Restaurant Brands International (QSR) 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 20, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	QSR
Entity Registrant Name	Restaurant Brands International Inc.
Entity Central Index Key	1,618,756
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		233,777,402

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 998.1	$ 757.8
Trade and notes receivable, net of allowance of $13.9 million and $14.2 million, respectively	380.2	422
Inventories and other current assets, net	217.5	132.2
Advertising fund restricted assets	44.7	57.5
Total current assets	1,640.5	1,369.5
Property and equipment, net of accumulated depreciation of $413.0 million and $339.3 million, respectively	2,140.5	2,150.6
Intangible assets, net	9,541.2	9,147.8
Goodwill	4,815.7	4,574.4
Net investment in property leased to franchisees	106.5	117.2
Other assets, net	877.4	1,051.6
Total assets	19,121.8	18,411.1
Current liabilities:
Accounts and drafts payable	359.9	361.5
Other accrued liabilities	473.2	441.3
Gift card liability	131.4	168.5
Advertising fund liabilities	87.3	93.6
Current portion of long term debt and capital leases	94.9	56.1
Total current liabilities	1,146.7	1,121
Term debt, net of current portion	8,425.2	8,462.3
Capital leases, net of current portion	211.6	203.4
Other liabilities, net	891.7	795.9
Deferred income taxes, net	1,631.2	1,618.8
Total liabilities	12,306.4	12,201.4
Redeemable preferred shares; $43.775848 par value; 68,530,939 shares authorized, issued and outstanding at June 30, 2016 and December 31, 2015	3,297	3,297
Shareholders' Equity:
Common shares, no par value; unlimited shares authorized at June 30, 2016 and December 31, 2015; 233,740,606 shares issued and outstanding at June 30, 2016; 225,707,588 shares issued and outstanding at December 31, 2015;	1,923.2	1,824.5
Retained earnings	318.8	245.8
Accumulated other comprehensive income (loss)	(540.4)	(733.7)
Total Restaurant Brands International Inc. shareholders' equity	1,701.6	1,336.6
Noncontrolling interests	1,816.8	1,576.1
Total shareholders' equity	3,518.4	2,912.7
Total liabilities, redeemable preferred shares and shareholders' equity	$ 19,121.8	$ 18,411.1

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Allowances for trade and notes receivable	$ 13.9	$ 14.2
Property and equipment, accumulated depreciation	$ 413	$ 339.3
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	233,740,606	225,707,588
Common stock, shares outstanding	233,740,606	225,707,588
Redeemable Preferred Stock [Member]
Preferred stock, par value	$ 43.775848	$ 43.775848
Preferred stock, shares authorized	68,530,939	68,530,939
Preferred stock, shares issued	68,530,939	68,530,939
Preferred stock, shares outstanding	68,530,939	68,530,939

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Sales	$ 558.6	$ 567.8	$ 1,049.1	$ 1,067.3
Franchise and property revenues	481.6	474.4	909.6	908.2
Total revenues	1,040.2	1,042.2	1,958.7	1,975.5
Cost of sales	435.8	474.8	824	908
Franchise and property expenses	114.1	121.7	218.3	250.8
Selling, general and administrative expenses	73.1	102	146.3	213
(Income) loss from equity method investments	4.5	6.4	(14)	4.7
Other operating expenses (income), net	(11.3)	35.2	29.5	72.8
Total operating costs and expenses	616.2	740.1	1,204.1	1,449.3
Income from operations	424	302.1	754.6	526.2
Interest expense, net	117.2	123.2	232.3	246.3
(Gain) loss on early extinguishment of debt		39.9		39.6
Income before income taxes	306.8	139	522.3	240.3
Income tax expense	59.2	45.2	106.4	95.9
Net income	247.6	93.8	415.9	144.4
Net income attributable to noncontrolling interests (Note 12)	89.2	15.3	140	5.5
Preferred share dividends	67.5	67.5	135	136.2
Net income attributable to common shareholders	$ 90.9	$ 11	$ 140.9	$ 2.7
Earnings per common share:
Basic	$ 0.39	$ 0.05	$ 0.61	$ 0.01
Diluted	$ 0.38	$ 0.05	$ 0.59	$ 0.01
Weighted average shares outstanding
Basic	233.5	202.4	231.8	202.3
Diluted	470.1	476.4	469.2	476.4
Cash dividends declared per common share	$ 0.15	$ 0.10	$ 0.29	$ 0.19

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 247.6	$ 93.8	$ 415.9	$ 144.4
Foreign currency translation adjustment	21.1	193.1	670.5	(898.7)
Net change in fair value of net investment hedges, net of tax of $(6.9), $25.2, $28.6 and $(42.9)	47.5	(160.1)	(191.1)	226.1
Net change in fair value of cash flow hedges, net of tax of $5.7, $1.9, $21.4 and $21.3	(16.6)	(5.1)	(61)	(59)
Amounts reclassified to earnings of cash flow hedges, net of tax of $(1.8), $(6.7), $(1.8) and $(7.3)	5.2	17.5	5.1	19
Pension and post-retirement benefit plans, net of tax of $0, $0, $0 and $0.1				(0.1)
Amortization of prior service (credits) costs, net of tax of $0.3, $0.3, $0.6 and $0.6	(0.5)	(0.5)	(0.9)	(0.9)
Amortization of actuarial (gains) losses, net of tax of $(0.1), $(0.3), $(0.1) and $(0.6)		0.5	0.1	0.9
Other comprehensive income (loss)	56.7	45.4	422.7	(712.7)
Comprehensive income (loss)	304.3	139.2	838.6	(568.3)
Comprehensive income (loss) attributable to noncontrolling interests	117.2	41	351	(398.6)
Comprehensive income attributable to preferred shareholders	67.5	67.5	135	136.2
Comprehensive income (loss) attributable to common shareholders	$ 119.6	$ 30.7	$ 352.6	$ (305.9)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Tax effect on change in fair value of investment hedges	$ (6.9)	$ 25.2	$ 28.6	$ (42.9)
Tax effect of changes in fair value of cash flow hedges	5.7	1.9	21.4	21.3
Tax effect on amounts reclassified to earnings of cash flow hedges	(1.8)	(6.7)	(1.8)	(7.3)
Tax effect on pension and post-retirement benefit plans	0	0	0	0.1
Tax effect on amortization prior service costs	0.3	0.3	0.6	0.6
Tax effect on amortization of actuarial (gains) losses	$ (0.1)	$ (0.3)	$ (0.1)	$ (0.6)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Shareholders' Equity (unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Millions	Total	Issued Common Shares [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2015	$ 2,912.7	$ 1,824.5	$ 245.8	$ (733.7)	$ 1,576.1
Beginning Balance, shares at Dec. 31, 2015	225,707,588	225,700,000
Stock option exercises	$ 10.7	$ 10.7
Stock option exercises, Shares		1,200,000
Share-based compensation	15.5	$ 15.5
Issuance of shares	7.6	$ 7.6
Issuance of shares, Shares		200,000
Dividend declared on common shares ($0.29 per share)	(67.6)		(67.6)
Dividend equivalents declared on restricted stock units		$ 0.3	(0.3)
Distributions declared by Partnership on partnership exchangeable units ($0.29 per unit) (Note 12)	(66)				(66)
Preferred share dividends	$ (135)		(135)
Exchange of Partnership exchangeable units for RBI common shares, value		$ 64.6		(18.4)	(46.2)
Exchange of Partnership exchangeable units for RBI common shares, shares	6,574,671	6,600,000
Restaurant VIE contributions	$ 1.9				1.9
Net income	415.9		275.9		140
Other comprehensive income (loss)	422.7			211.7	211
Ending Balance at Jun. 30, 2016	$ 3,518.4	$ 1,923.2	$ 318.8	$ (540.4)	$ 1,816.8
Ending Balance, shares at Jun. 30, 2016	233,740,606	233,700,000

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Shareholders' Equity (unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2016$ / shares
Dividend declared on common shares	$ 0.29
Distributions declared by Partnership on partnership exchangeable units per share	0.29
Retained Earnings [Member]
Dividend declared on common shares	0.29
Distributions declared by Partnership on partnership exchangeable units per share	$ 0.29

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 415.9	$ 144.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85.7	94.7
(Gain) loss on early extinguishment of debt		39.6
Amortization of deferred financing costs and debt issuance discount	19.3	15.3
(Income) loss from equity method investments	(14)	4.7
Loss (gain) on remeasurement of foreign denominated transactions	19	27.5
Amortization of defined benefit pension and postretirement items	(1.2)	(0.1)
Net losses (gains) on derivatives	9.4	46.6
Net losses (gains) on refranchisings and dispositions of assets	9	(0.6)
Bad debt expense (recoveries), net	(0.7)	0.7
Share-based compensation expense	16.1	22.5
Acquisition accounting impact on cost of sales		0.8
Deferred income taxes	10.5	(83.3)
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Reclassification of restricted cash to cash and cash equivalents		79.2
Trade and notes receivable	21.4	59.9
Inventories and other current assets	(69.4)	5
Accounts and drafts payable	7.4	39.3
Accrued advertising	(15.8)	6.2
Other accrued liabilities	(17.5)	36.9
Other long-term assets and liabilities	10.2	(31.1)
Net cash provided by operating activities	505.3	508.2
Cash flows from investing activities:
Payments for property and equipment	(12.8)	(57)
Proceeds from refranchisings, disposition of assets and restaurant closures	13.2	10.7
Return of investment on direct financing leases	8.1	8
Settlement of derivatives, net	1.5	11.5
Other investing activities, net	1.8	2.3
Net cash provided by (used for) investing activities	11.8	(24.5)
Cash flows from financing activities:
Proceeds from Senior Notes		1,250
Repayments of term debt, Tim Hortons Notes and capital leases	(34.6)	(2,592.4)
Payment of financing costs		(81.3)
Dividends paid on common shares and preferred shares	(260.2)	(124.5)
Proceeds from stock option exercises	10.7	1.6
Proceeds from issuance of shares		2.1
Other financing activities	1.1	(0.7)
Net cash provided by (used for) financing activities	(283)	(1,545.2)
Effect of exchange rates on cash and cash equivalents	6.2	(52.8)
Increase (decrease) in cash and cash equivalents	240.3	(1,114.3)
Cash and cash equivalents at beginning of period	757.8	1,803.2
Cash and cash equivalents at end of period	998.1	688.9
Supplemental cashflow disclosures:
Interest paid	199.7	224.8
Income taxes paid	76.6	79.6
Non-cash investing and financing activities:
Acquisition of property with capital lease obligations	$ 8.3	$ 7.9

