RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP, 10-Q filed on 8/8/2024
Quarterly Report
v3.24.2.u1
Cover - shares
 6 Months Ended
Jun. 30, 2024
Aug. 01, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
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 2024  
Document Fiscal Period Focus Q2  
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)   133,576,590
Class A common units    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding (in shares)   202,027,241
v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Current assets:            
Cash and cash equivalents $ 942   $ 1,139 $ 1,213   $ 1,178
Accounts and notes receivable, net of allowance of $37 and $37, respectively 737   749      
Inventories, net 160   166      
Prepaids and other current assets 191   119      
Total current assets 2,030   2,173      
Property and equipment, net of accumulated depreciation and amortization of $1,230 and $1,187, respectively 2,213   1,952      
Operating lease assets, net 1,874   1,122      
Intangible assets, net 11,266   11,107      
Goodwill 6,140   5,775      
Other assets, net 1,326   1,262      
Total assets 24,849   23,391      
Current liabilities:            
Accounts and drafts payable 720   790      
Other accrued liabilities 1,099   1,005      
Gift card liability 181   248      
Current portion of long-term debt and finance leases 617   101      
Total current liabilities 2,617   2,144      
Long-term debt, net of current portion 13,092   12,854      
Finance leases, net of current portion 302   312      
Operating lease liabilities, net of current portion 1,768   1,059      
Other liabilities, net 823   996      
Deferred income taxes, net 1,296   1,296      
Total liabilities 19,898   18,661      
Partners’ capital:            
Accumulated other comprehensive income (loss) (1,125)   (985)      
Total Partners’ capital 4,949   4,728      
Noncontrolling interests 2   2      
Total equity 4,951 $ 4,835 4,730 $ 4,678 $ 4,311 $ 4,268
Total liabilities and equity 24,849   23,391      
Class A common units            
Partners’ capital:            
Class A common units; 202,022,687 issued and outstanding at June 30, 2024; 202,006,067 issued and outstanding at December 31, 2023 9,921   9,620      
Partnership exchangeable units            
Partners’ capital:            
Partnership exchangeable units; 133,581,144 issued and outstanding at June 30, 2024; 133,597,764 issued and outstanding at December 31, 2023 $ (3,847)   $ (3,907)      
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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Financing receivable, allowance for credit loss, current $ 37 $ 37
Accumulated depreciation and amortization $ 1,230 $ 1,187
Class A common units    
Class A common units, issued (in shares) 202,022,687 202,006,067
Class A common units, outstanding (in shares) 202,022,687 202,006,067
Partnership exchangeable units    
Partnership exchangeable units, issued (in shares) 133,581,144 133,597,764
Partnership exchangeable units, outstanding (in shares) 133,581,144 133,597,764
v3.24.2.u1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:            
Total revenues $ 2,080   $ 1,775   $ 3,819 $ 3,365
Operating costs and expenses:            
Franchise and property expenses 134   130   260 253
Advertising expenses and other services 334   312   645 583
General and administrative expenses 185   163   358 338
(Income) loss from equity method investments (69)   11   (72) 18
Other operating expenses (income), net 7   (7)   (11) 10
Total operating costs and expenses 1,417   1,221   2,612 2,364
Income from operations 663   554   1,207 1,001
Interest expense, net 147   145   295 287
Loss on early extinguishment of debt 32   0   32 0
Income before income taxes 484   409   880 714
Income tax expense 85   58   153 86
Net income 399 $ 328 351 $ 277 727 628
Net income attributable to noncontrolling interests 0   1   1 2
Net income attributable to common unitholders 399   350   726 626
Supply chain sales            
Operating costs and expenses:            
Cost of goods and services sold 540   551   1,057 1,048
Company restaurant sales            
Operating costs and expenses:            
Cost of goods and services sold 286   61   375 114
Class A common units            
Operating costs and expenses:            
Net income attributable to common unitholders $ 280   $ 241   $ 510 $ 430
Earnings per unit - basic and diluted            
Earnings per unit, basic (in usd per share) $ 1.39   $ 1.19   $ 2.52 $ 2.13
Earnings per unit, diluted (in usd per share) $ 1.39   $ 1.19   $ 2.52 $ 2.13
Weighted average units outstanding - basic and diluted (in millions):            
Basic (in shares) 202   202   202 202
Diluted (in shares) 202   202   202 202
Partnership exchangeable units            
Operating costs and expenses:            
Net income attributable to common unitholders $ 119   $ 109   $ 216 $ 196
Earnings per unit - basic and diluted            
Earnings per unit, basic (in usd per share) $ 0.89   $ 0.77   $ 1.61 $ 1.39
Earnings per unit, diluted (in usd per share) $ 0.89   $ 0.77   $ 1.61 $ 1.39
Weighted average units outstanding - basic and diluted (in millions):            
Basic (in shares) 134   141   134 142
Diluted (in shares) 134   141   134 142
Product | Supply chain sales            
Revenues:            
Total revenues $ 682   $ 676   $ 1,309 $ 1,283
Product | Company restaurant sales            
Revenues:            
Total revenues 347   68   449 129
Franchise and property revenues            
Revenues:            
Total revenues 747   742   1,459 1,410
Advertising revenues and other services            
Revenues:            
Total revenues $ 304   $ 289   $ 602 $ 543
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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 399 $ 351 $ 727 $ 628
Foreign currency translation adjustment (107) 194 (347) 234
Net change in fair value of net investment hedges, net of tax of $3, $4, $6 and $8 26 (84) 160 (115)
Net change in fair value of cash flow hedges, net of tax of $(10), $(31), $(36) and $(16) 27 86 96 43
Amounts reclassified to earnings of cash flow hedges, net of tax of $10, $6, $18 and $11 (27) (17) (49) (30)
Gain (loss) recognized on other, net of tax of $0, $0, $0 and $0 0 2 0 2
Other comprehensive income (loss) (81) 181 (140) 134
Comprehensive income (loss) 318 532 587 762
Comprehensive income (loss) attributable to noncontrolling interests 0 1 1 2
Comprehensive income (loss) attributable to common unitholders $ 318 $ 531 $ 586 $ 760
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Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net change in fair value of net investment hedges, tax $ 3 $ 4 $ 6 $ 8
Net change in fair value of cash flow hedges, tax (10) (31) (36) (16)
Amounts reclassified to earnings of cash flow hedges, tax 10 6 18 11
Gain (loss) recognized on other, tax $ 0 $ 0 $ 0 $ 0
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Condensed Consolidated Statement of Equity - USD ($)
$ in Millions
Total
Accumulated  Other Comprehensive Income (Loss)
Noncontrolling Interest
Class A common units
Class A common units
Class A Common Units
Class A common units
Partnership Exchangeable Units
Partnership exchangeable units
Partnership exchangeable units
Partnership Exchangeable Units
Class A beginning balance (in shares) at Dec. 31, 2022         202,006,067      
Beginning balance at Dec. 31, 2022 $ 4,268 $ (973) $ 2   $ 8,735     $ (3,496)
Partnership exchangeable units beginning balance (in shares) at Dec. 31, 2022               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 (in shares)               (2,214,072)
Exchange of Partnership exchangeable units for RBI common shares 0       136     $ (136)
Capital contribution from RBI 62       62      
Restaurant VIE contributions (distributions) (1)   (1)          
Net income 277   1   $ 189     87
Other comprehensive income (loss) (47) (47)            
Class A ending balance (in shares) at Mar. 31, 2023         202,006,067      
Ending balance at Mar. 31, 2023 4,311 (1,020) 2   $ 8,951     $ (3,622)
Partnership exchangeable units ending balance (in shares) at Mar. 31, 2023               140,782,568
Class A beginning balance (in shares) at Dec. 31, 2022         202,006,067      
Beginning balance at Dec. 31, 2022 4,268 (973) 2   $ 8,735     $ (3,496)
Partnership exchangeable units beginning balance (in shares) at Dec. 31, 2022               142,996,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 628              
Other comprehensive income (loss) 134              
Class A ending balance (in shares) at Jun. 30, 2023         202,006,067      
Ending balance at Jun. 30, 2023 4,678 (839) 2   $ 9,107     $ (3,592)
Partnership exchangeable units ending balance (in shares) at Jun. 30, 2023               140,758,781
Class A beginning balance (in shares) at Mar. 31, 2023         202,006,067      
Beginning balance at Mar. 31, 2023 4,311 (1,020) 2   $ 8,951     $ (3,622)
Partnership exchangeable units beginning balance (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 (in shares)               (23,787)
Exchange of Partnership exchangeable units for RBI common shares 0       2     $ (2)
Capital contribution from RBI 85       85      
Restaurant VIE contributions (distributions) (1)   (1)          
Net income 351   1   $ 241     109
Other comprehensive income (loss) 181 181            
Class A ending balance (in shares) at Jun. 30, 2023         202,006,067      
Ending balance at Jun. 30, 2023 4,678 (839) 2   $ 9,107     $ (3,592)
Partnership exchangeable units ending balance (in shares) at Jun. 30, 2023               140,758,781
Class A beginning balance (in shares) at Dec. 31, 2023       202,006,067 202,006,067      
Beginning balance at Dec. 31, 2023 4,730 (985) 2   $ 9,620     $ (3,907)
Partnership exchangeable units beginning balance (in shares) at Dec. 31, 2023             133,597,764 133,597,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Distributions declared on Class A common units (184)       (184)      
Distributions declared on partnership exchangeable units (77)             $ (77)
Exchange of Partnership exchangeable units for RBI common shares (in shares)           2,220   (2,220)
Capital contribution from RBI 98       98      
Restaurant VIE contributions (distributions) (1)   (1)          
Net income 328   1   $ 230     $ 97
Other comprehensive income (loss) (59) (59)            
Class A ending balance (in shares) at Mar. 31, 2024         202,008,287      
Ending balance at Mar. 31, 2024 4,835 (1,044) 2   $ 9,764     $ (3,887)
Partnership exchangeable units ending balance (in shares) at Mar. 31, 2024               133,595,544
Class A beginning balance (in shares) at Dec. 31, 2023       202,006,067 202,006,067      
Beginning balance at Dec. 31, 2023 4,730 (985) 2   $ 9,620     $ (3,907)
Partnership exchangeable units beginning balance (in shares) at Dec. 31, 2023             133,597,764 133,597,764
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exchange of Partnership exchangeable units for RBI common shares (in shares)             16,620  
Net income 727              
Other comprehensive income (loss) (140)              
Class A ending balance (in shares) at Jun. 30, 2024       202,022,687 202,022,687      
Ending balance at Jun. 30, 2024 4,951 (1,125) 2   $ 9,921     $ (3,847)
Partnership exchangeable units ending balance (in shares) at Jun. 30, 2024             133,581,144 133,581,144
Class A beginning balance (in shares) at Mar. 31, 2024         202,008,287      
Beginning balance at Mar. 31, 2024 4,835 (1,044) 2   $ 9,764     $ (3,887)
Partnership exchangeable units beginning balance (in shares) at Mar. 31, 2024               133,595,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Distributions declared on Class A common units (184)       (184)      
Distributions declared on partnership exchangeable units (78)             $ (78)
Exchange of Partnership exchangeable units for RBI common shares (in shares)           14,400   (14,400)
Exchange of Partnership exchangeable units for RBI common shares 0       1     $ (1)
Capital contribution from RBI 60       60      
Net income 399   0   $ 280     119
Other comprehensive income (loss) (81) (81)            
Class A ending balance (in shares) at Jun. 30, 2024       202,022,687 202,022,687      
Ending balance at Jun. 30, 2024 $ 4,951 $ (1,125) $ 2   $ 9,921     $ (3,847)
Partnership exchangeable units ending balance (in shares) at Jun. 30, 2024             133,581,144 133,581,144
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Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Class A common units        
Distributions per unit (in usd per share) $ 0.91 $ 0.91 $ 0.85 $ 0.85
Partnership exchangeable units        
Distributions per unit (in usd per share) $ 0.58 $ 0.58 $ 0.55 $ 0.55
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 727 $ 628
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 108 95
Non-cash loss on early extinguishment of debt 22 0
Amortization of deferred financing costs and debt issuance discount 12 14
(Income) loss from equity method investments (72) 18
(Gain) loss on remeasurement of foreign denominated transactions (29) 7
Net (gains) losses on derivatives (91) (72)
Share-based compensation and non-cash incentive compensation expense 87 92
Deferred income taxes 10 (40)
Other 5 (6)
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable 9 (29)
Inventories and prepaids and other current assets 14 (45)
Accounts and drafts payable (70) (31)
Other accrued liabilities and gift card liability (210) (135)
Tenant inducements paid to franchisees (11) (9)
Other long-term assets and liabilities (29) 0
Net cash provided by operating activities 482 487
Cash flows from investing activities:    
Payments for property and equipment (69) (48)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 7 13
Payment for purchase of Carrols Restaurant Group, net of cash acquired (508) 0
Net payments for acquisition of franchised restaurants (23) 0
Settlement/sale of derivatives, net 35 28
Other investing activities, net (1) (1)
Net cash (used for) provided by investing activities (559) (8)
Cash flows from financing activities:    
Proceeds from long-term debt 1,950 2
Repayments of long-term debt and finance leases (1,639) (68)
Payment of financing costs (32) 0
Distributions on Class A common units and Partnership exchangeable units (506) (492)
Capital contribution from RBI 60 49
Proceeds from derivatives 57 63
Other financing activities, net (2) (2)
Net cash used for financing activities (112) (448)
Effect of exchange rates on cash and cash equivalents (8) 4
(Decrease) increase in cash and cash equivalents (197) 35
Cash and cash equivalents at beginning of period 1,139 1,178
Cash and cash equivalents at end of period 942 1,213
Supplemental cash flow disclosures:    
Interest paid 390 380
Income taxes paid $ 186 $ 146
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Description of Business and Organization
 6 Months Ended
Jun. 30, 2024
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”), fast food hamburgers principally under the Burger King® brand (“Burger King”), chicken principally under the Popeyes® brand (“Popeyes”) and sandwiches under the Firehouse Subs® brand (“Firehouse”). We are one of the world’s largest quick service restaurant, or QSR, companies as measured by total number of restaurants. As of June 30, 2024, we franchised or owned 5,836 Tim Hortons restaurants, 19,446 Burger King restaurants, 4,735 Popeyes restaurants and 1,307 Firehouse Subs restaurants, for a total of 31,324 restaurants, and operate in more than 120 countries and territories. As of June 30, 2024, approximately 95% 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.
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Basis of Presentation and Consolidation
 6 Months Ended
Jun. 30, 2024
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, 2024.
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 accounts.
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 June 30, 2024 and December 31, 2023 totaled $29 million and $36 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 Supply chain 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.
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New Accounting Pronouncements
 6 Months Ended
Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
Segment Reporting – In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that expands segment disclosures for public entities, including requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss in assessing segment performance and allocating resources. The new guidance also expands disclosures about a reportable segment’s profit or loss and assets in interim periods and clarifies that a public entity may report additional measures of segment profit if the CODM uses more than one measure of a segment’s profit or loss. The new guidance does not remove existing segment disclosure requirements or change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2023, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption.
Improvements to Income Tax Disclosures – In December 2023, the FASB issued guidance that expands income tax disclosures for public entities, including requiring enhanced disclosures related to the rate reconciliation and income taxes paid information. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance should be applied on a prospective basis, with retrospective application to all prior periods presented in the financial statements permitted. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance.
v3.24.2.u1
Carrols Acquisition
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Carrols Acquisition Carrols Acquisition
Prior to May 16, 2024, we owned a 15% equity interest in Carrols Restaurant Group, Inc. (“Carrols”), which was accounted for as an equity method investment. On May 16, 2024, we acquired the remaining 85% of Carrols issued and outstanding shares that were not already held by us or our affiliates for $9.55 per share in an all cash transaction (the “Carrols Acquisition”) in order to accelerate the reimaging of more than 600 Carrols restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operations. The Carrols Acquisition was accounted for as a business combination by applying the acquisition method of accounting and Carrols became our wholly owned consolidated subsidiary.
