Restaurant Brands International Limited Partnership (RSTRF) 10-Q 2 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 21, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	QSP
Entity Registrant Name	Restaurant Brands International Limited Partnership
Entity Central Index Key	1,618,755
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Partnership Exchangeable Units
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		226,848,674
Class A common units
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		202,006,067

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 3,435.5	$ 1,420.4	$ 957.5	$ 753.7
Accounts and notes receivable, net of allowance of $15.9 million and $14.3 million, respectively	388.8	403.5
Inventories, net	89.5	71.8
Advertising fund restricted assets	92.8	57.7
Prepaids and other current assets	106.9	103.6
Total current assets	4,113.5	2,057
Property and equipment, net of accumulated depreciation and amortization of $545.0 million and $474.5 million, respectively	2,153.5	2,054.7
Intangible assets, net	10,841.6	9,228
Goodwill	5,683.7	4,675.1
Net investment in property leased to franchisees	81.5	91.9
Derivative assets	0	717.9
Other assets, net	363.5	300.7
Total assets	23,237.3	19,125.3
Current liabilities:
Accounts and drafts payable	376.1	369.8
Other accrued liabilities	492.1	469.3
Gift card liability	139.5	194.4
Advertising fund liabilities	120.7	83.3
Current portion of long term debt and capital leases	76.3	93.9
Total current liabilities	1,204.7	1,210.7
Term debt, net of current portion	11,252.9	8,410.2
Capital leases, net of current portion	231.2	218.4
Other liabilities, net	1,178.9	784.9
Deferred income taxes, net	2,198	1,715.1
Total liabilities	16,065.7	12,339.3
Partnership preferred units; no par value; 68,530,939 authorized, issued and outstanding at June 30, 2017 and December 31, 2016	3,297	3,297
Partners’ capital:
Accumulated other comprehensive income (loss)	(1,118.4)	(1,355.4)
Total Partners’ capital	3,870.9	3,484.9
Noncontrolling interests	3.7	4.1
Total equity	3,874.6	3,489
Total liabilities, Partnership preferred units and equity	23,237.3	19,125.3
Class A common units
Partners’ capital:
Class A common units; 202,006,067 issued and outstanding at June 30, 2017 and December 31, 2016	3,470.2	3,364.1
Total equity	3,470.2	3,364.1
Partnership Exchangeable Units
Partners’ capital:
Partnership exchangeable units; 226,848,674 issued and outstanding at June 30, 2017; 226,995,404 issued and outstanding at December 31, 2016	1,519.1	1,476.2
Total equity	$ 1,519.1	$ 1,476.2

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Allowance for accounts and notes receivable	$ 15.9	$ 14.3
Property and equipment, accumulated depreciation and amortization	$ 545	$ 474.5
Partnership preferred units, authorized (shares)	68,530,939	68,530,939
Partnership preferred units, issued (shares)	68,530,939	68,530,939
Partnership preferred units; outstanding (shares)	68,530,939	68,530,939
Class A common units
Class A common units, issued (shares)	202,006,067	202,006,067
Class A common units, outstanding (shares)	202,006,067	202,006,067
Partnership Exchangeable Units
Partnership exchangeable units, issued (shares)	226,848,674	226,995,404
Partnership exchangeable units, outstanding (shares)	226,848,674	226,995,404

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Sales	$ 602.1	$ 558.6	$ 1,152.5	$ 1,049.1
Franchise and property revenues	530.6	481.6	980.8	909.6
Total revenues	1,132.7	1,040.2	2,133.3	1,958.7
Operating costs and expenses:
Cost of sales	460.2	438	883.6	828.6
Franchise and property expenses	113.7	111.9	224.7	213.7
Selling, general and administrative expenses	96.7	73.1	218.6	146.3
(Income) loss from equity method investments	0.9	4.5	(4.8)	(14)
Other operating expenses (income), net	46.8	(11.3)	60.6	29.5
Total operating costs and expenses	718.3	616.2	1,382.7	1,204.1
Income from operations	414.4	424	750.6	754.6
Interest expense, net	128	117.2	239.4	232.3
Loss on early extinguishment of debt	0	0	20.4	0
Income before income taxes	286.4	306.8	490.8	522.3
Income tax expense	42.9	59.2	80.7	106.4
Net income	243.5	247.6	410.1	415.9
Net income attributable to noncontrolling interests (Note 11)	0.4	0.9	0.8	1.8
Partnership preferred unit distributions	67.5	67.5	135	135
Net income attributable to common unitholders	$ 175.6	$ 179.2	$ 274.3	$ 279.1
Weighted average units outstanding - basic and diluted
Weighted average units outstanding - basic and diluted (shares)	428.9	429.2	428.9	430.5
Class A common units
Operating costs and expenses:
Net income			$ 208.4
Net income attributable to common unitholders	$ 89.5	$ 90.9	$ 139.7	$ 140.9
Earnings per unit - basic and diluted
Earnings per unit - basic and diluted (in dollars per share)	$ 0.44	$ 0.45	$ 0.69	$ 0.70
Weighted average units outstanding - basic and diluted
Weighted average units outstanding - basic and diluted (shares)	202	202	202	202
Distributions per unit
Distributions Dividend Per Common Share (in dollars per share)	$ 0.22	$ 0.17	$ 0.43	$ 0.33
Partnership Exchangeable Units
Operating costs and expenses:
Net income			$ 200.9
Net income attributable to common unitholders	$ 86.1	$ 88.3	$ 134.6	$ 138.2
Earnings per unit - basic and diluted
Earnings per unit - basic and diluted (in dollars per share)	$ 0.38	$ 0.39	$ 0.59	$ 0.60
Weighted average units outstanding - basic and diluted
Weighted average units outstanding - basic and diluted (shares)	226.9	227.2	226.9	228.5
Distributions per unit
Distributions Dividend Per Common Share (in dollars per share)	$ 0.19	$ 0.15	$ 0.37	$ 0.29

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 243.5	$ 247.6	$ 410.1	$ 415.9
Foreign currency translation adjustment	355.4	21.1	461.2	670.5
Net change in fair value of net investment hedges, net of tax of $(48.8), $(6.9), $(38.1) and $28.6	(172.9)	47.5	(216.4)	(191.1)
Net change in fair value of cash flow hedges, net of tax of $5.9, $5.7, $6.8 and $21.4	(16.5)	(16.6)	(19.1)	(61)
Amounts reclassified to earnings of cash flow hedges, net of tax of $(2.5), $(1.8), $(3.8) and $(1.8)	7.3	5.2	11	5.1
Pension and post-retirement benefit plans, net of tax of $0, $0, $0.1 and $0	0	0	(0.1)	0
Amortization of prior service (credits) costs, net of tax of $0.3, $0.3, $0.6 and $0.6	(0.4)	(0.5)	(0.8)	(0.9)
Amortization of actuarial (gains) losses, net of tax of $0.8, $(0.1), $0.7 and $(0.1)	1	0	1.2	0.1
Other comprehensive income (loss)	173.9	56.7	237	422.7
Comprehensive income (loss)	417.4	304.3	647.1	838.6
Comprehensive income (loss) attributable to noncontrolling interests	0.4	0.9	0.8	1.8
Comprehensive income attributable to preferred unitholders	67.5	67.5	135	135
Comprehensive income (loss) attributable to common unitholders	$ 349.5	$ 235.9	$ 511.3	$ 701.8

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Tax effect on change in fair value of investment hedges	$ (48.8)	$ (6.9)	$ (38.1)	$ 28.6
Tax effect of changes in fair value of cash flow hedges	5.9	5.7	6.8	21.4
Tax effect on amounts reclassified to earnings of cash flow hedges	(2.5)	(1.8)	(3.8)	(1.8)
Tax effect on pension and post-retirement benefit plans	0	0	0.1	0
Tax effect on amortization prior service costs	0.3	0.3	0.6	0.6
Tax effect on amortization of actuarial (gains) losses	$ 0.8	$ (0.1)	$ 0.7	$ (0.1)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Shareholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Millions	Total	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Class A common units	Partnership Exchangeable Units
Beginning Balance Class A, shares at Dec. 31, 2016				202,006,067
Beginning balances at Dec. 31, 2016	$ 3,489	$ (1,355.4)	$ 4.1	$ 3,364.1	$ 1,476.2
Beginning Balance partnership exchangeable units, shares at Dec. 31, 2016					226,995,404
Distributions declared on Class A common units	(87.1)			(87.1)
Distributions declared on partnership exchangeable units	(83.9)				$ (83.9)
Preferred unit distributions	(135)			(68.7)	(66.3)
Exchange of Partnership exchangeable units for RBI common shares				7.8	$ (7.8)
Exchange of Partnership exchangeable units for RBI common shares, shares					(146,730)
Capital contribution from RBI Inc.	45.7			45.7
Restaurant VIE contributions (distributions)	(1.2)		(1.2)
Net income	410.1		0.8	$ 208.4	$ 200.9
Other comprehensive income (loss)	237	237
Ending Balance Class A, shares at Jun. 30, 2017				202,006,067
Ending balances at Jun. 30, 2017	$ 3,874.6	$ (1,118.4)	$ 3.7	$ 3,470.2	$ 1,519.1
Ending Balance partnership exchangeable units, shares at Jun. 30, 2017					226,848,674

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 410.1	$ 415.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	88.7	85.7
Non-cash loss on early extinguishment of debt	17.9	0
Amortization of deferred financing costs and debt issuance discount	16.7	19.3
(Income) loss from equity method investments	(4.8)	(14)
Loss (gain) on remeasurement of foreign denominated transactions	47.1	19
Net losses on derivatives	14.9	9.4
Share-based compensation expense	27.2	16.1
Deferred income taxes	22.4	10.5
Other	9.8	7.1
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable	27.4	21.7
Inventories and prepaids and other current assets	(11.1)	(69.1)
Accounts and drafts payable	(9.5)	7.2
Advertising fund restricted assets and fund liabilities	1.3	(15.8)
Other accrued liabilities and gift card liability	(164.2)	(19.3)
Other long-term assets and liabilities	27.1	(1.7)
Net cash provided by operating activities	521	492
Cash flows from investing activities:
Payments for property and equipment	(11.7)	(12.8)
Proceeds from disposal of assets, restaurant closures, and refranchisings	9.6	13.2
Net payment for purchase of Popeyes, net of cash acquired	(1,635.9)	0
Return of investment on direct financing leases	7.8	8.1
Settlement/sale of derivatives, net	772	1.5
Other investing activities, net	0.3	1.8
Net cash provided by (used for) investing activities	(857.9)	11.8
Cash flows from financing activities:
Proceeds from issuance of long-term debt	3,050	0
Repayments of long-term debt and capital leases	(377.7)	(34.6)
Payment of financing costs	(47)	0
Distributions on common, preferred and Partnership exchangeable units	(296.6)	(260.2)
Capital contribution from RBI Inc.	12.3	10.7
Other financing activities, net	(2.3)	(22.1)
Net cash provided by (used for) financing activities	2,338.7	(306.2)
Effect of exchange rates on cash and cash equivalents	13.3	6.2
Increase (decrease) in cash and cash equivalents	2,015.1	203.8
Cash and cash equivalents at beginning of period	1,420.4	753.7
Cash and cash equivalents at end of period	3,435.5	957.5
Supplemental cashflow disclosures:
Interest paid	205.6	199.7
Income taxes paid	116.9	76.6
Non-cash investing and financing activities:
Acquisition of property with capital lease obligations	$ 17.7	$ 8.3

Description of Business and Org

Description of Business and Organization	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization Restaurant Brands International Limited Partnership (“Partnership”, “we”, “us” or “our”) was formed on August 25, 2014 as a general partnership and was registered on October 27, 2014 as a limited partnership in accordance with the laws of the Province of Ontario. We franchise and operate quick service restaurants serving premium coffee and other beverage and food products under the Tim Hortons ® brand (“Tim Hortons”), fast food hamburger restaurants principally under the Burger King ® brand (“Burger King”), and chicken quick service restaurants under the Popeyes ® brand (“Popeyes”). We are one of the world’s largest quick service restaurant, or QSR, companies as measured by total number of restaurants. As of June 30, 2017 , we franchised or owned 4,655 Tim Hortons restaurants, 16,000 Burger King restaurants, and 2,768 Popeyes restaurants, for a total of 23,423 restaurants, and operate in more than 100 countries and U.S. territories. Approximately 100% of current system-wide restaurants are franchised. We are a subsidiary of Restaurant Brands International Inc. (“RBI”). RBI is our sole general partner, and as such, RBI has the exclusive right, power and authority to manage, control, administer and operate the business and affairs and to make decisions regarding the undertaking and business of Partnership in accordance with the partnership agreement of Partnership (“partnership agreement”) and applicable laws. All references to “$” or “dollars” are to the currency of the United States unless otherwise indicated. All references to Canadian dollars or C$ are to the currency of Canada unless otherwise indicated.

Popeyes Acquisition

Popeyes Acquisition	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Popeyes Acquisition	Popeyes Acquisition On March 27, 2017 , we completed the acquisition of all of the outstanding shares of common stock of Popeyes Louisiana Kitchen, Inc. (the “Popeyes Acquisition”). Popeyes Louisiana Kitchen Inc. is one of the world’s largest chicken quick service restaurant companies and its global footprint complements RBI’s existing portfolio. Like RBI’s other brands, the Popeyes brand is managed independently, while benefitting from the global scale and resources of RBI. The Popeyes Acquisition was accounted for as a business combination using the acquisition method of accounting. Total consideration in connection with the Popeyes Acquisition was $1,654.7 million , which includes $32.6 million for the settlement of equity awards. The consideration was funded through (1) cash on hand of approximately $354.7 million , and (2) $1,300.0 million from incremental borrowings under our Term Loan Facility – see Note 9, Long-Term Debt . Fees and expenses related to the Popeyes Acquisition and related financings totaled $34.4 million consisting primarily of professional fees and compensation related expenses, all of which are classified as selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. These fees and expenses were funded through cash on hand. During three months ended June 30, 2017 , we adjusted our preliminary estimate of the fair value of net assets acquired. The preliminary allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions): March 27, 2017 Total current assets $ 80.0 Property and equipment 114.4 Intangible assets 1,372.9 Other assets 0.7 Total current liabilities (74.7 ) Total debt and capital lease obligations (159.0 ) Deferred income taxes (524.2 ) Other liabilities (23.2 ) Total identifiable net assets 786.9 Goodwill 867.8 Total consideration $ 1,654.7 The adjustments to the preliminary estimate of net assets acquired resulted in a corresponding $210.5 million decrease in estimated goodwill due to the following changes to preliminary estimates of fair values and allocation of purchase price (in millions): Increase (Decrease) in Goodwill Change in: Total current assets $ (15.6 ) Property and equipment (17.9 ) Intangible assets (352.9 ) Deferred income taxes 165.9 Other liabilities 10.0 Total decrease in goodwill $ (210.5 ) The purchase price allocation reflects preliminary fair value estimates based on management’s analysis, including preliminary work performed by third-party valuation specialists. We will continue to obtain information to assist in determining the fair value of net assets acquired during the measurement period. Intangible assets include $1,319.0 million related to the Popeyes brand, $44.0 million related to franchise agreements and $9.9 million related to favorable leases. The Popeyes brand has been assigned an indefinite life and, therefore, will not be amortized, but rather tested annually for impairment. Franchise agreements have a weighted average amortization period of 17 years. Favorable leases have a weighted average amortization period of 14 years. Goodwill attributable to the Popeyes Acquisition will not be amortizable or deductible for tax purposes. Goodwill is considered to represent the value associated with the workforce and synergies anticipated to be realized as a combined company. We have not yet allocated goodwill related to the Popeyes Acquisition to reporting units for goodwill impairment testing purposes. Goodwill will be allocated to reporting units when the purchase price allocation is finalized during the measurement period. The Popeyes Acquisition is not material to our consolidated financial statements, and therefore, supplemental pro forma financial information related to the acquisition is not included herein.