Description of Business and Org

Description of Business and Organization	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Description of Business and Organization	Note 1. Description of Business and Organization Description of Business Restaurant Brands International Inc. (the “Company,” “RBI,” “we,” “us” or “our”) was originally formed on August 25, 2014 and continued under the laws of Canada. Pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended, the Company is a successor issuer to Burger King Worldwide, Inc. The Company serves as the sole general partner of Restaurant Brands International Limited Partnership (the “Partnership”), the indirect parent of The TDL Group Corp. (f/k/a Tim Hortons ULC and Tim Hortons Inc.), a limited company existing under the laws of British Columbia that franchises and operates quick service restaurants serving premium coffee and other beverage and food products under the Tim Hortons ® Burger King ® All references to “$” or “dollars” are to the currency of the United States unless otherwise indicated. All references to “C$” or “Canadian dollars” are to the currency of Canada unless otherwise indicated.

Basis of Presentation and Conso

Basis of Presentation and Consolidation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Note 2. Basis of Presentation and Consolidation We have prepared the accompanying unaudited condensed consolidated financial statements (“Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States 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 26, 2016. The Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. We consolidate entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. All material intercompany balances and transactions have been eliminated in consolidation. Investments in other affiliates that are owned 50% or less where we have significant influence are accounted for by the equity method. We are the sole general partner of Partnership and, as such, we have 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, subject to the terms of the partnership agreement of Partnership (the “partnership agreement”) and applicable laws. As a result, we consolidate the results of Partnership and record a noncontrolling interest in our consolidated balance sheets and statements of operations with respect to the remaining economic interest in Partnership we do not hold. 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. The primary beneficiary is the entity that possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. Our most significant variable interests are in entities that operate restaurants under our subsidiaries’ franchise arrangements and certain equity method investees that operate as master franchisees. Our maximum exposure to loss resulting from involvement with potential VIEs is attributable to trade and notes receivable balances, outstanding loan guarantees and future lease payments, where applicable. We do not have any ownership interests in our franchisees’ businesses, except for investments in various entities that are accounted for under the equity method. 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. In these arrangements, Tim Hortons has the ability to determine which operators manage the restaurants and for what duration. Tim Hortons previously also entered into interest-free financing in connection with a Franchise Incentive Program (“FIP”) with certain U.S. restaurant owners whereby restaurant owners finance the initial franchise fee and purchase of restaurant assets. In both operator and FIP arrangements, 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”). Additionally, Tim Hortons participates in advertising funds which, on behalf of Tim Hortons Company and franchise restaurants, collect contributions and administer funds for advertising and promotional programs. Tim Hortons is the sole shareholder (Canada) and sole member (U.S.) in these funds, and is the primary beneficiary of these funds (the “Advertising VIEs”). As Burger King 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 do not necessarily indicate the results that may be expected for any other interim period or for the full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our Financial Statements and notes (“Notes”) to the Financial Statements. Management adjusts such estimates and assumptions when facts and circumstances dictate. Such estimates and assumptions may be affected by volatile credit, equity, foreign currency, energy markets and declines in consumer spending. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Certain prior year amounts in the accompanying Financial Statements and Notes to the Financial Statements have been reclassified in order to be comparable with the current year classifications. These reclassifications had no effect on previously reported net income.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	Note 3. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amended accounting guidance on revenue recognition. Under this guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should disclose sufficient information to enable users of financial statements to understand the nature, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued an accounting standards update which deferred the effective date for adoption of the new revenue standard by one year. In March 2016, the FASB issued an accounting standards update that clarifies the implementation guidance on principal versus agent considerations on revenue recognition. In April 2016, the FASB issued an accounting standards update that clarifies the implementation guidance on performance obligations and licensing on revenue recognition. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption of the accounting standard is allowed as of the original effective date, which is for fiscal years, and interim periods within those years, beginning after December 15, 2016. The accounting standards update permits the use of either the retrospective or cumulative effect transition method. We are evaluating the impact of this accounting standards update on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the accounting standards update on our ongoing financial reporting. In February 2016, the FASB issued an accounting standards update which sets out the principles for the recognition, measurement, presentation and disclosure of leases applicable to both lessors and lessees. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact that the adoption of this accounting standards update will have on our financial statements, but we expect this new guidance will have a material impact on our consolidated financial statements since the Company has a significant number of operating and capital lease arrangements for which it is the lessee and others for which it is the lessor. 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. Amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendments can be applied either prospectively or retrospectively on a modified basis. We do not expect the adoption of this new guidance to have a material impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standards update which eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. Amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. We do not expect the adoption of this new guidance to have a material impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standards update which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We expect this new guidance to have an impact on our consolidated financial statements since the Company has share-based compensation arrangements. We are currently evaluating the impact that the adoption of this accounting standards update will have on our financial statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Note 4. Earnings Per Share Basic earnings per common share is determined by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by dividing net income (loss) attributable to common shareholders and noncontrolling interests by the weighted average number of common shares outstanding, assuming all potentially dilutive shares were issued. Beginning on December 12, 2014, an economic interest in Partnership common equity was held by the holders of Class B exchangeable limited partnership units (“Partnership exchangeable units”). Since December 12, 2015, the one year anniversary of the effective date of the Transactions, the holders of Partnership exchangeable units each have the right to require Partnership to exchange all or any portion of such holder’s Partnership exchangeable units on a one-for-one basis for RBI common shares, subject to RBI’s right as the general partner of Partnership, at RBI’s sole discretion, to deliver a cash payment in lieu of RBI common shares. See Note 12, Shareholders’ Equity We apply the treasury stock method to determine the dilutive weighted average common shares represented by Partnership exchangeable units and outstanding stock options, unless the effect of their inclusion is anti-dilutive. The diluted earnings per share calculation assumes conversion of 100% of the Partnership exchangeable units under the “if converted” method. Accordingly, the numerator is also adjusted to include the earnings allocated to the holders of noncontrolling interests. The following table summarizes the basic and diluted earnings per share calculations (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator - Basic: Net income attributable to common shareholders $ 90.9 $ 11.0 $ 140.9 $ 2.7 Numerator - Diluted: Net income attributable to common shareholders $ 90.9 $ 11.0 $ 140.9 $ 2.7 Add: Net income attributable to noncontrolling interests 88.3 14.3 138.2 3.5 Dilutive net income available to common shareholders and noncontrolling interests $ 179.2 $ 25.3 $ 279.1 $ 6.2 Denominator: Weighted average common shares - basic 233.5 202.4 231.8 202.3 Exchange of noncontrolling interests for common shares (Note 12) 227.2 265.0 228.5 265.0 Effect of other dilutive securities 9.4 9.0 8.9 9.1 Weighted average common shares - diluted 470.1 476.4 469.2 476.4 Basic earnings per share $ 0.39 $ 0.05 $ 0.61 $ 0.01 Diluted earnings per share $ 0.38 $ 0.05 $ 0.59 $ 0.01 Anti-dilutive share options outstanding 6.4 4.4 6.4 4.4

Inventories and Other Current A

Inventories and Other Current Assets, net	6 Months Ended
	Jun. 30, 2016
Inventories And Other Assets Current [Abstract]
Inventories and Other Current Assets, net	Note 5. Inventories and Other Current Assets, net Inventories and other current assets, net consist of the following (in millions): As of June 30, December 31, 2016 2015 Raw materials $ 32.4 $ 22.7 Finished goods 54.3 58.6 Total inventory 86.7 81.3 Refundable and prepaid income taxes 93.9 21.5 Prepaids and other current assets 36.9 29.4 Inventories and other current assets, net $ 217.5 $ 132.2

Intangible Assets, net and Good

Intangible Assets, net and Goodwill	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net and Goodwill	Note 6. Intangible Assets, net and Goodwill Intangible assets, net and goodwill consist of the following (in millions): As of June 30, 2016 December 31, 2015 Gross Accumulated Net Gross Accumulated Net Identifiable assets subject to amortization: Franchise agreements $ 666.7 $ (121.4 ) $ 545.3 $ 653.0 $ (106.8 ) $ 546.2 Favorable leases 449.6 (132.4 ) 317.2 436.5 (107.5 ) 329.0 Subtotal 1,116.3 (253.8 ) 862.5 1,089.5 (214.3 ) 875.2 Indefinite lived intangible assets: Tim Hortons $ 6,568.0 $ — $ 6,568.0 $ 6,175.4 $ — $ 6,175.4 Burger King 2,110.7 — 2,110.7 2,097.2 — 2,097.2 Subtotal 8,678.7 — 8,678.7 8,272.6 — 8,272.6 Intangible assets, net $ 9,541.2 $ 9,147.8 Goodwill $ 4,815.7 $ 4,574.4 We recorded amortization expense on intangible assets of $17.8 million for the three months ended June 30, 2016 and $20.1 million for the same period in the prior year. We recorded amortization expense on intangible assets of $36.1 million for the six months ended June 30, 2016 and $39.6 million for the same period in the prior year. The change in the brands and goodwill balances during the six months ended June 30, 2016 was due to the impact of foreign currency translation.