The acquisition of the 85% equity interest of Carrols was accounted for as a step acquisition, which required remeasurement of our existing 15% ownership interest in Carrols to fair value. We utilized the $9.55 per share acquisition price to determine the fair value of the existing equity interest. This resulted in an increase in the value of our existing 15% equity interest and the recognition of a gain of $79 million (the “Step Acquisition Gain”), which is included in (Income) loss from equity method investments in our condensed consolidated statements of operations for the three and six months ended June 30, 2024.
Total cash paid in connection with the Carrols Acquisition was $543 million. Additionally, in connection with the Carrols Acquisition, we assumed approximately $431 million of outstanding debt, all of which was fully extinguished as of June 30, 2024. The cash purchase price and extinguishment of debt assumed in the Carrols Acquisition was funded with a combination of cash on hand and $750 million of incremental borrowings under our senior secured term loan facility.
The following table summarizes the purchase price consideration in connection with the Carrols Acquisition (in millions):
Total cash paid$543 
Effective settlement of pre-existing balance sheet accounts (a)15 
Fair value of existing 15% equity interest
90 
Total consideration$648 
(a)Effective settlement of pre-existing balances with Carrols related to franchise and lease agreements prior to the date of acquisition.
Fees and expenses related to the Carrols Acquisition and related financings totaled approximately $11 million during the six months ended June 30, 2024, consisting of professional fees and compensation related expenses which are classified as general and administrative expenses in the accompanying condensed consolidated statements of operations (the “Carrols Acquisition Costs”).
The preliminary allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions):
May 16, 2024
Total current assets$81 
Property and equipment293 
Reacquired franchise rights371 
Operating lease assets725 
Other assets14 
Accounts and drafts payable(12)
Other accrued liabilities(151)
Current portion of long-term debt and finance leases(434)
Finance leases, net of current portion(6)
Operating lease liabilities, net of current portion(689)
Other liabilities(9)
Total identifiable net assets183 
Goodwill465 
Total consideration$648 
The purchase price allocation reflects preliminary fair value estimates based on management's analysis, including preliminary work performed by third-party valuation specialists. We will continue to obtain information to assist in determining the fair value of net assets acquired during the measurement period.
Reacquired franchise rights, which represent the fair value of reacquired franchise agreements determined using the excess earnings method, are amortized over the remaining term of the reacquired franchise agreement and have an estimated weighted average remaining term of 13 years.
Goodwill is considered to represent the value associated with the workforce and synergies anticipated to be realized as a combined company. Goodwill will be allocated to reporting units when the purchase price allocation is finalized during the measurement period.
Total revenues of Carrols from the acquisition date of May 16, 2024 through June 30, 2024, which have been included within Company restaurant sales in our condensed consolidated financial statements, totaled $230 million.
Supplemental Pro Forma Information
The following table presents unaudited supplemental pro forma consolidated revenue for the three and six months ended June 30, 2024 and 2023, as if the Carrols Acquisition had occurred on January 1, 2023 (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Total revenues$2,291 $2,210 $4,435 $4,200 
The unaudited supplemental pro forma consolidated revenue gives effect to actual revenues prior to the Carrols Acquisition, adjusted to exclude the elimination of intercompany transactions. Other than the impact of the Step Acquisition Gain and Carrols Acquisition Costs (as discussed above), supplemental pro forma net earnings, assuming the Carrols Acquisition had occurred on January 1, 2023, would not be materially different from the results reported during the three and six months ended June 30, 2024 and 2023.
The unaudited pro forma information has been prepared for comparative purposes only, in accordance with the acquisition method of accounting, and is not necessarily indicative of the results of operations that would have occurred if the Carrols Acquisition had been completed on the date indicated, nor is it indicative of our future operating results.
v3.24.2.u1
Leases
 6 Months Ended
Jun. 30, 2024
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
June 30,		Six Months Ended
June 30,
2024202320242023
Lease income - operating leases
Minimum lease payments$92 $97 $186 $195 
Variable lease payments119 119 230 215 
Amortization of favorable and unfavorable income lease contracts, net1 1 1 1 
Subtotal - lease income from operating leases212 217 417 411 
Earned income on direct financing and sales-type leases1 3 2 5 
Total property revenues$213 $220 $419 $416 
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
June 30,		Six Months Ended
June 30,
2024202320242023
Lease income - operating leases
Minimum lease payments$92 $97 $186 $195 
Variable lease payments119 119 230 215 
Amortization of favorable and unfavorable income lease contracts, net1 1 1 1 
Subtotal - lease income from operating leases212 217 417 411 
Earned income on direct financing and sales-type leases1 3 2 5 
Total property revenues$213 $220 $419 $416 
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
June 30,		Six Months Ended
June 30,
2024202320242023
Lease income - operating leases
Minimum lease payments$92 $97 $186 $195 
Variable lease payments119 119 230 215 
Amortization of favorable and unfavorable income lease contracts, net1 1 1 1 
Subtotal - lease income from operating leases212 217 417 411 
Earned income on direct financing and sales-type leases1 3 2 5 
Total property revenues$213 $220 $419 $416 
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
June 30,		Six Months Ended
June 30,
2024202320242023
Lease income - operating leases
Minimum lease payments$92 $97 $186 $195 
Variable lease payments119 119 230 215 
Amortization of favorable and unfavorable income lease contracts, net1 1 1 1 
Subtotal - lease income from operating leases212 217 417 411 
Earned income on direct financing and sales-type leases1 3 2 5 
Total property revenues$213 $220 $419 $416 
v3.24.2.u1
Revenue Recognition
 6 Months Ended
Jun. 30, 2024
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, 2023 and June 30, 2024 (in millions):
Contract Liabilities
Balance at December 31, 2023$555 
Recognized during period and included in the contract liability balance at the beginning of the year(34)
Increase, excluding amounts recognized as revenue during the period25 
Effective settlement of pre-existing contract liabilities in connection with Carrols Acquisition(21)
Impact of foreign currency translation(6)
Balance at June 30, 2024$519 
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 June 30, 2024 (in millions):
Contract liabilities expected to be recognized in
Remainder of 2024$27 
202553 
202649 
202746 
202843 
Thereafter301 
Total$519 
Disaggregation of Total Revenues
As described in Note 17, Segment Reporting, during the fourth quarter of 2023, we revised our internal reporting structure, which resulted in a change to our operating and reportable segments. Additionally, following the Carrols Acquisition and PLK China Acquisition (as defined below), we are reporting the operations of Burger King restaurants acquired as part of the Carrols Acquisition and commencing in the third quarter of 2024 the operations of PLK China restaurants into a new operating and reportable segment called Restaurant Holdings (“RH”).
The following tables disaggregate revenue by segment (in millions):
Three Months Ended June 30, 2024
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$682 $— $— $— $— $— $— $682 
Company restaurant sales11 63 33 10 — 230 — 347 
Royalties86 122 76 19 200 — (10)493 
Property revenues160 52 4 — 1 — (4)213 
Franchise fees and other revenue13 3 5 8 12 — — 41 
Advertising revenues and other services78 124 76 16 20 — (10)304 
Total revenues$1,030 $364 $194 $53 $233 $230 $(24)$2,080 
(a)Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK from intersegment transactions with RH.
Six Months Ended June 30, 2024
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$1,309 $— $— $— $— $— $— $1,309 
Company restaurant sales22 121 56 20 — 230 — 449 
Royalties163 238 151 36 388 — (10)966 
Property revenues307 108 7 — 1 — (4)419 
Franchise fees and other revenue20 6 7 16 25 — — 74 
Advertising revenues and other services148 241 151 31 41 — (10)602 
Total revenues$1,969 $714 $372 $103 $455 $230 $(24)$3,819 

Three Months Ended June 30, 2023
THBKPLKFHSINTLTotal
Supply chain sales$676 $— $— $— $— $676 
Company restaurant sales12 24 22 10 — 68 
Royalties83 125 73 18 192 491 
Property revenues158 58 4 — — 220 
Franchise fees and other revenue6 3 5 6 11 31 
Advertising revenues and other services73 117 69 14 16 289 
Total revenues$1,008 $327 $173 $48 $219 $1,775 

Six Months Ended June 30, 2023
THBKPLKFHSINTLTotal
Supply chain sales$1,283 $— $— $— $— $1,283 
Company restaurant sales23 43 43 20 — 129 
Royalties154 238 141 35 365 933 
Property revenues295 113 7 — 1 416 
Franchise fees and other revenue11 7 7 12 24 61 
Advertising revenues and other services135 223 135 18 32 543 
Total revenues$1,901 $624 $333 $85 $422 $3,365 
v3.24.2.u1
Earnings per Unit
 6 Months Ended
Jun. 30, 2024
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
June 30,		Six Months Ended
June 30,
2024202320242023
Allocation of net income among partner interests:
Net income allocated to Class A common unitholders$280 $241 $510 $430 
Net income allocated to Partnership exchangeable unitholders119 109 216 196 
Net income attributable to common unitholders$399 $350 $726 $626 
Denominator - basic and diluted partnership units:
Weighted average Class A common units202 202 202 202 
Weighted average Partnership exchangeable units134 141 134 142 
Earnings per unit - basic and diluted:
Class A common units (a)$1.39 $1.19 $2.52 $2.13 
Partnership exchangeable units (a)$0.89 $0.77 $1.61 $1.39 
(a) Earnings per unit may not recalculate exactly as it is calculated based on unrounded numbers.
v3.24.2.u1
Intangible Assets, net and Goodwill
 6 Months Ended
Jun. 30, 2024
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
June 30, 2024December 31, 2023
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$718 $(359)$359 $727 $(348)$379 
   Reacquired franchise rights386 (4)382 — — — 
   Favorable leases80 (55)25 81 (54)27 
      Subtotal1,184 (418)766 808 (402)406 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,241 $— $6,241 $6,423 $— $6,423 
   Burger King brand
2,088 — 2,088 2,107 — 2,107 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,500 — 10,500 10,701 — 10,701 
Intangible assets, net$11,266 $11,107 
Goodwill:
TH segment$4,006 $4,118 
BK segment239 232 
PLK segment844 844 
FHS segment193 193 
INTL segment393 388 
RH segment465 — 
      Total$6,140 $5,775 
Amortization expense on intangible assets totaled $13 million and $10 million for the three months ended June 30, 2024 and 2023, respectively. Amortization expense on intangible assets totaled $22 million and $19 million for the six months ended June 30, 2024 and 2023, respectively. The changes in reacquired franchise rights and goodwill balances during the six months ended June 30, 2024 was primarily due to the Carrols Acquisition. Refer to Note 4, Carrols Acquisition, for a description of goodwill and intangible assets recognized in connection with the Carrols Acquisition. Additionally, the changes in intangible assets and goodwill balances also reflect the impact of foreign currency translation during the six months ended June 30, 2024.
v3.24.2.u1
Equity Method Investments
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
As discussed in Note 4, Carrols Acquisition, prior to May 16, 2024, we owned a 15% equity interest in Carrols, which was accounted for as an equity method investment. In connection with the Carrols Acquisition, we acquired the remaining 85% equity interest in Carrols, resulting in the Step Acquisition Gain. As a result of the Carrols Acquisition, Carrols became a wholly owned consolidated subsidiary beginning on May 16, 2024.
The aggregate carrying amounts of our equity method investments were $132 million and $163 million as of June 30, 2024 and December 31, 2023, 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 9.4% equity interest in BK Brasil Operação e Assessoria a Restaurantes S.A. based on the quoted market price on June 30, 2024 was approximately $17 million. The aggregate market value of our 4.2% equity interest in TH International Limited (“Tims China”) based on the quoted market price on June 30, 2024 was approximately $5 million.
We have equity interests in entities that own or franchise Tim Hortons, Burger King and Popeyes restaurants. Revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest, including Carrols through May 15, 2024, consist of the following (in millions):

Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues from affiliates:
Royalties$95 $103 $196 $195 
Advertising revenues and other services11 20 31 38 
Property revenues5 9 13 18 
Franchise fees and other revenue5 4 11 9 
Sales5 6 9 10 
Total$121 $142 $260 $270 
At June 30, 2024 and December 31, 2023, we had $61 million 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 $3 million during the three months ended June 30, 2024 and 2023, respectively. Distributions received from this joint venture were $7 million and $6 million during the six months ended June 30, 2024 and 2023, respectively.
Associated with the TIMWEN Partnership, we recognized $5 million and $6 million of rent expense during the three months ended June 30, 2024 and 2023, respectively, and we recognized $10 million of rent expense during each of the six months ended June 30, 2024 and 2023.
(Income) loss from equity method investments reflects our share of investee net income or loss as well as gains or losses from changes in our ownership interests in equity investees.
During June 2024, we acquired the Popeyes China (“PLK China”) business from Tims China (“the PLK China Acquisition”). In addition, Tims China issued us a $20 million three-year convertible note due June 28, 2027. As a result, a total of $30 million from these two transactions is included within other accrued liabilities in the condensed consolidated balance sheets as of June 30, 2024.
v3.24.2.u1
Other Accrued Liabilities and Other Liabilities, net
 6 Months Ended
Jun. 30, 2024
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
June 30,
2024		December 31,
2023
Current:
Distribution payable$261 $245 
Interest payable69 67 
Accrued compensation and benefits129 147 
Taxes payable158 129 
Deferred income74 77 
Accrued advertising expenses51 58 
Restructuring and other provisions13 18 
Current portion of operating lease liabilities187 147 
Other157 117 
Other accrued liabilities$1,099 $1,005 
Noncurrent:
Taxes payable$58 $57 
Contract liabilities519 555 
Derivatives liabilities87 227 
Unfavorable leases37 42 
Accrued pension34 34 
Deferred income60 57 
Other28 24 
Other liabilities, net$823 $996 
v3.24.2.u1
Long-Term Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following (in millions):
As of
June 30,
2024		December 31,
2023
Term Loan B$4,750 $5,175 
Term Loan A1,275 1,275 
5.75% First Lien Senior Notes due 2025
500 500 
3.875% First Lien Senior Notes due 2028
1,550 1,550 
3.50% First Lien Senior Notes due 2029
750 750 
6.125% First Lien Senior Notes due 2029
1,200 — 
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 other123 143 
Less: unamortized deferred financing costs and deferred issue discount(126)(122)
Total debt, net13,672 12,921 
    Less: current maturities of debt(580)(67)
Total long-term debt$13,092 $12,854 
Credit Facilities
On May 16, 2024, two of our subsidiaries (the “Borrowers”) entered into a sixth incremental facility amendment and a ninth amendment (the “First 2024 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 $1,250 million 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”). The First 2024 Amendment increased the existing Term Loan B by $750 million to $5,912 million on the same terms as the existing Term Loan B. The First 2024 Amendment also amended the interest rate applicable to the Canadian dollar loans under the credit agreement to be based on Term Canadian Overnight Repo Rate Average (“CORRA”). The security and guarantees under the amended Credit Agreement are the same as those under the existing facilities. The First 2024 Amendment made no other material changes to the terms of the Credit Agreement. The proceeds from the increase in the Term Loan B were used, along with cash on hand, to complete the Carrols Acquisition, the repayment of amounts outstanding under the Carrols' credit agreement and the redemption and discharge of Carrols' outstanding senior notes.
On June 17, 2024, the Borrowers entered into a tenth amendment to the credit agreement governing our Credit Facilities (the “Second 2024 Amendment”). The Second 2024 Amendment repriced our Term Loan B from an interest rate equal to the Adjusted Term SOFR plus 2.25% to an interest rate equal to the Adjusted Term SOFR Rate plus 1.75% and reduced the outstanding principal amount of the Term Loan B facility from $5,912 million to $4,750 million using a portion of the net proceeds from the issuance of the 6.125% First Lien Senior Notes due 2029 (defined below). There were no changes to the maturity of the Term Loan B following this repricing and all other terms are substantially unchanged. In connection with the First 2024 Amendment and the Second 2024 Amendment, we capitalized approximately $24 million in debt issuance costs and recorded a $32 million loss on early extinguishment of debt that primarily reflects expensing of fees and the write-off of unamortized debt issuance costs.