Basis of Presentation and Conso

Basis of Presentation and Consolidation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation We have prepared the accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, the Financial Statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and Canadian securities regulatory authorities on February 17, 2017. The Financial Statements include our accounts and the accounts of entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. All material intercompany balances and transactions have been eliminated in consolidation. Investments in other affiliates that are owned 50% or less where we have significant influence are accounted for by the equity method. We also consider for consolidation entities 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. Tim Hortons has historically entered into certain arrangements in which an operator acquires the right to operate a restaurant, but Tim Hortons owns the restaurant’s assets. We perform an analysis to determine if the legal entity in which operations are conducted is a VIE and consolidate a VIE entity if we also determine Tim Hortons is the entity’s primary beneficiary (“Restaurant VIEs”). As of June 30, 2017 and December 31, 2016 , we determined that we are the primary beneficiary of 41 and 96 Restaurant VIEs, respectively. As Tim Hortons, Burger King, and Popeyes franchise and master franchise arrangements provide the 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. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The preparation of consolidated financial statements in conformity with U.S. GAAP and related rules and regulations of the SEC requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. 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, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Revenue Recognition – In May 2014, the Financial Accounting Standards Board (the “FASB”) issued a new single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. In August 2015, the FASB deferred adoption of the new standard by one year. Several updates have been issued since to clarify the implementation guidance. The new guidance supersedes most current revenue recognition guidance, including industry-specific guidance, enhances revenue recognition disclosures, and is now effective commencing in 2018. The guidance allows for either a full retrospective or modified retrospective transition method. We currently expect to apply the modified retrospective transition method. We have performed a preliminary analysis of the impact of the new revenue recognition guidance and developed a comprehensive plan for the implementation. The project plan includes analyzing the impact on our current revenue streams, comparing our historical accounting policies to the new guidance, and identifying potential differences from applying the requirements of the new guidance to our contracts. Under current accounting guidance, we recognize initial franchise fees when we have performed all material obligations and services, which generally occurs when the franchised restaurant opens. Under the new guidance, we anticipate deferring the initial franchise fees and recognizing revenue over the term of the related franchise agreement. We anticipate that the new guidance will also change our reporting of advertising fund contributions from franchisees and the related advertising expenditures, which are currently reported on a net basis in our consolidated balance sheet. Under the current guidance, as of the balance sheet date, advertising fund contributions received may not equal advertising expenditures for the period due to the timing of promotions. To the extent that contributions received exceeded advertising expenditures, the excess contributions are treated as a deferred liability. To the extent that advertising expenditures temporarily exceeded advertising fund contributions, the difference is recorded as a receivable from the fund. Under the new guidance, we anticipate advertising fund contributions from franchisees and advertising fund expenditures will be reported on a gross basis and the related advertising fund revenues and expenses may be reported in different periods. We anticipate that estimated breakage income on gift cards will be recognized as gift cards are utilized instead of our current policy of deferring the breakage income until it is deemed remote that the unused gift card balance will be redeemed. We do not believe this guidance will materially impact our recognition of revenue from Company restaurant sales, our recognition of royalty revenues from franchisees, or our recognition of revenues from property rentals. Lease Accounting – In February 2016, the FASB issued new guidance on leases. The new guidance requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by finance and operating leases with lease terms of more than 12 months, as well as enhanced disclosures. The amendment requires the recognition and measurement of leases at the beginning of the earliest period presented using a modified retrospective approach and is effective commencing in 2019. We expect this new guidance to cause a material increase to our assets and liabilities on our consolidated balance sheet since we have a significant number of operating lease arrangements for which we are the lessee. We are currently evaluating the impact that adoption of this guidance will have on our consolidated statements of operations. The impact of this accounting standards update is non-cash in nature. As such, we do not expect the adoption of this new guidance to have a material impact on our cash flows and liquidity. Derivative Contract Novations on Existing Hedges – In March 2016, the FASB issued an accounting standards update that clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under existing accounting guidance does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. We adopted this new guidance on a prospective basis on January 1, 2017. Adoption did not have an impact on our consolidated financial statements. Equity Method Accounting – In March 2016, the FASB issued an accounting standards update which eliminates the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in level of ownership interest or degree of influence. We adopted this new guidance on a prospective basis on January 1, 2017. Adoption did not have an impact on our consolidated financial statements. Employee Share-Based Payment Accounting – In March 2016, the FASB issued an accounting standards update to simplify several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, forfeitures and statutory withholding requirements, as well as statement of cash flows presentation. The transition requirement is mostly modified retrospective, with the exception of recognition of excess tax benefits and tax deficiencies which requires prospective adoption. We adopted this new guidance on January 1, 2017. The adoption of this new guidance resulted in an increase to our diluted weighted average shares outstanding, as well as recognition of excess tax benefits as a reduction in the provision for income taxes rather than an addition to common shares, as required by previous accounting guidance. We will continue to estimate forfeitures instead of accounting for them as they occur as permitted by the new standard. The adoption of the other provisions of this new guidance did not have an impact on our consolidated financial statements. Classification of Certain Cash Receipts and Cash Payments – In August 2016, the FASB issued an accounting standards update to reduce the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are effective for 2018. We do not expect the adoption of this new guidance to have a material impact on our consolidated financial statements. Intra-Entity Transfers of Assets Other Than Inventory – In October 2016, the FASB issued guidance amending the accounting for income taxes. The new guidance requires the recognition of the income tax consequences of an intercompany asset transfer, other than transfers of inventory, when the transfer occurs. For intercompany transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The amendment is effective for 2018. We are currently evaluating the impact that the adoption of this new guidance will have on our consolidated financial statements. Goodwill Impairment – In January 2017, the FASB issued guidance to simplify how an entity measures goodwill impairment by removing the second step of the two-step quantitative goodwill impairment test. An entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured at the amount by which the carrying value exceeds the fair value of a reporting unit; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. The amendment requires prospective adoption and is effective commencing in 2020 with early adoption permitted. We do not expect the adoption of this guidance to have an impact on our consolidated financial statements.

Earnings per Unit

Earnings per Unit	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings per Unit	Earnings per Unit Partnership uses the two-class method in the computation of earnings per unit. Pursuant to the terms of the partnership agreement, RBI, as the holder of the Class A common units, is entitled to receive distributions from Partnership in an amount equal to the aggregate dividends payable by RBI to holders of RBI common shares, and the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”) are entitled to receive distributions from Partnership in an amount per unit equal to the dividends payable by RBI on each RBI common share. Partnership’s net income available to common unitholders is allocated between the Class A common units and Partnership exchangeable units on a fully-distributed basis and reflects residual net income after noncontrolling interests and Partnership preferred unit distributions. Basic and diluted earnings per Class A common unit is determined by dividing net income allocated to Class A common unit holders by the weighted average number of Class A common units outstanding for the period. Basic and diluted earnings per Partnership exchangeable unit is determined by dividing net income allocated to the Partnership exchangeable units by the weighted average number of Partnership exchangeable units outstanding during the period. There are no dilutive securities for Partnership as the exercise of stock options will not affect the number of Class A common units or Partnership exchangeable units outstanding. However, the issuance of shares by RBI in future periods will affect the allocation of net income attributable to common unitholders between Partnership’s Class A common units and Partnership exchangeable units. The following table summarizes the basic and diluted earnings per unit calculations (in millions, except per unit amounts): Three Months Ended Six Months Ended 2017 2016 2017 2016 Allocation of net income among partner interests: Net income allocated to Class A common unitholders $ 89.5 $ 90.9 $ 139.7 $ 140.9 Net income allocated to Partnership exchangeable unitholders 86.1 88.3 134.6 138.2 Net income attributable to common unitholders $ 175.6 $ 179.2 $ 274.3 $ 279.1 Denominator - basic and diluted partnership units: Weighted average Class A common units 202.0 202.0 202.0 202.0 Weighted average Partnership exchangeable units 226.9 227.2 226.9 228.5 Total weighted average basic and diluted units outstanding 428.9 429.2 428.9 430.5 Earnings per unit - basic and diluted: Class A common units $ 0.44 $ 0.45 $ 0.69 $ 0.70 Partnership exchangeable units $ 0.38 $ 0.39 $ 0.59 $ 0.60

Intangible Assets, net and Good

Intangible Assets, net and Goodwill	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net and Goodwill	Intangible Assets, net and Goodwill Intangible assets, net and goodwill consist of the following (in millions): As of June 30, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Identifiable assets subject to amortization: Franchise agreements $ 716.3 $ (150.6 ) $ 565.7 $ 655.1 $ (132.4 ) $ 522.7 Favorable leases 452.4 (172.0 ) 280.4 436.0 (149.7 ) 286.3 Subtotal 1,168.7 (322.6 ) 846.1 1,091.1 (282.1 ) 809.0 Indefinite lived intangible assets: Tim Hortons brand $ 6,547.7 $ — $ 6,547.7 $ 6,341.6 $ — $ 6,341.6 Burger King brand 2,128.8 — 2,128.8 2,077.4 — 2,077.4 Popeyes brand 1,319.0 — 1,319.0 — — — Subtotal 9,995.5 — 9,995.5 8,419.0 — 8,419.0 Intangible assets, net $ 10,841.6 $ 9,228.0 Goodwill Tim Hortons segment $ 4,214.4 $ 4,087.8 Burger King segment 601.5 587.3 Popeyes segment 867.8 — Total $ 5,683.7 $ 4,675.1 Amortization expense on intangible assets totaled $18.0 million for the three months ended June 30, 2017 and $17.8 million for the same period in the prior year. Amortization expense on intangible assets totaled $35.5 million for the six months ended June 30, 2017 and $36.1 million for the same period in the prior year. The change in the brands and goodwill balances during the six months ended June 30, 2017 was due principally to the addition of goodwill and the Popeyes brand from the Popeyes Acquisition, and to a lesser extent, the impact of foreign currency translation.

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The aggregate carrying amount of our equity method investments was $152.7 million and $151.1 million as of June 30, 2017 and December 31, 2016 , respectively, and is included as a component of other assets, net in our accompanying condensed consolidated balance sheets. Our Tim Hortons (“TH”) business and Burger King (“BK”) business both have equity method investments. Our Popeyes Louisiana Kitchen (“PLK”) business does not have any equity method investments. Select information about our most significant equity method investments, based on the carrying value as of June 30, 2017 , was as follows: Entity Country Equity Interest TIMWEN Partnership Canada 50.0% Carrols Restaurant Group, Inc. United States 20.6% Pangaea Foods (China) Holdings, Ltd. China 27.5% With respect to our TH business, the most significant equity method investment is our 50% joint venture interest with The Wendy’s Company (the “TIMWEN Partnership”), which jointly holds real estate underlying Canadian combination restaurants. Distributions received from this joint venture were $3.0 million and $3.1 million during the three months ended June 30, 2017 and 2016 , respectively. Distributions received from this joint venture were $5.4 million and $5.6 million during the six months ended June 30, 2017 and 2016 , respectively. The aggregate market value of our equity interest in Carrols Restaurant Group, Inc. (“Carrols”), the most significant equity method investment for our BK business, based on the quoted market price on June 30, 2017 , was approximately $115.3 million . No quoted market prices are available for our other equity method investments. We have equity interests in entities that own or franchise Tim Hortons or Burger King restaurants. Franchise and property revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues from affiliates: Franchise royalties $ 43.4 $ 31.6 $ 81.9 $ 59.3 Property revenues 6.6 7.6 12.9 14.2 Franchise fees and other revenue 5.3 4.3 11.0 7.9 Total $ 55.3 $ 43.5 $ 105.8 $ 81.4 We recognized $4.9 million and $5.2 million of rent expense associated with the TIMWEN Partnership during the three months ended June 30, 2017 and 2016 , respectively. We recognized $9.4 million and $9.6 million of rent expense associated with the TIMWEN Partnership during the six months ended June 30, 2017 and 2016 , respectively. At June 30, 2017 and December 31, 2016 , we had $23.0 million and $25.7 million , respectively, of accounts receivable, net from our equity method investments which were recorded in accounts and notes receivable, net in our condensed consolidated balance sheets. (Income) loss from equity method investments reflects our share of investee net income or loss, non-cash dilution gains or losses from changes in our ownership interests in equity method investees and basis difference amortization. We recorded an increase to the carrying value of our equity method investment balance and a non-cash dilution gain of $11.6 million during the six months ended June 30, 2016 . The dilution gain resulted from the issuance of capital stock by one of our equity method investees, which reduced our ownership interest in this equity method investment. The dilution gain we recorded in connection with the issuance of capital stock reflects adjustments to the difference between the amount of underlying equity in the net assets of the equity method investee before and after their issuance of capital stock.

Other Accrued Liabilities and O

Other Accrued Liabilities and Other Liabilities, net	6 Months Ended
	Jun. 30, 2017
Other Liabilities Disclosure [Abstract]
Other Accrued Liabilities and Other Liabilities, net	Other Accrued Liabilities and Other Liabilities, net Other accrued liabilities (current) and other liabilities, net (noncurrent) consist of the following (in millions): As of June 30, 2017 December 31, 2016 Current: Dividend payable $ 155.4 $ 146.1 Interest payable 69.7 63.3 Accrued compensation and benefits 46.8 60.5 Taxes payable 72.0 43.3 Deferred income 46.5 54.7 Closed property reserve 11.1 11.0 Restructuring and other provisions 13.9 9.1 Other 76.7 81.3 Other accrued liabilities $ 492.1 $ 469.3 Noncurrent: Unfavorable leases $ 272.2 $ 275.8 Taxes payable 376.4 252.2 Accrued pension 81.3 82.9 Derivatives liabilities 307.9 55.1 Lease liability 27.1 27.2 Deferred income 40.5 27.1 Other 73.5 64.6 Other liabilities, net $ 1,178.9 $ 784.9

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following (in millions): As of June 30, 2017 December 31, 2016 Term Loan Facility (due February 17, 2024) $ 6,421.0 $ 5,046.1 2017 Senior Notes (due May 15, 2024) 1,500.0 — 2015 Senior Notes (due January 12, 2022) 1,250.0 1,250.0 2014 Senior Notes (due April 1, 2022) 2,250.0 2,250.0 Tim Hortons Notes (a) 5.0 40.6 Other 84.1 85.4 Less: unamortized deferred financing costs and deferred issue discount (200.8 ) (187.1 ) Total debt, net 11,309.3 8,485.0 Less: current maturities of debt (56.4 ) (74.8 ) Total long-term debt $ 11,252.9 $ 8,410.2 (a) $35.6 million of Tim Hortons Notes were repaid on June 1, 2017, the original maturity date. Refinancing of Credit Facilities On February 17, 2017, two of our subsidiaries (the “Borrowers”) entered into a second amendment (the “Second Amendment”) to the credit agreement governing our senior secured term loan facility (the “Term Loan Facility”) and our senior secured revolving credit facility of up to $500.0 million of revolving extensions of credit outstanding at any time (including revolving loans, swingline loans and letters of credit) maturing on December 12, 2019 (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Credit Facilities”). Under the Second Amendment, (i) the outstanding aggregate principal amount under our Term Loan Facility was decreased to $4,900.0 million as a result of a repayment of $146.1 million from cash on hand, (ii) the interest rate applicable to our Term Loan Facility was reduced to, at our option, either (a) a base rate plus an applicable margin equal to 1.25% , or (b) a Eurocurrency rate plus an applicable margin equal to 2.25% , (iii) the maturity of our Term Loan Facility was extended from December 12, 2021 to February 17, 2024 , and (iv) the Borrowers and their subsidiaries were provided with additional flexibility under certain negative covenants, including incurrence of indebtedness, making of investments, dispositions and restricted payments, and prepayment of subordinated indebtedness. Except as described herein, the Second Amendment did not materially change the terms of the Credit Facilities. In connection with the Second Amendment, we capitalized approximately $11.3 million in debt issuance costs and recorded a loss on early extinguishment of debt of $20.4 million during the six months ended June 30, 2017 . The loss on early extinguishment of debt primarily reflects the write-off of unamortized debt issuance costs and discounts. Incremental Term Loans In connection with the Popeyes Acquisition, we obtained an incremental term loan in the aggregate principal amount of $1,300.0 million (the “Incremental Term Loan No. 1”) under our Term Loan Facility. Also, simultaneously and in connection with the issuance of the 2017 Senior Notes (described below), we obtained an additional incremental term loan in the aggregate principal amount of $250.0 million (the "Incremental Term Loan No. 2" and together with the Incremental Term Loan No. 1, the "Incremental Term Loans") under our Term Loan Facility. The Incremental Term Loans bear interest at the same rate as the Term Loan Facility and also mature on February 17, 2024 . In connection with the Incremental Term Loan No. 1, Popeyes was included as loan guarantor and its assets as collateral, under the Credit Facilities. Except as described herein, there were no other material changes to the terms of the Credit Facilities. Debt issuance costs capitalized in connection with the Incremental Term Loans were approximately $23.0 million . Revolving Credit Facility As of June 30, 2017 , we had no amounts outstanding under our Revolving Credit Facility. Funds available under the Revolving Credit Facility may be used to repay other debt, finance debt or share repurchases, to fund acquisitions or capital expenditures and for other general corporate purposes. We have a $125.0 million letter of credit sublimit as part of the Revolving Credit Facility, which reduces our borrowing availability thereunder by the cumulative amount of outstanding letters of credit. As of June 30, 2017 , we had $1.6 million of letters of credit issued against the Revolving Credit Facility, and our borrowing availability was $498.4 million . 2017 Senior Notes On May 17, 2017, the Borrowers entered into an indenture (the "2017 Senior Notes Indenture") in connection with the issuance of $1,500.0 million of 4.25% first lien senior notes due May 15, 2024 (the "2017 Senior Notes"). No principal payments are due until maturity and interest is paid semi-annually. We expect to use the net proceeds from the offering of the 2017 Senior Notes, together with other sources of liquidity, to redeem all or a portion of the outstanding Class A 9.0% cumulative compounding perpetual voting preferred shares and for other general corporate purposes. In connection with the issuance of the 2017 Senior Notes, we capitalized approximately $12.6 million in debt issuance costs. Obligations under the 2017 Senior Notes are guaranteed on a senior secured basis, jointly and severally, by the Borrowers and substantially all of the Borrowers' Canadian and U.S. subsidiaries, including The TDL Group Corp., Burger King Worldwide, Inc., Popeyes Louisiana Kitchen, Inc. and substantially all of their respective Canadian and U.S. subsidiaries (the "Note Guarantors"). The 2017 Senior Notes are first lien senior secured obligations and rank equal in right of payment with all of the existing and future senior debt of the Borrowers and Note Guarantors, including borrowings and guarantees of the Credit Facilities. Our 2017 Senior Notes may be redeemed in whole or in part, on or after May 15, 2020 at the redemption prices set forth in the 2017 Senior Notes Indenture, plus accrued and unpaid interest, if any, at the date of redemption. The 2017 Senior Notes Indenture also contains optional redemption provisions related to tender offers, change of control and equity offerings, among others. Fair Value Measurement The fair value of our variable rate term debt and bonds is estimated using inputs based on bid and offer prices that are Level 2 inputs and was $11.5 billion and $8.8 billion at June 30, 2017 and December 31, 2016 , respectively, compared to a principal carrying amount of $11.4 billion and $8.6 billion , respectively on the same dates. Interest Expense, net Interest expense, net consists of the following (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Debt $ 118.9 $ 103.5 $ 218.9 $ 204.7 Capital lease obligations 5.0 5.0 10.0 9.8 Amortization of deferred financing costs and debt issuance discount 8.2 9.6 16.7 19.3 Interest income (4.1 ) (0.9 ) (6.2 ) (1.5 ) Interest expense, net $ 128.0 $ 117.2 $ 239.4 $ 232.3 Other On March 27, 2017, we repaid $155.5 million of debt assumed in connection with the Popeyes Acquisition.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 15.0% and 16.4% for the three and six months ended June 30, 2017 , respectively. The effective tax rate during this period was primarily a result of the mix of income from multiple tax jurisdictions, the impact of our financing structure, excess tax benefits from share-based compensation, and transaction costs. Our effective tax rate was 19.3% and 20.4% for the three and six months ended June 30, 2016 , respectively. The effective tax rate during this period was primarily a result of the mix of income from multiple tax jurisdictions and the impact of our financing structure.