Other Assets, net

Other Assets, net	6 Months Ended
	Jun. 30, 2016
Investments, All Other Investments [Abstract]
Other Assets, net	Note 7. Other Assets, net Other assets, net consist of the following (in millions): As of June 30, December 31, 2016 2015 Derivative assets - noncurrent $ 629.8 $ 830.9 Equity method investments 152.9 139.0 Other assets 94.7 81.7 Other assets, net $ 877.4 $ 1,051.6

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Note 8. Equity Method Investments The aggregate carrying amount of our equity method investments was $152.9 million as of June 30, 2016 and $139.0 million as of December 31, 2015 and is included as a component of other assets, net in our condensed consolidated balance sheets. Below are the names of the entities, country of operation and our equity interest in our significant equity method investments based on the carrying value as of June 30, 2016. Entity Country Equity TIMWEN Partnership Canada 50.00 % Carrols Restaurant Group, Inc. United States 21.35 % Pangaea Foods (China) Holdings, Ltd. China 27.50 % 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. During the three months ended June 30, 2016, TH received $3.1 million in cash distributions and recognized $5.2 million of contingent rent expense associated with this joint venture. During the six months ended June 30, 2016, TH received $5.6 million in cash distributions and recognized $9.6 million of contingent rent expense associated with this joint venture. The aggregate market value of our equity interest in Carrols Restaurant Group, Inc., based on the quoted market price on June 30, 2016, is approximately $112.0 million. No quoted market prices are available for our remaining equity method investments. With respect to our BK operations, most of the entities in which we have an equity interest own or franchise BK restaurants. Franchise and property revenue we recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Revenues from affiliates: Franchise royalties $ 31.6 $ 23.9 $ 59.3 $ 44.3 Property revenues 7.6 7.2 14.2 14.2 Franchise fees and other revenue 4.3 2.2 7.9 3.4 Total $ 43.5 $ 33.3 $ 81.4 $ 61.9 At June 30, 2016 and December 31, 2015, we had $14.6 million and $23.9 million, respectively, of accounts receivable from our equity method investments which were recorded in trade and notes receivable, net in our condensed consolidated balance sheets. (Income) loss from equity method investments reflects our share of investee net income or loss. During the six months ended June 30, 2016, we recorded an $11.6 million increase to the carrying value of our investment balance and a noncash dilution gain included in (income) loss from equity method investments on the issuance of capital stock by Burger King France SAS (“France JV”), one of our equity method investees. This issuance of capital stock reduced our ownership interest in the France JV. The dilution gain reflects an adjustment to the difference between the amount of our underlying equity in the net assets of the France JV before and after the issuance of capital stock. Similarly, during the six months ended June 30, 2015, we recorded a $10.9 million increase to the carrying value of our investment balance and a noncash dilution gain included in (income) loss from equity method investments on the issuance of capital stock by BK Brasil Operacao E Assesoria A Restaurantes S.A. (“Brazil JV”), one of our equity method investees. This issuance of capital stock reduced our ownership interest in the Brazil JV. The dilution gain reflects an adjustment to the difference between the amount of our underlying equity in the net assets of the Brazil JV before and after the issuance of capital stock.

Other Accrued Liabilities and O

Other Accrued Liabilities and Other Liabilities, net	6 Months Ended
	Jun. 30, 2016
Other Liabilities Disclosure [Abstract]
Other Accrued Liabilities and Other Liabilities, net	Note 9. 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, December 31, 2016 2015 Current: Dividend payable $ 136.6 $ 128.3 Interest payable 62.9 63.1 Accrued compensation and benefits 35.3 62.5 Taxes payable - current 101.2 46.9 Deferred income - current 26.5 33.5 Closed property reserve 11.2 14.0 Restructuring and other provisions 9.2 13.5 Derivatives liabilities - current 6.5 — Other 83.8 79.5 Other accrued liabilities $ 473.2 $ 441.3 Noncurrent: Unfavorable leases $ 307.0 $ 322.0 Taxes payable - noncurrent 254.3 236.7 Accrued pension 78.9 80.2 Derivatives liabilities - noncurrent 140.0 47.3 Lease liability - noncurrent 28.0 29.5 Deferred income - noncurrent 25.5 23.7 Other 58.0 56.5 Other liabilities, net $ 891.7 $ 795.9

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Note 10. Long-Term Debt Long-term debt consists of the following (in millions): Maturity dates As of June 30, December 31, 2016 2015 Term Loan Facility December 12, 2021 $ 5,071.9 $ 5,097.7 2015 Senior Notes January 15, 2022 1,250.0 1,250.0 2014 Senior Notes April 1, 2022 2,250.0 2,250.0 Tim Hortons Notes various 42.2 39.4 Other N/A 93.5 88.5 Less: unamortized discount and deferred financing costs (205.9 ) (224.3 ) Total debt, net 8,501.7 8,501.3 Less: current maturities of debt (76.5 ) (39.0 ) Total long-term debt $ 8,425.2 $ 8,462.3 As of June 30, 2016 and December 31, 2015, unamortized discount included $39.5 million and $43.2 million, respectively, related to our secured term loans (the “Term Loan Facility”) under our credit agreement dated May 22, 2015 (the “2015 Amended Credit Agreement”). As of June 30, 2016, deferred financing costs included $120.1 million related to the Term Loan Facility, $8.2 million related to our first lien senior secured notes (the “2015 Senior Notes”) and $38.1 million related to our second lien senior secured notes (the “2014 Senior Notes”). As of December 31, 2015, deferred financing costs included $131.3 million related to the Term Loan Facility, $9.0 million related to the 2015 Senior Notes and $40.8 million related to the 2014 Senior Notes. Deferred financing costs are amortized over the term of the debt into interest expense using the effective interest method. The amortization of deferred financing costs included in interest expense, net was $7.8 million for the three months ended June 30, 2016 and $6.2 million for the three months ended June 30, 2015. The amortization of deferred financing costs included in interest expense, net was $15.6 million for the six months ended June 30, 2016 and $11.1 million for the six months ended June 30, 2015. Revolving Credit Facility As of June 30, 2016, we had no amounts outstanding under the revolving credit facility available under the 2015 Amended Credit Agreement (the “Revolving Credit Facility”). Funds available under the Revolving Credit Facility may be used to repay other debt, to 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 under this facility by the cumulative amount of outstanding letters of credit. As of June 30, 2016, we had $1.5 million of letters of credit issued against the Revolving Credit Facility and our borrowing availability was $498.5 million. Interest Expense, net Interest expense, net consists of the following (in millions): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Term Loan Facility $ 54.1 $ 69.4 $ 105.9 $ 145.2 2015 Senior Notes 14.4 6.3 28.9 6.3 2014 Senior Notes 33.8 33.7 67.5 67.5 Tim Hortons Notes 0.3 0.5 0.7 2.4 Amortization of deferred financing costs and debt issuance discount 9.6 8.3 19.3 15.3 Capital lease obligations 5.0 5.3 9.8 10.4 Other 0.9 0.7 1.7 1.6 Interest income (0.9 ) (1.0 ) (1.5 ) (2.4 ) Interest expense, net $ 117.2 $ 123.2 $ 232.3 $ 246.3

