Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Entity Registrant Name | 'Burger King Worldwide, Inc. |
Entity Central Index Key | '0001547282 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 352,280,790 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $904.70 | $786.90 |
Trade and notes receivable, net | 170.4 | 179.7 |
Prepaids and other current assets, net | 82.4 | 69.8 |
Deferred income taxes, net | 20 | 38 |
Total current assets | 1,177.50 | 1,074.40 |
Property and equipment, net of accumulated depreciation of $209.7 million and $187.9 million, respectively | 786.1 | 801.5 |
Intangible assets, net | 2,773.70 | 2,796 |
Goodwill | 629 | 630 |
Net investment in property leased to franchisees | 151.4 | 163.1 |
Other assets, net | 236.4 | 363.5 |
Total assets | 5,754.10 | 5,828.50 |
Current liabilities: | ' | ' |
Accounts and drafts payable | 24.1 | 31.1 |
Accrued advertising | 72.8 | 56.5 |
Other accrued liabilities | 156.4 | 177 |
Current portion of long term debt and capital leases | 94.1 | 81.4 |
Total current liabilities | 347.4 | 346 |
Term debt, net of current portion | 2,860 | 2,880.20 |
Capital leases, net of current portion | 70 | 75.4 |
Other liabilities, net | 300.8 | 317.9 |
Deferred income taxes, net | 638.4 | 692.8 |
Total liabilities | 4,216.60 | 4,312.30 |
Guarantees, Commitments and Contingencies (Note 18) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value; 200,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 2,000,000,000 shares authorized; 352,280,790 shares issued at June 30, 2014; 352,161,950 shares issued at December 31, 2013; | 3.5 | 3.5 |
Additional paid-in capital | 1,249 | 1,239.90 |
Retained earnings | 311.7 | 225.5 |
Accumulated other comprehensive income (loss) | -19.4 | 54.6 |
Treasury stock, at cost; 345,286 shares at June 30, 2014 and 345,286 shares at December 31, 2013 | -7.3 | -7.3 |
Total stockholders' equity | 1,537.50 | 1,516.20 |
Total liabilities and stockholders' equity | $5,754.10 | $5,828.50 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Property and equipment, accumulated depreciation | $209.70 | $187.90 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 352,280,790 | 352,161,950 |
Treasury stock, at cost, shares | 345,286 | 345,286 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Franchise and property revenues | $242.90 | $225.60 | $465.30 | $432.20 |
Company restaurant revenues | 18.3 | 52.7 | 36.8 | 173.8 |
Total revenues | 261.2 | 278.3 | 502.1 | 606 |
Franchise and property expenses | 35.7 | 36.7 | 73.1 | 73 |
Company restaurant expenses | 15.7 | 46.6 | 31.2 | 154.7 |
Selling, general and administrative expenses | 47 | 61.5 | 95.2 | 128.2 |
Other operating expenses (income), net | 11.3 | 0.3 | 19.8 | 14.5 |
Total operating costs and expenses | 109.7 | 145.1 | 219.3 | 370.4 |
Income from operations | 151.5 | 133.2 | 282.8 | 235.6 |
Interest expense, net | 50.6 | 50 | 100.6 | 99.1 |
Income (loss) before income taxes | 100.9 | 83.2 | 182.2 | 136.5 |
Income tax expense | 25.8 | 20.3 | 46.7 | 37.8 |
Net income | $75.10 | $62.90 | $135.50 | $98.70 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.21 | $0.18 | $0.38 | $0.28 |
Diluted | $0.21 | $0.18 | $0.38 | $0.28 |
Weighted average shares outstanding | ' | ' | ' | ' |
Basic | 352.3 | 350.9 | 352.3 | 350.7 |
Diluted | 359.4 | 357.7 | 359.3 | 357.4 |
Dividends per common share | $0.07 | $0.06 | $0.14 | $0.11 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $75.10 | $62.90 | $135.50 | $98.70 |
Foreign currency translation adjustment | -9.1 | 17.4 | -9.7 | -13 |
Reclassification of foreign currency translation adjustment into net income | ' | -3 | ' | -3 |
Net change in fair value of net investment hedges (net of tax of $0.9, $2.1, $0.7 and $2.9) | 1.2 | -3.3 | 1 | 4.5 |
Net change in fair value of interest rate caps/swaps (net of tax of $20.7, $39.7, $42.4 and $49.3) | -32.7 | 61.6 | -66.9 | 76.4 |
Amounts reclassified to earnings of cash flow hedges (net of tax of $0.8, $0.5, $1.6 and $1.0) | 1.4 | 0.9 | 2.6 | 1.6 |
Pension and post-retirement benefit plans (net of tax of $0, $0, $0 and $0.3) | ' | ' | ' | 0.3 |
Amortization of prior service costs (net of tax of $0.4, $0.3, $0.6 and $0.6) | -0.4 | -0.5 | -0.9 | -0.7 |
Amortization of actuarial losses (net of tax of $0, $0.1, $0 and $0.3) | -0.1 | 0.1 | -0.1 | 0.3 |
Other comprehensive income (loss) | -39.7 | 73.2 | -74 | 66.4 |
Total comprehensive income | $35.40 | $136.10 | $61.50 | $165.10 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Tax effect on change in fair value of investment hedges | $0.90 | $2.10 | $0.70 | $2.90 |
Tax effect on change in fair value of interest rate caps/swaps | 20.7 | 39.7 | 42.4 | 49.3 |
Tax effect on amounts reclassified to earnings of cash flow hedges | 0.8 | 0.5 | 1.6 | 1 |
Tax effect on pension and post-retirement benefit plans | 0 | 0 | 0 | 0.3 |
Tax effect on amortization prior service costs | 0.4 | 0.3 | 0.6 | 0.6 |
Tax effect on amortization of actuarial losses | $0 | $0.10 | $0 | $0.30 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $135.50 | $98.70 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 32.2 | 32.6 |
Amortization of deferred financing costs and debt issuance discount | 30.1 | 27.5 |
Equity in net loss from unconsolidated affiliates | 9.9 | 6.8 |
(Gain) loss on remeasurement of foreign denominated transactions | -2.3 | 3 |
Amortization of defined benefit pension and postretirement items | -1.6 | -0.7 |
Realized loss on terminated caps/swaps | 4.2 | 2.8 |
Net losses (gains) on refranchisings and dispositions of assets | 3.6 | -2.1 |
Bad debt (recoveries) expense, net | -0.2 | 2.2 |
Share-based compensation expense | 6 | 4.8 |
Deferred income taxes | 5 | 22.2 |
Changes in current assets and liabilities, excluding acquisitions and dispositions: | ' | ' |
Trade and notes receivable | 11.4 | 0.7 |
Prepaids and other current assets | 7.7 | 0.7 |
Accounts and drafts payable | -8.4 | -19.8 |
Accrued advertising | -13.1 | 0.2 |
Other accrued liabilities | 4.8 | -35.7 |
Other long-term assets and liabilities | -11.7 | -13.7 |
Net cash provided by (used for) operating activities | 213.1 | 130.2 |
Cash flows from investing activities: | ' | ' |
Payments for property and equipment | -7.2 | -8.6 |
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | -6.8 | 48.6 |
Payments for acquired franchisee operations, net of cash acquired | ' | -11.9 |
Return of investment on direct financing leases | 7.7 | 8.1 |
Other investing activities | -0.3 | ' |
Net cash (used for) provided by investing activities | -6.6 | 36.2 |
Cash flows from financing activities: | ' | ' |
Repayments of term debt and capital leases | -38.3 | -25.3 |
Dividends paid on common stock | -49.3 | -38.6 |
Proceeds from stock option exercises | ' | 2.5 |
Excess tax benefits from share-based compensation | ' | 3.5 |
Net cash provided by (used for) financing activities | -87.6 | -57.9 |
Effect of exchange rates on cash and cash equivalents | -1.1 | -1.1 |
Increase in cash and cash equivalents | 117.8 | 107.4 |
Cash and cash equivalents at beginning of period | 786.9 | 546.7 |
Cash and cash equivalents at end of period | 904.7 | 654.1 |
Supplemental cashflow disclosures: | ' | ' |
Interest paid | 68 | 69.5 |
Income taxes paid | 19 | 14.7 |
Non-cash investing and financing activities: | ' | ' |
Investment in unconsolidated affiliates | ' | 17.8 |
Acquisition of property with capital lease obligations | ' | $0.90 |
Basis_of_Presentation_and_Cons
Basis of Presentation and Consolidation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Consolidation | ' |
Note 1. Basis of Presentation and Consolidation | |
We have prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (“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 (“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 on February 21, 2014. | |
The Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. We consolidate entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. All material intercompany balances and transactions have been eliminated in consolidation. Investments in affiliates owned 50% or less are accounted for by the equity method. | |
We also consider for consolidation an entity in which we have certain interests, where the controlling financial interest may be achieved through arrangements that do not involve voting interests. Such an entity, known as a variable interest entity (“VIE”), is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. Our most significant variable interests are in entities that operate restaurants under our franchise arrangements and certain equity method investees that operate as master franchisees. We do not have any ownership interests in our franchisees’ businesses, except for our investments in various entities that are accounted for under the equity method. Additionally, we generally do not provide financial support to our franchisees in a typical franchise relationship. As our franchise and master franchise arrangements provide our franchise and master franchise entities the power to direct the activities that most significantly impact their economic performance, we do not consider ourselves the primary beneficiary of any such entity that might be a VIE. Based on the results of our analysis of potential VIEs, we have not consolidated any franchisee entities. Our maximum exposure to loss resulting from involvement with potential VIEs is attributable to trade and notes receivable balances, outstanding loan guarantees and future lease payments, where applicable. | |
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 do not necessarily indicate the results that may be expected for any other interim period or for the full year. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our Financial Statements and Notes to the Financial Statements. Management adjusts such estimates and assumptions when facts and circumstances dictate. Such estimates and assumptions may be affected by volatile credit, equity, foreign currency, energy markets and declines in consumer spending. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. | |
Certain prior year amounts in the accompanying Financial Statements and Notes to the Financial Statements have been reclassified in order to be comparable with the current year classifications. These reclassifications had no effect on previously reported net income. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
Note 2. New Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends accounting guidance on reporting discontinued operations and disclosures of disposals of components of an entity. Under this guidance, only disposals of a component of an entity that represent a major strategic shift on an entity’s operations and financial results shall be reported in discontinued operations. The guidance also requires the presentation as discontinued operation for an entity that, on acquisition, meets the criteria to be classified as held for sale. In addition, the update expands disclosures for discontinued operations, requires new disclosures regarding disposals of an individually significant component of an entity that does not qualify for discontinued operations presentation and expands disclosures about an entity’s significant continuing involvement with a discontinued operation. The accounting standards update is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014, with early adoption permitted. We early adopted the provisions of this accounting standards update and it did not have a significant impact on our condensed consolidated financial statements. | |
In May 2014, the FASB issued an accounting standards update that amends accounting guidance on revenue recognition. Under this guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should disclose sufficient information to enable users of financial statements to understand the nature, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The accounting standards update permits the use of either the retrospective or cumulative effect transition method. We are evaluating the impact of this accounting standards update on our condensed consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the accounting standards update on our ongoing financial reporting. |
Prepaids_and_Other_Current_Ass
Prepaids and Other Current Assets, Net | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Prepaids and Other Current Assets, Net | ' | ||||||||
Note 3. Prepaids and Other Current Assets, net | |||||||||
Prepaids and other current assets, net consist of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 55.9 | $ | 34.2 | |||||
Refundable and prepaid income taxes | 9.7 | 25.3 | |||||||
Inventories | 0.7 | 1.2 | |||||||
Deferred financing costs - current | 9.1 | 9.1 | |||||||
Other current assets | 7 | — | |||||||
Prepaids and other current assets | $ | 82.4 | $ | 69.8 | |||||
Intangible_Assets_Net_and_Good
Intangible Assets, Net and Goodwill | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets, Net and Goodwill | ' | ||||||||||||||||||||||||
Note 4. Intangible Assets, net and Goodwill | |||||||||||||||||||||||||
Intangible assets, net and goodwill consist of the following: | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Identifiable assets subject to amortization: | |||||||||||||||||||||||||
Franchise agreements | $ | 490.2 | $ | (76.3 | ) | $ | 413.9 | $ | 491.3 | $ | (66.0 | ) | $ | 425.3 | |||||||||||
Favorable leases | 158.2 | (55.5 | ) | 102.7 | 158.4 | (48.5 | ) | 109.9 | |||||||||||||||||
Subtotal | 648.4 | (131.8 | ) | 516.6 | 649.7 | (114.5 | ) | 535.2 | |||||||||||||||||
Indefinite lived intangible assets - Brand | $ | 2,257.10 | $ | — | $ | 2,257.10 | $ | 2,260.80 | $ | — | $ | 2,260.80 | |||||||||||||
Intangible assets, net | $ | 2,773.70 | $ | 2,796.00 | |||||||||||||||||||||
Goodwill | $ | 629 | $ | 630 | |||||||||||||||||||||
We recorded amortization expense on intangible assets of $8.8 million for the three months ended June 30, 2014 and $8.8 million for the same period in the prior year. We recorded amortization expense on intangible assets of $17.6 million for the six months ended June 30, 2014 and $18.4 million for the same period in the prior year. The change in the Brand and goodwill balance for the six months ended June 30, 2014 was due to foreign currency translation effect. |
Other_Assets_Net
Other Assets, Net | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Other Assets, Net | ' | ||||||||
Note 5. Other assets, net | |||||||||
Other assets, net consist of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Derivative assets | $ | 64.9 | $ | 174.1 | |||||
Equity method investments | 91.4 | 102 | |||||||
Deferred financing costs - noncurrent | 31 | 35.5 | |||||||
Other | 49.1 | 51.9 | |||||||
Other assets, net | $ | 236.4 | $ | 363.5 | |||||
Equity_Method_Investments
Equity Method Investments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Equity Method Investments | ' | ||||||||||||||||
Note 6. Equity Method Investments | |||||||||||||||||
The carrying amount of all our equity method investments was $91.4 million as of June 30, 2014 and $102.0 million as of December 31, 2013 and is included as a component of other assets, net in our condensed consolidated balance sheets. The entities in which we have an equity interest own or franchise Burger King restaurants or lease Burger King restaurants to franchisees. Franchise and property revenue we recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues from affiliates: | |||||||||||||||||
Franchise royalties | $ | 21.2 | $ | 17.7 | $ | 39.8 | $ | 31 | |||||||||
Property revenues | 6.5 | 6.6 | 12.7 | 12.8 | |||||||||||||
Franchise fees and other revenue | 2.2 | 1.7 | 3.3 | 2.2 | |||||||||||||
Total | $ | 29.9 | $ | 26 | $ | 55.8 | $ | 46 | |||||||||
At June 30, 2014 and December 31, 2013, we had $15.7 million and $18.1 million, respectively, of accounts receivable from our equity method investments which were recorded in trade and notes receivable, net in our condensed consolidated balance sheets. |
Other_Accrued_Liabilities_and_
Other Accrued Liabilities and Other Liabilities, net | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Accrued Liabilities and Other Liabilities, net | ' | ||||||||
Note 7. Other Accrued Liabilities and Other Liabilities, net | |||||||||
Other accrued liabilities and other liabilities, net consist of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Accrued compensation and benefits | $ | 20.4 | $ | 30.9 | |||||
Gift card liabilities | 15.4 | 22 | |||||||
Deferred income - current | 14.7 | 15.7 | |||||||
Restructuring and other provisions | 13.9 | 15.3 | |||||||
Interest payable | 16.9 | 16.9 | |||||||
Closed property reserve | 14 | 11.5 | |||||||
Lease liability - current portion | 6.2 | 9.8 | |||||||
Other | 54.9 | 54.9 | |||||||
Other accrued liabilities | $ | 156.4 | $ | 177 | |||||
Non-current: | |||||||||
Unfavorable leases | $ | 108.1 | $ | 116.6 | |||||
Lease liability - noncurrent | 38.5 | 38.6 | |||||||
Accrued pension | 34.6 | 37.4 | |||||||
Income tax payable | 32.3 | 31.6 | |||||||
Derivative liabilities | 24 | 25.9 | |||||||
Deferred income - noncurrent | 16 | 13.2 | |||||||
Casualty insurance - noncurrent | 10.8 | 13.1 | |||||||
Other | 36.5 | 41.5 | |||||||
Other liabilities, net | $ | 300.8 | $ | 317.9 | |||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||||||||||
Note 8. Long-Term Debt | |||||||||||||||||||||||||||
Long-term debt consists of the following: | |||||||||||||||||||||||||||
Interest rates (a) | |||||||||||||||||||||||||||
As of | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Maturity | June 30, | December 31, | June 30, | June 30, | |||||||||||||||||||||||
dates | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Tranche A Term Loans | 2017 | $ | 965.6 | $ | 991.4 | 3.3 | % | 3.2 | % | 3.3 | % | 3.2 | % | ||||||||||||||
Tranche B Term Loans (b) | 2019 | 686.6 | 689.4 | 4.6 | % | 4.6 | % | 4.6 | % | 4.6 | % | ||||||||||||||||
9 7⁄8% Senior Notes | 2018 | 794.5 | 794.5 | 10.1 | % | 10.1 | % | 10.1 | % | 10.1 | % | ||||||||||||||||
11.0% Discount Notes (c) | 2019 | 478 | 453.1 | 11.5 | % | 11.5 | % | 11.5 | % | 11.5 | % | ||||||||||||||||
Deferred Premiums on interest rate caps | 2016 | 18.4 | 22 | 2.5 | % | 2.5 | % | 2.5 | % | 2.5 | % | ||||||||||||||||
Other | N/A | 0.7 | 0.7 | ||||||||||||||||||||||||
Total debt | 2,943.80 | 2,951.10 | |||||||||||||||||||||||||
Less: current maturities of debt | (83.8 | ) | (70.9 | ) | |||||||||||||||||||||||
Total long-term debt | $ | 2,860.00 | $ | 2,880.20 | |||||||||||||||||||||||
(a) | Represents the effective interest rate for the instrument computed on a quarterly basis, including the amortization of deferred debt issuance costs and original issue discount, as applicable, and in the case of our term loans, the effect of interest rate caps. | ||||||||||||||||||||||||||
(b) | Principal face amount herein is presented net of a discount of $6.1 million at June 30, 2014 and $6.7 million at December 31, 2013. | ||||||||||||||||||||||||||
(c) | Principal face amount herein is presented net of a discount of $101.1 million at June 30, 2014 and $126.0 million at December 31, 2013. | ||||||||||||||||||||||||||
2012 Revolving Credit Facility | |||||||||||||||||||||||||||
As of June 30, 2014, we had no amounts outstanding under the 2012 Revolving Credit Facility. Funds available under the 2012 Revolving Credit Facility for future borrowings may be used to repay other debt, finance debt or share repurchases, acquisitions, capital expenditures and other general corporate purposes. We have a $75.0 million letter of credit sublimit as part of the 2012 Revolving Credit Facility, which reduces our borrowing capacity under this facility by the cumulative amount of outstanding letters of credit. As of June 30, 2014, we had no letters of credit issued against the 2012 Revolving Credit Facility and our borrowing capacity was $130.0 million. | |||||||||||||||||||||||||||
Interest Expense, net | |||||||||||||||||||||||||||
Interest expense, net consists of the following: | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Tranche A Term Loans | $ | 6.2 | $ | 6.6 | $ | 12.4 | $ | 13.2 | |||||||||||||||||||
Tranche B Term Loans | 6.6 | 6.6 | 13.1 | 13.2 | |||||||||||||||||||||||
Interest Rate Caps | 2.4 | 1.6 | 4.5 | 3 | |||||||||||||||||||||||
9 7⁄8% Senior Notes | 19.6 | 19.6 | 39.2 | 39.2 | |||||||||||||||||||||||
11.0% Discount Notes | 12.6 | 11.4 | 24.9 | 22.4 | |||||||||||||||||||||||
Amortization of deferred financing costs and debt issuance discount | 2.6 | 2.6 | 5.2 | 5.1 | |||||||||||||||||||||||
Capital lease obligations | 1.3 | 1.7 | 2.7 | 3.3 | |||||||||||||||||||||||
Other | 0.4 | 0.5 | 0.6 | 0.8 | |||||||||||||||||||||||
Interest income | (1.1 | ) | (0.6 | ) | (2.0 | ) | (1.1 | ) | |||||||||||||||||||
Total | $ | 50.6 | $ | 50 | $ | 100.6 | $ | 99.1 | |||||||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Note 9. Income Taxes | |||||||||||||||||
The U.S. Federal tax statutory rate reconciles to the effective tax rate as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
U.S. Federal income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | |||||||||