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Equity	Equity During the six months ended June 30, 2017 , Partnership exchanged 146,730 Partnership exchangeable units pursuant to exchange notices received. In accordance with the terms of the partnership agreement, Partnership satisfied the exchange notices by exchanging these Partnership exchangeable units for the same number of newly issued RBI common shares. The issuances of shares was accounted for as a capital contribution by RBI to Partnership. The exchanges of Partnership exchangeable units were recorded as increases to the Class A common units balance within partner’s capital in our consolidated balance sheet in an amount equal to the market value of the newly issued RBI common shares and a reduction to the Partnership exchangeable units balance within partner’s capital of our consolidated balance sheet in an amount equal to the cash paid by Partnership and the market value of the newly issued RBI common shares. Pursuant to the terms of the partnership agreement, upon the exchange of Partnership exchangeable units, each such Partnership exchangeable unit was cancelled concurrently with the exchange. Accumulated Other Comprehensive Income (Loss) The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions): Derivatives Pensions Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) Balances at December 31, 2016 $ 533.1 $ (32.8 ) $ (1,855.7 ) $ (1,355.4 ) Foreign currency translation adjustment — — 461.2 461.2 Net change in fair value of derivatives, net of tax (235.5 ) — — (235.5 ) Amounts reclassified to earnings of cash flow hedges, net of tax 11.0 — — 11.0 Pension and post-retirement benefit plans, net of tax — (0.1 ) — (0.1 ) Amortization of prior service (credits) costs, net of tax — (0.8 ) — (0.8 ) Amortization of actuarial (gains) losses, net of tax — 1.2 — 1.2 Balances at June 30, 2017 $ 308.6 $ (32.5 ) $ (1,394.5 ) $ (1,118.4 ) The following table displays the reclassifications out of AOCI (in millions): Amounts Reclassified from AOCI Affected Line Item in the Statement of Operations Three Months Ended Six Months Ended Details about AOCI Components 2017 2016 2017 2016 Gains (losses) on cash flow hedges: Interest rate derivative contracts Interest expense, net $ (9.0 ) $ (5.9 ) $ (14.9 ) $ (9.4 ) Forward-currency contracts Cost of sales (0.8 ) (1.1 ) 0.1 2.5 Total before tax (9.8 ) (7.0 ) (14.8 ) (6.9 ) Income tax (expense) benefit 2.5 1.8 3.8 1.8 Net of tax $ (7.3 ) $ (5.2 ) $ (11.0 ) $ (5.1 ) Defined benefit pension: Amortization of prior service credits (costs) SG&A (a) $ 0.7 $ 0.8 $ 1.4 $ 1.5 Amortization of actuarial gains (losses) SG&A (a) (0.2 ) (0.1 ) (0.5 ) (0.2 ) Total before tax 0.5 0.7 0.9 1.3 Income tax (expense) benefit (1.1 ) (0.2 ) (1.3 ) (0.5 ) Net of tax $ (0.6 ) $ 0.5 $ (0.4 ) $ 0.8 Total reclassifications Net of tax $ (7.9 ) $ (4.7 ) $ (11.4 ) $ (4.3 ) (a) Refers to selling, general and administrative expenses in the condensed consolidated statements of operations.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Disclosures about Derivative Instruments and Hedging Activities We enter into derivative instruments for risk management purposes, including derivatives designated as cash flow hedges, derivatives designated as net investment hedges and those utilized as economic hedges. We use derivatives to manage our exposure to fluctuations in interest rates and currency exchange rates. Interest Rate Swaps During 2015, we entered into a series of receive-variable, pay- fixed interest rate swaps with a notional value of $2,500.0 million to hedge the variability in the interest payments on a portion of our Term Loan Facility beginning May 28, 2015, through the expiration of the final swap on March 31, 2021 , resetting each March 31. At inception, these interest rate swaps were designated as cash flow hedges for hedge accounting, and as such, the effective portion of unrealized changes in market value is recorded in AOCI and reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Gains and losses from hedge ineffectiveness are recognized in current earnings. During 2015, we settled certain interest rate swaps and recognized a net unrealized loss of $84.6 million in AOCI at the date of settlement. This amount will be reclassified into interest expense, net as the original hedged forecasted transaction affects earnings. The amount of pre-tax losses in AOCI as of June 30, 2017 that we expect to be reclassified into interest expense within the next 12 months is $12.4 million . Cross-Currency Rate Swaps To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, we hedge a portion of our net investment in one or more of our foreign subsidiaries by using cross-currency rate swaps. At June 30, 2017 , we had outstanding cross-currency rate swap contracts between the Canadian dollar and U.S. dollar and the Euro and U.S. dollar that have been designated as net investment hedges of a portion of our equity in foreign operations in those currencies. The component of the gains and losses on our net investment in these designated foreign operations driven by changes in foreign exchange rates are economically offset by movements in the fair value of our cross currency swap contracts. The fair value of the swaps is calculated each period with changes in fair value reported in AOCI, net of tax. Such amounts will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations. We terminated and settled our previous cross-currency rate swaps in June 2017, with an aggregate notional value of $5,000.0 million , between the Canadian dollar and U.S. dollar. In connection with this termination, we received $763.5 million which is reflected as a source of cash provided by investing activities in the condensed consolidated statement of cash flows. The unrealized gains totaled $533.4 million , net of tax, as of the termination date and will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations. Additionally, we entered into new fixed-to-fixed cross-currency rate swaps to partially hedge the net investment in our Canadian subsidiaries. At inception, these cross-currency rate swaps were designated as a hedge and are accounted for as net investment hedges. These swaps are contracts to exchange quarterly fixed-rate interest payments we make on the Canadian dollar notional amount of C$6,753.5 million for quarterly fixed-rate interest payments we receive on the U.S. dollar notional amount of $5,000.0 million through the maturity date of June 30, 2023 . In making such changes, we effectively realigned our Canadian dollar hedges to reflect our current cash flow mix and capital structure maturity profile. At June 30, 2017 , we also had outstanding a cross-currency rate swap in which we pay quarterly fixed-rate interest payments on the Euro notional value of €1,107.8 million and receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $1,200.0 million through the maturity date of March 31, 2021 . At inception, this cross-currency rate swap was designated as a hedge and is accounted for as a net investment hedge. Foreign Currency Exchange Contracts We use foreign exchange derivative instruments to manage the impact of foreign exchange fluctuations on U.S. dollar purchases and payments, such as coffee purchases made by our Canadian Tim Hortons operations. At June 30, 2017 , we had outstanding forward currency contracts to manage this risk in which we sell Canadian dollars and buy U.S. dollars with a notional value of $177.6 million with maturities to September 2018 . We have designated these instruments as cash flow hedges, and as such, the effective portion of unrealized changes in market value are recorded in AOCI and are reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Gains and losses from hedge ineffectiveness are recognized in current earnings. Credit Risk By entering into derivative contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty. Credit-Risk Related Contingent Features Our derivative instruments do not contain any credit-risk related contingent features. Quantitative Disclosures about Derivative Instruments and Fair Value Measurements The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions): Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) Three Months Ended Six Months Ended 2017 2016 2017 2016 Derivatives designated as cash flow hedges Forward-starting interest rate swaps $ (15.4 ) $ (21.6 ) $ (20.4 ) $ (72.6 ) Forward-currency contracts $ (7.0 ) $ (0.7 ) $ (5.5 ) $ (9.8 ) Derivatives designated as net investment hedges Cross-currency rate swaps $ (124.1 ) $ 54.4 $ (178.3 ) $ (219.7 ) Classification on Condensed Consolidated Statements of Operations Gain (Loss) Reclassified from AOCI into Earnings Three Months Ended Six Months Ended 2017 2016 2017 2016 Interest expense, net $ (9.0 ) $ (5.9 ) $ (14.9 ) $ (9.4 ) Cost of sales $ (0.8 ) $ (1.1 ) $ 0.1 $ 2.5 Fair Value as of June 30, 2017 December 31, 2016 Balance Sheet Location Assets: Derivatives designated as cash flow hedges Foreign currency $ 0.2 $ 2.8 Prepaids and other current assets Derivatives designated as net investment hedges Foreign currency — 717.9 Derivative assets Total assets at fair value $ 0.2 $ 720.7 Liabilities: Derivatives designated as cash flow hedges Interest rate $ 66.8 $ 55.1 Other liabilities, net Foreign currency 4.3 1.1 Other accrued liabilities Derivatives designated as net investment hedges Foreign currency 241.1 — Other liabilities, net Total liabilities at fair value $ 312.2 $ 56.2

Franchise and Property Revenues

Franchise and Property Revenues	6 Months Ended
	Jun. 30, 2017
Other Industries [Abstract]
Franchise and Property Revenues	Franchise and Property Revenues Franchise and property revenues consist of the following (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Franchise royalties $ 308.7 $ 249.8 $ 550.7 $ 477.6 Property revenues 189.3 198.0 364.3 369.3 Franchise fees and other revenue 32.6 33.8 65.8 62.7 Franchise and property revenues $ 530.6 $ 481.6 $ 980.8 $ 909.6