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes 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 these periods was primarily a result of the mix of income from multiple tax jurisdictions, partially offset by the favorable impact from intercompany financing. Our effective tax rate was 32.5% and 39.9% for the three and six months ended June 30, 2015, respectively. The effective tax rate during these periods was primarily due to the mix of income from multiple tax jurisdictions.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Shareholders' Equity	Note 12. Shareholders’ Equity Noncontrolling Interests Noncontrolling interests represent equity interests in consolidated subsidiaries that are not attributable to us. The holders of Partnership exchangeable units held an economic interest of approximately 49.3% and 50.9% in Partnership common equity through the ownership of 227,164,977 and 233,739,648 Partnership exchangeable units as of June 30, 2016 and December 31, 2015, respectively. Pursuant to the terms of the partnership agreement, each holder of a Partnership exchangeable unit is entitled to distributions from Partnership in an amount equal to any dividends or distributions that we declare and pay with respect to our common shares. Distributions declared by Partnership on Partnership exchangeable units were $66.0 million during the six months ended June 30, 2016. Additionally, each holder of a Partnership exchangeable unit is entitled to vote in respect of matters on which holders of our common shares are entitled to vote through one special voting share of the Company. Since December 12, 2015, the one year anniversary of the effective date of the Transactions, each holder of a Partnership exchangeable unit may require Partnership to exchange all or any portion of such holder’s Partnership exchangeable units for our common shares at a ratio of one common share for each Partnership exchangeable unit, subject to our right as the general partner of Partnership, in our sole discretion, to deliver a cash payment in lieu of our common shares. If we elect to make a cash payment in lieu of issuing common shares, the amount of the payment will be the weighted average trading price of the common shares on the New York Stock Exchange for the 20 consecutive trading days ending on the last business day prior to the exchange date. During the six months ended June 30, 2016, Partnership exchanged 6,574,671 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 Company common shares. The exchanges represented increases in our ownership interest in Partnership and were accounted for as equity transactions, with no gain or loss recorded in the condensed consolidated statement of operations. Pursuant to the terms of the partnership agreement, upon the exchange of Partnership exchangeable units, each such Partnership exchangeable unit is automatically deemed cancelled concurrently with such exchange. Partnership issued preferred units to us in connection with the Transactions and our issuance of Class A 9.0% cumulative compounding perpetual voting preferred shares of the Company (the “Preferred Shares”). Under the terms of the partnership agreement, Partnership will make a preferred unit distribution to us in amounts equal to (i) dividends we pay on the Preferred Shares and (ii) in the event we redeem the Preferred Shares, the redemption amount of the Preferred Shares. Although the Partnership preferred units and related distributions eliminate in consolidation, they affect the amount of net income (loss) attributable to noncontrolling interests that we report. Net income (loss) attributable to noncontrolling interests represents the noncontrolling interests’ portion of (a) Partnership net income (loss) for the period less (b) preferred unit dividends accrued by Partnership. The noncontrolling interest recognized in connection with the Restaurant VIEs of Tim Hortons was $4.4 million and $0.7 million at June 30, 2016 and December 31, 2015, respectively. We adjust net income (loss) in our condensed consolidated statements of operations to exclude the noncontrolling interests’ proportionate share of results of operations. Also, we present the proportionate share of equity attributable to the noncontrolling interests as a separate component of shareholders’ equity within our condensed consolidated balance sheets. 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 AOCI Balances at December 31, 2015 $ 318.0 $ (12.3 ) $ (1,039.4 ) $ (733.7 ) Foreign currency translation adjustment — — 670.5 670.5 Net change in fair value of derivatives, net of tax (252.1 ) — — (252.1 ) Amounts reclassified to earnings of cash flow hedges, net of tax 5.1 — — 5.1 Amortization of prior service (credits) costs, net of tax — (0.9 ) — (0.9 ) Amortization of actuarial (gains) losses, net of tax — 0.1 — 0.1 Other comprehensive income attributable to noncontrolling interests 131.2 — (360.6 ) (229.4 ) Balances at June 30, 2016 $ 202.2 $ (13.1 ) $ (729.5 ) $ (540.4 ) The following table displays the reclassifications out of AOCI (in millions): Amounts Reclassified from AOCI Affected Line Item in the Three Months Six Months Details about AOCI Components Statements of Operations 2016 2015 2016 2015 Gains (losses) on cash flow hedges: Interest rate derivative contracts Interest expense, net $ (5.9 ) $ (5.0 ) $ (9.4 ) $ (5.0 ) Interest rate derivative contracts Other operating expenses (income), net — (22.7 ) — (27.6 ) Forward-currency contracts Cost of sales (1.1 ) 3.5 2.5 6.3 Total before tax (7.0 ) (24.2 ) (6.9 ) (26.3 ) Income tax (expense) benefit 1.8 6.7 1.8 7.3 Net of tax $ (5.2 ) $ (17.5 ) $ (5.1 ) $ (19.0 ) Defined benefit pension: Amortization of prior service credits (costs) SG&A (a) 0.8 0.7 1.5 1.4 Amortization of actuarial gains (losses) SG&A (a) (0.1 ) (0.7 ) (0.2 ) (1.4 ) Total before tax 0.7 — 1.3 — Income tax (expense) benefit (0.2 ) — (0.5 ) — Net of tax $ 0.5 $ — $ 0.8 $ — Total reclassifications Net of tax $ (4.7 ) $ (17.5 ) $ (4.3 ) $ (19.0 ) (a) Refers to selling, general and administrative expenses in the condensed consolidated statements of operations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13. Fair Value Measurements The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments and derivatives designated as net investment hedges as well as their location on our condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015 (in millions): Fair Value Measurements Fair Value Measurements at June 30, 2016 at December 31, 2015 Balance Sheet Location (Level 2) Total (Level 2) Total Assets: Derivatives designated as cash flow hedges Foreign currency Trade and notes receivable, net $ 0.4 $ 0.4 $ 6.6 $ 6.6 Derivatives designated as net investment hedges Foreign currency Other assets, net 629.8 629.8 830.9 830.9 Total assets at fair value $ 630.2 $ 630.2 $ 837.5 $ 837.5 Liabilities: Derivatives designated as cash flow hedges Interest rate Other liabilities, net $ 110.5 $ 110.5 $ 40.9 $ 40.9 Foreign currency Other accrued liabilities 6.5 6.5 — — Derivatives designated as net investment hedges Foreign currency Other liabilities, net 29.5 29.5 6.3 6.3 Total liabilities at fair value $ 146.5 $ 146.5 $ 47.2 $ 47.2 Our derivatives are valued using a discounted cash flow analysis that incorporates observable market parameters, such as interest rate yield curves and currency rates, classified as Level 2 within the valuation hierarchy. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by us or the counterparty. At June 30, 2016, the fair value of our variable rate term debt and bonds was estimated at $8.7 billion, compared to a principal carrying amount of $8.6 billion. At December 31, 2015, the fair value of our variable rate term debt and bonds was estimated at $8.7 billion, compared to a principal carrying amount of $8.6 billion. The fair value of our variable rate term debt and bonds was estimated using inputs based on bid and offer prices and are Level 2 inputs within the fair value hierarchy. Certain nonfinancial assets and liabilities are measured at fair value on a non-recurring basis. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to periodic impairment tests. These items primarily include long-lived assets, goodwill, the Tim Hortons Burger King

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 14. 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 exposure to fluctuations in interest rates and currency exchange rates. See Note 13 for fair value measurements of our derivative instruments. Interest Rate Swaps – Outstanding as of June 30, 2016 During May 2015, we entered into a series of receive-variable, pay-fixed interest rate swaps to hedge the variability in the interest payments on $2,500.0 million of our Term Loan Facility beginning May 28, 2015, through the expiration of the final swap on March 31, 2021. The notional value of the swaps is $2,500.0 million. There are six sequential interest rate swaps to achieve the hedged position. Each year on March 31, the existing interest rate swap is scheduled to expire and be immediately replaced with a new interest rate swap until the expiration of the final swap on March 31, 2021. At inception, these interest rate swaps were designated as a cash flow hedge for hedge accounting, and as such, the effective portion of unrealized changes in market value are 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. Interest Rate Swaps – Settled During 2015 The following derivative instruments were settled during May 2015. During November 2014, we entered into a series of receive-variable, pay-fixed interest rate swaps to hedge the variability in the interest payments associated with our Term Loan Facility beginning April 1, 2015, through the expiration of the final swap on March 31, 2021. The initial notional value of the swaps was $6,733.1 million, which initially aligned with the outstanding principal balance of the Term Loan Facility as of April 1, 2015, and was to be reduced quarterly in accordance with the principal repayments of the Term Loan Facility. There were six sequential interest rate swaps to achieve the hedged position. Each year on March 31, the existing interest rate swap was scheduled to expire and be immediately replaced with a new interest rate swap until the expiration of the arrangement on March 31, 2021. At inception, these interest rate swaps were designated as a cash flow hedge for hedge accounting, and as such, the effective portion of unrealized changes in market value were recorded in AOCI and reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Gains and losses from hedge ineffectiveness were recognized in earnings. During the first quarter of 2015, we temporarily discontinued hedge accounting on the entire balance of these interest rate swaps as a result of a $42.7 million mandatory prepayment of our Term Loan Facility as well as changes to forecasted cash flows, and settled $42.7 million of these instruments equal to the amount of the mandatory prepayment of our Term Loan Facility. During this same period, of the remaining $6,690.4 million of notional outstanding, we re-designated $5,690.4 million of notional amount as a cash flow hedge for hedge accounting and $1,000.0 million of notional amount was not designated for hedge accounting and as such changes in fair value on this portion of the interest rate swaps were recognized in earnings. During April 2015, in order to offset the cash flows associated with our $1,000.0 million notional value receive-variable, pay-fixed interest rate swap that was not designated for hedge accounting, we entered into a pay-variable, receive-fixed mirror interest rate swap with a notional value of $1,000.0 million and a maturity date of March 31, 2021. The following derivative instruments were also settled during May 2015. During October 2014, we entered into a series of receive-variable, pay-fixed interest rate swaps with a combined initial notional value of $6,750.0 million that was amortized each quarter at the same rate of the Term Loan Facility. To offset the cash flows associated with these interest rate swaps, in November 2014 we entered into a series of receive-fixed, pay-variable mirror interest rate swaps with a combined initial notional value of $6,750.0 million that was amortized each quarter at the same rate of the Term Loan Facility. For all of these derivative instruments, each year on March 31, the existing interest rate swap was scheduled to expire and be immediately replaced with a new interest rate swap until the expiration of the arrangement on March 31, 2021. These interest rate swaps were not designated for hedge accounting and as such changes in fair value were recognized in earnings. In connection with the interest rate swaps settled during May 2015, we paid $36.2 million. The net unrealized loss remaining in AOCI totaled $84.6 million at the date of settlement and is being 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, 2016 that we expect to be reclassified into interest expense within the next 12 months is $12.6 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 may, from time to time, hedge a portion of our net investment in one or more of our foreign subsidiaries by using cross-currency rate swaps. We have designated cross-currency rate swap contracts between the Canadian dollar and U.S. dollar and the Euro and U.S. dollar 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. At June 30, 2016, we had outstanding cross-currency rate swaps in which we pay quarterly between 4.802% and 7.002% on a tiered payment structure per annum on the Canadian dollar notional amount of C$5,641.7 million and receive quarterly between 3.948% and 6.525% on a tiered payment structure per annum on the U.S. dollar notional amount of $5,000.0 million through the maturity date of March 31, 2021. At inception, these derivative instruments were not designated for hedge accounting and, as such, changes in fair value were initially recognized in earnings. Beginning with the closing of the Transactions on December 12, 2014, we designated these cross-currency rate swaps as hedges and began accounting for these derivative instruments as net investment hedges. At June 30, 2016, we also had outstanding a cross-currency rate swap in which we pay quarterly fixed-rate interest payments on the Euro notional amount of €1,107.8 million and receive quarterly fixed-rate interest payments on the U.S. dollar notional amount 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. During the six months ended June 30, 2015, we terminated our cross-currency rate swaps entered into prior to the Transactions with an aggregate notional value of $315.0 million. In connection with this termination, we received $52.1 million, which is reflected as a source of cash provided by investing activities in the condensed consolidated statement of cash flows for the six months ended June 30, 2015. The net unrealized gains totaled $31.8 million as of the termination date. Such amounts will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations. At inception, these cross-currency rate swaps were designated as a hedge and were accounted for as net investment hedges. A total notional value of $115.0 million of these swaps were contracts to exchange quarterly fixed-rate interest payments we make in Euros for quarterly fixed-rate interest payments we receive in U.S. dollars and had an original maturity of October 19, 2016. A total notional value of $200.0 million of these swaps were contracts to exchange quarterly floating-rate interest payments we make in Euros based on EURIBOR for quarterly floating-rate interest payments we receive in U.S. dollars based on LIBOR and had an original maturity of September 28, 2017. These cross-currency rate swaps also required the exchange of Euros and U.S. dollar principal payments upon maturity. 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 made by our Canadian Tim Hortons operations. At June 30, 2016, 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 $165.4 million with maturities to September 2017. 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 instrument contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty. Credit-Risk Related Contingent Features Our derivative instruments do not contain any credit-risk related contingent features. The following tables present the required quantitative disclosures for our derivative instruments (in millions): Gain (Loss) Recognized in Other Comprehensive Income (Loss) (effective portion) Three Months Six Months Ended June 30, 2016 2015 2016 2015 Derivatives designated as cash flow hedges: Forward-starting interest rate swaps $ (21.6 ) $ (2.9 ) $ (72.6 ) $ (85.9 ) Forward-currency contracts $ (0.7 ) $ (4.2 ) $ (9.8 ) $ 5.5 Derivatives designated as net investment hedges: Cross-currency rate swaps $ 54.4 $ (185.3 ) $ (219.7 ) $ 269.0 Classification on Condensed Consolidated Statements of Operations Gain (Loss) Reclassified from AOCI into Earnings Three Months Six Months Ended June 30, 2016 2015 2016 2015 Interest expense, net $ (5.9 ) $ (5.0 ) $ (9.4 ) $ (5.0 ) Other operating expenses (income), net $ — $ (22.7 ) $ — $ (27.6 ) Cost of sales $ (1.1 ) $ 3.5 $ 2.5 $ 6.3 Gain (Loss) Recognized in Other Operating Expenses (Income), net Three Months Six Months Ended June 30, 2016 2015 2016 2015 Derivatives not designated as hedging instruments: Interest rate swaps $ — $ (3.9 ) $ — $ (12.4 ) Forward-currency contracts $ — $ 0.7 $ — $ 2.8 Ineffectiveness of cash flow hedges: Interest rate swaps $ — $ — $ — $ (1.6 )