State income taxes, net of federal income tax benefit | 1.5 | 1.5 | 1.5 | 1.6 | |||||||||||||
Costs and taxes related to foreign operations | 3.3 | 5.3 | 3.2 | 5.2 | |||||||||||||
Foreign tax rate differential | (17.9 | ) | (14.9 | ) | (17.9 | ) | (14.8 | ) | |||||||||
Change in valuation allowance | 2.9 | (2.2 | ) | 2.9 | (1.0 | ) | |||||||||||
Change in accrual for tax uncertainties | 0.4 | 0.9 | 0.4 | 2.1 | |||||||||||||
Other | 0.4 | (1.2 | ) | 0.5 | (0.4 | ) | |||||||||||
Effective income tax rate | 25.6 | % | 24.4 | % | 25.6 | % | 27.7 | % | |||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
Note 10. Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
The following table displays the change in the components of accumulated other comprehensive income (loss): | |||||||||||||||||||
Gains(Losses) | Defined Benefit | Foreign | Accumulated | ||||||||||||||||
on Cash Flow | Pension | Currency | Other | ||||||||||||||||
Hedges | Translation | Comprehensive | |||||||||||||||||
Adjustments | Income (Loss) | ||||||||||||||||||
Balances at December 31, 2013 | $ | 68.8 | $ | 16 | $ | (30.2 | ) | $ | 54.6 | ||||||||||
Foreign currency translation adjustment | — | — | (9.7 | ) | (9.7 | ) | |||||||||||||
Net change in fair value of net investment hedges, net of tax | 1 | — | — | 1 | |||||||||||||||
Net change in fair value of interest rate caps/swaps, net of tax | (66.9 | ) | — | — | (66.9 | ) | |||||||||||||
Amounts reclassified to earnings of cash flow hedges, net of tax | 2.6 | — | — | 2.6 | |||||||||||||||
Amortization of prior service costs, net of tax | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||
Amortization of actuarial losses, net of tax | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Balances at June 30, 2014 | $ | 5.5 | $ | 15 | $ | (39.9 | ) | $ | (19.4 | ) | |||||||||
The following table displays the reclassifications out of accumulated other comprehensive income (loss): | |||||||||||||||||||
Amounts Reclassified from AOCI | Amounts Reclassified from AOCI | ||||||||||||||||||
Details about AOCI Components | Affected Line Item in the Statements | Three Months Ended | Six Months Ended | ||||||||||||||||
of Operations | June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Gains (Losses) on cash flow hedges: | |||||||||||||||||||
Interest rate derivative contracts | Interest expense, net | $ | (2.2 | ) | $ | (1.4 | ) | $ | (4.2 | ) | $ | (2.6 | ) | ||||||
Income tax (expense) benefit | 0.8 | 0.5 | 1.6 | 1 | |||||||||||||||
Net of tax | (1.4 | ) | (0.9 | ) | (2.6 | ) | (1.6 | ) | |||||||||||
Defined benefit pension plan items: | |||||||||||||||||||
Amortization of prior service costs | SG&A (1) | $ | 0.8 | $ | 0.8 | $ | 1.5 | $ | 1.3 | ||||||||||
Amortization of actuarial gains (losses) | SG&A (1) | 0.1 | (0.2 | ) | 0.1 | (0.6 | ) | ||||||||||||
Total before tax | 0.9 | 0.6 | 1.6 | 0.7 | |||||||||||||||
Income tax (expense) benefit | (0.4 | ) | (0.2 | ) | (0.6 | ) | (0.3 | ) | |||||||||||
Net of tax | $ | 0.5 | $ | 0.4 | $ | 1 | $ | 0.4 | |||||||||||
Foreign currency translation adjustment into net income: | |||||||||||||||||||
Sale of foreign entity | Other operating expenses (income), net | — | (3.0 | ) | — | (3.0 | ) | ||||||||||||
Total reclassifications | Net of tax | $ | (0.9 | ) | $ | (3.5 | ) | $ | (1.6 | ) | $ | (4.2 | ) | ||||||
-1 | Refers to selling, general and administrative expenses in the unaudited condensed consolidated statements of operations. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||
Note 11. Fair Value Measurements | |||||||||||||||||||||||||||
The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments, derivatives designated as net investment hedges, investments held in a rabbi trust which consist of money market accounts and mutual funds established to fund a portion of our current and future obligations under our Executive Retirement Plan (“ERP”), and ERP liabilities as well as their location on our condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||
at June 30, 2014 | at December 31, 2013 | ||||||||||||||||||||||||||
Balance Sheet Location | (Level 1) | (Level 2) | Total | (Level 1) | (Level 2) | Total | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||
Interest rate caps | Other assets, net | $ | — | $ | 1.9 | $ | 1.9 | $ | — | $ | 4.2 | $ | 4.2 | ||||||||||||||
Forward-starting interest rate swaps | Other assets, net | — | 63 | 63 | — | 169.9 | 169.9 | ||||||||||||||||||||
Other: | |||||||||||||||||||||||||||
Investments held in a rabbi trust | Other assets, net | 6.7 | — | 6.7 | 8.9 | — | 8.9 | ||||||||||||||||||||
Total assets at fair value | $ | 6.7 | $ | 64.9 | $ | 71.6 | $ | 8.9 | $ | 174.1 | $ | 183 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||||
Derivatives designated as net investment hedges: | |||||||||||||||||||||||||||
Cross-currency rate swaps | Other liabilities, net | $ | — | $ | 24 | $ | 24 | $ | — | $ | 25.9 | $ | 25.9 | ||||||||||||||
Other: | |||||||||||||||||||||||||||
ERP liabilities | Other accrued liabilities | — | 1.4 | 1.4 | — | 2.8 | 2.8 | ||||||||||||||||||||
ERP liabilities | Other liabilities, net | — | 5.3 | 5.3 | — | 6 | 6 | ||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 30.7 | $ | 30.7 | $ | — | $ | 34.7 | $ | 34.7 | |||||||||||||||
Our derivatives are valued using a discounted cash flow analysis that incorporates observable market parameters, such as interest rate yield curves and currency rates, classified as Level 2 within the valuation hierarchy. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by us or the counterparty. | |||||||||||||||||||||||||||
Investments held in a rabbi trust consist of money market funds and mutual funds and the fair value measurements are derived using quoted prices in active markets for the specific funds which are based on Level 1 inputs of the fair value hierarchy. The fair value measurements of the ERP liabilities are derived principally from observable market data which are based on Level 2 inputs of the fair value hierarchy. | |||||||||||||||||||||||||||
At June 30, 2014, the fair value of our variable rate term debt and bonds was estimated at $3.1 billion, compared to a carrying amount of $2.9 billion, net of original issue discount. At December 31, 2013, the fair value of our variable rate term debt and bonds was estimated at $3.1 billion, compared to a carrying amount of $2.9 billion, net of original issue discount. Fair value of variable rate term debt was estimated using inputs based on bid and offer prices and are Level 2 inputs within the fair value hierarchy. Fair value of the Senior Notes and Discount Notes was estimated using quoted market prices and are Level 1 inputs within the fair value hierarchy. | |||||||||||||||||||||||||||
Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to periodic impairment tests. These items primarily include long-lived assets, goodwill, the Brand and other intangible assets. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||
Note 12. Derivative Instruments | |||||||||||||||||
We enter into derivative instruments for risk management purposes, including derivatives designated as cash flow hedges, derivatives designated as net investment hedges and those utilized as economic hedges. We use derivatives to manage exposure to fluctuations in interest rates and currency exchange rates. See Note 11 for fair value measurements of our derivative instruments. | |||||||||||||||||
Interest Rate Caps | |||||||||||||||||
We have entered into interest rate cap agreements to manage interest rate risk. Such agreements cap the borrowing rate on variable debt to provide a hedge against the risk of rising rates. At June 30, 2014 and December 31, 2013, we had interest rate cap agreements (notional amount of $1.1 billion and $1.2 billion, respectively) (the “Cap Agreements”) to mitigate the impact of fluctuations in the three-month LIBOR and effectively cap the LIBOR applicable to our variable rate debt at a weighted-average rate of 1.75%. The six year Cap Agreements are a series of individual caplets that reset and settle quarterly through October 19, 2016 consistent with the payment dates of our LIBOR-based term debt. | |||||||||||||||||
Under the terms of the Cap Agreements, if LIBOR resets above a strike price, we will receive the net difference between LIBOR and the strike price. We have elected our applicable rate per annum as the Eurocurrency rate determined by reference to LIBOR. In addition, on the quarterly settlement dates, we will remit the deferred premium payment (plus interest) to the counterparty, whether LIBOR resets above or below the strike price. | |||||||||||||||||
The Cap Agreements are designated as cash flow hedges and to the extent they are effective in offsetting the variability of the variable rate interest payments, changes in the derivatives’ fair values are not included in current earnings but are included in accumulated other comprehensive income (AOCI) in the accompanying condensed consolidated balance sheets. At each cap maturity date, the portion of the fair value attributable to the matured cap will be reclassified from AOCI into earnings as a component of interest expense. | |||||||||||||||||
From time to time as we prepay portions of the 2012 Term Loan Facility, we may modify our Cap Agreements to reduce the notional amount. The terms of the Cap Agreements will not otherwise be revised by these modifications. On the modification date, the portion of the fair value attributable to the modified cap will be reclassified from AOCI into earnings as a component of interest expense. | |||||||||||||||||
Cross-currency Rate Swaps | |||||||||||||||||
To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, we may, from time to time, hedge a portion of our net investment in one or more of our foreign subsidiaries. At June 30, 2014, we had outstanding cross-currency rate swaps with an aggregate notional value of $430.0 million to hedge a portion of the net investment in our Switzerland subsidiary, Burger King Europe GmbH. A total notional value of $230.0 million of these swaps are contracts to exchange quarterly fixed-rate interest payments we make in Euros for quarterly fixed-rate interest payments we receive in U.S. dollars and mature on October 19, 2016. A total notional value of $200.0 million of these swaps are contracts to exchange quarterly floating-rate interest payments we make in Euros based on EURIBOR for quarterly floating-rate interest payments we receive in U.S. dollars based on LIBOR and mature on September 28, 2017. These cross-currency rate swaps also require the exchange of Euros and U.S. dollar principal payments upon maturity. Changes in the fair value of these instruments are recognized in AOCI to offset the change in the carrying amount of the net investment being hedged. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. | |||||||||||||||||
Forward-Starting Interest Rate Swaps | |||||||||||||||||
At June 30, 2014, we had outstanding three forward-starting interest rate swaps with a total notional value of $2.3 billion to hedge the variability of forecasted interest payments attributable to changes in LIBOR. The forward-starting interest rate swaps effectively fix LIBOR on $1.0 billion of floating-rate debt beginning 2015 and an additional $1.3 billion of floating-rate debt starting 2016. The hedges have a seven year maturity. We account for these hedges as cash flow hedges, and as such, the effective portion of unrealized changes in market value has been recorded in AOCI and is reclassified to income during the period in which the hedge transaction affects earnings. Gains and losses from hedge ineffectiveness are recognized in current earnings. | |||||||||||||||||
Foreign Currency Forward Contracts | |||||||||||||||||
From time to time, we enter into foreign currency forward contracts to economically hedge the remeasurement of certain foreign currency-denominated intercompany loans receivable and other foreign-currency denominated assets recorded in our consolidated balance sheets. The forward currency forward contracts are not designated as hedging instruments. Gains and losses on foreign currency forward contracts are recognized in other (income) expense, net and are offset by the gains or losses resulting from the settlement of the underlying foreign currency denominated assets and liabilities. At June 30, 2014, we had no outstanding foreign currency forward contracts. | |||||||||||||||||
Credit Risk | |||||||||||||||||
By entering into derivative instrument 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. | |||||||||||||||||
The following tables present the required quantitative disclosures for our derivative instruments: | |||||||||||||||||
Gain (Loss) Recognized in | |||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||
(effective portion) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Interest rate caps | $ | (1.8 | ) | $ | 3.5 | $ | (2.3 | ) | $ | 3.3 | |||||||
Forward-starting interest rate swaps | $ | (51.6 | ) | $ | 97.8 | $ | (107.0 | ) | $ | 122.4 | |||||||
Derivatives designated as net investment hedges: | |||||||||||||||||
Cross-currency rate swaps | $ | 2.1 | $ | (5.3 | ) | $ | 1.7 | $ | 7.5 | ||||||||
Gain (Loss) Reclassified from | |||||||||||||||||
AOCI into Interest Expense, net | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Interest rate caps | $ | (2.2 | ) | $ | (1.4 | ) | $ | (4.2 | ) | $ | (2.6 | ) | |||||
Gain (Loss) Recognized in | |||||||||||||||||
Other Operating Expenses (Income), Net | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | (0.4 | ) | $ | — | $ | (0.9 | ) | |||||||
The net amount of pre-tax gains and losses included in AOCI as of June 30, 2014 that we expect to be reclassified into earnings within the next 12 months is $11.2 million of losses. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Share-Based Compensation | ' |
Note 13. Share-Based Compensation | |
Share-based incentive awards are provided to employees, directors and other persons who provide services to the Company and its subsidiaries under the terms of various share-based compensation plans. | |
During the six months ended June 30, 2014, approximately 3,622,000 stock options were granted. These awards generally cliff vest five years from the original grant date and expire ten years following the grant date. | |
We recorded $3.2 million of share-based compensation expense in selling, general and administrative expenses for the three months ended June 30, 2014 compared to $2.7 million for the three months ended June 30, 2013. We recorded $6.0 million of share-based compensation expense in selling, general and administrative expenses for the six months ended June 30, 2014 compared to $4.8 million for the six months ended June 30, 2013. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 14. Earnings Per Share | |||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period adjusted for the dilutive effect of stock options. We exclude stock options from the calculation of diluted earnings per share if the effect of including such stock options is anti-dilutive. | |||||||||||||||||
Basic and diluted earnings per share are as follows (in millions, except per share information): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 75.1 | $ | 62.9 | $ | 135.5 | $ | 98.7 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares - basic | 352.3 | 350.9 | 352.3 | 350.7 | |||||||||||||
Effect of dilutive securities | 7.1 | 6.8 | 7 | 6.7 | |||||||||||||
Weighted average shares - diluted | 359.4 | 357.7 | 359.3 | 357.4 | |||||||||||||
Basic earnings per share | $ | 0.21 | $ | 0.18 | $ | 0.38 | $ | 0.28 | |||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.18 | $ | 0.38 | $ | 0.28 | |||||||||
Anti-dilutive stock options outstanding | 3.6 | 2.9 | 3.6 | 2.9 |
Franchise_and_Property_Revenue
Franchise and Property Revenues (Franchise Property Revenues [Member]) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Franchise Property Revenues [Member] | ' | ||||||||||||||||||||
Franchise and Property Revenues | ' | ||||||||||||||||||||
Note 15. Franchise and Property Revenues | |||||||||||||||||||||
Franchise and property revenues consist of the following: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Franchise royalties | $ | 174.3 | $ | 165.3 | $ | 334.6 | $ | 314.2 | |||||||||||||
Property revenues | 54.3 | 53.3 | 107.8 | 104.9 | |||||||||||||||||
Franchise fees and other revenue | 14.3 | 7 | 22.9 | 13.1 | |||||||||||||||||
Franchise and property revenues | $ | 242.9 | $ | 225.6 | $ | 465.3 | $ | 432.2 | |||||||||||||
The following table presents information relating to the analysis of our restaurant count for the geographic areas and periods indicated. | |||||||||||||||||||||
U.S. & Canada | EMEA | LAC | APAC | Total | |||||||||||||||||
Number of Company restaurants: | |||||||||||||||||||||
Restaurant count at December 31, 2013 | 52 | — | — | — | 52 | ||||||||||||||||
Openings | — | — | — | — | — | ||||||||||||||||
Closures | — | — | — | — | — | ||||||||||||||||
Restaurant count at June 30, 2014 | 52 | — | — | — | 52 | ||||||||||||||||
Number of franchise restaurants: | |||||||||||||||||||||
Restaurant count at December 31, 2013 | 7,384 | 3,450 | 1,550 | 1,231 | 13,615 | ||||||||||||||||
Openings | 28 | 147 | 50 | 80 | 305 | ||||||||||||||||
Closures | (93 | ) | (41 | ) | (17 | ) | (13 | ) | (164 | ) | |||||||||||
Restaurant count at June 30, 2014 | 7,319 | 3,556 | 1,583 | 1,298 | 13,756 | ||||||||||||||||
Number of system-wide restaurants: | |||||||||||||||||||||
Restaurant count at December 31, 2013 | 7,436 | 3,450 | 1,550 | 1,231 | 13,667 | ||||||||||||||||
Openings | 28 | 147 | 50 | 80 | 305 | ||||||||||||||||
Closures | (93 | ) | (41 | ) | (17 | ) | (13 | ) | (164 | ) | |||||||||||
Restaurant count at June 30, 2014 | 7,371 | 3,556 | 1,583 | 1,298 | 13,808 | ||||||||||||||||
Company_Restaurant_Expenses
Company Restaurant Expenses | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Company Restaurant Expenses | ' | ||||||||||||||||
Note 16. Company restaurant expenses | |||||||||||||||||
Company restaurant expenses consist of the following: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Food, paper and product costs | $ | 5.5 | $ | 16.8 | $ | 11.1 | $ | 55.3 | |||||||||
Payroll and employee benefits | 5.6 | 16.7 | 11.1 | 54.2 | |||||||||||||
Occupancy and other operating costs | 4.6 | 13.1 | 9 | 45.2 | |||||||||||||
Company restaurant expenses | $ | 15.7 | $ | 46.6 | $ | 31.2 | $ | 154.7 | |||||||||
Other_Operating_Expenses_Incom
Other Operating Expenses (Income), Net | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||||||
Other Operating Expenses (Income), Net | ' | ||||||||||||||||
Note 17. Other Operating Expenses (Income), Net | |||||||||||||||||
Other operating expenses (income), net consists of the following: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net losses (gains) on disposal of assets, restaurant closures and refranchisings | $ | 5.1 | $ | (4.3 | ) | $ | 7.9 | $ | 0.3 | ||||||||
Litigation settlements and reserves, net | 2.1 | 0.4 | 2.2 | 0.5 | |||||||||||||
Foreign exchange net (gains) losses | (2.9 | ) | 2.3 | (2.5 | ) | 5.6 | |||||||||||
Equity in net loss from unconsolidated affiliates | 5.9 | 1.6 | 9.9 | 6.8 | |||||||||||||
Other, net | 1.1 | 0.3 | 2.3 | 1.3 | |||||||||||||
Other operating expenses (income), net | $ | 11.3 | $ | 0.3 | $ | 19.8 | $ | 14.5 | |||||||||
Closures and Dispositions | |||||||||||||||||
Gains and losses on closures and dispositions represent sales of Company properties and other costs related to restaurant closures and refranchisings, and are recorded in other operating (income) expenses, net in the accompanying condensed consolidated statements of operations. Gains and losses recognized in the current period may reflect closures and refranchisings that occurred in previous periods. Equity in net loss from unconsolidated affiliates reflects our share of investee net income or loss. | |||||||||||||||||
During the three months ended June 30, 2014, net (gains) losses on disposal of assets, restaurant closures and refranchisings consisted of $1.9 million in net losses associated with refranchisings and $3.2 million of net losses associated with asset disposals and restaurant closures. During the three months ended June 30, 2013, net (gains) losses on disposal of assets, restaurant closures and refranchisings consisted of $6.5 million of net gains associated with refranchisings, $1.0 million of net losses from sale of subsidiaries and $1.2 million of net losses associated with asset disposals and restaurant closures. | |||||||||||||||||
During the six months ended June 30, 2014, net (gains) losses on disposal of assets, restaurant closures and refranchisings consisted of $2.3 million in net losses associated with refranchisings and $5.6 million of net losses associated with asset disposals and restaurant closures. During the six months ended June 30, 2013, net (gains) losses on disposal of assets, restaurant closures and refranchisings consisted of $2.7 million of net gains associated with refranchisings, $1.0 million of net losses from sale of subsidiaries and $2.0 million of net losses associated with asset disposals and restaurant closures. |