Other Operating Expenses (Incom

Other Operating Expenses (Income), net	6 Months Ended
	Jun. 30, 2017
Other Income and Expenses [Abstract]
Other Operating Expenses (Income), net	Other Operating Expenses (Income), net Other operating expenses (income), net consist of the following (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net losses (gains) on disposal of assets, restaurant closures, and refranchisings $ 8.6 $ 1.0 $ 11.5 $ 16.3 Litigation settlements and reserves, net 1.1 0.9 1.1 1.6 Net losses (gains) on foreign exchange 36.8 (12.1 ) 47.2 12.0 Other, net 0.3 (1.1 ) 0.8 (0.4 ) Other operating expenses (income), net $ 46.8 $ (11.3 ) $ 60.6 $ 29.5 Net losses (gains) on disposal of assets, restaurant closures, and refranchisings represent sales of properties and other costs related to restaurant closures and refranchisings. Gains and losses recognized in the current period may reflect certain costs related to closures and refranchisings that occurred in previous periods. Net losses (gains) on foreign exchange is primarily related to revaluation of foreign denominated assets and liabilities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation On June 19, 2017, a claim was filed in the Ontario Superior Court of Justice. The plaintiff, a franchisee of two Tim Hortons restaurants, seeks to certify a class of all persons who have carried on business as a Tim Hortons franchisee in Canada at any time after December 15, 2014. The claim alleges various causes of action against the defendants in relation to the purported misuse of amounts paid by members of the proposed class to the Tim Hortons Canada advertising fund (the “Ad Fund”). The plaintiff seeks to have the Ad Fund franchisee contributions held in trust for the benefit of members of the proposed class, an accounting of the Ad Fund, as well as damages for breach of contract, breach of trust and breach of fiduciary duties. While we believe the claims are without merit and we intend to vigorously defend against this lawsuit, we are unable to predict the ultimate outcome of this case or the range of possible loss, if any.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As stated in Note 1, Description of Business and Organization , we manage three brands. Under the Tim Hortons brand, we operate in the donut/coffee/tea category of the quick service segment of the restaurant industry. Under the Burger King brand, we operate in the fast food hamburger restaurant category of the quick service segment of the restaurant industry. Under the Popeyes brand, we operate in the chicken category of the quick service segment of the restaurant industry. We generate revenue from four sources: (i) sales to franchisees related to our supply chain operations, including manufacturing, procurement, warehousing, and distribution, as well as sales to retailers; (ii) franchise revenues, consisting primarily of royalties based on a percentage of sales reported by franchise restaurants and franchise fees paid by franchisees; (iii) property revenues from properties we lease or sublease to franchisees; and (iv) sales at Company restaurants. Each brand is managed by a brand president that reports directly to our Chief Executive Officer, who is our Chief Operating Decision Maker. Therefore, we have three operating segments: (1) TH, which includes all operations of our Tim Hortons brand, (2) BK, which includes all operations of our Burger King brand, and (3) PLK, which includes all operations of our Popeyes brand. Our three operating segments represent our reportable segments. PLK revenues and segment income from March 28, 2017 through June 30, 2017 are included in our consolidated statement of operations for the three months ended June 30, 2017 . The following table presents revenues, by segment and by country (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues by operating segment: TH $ 772.3 $ 759.8 $ 1,505.9 $ 1,417.6 BK 293.7 280.4 560.7 541.1 PLK 66.7 — 66.7 — Total revenues $ 1,132.7 $ 1,040.2 $ 2,133.3 $ 1,958.7 Revenues by country (a): Canada $ 687.9 $ 683.0 $ 1,344.9 $ 1,264.2 United States 313.2 246.3 545.6 475.8 Other 131.6 110.9 242.8 218.7 Total revenues $ 1,132.7 $ 1,040.2 $ 2,133.3 $ 1,958.7 (a) Only Canada and the United States represented 10% or more of our total revenues in each period presented. Our measure of segment income is Adjusted EBITDA. Adjusted EBITDA represents earnings (net income or loss) before interest, (gain) loss on early extinguishment of debt, taxes, and depreciation and amortization, adjusted to exclude the non-cash impact of share-based compensation and non-cash incentive compensation expense and (income) loss from equity method investments, net of cash distributions received from equity method investments, as well as other operating expenses (income), net. Other specifically identified costs associated with non-recurring projects are also excluded from Adjusted EBITDA, including fees and expenses associated with the Popeyes Acquisition ("PLK Transaction costs"), and integration costs associated with the acquisition of Tim Hortons. Adjusted EBITDA is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items that management believes are not relevant to management’s assessment of operating performance or the performance of an acquired business. A reconciliation of segment income to net income (loss) consists of the following (in millions). Three Months Ended Six Months Ended 2017 2016 2017 2016 Segment income: TH $ 281.1 $ 279.0 $ 537.3 $ 506.8 BK 216.8 200.1 403.9 380.1 PLK 33.2 — 33.2 — Adjusted EBITDA 531.1 479.1 974.4 886.9 Share-based compensation and non-cash incentive compensation expense 11.9 11.3 30.4 19.2 PLK Transaction costs 8.5 — 42.9 — Integration costs — 3.8 — 6.0 Impact of equity method investments (a) 4.1 7.8 1.2 (7.9 ) Other operating expenses (income), net 46.8 (11.3 ) 60.6 29.5 EBITDA 459.8 467.5 839.3 840.1 Depreciation and amortization 45.4 43.5 88.7 85.5 Income from operations 414.4 424.0 750.6 754.6 Interest expense, net 128.0 117.2 239.4 232.3 Loss on early extinguishment of debt — — 20.4 — Income tax expense 42.9 59.2 80.7 106.4 Net income $ 243.5 $ 247.6 $ 410.1 $ 415.9 (a) Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in segment income.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Financial Information	Supplemental Financial Information On February 17, 2017, 1011778 B.C. Unlimited Liability Company (the “Parent Issuer”) and New Red Finance Inc. (the “Co-Issuer” and together with the Parent Issuer, the “Issuers”) entered into an amended credit agreement that provides for obligations under the Credit Facilities. On May 17, 2017, the Issuers entered into the 2017 Senior Notes Indenture with respect to the 2017 Senior Notes. On May 22, 2015, the Issuers entered into the 2015 Senior Notes Indenture with respect to the 2015 Senior Notes. On October 8, 2014, the Issuers entered into the 2014 Senior Notes Indenture with respect to the 2014 Senior Notes. The agreement governing our Credit Facilities, the 2017 Senior Notes Indenture, the 2015 Senior Notes Indenture and the 2014 Senior Notes Indenture allow the financial reporting obligation of the Parent Issuer to be satisfied through the reporting of Partnership’s consolidated financial information, provided that the consolidated financial information of the Parent Issuer and its restricted subsidiaries is presented on a standalone basis. The following represents the condensed consolidating financial information for the Parent Issuer and its restricted subsidiaries (“Consolidated Borrowers”) on a consolidated basis, together with eliminations, as of and for the periods indicated. The condensed consolidating financial information of Partnership is combined with the financial information of its wholly-owned subsidiaries that are also parent entities of the Parent Issuer and presented in a single column under the heading “RBILP”. The consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the Issuers and Partnership operated as independent entities. RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Balance Sheets (In millions of U.S. dollars) As of June 30, 2017 Consolidated Borrowers RBILP Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 3,435.5 $ — $ — $ 3,435.5 Accounts and notes receivable, net 388.8 — — 388.8 Inventories, net 89.5 — — 89.5 Advertising fund restricted assets 92.8 — — 92.8 Prepaids and other current assets 106.9 — — 106.9 Total current assets 4,113.5 — — 4,113.5 Property and equipment, net 2,153.5 — — 2,153.5 Intangible assets, net 10,841.6 — — 10,841.6 Goodwill 5,683.7 — — 5,683.7 Net investment in property leased to franchisees 81.5 — — 81.5 Intercompany receivable — 155.4 (155.4 ) — Investment in subsidiaries — 7,171.6 (7,171.6 ) — Other assets, net 363.5 — — 363.5 Total assets $ 23,237.3 $ 7,327.0 $ (7,327.0 ) $ 23,237.3 LIABILITIES, PREFERRED UNITS AND EQUITY Current liabilities: Accounts and drafts payable $ 376.1 $ — $ — $ 376.1 Other accrued liabilities 336.7 155.4 — 492.1 Gift card liability 139.5 — — 139.5 Advertising fund liabilities 120.7 — — 120.7 Current portion of long term debt and capital leases 76.3 — — 76.3 Total current liabilities 1,049.3 155.4 — 1,204.7 Term debt, net of current portion 11,252.9 — — 11,252.9 Capital leases, net of current portion 231.2 — — 231.2 Other liabilities, net 1,178.9 — — 1,178.9 Payables to affiliates 155.4 — (155.4 ) — Deferred income taxes, net 2,198.0 — — 2,198.0 Total liabilities 16,065.7 155.4 (155.4 ) 16,065.7 Partnership preferred units — 3,297.0 — 3,297.0 Partners’ capital: Class A common units — 3,470.2 — 3,470.2 Partnership exchangeable units — 1,519.1 — 1,519.1 Common shares 6,871.5 — (6,871.5 ) — Retained Earnings 1,414.8 — (1,414.8 ) — Accumulated other comprehensive income (loss) (1,118.4 ) (1,118.4 ) 1,118.4 (1,118.4 ) Total Partners' capital/shareholders' equity 7,167.9 3,870.9 (7,167.9 ) 3,870.9 Noncontrolling interests 3.7 3.7 (3.7 ) 3.7 Total equity 7,171.6 3,874.6 (7,171.6 ) 3,874.6 Total liabilities, Partnership preferred units and equity $ 23,237.3 $ 7,327.0 $ (7,327.0 ) $ 23,237.3 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Balance Sheets (In millions of U.S. dollars) As of December 31, 2016 Consolidated Borrowers RBILP Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 1,420.4 $ — $ — $ 1,420.4 Accounts and notes receivable, net 403.5 — — 403.5 Inventories, net 71.8 — — 71.8 Advertising fund restricted assets 57.7 — — 57.7 Prepaids and other current assets 103.6 — — 103.6 Total current assets 2,057.0 — — 2,057.0 Property and equipment, net 2,054.7 — — 2,054.7 Intangible assets, net 9,228.0 — — 9,228.0 Goodwill 4,675.1 — — 4,675.1 Net investment in property leased to franchisees 91.9 — — 91.9 Derivative assets 717.9 — — 717.9 Intercompany receivable — 146.1 (146.1 ) — Investment in subsidiaries — 6,786.0 (6,786.0 ) — Other assets, net 300.7 — — 300.7 Total assets $ 19,125.3 $ 6,932.1 $ (6,932.1 ) $ 19,125.3 LIABILITIES, PREFERRED UNITS AND EQUITY Current liabilities: Accounts and drafts payable $ 369.8 $ — $ — $ 369.8 Other accrued liabilities 323.2 146.1 — 469.3 Gift card liability 194.4 — — 194.4 Advertising fund liabilities 83.3 — — 83.3 Current portion of long term debt and capital leases 93.9 — — 93.9 Total current liabilities 1,064.6 146.1 — 1,210.7 Term debt, net of current portion 8,410.2 — — 8,410.2 Capital leases, net of current portion 218.4 — — 218.4 Other liabilities, net 784.9 — — 784.9 Payables to affiliates 146.1 — (146.1 ) — Deferred income taxes, net 1,715.1 — — 1,715.1 Total liabilities 12,339.3 146.1 (146.1 ) 12,339.3 Partnership preferred units — 3,297.0 — 3,297.0 Partners’ capital: Class A common units — 3,364.1 — 3,364.1 Partnership exchangeable units — 1,476.2 — 1,476.2 Common shares 6,825.8 — (6,825.8 ) — Retained Earnings 1,311.5 — (1,311.5 ) — Accumulated other comprehensive income (loss) (1,355.4 ) (1,355.4 ) 1,355.4 (1,355.4 ) Total Partners' capital/shareholders' equity 6,781.9 3,484.9 (6,781.9 ) 3,484.9 Noncontrolling interests 4.1 4.1 (4.1 ) 4.1 Total equity 6,786.0 3,489.0 (6,786.0 ) 3,489.0 Total liabilities, Partnership preferred units and equity $ 19,125.3 $ 6,932.1 $ (6,932.1 ) $ 19,125.3 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Operations (In millions of U.S. dollars) Three Months Ended June 30, 2017 Consolidated Borrowers RBILP Eliminations Consolidated Revenues: Sales $ 602.1 $ — $ — $ 602.1 Franchise and property revenues 530.6 — — 530.6 Total revenues 1,132.7 — — 1,132.7 Operating costs and expenses: Cost of sales 460.2 — — 460.2 Franchise and property expenses 113.7 — — 113.7 Selling, general and administrative expenses 96.7 — — 96.7 (Income) loss from equity method investments 0.9 — — 0.9 Other operating expenses (income), net 46.8 — — 46.8 Total operating costs and expenses 718.3 — — 718.3 Income from operations 414.4 — — 414.4 Interest expense, net 128.0 — — 128.0 Income before income taxes 286.4 — — 286.4 Income tax expense 42.9 — — 42.9 Net income 243.5 — — 243.5 Equity in earnings of consolidated subsidiaries — 243.5 (243.5 ) — Net income (loss) 243.5 243.5 (243.5 ) 243.5 Net income (loss) attributable to noncontrolling interests 0.4 0.4 (0.4 ) 0.4 Partnership preferred unit distributions — 67.5 — 67.5 Net income (loss) attributable to common unitholders $ 243.1 $ 175.6 $ (243.1 ) $ 175.6 Comprehensive income (loss) $ 417.4 $ 417.4 $ (417.4 ) $ 417.4 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Operations (In millions of U.S. dollars) Six Months Ended June 30, 2017 Consolidated Borrowers RBILP Eliminations Consolidated Revenues: Sales $ 1,152.5 $ — $ — $ 1,152.5 Franchise and property revenues 980.8 — — 980.8 Total revenues 2,133.3 — — 2,133.3 Operating costs and expenses: Cost of sales 883.6 — — 883.6 Franchise and property expenses 224.7 — — 224.7 Selling, general and administrative expenses 218.6 — — 218.6 (Income) loss from equity method investments (4.8 ) — — (4.8 ) Other operating expenses (income), net 60.6 — — 60.6 Total operating costs and expenses 1,382.7 — — 1,382.7 Income from operations 750.6 — — 750.6 Interest expense, net 239.4 — — 239.4 Loss on early extinguishment of debt 20.4 — — 20.4 Income before income taxes 490.8 — — 490.8 Income tax expense 80.7 — — 80.7 Net income 410.1 — — 410.1 Equity in earnings of consolidated subsidiaries — 410.1 (410.1 ) — Net income (loss) 410.1 410.1 (410.1 ) 410.1 Net income (loss) attributable to noncontrolling interests 0.8 0.8 (0.8 ) 0.8 Partnership preferred unit distributions — 135.0 — 135.0 Net income (loss) attributable to common unitholders $ 409.3 $ 274.3 $ (409.3 ) $ 274.3 Comprehensive income (loss) $ 647.1 $ 647.1 $ (647.1 ) $ 647.1 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Operations (In millions of U.S. dollars) Three Months Ended June 30, 2016 Consolidated Borrowers RBILP Eliminations Consolidated Revenues: Sales $ 558.6 $ — $ — $ 558.6 Franchise and property revenues 481.6 — 481.6 Total revenues 1,040.2 — — 1,040.2 Operating costs and expenses: Cost of sales 438.0 — — 438.0 Franchise and property expenses 111.9 — — 111.9 Selling, general and administrative expenses 73.1 — — 73.1 (Income) loss from equity method investments 4.5 — — 4.5 Other operating expenses (income), net (11.3 ) — — (11.3 ) Total operating costs and expenses 616.2 — — 616.2 Income from operations 424.0 — — 424.0 Interest expense, net 117.2 — — 117.2 Income before income taxes 306.8 — — 306.8 Income tax expense 59.2 — — 59.2 Net income 247.6 — — 247.6 Equity in earnings of consolidated subsidiaries — 247.6 (247.6 ) — Net income (loss) 247.6 247.6 (247.6 ) 247.6 Net income (loss) attributable to noncontrolling interests 0.9 0.9 (0.9 ) 0.9 Partnership preferred unit distributions — 67.5 — 67.5 Net income (loss) attributable to common unitholders $ 246.7 $ 179.2 $ (246.7 ) $ 179.2 Comprehensive income (loss) $ 304.3 $ 304.3 $ (304.3 ) $ 304.3 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Operations (In millions of U.S. dollars) Six Months Ended June 30, 2016 Consolidated Borrowers RBILP Eliminations Consolidated Revenues: Sales $ 1,049.1 $ — $ — $ 1,049.1 Franchise and property revenues 909.6 — — 909.6 Total revenues 1,958.7 — — 1,958.7 Operating costs and expenses: Cost of sales 828.6 — — 828.6 Franchise and property expenses 213.7 — — 213.7 Selling, general and administrative expenses 146.3 — — 146.3 (Income) loss from equity method investments (14.0 ) — — (14.0 ) Other operating expenses (income), net 29.5 — — 29.5 Total operating costs and expenses 1,204.1 — — 1,204.1 Income from operations 754.6 — — 754.6 Interest expense, net 232.3 — — 232.3 Income before income taxes 522.3 — — 522.3 Income tax expense 106.4 — — 106.4 Net income 415.9 — — 415.9 Equity in earnings of consolidated subsidiaries — 415.9 (415.9 ) — Net income (loss) 415.9 415.9 (415.9 ) 415.9 Net income (loss) attributable to noncontrolling interests 1.8 1.8 (1.8 ) 1.8 Partnership preferred unit distributions — 135.0 — 135.0 Net income (loss) attributable to common unitholders $ 414.1 $ 279.1 $ (414.1 ) $ 279.1 Comprehensive income (loss) $ 838.6 $ 838.6 $ (838.6 ) $ 838.6 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows (In millions of U.S. dollars) Six Months Ended June 30, 2017 Consolidated Borrowers RBILP Eliminations Consolidated Cash flows from operating activities: Net income $ 410.1 $ 410.1 $ (410.1 ) $ 410.1 Adjustments to reconcile net income to net cash provided by operating activities: Equity in loss (earnings) of consolidated subsidiaries — (410.1 ) 410.1 — Depreciation and amortization 88.7 — — 88.7 Non-cash loss on early extinguishment of debt 17.9 — — 17.9 Amortization of deferred financing costs and debt issuance discount 16.7 — — 16.7 (Income) loss from equity method investments (4.8 ) — — (4.8 ) Loss (gain) on remeasurement of foreign denominated transactions 47.1 — — 47.1 Net losses on derivatives 14.9 — — 14.9 Share-based compensation expense 27.2 — — 27.2 Deferred income taxes 22.4 — — 22.4 Other 9.8 — — 9.8 Changes in current assets and liabilities, excluding acquisitions and dispositions: Accounts and notes receivable 27.4 — — 27.4 Inventories and prepaids and other current assets (11.1 ) — — (11.1 ) Accounts and drafts payable (9.5 ) — — (9.5 ) Advertising fund restricted assets and fund liabilities 1.3 — — 1.3 Other accrued liabilities and gift card liability (164.2 ) — — (164.2 ) Other long-term assets and liabilities 27.1 — — 27.1 Net cash provided by operating activities 521.0 — — 521.0 Cash flows from investing activities: Payments for property and equipment (11.7 ) — — (11.7 ) Proceeds from disposal of assets, restaurant closures, and refranchisings 9.6 — — 9.6 Net payment for purchase of Popeyes, net of cash acquired (1,635.9 ) — — (1,635.9 ) Return of investment on direct financing leases 7.8 — — 7.8 Settlement/sale of derivatives, net 772.0 — — 772.0 Other investing activities, net 0.3 — — 0.3 Net cash provided by (used for) investing activities (857.9 ) — — (857.9 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 3,050.0 — — 3,050.0 Repayments of long-term debt and capital leases (377.7 ) — — (377.7 ) Payment of financing costs (47.0 ) — — (47.0 ) Distributions on common, preferred and Partnership exchangeable units — (296.6 ) — (296.6 ) Capital contribution from RBI Inc. 12.3 — — 12.3 Distributions from subsidiaries (296.6 ) 296.6 — — Other financing activities, net (2.3 ) — — (2.3 ) Net cash provided by (used for) financing activities 2,338.7 — — 2,338.7 Effect of exchange rates on cash and cash equivalents 13.3 — — 13.3 Increase (decrease) in cash and cash equivalents 2,015.1 — — 2,015.1 Cash and cash equivalents at beginning of period 1,420.4 — — 1,420.4 Cash and cash equivalents at end of period $ 3,435.5 $ — $ — $ 3,435.5 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows (In millions of U.S. dollars) Six Months Ended June 30, 2016 Consolidated Borrowers RBILP Eliminations Consolidated Cash flows from operating activities: Net income $ 415.9 $ 415.9 $ (415.9 ) $ 415.9 Adjustments to reconcile net income to net cash provided by operating activities: Equity in loss (earnings) of consolidated subsidiaries — (415.9 ) 415.9 — Depreciation and amortization 85.7 — — 85.7 Amortization of deferred financing costs and debt issuance discount 19.3 — — 19.3 (Income) loss from equity method investments (14.0 ) — — (14.0 ) Loss (gain) on remeasurement of foreign denominated transactions 19.0 — — 19.0 Net losses on derivatives 9.4 — — 9.4 Share-based compensation expense 16.1 — — 16.1 Deferred income taxes 10.5 — — 10.5 Other 7.1 — — 7.1 Changes in current assets and liabilities, excluding acquisitions and dispositions: Accounts and notes receivable 21.7 — — 21.7 Inventories and prepaids and other current assets (69.1 ) — — (69.1 ) Accounts and drafts payable 7.2 — — 7.2 Advertising fund restricted assets and fund liabilities (15.8 ) — — (15.8 ) Other accrued liabilities and gift card liability (19.3 ) — — (19.3 ) Other long-term assets and liabilities (1.7 ) — — (1.7 ) Net cash provided by operating activities 492.0 — — 492.0 Cash flows from investing activities: Payments for property and equipment (12.8 ) — — (12.8 ) Proceeds from disposal of assets, restaurant closures, and refranchisings 13.2 — — 13.2 Return of investment on direct financing leases 8.1 — — 8.1 Settlement/sale of derivatives, net 1.5 — — 1.5 Other investing activities, net 1.8 — — 1.8 Net cash provided by (used for) investing activities 11.8 — — 11.8 Cash flows from financing activities: Repayments of long-term debt and capital leases (34.6 ) — — (34.6 ) Distributions on common, preferred and Partnership exchangeable units — (260.2 ) — (260.2 ) Capital contribution from RBI Inc. 10.7 — — 10.7 Distributions from subsidiaries (260.2 ) 260.2 — — Other financing activities, net (22.1 ) — — (22.1 ) Net cash provided by (used for) financing activities (306.2 ) — — (306.2 ) Effect of exchange rates on cash and cash equivalents 6.2 — — 6.2 Increase (decrease) in cash and cash equivalents 203.8 — — 203.8 Cash and cash equivalents at beginning of period 753.7 — — 753.7 Cash and cash equivalents at end of period $ 957.5 $ — $ — $ 957.5

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Dividends On July 5, 2017 , RBI paid a cash dividend of $0.98 per Preferred Share, for a total dividend of $67.5 million , to the holder of the Preferred Shares. The dividend on the Preferred Shares included the amount due for the second calendar quarter of 2017. Partnership made a distribution to RBI as holder of the Partnership preferred units in an equal amount on the same date. On July 6, 2017 , RBI paid a cash dividend of $0.19 per RBI common share to common shareholders of record on May 15, 2017 . Partnership made a distribution to RBI as holder of Class A common units in the amount of the aggregate dividends declared and paid by RBI on RBI common shares and also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.19 per exchangeable unit to holders of record on May 15, 2017 . On August 1, 2017 , the RBI board of directors declared a cash dividend of $0.98 per Preferred Share, for a total dividend of $67.5 million which will be paid to the holder of the Preferred Shares on October 2, 2017 . The dividend on the Preferred Shares includes the amount due for the third calendar quarter of 2017. Partnership will make a distribution to RBI as holder of the Partnership preferred units in an equal amount on the same date. On August 2, 2017 , the RBI board of directors declared a cash dividend of $0.20 per RBI common share, which will be paid on October 3, 2017 to RBI common shareholders of record on September 15, 2017 . Partnership will make a distribution to RBI as holder of Class A common units in the amount of the aggregate dividends declared and paid by RBI on RBI common shares. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.20 per Partnership exchangeable unit, and the record date and payment date for such distribution will be the same as the record date and payment date for the cash dividend per RBI common share set forth above.