Franchise and Property Revenues

Franchise and Property Revenues	6 Months Ended
	Jun. 30, 2016
Other Industries [Abstract]
Franchise and Property Revenues	Note 15. Franchise and Property Revenues Franchise and property revenues consist of the following (in millions): Three Months Six Months Ended June 30, 2016 2015 2016 2015 Franchise royalties $ 249.8 $ 239.2 $ 477.6 $ 455.0 Property revenues 198.0 197.5 369.3 376.0 Franchise fees and other revenue 33.8 37.7 62.7 77.2 Franchise and property revenues $ 481.6 $ 474.4 $ 909.6 $ 908.2

Other Operating Expenses (Incom

Other Operating Expenses (Income), net	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Other Operating Expenses (Income), net	Note 16. Other Operating Expenses (Income), net Other operating expenses (income), net consist of the following (in millions): Three Months Six Months 2016 2015 2016 2015 Net losses (gains) on disposal of assets, restaurant closures and refranchisings $ 1.0 $ (3.9 ) $ 16.3 $ (3.4 ) Litigation settlements and reserves, net 0.9 0.3 1.6 1.9 Net losses (gains) on derivatives — 25.9 — 38.8 Net losses (gains) on foreign exchange (12.1 ) 11.8 12.0 34.3 Other, net (1.1 ) 1.1 (0.4 ) 1.2 Other operating expenses (income), net $ (11.3 ) $ 35.2 $ 29.5 $ 72.8 Net losses (gains) on disposal of assets, restaurant closures and refranchisings for the six months ended June 30, 2016 primarily reflects losses in connection with sales of Company restaurants, or “refranchisings” in our TH business. Net losses (gains) on derivatives for the three and six months ended June 30, 2015 is primarily due to changes in fair value related to interest rate swaps not designated for hedge accounting. These interest rate swaps were settled during May 2015. Net losses (gains) on foreign exchange is primarily related to revaluation of foreign denominated assets and liabilities.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2016
Variable Interest Entity [Abstract]
Variable Interest Entities	Note 17. Variable Interest Entities VIEs for Which We Are the Primary Beneficiary At June 30, 2016, December 31, 2015 and June 30, 2015, we consolidated 110, 141 and 237 Restaurant VIEs, respectively, where TH is the restaurants’ primary beneficiary and Advertising VIEs. During the three months ended June 30, 2016, sales and operating costs and expenses associated with Restaurant VIEs were $33.2 million and $32.1 million, respectively, prior to consolidation adjustments. During the three months ended June 30, 2015, sales and operating costs and expenses associated with Restaurant VIEs were $64.0 million and $62.8 million, respectively, prior to consolidation adjustments. During the six months ended June 30, 2016, sales and operating costs and expenses associated with Restaurant VIEs were $65.7 million and $63.5 million, respectively, prior to consolidation adjustments. During the six months ended June 30, 2015, sales and operating costs and expenses associated with Restaurant VIEs were $125.6 million and $123.2 million, respectively, prior to consolidation adjustments. The liabilities recognized as a result of consolidating these VIEs do not necessarily represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIEs. Conversely, assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims by our creditors as they are not legally included within our general assets. VIEs for Which We Are Not the Primary Beneficiary We have investments in certain TH real estate ventures and certain BK master franchisees, which were determined to be VIEs of which we are not the primary beneficiary. We do not consolidate these entities as control is considered to be shared by both TH and the other joint owners in the case of the TH real estate ventures, or control rests with other parties in the case of BK master franchisee VIEs.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Reporting	Note 18. Segment Reporting Under the Tim Hortons Burger King We have two operating segments: (1) TH, which includes all operations of our Tim Hortons Burger King Revenues by operating segment and country consist of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues by operating segment: TH $ 759.8 $ 764.0 $ 1,417.6 $ 1,447.7 BK 280.4 278.2 541.1 527.8 Total revenues $ 1,040.2 $ 1,042.2 $ 1,958.7 $ 1,975.5 Revenues by country: Canada $ 683.0 $ 680.4 $ 1,264.2 $ 1,285.0 United States 246.3 250.1 475.8 481.9 Other 110.9 111.7 218.7 208.6 Total revenues $ 1,040.2 $ 1,042.2 $ 1,958.7 $ 1,975.5 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, depreciation and amortization, adjusted to exclude the impact of share-based compensation and non-cash incentive compensation expense, other operating expenses (income), net, (income) loss from equity method investments, net of cash distributions received from equity method investments, and all other specifically identified items that management believes do not directly reflect our core operations. Adjusted EBITDA assists management in comparing segment performance by removing the impact of such items, including acquisition accounting impact on cost of sales, TH transaction and restructuring costs, and integration costs. A reconciliation of segment income to net income consists of the following (in millions): Three Months Six Months Ended June 30, 2016 2015 2016 2015 Segment Income: TH $ 279.0 $ 234.9 $ 506.8 $ 419.3 BK 200.1 192.9 380.1 363.6 Adjusted EBITDA 479.1 427.8 886.9 782.9 Share-based compensation and non-cash incentive compensation expense 11.3 8.1 19.2 22.0 Acquisition accounting impact on cost of sales — (1.0 ) — 0.8 TH transaction and restructuring costs — 27.4 — 55.4 Integration costs 3.8 — 6.0 — Impact of equity method investments (a) 7.8 10.1 (7.9 ) 11.0 Other operating expenses (income), net (11.3 ) 35.2 29.5 72.8 EBITDA 467.5 348.0 840.1 620.9 Depreciation and amortization 43.5 45.9 85.5 94.7 Income from operations 424.0 302.1 754.6 526.2 Interest expense, net 117.2 123.2 232.3 246.3 (Gain) loss on early extinguishment of debt — 39.9 — 39.6 Income tax expense 59.2 45.2 106.4 95.9 Net income $ 247.6 $ 93.8 $ 415.9 $ 144.4 (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.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	Note 19. Subsequent Event Dividends On July 6, 2016, we paid a cash dividend of $0.15 per common share to common shareholders of record on May 16, 2016. On such date, Partnership also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.15 per Partnership exchangeable unit to holders of record on May 16, 2016. On July 5, 2016, we 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 2016. On August 3, 2016, our board of directors declared a cash dividend of $0.16 per common share, which will be paid on October 4, 2016, to common shareholders of record on September 6, 2016. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.16 per Partnership exchangeable unit, and the record date and payment date for distributions on Partnership exchangeable units are the same as the record date and payment date set forth above. On August 2, 2016, our 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 3, 2016. The dividend on the Preferred Shares includes the amount due for the third calendar quarter of 2016. Share Repurchase Authorization On August 2, 2016, our board of directors approved a share repurchase authorization wherein RBI may purchase up to $300 million of our common shares over the next 5 years. Repurchases under the Company’s new authorization will be made in the open market or through privately negotiated transactions.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following table summarizes the basic and diluted earnings per share calculations (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator - Basic: Net income attributable to common shareholders $ 90.9 $ 11.0 $ 140.9 $ 2.7 Numerator - Diluted: Net income attributable to common shareholders $ 90.9 $ 11.0 $ 140.9 $ 2.7 Add: Net income attributable to noncontrolling interests 88.3 14.3 138.2 3.5 Dilutive net income available to common shareholders and noncontrolling interests $ 179.2 $ 25.3 $ 279.1 $ 6.2 Denominator: Weighted average common shares - basic 233.5 202.4 231.8 202.3 Exchange of noncontrolling interests for common shares (Note 12) 227.2 265.0 228.5 265.0 Effect of other dilutive securities 9.4 9.0 8.9 9.1 Weighted average common shares - diluted 470.1 476.4 469.2 476.4 Basic earnings per share $ 0.39 $ 0.05 $ 0.61 $ 0.01 Diluted earnings per share $ 0.38 $ 0.05 $ 0.59 $ 0.01 Anti-dilutive share options outstanding 6.4 4.4 6.4 4.4