Guarantees_Commitments_and_Con
Guarantees, Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Guarantees, Commitments and Contingencies | ' |
Note 18. Guarantees, Commitments and Contingencies | |
Litigation | |
On March 1, 2013, a putative class action lawsuit was filed against BKC in the U.S. District Court of Maryland. The complaint alleges that BKC and/or its agents sent unsolicited advertisements by fax to thousands of consumers in Maryland and elsewhere in the United States to promote its home delivery program in violation of the Telephone Consumers Protection Act. The plaintiff is seeking monetary damages and injunctive relief. In April 2014, the court denied BKC’s motion to dismiss, and it is anticipated that the parties will proceed with discovery. BKC will vigorously contest liability and class certification. | |
From time to time, we are involved in other 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. The Company has an estimated liability of approximately $11.7 million as of June 30, 2014, representing the Company’s best estimate within the range of losses which could be incurred in connection with pending litigation matters. | |
Guarantees | |
From time to time, we enter into agreements under which we guarantee loans made by third parties to qualified franchisees. As of June 30, 2014, there were $125.5 million of loans outstanding to franchisees that we had guaranteed under six such programs, with additional franchisee borrowing capacity of approximately $202.5 million remaining. Our maximum guarantee liability under these programs is limited to an aggregate of $32.5 million, assuming full utilization of all borrowing capacity. We record a liability in the period the loans are funded. As of June 30, 2014, the liability reflecting the fair value of these guarantee obligations was $5.1 million. No significant payments have been made by us in connection with these guarantees through June 30, 2014. |
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Note 19. Segment Reporting | |||||||||||||||||
We operate in the fast food hamburger restaurant category of the quick service restaurant segment of the restaurant industry. Revenues include franchise revenues, consisting primarily of royalties based on a percentage of sales reported by franchise restaurants and franchise fees paid by franchisees, property income we derive from properties we lease or sublease to our franchisees and retail sales at Company restaurants. Our business is managed in four distinct geographic segments: (1) United States (“U.S.”) and Canada; (2) Europe, the Middle East and Africa (“EMEA”); (3) Latin America and the Caribbean (“LAC”); and (4) Asia Pacific (“APAC”). | |||||||||||||||||
Revenues by geographic segment consist of the following: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
U.S. and Canada | $ | 158.9 | $ | 164.1 | $ | 308.2 | $ | 337.5 | |||||||||
EMEA | 67.4 | 82.9 | 128.4 | 194.4 | |||||||||||||
LAC | 19.3 | 17.5 | 36.3 | 47.1 | |||||||||||||
APAC | 15.6 | 13.8 | 29.2 | 27 | |||||||||||||
Total revenues | $ | 261.2 | $ | 278.3 | $ | 502.1 | $ | 606 | |||||||||
Only the U.S. represented more than 10% of our total revenues during the three and six months ended June 30, 2014 and only the U.S. and Germany represented more than 10% of our total revenues during the three and six months ended June 30, 2013. Revenues in the U.S. totaled $151.8 million for the three months ended June 30, 2014, compared to $150.2 million for the three months ended June 30, 2013. Revenues in the U.S. totaled $294.5 million for the six months ended June 30, 2014, compared to $291.1 million for the six months ended June 30, 2013. Revenues in Germany totaled $28.2 million for the three months ended June 30, 2013 and $83.1 million for the six months ended June 30, 2013. | |||||||||||||||||
The unallocated amounts reflected in the table below include corporate support costs in areas such as facilities, finance, human resources, information technology, legal, marketing and supply chain management, which benefit all of our geographic segments and system wide restaurants and are not allocated specifically to any of the geographic segments. | |||||||||||||||||
Our measure of segment income is adjusted EBITDA. Adjusted EBITDA represents earnings (net income or loss) before interest, taxes, depreciation and amortization, adjusted to exclude specifically identified items that management believes do not directly reflect our core operations and assists management in comparing segment performance by removing the impact of certain items that management believes do not reflect our core operations. A reconciliation of segment income to net income consists of the following: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Segment Income: | |||||||||||||||||
U.S. and Canada | $ | 113.3 | $ | 107.5 | $ | 215.9 | $ | 205 | |||||||||
EMEA | 53 | 45 | 101.1 | 87.3 | |||||||||||||
LAC | 17.4 | 15.5 | 32.3 | 30.6 | |||||||||||||
APAC | 13.5 | 11.4 | 25.2 | 21.8 | |||||||||||||
Unallocated Management G&A | (14.4 | ) | (16.9 | ) | (32.0 | ) | (37.2 | ) | |||||||||
Adjusted EBITDA | 182.8 | 162.5 | 342.5 | 307.5 | |||||||||||||
Share-based compensation and non-cash incentive compensation expense | 4.2 | 3.2 | 7.7 | 5.9 | |||||||||||||
Global portfolio realignment project costs | — | 9.8 | — | 18.9 | |||||||||||||
Other operating expenses (income), net | 11.3 | 0.3 | 19.8 | 14.5 | |||||||||||||
EBITDA | 167.3 | 149.2 | 315 | 268.2 | |||||||||||||
Depreciation and amortization | 15.8 | 16 | 32.2 | 32.6 | |||||||||||||
Income from operations | 151.5 | 133.2 | 282.8 | 235.6 | |||||||||||||
Interest expense, net | 50.6 | 50 | 100.6 | 99.1 | |||||||||||||
Income tax expense | 25.8 | 20.3 | 46.7 | 37.8 | |||||||||||||
Net income | $ | 75.1 | $ | 62.9 | $ | 135.5 | $ | 98.7 | |||||||||
Supplemental_Financial_Informa
Supplemental Financial Information | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Supplemental Financial Information | ' | ||||||||||||||||||||||||||||
Note 20. Supplemental Financial Information | |||||||||||||||||||||||||||||
On October 19, 2010, Burger King Corporation (“BKC”) issued the Senior Notes. The Senior Notes are irrevocably and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by Burger King Holdings, Inc. and the U.S. subsidiaries of BKC (the “Guarantors”). On April 19, 2011, Burger King Capital Holdings, LLC (“BKCH”) and Burger King Capital Finance, Inc. (“BKCF” and together with BKCH, the “Issuers”) issued the Discount Notes. In August 2012, the Company entered into a Supplemental Indenture with respect to the Senior Notes and a Supplemental Indenture with respect to the Discount Notes (the “Supplemental Indentures”) to guarantee BKC’s obligations under the Senior Notes and the Issuers’ obligations under the Discount Notes. The Supplemental Indentures allow the financial reporting obligation under the Indentures to be satisfied through the reporting of the Company’s consolidated financial information. The 2012 Credit Agreement allows the financial reporting obligation of BKC to be satisfied through the reporting of the Company’s consolidated financial information, provided that the financial information of BKC and its subsidiaries is presented on a standalone basis. The non-U.S. subsidiaries are identified below as Non-Guarantors. | |||||||||||||||||||||||||||||
The following represents the condensed consolidating financial information for BKC (Issuer), the Guarantors and the non-U.S. subsidiaries of BKC (the “Non-Guarantors”), together with eliminations, as of and for the periods indicated. The condensed consolidating financial information of BKW is combined with the financial information of BKCF and presented in a single column under the heading “BKW.” Selling, general and administrative expenses in the condensed consolidating statements of operations only pertain to professional fees and other transaction costs incurred by BKW associated with the Business Combination Agreement. The consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had BKC, Guarantors and Non-Guarantors operated as independent entities. | |||||||||||||||||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.8 | $ | — | $ | 598.5 | $ | — | $ | 304.4 | $ | — | $ | 904.7 | |||||||||||||||
Trade and notes receivable, net | 5.4 | — | 112.4 | — | 52.6 | — | 170.4 | ||||||||||||||||||||||
Prepaids and other current assets, net | — | 2.5 | 60.3 | — | 19.6 | — | 82.4 | ||||||||||||||||||||||
Deferred income taxes, net | 2.3 | — | 15.4 | — | 2.3 | — | 20 | ||||||||||||||||||||||
Total current assets | 9.5 | 2.5 | 786.6 | — | 378.9 | — | 1,177.50 | ||||||||||||||||||||||
Property and equipment, net | — | — | 720.8 | — | 65.3 | — | 786.1 | ||||||||||||||||||||||
Intangible assets, net | — | — | 1,519.00 | — | 1,254.70 | — | 2,773.70 | ||||||||||||||||||||||
Goodwill | — | — | 359.6 | — | 269.4 | — | 629 | ||||||||||||||||||||||
Net investment in property leased to franchisees | — | — | 140.8 | — | 10.6 | — | 151.4 | ||||||||||||||||||||||
Intercompany receivable | 10.8 | 17.2 | 60.1 | — | — | (88.1 | ) | — | |||||||||||||||||||||
Investment in subsidiaries | 1,514.00 | 1,966.60 | 1,746.70 | 1,966.60 | — | (7,193.9 | ) | — | |||||||||||||||||||||
Other assets, net | — | 5.4 | 167.9 | — | 63.1 | — | 236.4 | ||||||||||||||||||||||
Total assets | $ | 1,534.30 | $ | 1,991.70 | $ | 5,501.50 | $ | 1,966.60 | $ | 2,042.00 | $ | (7,282.0 | ) | $ | 5,754.10 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Accounts and drafts payable | $ | — | $ | — | $ | 17.1 | $ | — | $ | 7 | $ | — | $ | 24.1 | |||||||||||||||
Accrued advertising | — | — | 57.1 | — | 15.7 | — | 72.8 | ||||||||||||||||||||||
Other accrued liabilities | — | — | 111.9 | — | 44.5 | — | 156.4 | ||||||||||||||||||||||
Current portion of long term debt and capital leases | — | — | 90.9 | — | 3.2 | — | 94.1 | ||||||||||||||||||||||
Total current liabilities | — | — | 277 | — | 70.4 | — | 347.4 | ||||||||||||||||||||||
Term debt, net of current portion | — | 478 | 2,382.00 | — | — | — | 2,860.00 | ||||||||||||||||||||||
Capital leases, net of current portion | — | — | 54.1 | — | 15.9 | — | 70 | ||||||||||||||||||||||
Other liabilities, net | 0.7 | — | 271 | — | 29.1 | — | 300.8 | ||||||||||||||||||||||
Payables to affiliates | — | — | — | — | 88.1 | (88.1 | ) | — | |||||||||||||||||||||
Deferred income taxes, net | (3.9 | ) | (0.3 | ) | 550.8 | — | 91.8 | — | 638.4 | ||||||||||||||||||||
Total liabilities | (3.2 | ) | 477.7 | 3,534.90 | — | 295.3 | (88.1 | ) | 4,216.60 | ||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||||||
Common stock | 3.5 | — | — | — | — | — | 3.5 | ||||||||||||||||||||||
Additional paid-in capital | 1,249.00 | 1,182.90 | 1,532.90 | 1,533.90 | 1,330.40 | (5,580.1 | ) | 1,249.00 | |||||||||||||||||||||
Retained earnings | 311.7 | 350.5 | 453.1 | 452.1 | 452.3 | (1,708.0 | ) | 311.7 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (19.4 | ) | (19.4 | ) | (19.4 | ) | (19.4 | ) | (36.0 | ) | 94.2 | (19.4 | ) | ||||||||||||||||
Treasury stock, at cost | (7.3 | ) | — | — | — | — | — | (7.3 | ) | ||||||||||||||||||||
Total stockholders’ equity | 1,537.50 | 1,514.00 | 1,966.60 | 1,966.60 | 1,746.70 | (7,193.9 | ) | 1,537.50 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,534.30 | $ | 1,991.70 | $ | 5,501.50 | $ | 1,966.60 | $ | 2,042.00 | $ | (7,282.0 | ) | $ | 5,754.10 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5.7 | $ | — | $ | 553.2 | $ | — | $ | 228 | $ | — | $ | 786.9 | |||||||||||||||
Trade and notes receivable, net | — | — | 127.6 | — | 52.1 | — | 179.7 | ||||||||||||||||||||||
Prepaids and other current assets, net | — | 17.7 | 45.1 | — | 7 | — | 69.8 | ||||||||||||||||||||||
Deferred income taxes, net | 2.4 | — | 33.7 | — | 1.9 | — | 38 | ||||||||||||||||||||||
Total current assets | 8.1 | 17.7 | 759.6 | — | 289 | — | 1,074.40 | ||||||||||||||||||||||
Property and equipment, net | — | — | 733.6 | — | 67.9 | — | 801.5 | ||||||||||||||||||||||
Intangible assets, net | — | — | 1,530.70 | — | 1,265.30 | — | 2,796.00 | ||||||||||||||||||||||
Goodwill | — | — | 359.6 | — | 270.4 | — | 630 | ||||||||||||||||||||||
Net investment in property leased to franchisees | — | — | 151.8 | — | 11.3 | — | 163.1 | ||||||||||||||||||||||
Intercompany receivable | 11.5 | — | 97 | — | — | (108.5 | ) | — | |||||||||||||||||||||
Investment in subsidiaries | 1,492.70 | 1,926.60 | 1,675.70 | 1,926.60 | — | (7,021.6 | ) | — | |||||||||||||||||||||
Other assets, net | — | 5.8 | 289.4 | — | 68.3 | — | 363.5 | ||||||||||||||||||||||
Total assets | $ | 1,512.30 | $ | 1,950.10 | $ | 5,597.40 | $ | 1,926.60 | $ | 1,972.20 | $ | (7,130.1 | ) | $ | 5,828.50 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Accounts and drafts payable | $ | — | $ | — | $ | 21.1 | $ | — | $ | 10 | $ | — | $ | 31.1 | |||||||||||||||
Accrued advertising | — | — | 33.8 | — | 22.7 | — | 56.5 | ||||||||||||||||||||||
Other accrued liabilities | (0.4 | ) | (31.6 | ) | 164.2 | — | 44.8 | — | 177 | ||||||||||||||||||||
Current portion of long term debt and capital leases | — | — | 78.2 | — | 3.2 | — | 81.4 | ||||||||||||||||||||||
Total current liabilities | (0.4 | ) | (31.6 | ) | 297.3 | — | 80.7 | — | 346 | ||||||||||||||||||||
Term debt, net of current portion | — | 453.1 | 2,427.10 | — | — | — | 2,880.20 | ||||||||||||||||||||||
Capital leases, net of current portion | — | — | 57.7 | — | 17.7 | — | 75.4 | ||||||||||||||||||||||
Other liabilities, net | 0.5 | 0.1 | 283.8 | — | 33.5 | — | 317.9 | ||||||||||||||||||||||
Payables to affiliates | — | 36.2 | — | — | 72.3 | (108.5 | ) | — | |||||||||||||||||||||
Deferred income taxes, net | (4.0 | ) | (0.4 | ) | 604.9 | — | 92.3 | — | 692.8 | ||||||||||||||||||||
Total liabilities | (3.9 | ) | 457.4 | 3,670.80 | — | 296.5 | (108.5 | ) | 4,312.30 | ||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||||||
Common stock | 3.5 | — | — | — | — | — | 3.5 | ||||||||||||||||||||||
Additional paid-in capital | 1,239.90 | 1,173.80 | 1,523.80 | 1,524.80 | 1,328.90 | (5,551.3 | ) | 1,239.90 | |||||||||||||||||||||
Retained earnings | 225.5 | 264.3 | 348.2 | 347.2 | 373.1 | (1,332.8 | ) | 225.5 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | 54.6 | 54.6 | 54.6 | 54.6 | (26.3 | ) | (137.5 | ) | 54.6 | ||||||||||||||||||||
Treasury stock, at cost | (7.3 | ) | — | — | — | — | — | (7.3 | ) | ||||||||||||||||||||
Total stockholders’ equity | 1,516.20 | 1,492.70 | 1,926.60 | 1,926.60 | 1,675.70 | (7,021.6 | ) | 1,516.20 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,512.30 | $ | 1,950.10 | $ | 5,597.40 | $ | 1,926.60 | $ | 1,972.20 | $ | (7,130.1 | ) | $ | 5,828.50 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Franchise and property revenues | $ | — | $ | — | $ | 155.9 | $ | — | $ | 87 | $ | — | $ | 242.9 | |||||||||||||||
Company restaurant revenues | — | — | 18.3 | — | — | — | 18.3 | ||||||||||||||||||||||
Total revenues | — | — | 174.2 | — | 87 | — | 261.2 | ||||||||||||||||||||||
Franchise and property expenses | — | — | 25.3 | — | 10.4 | — | 35.7 | ||||||||||||||||||||||
Company restaurant expenses | — | — | 15.7 | — | — | — | 15.7 | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | 33.1 | — | 13.9 | — | 47 | ||||||||||||||||||||||
Intercompany expenses | — | — | (2.5 | ) | — | 2.5 | — | — | |||||||||||||||||||||
Other operating expenses (income), net | — | — | 5.3 | — | 6 | — | 11.3 | ||||||||||||||||||||||
Total operating costs and expenses | — | — | 76.9 | — | 32.8 | — | 109.7 | ||||||||||||||||||||||
Income (loss) from operations | — | — | 97.3 | — | 54.2 | — | 151.5 | ||||||||||||||||||||||
Interest expense, net | — | 12.8 | 37.5 | — | 0.3 | — | 50.6 | ||||||||||||||||||||||
Income (loss) before income taxes | — | (12.8 | ) | 59.8 | — | 53.9 | — | 100.9 | |||||||||||||||||||||
Income tax expense (benefit) | — | (3.3 | ) | 15 | — | 14.1 | — | 25.8 | |||||||||||||||||||||
Income (loss) from continuing operations | — | (9.5 | ) | 44.8 | — | 39.8 | — | 75.1 | |||||||||||||||||||||
Equity in earnings of subsidiaries | 75.1 | 84.6 | 39.8 | 84.6 | — | (284.1 | ) | — | |||||||||||||||||||||
Net income (loss) | $ | 75.1 | $ | 75.1 | $ | 84.6 | $ | 84.6 | $ | 39.8 | $ | (284.1 | ) | $ | 75.1 | ||||||||||||||
Total comprehensive income (loss) | $ | 35.4 | $ | 35.4 | $ | 44.9 | $ | 44.9 | $ | 30.7 | $ | (155.9 | ) | $ | 35.4 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Franchise and property revenues | $ | — | $ | — | $ | 299.7 | $ | — | $ | 165.6 | $ | — | $ | 465.3 | |||||||||||||||
Company restaurant revenues | — | — | 36.8 | — | — | — | 36.8 | ||||||||||||||||||||||
Total revenues | — | — | 336.5 | — | 165.6 | — | 502.1 | ||||||||||||||||||||||
Franchise and property expenses | — | — | 51.9 | — | 21.2 | — | 73.1 | ||||||||||||||||||||||
Company restaurant expenses | — | — | 31.2 | — | — | — | 31.2 | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | 69.6 | — | 25.6 | — | 95.2 | ||||||||||||||||||||||
Intercompany expenses | — | — | (3.1 | ) | — | 3.1 | — | — | |||||||||||||||||||||
Other operating expenses, net | — | — | 11.7 | — | 8.1 | — | 19.8 | ||||||||||||||||||||||
Total operating costs and expenses | — | — | 161.3 | — | 58 | — | 219.3 | ||||||||||||||||||||||
Income (loss) from operations | — | — | 175.2 | — | 107.6 | — | 282.8 | ||||||||||||||||||||||
Interest expense, net | — | 25.3 | 74.7 | — | 0.6 | — | 100.6 | ||||||||||||||||||||||
Income (loss) before income taxes | — | (25.3 | ) | 100.5 | — | 107 | — | 182.2 | |||||||||||||||||||||
Income tax expense (benefit) | — | (6.6 | ) | 25.5 | — | 27.8 | — | 46.7 | |||||||||||||||||||||
Income (loss) from continuing operations | — | (18.7 | ) | 75 | — | 79.2 | — | 135.5 | |||||||||||||||||||||
Equity in earnings of subsidiaries | 135.5 | 154.2 | 79.2 | 154.2 | — | (523.1 | ) | — | |||||||||||||||||||||
Net income (loss) | $ | 135.5 | $ | 135.5 | $ | 154.2 | $ | 154.2 | $ | 79.2 | $ | (523.1 | ) | $ | 135.5 | ||||||||||||||
Total comprehensive income (loss) | $ | 61.5 | $ | 61.5 | $ | 80.2 | $ | 80.2 | $ | 69.5 | $ | (291.4 | ) | $ | 61.5 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Franchise and property revenues | $ | — | $ | — | $ | 150.6 | $ | — | $ | 75 | $ | — | $ | 225.6 | |||||||||||||||
Company restaurant revenues | — | — | 19.4 | — | 33.3 | — | 52.7 | ||||||||||||||||||||||
Intercompany revenues | — | — | 0.1 | — | (0.1 | ) | — | — | |||||||||||||||||||||
Total revenues | — | — | 170.1 | — | 108.2 | — | 278.3 | ||||||||||||||||||||||
Franchise and property expenses | — | — | 25.8 | — | 10.9 | — | 36.7 | ||||||||||||||||||||||
Company restaurant expenses | — | — | 17.5 | — | 29.1 | — | 46.6 | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | 42.8 | — | 18.7 | — | 61.5 | ||||||||||||||||||||||
Intercompany expenses | — | — | 0.4 | — | (0.4 | ) | — | — | |||||||||||||||||||||
Other operating expenses (income), net | — | — | 2.8 | — | (2.5 | ) | — | 0.3 | |||||||||||||||||||||
Total operating costs and expenses | — | — | 89.3 | — | 55.8 | — | 145.1 | ||||||||||||||||||||||
Income (loss) from operations | — | — | 80.8 | — | 52.4 | — | 133.2 | ||||||||||||||||||||||
Interest expense, net | — | 11.5 | 37.7 | — | 0.8 | — | 50 | ||||||||||||||||||||||
Income (loss) before income taxes | — | (11.5 | ) | 43.1 | — | 51.6 | — | 83.2 | |||||||||||||||||||||
Income tax expense (benefit) | — | (3.1 | ) | 10.4 | — | 13 | — | 20.3 | |||||||||||||||||||||
Income (loss) from continuing operations | — | (8.4 | ) | 32.7 | — | 38.6 | — | 62.9 | |||||||||||||||||||||
Equity in earnings of subsidiaries | 62.9 | 71.3 | 38.6 | 71.3 | — | (244.1 | ) | — | |||||||||||||||||||||
Net income (loss) | $ | 62.9 | $ | 62.9 | $ | 71.3 | $ | 71.3 | $ | 38.6 | $ | (244.1 | ) | $ | 62.9 | ||||||||||||||
Total comprehensive income (loss) | $ | 136.1 | $ | 136.1 | $ | 144.5 | $ | 144.5 | $ | 56 | $ | (481.1 | ) | $ | 136.1 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Franchise and property revenues | $ | — | $ | — | $ | 288.5 | $ | — | $ | 143.7 | $ | — | $ | 432.2 | |||||||||||||||
Company restaurant revenues | — | — | 38.5 | — | 135.3 | — | 173.8 | ||||||||||||||||||||||
Intercompany revenues | — | — | 1.6 | — | (1.6 | ) | — | — | |||||||||||||||||||||
Total revenues | — | — | 328.6 | — | 277.4 | — | 606 | ||||||||||||||||||||||
Franchise and property expenses | — | — | 52.2 | — | 20.8 | — | 73 | ||||||||||||||||||||||
Company restaurant expenses | — | — | 34.3 | — | 120.4 | — | 154.7 | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | 87.2 | — | 41 | — | 128.2 | ||||||||||||||||||||||
Intercompany expenses | — | — | (0.3 | ) | — | 0.3 | — | — | |||||||||||||||||||||
Other operating expenses (income), net | — | — | 14.2 | — | 0.3 | — | 14.5 | ||||||||||||||||||||||
Total operating costs and expenses | — | — | 187.6 | — | 182.8 | — | 370.4 | ||||||||||||||||||||||
Income (loss) from operations | — | — | 141 | — | 94.6 | — | 235.6 | ||||||||||||||||||||||
Interest expense, net | — | 22.7 | 74.2 | — | 2.2 | — | 99.1 | ||||||||||||||||||||||
Income (loss) before income taxes | — | (22.7 | ) | 66.8 | — | 92.4 | — | 136.5 | |||||||||||||||||||||