Popeyes Acquisition (Tables)

Popeyes Acquisition (Tables)	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Schedule of Preliminary Allocation of Consideration to Net Tangible and Intangible Assets Acquired	The preliminary allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions): March 27, 2017 Total current assets $ 80.0 Property and equipment 114.4 Intangible assets 1,372.9 Other assets 0.7 Total current liabilities (74.7 ) Total debt and capital lease obligations (159.0 ) Deferred income taxes (524.2 ) Other liabilities (23.2 ) Total identifiable net assets 786.9 Goodwill 867.8 Total consideration $ 1,654.7
Schedule of Adjustments to Net Assets	The adjustments to the preliminary estimate of net assets acquired resulted in a corresponding $210.5 million decrease in estimated goodwill due to the following changes to preliminary estimates of fair values and allocation of purchase price (in millions): Increase (Decrease) in Goodwill Change in: Total current assets $ (15.6 ) Property and equipment (17.9 ) Intangible assets (352.9 ) Deferred income taxes 165.9 Other liabilities 10.0 Total decrease in goodwill $ (210.5 )

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Unit	The following table summarizes the basic and diluted earnings per unit calculations (in millions, except per unit amounts): Three Months Ended Six Months Ended 2017 2016 2017 2016 Allocation of net income among partner interests: Net income allocated to Class A common unitholders $ 89.5 $ 90.9 $ 139.7 $ 140.9 Net income allocated to Partnership exchangeable unitholders 86.1 88.3 134.6 138.2 Net income attributable to common unitholders $ 175.6 $ 179.2 $ 274.3 $ 279.1 Denominator - basic and diluted partnership units: Weighted average Class A common units 202.0 202.0 202.0 202.0 Weighted average Partnership exchangeable units 226.9 227.2 226.9 228.5 Total weighted average basic and diluted units outstanding 428.9 429.2 428.9 430.5 Earnings per unit - basic and diluted: Class A common units $ 0.44 $ 0.45 $ 0.69 $ 0.70 Partnership exchangeable units $ 0.38 $ 0.39 $ 0.59 $ 0.60

Intangible Assets, net and Go29

Intangible Assets, net and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net and Goodwill	Intangible assets, net and goodwill consist of the following (in millions): As of June 30, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Identifiable assets subject to amortization: Franchise agreements $ 716.3 $ (150.6 ) $ 565.7 $ 655.1 $ (132.4 ) $ 522.7 Favorable leases 452.4 (172.0 ) 280.4 436.0 (149.7 ) 286.3 Subtotal 1,168.7 (322.6 ) 846.1 1,091.1 (282.1 ) 809.0 Indefinite lived intangible assets: Tim Hortons brand $ 6,547.7 $ — $ 6,547.7 $ 6,341.6 $ — $ 6,341.6 Burger King brand 2,128.8 — 2,128.8 2,077.4 — 2,077.4 Popeyes brand 1,319.0 — 1,319.0 — — — Subtotal 9,995.5 — 9,995.5 8,419.0 — 8,419.0 Intangible assets, net $ 10,841.6 $ 9,228.0 Goodwill Tim Hortons segment $ 4,214.4 $ 4,087.8 Burger King segment 601.5 587.3 Popeyes segment 867.8 — Total $ 5,683.7 $ 4,675.1

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investment	Select information about our most significant equity method investments, based on the carrying value as of June 30, 2017 , was as follows: Entity Country Equity Interest TIMWEN Partnership Canada 50.0% Carrols Restaurant Group, Inc. United States 20.6% Pangaea Foods (China) Holdings, Ltd. China 27.5%
Summary of Franchise and Property Revenues	Franchise and property revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues from affiliates: Franchise royalties $ 43.4 $ 31.6 $ 81.9 $ 59.3 Property revenues 6.6 7.6 12.9 14.2 Franchise fees and other revenue 5.3 4.3 11.0 7.9 Total $ 55.3 $ 43.5 $ 105.8 $ 81.4

Other Accrued Liabilities and31

Other Accrued Liabilities and Other Liabilities, net (Tables)	6 Months Ended
	Jun. 30, 2017
Other Liabilities Disclosure [Abstract]
Schedule of Other Accrued Liabilities (Current) and Other Liabilities (NonCurrent), Net	Other accrued liabilities (current) and other liabilities, net (noncurrent) consist of the following (in millions): As of June 30, 2017 December 31, 2016 Current: Dividend payable $ 155.4 $ 146.1 Interest payable 69.7 63.3 Accrued compensation and benefits 46.8 60.5 Taxes payable 72.0 43.3 Deferred income 46.5 54.7 Closed property reserve 11.1 11.0 Restructuring and other provisions 13.9 9.1 Other 76.7 81.3 Other accrued liabilities $ 492.1 $ 469.3 Noncurrent: Unfavorable leases $ 272.2 $ 275.8 Taxes payable 376.4 252.2 Accrued pension 81.3 82.9 Derivatives liabilities 307.9 55.1 Lease liability 27.1 27.2 Deferred income 40.5 27.1 Other 73.5 64.6 Other liabilities, net $ 1,178.9 $ 784.9

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt consists of the following (in millions): As of June 30, 2017 December 31, 2016 Term Loan Facility (due February 17, 2024) $ 6,421.0 $ 5,046.1 2017 Senior Notes (due May 15, 2024) 1,500.0 — 2015 Senior Notes (due January 12, 2022) 1,250.0 1,250.0 2014 Senior Notes (due April 1, 2022) 2,250.0 2,250.0 Tim Hortons Notes (a) 5.0 40.6 Other 84.1 85.4 Less: unamortized deferred financing costs and deferred issue discount (200.8 ) (187.1 ) Total debt, net 11,309.3 8,485.0 Less: current maturities of debt (56.4 ) (74.8 ) Total long-term debt $ 11,252.9 $ 8,410.2 (a) $35.6 million of Tim Hortons Notes were repaid on June 1, 2017, the original maturity date.
Schedule of Interest Expense, Net	Interest expense, net consists of the following (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Debt $ 118.9 $ 103.5 $ 218.9 $ 204.7 Capital lease obligations 5.0 5.0 10.0 9.8 Amortization of deferred financing costs and debt issuance discount 8.2 9.6 16.7 19.3 Interest income (4.1 ) (0.9 ) (6.2 ) (1.5 ) Interest expense, net $ 128.0 $ 117.2 $ 239.4 $ 232.3

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Summary of Changes in the Components of Accumulated Other Comprehensive Income (Loss)	The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions): Derivatives Pensions Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) Balances at December 31, 2016 $ 533.1 $ (32.8 ) $ (1,855.7 ) $ (1,355.4 ) Foreign currency translation adjustment — — 461.2 461.2 Net change in fair value of derivatives, net of tax (235.5 ) — — (235.5 ) Amounts reclassified to earnings of cash flow hedges, net of tax 11.0 — — 11.0 Pension and post-retirement benefit plans, net of tax — (0.1 ) — (0.1 ) Amortization of prior service (credits) costs, net of tax — (0.8 ) — (0.8 ) Amortization of actuarial (gains) losses, net of tax — 1.2 — 1.2 Balances at June 30, 2017 $ 308.6 $ (32.5 ) $ (1,394.5 ) $ (1,118.4 )
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	The following table displays the reclassifications out of AOCI (in millions): Amounts Reclassified from AOCI Affected Line Item in the Statement of Operations Three Months Ended Six Months Ended Details about AOCI Components 2017 2016 2017 2016 Gains (losses) on cash flow hedges: Interest rate derivative contracts Interest expense, net $ (9.0 ) $ (5.9 ) $ (14.9 ) $ (9.4 ) Forward-currency contracts Cost of sales (0.8 ) (1.1 ) 0.1 2.5 Total before tax (9.8 ) (7.0 ) (14.8 ) (6.9 ) Income tax (expense) benefit 2.5 1.8 3.8 1.8 Net of tax $ (7.3 ) $ (5.2 ) $ (11.0 ) $ (5.1 ) Defined benefit pension: Amortization of prior service credits (costs) SG&A (a) $ 0.7 $ 0.8 $ 1.4 $ 1.5 Amortization of actuarial gains (losses) SG&A (a) (0.2 ) (0.1 ) (0.5 ) (0.2 ) Total before tax 0.5 0.7 0.9 1.3 Income tax (expense) benefit (1.1 ) (0.2 ) (1.3 ) (0.5 ) Net of tax $ (0.6 ) $ 0.5 $ (0.4 ) $ 0.8 Total reclassifications Net of tax $ (7.9 ) $ (4.7 ) $ (11.4 ) $ (4.3 ) (a) Refers to selling, general and administrative expenses in the condensed consolidated statements of operations.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Quantitative Disclosures of Derivative Instruments Including Estimated Fair Values	The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions): Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) Three Months Ended Six Months Ended 2017 2016 2017 2016 Derivatives designated as cash flow hedges Forward-starting interest rate swaps $ (15.4 ) $ (21.6 ) $ (20.4 ) $ (72.6 ) Forward-currency contracts $ (7.0 ) $ (0.7 ) $ (5.5 ) $ (9.8 ) Derivatives designated as net investment hedges Cross-currency rate swaps $ (124.1 ) $ 54.4 $ (178.3 ) $ (219.7 ) Classification on Condensed Consolidated Statements of Operations Gain (Loss) Reclassified from AOCI into Earnings Three Months Ended Six Months Ended 2017 2016 2017 2016 Interest expense, net $ (9.0 ) $ (5.9 ) $ (14.9 ) $ (9.4 ) Cost of sales $ (0.8 ) $ (1.1 ) $ 0.1 $ 2.5
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Fair Value as of June 30, 2017 December 31, 2016 Balance Sheet Location Assets: Derivatives designated as cash flow hedges Foreign currency $ 0.2 $ 2.8 Prepaids and other current assets Derivatives designated as net investment hedges Foreign currency — 717.9 Derivative assets Total assets at fair value $ 0.2 $ 720.7 Liabilities: Derivatives designated as cash flow hedges Interest rate $ 66.8 $ 55.1 Other liabilities, net Foreign currency 4.3 1.1 Other accrued liabilities Derivatives designated as net investment hedges Foreign currency 241.1 — Other liabilities, net Total liabilities at fair value $ 312.2 $ 56.2

Franchise and Property Revenu35

Franchise and Property Revenues (Tables)	6 Months Ended
	Jun. 30, 2017
Other Industries [Abstract]
Summary of Franchise and Property Revenues	Franchise and property revenues consist of the following (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Franchise royalties $ 308.7 $ 249.8 $ 550.7 $ 477.6 Property revenues 189.3 198.0 364.3 369.3 Franchise fees and other revenue 32.6 33.8 65.8 62.7 Franchise and property revenues $ 530.6 $ 481.6 $ 980.8 $ 909.6

Other Operating Expenses (Inc36

Other Operating Expenses (Income), net (Tables)	6 Months Ended
	Jun. 30, 2017
Other Income and Expenses [Abstract]
Other Operating Expenses (Income), Net	Other operating expenses (income), net consist of the following (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Net losses (gains) on disposal of assets, restaurant closures, and refranchisings $ 8.6 $ 1.0 $ 11.5 $ 16.3 Litigation settlements and reserves, net 1.1 0.9 1.1 1.6 Net losses (gains) on foreign exchange 36.8 (12.1 ) 47.2 12.0 Other, net 0.3 (1.1 ) 0.8 (0.4 ) Other operating expenses (income), net $ 46.8 $ (11.3 ) $ 60.6 $ 29.5

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Revenues by Geographic Segment	The following table presents revenues, by segment and by country (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues by operating segment: TH $ 772.3 $ 759.8 $ 1,505.9 $ 1,417.6 BK 293.7 280.4 560.7 541.1 PLK 66.7 — 66.7 — Total revenues $ 1,132.7 $ 1,040.2 $ 2,133.3 $ 1,958.7 Revenues by country (a): Canada $ 687.9 $ 683.0 $ 1,344.9 $ 1,264.2 United States 313.2 246.3 545.6 475.8 Other 131.6 110.9 242.8 218.7 Total revenues $ 1,132.7 $ 1,040.2 $ 2,133.3 $ 1,958.7 (a) Only Canada and the United States represented 10% or more of our total revenues in each period presented.
Reconciliation of Segment Income to Net Income (Loss)	A reconciliation of segment income to net income (loss) consists of the following (in millions). Three Months Ended Six Months Ended 2017 2016 2017 2016 Segment income: TH $ 281.1 $ 279.0 $ 537.3 $ 506.8 BK 216.8 200.1 403.9 380.1 PLK 33.2 — 33.2 — Adjusted EBITDA 531.1 479.1 974.4 886.9 Share-based compensation and non-cash incentive compensation expense 11.9 11.3 30.4 19.2 PLK Transaction costs 8.5 — 42.9 — Integration costs — 3.8 — 6.0 Impact of equity method investments (a) 4.1 7.8 1.2 (7.9 ) Other operating expenses (income), net 46.8 (11.3 ) 60.6 29.5 EBITDA 459.8 467.5 839.3 840.1 Depreciation and amortization 45.4 43.5 88.7 85.5 Income from operations 414.4 424.0 750.6 754.6 Interest expense, net 128.0 117.2 239.4 232.3 Loss on early extinguishment of debt — — 20.4 — Income tax expense 42.9 59.2 80.7 106.4 Net income $ 243.5 $ 247.6 $ 410.1 $ 415.9 (a) Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in segment income.