Revolving Credit Facility
As of June 30, 2024, we had no amounts outstanding under our Revolving Credit Facility, had $3 million of letters of credit issued against the Revolving Credit Facility, and our borrowing availability under our Revolving Credit Facility was $1,247 million. Funds available under the Revolving Credit Facility may be used to repay other debt, finance debt or equity repurchases, 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.
6.125% First Lien Senior Notes due 2029
On June 17, 2024, the Borrowers entered into an indenture (the “6.125% First Lien Senior Notes Indenture”) in connection with the issuance of $1,200 million of 6.125% first lien senior notes due June 15, 2029 (the “6.125% First Lien Senior Notes due 2029”). No principal payments are due until maturity and interest is paid semi-annually. The net proceeds from the offering of the 6.125% First Lien Senior Notes due 2029 were used to refinance a portion of the Term Loan B, pay related fees and expenses and for general corporate purposes. In connection with the issuance of the 6.125% First Lien Senior Notes due 2029, we capitalized approximately $13 million in debt issuance costs.
Obligations under the 6.125% First Lien Senior Notes due 2029 are guaranteed on a senior secured basis, jointly and severally, by Partnership and substantially all of its Canadian and U.S. subsidiaries, including The TDL Group Corp., Burger King Company LLC, Popeyes Louisiana Kitchen, Inc., FRG, LLC and substantially all of their respective Canadian and U.S. subsidiaries (the “Note Guarantors”). The 6.125% First Lien Senior Notes due 2029 are first lien senior secured obligations and rank equal in right of payment with all of the existing and future first lien senior debt of the Borrowers and Note Guarantors, including borrowings and guarantees under our Credit Facilities.
Our 6.125% First Lien Senior Notes due 2029 may be redeemed in whole or in part, on or after June 15, 2026 at the redemption prices set forth in the 6.125% First Lien Senior Notes Indenture, plus accrued and unpaid interest, if any, at the date of redemption. The 6.125% First Lien Senior Notes Indenture also contains optional redemption provisions related to tender offers, change of control and equity offerings, among others.
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”). Prior to June 30, 2024, the interest rate applicable to the TH Facility was 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. Beginning July 1, 2024, the interest rate applicable to the TH
Facility is the Adjusted Term CORRA 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 three of our subsidiaries, and amounts borrowed under the TH Facility are secured by certain parcels of real estate. As of June 30, 2024, we had approximately C$166 million outstanding under the TH Facility with a weighted average interest rate of 6.39%.
Restrictions and Covenants
As of June 30, 2024, 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
June 30,
2024		December 31,
2023
Fair value of our variable term debt and senior notes$13,084 $12,401 
Principal carrying amount of our variable term debt and senior notes13,675 12,900 
Interest Expense, net
Interest expense, net consists of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Debt (a)$145 $142 $293 $280 
Finance lease obligations5 5 10 9 
Amortization of deferred financing costs and debt issuance discount6 7 12 14 
Interest income(9)(9)(20)(16)
    Interest expense, net$147 $145 $295 $287 
(a)Amount includes $12 million and $16 million benefit during the three months ended June 30, 2024 and 2023, respectively, and $23 million and $31 million benefit during the six months ended June 30, 2024 and 2023, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 14, Derivative Instruments.
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our effective tax rate was 17.6% and 17.4% for the three and six months ended June 30, 2024, respectively. The effective tax rate during these periods was primarily the result of the mix of income from multiple tax jurisdictions, the impact of internal financing arrangements, the impact of the Carrols Acquisition, and equity-based compensation.
Our effective tax rate was 14.3% and 12.1% for the three and six months ended June 30, 2023, respectively. The effective tax rate during these periods reflects the mix of income from multiple tax jurisdictions, the impact of internal financing arrangements, a favorable structural change that benefited 2023, and equity-based compensation.
On June 20, 2024, Canada enacted significant tax legislation including the introduction of the excessive interest and financing expenses limitation (“EIFEL”) as well as a 2% tax on certain share buy backs. The EIFEL rules are applicable for the current fiscal year, while the tax on share buy backs applies to certain share repurchases on or after January 1, 2024. As a result, we expect to have restricted interest and financing expenses, which can be carried forward indefinitely.
v3.24.2.u1
Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Equity Equity
During the six months ended June 30, 2024, Partnership exchanged 16,620 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. In connection with an amendment to the partnership agreement, Partnership exchangeable units exchanged for RBI common shares subsequent to December 31, 2023 also result in the issuance of additional Class A common units to RBI in an amount equal to the number of RBI common shares exchanged. 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.
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, 2023$675 $(17)$(1,643)$(985)
Foreign currency translation adjustment— — (347)(347)
Net change in fair value of derivatives, net of tax256 — — 256 
Amounts reclassified to earnings of cash flow hedges, net of tax(49)— — (49)
Balance at June 30, 2024$882 $(17)$(1,990)$(1,125)
v3.24.2.u1
Derivative Instruments
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024, 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 June 30, 2024, 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.
In connection with the Carrols Acquisition, we assumed a receive-variable, pay-fixed interest rate swap utilizing SOFR as the benchmark interest rate with a total notional value of $120 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, through the termination date of February 28, 2025. This interest rate swap is designated as a cash flow hedge for hedge accounting and 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.
At June 30, 2024, the net amount of pre-tax gains that we expect to be reclassified from AOCI 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 June 30, 2024, 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 June 30, 2024, 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 June 30, 2024, we had outstanding 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 $2,750 million, of which $1,400 million have a maturity date of October 31, 2026, $1,200 million have a maturity date of November 30, 2028, and $150 million have a maturity date of October 31, 2028. At inception, these cross-currency rate swaps were designated and continue to be hedges and are accounted for as a net investment hedge. During 2023, we settled our previously existing cross-currency rate swaps in which we paid 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 and an original maturity date of February 17, 2024. During 2023, we also settled our previously existing cross-currency rate swap contracts between the euro and U.S. dollar with a notional value of $900 million and an original maturity date of February 17, 2024.
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 statements 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 June 30, 2024, 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 $163 million with maturities to July 15, 2025. 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
June 30,		Six Months Ended
June 30,
2024202320242023
Derivatives designated as cash flow hedges(1)
Interest rate swaps$35 $120 $127 $63 
Forward-currency contracts$2 $(3)$5 $(4)
Derivatives designated as net investment hedges
Cross-currency rate swaps$23 $(88)$154 $(123)
(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
June 30,		Six Months Ended
June 30,
2024202320242023
Derivatives designated as cash flow hedges
Interest rate swapsInterest expense, net$36 $20 $66 $35 
Forward-currency contractsSupply chain cost of sales$1 $3 $1 $6 
Location of Gain or (Loss) Recognized in EarningsGain or (Loss) Recognized in Earnings
(Amount Excluded from Effectiveness Testing)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Derivatives designated as net investment hedges
Cross-currency rate swapsInterest expense, net$12 $16 $23 $31 
Fair Value as of
June 30,
2024		December 31, 2023Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate$250 $190 Other assets, net
Interest rate3 — Prepaids and other current assets
Foreign currency2 — Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency21 7 Other assets, net
Total assets at fair value$276 $197 
Liabilities:
Derivatives designated as cash flow hedges
Foreign currency$— $2 Other accrued liabilities
Derivatives designated as net investment hedges
Foreign currency87 227 Other liabilities, net
Total liabilities at fair value$87 $229 
v3.24.2.u1
Other Operating Expenses (Income), net
 6 Months Ended
Jun. 30, 2024
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
June 30,		Six Months Ended
June 30,
2024202320242023
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings$8 $(9)$10 $(11)
Litigation settlements (gains) and reserves, net1 (3)1 (2)
Net losses (gains) on foreign exchange(6)(1)(29)7 
Other, net4 6 7 16 
     Other operating expenses (income), net$7 $(7)$(11)$10 
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.
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 2023 is primarily related to payments in connection with FHS area representative buyouts.
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
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 intend to vigorously defend these claims, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.
On April 23, 2024, a purported shareholder of Carrols Restaurant Group, Inc. (“CRG”), filed a complaint against CRG, its directors, RBI and BK Cheshire Corp. (our wholly-owned merger subsidiary) in the Supreme Court of the State of New York County of Westchester. The complaint alleged various breaches under Delaware law of fiduciary duties by the CRG directors and disclosure obligations by CRG with respect to the Agreement and Plan of Merger, dated as of January 16, 2024 among RBI, BK Cheshire Corp. and CRG (the “Merger Agreement”). In addition, the complaint alleged that RBI aided and abetted these breaches through its actions in negotiating the transaction and assistance in the dissemination of proxy statement related to the stockholder approval of the Merger Agreement. The complaint sought, among other things, to enjoin the stockholder vote to approve the Merger Agreement and/or the consummation of the sale pending resolution of the complaint as well as compensatory and/or rescissory damages and fees and expenses. The parties have settled this case and we paid an amount which was not material.
v3.24.2.u1
Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As stated in Note 1, Description of Business and Organization, we manage four brands: Tim Hortons, Burger King, Popeyes and Firehouse Subs. During the second quarter of 2024, we completed the Carrols Acquisition and PLK China Acquisition. As a result, our consolidated statements of operations for the three and six months ended June 30, 2024 include Carrols revenues and expenses from the acquisition date of May 16, 2024 through June 30, 2024. Due to the timing of the acquisition, PLK China results will be included in our consolidated statements of operations commencing in the third quarter of 2024.
During the fourth quarter of 2023, we revised our internal reporting structure, which resulted in a change to our operating and reportable segments. Additionally, following the Carrols Acquisition and the PLK China Acquisition, we established a new operating and reportable segment to reflect the manner in which our chief operating decision maker (“CODM”) manages and assesses performance of our segments. As a result, beginning in the second quarter of 2024, we are reporting results under six operating and reportable segments consisting of the following:
1.Tim Hortons – operations of our Tim Hortons brand in Canada and the U.S. (“TH”);
2.Burger King – operations of our Burger King brand in the U.S. and Canada, excluding Company restaurant results of Burger King restaurants acquired as part of the Carrols Acquisition, included in our RH segment (defined below) (“BK”);
3.Popeyes Louisiana Kitchen – operations of our Popeyes brand in the U.S. and Canada (“PLK”);
4.Firehouse Subs – operations of our Firehouse Subs brand in the U.S. and Canada (“FHS”);
5.International – operations of each of our brands outside the U.S. and Canada, excluding Company restaurant results of PLK China restaurants commencing in the third quarter of 2024, included in our RH segment (“INTL”); and
6.Restaurant Holdings – operations of Burger King restaurants acquired as part of the Carrols Acquisition and commencing in the third quarter of 2024, the operations of PLK China restaurants (“RH”).
Prior year amounts presented have been reclassified to conform to this new segment presentation with no effect on previously reported consolidated results.
The following tables present revenues, by segment and by country (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues by operating segment:
     TH$1,030 $1,008 $1,969 $1,901 
     BK364 327 714 624 
     PLK194 173 372 333 
     FHS53 48 103 85 
     INTL233 219 455 422 
RH230 — 230 — 
Elimination of intersegment revenues (a)(24)— (24)— 
Total revenues$2,080 $1,775 $3,819 $3,365 
(a)Consists of BK royalties, property revenues, advertising contribution revenues and tech fees from intersegment transactions with RH.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues by country (b):
     Canada$945 $925 $1,801 $1,739 
     United States902 631 1,563 1,204 
     Other233 219 455 422 
Total revenues$2,080 $1,775 $3,819 $3,365 
(b)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 Operating Income which represents income from operations adjusted to exclude (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (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 expenses incurred in connection with the Carrols Acquisition, and commencing in the third quarter of 2024 the PLK China Acquisition, consisting primarily of professional fees, compensation related expenses and integration costs (“RH Transaction costs”); (ii) non-recurring fees and expense incurred in connection with the acquisition of Firehouse consisting primarily of professional fees, compensation-related expenses and integration costs (“FHS Transaction costs”); and (iii) 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 Operating Income 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
June 30,		Six Months Ended
June 30,
2024202320242023
Segment income:
     TH$269 $246 $493 $458 
     BK114 110 220 206 
     PLK62 56 120 107 
     FHS13 11 23 20 
INTL160 154 302 291 
RH14 — 14 — 
          Adjusted Operating Income632 577 1,172 1,082 
Franchise agreement and reacquired franchise rights amortization11 8 19 16 
RH Transaction costs9 — 13 — 
FHS Transaction costs— — — 19 
Corporate restructuring and advisory fees6 7 8 12 
Impact of equity method investments (a)(64)15 (64)24 
Other operating expenses (income), net7 (7)(11)10 
          Income from operations663 554 1,207 1,001 
Interest expense, net147 145 295 287 
Loss on early extinguishment of debt32 — 32 — 
Income tax expense85 58 153 86 
          Net income$399 $351 $727 $628 
(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.