Income tax expense (benefit) | — | (6.1 | ) | 19 | — | 24.9 | — | 37.8 | |||||||||||||||||||||
Income (loss) from continuing operations | — | (16.6 | ) | 47.8 | — | 67.5 | — | 98.7 | |||||||||||||||||||||
Equity in earnings of subsidiaries | 98.7 | 115.3 | 67.5 | 115.3 | — | (396.8 | ) | — | |||||||||||||||||||||
Net income (loss) | $ | 98.7 | $ | 98.7 | $ | 115.3 | $ | 115.3 | $ | 67.5 | $ | (396.8 | ) | $ | 98.7 | ||||||||||||||
Total comprehensive income (loss) | $ | 165.1 | $ | 165.1 | $ | 181.7 | $ | 181.7 | $ | 54.5 | $ | (583.0 | ) | $ | 165.1 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||
Net income | $ | 135.5 | $ | 135.5 | $ | 154.2 | $ | 154.2 | $ | 79.2 | $ | (523.1 | ) | $ | 135.5 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||||||||||||||||||||
Equity in earnings of subsidiary | (135.5 | ) | (154.2 | ) | (79.2 | ) | (154.2 | ) | — | 523.1 | — | ||||||||||||||||||
Depreciation and amortization | — | — | 24.3 | — | 7.9 | — | 32.2 | ||||||||||||||||||||||
Amortization of deferred financing cost and debt issuance discount | — | 25.3 | 4.8 | — | — | — | 30.1 | ||||||||||||||||||||||
Equity in net loss from unconsolidated affiliates | — | — | 5 | — | 4.9 | — | 9.9 | ||||||||||||||||||||||
Loss (gain) on remeasurement of foreign denominated transactions | — | — | (1.8 | ) | — | (0.5 | ) | — | (2.3 | ) | |||||||||||||||||||
Amortization of defined benefit pension and postretirement items | — | — | (1.5 | ) | — | (0.1 | ) | — | (1.6 | ) | |||||||||||||||||||
Realized loss on terminated caps/swaps | — | — | 4.2 | — | — | — | 4.2 | ||||||||||||||||||||||
Net loss (gain) on refranchisings and dispositions of assets | — | — | 5 | — | (1.4 | ) | — | 3.6 | |||||||||||||||||||||
Bad debt (recoveries) expense, net | — | — | (0.3 | ) | — | 0.1 | — | (0.2 | ) | ||||||||||||||||||||
Share-based compensation expense | — | — | 4.7 | — | 1.3 | — | 6 | ||||||||||||||||||||||
Deferred income taxes | — | — | 4.6 | — | 0.4 | — | 5 | ||||||||||||||||||||||
Changes in current assets and liabilities, excluding dispositions: | |||||||||||||||||||||||||||||
Trade and notes receivables | (5.4 | ) | — | 17.6 | — | (0.8 | ) | — | 11.4 | ||||||||||||||||||||
Prepaids and other current assets | — | — | 9.7 | — | (2.0 | ) | — | 7.7 | |||||||||||||||||||||
Accounts and drafts payable | — | — | (5.5 | ) | — | (2.9 | ) | — | (8.4 | ) | |||||||||||||||||||
Accrued advertising | — | — | (1.9 | ) | — | (11.2 | ) | — | (13.1 | ) | |||||||||||||||||||
Other accrued liabilities | — | — | 7 | — | (2.2 | ) | — | 4.8 | |||||||||||||||||||||
Other long-term assets and liabilities | — | — | (13.4 | ) | — | 1.7 | — | (11.7 | ) | ||||||||||||||||||||
Net cash provided by (used for) operating activities | (5.4 | ) | 6.6 | 137.5 | — | 74.4 | — | 213.1 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Payments for property and equipment | — | — | (7.2 | ) | — | — | — | (7.2 | ) | ||||||||||||||||||||
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | — | — | 2 | — | (8.8 | ) | — | (6.8 | ) | ||||||||||||||||||||
Return of investment on direct financing leases | — | — | 7.2 | — | 0.5 | — | 7.7 | ||||||||||||||||||||||
Other investing activities | — | — | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||||||||
Net cash provided by (used for) investing activities | — | — | 1.7 | — | (8.3 | ) | — | (6.6 | ) | ||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Repayments of term debt and capital leases | — | — | (36.8 | ) | — | (1.5 | ) | — | (38.3 | ) | |||||||||||||||||||
Dividends paid on common stock | (49.3 | ) | — | — | — | — | — | (49.3 | ) | ||||||||||||||||||||
Intercompany financing | 50.8 | (6.6 | ) | (57.1 | ) | — | 12.9 | — | — | ||||||||||||||||||||
Net cash provided by (used for) financing activities | 1.5 | (6.6 | ) | (93.9 | ) | — | 11.4 | — | (87.6 | ) | |||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (3.9 | ) | — | 45.3 | — | 76.4 | — | 117.8 | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | 5.7 | — | 553.2 | — | 228 | — | 786.9 | ||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1.8 | $ | — | $ | 598.5 | $ | — | $ | 304.4 | $ | — | $ | 904.7 | |||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||
Net income | $ | 98.7 | $ | 98.7 | $ | 115.3 | $ | 115.3 | $ | 67.5 | $ | (396.8 | ) | $ | 98.7 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||||||||||||||||||||
Equity in earnings of subsidiary | (98.7 | ) | (115.3 | ) | (67.5 | ) | (115.3 | ) | — | 396.8 | — | ||||||||||||||||||
Depreciation and amortization | — | — | 21.7 | — | 10.9 | — | 32.6 | ||||||||||||||||||||||
Amortization of deferred financing cost and debt issuance discount | — | 22.7 | 4.8 | — | — | — | 27.5 | ||||||||||||||||||||||
Equity in net loss from unconsolidated affiliates | — | — | 3.6 | — | 3.2 | — | 6.8 | ||||||||||||||||||||||
Loss (gain) on remeasurement of foreign denominated transactions | — | — | 2.6 | — | 0.4 | — | 3 | ||||||||||||||||||||||
Amortization of defined benefit pension and postretirement items | — | — | (0.7 | ) | — | — | — | (0.7 | ) | ||||||||||||||||||||
Realized loss on terminated caps/swaps | — | — | 2.8 | — | — | — | 2.8 | ||||||||||||||||||||||
Net loss (gain) on refranchisings and dispositions of assets | — | — | 5.7 | — | (7.8 | ) | — | (2.1 | ) | ||||||||||||||||||||
Bad debt (recoveries) expense, net | — | — | 2.5 | — | (0.3 | ) | — | 2.2 | |||||||||||||||||||||
Share-based compensation expense | — | — | 4.1 | — | 0.7 | — | 4.8 | ||||||||||||||||||||||
Deferred income taxes | 0.4 | 16.4 | (1.1 | ) | — | 6.5 | — | 22.2 | |||||||||||||||||||||
Changes in current assets and liabilities, excluding dispositions: | |||||||||||||||||||||||||||||
Trade and notes receivables | — | — | (0.3 | ) | — | 1 | — | 0.7 | |||||||||||||||||||||
Prepaids and other current assets | — | — | (0.9 | ) | — | 1.6 | — | 0.7 | |||||||||||||||||||||
Accounts and drafts payable | — | — | (16.5 | ) | — | (3.3 | ) | — | (19.8 | ) | |||||||||||||||||||
Accrued advertising | — | — | 1.9 | — | (1.7 | ) | — | 0.2 | |||||||||||||||||||||
Other accrued liabilities | — | — | (25.7 | ) | — | (10.0 | ) | — | (35.7 | ) | |||||||||||||||||||
Other long-term assets and liabilities | 0.2 | — | (14.0 | ) | — | 0.1 | — | (13.7 | ) | ||||||||||||||||||||
Net cash provided by (used for) operating activities | 0.6 | 22.5 | 38.3 | — | 68.8 | — | 130.2 | ||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Payments for property and equipment | — | — | (6.3 | ) | — | (2.3 | ) | — | (8.6 | ) | |||||||||||||||||||
Proceeds from refranchisings, disposition of assets and restaurant closures | — | — | 45 | — | 3.6 | — | 48.6 | ||||||||||||||||||||||
Payments for acquired franchisee operations, net of cash acquired | — | — | (11.9 | ) | — | — | — | (11.9 | ) | ||||||||||||||||||||
Return of investment on direct financing leases | — | — | 7.5 | — | 0.6 | — | 8.1 | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | — | — | 34.3 | — | 1.9 | — | 36.2 | ||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Repayments of term debt and capital leases | — | — | (23.6 | ) | — | (1.7 | ) | — | (25.3 | ) | |||||||||||||||||||
Dividends paid on common stock | (38.6 | ) | — | — | — | — | — | (38.6 | ) | ||||||||||||||||||||
Proceeds from stock option exercises | 2.5 | — | — | — | — | — | 2.5 | ||||||||||||||||||||||
Excess tax benefits from share-based compensation | — | — | 3.5 | — | — | — | 3.5 | ||||||||||||||||||||||
Intercompany financing | 38 | (22.5 | ) | 126.8 | — | (142.3 | ) | — | — | ||||||||||||||||||||
Net cash provided by (used for) financing activities | 1.9 | (22.5 | ) | 106.7 | — | (144.0 | ) | — | (57.9 | ) | |||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 2.5 | — | 179.3 | — | (74.4 | ) | — | 107.4 | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | 0.1 | — | 355.3 | — | 191.3 | — | 546.7 | ||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 2.6 | $ | — | $ | 534.6 | $ | — | $ | 116.9 | $ | — | $ | 654.1 | |||||||||||||||
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note 21. Subsequent Event | |
Dividend | |
On July 31, 2014, our Board of Directors approved a cash dividend to shareholders of $0.08 per share that will be paid on August 26, 2014 to shareholders of record at the close of business on August 12, 2014. Future dividends will be determined at the discretion of the Board of Directors. |
Prepaids_and_Other_Current_Ass1
Prepaids and Other Current Assets, Net (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Prepaids and Other Current Assets, Net | ' | ||||||||
Prepaids and other current assets, net consist of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 55.9 | $ | 34.2 | |||||
Refundable and prepaid income taxes | 9.7 | 25.3 | |||||||
Inventories | 0.7 | 1.2 | |||||||
Deferred financing costs - current | 9.1 | 9.1 | |||||||
Other current assets | 7 | — | |||||||
Prepaids and other current assets | $ | 82.4 | $ | 69.8 | |||||
Intangible_Assets_Net_and_Good1
Intangible Assets, Net and Goodwill (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Intangible Assets, Net and Goodwill | ' | ||||||||||||||||||||||||
Intangible assets, net and goodwill consist of the following: | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Identifiable assets subject to amortization: | |||||||||||||||||||||||||
Franchise agreements | $ | 490.2 | $ | (76.3 | ) | $ | 413.9 | $ | 491.3 | $ | (66.0 | ) | $ | 425.3 | |||||||||||
Favorable leases | 158.2 | (55.5 | ) | 102.7 | 158.4 | (48.5 | ) | 109.9 | |||||||||||||||||
Subtotal | 648.4 | (131.8 | ) | 516.6 | 649.7 | (114.5 | ) | 535.2 | |||||||||||||||||
Indefinite lived intangible assets - Brand | $ | 2,257.10 | $ | — | $ | 2,257.10 | $ | 2,260.80 | $ | — | $ | 2,260.80 | |||||||||||||
Intangible assets, net | $ | 2,773.70 | $ | 2,796.00 | |||||||||||||||||||||
Goodwill | $ | 629 | $ | 630 |
Other_Assets_Net_Tables
Other Assets, Net (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Other Assets, Net | ' | ||||||||
Other assets, net consist of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Derivative assets | $ | 64.9 | $ | 174.1 | |||||
Equity method investments | 91.4 | 102 | |||||||
Deferred financing costs - noncurrent | 31 | 35.5 | |||||||
Other | 49.1 | 51.9 | |||||||
Other assets, net | $ | 236.4 | $ | 363.5 | |||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Summary of Franchise and Property Revenue | ' | ||||||||||||||||
Franchise and property revenue we recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues from affiliates: | |||||||||||||||||
Franchise royalties | $ | 21.2 | $ | 17.7 | $ | 39.8 | $ | 31 | |||||||||
Property revenues | 6.5 | 6.6 | 12.7 | 12.8 | |||||||||||||
Franchise fees and other revenue | 2.2 | 1.7 | 3.3 | 2.2 | |||||||||||||
Total | $ | 29.9 | $ | 26 | $ | 55.8 | $ | 46 | |||||||||
Other_Accrued_Liabilities_and_1
Other Accrued Liabilities and Other Liabilities, net (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of Other Accrued Liabilities and Other Liabilities | ' | ||||||||
Other accrued liabilities and other liabilities, net consist of the following: | |||||||||
As of | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Accrued compensation and benefits | $ | 20.4 | $ | 30.9 | |||||
Gift card liabilities | 15.4 | 22 | |||||||
Deferred income - current | 14.7 | 15.7 | |||||||
Restructuring and other provisions | 13.9 | 15.3 | |||||||
Interest payable | 16.9 | 16.9 | |||||||
Closed property reserve | 14 | 11.5 | |||||||
Lease liability - current portion | 6.2 | 9.8 | |||||||
Other | 54.9 | 54.9 | |||||||
Other accrued liabilities | $ | 156.4 | $ | 177 | |||||
Non-current: | |||||||||
Unfavorable leases | $ | 108.1 | $ | 116.6 | |||||
Lease liability - noncurrent | 38.5 | 38.6 | |||||||
Accrued pension | 34.6 | 37.4 | |||||||
Income tax payable | 32.3 | 31.6 | |||||||
Derivative liabilities | 24 | 25.9 | |||||||
Deferred income - noncurrent | 16 | 13.2 | |||||||
Casualty insurance - noncurrent | 10.8 | 13.1 | |||||||
Other | 36.5 | 41.5 | |||||||
Other liabilities, net | $ | 300.8 | $ | 317.9 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Summary of Long-Term Debt | ' | ||||||||||||||||||||||||||
Long-term debt consists of the following: | |||||||||||||||||||||||||||
Interest rates (a) | |||||||||||||||||||||||||||
As of | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Maturity | June 30, | December 31, | June 30, | June 30, | |||||||||||||||||||||||
dates | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Tranche A Term Loans | 2017 | $ | 965.6 | $ | 991.4 | 3.3 | % | 3.2 | % | 3.3 | % | 3.2 | % | ||||||||||||||
Tranche B Term Loans (b) | 2019 | 686.6 | 689.4 | 4.6 | % | 4.6 | % | 4.6 | % | 4.6 | % | ||||||||||||||||
9 7⁄8% Senior Notes | 2018 | 794.5 | 794.5 | 10.1 | % | 10.1 | % | 10.1 | % | 10.1 | % | ||||||||||||||||
11.0% Discount Notes (c) | 2019 | 478 | 453.1 | 11.5 | % | 11.5 | % | 11.5 | % | 11.5 | % | ||||||||||||||||
Deferred Premiums on interest rate caps | 2016 | 18.4 | 22 | 2.5 | % | 2.5 | % | 2.5 | % | 2.5 | % | ||||||||||||||||
Other | N/A | 0.7 | 0.7 | ||||||||||||||||||||||||
Total debt | 2,943.80 | 2,951.10 | |||||||||||||||||||||||||
Less: current maturities of debt | (83.8 | ) | (70.9 | ) | |||||||||||||||||||||||
Total long-term debt | $ | 2,860.00 | $ | 2,880.20 | |||||||||||||||||||||||
(a) | Represents the effective interest rate for the instrument computed on a quarterly basis, including the amortization of deferred debt issuance costs and original issue discount, as applicable, and in the case of our term loans, the effect of interest rate caps. | ||||||||||||||||||||||||||
(b) | Principal face amount herein is presented net of a discount of $6.1 million at June 30, 2014 and $6.7 million at December 31, 2013. | ||||||||||||||||||||||||||
(c) | Principal face amount herein is presented net of a discount of $101.1 million at June 30, 2014 and $126.0 million at December 31, 2013. | ||||||||||||||||||||||||||
Schedule of Interest Expense, Net | ' | ||||||||||||||||||||||||||
Interest expense, net consists of the following: | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Tranche A Term Loans | $ | 6.2 | $ | 6.6 | $ | 12.4 | $ | 13.2 | |||||||||||||||||||
Tranche B Term Loans | 6.6 | 6.6 | 13.1 | 13.2 | |||||||||||||||||||||||
Interest Rate Caps | 2.4 | 1.6 | 4.5 | 3 | |||||||||||||||||||||||
9 7⁄8% Senior Notes | 19.6 | 19.6 | 39.2 | 39.2 | |||||||||||||||||||||||
11.0% Discount Notes | 12.6 | 11.4 | 24.9 | 22.4 | |||||||||||||||||||||||
Amortization of deferred financing costs and debt issuance discount | 2.6 | 2.6 | 5.2 | 5.1 | |||||||||||||||||||||||
Capital lease obligations | 1.3 | 1.7 | 2.7 | 3.3 | |||||||||||||||||||||||
Other | 0.4 | 0.5 | 0.6 | 0.8 | |||||||||||||||||||||||
Interest income | (1.1 | ) | (0.6 | ) | (2.0 | ) | (1.1 | ) | |||||||||||||||||||
Total | $ | 50.6 | $ | 50 | $ | 100.6 | $ | 99.1 | |||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of US Federal Tax Statutory Rate Reconciles to Effective Tax Rate | ' | ||||||||||||||||
The U.S. Federal tax statutory rate reconciles to the effective tax rate as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
U.S. Federal income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | |||||||||
State income taxes, net of federal income tax benefit | 1.5 | 1.5 | 1.5 | 1.6 | |||||||||||||
Costs and taxes related to foreign operations | 3.3 | 5.3 | 3.2 | 5.2 | |||||||||||||
Foreign tax rate differential | (17.9 | ) | (14.9 | ) | (17.9 | ) | (14.8 | ) | |||||||||
Change in valuation allowance | 2.9 | (2.2 | ) | 2.9 | (1.0 | ) | |||||||||||
Change in accrual for tax uncertainties | 0.4 | 0.9 | 0.4 | 2.1 | |||||||||||||
Other | 0.4 | (1.2 | ) | 0.5 | (0.4 | ) | |||||||||||
Effective income tax rate | 25.6 | % | 24.4 | % | 25.6 | % | 27.7 | % | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Summary of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The following table displays the change in the components of accumulated other comprehensive income (loss): | |||||||||||||||||||
Gains(Losses) | Defined Benefit | Foreign | Accumulated | ||||||||||||||||
on Cash Flow | Pension | Currency | Other | ||||||||||||||||
Hedges | Translation | Comprehensive | |||||||||||||||||
Adjustments | Income (Loss) | ||||||||||||||||||
Balances at December 31, 2013 | $ | 68.8 | $ | 16 | $ | (30.2 | ) | $ | 54.6 | ||||||||||
Foreign currency translation adjustment | — | — | (9.7 | ) | (9.7 | ) | |||||||||||||
Net change in fair value of net investment hedges, net of tax | 1 | — | — | 1 | |||||||||||||||
Net change in fair value of interest rate caps/swaps, net of tax | (66.9 | ) | — | — | (66.9 | ) | |||||||||||||
Amounts reclassified to earnings of cash flow hedges, net of tax | 2.6 | — | — | 2.6 | |||||||||||||||
Amortization of prior service costs, net of tax | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||
Amortization of actuarial losses, net of tax | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Balances at June 30, 2014 | $ | 5.5 | $ | 15 | $ | (39.9 | ) | $ | (19.4 | ) | |||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The following table displays the reclassifications out of accumulated other comprehensive income (loss): | |||||||||||||||||||
Amounts Reclassified from AOCI | Amounts Reclassified from AOCI | ||||||||||||||||||
Details about AOCI Components | Affected Line Item in the Statements | Three Months Ended | Six Months Ended | ||||||||||||||||
of Operations | June 30, | June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Gains (Losses) on cash flow hedges: | |||||||||||||||||||
Interest rate derivative contracts | Interest expense, net | $ | (2.2 | ) | $ | (1.4 | ) | $ | (4.2 | ) | $ | (2.6 | ) | ||||||
Income tax (expense) benefit | 0.8 | 0.5 | 1.6 | 1 | |||||||||||||||
Net of tax | (1.4 | ) | (0.9 | ) | (2.6 | ) | (1.6 | ) | |||||||||||
Defined benefit pension plan items: | |||||||||||||||||||
Amortization of prior service costs | SG&A (1) | $ | 0.8 | $ | 0.8 | $ | 1.5 | $ | 1.3 | ||||||||||
Amortization of actuarial gains (losses) | SG&A (1) | 0.1 | (0.2 | ) | 0.1 | (0.6 | ) | ||||||||||||
Total before tax | 0.9 | 0.6 | 1.6 | 0.7 | |||||||||||||||
Income tax (expense) benefit | (0.4 | ) | (0.2 | ) | (0.6 | ) | (0.3 | ) | |||||||||||
Net of tax | $ | 0.5 | $ | 0.4 | $ | 1 | $ | 0.4 | |||||||||||
Foreign currency translation adjustment into net income: | |||||||||||||||||||
Sale of foreign entity | Other operating expenses (income), net | — | (3.0 | ) | — | (3.0 | ) | ||||||||||||
Total reclassifications | Net of tax | $ | (0.9 | ) | $ | (3.5 | ) | $ | (1.6 | ) | $ | (4.2 | ) | ||||||
-1 | Refers to selling, general and administrative expenses in the unaudited condensed consolidated statements of operations. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||
The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments, derivatives designated as net investment hedges, investments held in a rabbi trust which consist of money market accounts and mutual funds established to fund a portion of our current and future obligations under our Executive Retirement Plan (“ERP”), and ERP liabilities as well as their location on our condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||
at June 30, 2014 | at December 31, 2013 | ||||||||||||||||||||||||||
Balance Sheet Location | (Level 1) | (Level 2) | Total | (Level 1) | (Level 2) | Total | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||
Interest rate caps | Other assets, net | $ | — | $ | 1.9 | $ | 1.9 | $ | — | $ | 4.2 | $ | 4.2 | ||||||||||||||
Forward-starting interest rate swaps | Other assets, net | — | 63 | 63 | — | 169.9 | 169.9 | ||||||||||||||||||||
Other: | |||||||||||||||||||||||||||
Investments held in a rabbi trust | Other assets, net | 6.7 | — | 6.7 | 8.9 | — | 8.9 | ||||||||||||||||||||
Total assets at fair value | $ | 6.7 | $ | 64.9 | $ | 71.6 | $ | 8.9 | $ | 174.1 | $ | 183 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||||
Derivatives designated as net investment hedges: | |||||||||||||||||||||||||||
Cross-currency rate swaps | Other liabilities, net | $ | — | $ | 24 | $ | 24 | $ | — | $ | 25.9 | $ | 25.9 | ||||||||||||||
Other: | |||||||||||||||||||||||||||
ERP liabilities | Other accrued liabilities | — | 1.4 | 1.4 | — | 2.8 | 2.8 | ||||||||||||||||||||
ERP liabilities | Other liabilities, net | — | 5.3 | 5.3 | — | 6 | 6 | ||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 30.7 | $ | 30.7 | $ | — | $ | 34.7 | $ | 34.7 | |||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Quantitative Disclosures of Derivative Instruments | ' | ||||||||||||||||
The following tables present the required quantitative disclosures for our derivative instruments: | |||||||||||||||||
Gain (Loss) Recognized in | |||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||
(effective portion) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Interest rate caps | $ | (1.8 | ) | $ | 3.5 | $ | (2.3 | ) | $ | 3.3 | |||||||
Forward-starting interest rate swaps | $ | (51.6 | ) | $ | 97.8 | $ | (107.0 | ) | $ | 122.4 | |||||||
Derivatives designated as net investment hedges: | |||||||||||||||||
Cross-currency rate swaps | $ | 2.1 | $ | (5.3 | ) | $ | 1.7 | $ | 7.5 | ||||||||