Supplemental Financial Inform38

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Condensed Consolidating Financial Statements	The following represents the condensed consolidating financial information for the Parent Issuer and its restricted subsidiaries (“Consolidated Borrowers”) on a consolidated basis, together with eliminations, as of and for the periods indicated. The condensed consolidating financial information of Partnership is combined with the financial information of its wholly-owned subsidiaries that are also parent entities of the Parent Issuer and presented in a single column under the heading “RBILP”. The consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the Issuers and Partnership operated as independent entities. RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Balance Sheets (In millions of U.S. dollars) As of June 30, 2017 Consolidated Borrowers RBILP Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 3,435.5 $ — $ — $ 3,435.5 Accounts and notes receivable, net 388.8 — — 388.8 Inventories, net 89.5 — — 89.5 Advertising fund restricted assets 92.8 — — 92.8 Prepaids and other current assets 106.9 — — 106.9 Total current assets 4,113.5 — — 4,113.5 Property and equipment, net 2,153.5 — — 2,153.5 Intangible assets, net 10,841.6 — — 10,841.6 Goodwill 5,683.7 — — 5,683.7 Net investment in property leased to franchisees 81.5 — — 81.5 Intercompany receivable — 155.4 (155.4 ) — Investment in subsidiaries — 7,171.6 (7,171.6 ) — Other assets, net 363.5 — — 363.5 Total assets $ 23,237.3 $ 7,327.0 $ (7,327.0 ) $ 23,237.3 LIABILITIES, PREFERRED UNITS AND EQUITY Current liabilities: Accounts and drafts payable $ 376.1 $ — $ — $ 376.1 Other accrued liabilities 336.7 155.4 — 492.1 Gift card liability 139.5 — — 139.5 Advertising fund liabilities 120.7 — — 120.7 Current portion of long term debt and capital leases 76.3 — — 76.3 Total current liabilities 1,049.3 155.4 — 1,204.7 Term debt, net of current portion 11,252.9 — — 11,252.9 Capital leases, net of current portion 231.2 — — 231.2 Other liabilities, net 1,178.9 — — 1,178.9 Payables to affiliates 155.4 — (155.4 ) — Deferred income taxes, net 2,198.0 — — 2,198.0 Total liabilities 16,065.7 155.4 (155.4 ) 16,065.7 Partnership preferred units — 3,297.0 — 3,297.0 Partners’ capital: Class A common units — 3,470.2 — 3,470.2 Partnership exchangeable units — 1,519.1 — 1,519.1 Common shares 6,871.5 — (6,871.5 ) — Retained Earnings 1,414.8 — (1,414.8 ) — Accumulated other comprehensive income (loss) (1,118.4 ) (1,118.4 ) 1,118.4 (1,118.4 ) Total Partners' capital/shareholders' equity 7,167.9 3,870.9 (7,167.9 ) 3,870.9 Noncontrolling interests 3.7 3.7 (3.7 ) 3.7 Total equity 7,171.6 3,874.6 (7,171.6 ) 3,874.6 Total liabilities, Partnership preferred units and equity $ 23,237.3 $ 7,327.0 $ (7,327.0 ) $ 23,237.3 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Balance Sheets (In millions of U.S. dollars) As of December 31, 2016 Consolidated Borrowers RBILP Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 1,420.4 $ — $ — $ 1,420.4 Accounts and notes receivable, net 403.5 — — 403.5 Inventories, net 71.8 — — 71.8 Advertising fund restricted assets 57.7 — — 57.7 Prepaids and other current assets 103.6 — — 103.6 Total current assets 2,057.0 — — 2,057.0 Property and equipment, net 2,054.7 — — 2,054.7 Intangible assets, net 9,228.0 — — 9,228.0 Goodwill 4,675.1 — — 4,675.1 Net investment in property leased to franchisees 91.9 — — 91.9 Derivative assets 717.9 — — 717.9 Intercompany receivable — 146.1 (146.1 ) — Investment in subsidiaries — 6,786.0 (6,786.0 ) — Other assets, net 300.7 — — 300.7 Total assets $ 19,125.3 $ 6,932.1 $ (6,932.1 ) $ 19,125.3 LIABILITIES, PREFERRED UNITS AND EQUITY Current liabilities: Accounts and drafts payable $ 369.8 $ — $ — $ 369.8 Other accrued liabilities 323.2 146.1 — 469.3 Gift card liability 194.4 — — 194.4 Advertising fund liabilities 83.3 — — 83.3 Current portion of long term debt and capital leases 93.9 — — 93.9 Total current liabilities 1,064.6 146.1 — 1,210.7 Term debt, net of current portion 8,410.2 — — 8,410.2 Capital leases, net of current portion 218.4 — — 218.4 Other liabilities, net 784.9 — — 784.9 Payables to affiliates 146.1 — (146.1 ) — Deferred income taxes, net 1,715.1 — — 1,715.1 Total liabilities 12,339.3 146.1 (146.1 ) 12,339.3 Partnership preferred units — 3,297.0 — 3,297.0 Partners’ capital: Class A common units — 3,364.1 — 3,364.1 Partnership exchangeable units — 1,476.2 — 1,476.2 Common shares 6,825.8 — (6,825.8 ) — Retained Earnings 1,311.5 — (1,311.5 ) — Accumulated other comprehensive income (loss) (1,355.4 ) (1,355.4 ) 1,355.4 (1,355.4 ) Total Partners' capital/shareholders' equity 6,781.9 3,484.9 (6,781.9 ) 3,484.9 Noncontrolling interests 4.1 4.1 (4.1 ) 4.1 Total equity 6,786.0 3,489.0 (6,786.0 ) 3,489.0 Total liabilities, Partnership preferred units and equity $ 19,125.3 $ 6,932.1 $ (6,932.1 ) $ 19,125.3 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Operations (In millions of U.S. dollars) Three Months Ended June 30, 2017 Consolidated Borrowers RBILP Eliminations Consolidated Revenues: Sales $ 602.1 $ — $ — $ 602.1 Franchise and property revenues 530.6 — — 530.6 Total revenues 1,132.7 — — 1,132.7 Operating costs and expenses: Cost of sales 460.2 — — 460.2 Franchise and property expenses 113.7 — — 113.7 Selling, general and administrative expenses 96.7 — — 96.7 (Income) loss from equity method investments 0.9 — — 0.9 Other operating expenses (income), net 46.8 — — 46.8 Total operating costs and expenses 718.3 — — 718.3 Income from operations 414.4 — — 414.4 Interest expense, net 128.0 — — 128.0 Income before income taxes 286.4 — — 286.4 Income tax expense 42.9 — — 42.9 Net income 243.5 — — 243.5 Equity in earnings of consolidated subsidiaries — 243.5 (243.5 ) — Net income (loss) 243.5 243.5 (243.5 ) 243.5 Net income (loss) attributable to noncontrolling interests 0.4 0.4 (0.4 ) 0.4 Partnership preferred unit distributions — 67.5 — 67.5 Net income (loss) attributable to common unitholders $ 243.1 $ 175.6 $ (243.1 ) $ 175.6 Comprehensive income (loss) $ 417.4 $ 417.4 $ (417.4 ) $ 417.4 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Operations (In millions of U.S. dollars) Six Months Ended June 30, 2017 Consolidated Borrowers RBILP Eliminations Consolidated Revenues: Sales $ 1,152.5 $ — $ — $ 1,152.5 Franchise and property revenues 980.8 — — 980.8 Total revenues 2,133.3 — — 2,133.3 Operating costs and expenses: Cost of sales 883.6 — — 883.6 Franchise and property expenses 224.7 — — 224.7 Selling, general and administrative expenses 218.6 — — 218.6 (Income) loss from equity method investments (4.8 ) — — (4.8 ) Other operating expenses (income), net 60.6 — — 60.6 Total operating costs and expenses 1,382.7 — — 1,382.7 Income from operations 750.6 — — 750.6 Interest expense, net 239.4 — — 239.4 Loss on early extinguishment of debt 20.4 — — 20.4 Income before income taxes 490.8 — — 490.8 Income tax expense 80.7 — — 80.7 Net income 410.1 — — 410.1 Equity in earnings of consolidated subsidiaries — 410.1 (410.1 ) — Net income (loss) 410.1 410.1 (410.1 ) 410.1 Net income (loss) attributable to noncontrolling interests 0.8 0.8 (0.8 ) 0.8 Partnership preferred unit distributions — 135.0 — 135.0 Net income (loss) attributable to common unitholders $ 409.3 $ 274.3 $ (409.3 ) $ 274.3 Comprehensive income (loss) $ 647.1 $ 647.1 $ (647.1 ) $ 647.1 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Operations (In millions of U.S. dollars) Three Months Ended June 30, 2016 Consolidated Borrowers RBILP Eliminations Consolidated Revenues: Sales $ 558.6 $ — $ — $ 558.6 Franchise and property revenues 481.6 — 481.6 Total revenues 1,040.2 — — 1,040.2 Operating costs and expenses: Cost of sales 438.0 — — 438.0 Franchise and property expenses 111.9 — — 111.9 Selling, general and administrative expenses 73.1 — — 73.1 (Income) loss from equity method investments 4.5 — — 4.5 Other operating expenses (income), net (11.3 ) — — (11.3 ) Total operating costs and expenses 616.2 — — 616.2 Income from operations 424.0 — — 424.0 Interest expense, net 117.2 — — 117.2 Income before income taxes 306.8 — — 306.8 Income tax expense 59.2 — — 59.2 Net income 247.6 — — 247.6 Equity in earnings of consolidated subsidiaries — 247.6 (247.6 ) — Net income (loss) 247.6 247.6 (247.6 ) 247.6 Net income (loss) attributable to noncontrolling interests 0.9 0.9 (0.9 ) 0.9 Partnership preferred unit distributions — 67.5 — 67.5 Net income (loss) attributable to common unitholders $ 246.7 $ 179.2 $ (246.7 ) $ 179.2 Comprehensive income (loss) $ 304.3 $ 304.3 $ (304.3 ) $ 304.3 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Operations (In millions of U.S. dollars) Six Months Ended June 30, 2016 Consolidated Borrowers RBILP Eliminations Consolidated Revenues: Sales $ 1,049.1 $ — $ — $ 1,049.1 Franchise and property revenues 909.6 — — 909.6 Total revenues 1,958.7 — — 1,958.7 Operating costs and expenses: Cost of sales 828.6 — — 828.6 Franchise and property expenses 213.7 — — 213.7 Selling, general and administrative expenses 146.3 — — 146.3 (Income) loss from equity method investments (14.0 ) — — (14.0 ) Other operating expenses (income), net 29.5 — — 29.5 Total operating costs and expenses 1,204.1 — — 1,204.1 Income from operations 754.6 — — 754.6 Interest expense, net 232.3 — — 232.3 Income before income taxes 522.3 — — 522.3 Income tax expense 106.4 — — 106.4 Net income 415.9 — — 415.9 Equity in earnings of consolidated subsidiaries — 415.9 (415.9 ) — Net income (loss) 415.9 415.9 (415.9 ) 415.9 Net income (loss) attributable to noncontrolling interests 1.8 1.8 (1.8 ) 1.8 Partnership preferred unit distributions — 135.0 — 135.0 Net income (loss) attributable to common unitholders $ 414.1 $ 279.1 $ (414.1 ) $ 279.1 Comprehensive income (loss) $ 838.6 $ 838.6 $ (838.6 ) $ 838.6 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows (In millions of U.S. dollars) Six Months Ended June 30, 2017 Consolidated Borrowers RBILP Eliminations Consolidated Cash flows from operating activities: Net income $ 410.1 $ 410.1 $ (410.1 ) $ 410.1 Adjustments to reconcile net income to net cash provided by operating activities: Equity in loss (earnings) of consolidated subsidiaries — (410.1 ) 410.1 — Depreciation and amortization 88.7 — — 88.7 Non-cash loss on early extinguishment of debt 17.9 — — 17.9 Amortization of deferred financing costs and debt issuance discount 16.7 — — 16.7 (Income) loss from equity method investments (4.8 ) — — (4.8 ) Loss (gain) on remeasurement of foreign denominated transactions 47.1 — — 47.1 Net losses on derivatives 14.9 — — 14.9 Share-based compensation expense 27.2 — — 27.2 Deferred income taxes 22.4 — — 22.4 Other 9.8 — — 9.8 Changes in current assets and liabilities, excluding acquisitions and dispositions: Accounts and notes receivable 27.4 — — 27.4 Inventories and prepaids and other current assets (11.1 ) — — (11.1 ) Accounts and drafts payable (9.5 ) — — (9.5 ) Advertising fund restricted assets and fund liabilities 1.3 — — 1.3 Other accrued liabilities and gift card liability (164.2 ) — — (164.2 ) Other long-term assets and liabilities 27.1 — — 27.1 Net cash provided by operating activities 521.0 — — 521.0 Cash flows from investing activities: Payments for property and equipment (11.7 ) — — (11.7 ) Proceeds from disposal of assets, restaurant closures, and refranchisings 9.6 — — 9.6 Net payment for purchase of Popeyes, net of cash acquired (1,635.9 ) — — (1,635.9 ) Return of investment on direct financing leases 7.8 — — 7.8 Settlement/sale of derivatives, net 772.0 — — 772.0 Other investing activities, net 0.3 — — 0.3 Net cash provided by (used for) investing activities (857.9 ) — — (857.9 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 3,050.0 — — 3,050.0 Repayments of long-term debt and capital leases (377.7 ) — — (377.7 ) Payment of financing costs (47.0 ) — — (47.0 ) Distributions on common, preferred and Partnership exchangeable units — (296.6 ) — (296.6 ) Capital contribution from RBI Inc. 12.3 — — 12.3 Distributions from subsidiaries (296.6 ) 296.6 — — Other financing activities, net (2.3 ) — — (2.3 ) Net cash provided by (used for) financing activities 2,338.7 — — 2,338.7 Effect of exchange rates on cash and cash equivalents 13.3 — — 13.3 Increase (decrease) in cash and cash equivalents 2,015.1 — — 2,015.1 Cash and cash equivalents at beginning of period 1,420.4 — — 1,420.4 Cash and cash equivalents at end of period $ 3,435.5 $ — $ — $ 3,435.5 RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows (In millions of U.S. dollars) Six Months Ended June 30, 2016 Consolidated Borrowers RBILP Eliminations Consolidated Cash flows from operating activities: Net income $ 415.9 $ 415.9 $ (415.9 ) $ 415.9 Adjustments to reconcile net income to net cash provided by operating activities: Equity in loss (earnings) of consolidated subsidiaries — (415.9 ) 415.9 — Depreciation and amortization 85.7 — — 85.7 Amortization of deferred financing costs and debt issuance discount 19.3 — — 19.3 (Income) loss from equity method investments (14.0 ) — — (14.0 ) Loss (gain) on remeasurement of foreign denominated transactions 19.0 — — 19.0 Net losses on derivatives 9.4 — — 9.4 Share-based compensation expense 16.1 — — 16.1 Deferred income taxes 10.5 — — 10.5 Other 7.1 — — 7.1 Changes in current assets and liabilities, excluding acquisitions and dispositions: Accounts and notes receivable 21.7 — — 21.7 Inventories and prepaids and other current assets (69.1 ) — — (69.1 ) Accounts and drafts payable 7.2 — — 7.2 Advertising fund restricted assets and fund liabilities (15.8 ) — — (15.8 ) Other accrued liabilities and gift card liability (19.3 ) — — (19.3 ) Other long-term assets and liabilities (1.7 ) — — (1.7 ) Net cash provided by operating activities 492.0 — — 492.0 Cash flows from investing activities: Payments for property and equipment (12.8 ) — — (12.8 ) Proceeds from disposal of assets, restaurant closures, and refranchisings 13.2 — — 13.2 Return of investment on direct financing leases 8.1 — — 8.1 Settlement/sale of derivatives, net 1.5 — — 1.5 Other investing activities, net 1.8 — — 1.8 Net cash provided by (used for) investing activities 11.8 — — 11.8 Cash flows from financing activities: Repayments of long-term debt and capital leases (34.6 ) — — (34.6 ) Distributions on common, preferred and Partnership exchangeable units — (260.2 ) — (260.2 ) Capital contribution from RBI Inc. 10.7 — — 10.7 Distributions from subsidiaries (260.2 ) 260.2 — — Other financing activities, net (22.1 ) — — (22.1 ) Net cash provided by (used for) financing activities (306.2 ) — — (306.2 ) Effect of exchange rates on cash and cash equivalents 6.2 — — 6.2 Increase (decrease) in cash and cash equivalents 203.8 — — 203.8 Cash and cash equivalents at beginning of period 753.7 — — 753.7 Cash and cash equivalents at end of period $ 957.5 $ — $ — $ 957.5

Description of Business and O39

Description of Business and Organization - Additional Information (Detail)	Jun. 30, 2017CountryRestaurants
Basis Of Presentation [Line Items]
Number of franchised or owned	23,423
Number of countries in which company and franchise restaurants operated (more than) | Country	100
Percentage of franchised Tim Hortons and Burger King restaurants	100.00%
Tim Hortons
Basis Of Presentation [Line Items]
Number of franchised or owned	4,655
Burger King
Basis Of Presentation [Line Items]
Number of franchised or owned	16,000
Popeyes
Basis Of Presentation [Line Items]
Number of franchised or owned	2,768

Popeyes Acquisition - Additiona

Popeyes Acquisition - Additional Information (Detail) - USD ($) $ in Millions	Mar. 27, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Intangible assets, net		$ 10,841.6		$ 10,841.6		$ 9,228
Franchise Agreements
Business Acquisition [Line Items]
Intangible assets	$ 44
Weighted average useful life of intangible assets	17 years
Off-Market Favorable Lease
Business Acquisition [Line Items]
Intangible assets	$ 9.9
Weighted average useful life of intangible assets	14 years
Popeyes Acquisition
Business Acquisition [Line Items]
Acquisition date	Mar. 27, 2017
Total consideration of acquisition	$ 1,654.7
Value of equity awards transferred	32.6
Business acquisition funded by cash	354.7
PLK Transaction costs		8.5	$ 0	42.9	$ 0
Total decrease in goodwill				$ (210.5)
Intangible assets, net	1,319
Intangible assets	1,372.9
Popeyes Acquisition | Selling, General and Administrative Expenses
Business Acquisition [Line Items]
PLK Transaction costs		$ 34.4
Popeyes Acquisition | Long-term Debt
Business Acquisition [Line Items]
Incremental borrowings for business acquisition	$ 1,300

Popeyes Acquisition - Schedule

Popeyes Acquisition - Schedule of Preliminary Allocation of Consideration to Net Tangible and Intangible Assets Acquired (Detail) - Popeyes Acquisition $ in Millions	Mar. 27, 2017USD ($)
Business Acquisition [Line Items]
Total current assets	$ 80
Property and equipment	114.4
Intangible assets	1,372.9
Other assets	0.7
Total current liabilities	(74.7)
Total debt and capital lease obligations	(159)
Deferred income taxes	(524.2)
Other liabilities	(23.2)
Total identifiable net assets	786.9
Goodwill	867.8
Total consideration	$ 1,654.7

Popeyes Acquisition Popeyes Acq

Popeyes Acquisition Popeyes Acquistion - Schedule of Adjustments to Net Assets (Details) - Popeyes Acquisition $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Business Acquisition [Line Items]
Total current assets	$ (15.6)
Property and equipment	(17.9)
Intangible assets	(352.9)
Deferred income taxes	165.9
Other liabilities	10
Total decrease in goodwill	$ (210.5)

Basis of Presentation and Con43

Basis of Presentation and Consolidation - Additional Information (Detail) - Restaurants	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Summary Of Accounting Policies [Line Items]
Investment in other affiliates	50.00%
Restaurant VIEs
Summary Of Accounting Policies [Line Items]
Number of VIE consolidated restaurants	41	96

Earnings per Share - Basic and

Earnings per Share - Basic and Diluted Earnings Per Unit (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Allocation of net income among partner interests [Abstract]
Net income attributable to common unitholders	$ 175.6	$ 179.2	$ 274.3	$ 279.1
Denominator - basic and diluted partnership units:
Total weighted average basic and diluted units outstanding (shares)	428.9	429.2	428.9	430.5
Class A common units
Allocation of net income among partner interests [Abstract]
Net income attributable to common unitholders	$ 89.5	$ 90.9	$ 139.7	$ 140.9
Denominator - basic and diluted partnership units:
Total weighted average basic and diluted units outstanding (shares)	202	202	202	202
Earnings per unit - basic and diluted:
Earnings per unit / share - basic and diluted (in dollars per share)	$ 0.44	$ 0.45	$ 0.69	$ 0.70
Partnership exchangeable units
Allocation of net income among partner interests [Abstract]
Net income attributable to common unitholders	$ 86.1	$ 88.3	$ 134.6	$ 138.2
Denominator - basic and diluted partnership units:
Total weighted average basic and diluted units outstanding (shares)	226.9	227.2	226.9	228.5
Earnings per unit - basic and diluted:
Earnings per unit / share - basic and diluted (in dollars per share)	$ 0.38	$ 0.39	$ 0.59	$ 0.60

Intangible Assets, Net and Go45

Intangible Assets, Net and Goodwill - Schedule of Intangible Assets, Net and Goodwill (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Finite And Indefinite Lived Intangible Assets [Line Items]
Identifiable assets, Gross	$ 1,168.7	$ 1,091.1
Identifiable assets, accumulated amortization	(322.6)	(282.1)
Identifiable assets, Net	846.1	809
Indefinite lived intangible assets:	9,995.5	8,419
Intangible assets, net	10,841.6	9,228
Goodwill	5,683.7	4,675.1
Tim Hortons
Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	4,214.4	4,087.8
Tim Hortons | Trade names
Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite lived intangible assets:	6,547.7	6,341.6
Burger King
Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	601.5	587.3
Burger King | Trade names
Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite lived intangible assets:	2,128.8	2,077.4
Popeyes
Finite And Indefinite Lived Intangible Assets [Line Items]
Goodwill	867.8	0
Popeyes | Trade names
Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite lived intangible assets:	1,319	0
Franchise Agreements
Finite And Indefinite Lived Intangible Assets [Line Items]
Identifiable assets, Gross	716.3	655.1
Identifiable assets, accumulated amortization	(150.6)	(132.4)
Identifiable assets, Net	565.7	522.7
Off-Market Favorable Lease
Finite And Indefinite Lived Intangible Assets [Line Items]
Identifiable assets, Gross	452.4	436
Identifiable assets, accumulated amortization	(172)	(149.7)
Identifiable assets, Net	$ 280.4	$ 286.3

Intangible Assets, Net and Go46

Intangible Assets, Net and Goodwill - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 18	$ 17.8	$ 35.5	$ 36.1

Equity Method Investments - Add

Equity Method Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investment in subsidiaries	$ 0		$ 0		$ 0
Joint-venture interest	50.00%		50.00%
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity		$ 11.6		$ 11.6
Carrols Restaurant Group, Inc.
Schedule of Equity Method Investments [Line Items]
Quoted market price	$ 115.3		$ 115.3
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Accounts receivable from equity method investments	$ 23		$ 23		25.7
Canada | TIMWEN Partnership
Schedule of Equity Method Investments [Line Items]
Joint-venture interest	50.00%		50.00%
Tim Hortons | Wendy's Company TIMWEN Partnership
Schedule of Equity Method Investments [Line Items]
Cash distributions	$ 3	3.1	$ 5.4	5.6
Contingent rent expense	4.9	$ 5.2	9.4	$ 9.6
Other assets
Schedule of Equity Method Investments [Line Items]
Investment in subsidiaries	$ 152.7		$ 152.7		$ 151.1

Equity Method Investments - Sum

Equity Method Investments - Summary of Equity Method Investment (Detail)	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	50.00%
TIMWEN Partnership | Canada
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	50.00%
Carrols Restaurant Group, Inc. | United States
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	20.60%
Pangaea Foods (China) Holdings, Ltd. | China
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	27.50%