Inventories and Other Current30

Inventories and Other Current Assets, net (Tables)	6 Months Ended
	Jun. 30, 2016
Inventories And Other Assets Current [Abstract]
Schedule of Inventories and Other Current Assets, Net	Inventories and other current assets, net consist of the following (in millions): As of June 30, December 31, 2016 2015 Raw materials $ 32.4 $ 22.7 Finished goods 54.3 58.6 Total inventory 86.7 81.3 Refundable and prepaid income taxes 93.9 21.5 Prepaids and other current assets 36.9 29.4 Inventories and other current assets, net $ 217.5 $ 132.2

Intangible Assets, net and Go31

Intangible Assets, net and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 December 31, 2015 Gross Accumulated Net Gross Accumulated Net Identifiable assets subject to amortization: Franchise agreements $ 666.7 $ (121.4 ) $ 545.3 $ 653.0 $ (106.8 ) $ 546.2 Favorable leases 449.6 (132.4 ) 317.2 436.5 (107.5 ) 329.0 Subtotal 1,116.3 (253.8 ) 862.5 1,089.5 (214.3 ) 875.2 Indefinite lived intangible assets: Tim Hortons $ 6,568.0 $ — $ 6,568.0 $ 6,175.4 $ — $ 6,175.4 Burger King 2,110.7 — 2,110.7 2,097.2 — 2,097.2 Subtotal 8,678.7 — 8,678.7 8,272.6 — 8,272.6 Intangible assets, net $ 9,541.2 $ 9,147.8 Goodwill $ 4,815.7 $ 4,574.4

Other Assets, net (Tables)

Other Assets, net (Tables)	6 Months Ended
	Jun. 30, 2016
Investments, All Other Investments [Abstract]
Other Assets, Net	Other assets, net consist of the following (in millions): As of June 30, December 31, 2016 2015 Derivative assets - noncurrent $ 629.8 $ 830.9 Equity method investments 152.9 139.0 Other assets 94.7 81.7 Other assets, net $ 877.4 $ 1,051.6

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investment	Below are the names of the entities, country of operation and our equity interest in our significant equity method investments based on the carrying value as of June 30, 2016. Entity Country Equity TIMWEN Partnership Canada 50.00 % Carrols Restaurant Group, Inc. United States 21.35 % Pangaea Foods (China) Holdings, Ltd. China 27.50 %
Summary of Franchise and Property Revenue	Franchise and property revenue we recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Revenues from affiliates: Franchise royalties $ 31.6 $ 23.9 $ 59.3 $ 44.3 Property revenues 7.6 7.2 14.2 14.2 Franchise fees and other revenue 4.3 2.2 7.9 3.4 Total $ 43.5 $ 33.3 $ 81.4 $ 61.9

Other Accrued Liabilities and34

Other Accrued Liabilities and Other Liabilities, net (Tables)	6 Months Ended
	Jun. 30, 2016
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, December 31, 2016 2015 Current: Dividend payable $ 136.6 $ 128.3 Interest payable 62.9 63.1 Accrued compensation and benefits 35.3 62.5 Taxes payable - current 101.2 46.9 Deferred income - current 26.5 33.5 Closed property reserve 11.2 14.0 Restructuring and other provisions 9.2 13.5 Derivatives liabilities - current 6.5 — Other 83.8 79.5 Other accrued liabilities $ 473.2 $ 441.3 Noncurrent: Unfavorable leases $ 307.0 $ 322.0 Taxes payable - noncurrent 254.3 236.7 Accrued pension 78.9 80.2 Derivatives liabilities - noncurrent 140.0 47.3 Lease liability - noncurrent 28.0 29.5 Deferred income - noncurrent 25.5 23.7 Other 58.0 56.5 Other liabilities, net $ 891.7 $ 795.9

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt consists of the following (in millions): Maturity dates As of June 30, December 31, 2016 2015 Term Loan Facility December 12, 2021 $ 5,071.9 $ 5,097.7 2015 Senior Notes January 15, 2022 1,250.0 1,250.0 2014 Senior Notes April 1, 2022 2,250.0 2,250.0 Tim Hortons Notes various 42.2 39.4 Other N/A 93.5 88.5 Less: unamortized discount and deferred financing costs (205.9 ) (224.3 ) Total debt, net 8,501.7 8,501.3 Less: current maturities of debt (76.5 ) (39.0 ) Total long-term debt $ 8,425.2 $ 8,462.3
Schedule of Interest Expense, Net	Interest expense, net consists of the following (in millions): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Term Loan Facility $ 54.1 $ 69.4 $ 105.9 $ 145.2 2015 Senior Notes 14.4 6.3 28.9 6.3 2014 Senior Notes 33.8 33.7 67.5 67.5 Tim Hortons Notes 0.3 0.5 0.7 2.4 Amortization of deferred financing costs and debt issuance discount 9.6 8.3 19.3 15.3 Capital lease obligations 5.0 5.3 9.8 10.4 Other 0.9 0.7 1.7 1.6 Interest income (0.9 ) (1.0 ) (1.5 ) (2.4 ) Interest expense, net $ 117.2 $ 123.2 $ 232.3 $ 246.3

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Summary of Changes in 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 AOCI Balances at December 31, 2015 $ 318.0 $ (12.3 ) $ (1,039.4 ) $ (733.7 ) Foreign currency translation adjustment — — 670.5 670.5 Net change in fair value of derivatives, net of tax (252.1 ) — — (252.1 ) Amounts reclassified to earnings of cash flow hedges, net of tax 5.1 — — 5.1 Amortization of prior service (credits) costs, net of tax — (0.9 ) — (0.9 ) Amortization of actuarial (gains) losses, net of tax — 0.1 — 0.1 Other comprehensive income attributable to noncontrolling interests 131.2 — (360.6 ) (229.4 ) Balances at June 30, 2016 $ 202.2 $ (13.1 ) $ (729.5 ) $ (540.4 )
Reclassifications Out of AOCI	The following table displays the reclassifications out of AOCI (in millions): Amounts Reclassified from AOCI Affected Line Item in the Three Months Six Months Details about AOCI Components Statements of Operations 2016 2015 2016 2015 Gains (losses) on cash flow hedges: Interest rate derivative contracts Interest expense, net $ (5.9 ) $ (5.0 ) $ (9.4 ) $ (5.0 ) Interest rate derivative contracts Other operating expenses (income), net — (22.7 ) — (27.6 ) Forward-currency contracts Cost of sales (1.1 ) 3.5 2.5 6.3 Total before tax (7.0 ) (24.2 ) (6.9 ) (26.3 ) Income tax (expense) benefit 1.8 6.7 1.8 7.3 Net of tax $ (5.2 ) $ (17.5 ) $ (5.1 ) $ (19.0 ) Defined benefit pension: Amortization of prior service credits (costs) SG&A (a) 0.8 0.7 1.5 1.4 Amortization of actuarial gains (losses) SG&A (a) (0.1 ) (0.7 ) (0.2 ) (1.4 ) Total before tax 0.7 — 1.3 — Income tax (expense) benefit (0.2 ) — (0.5 ) — Net of tax $ 0.5 $ — $ 0.8 $ — Total reclassifications Net of tax $ (4.7 ) $ (17.5 ) $ (4.3 ) $ (19.0 ) (a) Refers to selling, general and administrative expenses in the condensed consolidated statements of operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments and derivatives designated as net investment hedges as well as their location on our condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015 (in millions): Fair Value Measurements Fair Value Measurements at June 30, 2016 at December 31, 2015 Balance Sheet Location (Level 2) Total (Level 2) Total Assets: Derivatives designated as cash flow hedges Foreign currency Trade and notes receivable, net $ 0.4 $ 0.4 $ 6.6 $ 6.6 Derivatives designated as net investment hedges Foreign currency Other assets, net 629.8 629.8 830.9 830.9 Total assets at fair value $ 630.2 $ 630.2 $ 837.5 $ 837.5 Liabilities: Derivatives designated as cash flow hedges Interest rate Other liabilities, net $ 110.5 $ 110.5 $ 40.9 $ 40.9 Foreign currency Other accrued liabilities 6.5 6.5 — — Derivatives designated as net investment hedges Foreign currency Other liabilities, net 29.5 29.5 6.3 6.3 Total liabilities at fair value $ 146.5 $ 146.5 $ 47.2 $ 47.2