Gain (Loss) Reclassified from | |||||||||||||||||
AOCI into Interest Expense, net | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Interest rate caps | $ | (2.2 | ) | $ | (1.4 | ) | $ | (4.2 | ) | $ | (2.6 | ) | |||||
Gain (Loss) Recognized in | |||||||||||||||||
Other Operating Expenses (Income), Net | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | (0.4 | ) | $ | — | $ | (0.9 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
Basic and diluted earnings per share are as follows (in millions, except per share information): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 75.1 | $ | 62.9 | $ | 135.5 | $ | 98.7 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares - basic | 352.3 | 350.9 | 352.3 | 350.7 | |||||||||||||
Effect of dilutive securities | 7.1 | 6.8 | 7 | 6.7 | |||||||||||||
Weighted average shares - diluted | 359.4 | 357.7 | 359.3 | 357.4 | |||||||||||||
Basic earnings per share | $ | 0.21 | $ | 0.18 | $ | 0.38 | $ | 0.28 | |||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.18 | $ | 0.38 | $ | 0.28 | |||||||||
Anti-dilutive stock options outstanding | 3.6 | 2.9 | 3.6 | 2.9 |
Franchise_and_Property_Revenue1
Franchise and Property Revenues (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Other Industries [Abstract] | ' | ||||||||||||||||||||
Summary of Franchise and Property Revenues | ' | ||||||||||||||||||||
Franchise and property revenues consist of the following: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Franchise royalties | $ | 174.3 | $ | 165.3 | $ | 334.6 | $ | 314.2 | |||||||||||||
Property revenues | 54.3 | 53.3 | 107.8 | 104.9 | |||||||||||||||||
Franchise fees and other revenue | 14.3 | 7 | 22.9 | 13.1 | |||||||||||||||||
Franchise and property revenues | $ | 242.9 | $ | 225.6 | $ | 465.3 | $ | 432.2 | |||||||||||||
Restaurant Count for Geographic Areas | ' | ||||||||||||||||||||
The following table presents information relating to the analysis of our restaurant count for the geographic areas and periods indicated. | |||||||||||||||||||||
U.S. & Canada | EMEA | LAC | APAC | Total | |||||||||||||||||
Number of Company restaurants: | |||||||||||||||||||||
Restaurant count at December 31, 2013 | 52 | — | — | — | 52 | ||||||||||||||||
Openings | — | — | — | — | — | ||||||||||||||||
Closures | — | — | — | — | — | ||||||||||||||||
Restaurant count at June 30, 2014 | 52 | — | — | — | 52 | ||||||||||||||||
Number of franchise restaurants: | |||||||||||||||||||||
Restaurant count at December 31, 2013 | 7,384 | 3,450 | 1,550 | 1,231 | 13,615 | ||||||||||||||||
Openings | 28 | 147 | 50 | 80 | 305 | ||||||||||||||||
Closures | (93 | ) | (41 | ) | (17 | ) | (13 | ) | (164 | ) | |||||||||||
Restaurant count at June 30, 2014 | 7,319 | 3,556 | 1,583 | 1,298 | 13,756 | ||||||||||||||||
Number of system-wide restaurants: | |||||||||||||||||||||
Restaurant count at December 31, 2013 | 7,436 | 3,450 | 1,550 | 1,231 | 13,667 | ||||||||||||||||
Openings | 28 | 147 | 50 | 80 | 305 | ||||||||||||||||
Closures | (93 | ) | (41 | ) | (17 | ) | (13 | ) | (164 | ) | |||||||||||
Restaurant count at June 30, 2014 | 7,371 | 3,556 | 1,583 | 1,298 | 13,808 | ||||||||||||||||
Company_Restaurant_Expenses_Ta
Company Restaurant Expenses (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Restaurant Expenses | ' | ||||||||||||||||
Company restaurant expenses consist of the following: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Food, paper and product costs | $ | 5.5 | $ | 16.8 | $ | 11.1 | $ | 55.3 | |||||||||
Payroll and employee benefits | 5.6 | 16.7 | 11.1 | 54.2 | |||||||||||||
Occupancy and other operating costs | 4.6 | 13.1 | 9 | 45.2 | |||||||||||||
Company restaurant expenses | $ | 15.7 | $ | 46.6 | $ | 31.2 | $ | 154.7 | |||||||||
Other_Operating_Expenses_Incom1
Other Operating Expenses (Income), Net (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||||||
Other Operating Expenses (Income), Net | ' | ||||||||||||||||
Other operating expenses (income), net consists of the following: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net losses (gains) on disposal of assets, restaurant closures and refranchisings | $ | 5.1 | $ | (4.3 | ) | $ | 7.9 | $ | 0.3 | ||||||||
Litigation settlements and reserves, net | 2.1 | 0.4 | 2.2 | 0.5 | |||||||||||||
Foreign exchange net (gains) losses | (2.9 | ) | 2.3 | (2.5 | ) | 5.6 | |||||||||||
Equity in net loss from unconsolidated affiliates | 5.9 | 1.6 | 9.9 | 6.8 | |||||||||||||
Other, net | 1.1 | 0.3 | 2.3 | 1.3 | |||||||||||||
Other operating expenses (income), net | $ | 11.3 | $ | 0.3 | $ | 19.8 | $ | 14.5 | |||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Revenues by Geographic Segment | ' | ||||||||||||||||
Revenues by geographic segment consist of the following: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
U.S. and Canada | $ | 158.9 | $ | 164.1 | $ | 308.2 | $ | 337.5 | |||||||||
EMEA | 67.4 | 82.9 | 128.4 | 194.4 | |||||||||||||
LAC | 19.3 | 17.5 | 36.3 | 47.1 | |||||||||||||
APAC | 15.6 | 13.8 | 29.2 | 27 | |||||||||||||
Total revenues | $ | 261.2 | $ | 278.3 | $ | 502.1 | $ | 606 | |||||||||
Reconciliation of Segment Income to Net Income | ' | ||||||||||||||||
A reconciliation of segment income to net income consists of the following: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Segment Income: | |||||||||||||||||
U.S. and Canada | $ | 113.3 | $ | 107.5 | $ | 215.9 | $ | 205 | |||||||||
EMEA | 53 | 45 | 101.1 | 87.3 | |||||||||||||
LAC | 17.4 | 15.5 | 32.3 | 30.6 | |||||||||||||
APAC | 13.5 | 11.4 | 25.2 | 21.8 | |||||||||||||
Unallocated Management G&A | (14.4 | ) | (16.9 | ) | (32.0 | ) | (37.2 | ) | |||||||||
Adjusted EBITDA | 182.8 | 162.5 | 342.5 | 307.5 | |||||||||||||
Share-based compensation and non-cash incentive compensation expense | 4.2 | 3.2 | 7.7 | 5.9 | |||||||||||||
Global portfolio realignment project costs | — | 9.8 | — | 18.9 | |||||||||||||
Other operating expenses (income), net | 11.3 | 0.3 | 19.8 | 14.5 | |||||||||||||
EBITDA | 167.3 | 149.2 | 315 | 268.2 | |||||||||||||
Depreciation and amortization | 15.8 | 16 | 32.2 | 32.6 | |||||||||||||
Income from operations | 151.5 | 133.2 | 282.8 | 235.6 | |||||||||||||
Interest expense, net | 50.6 | 50 | 100.6 | 99.1 | |||||||||||||
Income tax expense | 25.8 | 20.3 | 46.7 | 37.8 | |||||||||||||
Net income | $ | 75.1 | $ | 62.9 | $ | 135.5 | $ | 98.7 | |||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets (Unaudited) | ' | ||||||||||||||||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.8 | $ | — | $ | 598.5 | $ | — | $ | 304.4 | $ | — | $ | 904.7 | |||||||||||||||
Trade and notes receivable, net | 5.4 | — | 112.4 | — | 52.6 | — | 170.4 | ||||||||||||||||||||||
Prepaids and other current assets, net | — | 2.5 | 60.3 | — | 19.6 | — | 82.4 | ||||||||||||||||||||||
Deferred income taxes, net | 2.3 | — | 15.4 | — | 2.3 | — | 20 | ||||||||||||||||||||||
Total current assets | 9.5 | 2.5 | 786.6 | — | 378.9 | — | 1,177.50 | ||||||||||||||||||||||
Property and equipment, net | — | — | 720.8 | — | 65.3 | — | 786.1 | ||||||||||||||||||||||
Intangible assets, net | — | — | 1,519.00 | — | 1,254.70 | — | 2,773.70 | ||||||||||||||||||||||
Goodwill | — | — | 359.6 | — | 269.4 | — | 629 | ||||||||||||||||||||||
Net investment in property leased to franchisees | — | — | 140.8 | — | 10.6 | — | 151.4 | ||||||||||||||||||||||
Intercompany receivable | 10.8 | 17.2 | 60.1 | — | — | (88.1 | ) | — | |||||||||||||||||||||
Investment in subsidiaries | 1,514.00 | 1,966.60 | 1,746.70 | 1,966.60 | — | (7,193.9 | ) | — | |||||||||||||||||||||
Other assets, net | — | 5.4 | 167.9 | — | 63.1 | — | 236.4 | ||||||||||||||||||||||
Total assets | $ | 1,534.30 | $ | 1,991.70 | $ | 5,501.50 | $ | 1,966.60 | $ | 2,042.00 | $ | (7,282.0 | ) | $ | 5,754.10 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Accounts and drafts payable | $ | — | $ | — | $ | 17.1 | $ | — | $ | 7 | $ | — | $ | 24.1 | |||||||||||||||
Accrued advertising | — | — | 57.1 | — | 15.7 | — | 72.8 | ||||||||||||||||||||||
Other accrued liabilities | — | — | 111.9 | — | 44.5 | — | 156.4 | ||||||||||||||||||||||
Current portion of long term debt and capital leases | — | — | 90.9 | — | 3.2 | — | 94.1 | ||||||||||||||||||||||
Total current liabilities | — | — | 277 | — | 70.4 | — | 347.4 | ||||||||||||||||||||||
Term debt, net of current portion | — | 478 | 2,382.00 | — | — | — | 2,860.00 | ||||||||||||||||||||||
Capital leases, net of current portion | — | — | 54.1 | — | 15.9 | — | 70 | ||||||||||||||||||||||
Other liabilities, net | 0.7 | — | 271 | — | 29.1 | — | 300.8 | ||||||||||||||||||||||
Payables to affiliates | — | — | — | — | 88.1 | (88.1 | ) | — | |||||||||||||||||||||
Deferred income taxes, net | (3.9 | ) | (0.3 | ) | 550.8 | — | 91.8 | — | 638.4 | ||||||||||||||||||||
Total liabilities | (3.2 | ) | 477.7 | 3,534.90 | — | 295.3 | (88.1 | ) | 4,216.60 | ||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||||||
Common stock | 3.5 | — | — | — | — | — | 3.5 | ||||||||||||||||||||||
Additional paid-in capital | 1,249.00 | 1,182.90 | 1,532.90 | 1,533.90 | 1,330.40 | (5,580.1 | ) | 1,249.00 | |||||||||||||||||||||
Retained earnings | 311.7 | 350.5 | 453.1 | 452.1 | 452.3 | (1,708.0 | ) | 311.7 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (19.4 | ) | (19.4 | ) | (19.4 | ) | (19.4 | ) | (36.0 | ) | 94.2 | (19.4 | ) | ||||||||||||||||
Treasury stock, at cost | (7.3 | ) | — | — | — | — | — | (7.3 | ) | ||||||||||||||||||||
Total stockholders’ equity | 1,537.50 | 1,514.00 | 1,966.60 | 1,966.60 | 1,746.70 | (7,193.9 | ) | 1,537.50 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,534.30 | $ | 1,991.70 | $ | 5,501.50 | $ | 1,966.60 | $ | 2,042.00 | $ | (7,282.0 | ) | $ | 5,754.10 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5.7 | $ | — | $ | 553.2 | $ | — | $ | 228 | $ | — | $ | 786.9 | |||||||||||||||
Trade and notes receivable, net | — | — | 127.6 | — | 52.1 | — | 179.7 | ||||||||||||||||||||||
Prepaids and other current assets, net | — | 17.7 | 45.1 | — | 7 | — | 69.8 | ||||||||||||||||||||||
Deferred income taxes, net | 2.4 | — | 33.7 | — | 1.9 | — | 38 | ||||||||||||||||||||||
Total current assets | 8.1 | 17.7 | 759.6 | — | 289 | — | 1,074.40 | ||||||||||||||||||||||
Property and equipment, net | — | — | 733.6 | — | 67.9 | — | 801.5 | ||||||||||||||||||||||
Intangible assets, net | — | — | 1,530.70 | — | 1,265.30 | — | 2,796.00 | ||||||||||||||||||||||
Goodwill | — | — | 359.6 | — | 270.4 | — | 630 | ||||||||||||||||||||||
Net investment in property leased to franchisees | — | — | 151.8 | — | 11.3 | — | 163.1 | ||||||||||||||||||||||
Intercompany receivable | 11.5 | — | 97 | — | — | (108.5 | ) | — | |||||||||||||||||||||
Investment in subsidiaries | 1,492.70 | 1,926.60 | 1,675.70 | 1,926.60 | — | (7,021.6 | ) | — | |||||||||||||||||||||
Other assets, net | — | 5.8 | 289.4 | — | 68.3 | — | 363.5 | ||||||||||||||||||||||
Total assets | $ | 1,512.30 | $ | 1,950.10 | $ | 5,597.40 | $ | 1,926.60 | $ | 1,972.20 | $ | (7,130.1 | ) | $ | 5,828.50 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Accounts and drafts payable | $ | — | $ | — | $ | 21.1 | $ | — | $ | 10 | $ | — | $ | 31.1 | |||||||||||||||
Accrued advertising | — | — | 33.8 | — | 22.7 | — | 56.5 | ||||||||||||||||||||||
Other accrued liabilities | (0.4 | ) | (31.6 | ) | 164.2 | — | 44.8 | — | 177 | ||||||||||||||||||||
Current portion of long term debt and capital leases | — | — | 78.2 | — | 3.2 | — | 81.4 | ||||||||||||||||||||||
Total current liabilities | (0.4 | ) | (31.6 | ) | 297.3 | — | 80.7 | — | 346 | ||||||||||||||||||||
Term debt, net of current portion | — | 453.1 | 2,427.10 | — | — | — | 2,880.20 | ||||||||||||||||||||||
Capital leases, net of current portion | — | — | 57.7 | — | 17.7 | — | 75.4 | ||||||||||||||||||||||
Other liabilities, net | 0.5 | 0.1 | 283.8 | — | 33.5 | — | 317.9 | ||||||||||||||||||||||
Payables to affiliates | — | 36.2 | — | — | 72.3 | (108.5 | ) | — | |||||||||||||||||||||
Deferred income taxes, net | (4.0 | ) | (0.4 | ) | 604.9 | — | 92.3 | — | 692.8 | ||||||||||||||||||||
Total liabilities | (3.9 | ) | 457.4 | 3,670.80 | — | 296.5 | (108.5 | ) | 4,312.30 | ||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||||||
Common stock | 3.5 | — | — | — | — | — | 3.5 | ||||||||||||||||||||||
Additional paid-in capital | 1,239.90 | 1,173.80 | 1,523.80 | 1,524.80 | 1,328.90 | (5,551.3 | ) | 1,239.90 | |||||||||||||||||||||
Retained earnings | 225.5 | 264.3 | 348.2 | 347.2 | 373.1 | (1,332.8 | ) | 225.5 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | 54.6 | 54.6 | 54.6 | 54.6 | (26.3 | ) | (137.5 | ) | 54.6 | ||||||||||||||||||||
Treasury stock, at cost | (7.3 | ) | — | — | — | — | — | (7.3 | ) | ||||||||||||||||||||
Total stockholders’ equity | 1,516.20 | 1,492.70 | 1,926.60 | 1,926.60 | 1,675.70 | (7,021.6 | ) | 1,516.20 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,512.30 | $ | 1,950.10 | $ | 5,597.40 | $ | 1,926.60 | $ | 1,972.20 | $ | (7,130.1 | ) | $ | 5,828.50 | ||||||||||||||
Condensed Consolidating Statements of Operations (Unaudited) | ' | ||||||||||||||||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Franchise and property revenues | $ | — | $ | — | $ | 155.9 | $ | — | $ | 87 | $ | — | $ | 242.9 | |||||||||||||||
Company restaurant revenues | — | — | 18.3 | — | — | — | 18.3 | ||||||||||||||||||||||
Total revenues | — | — | 174.2 | — | 87 | — | 261.2 | ||||||||||||||||||||||
Franchise and property expenses | — | — | 25.3 | — | 10.4 | — | 35.7 | ||||||||||||||||||||||
Company restaurant expenses | — | — | 15.7 | — | — | — | 15.7 | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | 33.1 | — | 13.9 | — | 47 | ||||||||||||||||||||||
Intercompany expenses | — | — | (2.5 | ) | — | 2.5 | — | — | |||||||||||||||||||||
Other operating expenses (income), net | — | — | 5.3 | — | 6 | — | 11.3 | ||||||||||||||||||||||
Total operating costs and expenses | — | — | 76.9 | — | 32.8 | — | 109.7 | ||||||||||||||||||||||
Income (loss) from operations | — | — | 97.3 | — | 54.2 | — | 151.5 | ||||||||||||||||||||||
Interest expense, net | — | 12.8 | 37.5 | — | 0.3 | — | 50.6 | ||||||||||||||||||||||
Income (loss) before income taxes | — | (12.8 | ) | 59.8 | — | 53.9 | — | 100.9 | |||||||||||||||||||||
Income tax expense (benefit) | — | (3.3 | ) | 15 | — | 14.1 | — | 25.8 | |||||||||||||||||||||
Income (loss) from continuing operations | — | (9.5 | ) | 44.8 | — | 39.8 | — | 75.1 | |||||||||||||||||||||
Equity in earnings of subsidiaries | 75.1 | 84.6 | 39.8 | 84.6 | — | (284.1 | ) | — | |||||||||||||||||||||
Net income (loss) | $ | 75.1 | $ | 75.1 | $ | 84.6 | $ | 84.6 | $ | 39.8 | $ | (284.1 | ) | $ | 75.1 | ||||||||||||||
Total comprehensive income (loss) | $ | 35.4 | $ | 35.4 | $ | 44.9 | $ | 44.9 | $ | 30.7 | $ | (155.9 | ) | $ | 35.4 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Franchise and property revenues | $ | — | $ | — | $ | 299.7 | $ | — | $ | 165.6 | $ | — | $ | 465.3 | |||||||||||||||
Company restaurant revenues | — | — | 36.8 | — | — | — | 36.8 | ||||||||||||||||||||||
Total revenues | — | — | 336.5 | — | 165.6 | — | 502.1 | ||||||||||||||||||||||
Franchise and property expenses | — | — | 51.9 | — | 21.2 | — | 73.1 | ||||||||||||||||||||||
Company restaurant expenses | — | — | 31.2 | — | — | — | 31.2 | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | 69.6 | — | 25.6 | — | 95.2 | ||||||||||||||||||||||
Intercompany expenses | — | — | (3.1 | ) | — | 3.1 | — | — | |||||||||||||||||||||
Other operating expenses, net | — | — | 11.7 | — | 8.1 | — | 19.8 | ||||||||||||||||||||||
Total operating costs and expenses | — | — | 161.3 | — | 58 | — | 219.3 | ||||||||||||||||||||||
Income (loss) from operations | — | — | 175.2 | — | 107.6 | — | 282.8 | ||||||||||||||||||||||
Interest expense, net | — | 25.3 | 74.7 | — | 0.6 | — | 100.6 | ||||||||||||||||||||||
Income (loss) before income taxes | — | (25.3 | ) | 100.5 | — | 107 | — | 182.2 | |||||||||||||||||||||
Income tax expense (benefit) | — | (6.6 | ) | 25.5 | — | 27.8 | — | 46.7 | |||||||||||||||||||||
Income (loss) from continuing operations | — | (18.7 | ) | 75 | — | 79.2 | — | 135.5 | |||||||||||||||||||||
Equity in earnings of subsidiaries | 135.5 | 154.2 | 79.2 | 154.2 | — | (523.1 | ) | — | |||||||||||||||||||||
Net income (loss) | $ | 135.5 | $ | 135.5 | $ | 154.2 | $ | 154.2 | $ | 79.2 | $ | (523.1 | ) | $ | 135.5 | ||||||||||||||
Total comprehensive income (loss) | $ | 61.5 | $ | 61.5 | $ | 80.2 | $ | 80.2 | $ | 69.5 | $ | (291.4 | ) | $ | 61.5 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Franchise and property revenues | $ | — | $ | — | $ | 150.6 | $ | — | $ | 75 | $ | — | $ | 225.6 | |||||||||||||||
Company restaurant revenues | — | — | 19.4 | — | 33.3 | — | 52.7 | ||||||||||||||||||||||
Intercompany revenues | — | — | 0.1 | — | (0.1 | ) | — | — | |||||||||||||||||||||
Total revenues | — | — | 170.1 | — | 108.2 | — | 278.3 | ||||||||||||||||||||||
Franchise and property expenses | — | — | 25.8 | — | 10.9 | — | 36.7 | ||||||||||||||||||||||
Company restaurant expenses | — | — | 17.5 | — | 29.1 | — | 46.6 | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | 42.8 | — | 18.7 | — | 61.5 | ||||||||||||||||||||||
Intercompany expenses | — | — | 0.4 | — | (0.4 | ) | — | — | |||||||||||||||||||||
Other operating expenses (income), net | — | — | 2.8 | — | (2.5 | ) | — | 0.3 | |||||||||||||||||||||
Total operating costs and expenses | — | — | 89.3 | — | 55.8 | — | 145.1 | ||||||||||||||||||||||
Income (loss) from operations | — | — | 80.8 | — | 52.4 | — | 133.2 | ||||||||||||||||||||||
Interest expense, net | — | 11.5 | 37.7 | — | 0.8 | — | 50 | ||||||||||||||||||||||
Income (loss) before income taxes | — | (11.5 | ) | 43.1 | — | 51.6 | — | 83.2 | |||||||||||||||||||||
Income tax expense (benefit) | — | (3.1 | ) | 10.4 | — | 13 | — | 20.3 | |||||||||||||||||||||
Income (loss) from continuing operations | — | (8.4 | ) | 32.7 | — | 38.6 | — | 62.9 | |||||||||||||||||||||
Equity in earnings of subsidiaries | 62.9 | 71.3 | 38.6 | 71.3 | — | (244.1 | ) | — | |||||||||||||||||||||
Net income (loss) | $ | 62.9 | $ | 62.9 | $ | 71.3 | $ | 71.3 | $ | 38.6 | $ | (244.1 | ) | $ | 62.9 | ||||||||||||||
Total comprehensive income (loss) | $ | 136.1 | $ | 136.1 | $ | 144.5 | $ | 144.5 | $ | 56 | $ | (481.1 | ) | $ | 136.1 | ||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||||||
Guarantors | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Franchise and property revenues | $ | — | $ | — | $ | 288.5 | $ | — | $ | 143.7 | $ | — | $ | 432.2 | |||||||||||||||
Company restaurant revenues | — | — | 38.5 | — | 135.3 | — | 173.8 | ||||||||||||||||||||||
Intercompany revenues | — | — | 1.6 | — | (1.6 | ) | — | — | |||||||||||||||||||||
Total revenues | — | — | 328.6 | — | 277.4 | — | 606 | ||||||||||||||||||||||
Franchise and property expenses | — | — | 52.2 | — | 20.8 | — | 73 | ||||||||||||||||||||||
Company restaurant expenses | — | — | 34.3 | — | 120.4 | — | 154.7 | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | 87.2 | — | 41 | — | 128.2 | ||||||||||||||||||||||
Intercompany expenses | — | — | (0.3 | ) | — | 0.3 | — | — | |||||||||||||||||||||
Other operating expenses (income), net | — | — | 14.2 | — | 0.3 | — | 14.5 | ||||||||||||||||||||||
Total operating costs and expenses | — | — | 187.6 | — | 182.8 | — | 370.4 | ||||||||||||||||||||||
Income (loss) from operations | — | — | 141 | — | 94.6 | — | 235.6 | ||||||||||||||||||||||
Interest expense, net | — | 22.7 | 74.2 | — | 2.2 | — | 99.1 | ||||||||||||||||||||||
Income (loss) before income taxes | — | (22.7 | ) | 66.8 | — | 92.4 | — | 136.5 | |||||||||||||||||||||
Income tax expense (benefit) | — | (6.1 | ) | 19 | — | 24.9 | — | 37.8 | |||||||||||||||||||||
Income (loss) from continuing operations | — | (16.6 | ) | 47.8 | — | 67.5 | — | 98.7 | |||||||||||||||||||||
Equity in earnings of subsidiaries | 98.7 | 115.3 | 67.5 | 115.3 | — | (396.8 | ) | — | |||||||||||||||||||||
Net income (loss) | $ | 98.7 | $ | 98.7 | $ | 115.3 | $ | 115.3 | $ | 67.5 | $ | (396.8 | ) | $ | 98.7 | ||||||||||||||
Total comprehensive income (loss) | $ | 165.1 | $ | 165.1 | $ | 181.7 | $ | 181.7 | $ | 54.5 | $ | (583.0 | ) | $ | 165.1 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows (Unaudited) | ' | ||||||||||||||||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||
Net income | $ | 135.5 | $ | 135.5 | $ | 154.2 | $ | 154.2 | $ | 79.2 | $ | (523.1 | ) | $ | 135.5 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||||||||||||||||||||
Equity in earnings of subsidiary | (135.5 | ) | (154.2 | ) | (79.2 | ) | (154.2 | ) | — | 523.1 | — | ||||||||||||||||||
Depreciation and amortization | — | — | 24.3 | — | 7.9 | — | 32.2 | ||||||||||||||||||||||
Amortization of deferred financing cost and debt issuance discount | — | 25.3 | 4.8 | — | — | — | 30.1 | ||||||||||||||||||||||
Equity in net loss from unconsolidated affiliates | — | — | 5 | — | 4.9 | — | 9.9 | ||||||||||||||||||||||
Loss (gain) on remeasurement of foreign denominated transactions | — | — | (1.8 | ) | — | (0.5 | ) | — | (2.3 | ) | |||||||||||||||||||
Amortization of defined benefit pension and postretirement items | — | — | (1.5 | ) | — | (0.1 | ) | — | (1.6 | ) | |||||||||||||||||||