Equity Method Investments - S49

Equity Method Investments - Summary of Franchise and Property Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues from affiliates:
Franchise royalties	$ 308.7	$ 249.8	$ 550.7	$ 477.6
Property revenues	189.3	198	364.3	369.3
Franchise fees and other revenue	32.6	33.8	65.8	62.7
Total	530.6	481.6	980.8	909.6
Affiliates
Revenues from affiliates:
Franchise royalties	43.4	31.6	81.9	59.3
Property revenues	6.6	7.6	12.9	14.2
Franchise fees and other revenue	5.3	4.3	11	7.9
Total	$ 55.3	$ 43.5	$ 105.8	$ 81.4

Other Accrued Liabilities and50

Other Accrued Liabilities and Other Liabilities - Schedule of Other Accrued Liabilities (Current) and Other Liabilities (NonCurrent), Net (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Current:
Dividend payable	$ 155.4	$ 146.1
Interest payable	69.7	63.3
Accrued compensation and benefits	46.8	60.5
Taxes payable	72	43.3
Deferred income	46.5	54.7
Closed property reserve	11.1	11
Restructuring and other provisions	13.9	9.1
Other	76.7	81.3
Other accrued liabilities	492.1	469.3
Noncurrent:
Unfavorable leases	272.2	275.8
Taxes payable	376.4	252.2
Accrued pension	81.3	82.9
Derivatives liabilities	307.9	55.1
Lease liability	27.1	27.2
Deferred income	40.5	27.1
Other	73.5	64.6
Other liabilities, net	$ 1,178.9	$ 784.9

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) CAD in Millions, $ in Millions	Jun. 30, 2017CAD	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Other		$ 84.1	$ 85.4
Less: unamortized deferred financing costs and deferred issue discount		(200.8)	(187.1)
Total debt, net		11,309.3	8,485
Less: current maturities of debt		(56.4)	(74.8)
Total long-term debt		11,252.9	8,410.2
Term Loan Facility (due February 17, 2024)
Debt Instrument [Line Items]
Term Loan Facility		6,421	5,046.1
2017 Senior Notes (due May 15, 2024)
Debt Instrument [Line Items]
Senior notes		1,500	0
2015 Senior Notes (due January 12, 2022)
Debt Instrument [Line Items]
Senior notes		1,250	1,250
2014 Senior Notes (due April 1, 2022)
Debt Instrument [Line Items]
Senior notes		2,250	2,250
Tim Hortons Notes
Debt Instrument [Line Items]
Senior notes		$ 5	$ 40.6
Series 1 Notes | Senior notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued | CAD	CAD 35.6

Long-Term Debt - Summary of L52

Long-Term Debt - Summary of Long-Term Debt (Non-Printing) (Detail) CAD in Millions	6 Months Ended
	Jun. 30, 2017CAD
2014 Senior Notes
Debt Instrument [Line Items]
Maturity Dates	Apr. 1, 2022
2015 Senior Notes
Debt Instrument [Line Items]
Maturity Dates	Jan. 12, 2022
Term Loan Facility
Debt Instrument [Line Items]
Maturity Dates	Feb. 17, 2024
Series 1 Notes | Senior notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued	CAD 35.6

Long-Term Debt - Refinancing of

Long-Term Debt - Refinancing of Credit Facilities - Additional Information (Detail) - USD ($)	Feb. 17, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Line of Credit Facility [Line Items]
Capitalized debt issuance costs		$ 11,300,000		$ 11,300,000
Loss on early extinguishment of debt		$ 0	$ 0	$ 20,400,000	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Aggregate principal amount outstanding	$ 500,000,000
Maturity Dates	Dec. 12, 2019
Term Loan Facility
Line of Credit Facility [Line Items]
Aggregate principal amount outstanding	$ 4,900,000,000
Maturity Dates	Feb. 17, 2024			Dec. 12, 2021
Repayment of term loan facility	$ 146,100,000
Interest rate	1.25%
Margin percentage for fluctuating interest rate	2.25%

Long-Term Debt - Incremental Te

Long-Term Debt - Incremental Term Loan - Additional Information (Detail) - USD ($)	Feb. 17, 2017	Jun. 30, 2017
Line of Credit Facility [Line Items]
Capitalized debt issuance costs		$ 11,300,000
Term Loan Facility
Line of Credit Facility [Line Items]
Maturity Dates	Feb. 17, 2024	Dec. 12, 2021
Term Loan Facility | Popeyes | Incremental Term Loan
Line of Credit Facility [Line Items]
Aggregate principal amount		$ 1,300,000,000
Capitalized debt issuance costs		23,000,000
Term Loan Facility | Popeyes | Incremental Term Loan Two
Line of Credit Facility [Line Items]
Aggregate principal amount		$ 250,000,000

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - Revolving Credit Facility	Jun. 30, 2017USD ($)
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	$ 0
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	125,000,000
Long-term Line of Credit	1,600,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 498,400,000

Long-Term Debt Long-Term Debt -

Long-Term Debt Long-Term Debt - 2017 Senior Notes (Details) - Senior notes - Senior Notes Indenture 2017 - USD ($) $ in Millions	Feb. 17, 2017	Jun. 30, 2017	May 17, 2017
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 1,500
Stated interest rate		4.25%
Maturity Dates	May 15, 2024
Debt issuance costs, net			$ 12.6

Long-Term Debt - Fair Value Mea

Long-Term Debt - Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Fair value of variable rate term debt and bonds	$ 11,500	$ 8,800
Long-term Debt, Gross	$ 11,400	$ 8,600

Long-Term Debt - Schedule of In

Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Millions	Mar. 27, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt		$ 118.9	$ 103.5	$ 218.9	$ 204.7
Capital lease obligations		5	5	10	9.8
Amortization of deferred financing costs and debt issuance discount		8.2	9.6	16.7	19.3
Interest income		(4.1)	(0.9)	(6.2)	(1.5)
Interest expense, net		$ 128	$ 117.2	$ 239.4	$ 232.3
Popeyes Acquisition
Business Acquisition [Line Items]
Repayments of Debt	$ 155.5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	15.00%	19.30%	16.40%	20.40%

Equity - Additional Information

Equity - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017shares
Class A common units
Stockholders Equity [Line Items]
BKW reorganization into Partnership, Shares	146,730

Equity - Summary of Changes in

Equity - Summary of Changes in the Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Foreign currency translation adjustment	$ 355.4	$ 21.1	$ 461.2	$ 670.5
Net change in fair value of derivatives, net of tax			(235.5)
Amounts reclassified to earnings of cash flow hedges, net of tax	7.3	5.2	11	5.1
Pension and post-retirement benefit plans, net of tax	0	0	(0.1)	0
Amortization of prior service (credits) costs, net of tax	(0.4)	(0.5)	(0.8)	(0.9)
Amortization of actuarial (gains) losses, net of tax	1	$ 0	1.2	$ 0.1
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances			(1,355.4)
Ending balances	(1,118.4)		(1,118.4)
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances			533.1
Net change in fair value of derivatives, net of tax			(235.5)
Amounts reclassified to earnings of cash flow hedges, net of tax			11
Ending balances	308.6		308.6
Defined Benefit Pension
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances			(32.8)
Pension and post-retirement benefit plans, net of tax			(0.1)
Amortization of prior service (credits) costs, net of tax			(0.8)
Amortization of actuarial (gains) losses, net of tax			1.2
Ending balances	(32.5)		(32.5)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances			(1,855.7)
Foreign currency translation adjustment			461.2
Ending balances	$ (1,394.5)		$ (1,394.5)

Equity - Reclassifications Out

Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ (128)	$ (117.2)	$ (239.4)	$ (232.3)
Cost of sales	460.2	438	883.6	828.6
Income tax (expense) benefit	(42.9)	(59.2)	(80.7)	(106.4)
Net income	243.5	247.6	410.1	415.9
Total reclassifications, Net of tax	(7.9)	(4.7)	(11.4)	(4.3)
Accumulated defined benefit plans net prior service cost
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from AOCI before tax	0.7	0.8	1.4	1.5
Accumulated defined benefit plans net gain (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from AOCI before tax	(0.2)	(0.1)	(0.5)	(0.2)
Accumulated defined benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from AOCI before tax	0.5	0.7	0.9	1.3
Defined benefit pension, interest expense	(1.1)	(0.2)	(1.3)	(0.5)
Total reclassifications, Net of tax	(0.6)	0.5	(0.4)	0.8
Reclassification out of Accumulated Other Comprehensive Income | Accumulated net gain (loss) on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(9.8)	(7)	(14.8)	(6.9)
Income tax (expense) benefit	2.5	1.8	3.8	1.8
Net income	(7.3)	(5.2)	(11)	(5.1)
Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Contract | Accumulated net gain (loss) on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	(9)	(5.9)	(14.9)	(9.4)
Reclassification out of Accumulated Other Comprehensive Income | Foreign Exchange Forward | Accumulated net gain (loss) on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ (0.8)	$ (1.1)	$ 0.1	$ 2.5

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) CAD in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2017EUR (€)	Jun. 30, 2017CAD	Jun. 30, 2017USD ($)
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount						$ 177,600,000
Interest Expense, Net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax loss reclassified into interest expense		$ 12,400,000
Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount						2,500,000,000
Cross-currency rate swap maturity date			Mar. 31, 2021
Interest Rate Swaps | Interest Expense, Net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net unrealized loss remaining in AOCI			$ 84,600,000
Cross Currency Interest Rate Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash received on hedge	$ 763,500,000
Net unrealized gains as of termination date	$ 533,400,000
Cross Currency Interest Rate Contract | Fixed Income Interest Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount					CAD 6,753.5	5,000,000,000
Cross Currency Interest Rate Contract | Fixed Income Interest Rate | Hedge Funds
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount				€ 1,107,800,000		1,200,000,000
Cross Currency Interest Rate Contract | United States Dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount						$ 5,000,000,000
Interest Rate Swaps Outstanding As Of December 31, 2016 | Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Type of interest rate paid on swap			fixed

Derivative Instruments - Quanti

Derivative Instruments - Quantitative Disclosures of Derivative Instruments Including Estimated Fair Values (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Reclassified from AOCI into Earnings			$ (14.9)	$ (9.4)
Derivatives designated as cash flow hedges | Forward-starting interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion)	$ (15.4)	$ (21.6)	(20.4)	(72.6)
Derivatives designated as cash flow hedges | Forward-currency contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion)	(7)	(0.7)	(5.5)	(9.8)
Derivatives designated as cash flow hedges | Interest expense, net | Reclassification out of Accumulated Other Comprehensive Income | Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Reclassified from AOCI into Earnings	(9)	(5.9)	(14.9)	(9.4)
Derivatives designated as cash flow hedges | Cost of sales | Reclassification out of Accumulated Other Comprehensive Income | Cost of sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Reclassified from AOCI into Earnings	(0.8)	(1.1)	0.1	2.5
Derivatives designated as net investment hedges | Cross-currency rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion)	$ (124.1)	$ 54.4	$ (178.3)	$ (219.7)

Derivative Instruments - Summar

Derivative Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 0.2	$ 720.7
Derivative Liability, Fair Value, Gross Liability	312.2	56.2
Derivatives Designated as Cash Flow Hedges | Foreign Currency | Prepaid and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	0.2	2.8
Derivatives Designated as Cash Flow Hedges | Foreign Currency | Other Accrued Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	66.8	55.1
Derivatives Designated as Cash Flow Hedges | Forward Currency Contracts | Other Accrued Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	4.3	1.1
Derivatives Designated as Net Investment Hedges | Foreign Currency | Derivative Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	717.9
Derivatives Designated as Net Investment Hedges | Forward Currency Contracts | Other Noncurrent Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 241.1	$ 0

Franchise and Property Revenu66

Franchise and Property Revenues - Summary of Franchise and Property Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Industries [Abstract]
Franchise royalties	$ 308.7	$ 249.8	$ 550.7	$ 477.6
Property revenues	189.3	198	364.3	369.3
Franchise fees and other revenue	32.6	33.8	65.8	62.7
Total	$ 530.6	$ 481.6	$ 980.8	$ 909.6

Other Operating Expenses (Inc67

Other Operating Expenses (Income), net - Other Operating Expenses (Income), Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Income and Expenses [Abstract]
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings	$ 8.6	$ 1	$ 11.5	$ 16.3
Litigation settlements and reserves, net	1.1	0.9	1.1	1.6
Net losses (gains) on foreign exchange	36.8	(12.1)	47.2	12
Other, net	0.3	(1.1)	0.8	(0.4)
Other operating expenses (income), net	$ 46.8	$ (11.3)	$ 60.6	$ 29.5

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 19, 2017plaintiff
Pending litigation
Loss Contingencies [Line Items]
Number of plaintiffs	2

Segment Reporting and Geographi

Segment Reporting and Geographical Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017SegmentsourceBrand
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of brands | Brand	3
Number of sources | source	4
Tim Hortons Burger King And Popeyes Brand
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of operating segments	3
Number of reportable segments	3

Segment Reporting - Revenues by

Segment Reporting - Revenues by Geographic Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue, Major Customer [Line Items]
Total revenues	$ 1,132.7	$ 1,040.2	$ 2,133.3	$ 1,958.7
United States
Revenue, Major Customer [Line Items]
Total revenues	313.2	246.3	545.6	475.8
Canada
Revenue, Major Customer [Line Items]
Total revenues	687.9	683	1,344.9	1,264.2
Other
Revenue, Major Customer [Line Items]
Total revenues	131.6	110.9	242.8	218.7
Tim Hortons
Revenue, Major Customer [Line Items]
Total revenues	772.3	759.8	1,505.9	1,417.6
Burger King
Revenue, Major Customer [Line Items]
Total revenues	293.7	280.4	560.7	541.1
Popeyes
Revenue, Major Customer [Line Items]
Total revenues	$ 66.7	$ 0	$ 66.7	$ 0

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Income to Net Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment income	$ 531.1	$ 479.1	$ 974.4	$ 886.9
Impact of equity method investments	(0.9)	(4.5)	4.8	14
Other operating expenses (income), net	46.8	(11.3)	60.6	29.5
EBITDA	459.8	467.5	839.3	840.1
Depreciation and amortization	45.4	43.5	88.7	85.5
Income from operations	414.4	424	750.6	754.6
Interest expense, net	128	117.2	239.4	232.3
Loss on early extinguishment of debt	0	0	20.4	0
Income tax expense	42.9	59.2	80.7	106.4
Net income	243.5	247.6	410.1	415.9
Operating Segments | Tim Hortons
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment income	281.1	279	537.3	506.8
Operating Segments | Burger King
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment income	216.8	200.1	403.9	380.1
Operating Segments | Popeyes
Segment Reporting, Revenue Reconciling Item [Line Items]
Segment income	33.2	0	33.2	0
Unallocated Management G&A
Segment Reporting, Revenue Reconciling Item [Line Items]
Share-based compensation and non-cash incentive compensation expense	11.9	11.3	30.4	19.2
Integration costs	0	3.8	0	6
Impact of equity method investments	4.1	7.8	1.2	(7.9)
Other operating expenses (income), net	46.8	(11.3)	60.6	29.5
Popeyes Acquisition
Segment Reporting, Revenue Reconciling Item [Line Items]
PLK Transaction costs	8.5	$ 0	$ 42.9	$ 0
Popeyes Acquisition | Selling, General and Administrative Expenses
Segment Reporting, Revenue Reconciling Item [Line Items]
PLK Transaction costs	$ 34.4

