     1,310 946
RBILP | Reportable Legal Entities                
Cash flows from operating activities:                
Net income 364     530     992 1,146
Adjustments to reconcile net income to net cash provided by operating activities:                
Equity in loss (earnings) of consolidated subsidiaries (364)     (530)     (992) (1,146)
Depreciation and amortization             0 0
Non-cash loss on early extinguishment of debt             0  
Amortization of deferred financing costs and debt issuance discount             0 0
(Income) loss from equity method investments 0     0     0 0
(Gain) loss on remeasurement of foreign denominated transactions             0 0
Net (gains) losses on derivatives             0 0
Share-based compensation and non-cash incentive compensation expense             0 0
Deferred income taxes             0 0
Other             0 0
Changes in current assets and liabilities, excluding acquisitions and dispositions:                
Accounts and notes receivable             0 0
Inventories and prepaids and other current assets             0 0
Accounts and drafts payable             0 0
Other accrued liabilities and gift card liability             0 0
Tenant inducements paid to franchisees             0 0
Other long-term assets and liabilities             0 0
Net cash provided by operating activities             0 0
Cash flows from investing activities:                
Payments for property and equipment             0 0
Net proceeds from disposal of assets, restaurant closures, and refranchisings             0 0
Net payments in connection with purchase of Firehouse Subs               0
Settlement/sale of derivatives, net             0 0
Other investing activities, net             0 0
Net cash (used for) provided by investing activities             0 0
Cash flows from financing activities:                
Proceeds from long-term debt             0 0
Repayments of long-term debt and finance leases             0 0
Payment of financing costs             0  
Distributions on Class A common and Partnership exchangeable units             (741) (728)
Distribution to RBI for repurchase of RBI common shares             (115) (326)
Capital contribution from RBI             0 0
Distributions from subsidiaries             856 1,054
(Payments) proceeds from derivatives             0 0
Other financing activities, net             0 0
Net cash (used for) provided by financing activities             0 0
Effect of exchange rates on cash and cash equivalents             0 0
Increase (decrease) in cash and cash equivalents             0 0
Cash and cash equivalents at beginning of period     $ 0     $ 0 0 0
Cash and cash equivalents at end of period $ 0     $ 0     $ 0 $ 0
v3.23.3
Subsequent Events (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Feb. 17, 2024
Jan. 04, 2024
Oct. 04, 2023
Nov. 02, 2023
Oct. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2021
Dec. 31, 2019
Dec. 31, 2018
Subsequent Event [Line Items]                                
Settlement/sale of derivatives, net                       $ 40,000,000 $ 22,000,000      
Repurchased of common value           $ 142,000,000           142,000,000        
Cross Currency Interest Rate Contract | Derivatives designated as net investment hedges | Fixed Income Interest Rate                                
Subsequent Event [Line Items]                                
Notional amount           $ 5,000,000,000           $ 5,000,000,000   $ 150,000,000 $ 500,000,000 $ 400,000,000
Forecast                                
Subsequent Event [Line Items]                                
Common stock dividends paid (in usd per share)   $ 0.55                            
Forecast | Interest Rate Swap | Derivatives designated as net investment hedges                                
Subsequent Event [Line Items]                                
Settlement/sale of derivatives, net $ 59,000,000                              
Partnership exchangeable units                                
Subsequent Event [Line Items]                                
Cash dividend declared (in usd per share)           $ 0.55 $ 0.55 $ 0.55 $ 0.54 $ 0.54 $ 0.54          
Subsequent Event                                
Subsequent Event [Line Items]                                
Common stock dividends paid (in usd per share)     $ 0.55                          
Cash dividend declared (in usd per share)       $ 0.55                        
Repurchased of common shares (in shares)         5,539,777                      
Repurchased of common value         $ 358,000,000                      
Subsequent Event | Cross Currency Interest Rate Contract | Derivatives designated as net investment hedges | Fixed Income Interest Rate                                
Subsequent Event [Line Items]                                
Notional amount         $ 1,400,000,000                      
Subsequent Event | Partnership exchangeable units | Restaurant Brands International Limited Partnership                                
Subsequent Event [Line Items]                                
Cash dividend paid per exchangeable unit (in usd per share)     $ 0.55 $ 0.55