v3.24.2.u1
Supplemental Financial Information
 6 Months Ended
Jun. 30, 2024
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 5.750% First Lien Senior Notes Indenture with respect to the 5.750% First Lien Senior Notes due 2025. 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 6.125% First Lien Senior Notes Indenture with respect to the 6.125% First Lien Senior Notes due 2029. 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 5.750% First Lien Senior Notes Indenture, the 3.875% First Lien Senior Notes Indenture, the 3.500% First Lien Senior Notes Indenture, the 6.125% 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 June 30, 2024
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$942 $— $— $942 
Accounts and notes receivable, net737 — — 737 
Inventories, net160 — — 160 
Prepaids and other current assets191 — — 191 
Total current assets2,030 — — 2,030 
Property and equipment, net2,213 — — 2,213 
Operating lease assets, net1,874 — — 1,874 
Intangible assets, net11,266 — — 11,266 
Goodwill6,140 — — 6,140 
Intercompany receivable— 261 (261)— 
Investment in subsidiaries— 4,951 (4,951)— 
Other assets, net1,326 — — 1,326 
Total assets$24,849 $5,212 $(5,212)$24,849 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$720 $— $— $720 
Other accrued liabilities838 261 — 1,099 
Gift card liability181 — — 181 
Current portion of long-term debt and finance leases617 — — 617 
Total current liabilities2,356 261 — 2,617 
Long-term debt, net of current portion13,092 — — 13,092 
Finance leases, net of current portion302 — — 302 
Operating lease liabilities, net of current portion1,768 — — 1,768 
Other liabilities, net823 — — 823 
Payables to affiliates261 — (261)— 
Deferred income taxes, net1,296 — — 1,296 
Total liabilities19,898 261 (261)19,898 
Partners’ capital:
Class A common units— 9,921 — 9,921 
Partnership exchangeable units— (3,847)— (3,847)
Common shares2,404 — (2,404)— 
Retained earnings3,670 — (3,670)— 
Accumulated other comprehensive income (loss)(1,125)(1,125)1,125 (1,125)
Total Partners' capital/shareholders' equity4,949 4,949 (4,949)4,949 
Noncontrolling interests2 2 (2)2 
Total equity4,951 4,951 (4,951)4,951 
Total liabilities and equity$24,849 $5,212 $(5,212)$24,849 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of December 31, 2023
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,139 $— $— $1,139 
Accounts and notes receivable, net749 — — 749 
Inventories, net166 — — 166 
Prepaids and other current assets119 — — 119 
Total current assets2,173 — — 2,173 
Property and equipment, net1,952 — — 1,952 
Operating lease assets. net1,122 — — 1,122 
Intangible assets, net11,107 — — 11,107 
Goodwill5,775 — — 5,775 
Intercompany receivable— 245 (245)— 
Investment in subsidiaries— 4,730 (4,730)— 
Other assets, net1,262 — — 1,262 
Total assets$23,391 $4,975 $(4,975)$23,391 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$790 $— $— $790 
Other accrued liabilities760 245 — 1,005 
Gift card liability248 — — 248 
Current portion of long-term debt and finance leases101 — — 101 
Total current liabilities1,899 245 — 2,144 
Long-term debt, net of current portion12,854 — — 12,854 
Finance leases, net of current portion312 — — 312 
Operating lease liabilities, net of current portion1,059 — — 1,059 
Other liabilities, net996 — — 996 
Payables to affiliates245 — (245)— 
Deferred income taxes, net1,296 — — 1,296 
Total liabilities18,661 245 (245)18,661 
Partners’ capital:
Class A common units— 9,620 — 9,620 
Partnership exchangeable units— (3,907)— (3,907)
Common shares2,246 — (2,246)— 
Retained earnings3,467 — (3,467)— 
Accumulated other comprehensive income (loss)(985)(985)985 (985)
Total Partners' capital/shareholders' equity4,728 4,728 (4,728)4,728 
Noncontrolling interests2 2 (2)2 
Total equity4,730 4,730 (4,730)4,730 
Total liabilities and equity$23,391 $4,975 $(4,975)$23,391 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended June 30, 2024
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$682 $— $— $682 
Company restaurant sales347 — — 347 
Franchise and property revenues747 — — 747 
Advertising revenues and other services304 — — 304 
Total revenues2,080 — — 2,080 
Operating costs and expenses:
Supply chain cost of sales540 — — 540 
Company restaurant expenses286 — — 286 
Franchise and property expenses134 — — 134 
Advertising expenses and other services334 — — 334 
General and administrative expenses185 — — 185 
(Income) loss from equity method investments(69)— — (69)
Other operating expenses (income), net7 — — 7 
Total operating costs and expenses1,417 — — 1,417 
Income from operations663 — — 663 
Interest expense, net147 — — 147 
Loss on early extinguishment of debt32 — — 32 
Income before income taxes484 — — 484 
Income tax expense85 — — 85 
Net income399 — — 399 
Equity in earnings of consolidated subsidiaries— 399 (399)— 
Net income (loss)399 399 (399)399 
Net income (loss) attributable to noncontrolling interests— — — — 
Net income (loss) attributable to common unitholders$399 $399 $(399)$399 
Comprehensive income (loss)$318 $318 $(318)$318 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Six Months Ended June 30, 2024
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$1,309 $— $— $1,309 
Company restaurant sales449 — — 449 
Franchise and property revenues1,459 — — 1,459 
Advertising revenues and other services602 — — 602 
Total revenues3,819 — — 3,819 
Operating costs and expenses:
Supply chain cost of sales1,057 — — 1,057 
Company restaurant expenses375 — — 375 
Franchise and property expenses260 — — 260 
Advertising expenses and other services645 — — 645 
General and administrative expenses358 — — 358 
(Income) loss from equity method investments(72)— — (72)
Other operating expenses (income), net(11)— — (11)
Total operating costs and expenses2,612 — — 2,612 
Income from operations1,207 — — 1,207 
Interest expense, net295 — — 295 
Loss on early extinguishment of debt32 — — 32 
Income before income taxes880 — — 880 
Income tax expense153 — — 153 
Net income727 — — 727 
Equity in earnings of consolidated subsidiaries— 727 (727)— 
Net income (loss)727 727 (727)727 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$726 $726 $(726)$726 
Comprehensive income (loss)$587 $587 $(587)$587 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended June 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$676 $— $— $676 
Company restaurant sales68 — — 68 
Franchise and property revenues742 — — 742 
Advertising revenues and other services289 — — 289 
Total revenues1,775 — — 1,775 
Operating costs and expenses:
Supply chain cost of sales551 — — 551 
Company restaurant expenses61 — — 61 
Franchise and property expenses130 — — 130 
Advertising expenses and other services312 — — 312 
General and administrative expenses163 — — 163 
(Income) loss from equity method investments11 — — 11 
Other operating expenses (income), net(7)— — (7)
Total operating costs and expenses1,221 — — 1,221 
Income from operations554 — — 554 
Interest expense, net145 — — 145 
Income before income taxes409 — — 409 
Income tax expense58 — — 58 
Net income351 — — 351 
Equity in earnings of consolidated subsidiaries— 351 (351)— 
Net income (loss)351 351 (351)351 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$350 $350 $(350)$350 
Comprehensive income (loss)$532 $532 $(532)$532 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Six Months Ended June 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$1,283 $— $— $1,283 
Company restaurant sales129 — — 129 
Franchise and property revenues1,410 — — 1,410 
Advertising revenues and other services543 — — 543 
Total revenues3,365 — — 3,365 
Operating costs and expenses:
Supply chain cost of sales1,048 — — 1,048 
Company restaurant expenses114 — — 114 
Franchise and property expenses253 — — 253 
Advertising expenses and other services583 — — 583 
General and administrative expenses338 — — 338 
(Income) loss from equity method investments18 — — 18 
Other operating expenses (income), net10 — — 10 
Total operating costs and expenses2,364 — — 2,364 
Income from operations1,001 — — 1,001 
Interest expense, net287 — — 287 
Income before income taxes714 — — 714 
Income tax expense86 — — 86 
Net income628 — — 628 
Equity in earnings of consolidated subsidiaries— 628 (628)— 
Net income (loss)628 628 (628)628 
Net income (loss) attributable to noncontrolling interests2 2 (2)2 
Net income (loss) attributable to common unitholders$626 $626 $(626)$626 
Comprehensive income (loss)$762 $762 $(762)$762 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Six months ended June 30, 2024

Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$727 $727 $(727)$727 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (727)727 — 
Depreciation and amortization108 — — 108 
Non-cash loss on early extinguishment of debt22 — — 22 
Amortization of deferred financing costs and debt issuance discount12 — — 12 
(Income) loss from equity method investments(72)— — (72)
(Gain) loss on remeasurement of foreign denominated transactions(29)— — (29)
Net (gains) losses on derivatives(91)— — (91)
Share-based compensation and non-cash incentive compensation expense87 — — 87 
Deferred income taxes10 — — 10 
Other5 — — 5 
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable9 — — 9 
Inventories and prepaids and other current assets14 — — 14 
Accounts and drafts payable(70)— — (70)
Other accrued liabilities and gift card liability(210)— — (210)
Tenant inducements paid to franchisees(11)— — (11)
Other long-term assets and liabilities(29)— — (29)
Net cash provided by operating activities482 — — 482 
Cash flows from investing activities:
Payments for property and equipment(69)— — (69)
Net proceeds from disposal of assets, restaurant closures, and refranchisings7 — — 7 
Payment for purchase of Carrols Restaurant Group, net of cash acquired(508)— — (508)
Net payments for acquisition of franchised restaurants(23)— — (23)
Settlement/sale of derivatives, net35 — — 35 
Other investing activities, net(1)— — (1)
Net cash (used for) provided by investing activities(559)— — (559)
Cash flows from financing activities:
Proceeds from long-term debt1,950 — — 1,950 
Repayments of long-term debt and finance leases(1,639)— — (1,639)
Payment of financing costs(32)— — (32)
Distributions on Class A common and Partnership exchangeable units— (506)— (506)
Capital contribution from RBI60 — — 60 
Distributions from subsidiaries(506)506 — — 
Proceeds from derivatives57 — — 57 
Other financing activities, net(2)— — (2)
Net cash (used for) provided by financing activities(112)— — (112)
Effect of exchange rates on cash and cash equivalents(8)— — (8)
Increase (decrease) in cash and cash equivalents(197)— — (197)
Cash and cash equivalents at beginning of period1,139 — — 1,139 
Cash and cash equivalents at end of period$942 $— $— $942 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Six Months Ended June 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$628 $628 $(628)$628 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (628)628 — 
Depreciation and amortization95 — — 95 
Amortization of deferred financing costs and debt issuance discount14 — — 14 
(Income) loss from equity method investments18 — — 18 
(Gain) loss on remeasurement of foreign denominated transactions7 — — 7 
Net (gains) losses on derivatives(72)— — (72)
Share-based compensation and non-cash incentive compensation expense92 — — 92 
Deferred income taxes(40)— — (40)
Other(6)— — (6)
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable(29)— — (29)
Inventories and prepaids and other current assets(45)— — (45)
Accounts and drafts payable(31)— — (31)
Other accrued liabilities and gift card liability(135)— — (135)
Tenant inducements paid to franchisees(9)— — (9)
Net cash provided by operating activities487 — — 487 
Cash flows from investing activities:
Payments for property and equipment(48)— — (48)
Net proceeds from disposal of assets, restaurant closures, and refranchisings13 — — 13 
Settlement/sale of derivatives, net28 — — 28 
Other investing activities, net(1)— — (1)
Net cash (used for) provided by investing activities(8)— — (8)
Cash flows from financing activities:
Proceeds from long-term debt2 — — 2 
Repayments of long-term debt and finance leases(68)— — (68)
Distributions on Class A common and Partnership exchangeable units— (492)— (492)
Capital contribution from RBI49 — — 49 
Distributions from subsidiaries(492)492 — — 
Proceeds from derivatives63 — — 63 
Other financing activities, net(2)— — (2)
Net cash (used for) provided by financing activities(448)— — (448)
Effect of exchange rates on cash and cash equivalents4 — — 4 
Increase (decrease) in cash and cash equivalents35 — — 35 
Cash and cash equivalents at beginning of period1,178 — — 1,178 
Cash and cash equivalents at end of period$1,213 $— $— $1,213 
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Cash Distributions/Dividends
On July 5, 2024, RBI paid a cash dividend of $0.58 per RBI common share to common shareholders of record on June 21, 2024. 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 $0.58 per exchangeable unit to holders of record on June 21, 2024.
Subsequent to June 30, 2024, the RBI board of directors declared a cash dividend of $0.58 per RBI common share, which will be paid on October 4, 2024 to RBI common shareholders of record on September 20, 2024. 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 $0.58 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.
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
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
v3.24.2.u1
Basis of Presentation and Consolidation (Policies)
 6 Months Ended
Jun. 30, 2024
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, 2024.
Principles of Consolidation
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.
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 accounts.
New Accounting Pronouncements New Accounting Pronouncements
Segment Reporting – In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that expands segment disclosures for public entities, including requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss in assessing segment performance and allocating resources. The new guidance also expands disclosures about a reportable segment’s profit or loss and assets in interim periods and clarifies that a public entity may report additional measures of segment profit if the CODM uses more than one measure of a segment’s profit or loss. The new guidance does not remove existing segment disclosure requirements or change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2023, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption.
Improvements to Income Tax Disclosures – In December 2023, the FASB issued guidance that expands income tax disclosures for public entities, including requiring enhanced disclosures related to the rate reconciliation and income taxes paid information. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance should be applied on a prospective basis, with retrospective application to all prior periods presented in the financial statements permitted. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance.
Contract Liabilities
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.
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.
v3.24.2.u1
Carrols Acquisition (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the purchase price consideration in connection with the Carrols Acquisition (in millions):
Total cash paid$543 
Effective settlement of pre-existing balance sheet accounts (a)15 
Fair value of existing 15% equity interest
90 
Total consideration$648 
(a)Effective settlement of pre-existing balances with Carrols related to franchise and lease agreements prior to the date of acquisition.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The preliminary allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions):
May 16, 2024
Total current assets$81 
Property and equipment293 
Reacquired franchise rights371 
Operating lease assets725 
Other assets14 
Accounts and drafts payable(12)
Other accrued liabilities(151)
Current portion of long-term debt and finance leases(434)
Finance leases, net of current portion(6)
Operating lease liabilities, net of current portion(689)
Other liabilities(9)
Total identifiable net assets183 
Goodwill465 
Total consideration$648 
Schedule of Supplemental Pro Forma Information
The following table presents unaudited supplemental pro forma consolidated revenue for the three and six months ended June 30, 2024 and 2023, as if the Carrols Acquisition had occurred on January 1, 2023 (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Total revenues$2,291 $2,210 $4,435 $4,200 
v3.24.2.u1
Leases (Tables)
 6 Months Ended
Jun. 30, 2024
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
June 30,		Six Months Ended
June 30,
2024202320242023
Lease income - operating leases
Minimum lease payments$92 $97 $186 $195 
Variable lease payments119 119 230 215 
Amortization of favorable and unfavorable income lease contracts, net1 1 1 1 
Subtotal - lease income from operating leases212 217 417 411 
Earned income on direct financing and sales-type leases1 3 2 5 
Total property revenues$213 $220 $419 $416 
v3.24.2.u1
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Change in Contract Liabilities The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2023 and June 30, 2024 (in millions):
Contract Liabilities
Balance at December 31, 2023$555 
Recognized during period and included in the contract liability balance at the beginning of the year(34)
Increase, excluding amounts recognized as revenue during the period25 
Effective settlement of pre-existing contract liabilities in connection with Carrols Acquisition(21)
Impact of foreign currency translation(6)
Balance at June 30, 2024$519 
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 June 30, 2024 (in millions):
Contract liabilities expected to be recognized in
Remainder of 2024$27 
202553 
202649 
202746 
202843 
Thereafter301 
Total$519 
Schedule of Disaggregation of Total Revenues
The following tables disaggregate revenue by segment (in millions):
Three Months Ended June 30, 2024
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$682 $— $— $— $— $— $— $682 
Company restaurant sales11 63 33 10 — 230 — 347 
Royalties86 122 76 19 200 — (10)493 
Property revenues160 52 4 — 1 — (4)213 
Franchise fees and other revenue13 3 5 8 12 — — 41 
Advertising revenues and other services78 124 76 16 20 — (10)304 
Total revenues$1,030 $364 $194 $53 $233 $230 $(24)$2,080 
(a)Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK from intersegment transactions with RH.
Six Months Ended June 30, 2024
THBKPLKFHSINTLRHELIM (a)Total
Supply chain sales$1,309 $— $— $— $— $— $— $1,309 
Company restaurant sales22 121 56 20 — 230 — 449 
Royalties163 238 151 36 388 — (10)966 
Property revenues307 108 7 — 1 — (4)419 
Franchise fees and other revenue20 6 7 16 25 — — 74 
Advertising revenues and other services148 241 151 31 41 — (10)602 
Total revenues$1,969 $714 $372 $103 $455 $230 $(24)$3,819 

Three Months Ended June 30, 2023
THBKPLKFHSINTLTotal
Supply chain sales$676 $— $— $— $— $676 
Company restaurant sales12 24 22 10 — 68 
Royalties83 125 73 18 192 491 
Property revenues158 58 4 — — 220 
Franchise fees and other revenue6 3 5 6 11 31 
Advertising revenues and other services73 117 69 14 16 289 
Total revenues$1,008 $327 $173 $48 $219 $1,775 

Six Months Ended June 30, 2023
THBKPLKFHSINTLTotal
Supply chain sales$1,283 $— $— $— $— $1,283 
Company restaurant sales23 43 43 20 — 129 
Royalties154 238 141 35 365 933 
Property revenues295 113 7 — 1 416 
Franchise fees and other revenue11 7 7 12 24 61 
Advertising revenues and other services135 223 135 18 32 543 
Total revenues$1,901 $624 $333 $85 $422 $3,365 
v3.24.2.u1
Earnings per Unit (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of 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
June 30,		Six Months Ended
June 30,
2024202320242023
Allocation of net income among partner interests:
Net income allocated to Class A common unitholders$280 $241 $510 $430 
Net income allocated to Partnership exchangeable unitholders119 109 216 196 
Net income attributable to common unitholders$399 $350 $726 $626 
Denominator - basic and diluted partnership units:
Weighted average Class A common units202 202 202 202 
Weighted average Partnership exchangeable units134 141 134 142 
Earnings per unit - basic and diluted:
Class A common units (a)$1.39 $1.19 $2.52 $2.13 
Partnership exchangeable units (a)$0.89 $0.77 $1.61 $1.39 
(a) Earnings per unit may not recalculate exactly as it is calculated based on unrounded numbers.