Supplemental Financial Inform72

Supplemental Financial Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 3,435.5	$ 1,420.4	$ 957.5	$ 753.7
Accounts and notes receivable, net	388.8	403.5
Inventories, net	89.5	71.8
Advertising fund restricted assets	92.8	57.7
Prepaids and other current assets	106.9	103.6
Total current assets	4,113.5	2,057
Property and equipment, net	2,153.5	2,054.7
Intangible assets, net	10,841.6	9,228
Goodwill	5,683.7	4,675.1
Net investment in property leased to franchisees	81.5	91.9
Derivative assets	0	717.9
Intercompany receivable	0	0
Investment in subsidiaries	0	0
Other assets, net	363.5	300.7
Total assets	23,237.3	19,125.3
Current liabilities:
Accounts and drafts payable	376.1	369.8
Other accrued liabilities	492.1	469.3
Gift card liability	139.5	194.4
Advertising fund liabilities	120.7	83.3
Current portion of long term debt and capital leases	76.3	93.9
Total current liabilities	1,204.7	1,210.7
Term debt, net of current portion	11,252.9	8,410.2
Capital leases, net of current portion	231.2	218.4
Other liabilities, net	1,178.9	784.9
Payables to affiliates	0	0
Deferred income taxes, net	2,198	1,715.1
Total liabilities	16,065.7	12,339.3
Partnership preferred units	3,297	3,297
Partners’ capital:
Common shares	0	0
Retained Earnings	0	0
Accumulated other comprehensive income (loss)	(1,118.4)	(1,355.4)
Total Partners’ capital	3,870.9	3,484.9
Noncontrolling interests	3.7	4.1
Total equity	3,874.6	3,489
Total liabilities, Partnership preferred units and equity	23,237.3	19,125.3
Class A common units
Partners’ capital:
Class A common units	3,470.2	3,364.1
Total equity	3,470.2	3,364.1
Partnership exchangeable units
Partners’ capital:
Partnership exchangeable units	1,519.1	1,476.2
Total equity	1,519.1	1,476.2
Eliminations
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts and notes receivable, net	0	0
Inventories, net	0	0
Advertising fund restricted assets	0	0
Prepaids and other current assets	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
Derivative assets		0
Intercompany receivable	(155.4)	(146.1)
Investment in subsidiaries	(7,171.6)	(6,786)
Other assets, net	0	0
Total assets	(7,327)	(6,932.1)
Current liabilities:
Accounts and drafts payable	0	0
Other accrued liabilities	0	0
Gift card liability	0	0
Advertising fund 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	(155.4)	(146.1)
Deferred income taxes, net	0	0
Total liabilities	(155.4)	(146.1)
Partnership preferred units	0	0
Partners’ capital:
Common shares	(6,871.5)	(6,825.8)
Retained Earnings	(1,414.8)	(1,311.5)
Accumulated other comprehensive income (loss)	1,118.4	1,355.4
Total Partners’ capital	(7,167.9)	(6,781.9)
Noncontrolling interests	(3.7)	(4.1)
Total equity	(7,171.6)	(6,786)
Total liabilities, Partnership preferred units and equity	(7,327)	(6,932.1)
Eliminations | Class A common units
Partners’ capital:
Class A common units	0	0
Eliminations | Partnership exchangeable units
Partners’ capital:
Partnership exchangeable units	0	0
Consolidated Borrowers
Current assets:
Cash and cash equivalents	3,435.5	1,420.4	957.5	753.7
Accounts and notes receivable, net	388.8	403.5
Inventories, net	89.5	71.8
Advertising fund restricted assets	92.8	57.7
Prepaids and other current assets	106.9	103.6
Total current assets	4,113.5	2,057
Property and equipment, net	2,153.5	2,054.7
Intangible assets, net	10,841.6	9,228
Goodwill	5,683.7	4,675.1
Net investment in property leased to franchisees	81.5	91.9
Derivative assets		717.9
Intercompany receivable	0	0
Investment in subsidiaries	0	0
Other assets, net	363.5	300.7
Total assets	23,237.3	19,125.3
Current liabilities:
Accounts and drafts payable	376.1	369.8
Other accrued liabilities	336.7	323.2
Gift card liability	139.5	194.4
Advertising fund liabilities	120.7	83.3
Current portion of long term debt and capital leases	76.3	93.9
Total current liabilities	1,049.3	1,064.6
Term debt, net of current portion	11,252.9	8,410.2
Capital leases, net of current portion	231.2	218.4
Other liabilities, net	1,178.9	784.9
Payables to affiliates	155.4	146.1
Deferred income taxes, net	2,198	1,715.1
Total liabilities	16,065.7	12,339.3
Partnership preferred units	0	0
Partners’ capital:
Common shares	6,871.5	6,825.8
Retained Earnings	1,414.8	1,311.5
Accumulated other comprehensive income (loss)	(1,118.4)	(1,355.4)
Total Partners’ capital	7,167.9	6,781.9
Noncontrolling interests	3.7	4.1
Total equity	7,171.6	6,786
Total liabilities, Partnership preferred units and equity	23,237.3	19,125.3
Consolidated Borrowers | Class A common units
Partners’ capital:
Class A common units	0	0
Consolidated Borrowers | Partnership exchangeable units
Partners’ capital:
Partnership exchangeable units	0	0
RBILP
Current assets:
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts and notes receivable, net	0	0
Inventories, net	0	0
Advertising fund restricted assets	0	0
Prepaids and other current assets	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
Derivative assets		0
Intercompany receivable	155.4	146.1
Investment in subsidiaries	7,171.6	6,786
Other assets, net	0	0
Total assets	7,327	6,932.1
Current liabilities:
Accounts and drafts payable	0	0
Other accrued liabilities	155.4	146.1
Gift card liability	0	0
Advertising fund liabilities	0	0
Current portion of long term debt and capital leases	0	0
Total current liabilities	155.4	146.1
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	155.4	146.1
Partnership preferred units	3,297	3,297
Partners’ capital:
Common shares	0	0
Retained Earnings	0	0
Accumulated other comprehensive income (loss)	(1,118.4)	(1,355.4)
Total Partners’ capital	3,870.9	3,484.9
Noncontrolling interests	3.7	4.1
Total equity	3,874.6	3,489
Total liabilities, Partnership preferred units and equity	7,327	6,932.1
RBILP | Class A common units
Partners’ capital:
Class A common units	3,470.2	3,364.1
RBILP | Partnership exchangeable units
Partners’ capital:
Partnership exchangeable units	$ 1,519.1	$ 1,476.2

Supplemental Financial Inform73

Supplemental Financial Information - Condensed Consolidating Statements of Operations (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Sales	$ 602,100,000	$ 558,600,000	$ 1,152,500,000	$ 1,049,100,000
Franchise and property revenues	530,600,000	481,600,000	980,800,000	909,600,000
Total revenues	1,132,700,000	1,040,200,000	2,133,300,000	1,958,700,000
Operating costs and expenses:
Cost of sales	460,200,000	438,000,000	883,600,000	828,600,000
Franchise and property expenses	113,700,000	111,900,000	224,700,000	213,700,000
Selling, general and administrative expenses	96,700,000	73,100,000	218,600,000	146,300,000
(Income) loss from equity method investments	900,000	4,500,000	(4,800,000)	(14,000,000)
Other operating expenses (income), net	46,800,000	(11,300,000)	60,600,000	29,500,000
Total operating costs and expenses	718,300,000	616,200,000	1,382,700,000	1,204,100,000
Income from operations	414,400,000	424,000,000	750,600,000	754,600,000
Interest expense, net	128,000,000	117,200,000	239,400,000	232,300,000
Loss on early extinguishment of debt	0	0	20,400,000	0
Income before income taxes	286,400,000	306,800,000	490,800,000	522,300,000
Income tax expense	42,900,000	59,200,000	80,700,000	106,400,000
Net income	243,500,000	247,600,000	410,100,000	415,900,000
Equity in earnings of consolidated subsidiaries	0	0	0	0
Net income	243,500,000	247,600,000	410,100,000	415,900,000
Comprehensive income (loss) attributable to noncontrolling interests	400,000	900,000	800,000	1,800,000
Partnership preferred unit distributions	67,500,000	67,500,000	135,000,000	135,000,000
Net income attributable to common unitholders	175,600,000	179,200,000	274,300,000	279,100,000
Comprehensive income (loss)	417,400,000	304,300,000	647,100,000	838,600,000
Eliminations
Revenues:
Sales	0	0	0	0
Franchise and property revenues	0			0
Total revenues	0	0	0	0
Operating costs and expenses:
Cost of sales				0
Franchise and property expenses				0
Selling, general and administrative expenses				0
(Income) loss from equity method investments			0	0
Other operating expenses (income), net				0
Total operating costs and expenses	0	0	0	0
Income from operations	0	0	0	0
Interest expense, net				0
Income before income taxes	0	0	0	0
Income tax expense				0
Net income	0	0	0	0
Equity in earnings of consolidated subsidiaries	(243,500,000)	(247,600,000)	(410,100,000)	(415,900,000)
Net income	(243,500,000)	(247,600,000)	(410,100,000)	(415,900,000)
Comprehensive income (loss) attributable to noncontrolling interests	(400,000)	(900,000)	(800,000)	(1,800,000)
Partnership preferred unit distributions	0		0	0
Net income attributable to common unitholders	(243,100,000)	(246,700,000)	(409,300,000)	(414,100,000)
Comprehensive income (loss)	(417,400,000)	(304,300,000)	(647,100,000)	(838,600,000)
Consolidated Borrowers
Revenues:
Sales	602,100,000	558,600,000	1,152,500,000	1,049,100,000
Franchise and property revenues	530,600,000	481,600,000	980,800,000	909,600,000
Total revenues	1,132,700,000	1,040,200,000	2,133,300,000	1,958,700,000
Operating costs and expenses:
Cost of sales	460,200,000	438,000,000	883,600,000	828,600,000
Franchise and property expenses	113,700,000	111,900,000	224,700,000	213,700,000
Selling, general and administrative expenses	96,700,000	73,100,000	218,600,000	146,300,000
(Income) loss from equity method investments	900,000	4,500,000	(4,800,000)	(14,000,000)
Other operating expenses (income), net	46,800,000	(11,300,000)	60,600,000	29,500,000
Total operating costs and expenses	718,300,000	616,200,000	1,382,700,000	1,204,100,000
Income from operations	414,400,000	424,000,000	750,600,000	754,600,000
Interest expense, net	128,000,000	117,200,000	239,400,000	232,300,000
Loss on early extinguishment of debt			20,400,000
Income before income taxes	286,400,000	306,800,000	490,800,000	522,300,000
Income tax expense	42,900,000	59,200,000	80,700,000	106,400,000
Net income	243,500,000	247,600,000	410,100,000	415,900,000
Equity in earnings of consolidated subsidiaries	0	0	0	0
Net income	243,500,000	247,600,000	410,100,000	415,900,000
Comprehensive income (loss) attributable to noncontrolling interests	400,000	900,000	800,000	1,800,000
Partnership preferred unit distributions	0	0	0	0
Net income attributable to common unitholders	243,100,000	246,700,000	409,300,000	414,100,000
Comprehensive income (loss)	417,400,000	304,300,000	647,100,000	838,600,000
RBILP
Revenues:
Sales	0	0	0	0
Franchise and property revenues	0			0
Total revenues	0	0	0	0
Operating costs and expenses:
Cost of sales				0
Franchise and property expenses				0
Selling, general and administrative expenses				0
(Income) loss from equity method investments			0	0
Other operating expenses (income), net				0
Total operating costs and expenses	0	0	0	0
Income from operations	0	0	0	0
Interest expense, net				0
Income before income taxes	0	0	0	0
Income tax expense				0
Net income	0	0	0	0
Equity in earnings of consolidated subsidiaries	243,500,000	247,600,000	410,100,000	415,900,000
Net income	243,500,000	247,600,000	410,100,000	415,900,000
Comprehensive income (loss) attributable to noncontrolling interests	400,000	900,000	800,000	1,800,000
Partnership preferred unit distributions	67,500,000	67,500,000	135,000,000	135,000,000
Net income attributable to common unitholders	175,600,000	179,200,000	274,300,000	279,100,000
Comprehensive income (loss)	$ 417,400,000	$ 304,300,000	$ 647,100,000	$ 838,600,000

Supplemental Financial Inform74

Supplemental Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ 243.5	$ 247.6	$ 410.1	$ 415.9
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries	0	0	0	0
Depreciation and amortization			88.7	85.7
Non-cash loss on early extinguishment of debt			17.9	0
Amortization of deferred financing costs and debt issuance discount	8.2	9.6	16.7	19.3
(Income) loss from equity method investments	0.9	4.5	(4.8)	(14)
Loss (gain) on remeasurement of foreign denominated transactions			47.1	19
Net losses on derivatives			14.9	9.4
Share-based compensation expense			27.2	16.1
Deferred income taxes			22.4	10.5
Other			9.8	7.1
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable			27.4	21.7
Inventories and prepaids and other current assets			(11.1)	(69.1)
Accounts and drafts payable			(9.5)	7.2
Advertising fund restricted assets and fund liabilities			1.3	(15.8)
Other accrued liabilities and gift card liability			(164.2)	(19.3)
Other long-term assets and liabilities			27.1	(1.7)
Net cash provided by operating activities			521	492
Cash flows from investing activities:
Payments for property and equipment			(11.7)	(12.8)
Proceeds from disposal of assets, restaurant closures, and refranchisings			9.6	13.2
Net payment for purchase of Popeyes, net of cash acquired			(1,635.9)	0
Return of investment on direct financing leases			7.8	8.1
Settlement/sale of derivatives, net			772	1.5
Other investing activities, net			0.3	1.8
Net cash provided by (used for) investing activities			(857.9)	11.8
Cash flows from financing activities:
Proceeds from issuance of long-term debt			3,050	0
Repayments of long-term debt and capital leases			(377.7)	(34.6)
Payment of financing costs			(47)	0
Distributions on common, preferred and Partnership exchangeable units			(296.6)	(260.2)
Capital contribution from RBI Inc.			12.3	10.7
Distributions from subsidiaries			0	0
Other financing activities, net			(2.3)	(22.1)
Net cash provided by (used for) financing activities			2,338.7	(306.2)
Effect of exchange rates on cash and cash equivalents			13.3	6.2
Increase (decrease) in cash and cash equivalents			2,015.1	203.8
Cash and cash equivalents at beginning of period			1,420.4	753.7
Cash and cash equivalents at end of period	3,435.5	957.5	3,435.5	957.5
Eliminations
Cash flows from operating activities:
Net income (loss)	(243.5)	(247.6)	(410.1)	(415.9)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries	243.5	247.6	410.1	415.9
Depreciation and amortization			0	0
Non-cash loss on early extinguishment of debt			0
Amortization of deferred financing costs and debt issuance discount			0	0
(Income) loss from equity method investments			0	0
Loss (gain) on remeasurement of foreign denominated transactions			0	0
Net losses on derivatives			0	0
Share-based compensation expense			0	0
Deferred income taxes			0	0
Other			0	0
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable			0	0
Inventories and prepaids and other current assets			0	0
Accounts and drafts payable			0	0
Advertising fund restricted assets and fund liabilities			0	0
Other accrued liabilities and gift card liability			0	0
Other long-term assets and liabilities			0	0
Net cash provided by operating activities			0	0
Cash flows from investing activities:
Payments for property and equipment			0	0
Proceeds from disposal of assets, restaurant closures, and refranchisings			0	0
Net payment for purchase of Popeyes, net of cash acquired			0
Return of investment on direct financing leases			0	0
Settlement/sale of derivatives, net			0	0
Other investing activities, net			0	0
Net cash provided by (used for) investing activities			0	0
Cash flows from financing activities:
Proceeds from issuance of long-term debt			0
Repayments of long-term debt and capital leases			0	0
Payment of financing costs			0
Distributions on common, preferred and Partnership exchangeable units			0	0
Capital contribution from RBI Inc.			0	0
Distributions from subsidiaries			0	0
Other financing activities, net			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	0	0
Consolidated Borrowers
Cash flows from operating activities:
Net income (loss)	243.5	247.6	410.1	415.9
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries	0	0	0	0
Depreciation and amortization			88.7	85.7
Non-cash loss on early extinguishment of debt			17.9
Amortization of deferred financing costs and debt issuance discount			16.7	19.3
(Income) loss from equity method investments	0.9	4.5	(4.8)	(14)
Loss (gain) on remeasurement of foreign denominated transactions			47.1	19
Net losses on derivatives			14.9	9.4
Share-based compensation expense			27.2	16.1
Deferred income taxes			22.4	10.5
Other			9.8	7.1
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable			27.4	21.7
Inventories and prepaids and other current assets			(11.1)	(69.1)
Accounts and drafts payable			(9.5)	7.2
Advertising fund restricted assets and fund liabilities			1.3	(15.8)
Other accrued liabilities and gift card liability			(164.2)	(19.3)
Other long-term assets and liabilities			27.1	(1.7)
Net cash provided by operating activities			521	492
Cash flows from investing activities:
Payments for property and equipment			(11.7)	(12.8)
Proceeds from disposal of assets, restaurant closures, and refranchisings			9.6	13.2
Net payment for purchase of Popeyes, net of cash acquired			(1,635.9)
Return of investment on direct financing leases			7.8	8.1
Settlement/sale of derivatives, net			772	1.5
Other investing activities, net			0.3	1.8
Net cash provided by (used for) investing activities			(857.9)	11.8
Cash flows from financing activities:
Proceeds from issuance of long-term debt			3,050
Repayments of long-term debt and capital leases			(377.7)	(34.6)
Payment of financing costs			(47)
Distributions on common, preferred and Partnership exchangeable units			0	0
Capital contribution from RBI Inc.			12.3	10.7
Distributions from subsidiaries			(296.6)	(260.2)
Other financing activities, net			(2.3)	(22.1)
Net cash provided by (used for) financing activities			2,338.7	(306.2)
Effect of exchange rates on cash and cash equivalents			13.3	6.2
Increase (decrease) in cash and cash equivalents			2,015.1	203.8
Cash and cash equivalents at beginning of period			1,420.4	753.7
Cash and cash equivalents at end of period	3,435.5	957.5	3,435.5	957.5
RBILP
Cash flows from operating activities:
Net income (loss)	243.5	247.6	410.1	415.9
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries	(243.5)	(247.6)	(410.1)	(415.9)
Depreciation and amortization			0	0
Non-cash loss on early extinguishment of debt			0
Amortization of deferred financing costs and debt issuance discount			0	0
(Income) loss from equity method investments			0	0
Loss (gain) on remeasurement of foreign denominated transactions			0	0
Net losses on derivatives			0	0
Share-based compensation expense			0	0
Deferred income taxes			0	0
Other			0	0
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable			0	0
Inventories and prepaids and other current assets			0	0
Accounts and drafts payable			0	0
Advertising fund restricted assets and fund liabilities			0	0
Other accrued liabilities and gift card liability			0	0
Other long-term assets and liabilities			0	0
Net cash provided by operating activities			0	0
Cash flows from investing activities:
Payments for property and equipment			0	0
Proceeds from disposal of assets, restaurant closures, and refranchisings			0	0
Net payment for purchase of Popeyes, net of cash acquired			0
Return of investment on direct financing leases			0	0
Settlement/sale of derivatives, net			0	0
Other investing activities, net			0	0
Net cash provided by (used for) investing activities			0	0
Cash flows from financing activities:
Proceeds from issuance of long-term debt			0
Repayments of long-term debt and capital leases			0	0
Payment of financing costs			0
Distributions on common, preferred and Partnership exchangeable units			(296.6)	(260.2)
Capital contribution from RBI Inc.			0	0
Distributions from subsidiaries			296.6	260.2
Other financing activities, net			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	$ 0	$ 0

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Aug. 02, 2017	Aug. 01, 2017	Jul. 06, 2017	Jul. 05, 2017
Subsequent Event [Line Items]
Cash dividend paid per common share (in dollars per share)			$ 0.19
Dividend payable record date	Sep. 15, 2017		May 15, 2017
Cash dividend paid per preferred share (in dollars per share)				$ 0.98
Dividends paid preferred share				$ 67.5
Cash dividend declared by board (in dollars per share)	$ 0.2
Dividend to be paid date	Oct. 3, 2017
Preferred Share
Subsequent Event [Line Items]
Dividend to be paid date		Oct. 2, 2017
Cash dividend declared by board (in dollars per share)		$ 0.98
Dividends Payable preferred share		$ 67.5