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Quantitative Disclosures of Derivative Instruments	The following tables present the required quantitative disclosures for our derivative instruments (in millions): Gain (Loss) Recognized in Other Comprehensive Income (Loss) (effective portion) Three Months Six Months Ended June 30, 2016 2015 2016 2015 Derivatives designated as cash flow hedges: Forward-starting interest rate swaps $ (21.6 ) $ (2.9 ) $ (72.6 ) $ (85.9 ) Forward-currency contracts $ (0.7 ) $ (4.2 ) $ (9.8 ) $ 5.5 Derivatives designated as net investment hedges: Cross-currency rate swaps $ 54.4 $ (185.3 ) $ (219.7 ) $ 269.0 Classification on Condensed Consolidated Statements of Operations Gain (Loss) Reclassified from AOCI into Earnings Three Months Six Months Ended June 30, 2016 2015 2016 2015 Interest expense, net $ (5.9 ) $ (5.0 ) $ (9.4 ) $ (5.0 ) Other operating expenses (income), net $ — $ (22.7 ) $ — $ (27.6 ) Cost of sales $ (1.1 ) $ 3.5 $ 2.5 $ 6.3 Gain (Loss) Recognized in Other Operating Expenses (Income), net Three Months Six Months Ended June 30, 2016 2015 2016 2015 Derivatives not designated as hedging instruments: Interest rate swaps $ — $ (3.9 ) $ — $ (12.4 ) Forward-currency contracts $ — $ 0.7 $ — $ 2.8 Ineffectiveness of cash flow hedges: Interest rate swaps $ — $ — $ — $ (1.6 )

Franchise and Property Revenu39

Franchise and Property Revenues (Tables)	6 Months Ended
	Jun. 30, 2016
Other Industries [Abstract]
Summary of Franchise and Property Revenues	Franchise and property revenues consist of the following (in millions): Three Months Six Months Ended June 30, 2016 2015 2016 2015 Franchise royalties $ 249.8 $ 239.2 $ 477.6 $ 455.0 Property revenues 198.0 197.5 369.3 376.0 Franchise fees and other revenue 33.8 37.7 62.7 77.2 Franchise and property revenues $ 481.6 $ 474.4 $ 909.6 $ 908.2

Other Operating Expenses (Inc40

Other Operating Expenses (Income), net (Tables)	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Other Operating Expenses (Income), Net	Other operating expenses (income), net consist of the following (in millions): Three Months Six Months 2016 2015 2016 2015 Net losses (gains) on disposal of assets, restaurant closures and refranchisings $ 1.0 $ (3.9 ) $ 16.3 $ (3.4 ) Litigation settlements and reserves, net 0.9 0.3 1.6 1.9 Net losses (gains) on derivatives — 25.9 — 38.8 Net losses (gains) on foreign exchange (12.1 ) 11.8 12.0 34.3 Other, net (1.1 ) 1.1 (0.4 ) 1.2 Other operating expenses (income), net $ (11.3 ) $ 35.2 $ 29.5 $ 72.8

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Revenues by Operating Segment and Country	Revenues by operating segment and country consist of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues by operating segment: TH $ 759.8 $ 764.0 $ 1,417.6 $ 1,447.7 BK 280.4 278.2 541.1 527.8 Total revenues $ 1,040.2 $ 1,042.2 $ 1,958.7 $ 1,975.5 Revenues by country: Canada $ 683.0 $ 680.4 $ 1,264.2 $ 1,285.0 United States 246.3 250.1 475.8 481.9 Other 110.9 111.7 218.7 208.6 Total revenues $ 1,040.2 $ 1,042.2 $ 1,958.7 $ 1,975.5
Reconciliation of Segment Income to Net Income	A reconciliation of segment income to net income consists of the following (in millions): Three Months Six Months Ended June 30, 2016 2015 2016 2015 Segment Income: TH $ 279.0 $ 234.9 $ 506.8 $ 419.3 BK 200.1 192.9 380.1 363.6 Adjusted EBITDA 479.1 427.8 886.9 782.9 Share-based compensation and non-cash incentive compensation expense 11.3 8.1 19.2 22.0 Acquisition accounting impact on cost of sales — (1.0 ) — 0.8 TH transaction and restructuring costs — 27.4 — 55.4 Integration costs 3.8 — 6.0 — Impact of equity method investments (a) 7.8 10.1 (7.9 ) 11.0 Other operating expenses (income), net (11.3 ) 35.2 29.5 72.8 EBITDA 467.5 348.0 840.1 620.9 Depreciation and amortization 43.5 45.9 85.5 94.7 Income from operations 424.0 302.1 754.6 526.2 Interest expense, net 117.2 123.2 232.3 246.3 (Gain) loss on early extinguishment of debt — 39.9 — 39.6 Income tax expense 59.2 45.2 106.4 95.9 Net income $ 247.6 $ 93.8 $ 415.9 $ 144.4 (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.

Description of Business and O42

Description of Business and Organization - Additional Information (Detail)	Jun. 30, 2016RestaurantsCountry
Basis Of Presentation [Line Items]
Number of restaurants in operation	19,564
Number of countries in which company and franchise restaurants operated | Country	100
Percentage of franchised Tim Hortons and Burger King restaurants	100.00%
Tim Hortons [Member]
Basis Of Presentation [Line Items]
Number of restaurants in operation	4,464
Burger King [Member]
Basis Of Presentation [Line Items]
Number of restaurants in operation	15,100

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator - Basic:
Net income attributable to common shareholders	$ 90.9	$ 11	$ 140.9	$ 2.7
Numerator - Diluted:
Net income attributable to common shareholders	90.9	11	140.9	2.7
Add: Net income attributable to noncontrolling interests	88.3	14.3	138.2	3.5
Dilutive net income available to common shareholders and noncontrolling interests	$ 179.2	$ 25.3	$ 279.1	$ 6.2
Denominator:
Weighted average common shares - basic	233.5	202.4	231.8	202.3
Exchange of noncontrolling interests for common shares (Note 12)	227.2	265	228.5	265
Effect of other dilutive securities	9.4	9	8.9	9.1
Weighted average common shares - diluted	470.1	476.4	469.2	476.4
Basic earnings per share	$ 0.39	$ 0.05	$ 0.61	$ 0.01
Diluted earnings per share	$ 0.38	$ 0.05	$ 0.59	$ 0.01
Anti-dilutive share options outstanding	6.4	4.4	6.4	4.4

Inventories and Other Current44

Inventories and Other Current Assets, Net - Schedule of Inventories and Other Current Assets, Net (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Inventories And Other Assets Current [Abstract]
Raw materials	$ 32.4	$ 22.7
Finished goods	54.3	58.6
Total inventory	86.7	81.3
Refundable and prepaid income taxes	93.9	21.5
Prepaids and other current assets	36.9	29.4
Inventories and other current assets, net	$ 217.5	$ 132.2

Intangible Assets, Net and Go45

Intangible Assets, Net and Goodwill - Schedule of Intangible Assets, Net and Goodwill (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Finite And Indefinite Lived Intangible Assets [Line Items]
Identifiable assets, Gross	$ 1,116.3	$ 1,089.5
Goodwill	4,815.7	4,574.4
Identifiable assets, accumulated amortization	(253.8)	(214.3)
Indefinite lived intangible assets, Net	8,678.7	8,272.6
Identifiable assets, Net	862.5	875.2
Intangible assets, net	9,541.2	9,147.8
Tim Hortons [Member] | Trade Names [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite lived intangible assets, Net	6,568	6,175.4
Burger King [Member] | Trade Names [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite lived intangible assets, Net	2,110.7	2,097.2
Franchise Agreements [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Identifiable assets, Gross	666.7	653
Identifiable assets, accumulated amortization	(121.4)	(106.8)
Identifiable assets, Net	545.3	546.2
Favorable Lease [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Identifiable assets, Gross	449.6	436.5
Identifiable assets, accumulated amortization	(132.4)	(107.5)
Identifiable assets, Net	$ 317.2	$ 329

Intangible Assets, Net and Go46

Intangible Assets, Net and Goodwill - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 17.8	$ 20.1	$ 36.1	$ 39.6

Other Assets, Net - Other Asset

Other Assets, Net - Other Assets, Net (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Inventories And Other Non Current Assets [Abstract]
Derivative assets - noncurrent	$ 629.8	$ 830.9
Equity method investments	152.9	139
Other assets	94.7	81.7
Other assets, net	$ 877.4	$ 1,051.6