v3.24.2.u1
Intangible Assets, net and Goodwill (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
Intangible assets, net and goodwill consist of the following (in millions):

As of
June 30, 2024December 31, 2023
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Identifiable assets subject to amortization:
   Franchise agreements$718 $(359)$359 $727 $(348)$379 
   Reacquired franchise rights386 (4)382 — — — 
   Favorable leases80 (55)25 81 (54)27 
      Subtotal1,184 (418)766 808 (402)406 
Indefinite-lived intangible assets:
   Tim Hortons brand
$6,241 $— $6,241 $6,423 $— $6,423 
   Burger King brand
2,088 — 2,088 2,107 — 2,107 
   Popeyes brand
1,355 — 1,355 1,355 — 1,355 
   Firehouse Subs brand
816 — 816 816 — 816 
      Subtotal10,500 — 10,500 10,701 — 10,701 
Intangible assets, net$11,266 $11,107 
Goodwill:
TH segment$4,006 $4,118 
BK segment239 232 
PLK segment844 844 
FHS segment193 193 
INTL segment393 388 
RH segment465 — 
      Total$6,140 $5,775 
v3.24.2.u1
Equity Method Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Franchise and Property Revenues Revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest, including Carrols through May 15, 2024, consist of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues from affiliates:
Royalties$95 $103 $196 $195 
Advertising revenues and other services11 20 31 38 
Property revenues5 9 13 18 
Franchise fees and other revenue5 4 11 9 
Sales5 6 9 10 
Total$121 $142 $260 $270 
v3.24.2.u1
Other Accrued Liabilities and Other Liabilities, net (Tables)
 6 Months Ended
Jun. 30, 2024
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
June 30,
2024		December 31,
2023
Current:
Distribution payable$261 $245 
Interest payable69 67 
Accrued compensation and benefits129 147 
Taxes payable158 129 
Deferred income74 77 
Accrued advertising expenses51 58 
Restructuring and other provisions13 18 
Current portion of operating lease liabilities187 147 
Other157 117 
Other accrued liabilities$1,099 $1,005 
Noncurrent:
Taxes payable$58 $57 
Contract liabilities519 555 
Derivatives liabilities87 227 
Unfavorable leases37 42 
Accrued pension34 34 
Deferred income60 57 
Other28 24 
Other liabilities, net$823 $996 
v3.24.2.u1
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of the following (in millions):
As of
June 30,
2024		December 31,
2023
Term Loan B$4,750 $5,175 
Term Loan A1,275 1,275 
5.75% First Lien Senior Notes due 2025
500 500 
3.875% First Lien Senior Notes due 2028
1,550 1,550 
3.50% First Lien Senior Notes due 2029
750 750 
6.125% First Lien Senior Notes due 2029
1,200 — 
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 other123 143 
Less: unamortized deferred financing costs and deferred issue discount(126)(122)
Total debt, net13,672 12,921 
    Less: current maturities of debt(580)(67)
Total long-term debt$13,092 $12,854 
Schedule 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
June 30,
2024		December 31,
2023
Fair value of our variable term debt and senior notes$13,084 $12,401 
Principal carrying amount of our variable term debt and senior notes13,675 12,900 
Schedule of Interest Expense, Net
Interest expense, net consists of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Debt (a)$145 $142 $293 $280 
Finance lease obligations5 5 10 9 
Amortization of deferred financing costs and debt issuance discount6 7 12 14 
Interest income(9)(9)(20)(16)
    Interest expense, net$147 $145 $295 $287 
(a)Amount includes $12 million and $16 million benefit during the three months ended June 30, 2024 and 2023, respectively, and $23 million and $31 million benefit during the six months ended June 30, 2024 and 2023, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 14, Derivative Instruments.
v3.24.2.u1
Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Change in the Components of AOCI
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, 2023$675 $(17)$(1,643)$(985)
Foreign currency translation adjustment— — (347)(347)
Net change in fair value of derivatives, net of tax256 — — 256 
Amounts reclassified to earnings of cash flow hedges, net of tax(49)— — (49)
Balance at June 30, 2024$882 $(17)$(1,990)$(1,125)
v3.24.2.u1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of 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
June 30,		Six Months Ended
June 30,
2024202320242023
Derivatives designated as cash flow hedges(1)
Interest rate swaps$35 $120 $127 $63 
Forward-currency contracts$2 $(3)$5 $(4)
Derivatives designated as net investment hedges
Cross-currency rate swaps$23 $(88)$154 $(123)
(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
June 30,		Six Months Ended
June 30,
2024202320242023
Derivatives designated as cash flow hedges
Interest rate swapsInterest expense, net$36 $20 $66 $35 
Forward-currency contractsSupply chain cost of sales$1 $3 $1 $6 
Location of Gain or (Loss) Recognized in EarningsGain or (Loss) Recognized in Earnings
(Amount Excluded from Effectiveness Testing)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Derivatives designated as net investment hedges
Cross-currency rate swapsInterest expense, net$12 $16 $23 $31 
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
Fair Value as of
June 30,
2024		December 31, 2023Balance Sheet Location
Assets:
Derivatives designated as cash flow hedges
Interest rate$250 $190 Other assets, net
Interest rate3 — Prepaids and other current assets
Foreign currency2 — Prepaids and other current assets
Derivatives designated as net investment hedges
Foreign currency21 7 Other assets, net
Total assets at fair value$276 $197 
Liabilities:
Derivatives designated as cash flow hedges
Foreign currency$— $2 Other accrued liabilities
Derivatives designated as net investment hedges
Foreign currency87 227 Other liabilities, net
Total liabilities at fair value$87 $229 
v3.24.2.u1
Other Operating Expenses (Income), net (Tables)
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Operating Expenses (Income), Net
Other operating expenses (income), net consists of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings$8 $(9)$10 $(11)
Litigation settlements (gains) and reserves, net1 (3)1 (2)
Net losses (gains) on foreign exchange(6)(1)(29)7 
Other, net4 6 7 16 
     Other operating expenses (income), net$7 $(7)$(11)$10 
v3.24.2.u1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Revenues by Operating Segment and Country
The following tables present revenues, by segment and by country (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues by operating segment:
     TH$1,030 $1,008 $1,969 $1,901 
     BK364 327 714 624 
     PLK194 173 372 333 
     FHS53 48 103 85 
     INTL233 219 455 422 
RH230 — 230 — 
Elimination of intersegment revenues (a)(24)— (24)— 
Total revenues$2,080 $1,775 $3,819 $3,365 
(a)Consists of BK royalties, property revenues, advertising contribution revenues and tech fees from intersegment transactions with RH.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues by country (b):
     Canada$945 $925 $1,801 $1,739 
     United States902 631 1,563 1,204 
     Other233 219 455 422 
Total revenues$2,080 $1,775 $3,819 $3,365 
(b)Only Canada and the United States represented 10% or more of our total revenues in each period presented.
Schedule of 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
June 30,		Six Months Ended
June 30,
2024202320242023
Segment income:
     TH$269 $246 $493 $458 
     BK114 110 220 206 
     PLK62 56 120 107 
     FHS13 11 23 20 
INTL160 154 302 291 
RH14 — 14 — 
          Adjusted Operating Income632 577 1,172 1,082 
Franchise agreement and reacquired franchise rights amortization11 8 19 16 
RH Transaction costs9 — 13 — 
FHS Transaction costs— — — 19 
Corporate restructuring and advisory fees6 7 8 12 
Impact of equity method investments (a)(64)15 (64)24 
Other operating expenses (income), net7 (7)(11)10 
          Income from operations663 554 1,207 1,001 
Interest expense, net147 145 295 287 
Loss on early extinguishment of debt32 — 32 — 
Income tax expense85 58 153 86 
          Net income$399 $351 $727 $628 
(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.
v3.24.2.u1
Supplemental Financial Information (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Condensed Balance Sheet
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 June 30, 2024
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$942 $— $— $942 
Accounts and notes receivable, net737 — — 737 
Inventories, net160 — — 160 
Prepaids and other current assets191 — — 191 
Total current assets2,030 — — 2,030 
Property and equipment, net2,213 — — 2,213 
Operating lease assets, net1,874 — — 1,874 
Intangible assets, net11,266 — — 11,266 
Goodwill6,140 — — 6,140 
Intercompany receivable— 261 (261)— 
Investment in subsidiaries— 4,951 (4,951)— 
Other assets, net1,326 — — 1,326 
Total assets$24,849 $5,212 $(5,212)$24,849 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$720 $— $— $720 
Other accrued liabilities838 261 — 1,099 
Gift card liability181 — — 181 
Current portion of long-term debt and finance leases617 — — 617 
Total current liabilities2,356 261 — 2,617 
Long-term debt, net of current portion13,092 — — 13,092 
Finance leases, net of current portion302 — — 302 
Operating lease liabilities, net of current portion1,768 — — 1,768 
Other liabilities, net823 — — 823 
Payables to affiliates261 — (261)— 
Deferred income taxes, net1,296 — — 1,296 
Total liabilities19,898 261 (261)19,898 
Partners’ capital:
Class A common units— 9,921 — 9,921 
Partnership exchangeable units— (3,847)— (3,847)
Common shares2,404 — (2,404)— 
Retained earnings3,670 — (3,670)— 
Accumulated other comprehensive income (loss)(1,125)(1,125)1,125 (1,125)
Total Partners' capital/shareholders' equity4,949 4,949 (4,949)4,949 
Noncontrolling interests2 2 (2)2 
Total equity4,951 4,951 (4,951)4,951 
Total liabilities and equity$24,849 $5,212 $(5,212)$24,849 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of December 31, 2023
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,139 $— $— $1,139 
Accounts and notes receivable, net749 — — 749 
Inventories, net166 — — 166 
Prepaids and other current assets119 — — 119 
Total current assets2,173 — — 2,173 
Property and equipment, net1,952 — — 1,952 
Operating lease assets. net1,122 — — 1,122 
Intangible assets, net11,107 — — 11,107 
Goodwill5,775 — — 5,775 
Intercompany receivable— 245 (245)— 
Investment in subsidiaries— 4,730 (4,730)— 
Other assets, net1,262 — — 1,262 
Total assets$23,391 $4,975 $(4,975)$23,391 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$790 $— $— $790 
Other accrued liabilities760 245 — 1,005 
Gift card liability248 — — 248 
Current portion of long-term debt and finance leases101 — — 101 
Total current liabilities1,899 245 — 2,144 
Long-term debt, net of current portion12,854 — — 12,854 
Finance leases, net of current portion312 — — 312 
Operating lease liabilities, net of current portion1,059 — — 1,059 
Other liabilities, net996 — — 996 
Payables to affiliates245 — (245)— 
Deferred income taxes, net1,296 — — 1,296 
Total liabilities18,661 245 (245)18,661 
Partners’ capital:
Class A common units— 9,620 — 9,620 
Partnership exchangeable units— (3,907)— (3,907)
Common shares2,246 — (2,246)— 
Retained earnings3,467 — (3,467)— 
Accumulated other comprehensive income (loss)(985)(985)985 (985)
Total Partners' capital/shareholders' equity4,728 4,728 (4,728)4,728 
Noncontrolling interests2 2 (2)2 
Total equity4,730 4,730 (4,730)4,730 
Total liabilities and equity$23,391 $4,975 $(4,975)$23,391 
Schedule of Condensed Income Statement
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended June 30, 2024
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$682 $— $— $682 
Company restaurant sales347 — — 347 
Franchise and property revenues747 — — 747 
Advertising revenues and other services304 — — 304 
Total revenues2,080 — — 2,080 
Operating costs and expenses:
Supply chain cost of sales540 — — 540 
Company restaurant expenses286 — — 286 
Franchise and property expenses134 — — 134 
Advertising expenses and other services334 — — 334 
General and administrative expenses185 — — 185 
(Income) loss from equity method investments(69)— — (69)
Other operating expenses (income), net7 — — 7 
Total operating costs and expenses1,417 — — 1,417 
Income from operations663 — — 663 
Interest expense, net147 — — 147 
Loss on early extinguishment of debt32 — — 32 
Income before income taxes484 — — 484 
Income tax expense85 — — 85 
Net income399 — — 399 
Equity in earnings of consolidated subsidiaries— 399 (399)— 
Net income (loss)399 399 (399)399 
Net income (loss) attributable to noncontrolling interests— — — — 
Net income (loss) attributable to common unitholders$399 $399 $(399)$399 
Comprehensive income (loss)$318 $318 $(318)$318 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Six Months Ended June 30, 2024
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$1,309 $— $— $1,309 
Company restaurant sales449 — — 449 
Franchise and property revenues1,459 — — 1,459 
Advertising revenues and other services602 — — 602 
Total revenues3,819 — — 3,819 
Operating costs and expenses:
Supply chain cost of sales1,057 — — 1,057 
Company restaurant expenses375 — — 375 
Franchise and property expenses260 — — 260 
Advertising expenses and other services645 — — 645 
General and administrative expenses358 — — 358 
(Income) loss from equity method investments(72)— — (72)
Other operating expenses (income), net(11)— — (11)
Total operating costs and expenses2,612 — — 2,612 
Income from operations1,207 — — 1,207 
Interest expense, net295 — — 295 
Loss on early extinguishment of debt32 — — 32 
Income before income taxes880 — — 880 
Income tax expense153 — — 153 
Net income727 — — 727 
Equity in earnings of consolidated subsidiaries— 727 (727)— 
Net income (loss)727 727 (727)727 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$726 $726 $(726)$726 
Comprehensive income (loss)$587 $587 $(587)$587 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Three Months Ended June 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$676 $— $— $676 
Company restaurant sales68 — — 68 
Franchise and property revenues742 — — 742 
Advertising revenues and other services289 — — 289 
Total revenues1,775 — — 1,775 
Operating costs and expenses:
Supply chain cost of sales551 — — 551 
Company restaurant expenses61 — — 61 
Franchise and property expenses130 — — 130 
Advertising expenses and other services312 — — 312 
General and administrative expenses163 — — 163 
(Income) loss from equity method investments11 — — 11 
Other operating expenses (income), net(7)— — (7)
Total operating costs and expenses1,221 — — 1,221 
Income from operations554 — — 554 
Interest expense, net145 — — 145 
Income before income taxes409 — — 409 
Income tax expense58 — — 58 
Net income351 — — 351 
Equity in earnings of consolidated subsidiaries— 351 (351)— 
Net income (loss)351 351 (351)351 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$350 $350 $(350)$350 
Comprehensive income (loss)$532 $532 $(532)$532 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)
Six Months Ended June 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Supply chain sales$1,283 $— $— $1,283 
Company restaurant sales129 — — 129 
Franchise and property revenues1,410 — — 1,410 
Advertising revenues and other services543 — — 543 
Total revenues3,365 — — 3,365 
Operating costs and expenses:
Supply chain cost of sales1,048 — — 1,048 
Company restaurant expenses114 — — 114 
Franchise and property expenses253 — — 253 
Advertising expenses and other services583 — — 583 
General and administrative expenses338 — — 338 
(Income) loss from equity method investments18 — — 18 
Other operating expenses (income), net10 — — 10 
Total operating costs and expenses2,364 — — 2,364 
Income from operations1,001 — — 1,001 
Interest expense, net287 — — 287 
Income before income taxes714 — — 714 
Income tax expense86 — — 86 
Net income628 — — 628 
Equity in earnings of consolidated subsidiaries— 628 (628)— 
Net income (loss)628 628 (628)628 
Net income (loss) attributable to noncontrolling interests2 2 (2)2 
Net income (loss) attributable to common unitholders$626 $626 $(626)$626 
Comprehensive income (loss)$762 $762 $(762)$762 
Schedule of Condensed Cash Flow Statement
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Six months ended June 30, 2024

Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$727 $727 $(727)$727 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (727)727 — 
Depreciation and amortization108 — — 108 
Non-cash loss on early extinguishment of debt22 — — 22 
Amortization of deferred financing costs and debt issuance discount12 — — 12 
(Income) loss from equity method investments(72)— — (72)
(Gain) loss on remeasurement of foreign denominated transactions(29)— — (29)
Net (gains) losses on derivatives(91)— — (91)
Share-based compensation and non-cash incentive compensation expense87 — — 87 
Deferred income taxes10 — — 10 
Other5 — — 5 
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable9 — — 9 
Inventories and prepaids and other current assets14 — — 14 
Accounts and drafts payable(70)— — (70)
Other accrued liabilities and gift card liability(210)— — (210)
Tenant inducements paid to franchisees(11)— — (11)
Other long-term assets and liabilities(29)— — (29)
Net cash provided by operating activities482 — — 482 
Cash flows from investing activities:
Payments for property and equipment(69)— — (69)
Net proceeds from disposal of assets, restaurant closures, and refranchisings7 — — 7 
Payment for purchase of Carrols Restaurant Group, net of cash acquired(508)— — (508)
Net payments for acquisition of franchised restaurants(23)— — (23)
Settlement/sale of derivatives, net35 — — 35 
Other investing activities, net(1)— — (1)
Net cash (used for) provided by investing activities(559)— — (559)
Cash flows from financing activities:
Proceeds from long-term debt1,950 — — 1,950 
Repayments of long-term debt and finance leases(1,639)— — (1,639)
Payment of financing costs(32)— — (32)
Distributions on Class A common and Partnership exchangeable units— (506)— (506)
Capital contribution from RBI60 — — 60 
Distributions from subsidiaries(506)506 — — 
Proceeds from derivatives57 — — 57 
Other financing activities, net(2)— — (2)
Net cash (used for) provided by financing activities(112)— — (112)
Effect of exchange rates on cash and cash equivalents(8)— — (8)
Increase (decrease) in cash and cash equivalents(197)— — (197)
Cash and cash equivalents at beginning of period1,139 — — 1,139 
Cash and cash equivalents at end of period$942 $— $— $942 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Six Months Ended June 30, 2023
Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$628 $628 $(628)$628 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (628)628 — 
Depreciation and amortization95 — — 95 
Amortization of deferred financing costs and debt issuance discount14 — — 14 
(Income) loss from equity method investments18 — — 18 
(Gain) loss on remeasurement of foreign denominated transactions7 — — 7 
Net (gains) losses on derivatives(72)— — (72)
Share-based compensation and non-cash incentive compensation expense92 — — 92 
Deferred income taxes(40)— — (40)
Other(6)— — (6)
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable(29)— — (29)
Inventories and prepaids and other current assets(45)— — (45)
Accounts and drafts payable(31)— — (31)
Other accrued liabilities and gift card liability(135)— — (135)
Tenant inducements paid to franchisees(9)— — (9)
Net cash provided by operating activities487 — — 487 
Cash flows from investing activities:
Payments for property and equipment(48)— — (48)
Net proceeds from disposal of assets, restaurant closures, and refranchisings13 — — 13 
Settlement/sale of derivatives, net28 — — 28 
Other investing activities, net(1)— — (1)
Net cash (used for) provided by investing activities(8)— — (8)
Cash flows from financing activities:
Proceeds from long-term debt2 — — 2 
Repayments of long-term debt and finance leases(68)— — (68)
Distributions on Class A common and Partnership exchangeable units— (492)— (492)
Capital contribution from RBI49 — — 49 
Distributions from subsidiaries(492)492 — — 
Proceeds from derivatives63 — — 63 
Other financing activities, net(2)— — (2)
Net cash (used for) provided by financing activities(448)— — (448)
Effect of exchange rates on cash and cash equivalents4 — — 4 
Increase (decrease) in cash and cash equivalents35 — — 35 
Cash and cash equivalents at beginning of period1,178 — — 1,178 
Cash and cash equivalents at end of period$1,213 $— $— $1,213 
v3.24.2.u1
Description of Business and Organization (Details)
Jun. 30, 2024
restaurant
country
Basis Of Presentation [Line Items]  
Number of restaurants in operation 31,324
Number of countries in which company and franchise restaurants operated (more than) | country 120
System-wide restaurants are franchised 95.00%
Tim Hortons brand  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 5,836
Burger King brand  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 19,446
Popeyes brand  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 4,735
Firehouse Subs restaurants  
Basis Of Presentation [Line Items]  
Number of restaurants in operation 1,307
v3.24.2.u1
Basis of Presentation and Consolidation (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Supplier finance programs, term 120 days  
Supplier financing obligation $ 29 $ 36
v3.24.2.u1
Carrols Acquisition - Narrative (Details)
$ / shares in Units, $ in Millions
 2 Months Ended 3 Months Ended 6 Months Ended
May 16, 2024
USD ($)
restaurant
$ / shares
Jun. 30, 2024
USD ($)
restaurant
Jun. 30, 2024
USD ($)
restaurant
Jun. 30, 2024
USD ($)
restaurant
May 15, 2024
Asset Acquisition, Contingent Consideration [Line Items]          
Number of restaurants in operation | restaurant   31,324 31,324 31,324  
Carrols Restaurant Group, Inc.          