Realized loss on terminated caps/swaps | — | — | 4.2 | — | — | — | 4.2 | ||||||||||||||||||||||
Net loss (gain) on refranchisings and dispositions of assets | — | — | 5 | — | (1.4 | ) | — | 3.6 | |||||||||||||||||||||
Bad debt (recoveries) expense, net | — | — | (0.3 | ) | — | 0.1 | — | (0.2 | ) | ||||||||||||||||||||
Share-based compensation expense | — | — | 4.7 | — | 1.3 | — | 6 | ||||||||||||||||||||||
Deferred income taxes | — | — | 4.6 | — | 0.4 | — | 5 | ||||||||||||||||||||||
Changes in current assets and liabilities, excluding dispositions: | |||||||||||||||||||||||||||||
Trade and notes receivables | (5.4 | ) | — | 17.6 | — | (0.8 | ) | — | 11.4 | ||||||||||||||||||||
Prepaids and other current assets | — | — | 9.7 | — | (2.0 | ) | — | 7.7 | |||||||||||||||||||||
Accounts and drafts payable | — | — | (5.5 | ) | — | (2.9 | ) | — | (8.4 | ) | |||||||||||||||||||
Accrued advertising | — | — | (1.9 | ) | — | (11.2 | ) | — | (13.1 | ) | |||||||||||||||||||
Other accrued liabilities | — | — | 7 | — | (2.2 | ) | — | 4.8 | |||||||||||||||||||||
Other long-term assets and liabilities | — | — | (13.4 | ) | — | 1.7 | — | (11.7 | ) | ||||||||||||||||||||
Net cash provided by (used for) operating activities | (5.4 | ) | 6.6 | 137.5 | — | 74.4 | — | 213.1 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Payments for property and equipment | — | — | (7.2 | ) | — | — | — | (7.2 | ) | ||||||||||||||||||||
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | — | — | 2 | — | (8.8 | ) | — | (6.8 | ) | ||||||||||||||||||||
Return of investment on direct financing leases | — | — | 7.2 | — | 0.5 | — | 7.7 | ||||||||||||||||||||||
Other investing activities | — | — | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||||||||
Net cash provided by (used for) investing activities | — | — | 1.7 | — | (8.3 | ) | — | (6.6 | ) | ||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Repayments of term debt and capital leases | — | — | (36.8 | ) | — | (1.5 | ) | — | (38.3 | ) | |||||||||||||||||||
Dividends paid on common stock | (49.3 | ) | — | — | — | — | — | (49.3 | ) | ||||||||||||||||||||
Intercompany financing | 50.8 | (6.6 | ) | (57.1 | ) | — | 12.9 | — | — | ||||||||||||||||||||
Net cash provided by (used for) financing activities | 1.5 | (6.6 | ) | (93.9 | ) | — | 11.4 | — | (87.6 | ) | |||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (3.9 | ) | — | 45.3 | — | 76.4 | — | 117.8 | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | 5.7 | — | 553.2 | — | 228 | — | 786.9 | ||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1.8 | $ | — | $ | 598.5 | $ | — | $ | 304.4 | $ | — | $ | 904.7 | |||||||||||||||
BURGER KING WORLDWIDE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
BKW | BKCH | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||
Net income | $ | 98.7 | $ | 98.7 | $ | 115.3 | $ | 115.3 | $ | 67.5 | $ | (396.8 | ) | $ | 98.7 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||||||||||||||||||||
Equity in earnings of subsidiary | (98.7 | ) | (115.3 | ) | (67.5 | ) | (115.3 | ) | — | 396.8 | — | ||||||||||||||||||
Depreciation and amortization | — | — | 21.7 | — | 10.9 | — | 32.6 | ||||||||||||||||||||||
Amortization of deferred financing cost and debt issuance discount | — | 22.7 | 4.8 | — | — | — | 27.5 | ||||||||||||||||||||||
Equity in net loss from unconsolidated affiliates | — | — | 3.6 | — | 3.2 | — | 6.8 | ||||||||||||||||||||||
Loss (gain) on remeasurement of foreign denominated transactions | — | — | 2.6 | — | 0.4 | — | 3 | ||||||||||||||||||||||
Amortization of defined benefit pension and postretirement items | — | — | (0.7 | ) | — | — | — | (0.7 | ) | ||||||||||||||||||||
Realized loss on terminated caps/swaps | — | — | 2.8 | — | — | — | 2.8 | ||||||||||||||||||||||
Net loss (gain) on refranchisings and dispositions of assets | — | — | 5.7 | — | (7.8 | ) | — | (2.1 | ) | ||||||||||||||||||||
Bad debt (recoveries) expense, net | — | — | 2.5 | — | (0.3 | ) | — | 2.2 | |||||||||||||||||||||
Share-based compensation expense | — | — | 4.1 | — | 0.7 | — | 4.8 | ||||||||||||||||||||||
Deferred income taxes | 0.4 | 16.4 | (1.1 | ) | — | 6.5 | — | 22.2 | |||||||||||||||||||||
Changes in current assets and liabilities, excluding dispositions: | |||||||||||||||||||||||||||||
Trade and notes receivables | — | — | (0.3 | ) | — | 1 | — | 0.7 | |||||||||||||||||||||
Prepaids and other current assets | — | — | (0.9 | ) | — | 1.6 | — | 0.7 | |||||||||||||||||||||
Accounts and drafts payable | — | — | (16.5 | ) | — | (3.3 | ) | — | (19.8 | ) | |||||||||||||||||||
Accrued advertising | — | — | 1.9 | — | (1.7 | ) | — | 0.2 | |||||||||||||||||||||
Other accrued liabilities | — | — | (25.7 | ) | — | (10.0 | ) | — | (35.7 | ) | |||||||||||||||||||
Other long-term assets and liabilities | 0.2 | — | (14.0 | ) | — | 0.1 | — | (13.7 | ) | ||||||||||||||||||||
Net cash provided by (used for) operating activities | 0.6 | 22.5 | 38.3 | — | 68.8 | — | 130.2 | ||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Payments for property and equipment | — | — | (6.3 | ) | — | (2.3 | ) | — | (8.6 | ) | |||||||||||||||||||
Proceeds from refranchisings, disposition of assets and restaurant closures | — | — | 45 | — | 3.6 | — | 48.6 | ||||||||||||||||||||||
Payments for acquired franchisee operations, net of cash acquired | — | — | (11.9 | ) | — | — | — | (11.9 | ) | ||||||||||||||||||||
Return of investment on direct financing leases | — | — | 7.5 | — | 0.6 | — | 8.1 | ||||||||||||||||||||||
Net cash provided by (used for) investing activities | — | — | 34.3 | — | 1.9 | — | 36.2 | ||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Repayments of term debt and capital leases | — | — | (23.6 | ) | — | (1.7 | ) | — | (25.3 | ) | |||||||||||||||||||
Dividends paid on common stock | (38.6 | ) | — | — | — | — | — | (38.6 | ) | ||||||||||||||||||||
Proceeds from stock option exercises | 2.5 | — | — | — | — | — | 2.5 | ||||||||||||||||||||||
Excess tax benefits from share-based compensation | — | — | 3.5 | — | — | — | 3.5 | ||||||||||||||||||||||
Intercompany financing | 38 | (22.5 | ) | 126.8 | — | (142.3 | ) | — | — | ||||||||||||||||||||
Net cash provided by (used for) financing activities | 1.9 | (22.5 | ) | 106.7 | — | (144.0 | ) | — | (57.9 | ) | |||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 2.5 | — | 179.3 | — | (74.4 | ) | — | 107.4 | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | 0.1 | — | 355.3 | — | 191.3 | — | 546.7 | ||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 2.6 | $ | — | $ | 534.6 | $ | — | $ | 116.9 | $ | — | $ | 654.1 | |||||||||||||||
Basis_of_Presentation_and_Cons1
Basis of Presentation and Consolidation - Additional Information (Detail) (Maximum [Member]) | Jun. 30, 2014 |
Maximum [Member] | ' |
Basis Of Presentation [Line Items] | ' |
Investments in affiliates percentage | 50.00% |
Prepaids_and_Other_Current_Ass2
Prepaids and Other Current Assets, Net - Schedule of Prepaids and Other Current Assets, Net (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Prepaid Expense And Other Assets Current [Abstract] | ' | ' |
Prepaid expenses | $55.90 | $34.20 |
Refundable and prepaid income taxes | 9.7 | 25.3 |
Inventories | 0.7 | 1.2 |
Deferred financing costs - current | 9.1 | 9.1 |
Other current assets | 7 | ' |
Prepaids and other current assets | $82.40 | $69.80 |
Intangible_Assets_Net_and_Good2
Intangible Assets, Net and Goodwill - Schedule of Intangible Assets, Net and Goodwill (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Identifiable assets, Gross | $648.40 | $649.70 |
Goodwill | 629 | 630 |
Identifiable assets, accumulated amortization | -131.8 | -114.5 |
Identifiable assets, Net | 516.6 | 535.2 |
Indefinite lived intangible assets - Brand, Net | 2,773.70 | 2,796 |
Franchise Agreements [Member] | ' | ' |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Identifiable assets, Gross | 490.2 | 491.3 |
Identifiable assets, accumulated amortization | -76.3 | -66 |
Identifiable assets, Net | 413.9 | 425.3 |
Favorable Leases [Member] | ' | ' |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Identifiable assets, Gross | 158.2 | 158.4 |
Identifiable assets, accumulated amortization | -55.5 | -48.5 |
Identifiable assets, Net | 102.7 | 109.9 |
Brand [Member] | ' | ' |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Indefinite lived intangible assets - Brand | 2,257.10 | 2,260.80 |
Indefinite lived intangible assets - Brand, Net | $2,257.10 | $2,260.80 |
Intangible_Assets_Net_and_Good3
Intangible Assets, Net and Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense on intangible assets | $8.80 | $8.80 | $17.60 | $18.40 |
Other_Assets_Net_Other_Assets_
Other Assets, Net - Other Assets, Net (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Derivative assets | $64.90 | $174.10 |
Equity method investments | 91.4 | 102 |
Deferred financing costs - noncurrent | 31 | 35.5 |
Other | 49.1 | 51.9 |
Other assets, net | $236.40 | $363.50 |
Equity_Method_Investments_Addi
Equity Method Investments - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investments | $91.40 | $102 |
Equity Method Investee [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Accounts receivable from equity method investments | $15.70 | $18.10 |
Equity_Method_Investments_Summ
Equity Method Investments - Summary of Franchise and Property Revenue (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues from affiliates: | ' | ' | ' | ' |
Franchise royalties | $174.30 | $165.30 | $334.60 | $314.20 |
Franchise fees and other revenue | 14.3 | 7 | 22.9 | 13.1 |
Franchise and property revenues | 242.9 | 225.6 | 465.3 | 432.2 |
Affiliates [Member] | ' | ' | ' | ' |
Revenues from affiliates: | ' | ' | ' | ' |
Franchise royalties | 21.2 | 17.7 | 39.8 | 31 |
Property revenues | 6.5 | 6.6 | 12.7 | 12.8 |
Franchise fees and other revenue | 2.2 | 1.7 | 3.3 | 2.2 |
Franchise and property revenues | $29.90 | $26 | $55.80 | $46 |
Other_Accrued_Liabilities_and_2
Other Accrued Liabilities and Other Liabilities, Net - Schedule of Other Accrued Liabilities and Other Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current: | ' | ' |
Accrued compensation and benefits | $20.40 | $30.90 |
Gift card liabilities | 15.4 | 22 |
Deferred income - current | 14.7 | 15.7 |
Restructuring and other provisions | 13.9 | 15.3 |
Interest payable | 16.9 | 16.9 |
Closed property reserve | 14 | 11.5 |
Lease liability - current portion | 6.2 | 9.8 |
Other | 54.9 | 54.9 |
Other accrued liabilities | 156.4 | 177 |
Non-current: | ' | ' |
Unfavorable leases | 108.1 | 116.6 |
Lease liability - noncurrent | 38.5 | 38.6 |
Accrued pension | 34.6 | 37.4 |
Income tax payable | 32.3 | 31.6 |
Derivative liabilities | 24 | 25.9 |
Deferred income - noncurrent | 16 | 13.2 |
Casualty insurance - noncurrent | 10.8 | 13.1 |
Other | 36.5 | 41.5 |
Other liabilities, net | $300.80 | $317.90 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Total debt | $2,943.80 | ' | $2,943.80 | ' | $2,951.10 |
Less: current maturities of debt | -83.8 | ' | -83.8 | ' | -70.9 |
Total long-term debt | 2,860 | ' | 2,860 | ' | 2,880.20 |
Tranche B Term Loans [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Maturity dates | ' | ' | '2019 | ' | ' |
Total debt | 686.6 | ' | 686.6 | ' | 689.4 |
Interest rates | 4.60% | 4.60% | 4.60% | 4.60% | ' |
9 7/8% Senior Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Maturity dates | ' | ' | '2018 | ' | ' |
Total debt | 794.5 | ' | 794.5 | ' | 794.5 |
Interest rates | 10.10% | 10.10% | 10.10% | 10.10% | ' |
11.0% Discount Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Maturity dates | ' | ' | '2019 | ' | ' |
Total debt | 478 | ' | 478 | ' | 453.1 |
Interest rates | 11.50% | 11.50% | 11.50% | 11.50% | ' |
Tranche A Term Loans [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Maturity dates | ' | ' | '2017 | ' | ' |
Total debt | 965.6 | ' | 965.6 | ' | 991.4 |
Interest rates | 3.30% | 3.20% | 3.30% | 3.20% | ' |
Deferred Premiums on Interest Rate Caps - USD [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Maturity dates | ' | ' | '2016 | ' | ' |
Total debt | 18.4 | ' | 18.4 | ' | 22 |
Interest rates | 2.50% | 2.50% | 2.50% | 2.50% | ' |
Other [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Total debt | $0.70 | ' | $0.70 | ' | $0.70 |
LongTerm_Debt_Summary_of_LongT1
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Tranche B Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Discount | $6.10 | $6.70 |
9 7/8% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rates | 9.79% | ' |
11.0% Discount Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Discount | $101.10 | $126 |
Interest rates | 11.00% | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Amount outstanding at the credit facility | $0 |
Letter of credit sublimit as part of revolving credit facility | 75 |
Amount withdrawn from revolving credit facility | 0 |
Remaining borrowing capacity | $130 |
LongTerm_Debt_Schedule_of_Inte
Long-Term Debt - Schedule of Interest Expense, Net (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amortization of deferred financing costs and debt issuance discount | $2.60 | $2.60 | $5.20 | $5.10 |
Capital lease obligations | 1.3 | 1.7 | 2.7 | 3.3 |
Other | 0.4 | 0.5 | 0.6 | 0.8 |
Interest income | -1.1 | -0.6 | -2 | -1.1 |
Total | 50.6 | 50 | 100.6 | 99.1 |
Tranche A Term Loans [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest expense | 6.2 | 6.6 | 12.4 | 13.2 |
Tranche B Term Loans [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest expense | 6.6 | 6.6 | 13.1 | 13.2 |
Interest Rate Caps [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest expense | 2.4 | 1.6 | 4.5 | 3 |
9 7/8% Senior Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest expense | 19.6 | 19.6 | 39.2 | 39.2 |
11.0% Discount Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest expense | $12.60 | $11.40 | $24.90 | $22.40 |
Income_Taxes_Schedule_of_US_Fe
Income Taxes - Schedule of US Federal Tax Statutory Rate Reconciles to Effective Tax Rate (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
U.S. Federal income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 1.50% | 1.50% | 1.50% | 1.60% |
Costs and taxes related to foreign operations | 3.30% | 5.30% | 3.20% | 5.20% |
Foreign tax rate differential | -17.90% | -14.90% | -17.90% | -14.80% |
Change in valuation allowance | 2.90% | -2.20% | 2.90% | -1.00% |
Change in accrual for tax uncertainties | 0.40% | 0.90% | 0.40% | 2.10% |
Other | 0.40% | -1.20% | 0.50% | -0.40% |
Effective income tax rate | 25.60% | 24.40% | 25.60% | 27.70% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | ' | $54.60 | ' |
Foreign currency translation adjustment | -9.1 | 17.4 | -9.7 | -13 |
Net change in fair value of net investment hedges, net of tax | 1.2 | -3.3 | 1 | 4.5 |
Net change in fair value of interest rate caps/swaps, net of tax | -32.7 | 61.6 | -66.9 | 76.4 |
Amounts reclassified to earnings of cash flow hedges, net of tax | 1.4 | 0.9 | 2.6 | 1.6 |
Amortization of prior service costs, net of tax | -0.4 | -0.5 | -0.9 | -0.7 |
Amortization of actuarial losses, net of tax | -0.1 | 0.1 | -0.1 | 0.3 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -19.4 | ' | -19.4 | ' |
Gains (Losses) on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | ' | 68.8 | ' |
Net change in fair value of net investment hedges, net of tax | ' | ' | 1 | ' |
Net change in fair value of interest rate caps/swaps, net of tax | ' | ' | -66.9 | ' |
Amounts reclassified to earnings of cash flow hedges, net of tax | 1.4 | 0.9 | 2.6 | 1.6 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 5.5 | ' | 5.5 | ' |
Defined Benefit Pension [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | ' | 16 | ' |
Amortization of prior service costs, net of tax | ' | ' | -0.9 | ' |
Amortization of actuarial losses, net of tax | ' | ' | -0.1 | ' |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 15 | ' | 15 | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | ' | -30.2 | ' |
Foreign currency translation adjustment | ' | ' | -9.7 | ' |
Accumulated Other Comprehensive Income (Loss), Ending Balance | ($39.90) | ' | ($39.90) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest rate derivative contracts, Income tax (expense) benefit | $0.80 | $0.50 | $1.60 | $1 |
Total reclassifications, Net of tax | -1.4 | -0.9 | -2.6 | -1.6 |
Sale of foreign entity | ' | -3 | ' | -3 |
Total reclassifications, Net of tax | -0.9 | -3.5 | -1.6 | -4.2 |
Gains (Losses) on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest rate derivative contracts, Income tax (expense) benefit | 0.8 | 0.5 | 1.6 | 1 |
Total reclassifications, Net of tax | -1.4 | -0.9 | -2.6 | -1.6 |
Gains (Losses) on Cash Flow Hedges [Member] | Interest Expense [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest rate derivative contracts, Interest expense, net | -2.2 | -1.4 | -4.2 | -2.6 |
Defined Benefit Pension [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of prior service costs, SG&A | 0.8 | 0.8 | 1.5 | 1.3 |
Amortization of actuarial gains (losses), SG&A | 0.1 | -0.2 | 0.1 | -0.6 |
Defined benefit pension plan expense before tax | 0.9 | 0.6 | 1.6 | 0.7 |
Defined benefit, Income tax (expense) benefit | -0.4 | -0.2 | -0.6 | -0.3 |
Total reclassifications, Net of tax | $0.50 | $0.40 | $1 | $0.40 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency rate swaps | $30.70 | $34.70 |
Cross- Currency Rate Swaps [Member] | Other Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency rate swaps | 24 | 25.9 |
Other Investments [Member] | Executive Retirement Plan [Member] | Other Accrued Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency rate swaps | 1.4 | 2.8 |
Other Investments [Member] | Executive Retirement Plan [Member] | Other Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency rate swaps | 5.3 | 6 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency rate swaps | 30.7 | 34.7 |
Level 2 [Member] | Cross- Currency Rate Swaps [Member] | Other Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency rate swaps | 24 | 25.9 |
Level 2 [Member] | Other Investments [Member] | Executive Retirement Plan [Member] | Other Accrued Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency rate swaps | 1.4 | 2.8 |
Level 2 [Member] | Other Investments [Member] | Executive Retirement Plan [Member] | Other Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cross-currency rate swaps | 5.3 | 6 |
Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 71.6 | 183 |
Fair Value Measurements [Member] | Investments Held in a Rabbi Trust [Member] | Other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 6.7 | 8.9 |
Fair Value Measurements [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Interest Rate Caps [Member] | Other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 1.9 | 4.2 |
Fair Value Measurements [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Forward-Starting Interest Rate Swaps [Member] | Other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 63 | 169.9 |
Fair Value Measurements [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 6.7 | 8.9 |
Fair Value Measurements [Member] | Level 1 [Member] | Investments Held in a Rabbi Trust [Member] | Other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 6.7 | 8.9 |
Fair Value Measurements [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 64.9 | 174.1 |
Fair Value Measurements [Member] | Level 2 [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Interest Rate Caps [Member] | Other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 1.9 | 4.2 |
Fair Value Measurements [Member] | Level 2 [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Forward-Starting Interest Rate Swaps [Member] | Other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | $63 | $169.90 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of variable rate term debt and bonds | $3,100,000,000 | $3,100,000,000 |
Carrying amount, net of original issue discount | $2,943,800,000 | $2,951,100,000 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Commodity Hedging Contracts And Other Derivatives [Line Items] | ' | ' |
Variable rate borrowings at a weighted-average rate | 1.75% | ' |
Forward interest swaps maturity period | '7 years | ' |
Number of forward starting interest rate swaps | 3 | ' |
Foreign currency forward contracts outstanding | $0 | ' |
Pre-tax gains and losses | 11,200,000 | ' |
Fixed Income Interest Rate [Member] | ' | ' |
Commodity Hedging Contracts And Other Derivatives [Line Items] | ' | ' |
Foreign currency forward contract- total notional amount | 230,000,000 | ' |
Variable Income Interest Rate [Member] | ' | ' |
Commodity Hedging Contracts And Other Derivatives [Line Items] | ' | ' |
Foreign currency forward contract- total notional amount | 200,000,000 | ' |
Interest Rate Caps [Member] | ' | ' |
Commodity Hedging Contracts And Other Derivatives [Line Items] | ' | ' |
Foreign currency forward contract- total notional amount | 1,100,000,000 | 1,200,000,000 |
Forward interest swaps maturity period | '6 years | ' |
Cross Currency Rate Swaps [Member] | ' | ' |
Commodity Hedging Contracts And Other Derivatives [Line Items] | ' | ' |
Foreign currency forward contract- total notional amount | 430,000,000 | ' |