Asset Acquisition, Contingent Consideration [Line Items]          
Number of restaurants in operation | restaurant 600        
Carrols Restaurant Group, Inc.          
Asset Acquisition, Contingent Consideration [Line Items]          
Ownership percentage         15.00%
Acquisition, remaining issued and outstanding shares percentage 85.00%        
Business acquisition price per share (in dollars per share) | $ / shares $ 9.55        
Business combination, recognition of gain     $ 79 $ 79  
Total cash paid $ 543        
Outstanding debt $ 431        
Payment to acquire business, liabilities incurred   $ 750      
Fees and expenses related to acquisition       $ 11  
Weighted average amortization period       13 years  
Total revenues   $ 230      
v3.24.2.u1
Carrols Acquisition - Purchase Price Consideration (Details) - Carrols Restaurant Group, Inc. - USD ($)
$ in Millions
May 16, 2024
May 15, 2024
Asset Acquisition [Line Items]    
Total cash paid $ 543  
Effective settlement of pre-existing balance sheet accounts 15  
Fair value of existing 15% equity interest 90  
Total consideration $ 648  
Ownership percentage   15.00%
v3.24.2.u1
Carrols Acquisition - Allocation of Consideration to Net Tangible and Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2024
May 16, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill $ 6,140   $ 5,775
Carrols Restaurant Group, Inc.      
Business Acquisition [Line Items]      
Total current assets   $ 81  
Property and equipment   293  
Reacquired franchise rights   371  
Operating lease assets   725  
Other assets   14  
Accounts and drafts payable   (12)  
Other accrued liabilities   (151)  
Current portion of long-term debt and finance leases   (434)  
Finance leases, net of current portion   (6)  
Operating lease liabilities, net of current portion   (689)  
Other liabilities   (9)  
Total identifiable net assets   183  
Goodwill   465  
Total consideration   $ 648  
v3.24.2.u1
Carrols Acquisition - Supplemental Pro Forma Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Carrols Restaurant Group, Inc.        
Business Acquisition [Line Items]        
Total revenues $ 2,291 $ 2,210 $ 4,435 $ 4,200
v3.24.2.u1
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Lease income - operating leases        
Minimum lease payments $ 92 $ 97 $ 186 $ 195
Variable lease payments 119 119 230 215
Amortization of favorable and unfavorable income lease contracts, net 1 1 1 1
Subtotal - lease income from operating leases 212 217 417 411
Earned income on direct financing and sales-type leases 1 3 2 5
Total property revenues $ 213 $ 220 $ 419 $ 416
v3.24.2.u1
Revenue Recognition - Change In Contract Liabilities (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Change In Contract With Customer Liability [Roll Forward]  
Beginning balance $ 555
Recognized during period and included in the contract liability balance at the beginning of the year (34)
Increase, excluding amounts recognized as revenue during the period 25
Effective settlement of pre-existing contract liabilities in connection with Carrols Acquisition (21)
Impact of foreign currency translation (6)
Ending balance $ 519
v3.24.2.u1
Revenue Recognition - Estimated Revenue Recognition (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Contract liabilities expected to be recognized in $ 519
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 6 months
Contract liabilities expected to be recognized in $ 27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Contract liabilities expected to be recognized in $ 53
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Contract liabilities expected to be recognized in $ 49
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Contract liabilities expected to be recognized in $ 46
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Contract liabilities expected to be recognized in $ 43
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Contract liabilities expected to be recognized in $ 301
v3.24.2.u1
Revenue Recognition - Disaggregation of Total Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues $ 213 $ 220 $ 419 $ 416
Total revenues 2,080 1,775 3,819 3,365
TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues   158   295
Total revenues   1,008   1,901
BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues   58   113
Total revenues   327   624
PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues   4   7
Total revenues   173   333
FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues   0   0
Total revenues   48   85
INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues   0   1
Total revenues   219   422
Product | Supply chain sales        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 682 676 1,309 1,283
Total revenues 682 676 1,309 1,283
Product | Supply chain sales | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   676   1,283
Product | Supply chain sales | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   0   0
Product | Supply chain sales | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   0   0
Product | Supply chain sales | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   0   0
Product | Supply chain sales | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   0   0
Product | Company restaurant sales        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 347 68 449 129
Total revenues 347 68 449 129
Product | Company restaurant sales | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   12   23
Product | Company restaurant sales | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   24   43
Product | Company restaurant sales | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   22   43
Product | Company restaurant sales | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   10   20
Product | Company restaurant sales | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   0   0
Royalties        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 493 491 966 933
Royalties | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   83   154
Royalties | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   125   238
Royalties | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   73   141
Royalties | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   18   35
Royalties | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   192   365
Franchise fees and other revenue        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 41 31 74 61
Franchise fees and other revenue | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   6   11
Franchise fees and other revenue | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   3   7
Franchise fees and other revenue | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   5   7
Franchise fees and other revenue | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   6   12
Franchise fees and other revenue | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   11   24
Advertising revenues and other services        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 304 289 602 543
Total revenues 304 289 602 543
Advertising revenues and other services | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   73   135
Advertising revenues and other services | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   117   223
Advertising revenues and other services | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   69   135
Advertising revenues and other services | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   14   18
Advertising revenues and other services | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues   16   32
Operating Segments | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 160   307  
Total revenues 1,030 1,008 1,969 1,901
Operating Segments | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 52   108  
Total revenues 364 327 714 624
Operating Segments | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 4   7  
Total revenues 194 173 372 333
Operating Segments | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 0   0  
Total revenues 53   103  
Operating Segments | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 1   1  
Total revenues 233 219 455 422
Operating Segments | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues 0   0  
Total revenues 230 0 230 0
Operating Segments | Product | Supply chain sales | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 682   1,309  
Operating Segments | Product | Supply chain sales | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Operating Segments | Product | Supply chain sales | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Operating Segments | Product | Supply chain sales | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Operating Segments | Product | Supply chain sales | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Operating Segments | Product | Supply chain sales | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Operating Segments | Product | Company restaurant sales | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 11   22  
Operating Segments | Product | Company restaurant sales | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 63   121  
Operating Segments | Product | Company restaurant sales | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 33   56  
Operating Segments | Product | Company restaurant sales | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 10   20  
Operating Segments | Product | Company restaurant sales | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Operating Segments | Product | Company restaurant sales | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 230   230  
Operating Segments | Royalties | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 86   163  
Operating Segments | Royalties | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 122   238  
Operating Segments | Royalties | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 76   151  
Operating Segments | Royalties | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 19   36  
Operating Segments | Royalties | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 200   388  
Operating Segments | Royalties | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Operating Segments | Franchise fees and other revenue | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 13   20  
Operating Segments | Franchise fees and other revenue | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 3   6  
Operating Segments | Franchise fees and other revenue | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 5   7  
Operating Segments | Franchise fees and other revenue | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 8   16  
Operating Segments | Franchise fees and other revenue | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 12   25  
Operating Segments | Franchise fees and other revenue | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Operating Segments | Advertising revenues and other services | TH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 78   148  
Operating Segments | Advertising revenues and other services | BK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 124   241  
Operating Segments | Advertising revenues and other services | PLK        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 76   151  
Operating Segments | Advertising revenues and other services | FHS        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 16   31  
Operating Segments | Advertising revenues and other services | INTL        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 20   41  
Operating Segments | Advertising revenues and other services | RH        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Intersegment Eliminations        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Property revenues (4)   (4)  
Total revenues (24) $ 0 (24) $ 0
Intersegment Eliminations | Product | Supply chain sales        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Intersegment Eliminations | Product | Company restaurant sales        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Intersegment Eliminations | Royalties        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues (10)   (10)  
Intersegment Eliminations | Franchise fees and other revenue        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues 0   0  
Intersegment Eliminations | Advertising revenues and other services        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenues $ (10)   $ (10)  
v3.24.2.u1
Earnings Per Unit (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Allocation of net income among partner interests:        
Net income attributable to common unitholders $ 399 $ 350 $ 726 $ 626
Class A common units        
Allocation of net income among partner interests:        
Net income attributable to common unitholders $ 280 $ 241 $ 510 $ 430
Denominator - basic and diluted partnership units:        
Weighted average number of unit outstanding, basic (in dollars per share) 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) $ 1.39 $ 1.19 $ 2.52 $ 2.13
Earnings per unit, diluted (in usd per share) $ 1.39 $ 1.19 $ 2.52 $ 2.13
Partnership exchangeable units        
Allocation of net income among partner interests:        
Net income attributable to common unitholders $ 119 $ 109 $ 216 $ 196
Denominator - basic and diluted partnership units:        
Weighted average number of unit outstanding, basic (in dollars per share) 134 141 134 142
Weighted average number of units outstanding, diluted (in shares) 134 141 134 142
Earnings per unit - basic and diluted:        
Earnings per unit, basic (in usd per share) $ 0.89 $ 0.77 $ 1.61 $ 1.39
Earnings per unit, diluted (in usd per share) $ 0.89 $ 0.77 $ 1.61 $ 1.39
v3.24.2.u1
Intangible Assets, net and Goodwill - Intangible Assets, net and Goodwill (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross $ 1,184 $ 808
Accumulated Amortization (418) (402)
Net 766 406
Indefinite-lived Intangible Assets [Line Items]    
Intangible assets, net 11,266 11,107
Trade names    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 10,500 10,701
Trade names | Tim Hortons brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 6,241 6,423
Trade names | Burger King brand    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 2,088 2,107
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
Reacquired franchise rights    
Finite-Lived Intangible Assets [Line Items]    
Gross 386 0
Accumulated Amortization (4) 0
Net 382 0
Favorable leases    
Finite-Lived Intangible Assets [Line Items]    
Gross 80 81
Accumulated Amortization (55) (54)
Net 25 27
Franchise Agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross 718 727
Accumulated Amortization (359) (348)
Net $ 359 $ 379
v3.24.2.u1
Intangible Assets, net and Goodwill - Goodwill (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Goodwill $ 6,140 $ 5,775
TH    
Goodwill [Line Items]    
Goodwill 4,006 4,118
BK    
Goodwill [Line Items]    
Goodwill 239 232
PLK    
Goodwill [Line Items]    
Goodwill 844 844
FHS    
Goodwill [Line Items]    
Goodwill 193 193
INTL    
Goodwill [Line Items]    
Goodwill 393 388
RH    
Goodwill [Line Items]    
Goodwill $ 465 $ 0
v3.24.2.u1
Intangible Assets, net and Goodwill - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense on intangible assets $ 13 $ 10 $ 22 $ 19
v3.24.2.u1
Equity Method Investments - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
May 16, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]              
Equity method investments   $ 132   $ 132     $ 163
Other accrued liabilities   1,099   1,099     1,005
Carrols Restaurant Group, Inc.              
Schedule of Equity Method Investments [Line Items]              
Acquisition, remaining issued and outstanding shares percentage           85.00%  
Equity Method Investee              
Schedule of Equity Method Investments [Line Items]              
Accounts receivable from equity method investments   61   61     $ 61
Related Party              
Schedule of Equity Method Investments [Line Items]              
Other accrued liabilities   $ 30   $ 30      
Related Party | Propeyes China | Convertible Notes Payable              
Schedule of Equity Method Investments [Line Items]              
Aggregate principal amount of debt issued $ 20            
Debt instrument term 3 years            
BK Brasil              
Schedule of Equity Method Investments [Line Items]              
Ownership percentage   9.40%   9.40%      
Quoted market price   $ 17   $ 17      
TH              
Schedule of Equity Method Investments [Line Items]              
Quoted market price   5   5      
Wendy's Company TIMWEN Partnership | TH              
Schedule of Equity Method Investments [Line Items]              
Cash distributions   4 $ 3 7 $ 6    
Rent expense   $ 5 $ 6 $ 10 $ 10    
United States | TH              
Schedule of Equity Method Investments [Line Items]              
Ownership percentage   4.20%   4.20%      
Canada | Wendy's Company TIMWEN Partnership              
Schedule of Equity Method Investments [Line Items]              
Ownership percentage   50.00%   50.00%      
v3.24.2.u1
Equity Method Investments - Franchise and Property Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues from affiliates:        
Property revenues $ 213 $ 220 $ 419 $ 416
Total revenues 2,080 1,775 3,819 3,365
Royalties        
Revenues from affiliates:        
Revenues 493 491 966 933
Advertising revenues and other services        
Revenues from affiliates:        
Revenues 304 289 602 543
Total revenues 304 289 602 543
Franchise fees and other revenue        
Revenues from affiliates:        
Revenues 41 31 74 61
Affiliates        
Revenues from affiliates:        
Total revenues 121 142 260 270
Affiliates | Royalties        
Revenues from affiliates:        
Revenues 95 103 196 195
Affiliates | Advertising revenues and other services        
Revenues from affiliates:        
Revenues 11 20 31 38
Affiliates | Property revenues        
Revenues from affiliates:        
Property revenues 5 9 13 18
Affiliates | Franchise fees and other revenue        
Revenues from affiliates:        
Revenues 5 4 11 9
Affiliates | Sales        
Revenues from affiliates:        
Revenues $ 5 $ 6 $ 9 $ 10
v3.24.2.u1
Other Accrued Liabilities and Other Liabilities, net (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current:    
Distribution payable $ 261 $ 245
Interest payable 69 67
Accrued compensation and benefits 129 147
Taxes payable 158 129
Deferred income 74 77
Accrued advertising expenses 51 58
Restructuring and other provisions 13 18
Current portion of operating lease liabilities 187 147
Other 157 117
Other accrued liabilities 1,099 1,005
Noncurrent:    
Taxes payable 58 57
Contract liabilities 519 555
Derivatives liabilities 87 227
Unfavorable leases 37 42
Accrued pension 34 34
Deferred income 60 57
Other 28 24
Other liabilities, net $ 823 $ 996
Operating lease, liability, current, statement of financial position [Extensible Enumeration] Other accrued liabilities Other accrued liabilities
v3.24.2.u1
Long-Term Debt - Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
TH Facility and other $ 123 $ 143
Less: unamortized deferred financing costs and deferred issue discount (126) (122)
Total debt, net 13,672 12,921
Less: current maturities of debt (580) (67)
Total long-term debt 13,092 12,854
Term Loan B    
Debt Instrument [Line Items]    
Term loan facility 4,750 5,175
Term Loan A    
Debt Instrument [Line Items]    
Term loan facility $ 1,275 1,275
5.75% First Lien Senior Notes due 2025    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 5.75%  
Senior notes $ 500 500
3.875% First Lien Senior Notes due 2028    
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    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 3.50%  
Senior notes $ 750 750
6.125% First Lien Senior Notes due 2029    
Debt Instrument [Line Items]    
Senior notes $ 1,200 0
4.375% Second Lien Senior Notes due 2028    
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%  
Senior notes $ 2,900 $ 2,900
v3.24.2.u1
Long-Term Debt - Credit Facilities (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 17, 2024
USD ($)
Jun. 16, 2024
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
May 16, 2024
USD ($)
subsidiary
May 15, 2024
USD ($)
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]                  
Number of subsidiaries, that entered into an amendment | subsidiary             2    
Loss on early extinguishment of debt     $ 32 $ 0 $ 32 $ 0      
Term Loan B                  
Line of Credit Facility [Line Items]                  
Secured debt     $ 4,750   $ 4,750       $ 5,175
6.125% First Lien Senior Notes due 2029                  
Line of Credit Facility [Line Items]                  
Capitalized debt issuance costs $ 13                
Revolving Credit Facility | Line of Credit                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity             $ 1,250    
Revolving Credit Facility | Line of Credit | Term Loan B                  
Line of Credit Facility [Line Items]                  
Secured debt $ 4,750           $ 5,912 $ 750  
Basis spread on variable rate 1.75% 2.25%              
Stated interest rate (as a percent)     6.125%   6.125%        
Capitalized debt issuance costs $ 24                
Loss on early extinguishment of debt $ 32                
v3.24.2.u1
Long-Term Debt - Revolving Credit Facility (Details) - Line of Credit
Jun. 30, 2024
USD ($)
Revolving Credit Facility  
Line of Credit Facility [Line Items]  
Letters of credit issued against credit facility $ 0
Remaining borrowing capacity 1,247,000,000
Letter of Credit  
Line of Credit Facility [Line Items]  
Letters of credit issued against credit facility 3,000,000
Letter of credit sublimit as part of revolving credit facility $ 125,000,000
v3.24.2.u1
Long-Term Debt - Senior Notes (Details) - 6.125% First Lien Senior Notes due 2029
$ in Millions
Jun. 17, 2024
USD ($)
Line of Credit Facility [Line Items]  
Aggregate principal amount of debt issued $ 1,200
Capitalized debt issuance costs $ 13
v3.24.2.u1
Long-Term Debt - TH facility (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
subsidiary
Jun. 30, 2024
CAD ($)
subsidiary
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]      
Amount outstanding under credit facility $ 13,672   $ 12,921
TH Facility      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity   $ 225,000,000  
Amount outstanding under credit facility   $ 166,000,000  
Effective interest rate (as a percent) 6.39% 6.39%  
TH Facility | Canadian Bankers' Acceptance Rate      
Line of Credit Facility [Line Items]      
Debt instrument floor rate (as a percent) 1.40%    
TH Facility | Prime Rate      
Line of Credit Facility [Line Items]      
Debt instrument floor rate (as a percent) 0.40%    
TH Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Number of subsidiaries | subsidiary 1 1  
Number of guaranteed subsidiaries | subsidiary 3 3  
v3.24.2.u1
Long-Term Debt - Fair Value Measurement (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Fair value of our variable term debt and senior notes $ 13,084 $ 12,401
Principal carrying amount of our variable term debt and senior notes $ 13,675 $ 12,900
v3.24.2.u1
Long-Term Debt - Interest Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Debt Disclosure [Abstract]        
Debt $ 145 $ 142 $ 293 $ 280
Finance lease obligations 5 5 10 9
Amortization of deferred financing costs and debt issuance discount 6 7 12 14
Interest income (9) (9) (20) (16)
Interest expense, net 147 145 295 287
Cross-currency rate swaps | Derivatives designated as net investment hedges        
Debt Instrument [Line Items]        
Other comprehensive income (loss) $ 12 $ 16 $ 23 $ 31
v3.24.2.u1
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate 17.60% 14.30% 17.40% 12.10%
v3.24.2.u1
Equity - Additional Information (Details)
 6 Months Ended
Jun. 30, 2024
shares
Partnership exchangeable units  
Stockholders Equity [Line Items]  
Exchange of partnership exchange units for RBI common shares (in shares) 16,620
v3.24.2.u1
Equity - Changes in the Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 4,835 $ 4,311 $ 4,730 $ 4,268
Foreign currency translation adjustment (107) 194 (347) 234
Net change in fair value of derivatives, net of tax     256  
Amounts reclassified to earnings of cash flow hedges, net of tax (27) (17) (49) (30)
Ending balance 4,951 4,678 4,951 4,678
Accumulated  Other Comprehensive Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (1,044) (1,020) (985) (973)
Ending balance (1,125) $ (839) (1,125) $ (839)
Derivatives        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     675  
Net change in fair value of derivatives, net of tax     256  
Amounts reclassified to earnings of cash flow hedges, net of tax     (49)  
Ending balance 882   882  
Pensions        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (17)  
Ending balance (17)   (17)  
Foreign Currency Translation        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (1,643)  
Foreign currency translation adjustment     (347)  
Ending balance $ (1,990)   $ (1,990)  
v3.24.2.u1
Derivative Instruments - Additional Information (Details)
 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
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 Swaps - Period Three      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount 120,000,000    
Interest Rate | Interest expense, net      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain reclassified from AOCI to income 130,000,000    
Cross Currency Interest Rate Contract | Derivatives designated as net investment hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount 2,750,000,000    
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    
Cross Currency Interest Rate Contract | Derivatives designated as net investment hedges | Fixed Income Interest Rate | Euro Member Countries, Euro      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount     $ 900,000,000
Cross Currency Interest Rate Contract, Maturing October 31, 2026 | Derivatives designated as net investment hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount 1,400,000,000    
Cross Currency Interest Rate Contract, Maturing November 30, 2028 | Derivatives designated as net investment hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount 1,200,000,000    
Cross Currency Interest Rate Contract, Maturing October 31, 2028 | Derivatives designated as net investment hedges      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount 150,000,000    
Cross Currency Interest Rate Contract, Maturing February 17, 2024 | Derivatives designated as net investment hedges | Fixed Income Interest Rate      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount 1,200,000,000 € 1,108,000,000  
Foreign Exchange Contract      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount $ 163,000,000    
v3.24.2.u1
Derivative Instruments - Quantitative Disclosures of Derivative Instruments Including Estimated Fair Values (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
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) $ 35 $ 120 $ 127 $ 63
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 36 20 66 35
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) 2 (3) 5 (4)
Forward-currency contracts | Supply chain 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 1 3 1 6
Cross-currency rate swaps | Derivatives designated as net investment hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Cross-currency rate swaps 23 (88) 154 (123)
Other comprehensive income (loss) 12 16 23 31
Cross-currency rate swaps | Interest expense, net | Derivatives designated as net investment hedges        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Other comprehensive income (loss) $ 12 $ 16 $ 23 $ 31
v3.24.2.u1
Derivative Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives assets $ 276 $ 197
Derivatives liabilities 87 229
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 250 190
Derivatives designated as cash flow hedges | Interest rate | Prepaids and other current assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives assets 3 0
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 2 0
Derivatives designated as cash flow hedges | Foreign currency | Other accrued liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 0 2
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 21 7
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 $ 87 $ 227
v3.24.2.u1
Other Operating Expenses (Income), net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Income and Expenses [Abstract]        
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings $ 8 $ (9) $ 10 $ (11)
Litigation settlements (gains) and reserves, net 1 (3) 1 (2)
Net losses (gains) on foreign exchange (6) (1) (29) 7
Other, net 4 6 7 16
Other operating expenses (income), net $ 7 $ (7) $ (11) $ 10
v3.24.2.u1
Segment Reporting - Additional Information (Details)
 6 Months Ended
Jun. 30, 2024
brand
Segment Reporting [Abstract]  
Number of brands 4
v3.24.2.u1
Segment Reporting - Revenues by Operating Segment and Country (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue, Major Customer [Line Items]        
Total revenues $ 2,080 $ 1,775 $ 3,819 $ 3,365
Intersegment Eliminations        
Revenue, Major Customer [Line Items]        
Total revenues (24) 0 (24) 0
Canada        
Revenue, Major Customer [Line Items]        
Total revenues $ 945 $ 925 $ 1,801 $ 1,739
Canada | Sales Revenue | Geographic Concentration Risk        
Revenue, Major Customer [Line Items]        
Percentage of revenue (as a percent) 10.00% 10.00% 10.00% 10.00%
United States        
Revenue, Major Customer [Line Items]        
Total revenues $ 902 $ 631 $ 1,563 $ 1,204
United States | Sales Revenue | Geographic Concentration Risk        
Revenue, Major Customer [Line Items]        
Percentage of revenue (as a percent) 10.00% 10.00% 10.00% 10.00%
Other        
Revenue, Major Customer [Line Items]        
Total revenues $ 233 $ 219 $ 455 $ 422
TH        
Revenue, Major Customer [Line Items]        
Total revenues   1,008   1,901
TH | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 1,030 1,008 1,969 1,901
BK        
Revenue, Major Customer [Line Items]        
Total revenues   327   624
BK | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 364 327 714 624
PLK        
Revenue, Major Customer [Line Items]        
Total revenues   173   333
PLK | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 194 173 372 333
FHS | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 53 48 103 85
INTL        
Revenue, Major Customer [Line Items]        
Total revenues   219   422
INTL | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues 233 219 455 422
RH | Operating Segments        
Revenue, Major Customer [Line Items]        
Total revenues $ 230 $ 0 $ 230 $ 0
v3.24.2.u1
Segment Reporting - Reconciliation of Segment Income to Net Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]            
Adjusted Operating Income $ 632   $ 577   $ 1,172 $ 1,082
Impact of equity method investments (69)   11   (72) 18
Other operating expenses (income), net 7   (7)   (11) 10
Income from operations 663   554   1,207 1,001
Interest expense, net 147   145   295 287
Loss on early extinguishment of debt 32   0   32 0
Income tax expense 85   58   153 86
Net income 399 $ 328 351 $ 277 727 628
RH Transaction costs            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Transaction costs         11  
Unallocated Management G&A            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Franchise agreement and reacquired franchise rights amortization 11   8   19 16
Corporate restructuring and advisory fees 6   7   8 12
Impact of equity method investments (64)   15   (64) 24
Other operating expenses (income), net 7   (7)   (11) 10
Unallocated Management G&A | RH Transaction costs            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Transaction costs 9   0   13 0
Unallocated Management G&A | FHS Transaction costs            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Transaction costs 0   0   0 19
TH | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Adjusted Operating Income 269   246   493 458
BK | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Adjusted Operating Income 114   110   220 206
PLK | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Adjusted Operating Income 62   56   120 107
FHS | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Adjusted Operating Income 13   11   23 20
INTL | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Adjusted Operating Income 160   154   302 291
RH | Operating Segments            
Segment Reporting, Revenue Reconciling Item [Line Items]            
Adjusted Operating Income $ 14   $ 0   $ 14 $ 0
v3.24.2.u1
Supplemental Financial Information - Additional Information (Details)
Jun. 30, 2024
5.75% First Lien Senior Notes due 2025  
Stated interest rate (as a percent) 5.75%
3.875% First Lien Senior Notes due 2028  
Stated interest rate (as a percent) 3.875%
3.875% First Lien Senior Notes due 2028 | Senior Notes  
Stated interest rate (as a percent) 3.875%
2020 3.50% Senior Notes (due February 15, 2029)  
Stated interest rate (as a percent) 3.50%
4.375% Second Lien Senior Notes due 2028  
Stated interest rate (as a percent) 4.375%
4.00% Second Lien Senior Notes due 2030  
Stated interest rate (as a percent) 4.00%
v3.24.2.u1
Supplemental Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Current assets:            
Cash and cash equivalents $ 942   $ 1,139 $ 1,213   $ 1,178
Accounts and notes receivable, net 737   749      
Inventories, net 160   166      
Prepaids and other current assets 191   119      
Total current assets 2,030   2,173      
Property and equipment, net 2,213   1,952      
Operating lease assets, net 1,874   1,122      
Intangible assets, net 11,266   11,107      
Goodwill 6,140   5,775      
Investment in subsidiaries 0   0      
Other assets, net 1,326   1,262      
Total assets 24,849   23,391      
Current liabilities:            
Accounts and drafts payable 720   790      
Other accrued liabilities 1,099   1,005      
Gift card liability 181   248      
Current portion of long-term debt and finance leases 617   101      
Total current liabilities 2,617   2,144      
Long-term debt, net of current portion 13,092   12,854      
Finance leases, net of current portion 302   312      