Cross-currency rate swaps, maturity date | 28-Sep-17 | ' |
Forward-Starting Interest Rate Swaps [Member] | ' | ' |
Commodity Hedging Contracts And Other Derivatives [Line Items] | ' | ' |
Foreign currency forward contract- total notional amount | 2,300,000,000 | ' |
Forward-Starting Interest Rate Swaps [Member] | Floating Rate Debt Beginning 2015 [Member] | ' | ' |
Commodity Hedging Contracts And Other Derivatives [Line Items] | ' | ' |
Foreign currency forward contract- total notional amount | 1,000,000,000 | ' |
Forward-Starting Interest Rate Swaps [Member] | Floating Rate Debt Starting 2016 [Member] | ' | ' |
Commodity Hedging Contracts And Other Derivatives [Line Items] | ' | ' |
Foreign currency forward contract- total notional amount | $1,300,000,000 | ' |
Derivative_Instruments_Quantit
Derivative Instruments - Quantitative Disclosures of Derivative Instruments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Gain (loss) reclassified into interest and operating expense (income), net | ' | ' | ($4.20) | ($2.80) |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Forward Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in other operating expenses (income), net | ' | -0.4 | ' | -0.9 |
Derivatives Designated as Cash Flow Hedges [Member] | Interest Rate Caps [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in other comprehensive income (loss) | -1.8 | 3.5 | -2.3 | 3.3 |
Derivatives Designated as Cash Flow Hedges [Member] | Interest Rate Caps [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Gain (loss) reclassified into interest and operating expense (income), net | -2.2 | -1.4 | -4.2 | -2.6 |
Derivatives Designated as Cash Flow Hedges [Member] | Forward-Starting Interest Rate Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in other comprehensive income (loss) | -51.6 | 97.8 | -107 | 122.4 |
Derivatives Designated as Net Investment Hedges [Member] | Cross- Currency Rate Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in other comprehensive income (loss) | $2.10 | ($5.30) | $1.70 | $7.50 |
Sharebased_Compensation_Additi
Share-based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period | ' | ' | '5 years | ' |
Stock options, expiration period | ' | ' | '10 years | ' |
Share-based compensation expense | ' | ' | $6 | $4.80 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $3.20 | $2.70 | $6 | $4.80 |
Employees, Directors and Other Persons Who Provide Services to the Company and its Subsidiaries [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of stock option grants | ' | ' | 3,622,000 | ' |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $75.10 | $62.90 | $135.50 | $98.70 |
Denominator: | ' | ' | ' | ' |
Weighted average shares - basic | 352.3 | 350.9 | 352.3 | 350.7 |
Effect of dilutive securities | 7.1 | 6.8 | 7 | 6.7 |
Weighted average shares - diluted | 359.4 | 357.7 | 359.3 | 357.4 |
Basic earnings per share | $0.21 | $0.18 | $0.38 | $0.28 |
Diluted earnings per share | $0.21 | $0.18 | $0.38 | $0.28 |
Anti-dilutive stock options outstanding | 3.6 | 2.9 | 3.6 | 2.9 |
Franchise_and_Property_Revenue2
Franchise and Property Revenues - Summary of Franchise and Property Revenues (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Franchisor Revenue [Abstract] | ' | ' | ' | ' |
Franchise royalties | $174.30 | $165.30 | $334.60 | $314.20 |
Property revenues | 54.3 | 53.3 | 107.8 | 104.9 |
Franchise fees and other revenue | 14.3 | 7 | 22.9 | 13.1 |
Franchise and property revenues | $242.90 | $225.60 | $465.30 | $432.20 |
Franchise_and_Property_Revenue3
Franchise and Property Revenues - Restaurant Count for Geographic Areas (Detail) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Number of Company Restaurants [Member] | Number of Company Restaurants [Member] | Number of Franchise Restaurants [Member] | Number of System-Wide Restaurants [Member] | U.S. and Canada [Member] | U.S. and Canada [Member] | U.S. and Canada [Member] | U.S. and Canada [Member] | EMEA [Member] | EMEA [Member] | LAC [Member] | LAC [Member] | APAC [Member] | APAC [Member] | |
Restaurants | Restaurants | Restaurants | Restaurants | Number of Company Restaurants [Member] | Number of Company Restaurants [Member] | Number of Franchise Restaurants [Member] | Number of System-Wide Restaurants [Member] | Number of Franchise Restaurants [Member] | Number of System-Wide Restaurants [Member] | Number of Franchise Restaurants [Member] | Number of System-Wide Restaurants [Member] | Number of Franchise Restaurants [Member] | Number of System-Wide Restaurants [Member] | |
Restaurants | Restaurants | Restaurants | Restaurants | Restaurants | Restaurants | Restaurants | Restaurants | Restaurants | Restaurants | |||||
Operation By Geographical [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restaurant count at beginning | 52 | 52 | 13,615 | 13,667 | 52 | 52 | 7,384 | 7,436 | 3,450 | 3,450 | 1,550 | 1,550 | 1,231 | 1,231 |
Openings | ' | ' | 305 | 305 | ' | ' | 28 | 28 | 147 | 147 | 50 | 50 | 80 | 80 |
Closures | ' | ' | -164 | -164 | ' | ' | -93 | -93 | -41 | -41 | -17 | -17 | -13 | -13 |
Restaurant count at ending | 52 | 52 | 13,756 | 13,808 | 52 | 52 | 7,319 | 7,371 | 3,556 | 3,556 | 1,583 | 1,583 | 1,298 | 1,298 |
Company_Restaurant_Expenses_Su
Company Restaurant Expenses - Summary of Restaurant Expenses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Income And Expenses [Abstract] | ' | ' | ' | ' |
Food, paper and product costs | $5.50 | $16.80 | $11.10 | $55.30 |
Payroll and employee benefits | 5.6 | 16.7 | 11.1 | 54.2 |
Occupancy and other operating costs | 4.6 | 13.1 | 9 | 45.2 |
Company restaurant expenses | $15.70 | $46.60 | $31.20 | $154.70 |
Other_Operating_Expenses_Incom2
Other Operating Expenses (Income), Net - Other Operating Expenses (Income), Net (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Income And Expenses [Abstract] | ' | ' | ' | ' |
Net losses (gains) on disposal of assets, restaurant closures and refranchisings | $5.10 | ($4.30) | $7.90 | $0.30 |
Litigation settlements and reserves, net | 2.1 | 0.4 | 2.2 | 0.5 |
Foreign exchange net losses (gains) | -2.9 | 2.3 | -2.5 | 5.6 |
Equity in net loss from unconsolidated affiliates | 5.9 | 1.6 | 9.9 | 6.8 |
Other, net | 1.1 | 0.3 | 2.3 | 1.3 |
Other operating expenses (income), net | $11.30 | $0.30 | $19.80 | $14.50 |
Other_Operating_Expenses_Incom3
Other Operating Expenses (Income), Net - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Component Of Other Income And Expense [Line Items] | ' | ' | ' | ' |
Net (gains) losses on disposal of assets, restaurant closures and refranchisings | $5.10 | ($4.30) | $7.90 | $0.30 |
Net (gain) losses associated with asset disposals and restaurant closures | 3.2 | 1.2 | 5.6 | 2 |
Net losses associated with sale of subsidiaries | ' | 1 | ' | 1 |
Restaurant Closures and Refranchisings [Member] | ' | ' | ' | ' |
Component Of Other Income And Expense [Line Items] | ' | ' | ' | ' |
Net (gains) losses on disposal of assets, restaurant closures and refranchisings | $1.90 | $6.50 | $2.30 | $2.70 |
Guarantees_Commitments_and_Con1
Guarantees, Commitments and Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Program | ||
Commitments Contingencies And Guarantees [Line Items] | ' | ' |
Estimated Liability | $11.70 | ' |
Senior notes outstanding amount | 2,943.80 | 2,951.10 |
Additional borrowing capacity | 130 | ' |
Fair value of guarantee obligation | 5.1 | ' |
Number of programs | 6 | ' |
Franchisees [Member] | ' | ' |
Commitments Contingencies And Guarantees [Line Items] | ' | ' |
Senior notes outstanding amount | 125.5 | ' |
Additional borrowing capacity | 202.5 | ' |
Maximum guarantee liability | $32.50 | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Number of Geographical Segments | ' | ' | 4 | ' |
Revenues | $261.20 | $278.30 | $502.10 | $606 |
United States [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenues | 151.8 | 150.2 | 294.5 | 291.1 |
Germany [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenues | ' | $28.20 | ' | $83.10 |
Sales [Member] | United States [Member] | Minimum [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenues percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Sales [Member] | Germany [Member] | Minimum [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenues percentage | ' | 10.00% | ' | 10.00% |
Segment_Reporting_Revenues_by_
Segment Reporting - Revenues by Geographic Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total revenues | $261.20 | $278.30 | $502.10 | $606 |
U.S. and Canada [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total revenues | 158.9 | 164.1 | 308.2 | 337.5 |
EMEA [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total revenues | 67.4 | 82.9 | 128.4 | 194.4 |
LAC [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total revenues | 19.3 | 17.5 | 36.3 | 47.1 |
APAC [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Total revenues | $15.60 | $13.80 | $29.20 | $27 |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Segment Income to Net Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | $32.20 | $32.60 |
Segment Income: | ' | ' | ' | ' |
Adjusted EBITDA | 182.8 | 162.5 | 342.5 | 307.5 |
Share-based compensation and non-cash incentive compensation expense | 4.2 | 3.2 | 7.7 | 5.9 |
Global portfolio realignment project costs | ' | 9.8 | ' | 18.9 |
Other operating expenses (income), net | 11.3 | 0.3 | 19.8 | 14.5 |
EBITDA | 167.3 | 149.2 | 315 | 268.2 |
Depreciation and amortization | 15.8 | 16 | 32.2 | 32.6 |
Income from operations | 151.5 | 133.2 | 282.8 | 235.6 |
Interest expense, net | 50.6 | 50 | 100.6 | 99.1 |
Income tax expense | 25.8 | 20.3 | 46.7 | 37.8 |
Net income | 75.1 | 62.9 | 135.5 | 98.7 |
Unallocated Management G&A [Member] | ' | ' | ' | ' |
Segment Income: | ' | ' | ' | ' |
Segment income | -14.4 | -16.9 | -32 | -37.2 |
Ebitda [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 15.8 | ' | 32.2 | ' |
U.S. and Canada [Member] | ' | ' | ' | ' |
Segment Income: | ' | ' | ' | ' |
Segment income | 113.3 | 107.5 | 215.9 | 205 |
EMEA [Member] | ' | ' | ' | ' |
Segment Income: | ' | ' | ' | ' |
Segment income | 53 | 45 | 101.1 | 87.3 |
LAC [Member] | ' | ' | ' | ' |
Segment Income: | ' | ' | ' | ' |
Segment income | 17.4 | 15.5 | 32.3 | 30.6 |
APAC [Member] | ' | ' | ' | ' |
Segment Income: | ' | ' | ' | ' |
Segment income | $13.50 | $11.40 | $25.20 | $21.80 |
Supplemental_Financial_Informa2
Supplemental Financial Information - Condensed Consolidating Balance Sheets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $904.70 | $786.90 | $654.10 | $546.70 |
Trade and notes receivable, net | 170.4 | 179.7 | ' | ' |
Prepaids and other current assets, net | 82.4 | 69.8 | ' | ' |
Deferred income taxes, net | 20 | 38 | ' | ' |
Total current assets | 1,177.50 | 1,074.40 | ' | ' |
Property and equipment, net | 786.1 | 801.5 | ' | ' |
Intangible assets, net | 2,773.70 | 2,796 | ' | ' |
Goodwill | 629 | 630 | ' | ' |
Net investment in property leased to franchisees | 151.4 | 163.1 | ' | ' |
Intercompany receivable | 0 | ' | ' | ' |
Investment in subsidiaries | 0 | ' | ' | ' |
Other assets, net | 236.4 | 363.5 | ' | ' |
Total assets | 5,754.10 | 5,828.50 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts and drafts payable | 24.1 | 31.1 | ' | ' |
Accrued advertising | 72.8 | 56.5 | ' | ' |
Other accrued liabilities | 156.4 | 177 | ' | ' |
Current portion of long term debt and capital leases | 94.1 | 81.4 | ' | ' |
Total current liabilities | 347.4 | 346 | ' | ' |
Term debt, net of current portion | 2,860 | 2,880.20 | ' | ' |
Capital leases, net of current portion | 70 | 75.4 | ' | ' |
Other liabilities, net | 300.8 | 317.9 | ' | ' |
Payables to affiliates | 0 | ' | ' | ' |
Deferred income taxes, net | 638.4 | 692.8 | ' | ' |
Total liabilities | 4,216.60 | 4,312.30 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 3.5 | 3.5 | ' | ' |
Additional paid-in capital | 1,249 | 1,239.90 | ' | ' |
Retained earnings | 311.7 | 225.5 | ' | ' |
Accumulated other comprehensive income (loss) | -19.4 | 54.6 | ' | ' |
Treasury stock, at cost | -7.3 | -7.3 | ' | ' |
Total stockholders' equity | 1,537.50 | 1,516.20 | ' | ' |
Total liabilities and stockholders' equity | 5,754.10 | 5,828.50 | ' | ' |
BKW [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1.8 | 5.7 | 2.6 | 0.1 |
Trade and notes receivable, net | 5.4 | 0 | ' | ' |
Prepaids and other current assets, net | 0 | 0 | ' | ' |
Deferred income taxes, net | 2.3 | 2.4 | ' | ' |
Total current assets | 9.5 | 8.1 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Net investment in property leased to franchisees | 0 | 0 | ' | ' |
Intercompany receivable | 10.8 | 11.5 | ' | ' |
Investment in subsidiaries | 1,514 | 1,492.70 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Total assets | 1,534.30 | 1,512.30 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts and drafts payable | 0 | 0 | ' | ' |
Accrued advertising | 0 | 0 | ' | ' |
Other accrued liabilities | 0 | -0.4 | ' | ' |
Current portion of long term debt and capital leases | 0 | 0 | ' | ' |
Total current liabilities | 0 | -0.4 | ' | ' |
Term debt, net of current portion | 0 | 0 | ' | ' |
Capital leases, net of current portion | 0 | 0 | ' | ' |
Other liabilities, net | 0.7 | 0.5 | ' | ' |
Payables to affiliates | 0 | 0 | ' | ' |
Deferred income taxes, net | -3.9 | -4 | ' | ' |
Total liabilities | -3.2 | -3.9 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 3.5 | 3.5 | ' | ' |
Additional paid-in capital | 1,249 | 1,239.90 | ' | ' |
Retained earnings | 311.7 | 225.5 | ' | ' |
Accumulated other comprehensive income (loss) | -19.4 | 54.6 | ' | ' |
Treasury stock, at cost | -7.3 | -7.3 | ' | ' |
Total stockholders' equity | 1,537.50 | 1,516.20 | ' | ' |
Total liabilities and stockholders' equity | 1,534.30 | 1,512.30 | ' | ' |
BKCH [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and notes receivable, net | 0 | 0 | ' | ' |
Prepaids and other current assets, net | 2.5 | 17.7 | ' | ' |
Deferred income taxes, net | 0 | 0 | ' | ' |
Total current assets | 2.5 | 17.7 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Net investment in property leased to franchisees | 0 | 0 | ' | ' |
Intercompany receivable | 17.2 | 0 | ' | ' |
Investment in subsidiaries | 1,966.60 | 1,926.60 | ' | ' |
Other assets, net | 5.4 | 5.8 | ' | ' |
Total assets | 1,991.70 | 1,950.10 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts and drafts payable | 0 | 0 | ' | ' |
Accrued advertising | 0 | 0 | ' | ' |
Other accrued liabilities | 0 | -31.6 | ' | ' |
Current portion of long term debt and capital leases | 0 | 0 | ' | ' |
Total current liabilities | 0 | -31.6 | ' | ' |
Term debt, net of current portion | 478 | 453.1 | ' | ' |
Capital leases, net of current portion | 0 | 0 | ' | ' |
Other liabilities, net | 0 | 0.1 | ' | ' |
Payables to affiliates | 0 | 36.2 | ' | ' |
Deferred income taxes, net | -0.3 | -0.4 | ' | ' |
Total liabilities | 477.7 | 457.4 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 1,182.90 | 1,173.80 | ' | ' |
Retained earnings | 350.5 | 264.3 | ' | ' |
Accumulated other comprehensive income (loss) | -19.4 | 54.6 | ' | ' |
Treasury stock, at cost | 0 | 0 | ' | ' |
Total stockholders' equity | 1,514 | 1,492.70 | ' | ' |
Total liabilities and stockholders' equity | 1,991.70 | 1,950.10 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and notes receivable, net | 0 | 0 | ' | ' |
Prepaids and other current assets, net | 0 | 0 | ' | ' |
Deferred income taxes, net | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Net investment in property leased to franchisees | 0 | 0 | ' | ' |
Intercompany receivable | -88.1 | -108.5 | ' | ' |
Investment in subsidiaries | -7,193.90 | -7,021.60 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Total assets | -7,282 | -7,130.10 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts and drafts payable | 0 | 0 | ' | ' |
Accrued advertising | 0 | 0 | ' | ' |
Other accrued liabilities | 0 | 0 | ' | ' |
Current portion of long term debt and capital leases | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Term debt, net of current portion | 0 | 0 | ' | ' |
Capital leases, net of current portion | 0 | 0 | ' | ' |
Other liabilities, net | 0 | 0 | ' | ' |
Payables to affiliates | -88.1 | -108.5 | ' | ' |
Deferred income taxes, net | 0 | 0 | ' | ' |
Total liabilities | -88.1 | -108.5 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | -5,580.10 | -5,551.30 | ' | ' |
Retained earnings | -1,708 | -1,332.80 | ' | ' |
Accumulated other comprehensive income (loss) | 94.2 | -137.5 | ' | ' |
Treasury stock, at cost | 0 | 0 | ' | ' |
Total stockholders' equity | -7,193.90 | -7,021.60 | ' | ' |
Total liabilities and stockholders' equity | -7,282 | -7,130.10 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 598.5 | 553.2 | 534.6 | 355.3 |
Trade and notes receivable, net | 112.4 | 127.6 | ' | ' |
Prepaids and other current assets, net | 60.3 | 45.1 | ' | ' |
Deferred income taxes, net | 15.4 | 33.7 | ' | ' |
Total current assets | 786.6 | 759.6 | ' | ' |
Property and equipment, net | 720.8 | 733.6 | ' | ' |
Intangible assets, net | 1,519 | 1,530.70 | ' | ' |
Goodwill | 359.6 | 359.6 | ' | ' |
Net investment in property leased to franchisees | 140.8 | 151.8 | ' | ' |
Intercompany receivable | 60.1 | 97 | ' | ' |
Investment in subsidiaries | 1,746.70 | 1,675.70 | ' | ' |
Other assets, net | 167.9 | 289.4 | ' | ' |
Total assets | 5,501.50 | 5,597.40 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts and drafts payable | 17.1 | 21.1 | ' | ' |
Accrued advertising | 57.1 | 33.8 | ' | ' |
Other accrued liabilities | 111.9 | 164.2 | ' | ' |
Current portion of long term debt and capital leases | 90.9 | 78.2 | ' | ' |
Total current liabilities | 277 | 297.3 | ' | ' |
Term debt, net of current portion | 2,382 | 2,427.10 | ' | ' |
Capital leases, net of current portion | 54.1 | 57.7 | ' | ' |
Other liabilities, net | 271 | 283.8 | ' | ' |
Payables to affiliates | 0 | 0 | ' | ' |
Deferred income taxes, net | 550.8 | 604.9 | ' | ' |
Total liabilities | 3,534.90 | 3,670.80 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 1,532.90 | 1,523.80 | ' | ' |
Retained earnings | 453.1 | 348.2 | ' | ' |
Accumulated other comprehensive income (loss) | -19.4 | 54.6 | ' | ' |
Treasury stock, at cost | 0 | 0 | ' | ' |
Total stockholders' equity | 1,966.60 | 1,926.60 | ' | ' |
Total liabilities and stockholders' equity | 5,501.50 | 5,597.40 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade and notes receivable, net | 0 | 0 | ' | ' |
Prepaids and other current assets, net | 0 | 0 | ' | ' |
Deferred income taxes, net | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Net investment in property leased to franchisees | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Investment in subsidiaries | 1,966.60 | 1,926.60 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Total assets | 1,966.60 | 1,926.60 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts and drafts payable | 0 | 0 | ' | ' |
Accrued advertising | 0 | 0 | ' | ' |
Other accrued liabilities | 0 | 0 | ' | ' |
Current portion of long term debt and capital leases | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Term debt, net of current portion | 0 | 0 | ' | ' |
Capital leases, net of current portion | 0 | 0 | ' | ' |
Other liabilities, net | 0 | 0 | ' | ' |
Payables to affiliates | 0 | 0 | ' | ' |
Deferred income taxes, net | 0 | 0 | ' | ' |
Total liabilities | 0 | 0 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 1,533.90 | 1,524.80 | ' | ' |
Retained earnings | 452.1 | 347.2 | ' | ' |
Accumulated other comprehensive income (loss) | -19.4 | 54.6 | ' | ' |
Treasury stock, at cost | 0 | 0 | ' | ' |
Total stockholders' equity | 1,966.60 | 1,926.60 | ' | ' |
Total liabilities and stockholders' equity | 1,966.60 | 1,926.60 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 304.4 | 228 | 116.9 | 191.3 |
Trade and notes receivable, net | 52.6 | 52.1 | ' | ' |
Prepaids and other current assets, net | 19.6 | 7 | ' | ' |
Deferred income taxes, net | 2.3 | 1.9 | ' | ' |
Total current assets | 378.9 | 289 | ' | ' |
Property and equipment, net | 65.3 | 67.9 | ' | ' |
Intangible assets, net | 1,254.70 | 1,265.30 | ' | ' |
Goodwill | 269.4 | 270.4 | ' | ' |
Net investment in property leased to franchisees | 10.6 | 11.3 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Other assets, net | 63.1 | 68.3 | ' | ' |
Total assets | 2,042 | 1,972.20 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts and drafts payable | 7 | 10 | ' | ' |
Accrued advertising | 15.7 | 22.7 | ' | ' |
Other accrued liabilities | 44.5 | 44.8 | ' | ' |
Current portion of long term debt and capital leases | 3.2 | 3.2 | ' | ' |
Total current liabilities | 70.4 | 80.7 | ' | ' |
Term debt, net of current portion | 0 | 0 | ' | ' |
Capital leases, net of current portion | 15.9 | 17.7 | ' | ' |
Other liabilities, net | 29.1 | 33.5 | ' | ' |
Payables to affiliates | 88.1 | 72.3 | ' | ' |
Deferred income taxes, net | 91.8 | 92.3 | ' | ' |
Total liabilities | 295.3 | 296.5 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 1,330.40 | 1,328.90 | ' | ' |
Retained earnings | 452.3 | 373.1 | ' | ' |
Accumulated other comprehensive income (loss) | -36 | -26.3 | ' | ' |