Operating lease liabilities, net of current portion 1,768   1,059      
Other liabilities, net 823   996      
Deferred income taxes, net 1,296   1,296      
Total liabilities 19,898   18,661      
Partners’ capital:            
Common shares 0   0      
Retained earnings 0   0      
Accumulated other comprehensive income (loss) (1,125)   (985)      
Total Partners’ capital 4,949   4,728      
Noncontrolling interests 2   2      
Total equity 4,951 $ 4,835 4,730 4,678 $ 4,311 4,268
Total liabilities and equity 24,849   23,391      
Related Party            
Current assets:            
Intercompany receivable 0   0      
Current liabilities:            
Other liabilities, net 0   0      
Nonrelated Party            
Current liabilities:            
Other liabilities, net 823          
Deferred income taxes, net     1,296      
Class A common units            
Partners’ capital:            
Class A common units 9,921   9,620      
Partnership exchangeable units            
Partners’ capital:            
Partnership exchangeable units (3,847)   (3,907)      
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 (4,951)   (4,730)      
Other assets, net 0   0      
Total assets (5,212)   (4,975)      
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 (261)   (245)      
Partners’ capital:            
Common shares (2,404)   (2,246)      
Retained earnings (3,670)   (3,467)      
Accumulated other comprehensive income (loss) 1,125   985      
Total Partners’ capital (4,949)   (4,728)      
Noncontrolling interests (2)   (2)      
Total equity (4,951)   (4,730)      
Total liabilities and equity (5,212)   (4,975)      
Eliminations | Related Party            
Current assets:            
Intercompany receivable (261)   (245)      
Current liabilities:            
Other liabilities, net (261)   (245)      
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 942   1,139 1,213   1,178
Accounts and notes receivable, net 737   749      
Inventories, net 160   166      
Prepaids and other current assets 191   119      
Total current assets 2,030   2,173      
Property and equipment, net 2,213   1,952      
Operating lease assets, net 1,874   1,122      
Intangible assets, net 11,266   11,107      
Goodwill 6,140   5,775      
Investment in subsidiaries 0   0      
Other assets, net 1,326   1,262      
Total assets 24,849   23,391      
Current liabilities:            
Accounts and drafts payable 720   790      
Other accrued liabilities 838   760      
Gift card liability 181   248      
Current portion of long-term debt and finance leases 617   101      
Total current liabilities 2,356   1,899      
Long-term debt, net of current portion 13,092   12,854      
Finance leases, net of current portion 302   312      
Operating lease liabilities, net of current portion 1,768   1,059      
Other liabilities, net     996      
Deferred income taxes, net 1,296          
Total liabilities 19,898   18,661      
Partners’ capital:            
Common shares 2,404   2,246      
Retained earnings 3,670   3,467      
Accumulated other comprehensive income (loss) (1,125)   (985)      
Total Partners’ capital 4,949   4,728      
Noncontrolling interests 2   2      
Total equity 4,951   4,730      
Total liabilities and equity 24,849   23,391      
Consolidated Borrowers | Reportable Legal Entities | Related Party            
Current assets:            
Intercompany receivable 0   0      
Current liabilities:            
Other liabilities, net 261   245      
Consolidated Borrowers | Reportable Legal Entities | Nonrelated Party            
Current liabilities:            
Other liabilities, net 823          
Deferred income taxes, net     1,296      
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 4,951   4,730      
Other assets, net 0   0      
Total assets 5,212   4,975      
Current liabilities:            
Accounts and drafts payable 0   0      
Other accrued liabilities 261   245      
Gift card liability 0   0      
Current portion of long-term debt and finance leases 0   0      
Total current liabilities 261   245      
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 261   245      
Partners’ capital:            
Common shares 0   0      
Retained earnings 0   0      
Accumulated other comprehensive income (loss) (1,125)   (985)      
Total Partners’ capital 4,949   4,728      
Noncontrolling interests 2   2      
Total equity 4,951   4,730      
Total liabilities and equity 5,212   4,975      
RBILP | Reportable Legal Entities | Related Party            
Current assets:            
Intercompany receivable 261   245      
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 9,921   9,620      
RBILP | Reportable Legal Entities | Partnership exchangeable units            
Partners’ capital:            
Partnership exchangeable units $ (3,847)   $ (3,907)      
v3.24.2.u1
Supplemental Financial Information - Condensed Consolidating Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:            
Total revenues $ 2,080   $ 1,775   $ 3,819 $ 3,365
Operating costs and expenses:            
Franchise and property expenses 134   130   260 253
Advertising expenses and other services 334   312   645 583
General and administrative expenses 185   163   358 338
(Income) loss from equity method investments (69)   11   (72) 18
Other operating expenses (income), net 7   (7)   (11) 10
Total operating costs and expenses 1,417   1,221   2,612 2,364
Income from operations 663   554   1,207 1,001
Interest expense, net 147   145   295 287
Loss on early extinguishment of debt 32   0   32 0
Income before income taxes 484   409   880 714
Income tax expense 85   58   153 86
Net income 399   351   727 628
Equity in earnings of consolidated subsidiaries 0   0   0 0
Net income 399 $ 328 351 $ 277 727 628
Net income (loss) attributable to noncontrolling interests 0   1   1 2
Net income attributable to common unitholders 399   350   726 626
Comprehensive income (loss) 318   532   587 762
Supply chain sales            
Operating costs and expenses:            
Cost of goods and services sold 540   551   1,057 1,048
Company restaurant sales            
Operating costs and expenses:            
Cost of goods and services sold 286   61   375 114
Company restaurant expenses 286   61   375 114
Eliminations            
Revenues:            
Total revenues 0   0   0 0
Operating costs and expenses:            
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 0   0   0 0
Net income 0   0   0 0
Equity in earnings of consolidated subsidiaries (399)   (351)   (727) (628)
Net income (399)   (351)   (727) (628)
Net income (loss) attributable to noncontrolling interests 0   (1)   (1) (2)
Net income attributable to common unitholders (399)   (350)   (726) (626)
Comprehensive income (loss) (318)   (532)   (587) (762)
Eliminations | Supply chain sales            
Operating costs and expenses:            
Cost of goods and services sold 0   0   0 0
Eliminations | Company restaurant sales            
Operating costs and expenses:            
Company restaurant expenses 0   0   0 0
Consolidated Borrowers | Reportable Legal Entities            
Revenues:            
Total revenues 2,080   1,775   3,819 3,365
Operating costs and expenses:            
Franchise and property expenses 134   130   260 253
Advertising expenses and other services 334   312   645 583
General and administrative expenses 185   163   358 338
(Income) loss from equity method investments (69)   11   (72) 18
Other operating expenses (income), net 7   (7)   (11) 10
Total operating costs and expenses 1,417   1,221   2,612 2,364
Income from operations 663   554   1,207 1,001
Interest expense, net 147   145   295 287
Loss on early extinguishment of debt 32       32  
Income before income taxes 484   409   880 714
Income tax expense 85   58   153 86
Net income 399   351   727 628
Equity in earnings of consolidated subsidiaries 0   0   0 0
Net income 399   351   727 628
Net income (loss) attributable to noncontrolling interests 0   1   1 2
Net income attributable to common unitholders 399   350   726 626
Comprehensive income (loss) 318   532   587 762
Consolidated Borrowers | Reportable Legal Entities | Supply chain sales            
Operating costs and expenses:            
Cost of goods and services sold 540   551   1,057 1,048
Consolidated Borrowers | Reportable Legal Entities | Company restaurant sales            
Operating costs and expenses:            
Company restaurant expenses 286   61   375 114
RBILP | Reportable Legal Entities            
Revenues:            
Total revenues 0   0   0 0
Operating costs and expenses:            
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 0   0   0 0
Net income 0   0   0 0
Equity in earnings of consolidated subsidiaries 399   351   727 628
Net income 399   351   727 628
Net income (loss) attributable to noncontrolling interests 0   1   1 2
Net income attributable to common unitholders 399   350   726 626
Comprehensive income (loss) 318   532   587 762
RBILP | Reportable Legal Entities | Supply chain sales            
Operating costs and expenses:            
Cost of goods and services sold 0   0   0 0
RBILP | Reportable Legal Entities | Company restaurant sales            
Operating costs and expenses:            
Company restaurant expenses 0   0   0 0
Product | Supply chain sales            
Revenues:            
Total revenues 682   676   1,309 1,283
Product | Company restaurant sales            
Revenues:            
Total revenues 347   68   449 129
Product | Eliminations | Supply chain sales            
Revenues:            
Total revenues 0   0   0 0
Product | Eliminations | Company restaurant sales            
Revenues:            
Total revenues 0   0   0 0
Product | Consolidated Borrowers | Reportable Legal Entities | Supply chain sales            
Revenues:            
Total revenues 682   676   1,309 1,283
Product | Consolidated Borrowers | Reportable Legal Entities | Company restaurant sales            
Revenues:            
Total revenues 347   68   449 129
Product | RBILP | Reportable Legal Entities | Supply chain sales            
Revenues:            
Total revenues 0   0   0 0
Product | RBILP | Reportable Legal Entities | Company restaurant sales            
Revenues:            
Total revenues 0   0   0 0
Franchise and property revenues            
Revenues:            
Total revenues 747   742   1,459 1,410
Franchise and property revenues | Eliminations            
Revenues:            
Total revenues 0   0   0 0
Franchise and property revenues | Consolidated Borrowers | Reportable Legal Entities            
Revenues:            
Total revenues 747   742   1,459 1,410
Franchise and property revenues | RBILP | Reportable Legal Entities            
Revenues:            
Total revenues 0   0   0 0
Advertising revenues and other services            
Revenues:            
Total revenues 304   289   602 543
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 304   289   602 543
Advertising revenues and other services | RBILP | Reportable Legal Entities            
Revenues:            
Total revenues $ 0   $ 0   $ 0 $ 0
v3.24.2.u1
Supplemental Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:            
Net income $ 399 $ 328 $ 351 $ 277 $ 727 $ 628
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         108 95
Non-cash loss on early extinguishment of debt         22 0
Amortization of deferred financing costs and debt issuance discount 6   7   12 14
(Income) loss from equity method investments (69)   11   (72) 18
(Gain) loss on remeasurement of foreign denominated transactions         (29) 7
Net (gains) losses on derivatives         (91) (72)
Share-based compensation and non-cash incentive compensation expense         87 92
Deferred income taxes         10 (40)
Other         5 (6)
Changes in current assets and liabilities, excluding acquisitions and dispositions:            
Accounts and notes receivable         9 (29)
Inventories and prepaids and other current assets         14 (45)
Accounts and drafts payable         (70) (31)
Other accrued liabilities and gift card liability         (210) (135)
Tenant inducements paid to franchisees         (11) (9)
Other long-term assets and liabilities         (29) 0
Net cash provided by operating activities         482 487
Cash flows from investing activities:            
Payments for property and equipment         (69) (48)
Net proceeds from disposal of assets, restaurant closures, and refranchisings         7 13
Payment for purchase of Carrols Restaurant Group, net of cash acquired         (508) 0
Net payments for acquisition of franchised restaurants         (23) 0
Settlement/sale of derivatives, net         35 28
Other investing activities, net         (1) (1)
Net cash (used for) provided by investing activities         (559) (8)
Cash flows from financing activities:            
Proceeds from long-term debt         1,950 2
Repayments of long-term debt and finance leases         (1,639) (68)
Payment of financing costs         (32) 0
Distributions on Class A common and Partnership exchangeable units         (506) (492)
Capital contribution from RBI         60 49
Distributions from subsidiaries         0 0
Proceeds from derivatives         57 63
Other financing activities, net         (2) (2)
Net cash used for financing activities         (112) (448)
Effect of exchange rates on cash and cash equivalents         (8) 4
(Decrease) increase in cash and cash equivalents         (197) 35
Cash and cash equivalents at beginning of period   1,139   1,178 1,139 1,178
Cash and cash equivalents at end of period 942   1,213   942 1,213
Eliminations            
Cash flows from operating activities:            
Net income (399)   (351)   (727) (628)
Adjustments to reconcile net income to net cash provided by operating activities:            
Equity in loss (earnings) of consolidated subsidiaries 399   351   727 628
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  
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
Payment for purchase of Carrols Restaurant Group, net of cash acquired         0  
Net payments for acquisition of franchised restaurants         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
Capital contribution from RBI         0 0
Distributions from subsidiaries         0 0
Proceeds from derivatives         0 0
Other financing activities, net         0 0
Net cash used for financing activities         0 0
Effect of exchange rates on cash and cash equivalents         0 0
(Decrease) increase 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 399   351   727 628
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         108 95
Non-cash loss on early extinguishment of debt         22  
Amortization of deferred financing costs and debt issuance discount         12 14
(Income) loss from equity method investments (69)   11   (72) 18
(Gain) loss on remeasurement of foreign denominated transactions         (29) 7
Net (gains) losses on derivatives         (91) (72)
Share-based compensation and non-cash incentive compensation expense         87 92
Deferred income taxes         10 (40)
Other         5 (6)
Changes in current assets and liabilities, excluding acquisitions and dispositions:            
Accounts and notes receivable         9 (29)
Inventories and prepaids and other current assets         14 (45)
Accounts and drafts payable         (70) (31)
Other accrued liabilities and gift card liability         (210) (135)
Tenant inducements paid to franchisees         (11) (9)
Other long-term assets and liabilities         (29)  
Net cash provided by operating activities         482 487
Cash flows from investing activities:            
Payments for property and equipment         (69) (48)
Net proceeds from disposal of assets, restaurant closures, and refranchisings         7 13
Payment for purchase of Carrols Restaurant Group, net of cash acquired         (508)  
Net payments for acquisition of franchised restaurants         (23)  
Settlement/sale of derivatives, net         35 28
Other investing activities, net         (1) (1)
Net cash (used for) provided by investing activities         (559) (8)
Cash flows from financing activities:            
Proceeds from long-term debt         1,950 2
Repayments of long-term debt and finance leases         (1,639) (68)
Payment of financing costs         (32)  
Distributions on Class A common and Partnership exchangeable units         0 0
Capital contribution from RBI         60 49
Distributions from subsidiaries         (506) (492)
Proceeds from derivatives         57 63
Other financing activities, net         (2) (2)
Net cash used for financing activities         (112) (448)
Effect of exchange rates on cash and cash equivalents         (8) 4
(Decrease) increase in cash and cash equivalents         (197) 35
Cash and cash equivalents at beginning of period   1,139   1,178 1,139 1,178
Cash and cash equivalents at end of period 942   1,213   942 1,213
RBILP | Reportable Legal Entities            
Cash flows from operating activities:            
Net income 399   351   727 628
Adjustments to reconcile net income to net cash provided by operating activities:            
Equity in loss (earnings) of consolidated subsidiaries (399)   (351)   (727) (628)
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  
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
Payment for purchase of Carrols Restaurant Group, net of cash acquired         0  
Net payments for acquisition of franchised restaurants         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         (506) (492)
Capital contribution from RBI         0 0
Distributions from subsidiaries         506 492
Proceeds from derivatives         0 0
Other financing activities, net         0 0
Net cash used for financing activities         0 0
Effect of exchange rates on cash and cash equivalents         0 0
(Decrease) increase 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
v3.24.2.u1
Subsequent Events (Details) - $ / shares
 1 Months Ended 3 Months Ended
Oct. 04, 2024
Jul. 05, 2024
Aug. 08, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Forecast              
Subsequent Event [Line Items]              
Common stock dividends paid (in usd per share) $ 0.58            
Partnership exchangeable units              
Subsequent Event [Line Items]              
Common stock, dividends declared (in usd per share)       $ 0.58 $ 0.58 $ 0.55 $ 0.55
Subsequent Event              
Subsequent Event [Line Items]              
Common stock dividends paid (in usd per share)   $ 0.58          
Common stock, dividends declared (in usd per share)     $ 0.58        
Subsequent Event | Partnership exchangeable units | Restaurant Brands International Limited Partnership              
Subsequent Event [Line Items]              
Distribution in respect of each Partnership exchangeable unit (in usd per share)   $ 0.58 $ 0.58