Treasury stock, at cost | 0 | 0 | ' | ' |
Total stockholders' equity | 1,746.70 | 1,675.70 | ' | ' |
Total liabilities and stockholders' equity | $2,042 | $1,972.20 | ' | ' |
Supplemental_Financial_Informa3
Supplemental Financial Information - Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Franchise and property revenues | $242.90 | $225.60 | $465.30 | $432.20 |
Company restaurant revenues | 18.3 | 52.7 | 36.8 | 173.8 |
Intercompany revenues | ' | 0 | ' | 0 |
Total revenues | 261.2 | 278.3 | 502.1 | 606 |
Franchise and property expenses | 35.7 | 36.7 | 73.1 | 73 |
Company restaurant expenses | 15.7 | 46.6 | 31.2 | 154.7 |
Selling, general and administrative expenses | 47 | 61.5 | 95.2 | 128.2 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Other operating expenses (income), net | 11.3 | 0.3 | 19.8 | 14.5 |
Total operating costs and expenses | 109.7 | 145.1 | 219.3 | 370.4 |
Income (loss) from operations | 151.5 | 133.2 | 282.8 | 235.6 |
Interest expense, net | 50.6 | 50 | 100.6 | 99.1 |
Income (loss) before income taxes | 100.9 | 83.2 | 182.2 | 136.5 |
Income tax expense (benefit) | 25.8 | 20.3 | 46.7 | 37.8 |
Income (loss) from continuing operations | 75.1 | 62.9 | 135.5 | 98.7 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 75.1 | 62.9 | 135.5 | 98.7 |
Total comprehensive income (loss) | 35.4 | 136.1 | 61.5 | 165.1 |
BKW [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Franchise and property revenues | 0 | 0 | 0 | 0 |
Company restaurant revenues | 0 | 0 | 0 | 0 |
Intercompany revenues | ' | 0 | ' | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Franchise and property expenses | 0 | 0 | 0 | 0 |
Company restaurant expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Other operating expenses (income), net | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 0 | 0 | 0 | 0 |
Income (loss) from operations | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 75.1 | 62.9 | 135.5 | 98.7 |
Net income | 75.1 | 62.9 | 135.5 | 98.7 |
Total comprehensive income (loss) | 35.4 | 136.1 | 61.5 | 165.1 |
BKCH [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Franchise and property revenues | 0 | 0 | 0 | 0 |
Company restaurant revenues | 0 | 0 | 0 | 0 |
Intercompany revenues | ' | 0 | ' | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Franchise and property expenses | 0 | 0 | 0 | 0 |
Company restaurant expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Other operating expenses (income), net | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 0 | 0 | 0 | 0 |
Income (loss) from operations | 0 | 0 | 0 | 0 |
Interest expense, net | 12.8 | 11.5 | 25.3 | 22.7 |
Income (loss) before income taxes | -12.8 | -11.5 | -25.3 | -22.7 |
Income tax expense (benefit) | -3.3 | -3.1 | -6.6 | -6.1 |
Income (loss) from continuing operations | -9.5 | -8.4 | -18.7 | -16.6 |
Equity in earnings of subsidiaries | 84.6 | 71.3 | 154.2 | 115.3 |
Net income | 75.1 | 62.9 | 135.5 | 98.7 |
Total comprehensive income (loss) | 35.4 | 136.1 | 61.5 | 165.1 |
Eliminations [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Franchise and property revenues | 0 | 0 | 0 | 0 |
Company restaurant revenues | 0 | 0 | 0 | 0 |
Intercompany revenues | ' | 0 | ' | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Franchise and property expenses | 0 | 0 | 0 | 0 |
Company restaurant expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Other operating expenses (income), net | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 0 | 0 | 0 | 0 |
Income (loss) from operations | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | -284.1 | -244.1 | -523.1 | -396.8 |
Net income | -284.1 | -244.1 | -523.1 | -396.8 |
Total comprehensive income (loss) | -155.9 | -481.1 | -291.4 | -583 |
Issuer [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Franchise and property revenues | 155.9 | 150.6 | 299.7 | 288.5 |
Company restaurant revenues | 18.3 | 19.4 | 36.8 | 38.5 |
Intercompany revenues | ' | 0.1 | ' | 1.6 |
Total revenues | 174.2 | 170.1 | 336.5 | 328.6 |
Franchise and property expenses | 25.3 | 25.8 | 51.9 | 52.2 |
Company restaurant expenses | 15.7 | 17.5 | 31.2 | 34.3 |
Selling, general and administrative expenses | 33.1 | 42.8 | 69.6 | 87.2 |
Intercompany expenses | -2.5 | 0.4 | -3.1 | -0.3 |
Other operating expenses (income), net | 5.3 | 2.8 | 11.7 | 14.2 |
Total operating costs and expenses | 76.9 | 89.3 | 161.3 | 187.6 |
Income (loss) from operations | 97.3 | 80.8 | 175.2 | 141 |
Interest expense, net | 37.5 | 37.7 | 74.7 | 74.2 |
Income (loss) before income taxes | 59.8 | 43.1 | 100.5 | 66.8 |
Income tax expense (benefit) | 15 | 10.4 | 25.5 | 19 |
Income (loss) from continuing operations | 44.8 | 32.7 | 75 | 47.8 |
Equity in earnings of subsidiaries | 39.8 | 38.6 | 79.2 | 67.5 |
Net income | 84.6 | 71.3 | 154.2 | 115.3 |
Total comprehensive income (loss) | 44.9 | 144.5 | 80.2 | 181.7 |
Guarantors [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Franchise and property revenues | 0 | 0 | 0 | 0 |
Company restaurant revenues | 0 | 0 | 0 | 0 |
Intercompany revenues | ' | 0 | ' | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Franchise and property expenses | 0 | 0 | 0 | 0 |
Company restaurant expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Other operating expenses (income), net | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 0 | 0 | 0 | 0 |
Income (loss) from operations | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 84.6 | 71.3 | 154.2 | 115.3 |
Net income | 84.6 | 71.3 | 154.2 | 115.3 |
Total comprehensive income (loss) | 44.9 | 144.5 | 80.2 | 181.7 |
Non-Guarantors [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Franchise and property revenues | 87 | 75 | 165.6 | 143.7 |
Company restaurant revenues | 0 | 33.3 | 0 | 135.3 |
Intercompany revenues | ' | -0.1 | ' | -1.6 |
Total revenues | 87 | 108.2 | 165.6 | 277.4 |
Franchise and property expenses | 10.4 | 10.9 | 21.2 | 20.8 |
Company restaurant expenses | 0 | 29.1 | 0 | 120.4 |
Selling, general and administrative expenses | 13.9 | 18.7 | 25.6 | 41 |
Intercompany expenses | 2.5 | -0.4 | 3.1 | 0.3 |
Other operating expenses (income), net | 6 | -2.5 | 8.1 | 0.3 |
Total operating costs and expenses | 32.8 | 55.8 | 58 | 182.8 |
Income (loss) from operations | 54.2 | 52.4 | 107.6 | 94.6 |
Interest expense, net | 0.3 | 0.8 | 0.6 | 2.2 |
Income (loss) before income taxes | 53.9 | 51.6 | 107 | 92.4 |
Income tax expense (benefit) | 14.1 | 13 | 27.8 | 24.9 |
Income (loss) from continuing operations | 39.8 | 38.6 | 79.2 | 67.5 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 39.8 | 38.6 | 79.2 | 67.5 |
Total comprehensive income (loss) | $30.70 | $56 | $69.50 | $54.50 |
Supplemental_Financial_Informa4
Supplemental Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $135.50 | $98.70 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiary | 0 | 0 |
Depreciation and amortization | 32.2 | 32.6 |
Amortization of deferred financing cost and debt issuance discount | 30.1 | 27.5 |
Equity in net loss from unconsolidated affiliates | 9.9 | 6.8 |
Loss (gain) on remeasurement of foreign denominated transactions | -2.3 | 3 |
Amortization of defined benefit pension and postretirement items | -1.6 | -0.7 |
Realized loss on terminated caps/swaps | 4.2 | 2.8 |
Net loss (gain) on refranchisings and dispositions of assets | 3.6 | -2.1 |
Bad debt (recoveries) expense, net | -0.2 | 2.2 |
Share-based compensation expense | 6 | 4.8 |
Deferred income taxes | 5 | 22.2 |
Changes in current assets and liabilities, excluding dispositions: | ' | ' |
Trade and notes receivables | 11.4 | 0.7 |
Prepaids and other current assets | 7.7 | 0.7 |
Accounts and drafts payable | -8.4 | -19.8 |
Accrued advertising | -13.1 | 0.2 |
Other accrued liabilities | 4.8 | -35.7 |
Other long-term assets and liabilities | -11.7 | -13.7 |
Net cash provided by (used for) operating activities | 213.1 | 130.2 |
Cash flows from investing activities: | ' | ' |
Payments for property and equipment | -7.2 | -8.6 |
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | -6.8 | 48.6 |
Payments for acquired franchisee operations, net of cash acquired | ' | -11.9 |
Return of investment on direct financing leases | 7.7 | 8.1 |
Other investing activities | -0.3 | ' |
Net cash provided by (used for) investing activities | -6.6 | 36.2 |
Cash flows from financing activities: | ' | ' |
Repayments of term debt and capital leases | -38.3 | -25.3 |
Dividends paid on common stock | -49.3 | -38.6 |
Proceeds from stock option exercises | ' | 2.5 |
Excess tax benefits from share-based compensation | ' | 3.5 |
Intercompany financing | 0 | 0 |
Net cash provided by (used for) financing activities | -87.6 | -57.9 |
Effect of exchange rates on cash and cash equivalents | -1.1 | -1.1 |
Increase (decrease) in cash and cash equivalents | 117.8 | 107.4 |
Cash and cash equivalents at beginning of period | 786.9 | 546.7 |
Cash and cash equivalents at end of period | 904.7 | 654.1 |
BKW [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 135.5 | 98.7 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiary | -135.5 | -98.7 |
Depreciation and amortization | 0 | 0 |
Amortization of deferred financing cost and debt issuance discount | 0 | 0 |
Equity in net loss from unconsolidated affiliates | 0 | 0 |
Loss (gain) on remeasurement of foreign denominated transactions | 0 | 0 |
Amortization of defined benefit pension and postretirement items | 0 | 0 |
Realized loss on terminated caps/swaps | 0 | 0 |
Net loss (gain) on refranchisings and dispositions of assets | 0 | 0 |
Bad debt (recoveries) expense, net | 0 | 0 |
Share-based compensation expense | 0 | 0 |
Deferred income taxes | 0 | 0.4 |
Changes in current assets and liabilities, excluding dispositions: | ' | ' |
Trade and notes receivables | -5.4 | 0 |
Prepaids and other current assets | 0 | 0 |
Accounts and drafts payable | 0 | 0 |
Accrued advertising | 0 | 0 |
Other accrued liabilities | 0 | 0 |
Other long-term assets and liabilities | 0 | 0.2 |
Net cash provided by (used for) operating activities | -5.4 | 0.6 |
Cash flows from investing activities: | ' | ' |
Payments for property and equipment | 0 | 0 |
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | 0 | 0 |
Payments for acquired franchisee operations, net of cash acquired | ' | 0 |
Return of investment on direct financing leases | 0 | 0 |
Other investing activities | 0 | ' |
Net cash provided by (used for) investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Repayments of term debt and capital leases | 0 | 0 |
Dividends paid on common stock | -49.3 | -38.6 |
Proceeds from stock option exercises | ' | 2.5 |
Excess tax benefits from share-based compensation | ' | 0 |
Intercompany financing | 50.8 | 38 |
Net cash provided by (used for) financing activities | 1.5 | 1.9 |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | -3.9 | 2.5 |
Cash and cash equivalents at beginning of period | 5.7 | 0.1 |
Cash and cash equivalents at end of period | 1.8 | 2.6 |
BKCH [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 135.5 | 98.7 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiary | -154.2 | -115.3 |
Depreciation and amortization | 0 | 0 |
Amortization of deferred financing cost and debt issuance discount | 25.3 | 22.7 |
Equity in net loss from unconsolidated affiliates | 0 | 0 |
Loss (gain) on remeasurement of foreign denominated transactions | 0 | 0 |
Amortization of defined benefit pension and postretirement items | 0 | 0 |
Realized loss on terminated caps/swaps | 0 | 0 |
Net loss (gain) on refranchisings and dispositions of assets | 0 | 0 |
Bad debt (recoveries) expense, net | 0 | 0 |
Share-based compensation expense | 0 | 0 |
Deferred income taxes | 0 | 16.4 |
Changes in current assets and liabilities, excluding dispositions: | ' | ' |
Trade and notes receivables | 0 | 0 |
Prepaids and other current assets | 0 | 0 |
Accounts and drafts payable | 0 | 0 |
Accrued advertising | 0 | 0 |
Other accrued liabilities | 0 | 0 |
Other long-term assets and liabilities | 0 | 0 |
Net cash provided by (used for) operating activities | 6.6 | 22.5 |
Cash flows from investing activities: | ' | ' |
Payments for property and equipment | 0 | 0 |
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | 0 | 0 |
Payments for acquired franchisee operations, net of cash acquired | ' | 0 |
Return of investment on direct financing leases | 0 | 0 |
Other investing activities | 0 | ' |
Net cash provided by (used for) investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Repayments of term debt and capital leases | 0 | 0 |
Dividends paid on common stock | 0 | 0 |
Proceeds from stock option exercises | ' | 0 |
Excess tax benefits from share-based compensation | ' | 0 |
Intercompany financing | -6.6 | -22.5 |
Net cash provided by (used for) financing activities | -6.6 | -22.5 |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Eliminations [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | -523.1 | -396.8 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiary | 523.1 | 396.8 |
Depreciation and amortization | 0 | 0 |
Amortization of deferred financing cost and debt issuance discount | 0 | 0 |
Equity in net loss from unconsolidated affiliates | 0 | 0 |
Loss (gain) on remeasurement of foreign denominated transactions | 0 | 0 |
Amortization of defined benefit pension and postretirement items | 0 | 0 |
Realized loss on terminated caps/swaps | 0 | 0 |
Net loss (gain) on refranchisings and dispositions of assets | 0 | 0 |
Bad debt (recoveries) expense, net | 0 | 0 |
Share-based compensation expense | 0 | 0 |
Deferred income taxes | 0 | 0 |
Changes in current assets and liabilities, excluding dispositions: | ' | ' |
Trade and notes receivables | 0 | 0 |
Prepaids and other current assets | 0 | 0 |
Accounts and drafts payable | 0 | 0 |
Accrued advertising | 0 | 0 |
Other accrued liabilities | 0 | 0 |
Other long-term assets and liabilities | 0 | 0 |
Net cash provided by (used for) operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Payments for property and equipment | 0 | 0 |
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | 0 | 0 |
Payments for acquired franchisee operations, net of cash acquired | ' | 0 |
Return of investment on direct financing leases | 0 | 0 |
Other investing activities | 0 | ' |
Net cash provided by (used for) investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Repayments of term debt and capital leases | 0 | 0 |
Dividends paid on common stock | 0 | 0 |
Proceeds from stock option exercises | ' | 0 |
Excess tax benefits from share-based compensation | ' | 0 |
Intercompany financing | 0 | 0 |
Net cash provided by (used for) financing activities | 0 | 0 |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Issuer [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 154.2 | 115.3 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiary | -79.2 | -67.5 |
Depreciation and amortization | 24.3 | 21.7 |
Amortization of deferred financing cost and debt issuance discount | 4.8 | 4.8 |
Equity in net loss from unconsolidated affiliates | 5 | 3.6 |
Loss (gain) on remeasurement of foreign denominated transactions | -1.8 | 2.6 |
Amortization of defined benefit pension and postretirement items | -1.5 | -0.7 |
Realized loss on terminated caps/swaps | 4.2 | 2.8 |
Net loss (gain) on refranchisings and dispositions of assets | 5 | 5.7 |
Bad debt (recoveries) expense, net | -0.3 | 2.5 |
Share-based compensation expense | 4.7 | 4.1 |
Deferred income taxes | 4.6 | -1.1 |
Changes in current assets and liabilities, excluding dispositions: | ' | ' |
Trade and notes receivables | 17.6 | -0.3 |
Prepaids and other current assets | 9.7 | -0.9 |
Accounts and drafts payable | -5.5 | -16.5 |
Accrued advertising | -1.9 | 1.9 |
Other accrued liabilities | 7 | -25.7 |
Other long-term assets and liabilities | -13.4 | -14 |
Net cash provided by (used for) operating activities | 137.5 | 38.3 |
Cash flows from investing activities: | ' | ' |
Payments for property and equipment | -7.2 | -6.3 |
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | 2 | 45 |
Payments for acquired franchisee operations, net of cash acquired | ' | -11.9 |
Return of investment on direct financing leases | 7.2 | 7.5 |
Other investing activities | -0.3 | ' |
Net cash provided by (used for) investing activities | 1.7 | 34.3 |
Cash flows from financing activities: | ' | ' |
Repayments of term debt and capital leases | -36.8 | -23.6 |
Dividends paid on common stock | 0 | 0 |
Proceeds from stock option exercises | ' | 0 |
Excess tax benefits from share-based compensation | ' | 3.5 |
Intercompany financing | -57.1 | 126.8 |
Net cash provided by (used for) financing activities | -93.9 | 106.7 |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 45.3 | 179.3 |
Cash and cash equivalents at beginning of period | 553.2 | 355.3 |
Cash and cash equivalents at end of period | 598.5 | 534.6 |
Guarantors [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 154.2 | 115.3 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiary | -154.2 | -115.3 |
Depreciation and amortization | 0 | 0 |
Amortization of deferred financing cost and debt issuance discount | 0 | 0 |
Equity in net loss from unconsolidated affiliates | 0 | 0 |
Loss (gain) on remeasurement of foreign denominated transactions | 0 | 0 |
Amortization of defined benefit pension and postretirement items | 0 | 0 |
Realized loss on terminated caps/swaps | 0 | 0 |
Net loss (gain) on refranchisings and dispositions of assets | 0 | 0 |
Bad debt (recoveries) expense, net | 0 | 0 |
Share-based compensation expense | 0 | 0 |
Deferred income taxes | 0 | 0 |
Changes in current assets and liabilities, excluding dispositions: | ' | ' |
Trade and notes receivables | 0 | 0 |
Prepaids and other current assets | 0 | 0 |
Accounts and drafts payable | 0 | 0 |
Accrued advertising | 0 | 0 |
Other accrued liabilities | 0 | 0 |
Other long-term assets and liabilities | 0 | 0 |
Net cash provided by (used for) operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Payments for property and equipment | 0 | 0 |
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | 0 | 0 |
Payments for acquired franchisee operations, net of cash acquired | ' | 0 |
Return of investment on direct financing leases | 0 | 0 |
Other investing activities | 0 | ' |
Net cash provided by (used for) investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Repayments of term debt and capital leases | 0 | 0 |
Dividends paid on common stock | 0 | 0 |
Proceeds from stock option exercises | ' | 0 |
Excess tax benefits from share-based compensation | ' | 0 |
Intercompany financing | 0 | 0 |
Net cash provided by (used for) financing activities | 0 | 0 |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Non-Guarantors [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 79.2 | 67.5 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Equity in earnings of subsidiary | 0 | 0 |
Depreciation and amortization | 7.9 | 10.9 |
Amortization of deferred financing cost and debt issuance discount | 0 | 0 |
Equity in net loss from unconsolidated affiliates | 4.9 | 3.2 |
Loss (gain) on remeasurement of foreign denominated transactions | -0.5 | 0.4 |
Amortization of defined benefit pension and postretirement items | -0.1 | 0 |
Realized loss on terminated caps/swaps | 0 | 0 |
Net loss (gain) on refranchisings and dispositions of assets | -1.4 | -7.8 |
Bad debt (recoveries) expense, net | 0.1 | -0.3 |
Share-based compensation expense | 1.3 | 0.7 |
Deferred income taxes | 0.4 | 6.5 |
Changes in current assets and liabilities, excluding dispositions: | ' | ' |
Trade and notes receivables | -0.8 | 1 |
Prepaids and other current assets | -2 | 1.6 |
Accounts and drafts payable | -2.9 | -3.3 |
Accrued advertising | -11.2 | -1.7 |
Other accrued liabilities | -2.2 | -10 |
Other long-term assets and liabilities | 1.7 | 0.1 |
Net cash provided by (used for) operating activities | 74.4 | 68.8 |
Cash flows from investing activities: | ' | ' |
Payments for property and equipment | 0 | -2.3 |
(Payments) proceeds from refranchisings, disposition of assets and restaurant closures | -8.8 | 3.6 |
Payments for acquired franchisee operations, net of cash acquired | ' | 0 |
Return of investment on direct financing leases | 0.5 | 0.6 |
Other investing activities | 0 | ' |
Net cash provided by (used for) investing activities | -8.3 | 1.9 |
Cash flows from financing activities: | ' | ' |
Repayments of term debt and capital leases | -1.5 | -1.7 |
Dividends paid on common stock | 0 | 0 |
Proceeds from stock option exercises | ' | 0 |
Excess tax benefits from share-based compensation | ' | 0 |
Intercompany financing | 12.9 | -142.3 |
Net cash provided by (used for) financing activities | 11.4 | -144 |
Effect of exchange rates on cash and cash equivalents | -1.1 | -1.1 |
Increase (decrease) in cash and cash equivalents | 76.4 | -74.4 |
Cash and cash equivalents at beginning of period | 228 | 191.3 |
Cash and cash equivalents at end of period | $304.40 | $116.90 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended |
Jul. 31, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividend to be paid date | 26-Aug-14 |
Dividend payable record date | 12-Aug-14 |
Cash dividend declared by board | $0.08 |