Equity Method Investments - Add

Equity Method Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 152.9	$ 152.9		$ 139
Carrols Restaurant Group, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Quoted market price	112	112
Burger King France SAS ("France JV") [Member]
Schedule of Equity Method Investments [Line Items]
Increase to carrying value of equity method investment	11.6	11.6
Noncash dilution gain on the issuance of capital stock		11.6
BK Brasil Operacao E Assesoria A Restaurantes S.A. ("Brazil JV") [Member]
Schedule of Equity Method Investments [Line Items]
Increase to carrying value of equity method investment			$ 10.9
Noncash dilution gain on the issuance of capital stock			$ 10.9
Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Accounts receivable from equity method investments	$ 14.6	$ 14.6		$ 23.9
Co-venturer [Member]
Schedule of Equity Method Investments [Line Items]
TIMWEN Joint-venture partnership members		Tim Hortons and the Wendy's Company
TIMWEN Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Joint-venture interest	50.00%	50.00%
Cash distributions	$ 3.1	$ 5.6
Contingent rent expense	$ 5.2	$ 9.6

Equity Method Investments - Sum

Equity Method Investments - Summary of Equity Method Investment (Detail)	Jun. 30, 2016
TIMWEN Partnership [Member] | Canada [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	50.00%
Carrols Restaurant Group, Inc. [Member] | United States [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	21.35%
Pangaea Foods (China) Holdings, Ltd. [Member] | China [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	27.50%

Equity Method Investments - S50

Equity Method Investments - Summary of Franchise and Property Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues from affiliates:
Franchise royalties	$ 249.8	$ 239.2	$ 477.6	$ 455
Property revenues	198	197.5	369.3	376
Franchise fees and other revenue	33.8	37.7	62.7	77.2
Total	481.6	474.4	909.6	908.2
Affiliates [Member]
Revenues from affiliates:
Franchise royalties	31.6	23.9	59.3	44.3
Property revenues	7.6	7.2	14.2	14.2
Franchise fees and other revenue	4.3	2.2	7.9	3.4
Total	$ 43.5	$ 33.3	$ 81.4	$ 61.9

Other Accrued Liabilities and51

Other Accrued Liabilities and Other Liabilities, Net - Schedule of Other Accrued Liabilities (Current) and Other Liabilities (Noncurrent), Net (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current:
Dividend payable	$ 136.6	$ 128.3
Interest payable	62.9	63.1
Accrued compensation and benefits	35.3	62.5
Taxes payable - current	101.2	46.9
Deferred income - current	26.5	33.5
Closed property reserve	11.2	14
Restructuring and other provisions	9.2	13.5
Derivatives liabilities - current	6.5
Other	83.8	79.5
Other accrued liabilities	473.2	441.3
Noncurrent:
Unfavorable leases	307	322
Taxes payable - noncurrent	254.3	236.7
Accrued pension	78.9	80.2
Derivatives liabilities - noncurrent	140	47.3
Lease liability - noncurrent	28	29.5
Deferred income - noncurrent	25.5	23.7
Other	58	56.5
Other liabilities, net	$ 891.7	$ 795.9

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Other	$ 93.5	$ 88.5
Less: unamortized discount and deferred financing costs	(205.9)	(224.3)
Total debt	8,501.7	8,501.3
Total debt	8,501.7	8,501.3
Less: current maturities of debt	(76.5)	(39)
Total long-term debt	$ 8,425.2	8,462.3
Term Loan Facility [Member]
Debt Instrument [Line Items]
Maturity dates	Dec. 12, 2021
Term Loan Facility	$ 5,071.9	5,097.7
2015 Senior Notes [Member]
Debt Instrument [Line Items]
Maturity dates	Jan. 15, 2022
Senior Notes	$ 1,250	1,250
2014 Senior Notes [Member]
Debt Instrument [Line Items]
Maturity dates	Apr. 1, 2022
Senior Notes	$ 2,250	2,250
Tim Hortons Notes [Member]
Debt Instrument [Line Items]
Tim Hortons Notes	$ 42.2	$ 39.4

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Interest Expense, Net [Member]
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 7.8	$ 6.2	$ 15.6	$ 11.1
Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument unamortized discount	39.5		39.5		$ 43.2
Deferred financing costs	120.1		120.1		131.3
2015 Senior Notes [Member]
Debt Instrument [Line Items]
Deferred financing costs	8.2		8.2		9
2014 Senior Notes [Member]
Debt Instrument [Line Items]
Deferred financing costs	$ 38.1		$ 38.1		$ 40.8

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - Revolving Credit Facility [Member]	Jun. 30, 2016USD ($)
Line of Credit Facility [Line Items]
Amount outstanding at the credit facility	$ 0
Letter of credit sublimit as part of revolving credit facility	125,000,000
Amount withdrawn from revolving credit facility	1,500,000
Remaining borrowing capacity	$ 498,500,000

Long-Term Debt - Schedule of In

Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Amortization of deferred financing costs and debt issuance discount	$ 9.6	$ 8.3	$ 19.3	$ 15.3
Capital lease obligations	5	5.3	9.8	10.4
Other	0.9	0.7	1.7	1.6
Interest income	(0.9)	(1)	(1.5)	(2.4)
Interest expense, net	117.2	123.2	232.3	246.3
Term Loan Facility [Member]
Debt Instrument [Line Items]
Interest expense	54.1	69.4	105.9	145.2
2015 Senior Notes [Member]
Debt Instrument [Line Items]
Interest expense	14.4	6.3	28.9	6.3
2014 Senior Notes [Member]
Debt Instrument [Line Items]
Interest expense	33.8	33.7	67.5	67.5
Tim Hortons Notes [Member]
Debt Instrument [Line Items]
Interest expense	$ 0.3	$ 0.5	$ 0.7	$ 2.4

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	19.30%	32.50%	20.40%	39.90%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2016	Dec. 31, 2015
Stockholders Equity [Line Items]
Distributions declared by Partnership on partnership exchangeable units			$ 66,000,000
Partnership exchangeable units			6,574,671
Gain (loss) recorded on equity transactions			$ 0
Noncontrolling interest recognized in connection with restaurant VIEs	$ 4,400,000	$ 700,000
Preferred Class A [Member]
Stockholders Equity [Line Items]
Preferred stock dividend rate percentage			9.00%
Restaurant Brands International Limited Partnership [Member]
Stockholders Equity [Line Items]
Partnership exchangeable units economic interest			49.30%	50.90%
Partnership exchangeable units economic interest, Amount	227,164,977	233,739,648	227,164,977	233,739,648

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning balance			$ (733.7)
Foreign currency translation adjustment			670.5
Net change in fair value of derivatives, net of tax			(252.1)
Amounts reclassified to earnings of cash flow hedges, net of tax	$ 5.2	$ 17.5	5.1	$ 19
Amortization of prior service (credits) costs, net of tax	(0.5)	(0.5)	(0.9)	(0.9)
Amortization of actuarial (gains) losses, net of tax		0.5	0.1	0.9
Other comprehensive income attributable to noncontrolling interests			(229.4)
AOCI, Ending balance	(540.4)		(540.4)
Gains (Losses) on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning balance			318
Net change in fair value of derivatives, net of tax			(252.1)
Amounts reclassified to earnings of cash flow hedges, net of tax	5.2	$ 17.5	5.1	$ 19
Other comprehensive income attributable to noncontrolling interests			131.2
AOCI, Ending balance	202.2		202.2
Defined Benefit Pension [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning balance			(12.3)
Amortization of prior service (credits) costs, net of tax			(0.9)
Amortization of actuarial (gains) losses, net of tax			0.1
AOCI, Ending balance	(13.1)		(13.1)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning balance			(1,039.4)
Foreign currency translation adjustment			670.5
Other comprehensive income attributable to noncontrolling interests			(360.6)
AOCI, Ending balance	$ (729.5)		$ (729.5)

Shareholders' Equity - Reclassi

Shareholders' Equity - Reclassifications Out of AOCI (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest rate derivative contracts, Income tax (expense) benefit	$ 1.8	$ 6.7	$ 1.8	$ 7.3
Total reclassifications, Net of tax	(5.2)	(17.5)	(5.1)	(19)
Total reclassifications, Net of tax	(4.7)	(17.5)	(4.3)	(19)
Cost of Sales [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Forward-currency contracts, Total before tax	(1.1)	3.5	2.5	6.3
Gains (Losses) on Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest rate derivative contracts, Interest expense, net	(7)	(24.2)	(6.9)	(26.3)
Interest rate derivative contracts, Income tax (expense) benefit	1.8	6.7	1.8	7.3
Total reclassifications, Net of tax	(5.2)	(17.5)	(5.1)	(19)
Gains (Losses) on Cash Flow Hedges [Member] | Interest Expense, Net [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest rate derivative contracts, Interest expense, net	(5.9)	(5)	(9.4)	(5)
Gains (Losses) on Cash Flow Hedges [Member] | Other Operating Expenses (Income), Net [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest rate derivative contracts, Interest expense, net		(22.7)		(27.6)
Defined Benefit Pension [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credits (costs), SG&A	0.8	0.7	1.5	1.4
Amortization of actuarial gains (losses), SG&A	(0.1)	$ (0.7)	(0.2)	$ (1.4)
Defined benefit pension plan expense before tax	0.7		1.3
Defined benefit, Income tax (expense) benefit	(0.2)		(0.5)
Total reclassifications, Net of tax	$ 0.5		$ 0.8

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	$ 630.2	$ 837.5
Total liabilities at fair value	146.5	47.2
Derivatives Designated as Cash Flow Hedges [Member] | Forward-Starting Interest Rate Swaps [Member] | Other Liabilities, Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities at fair value	110.5	40.9
Derivatives Designated as Cash Flow Hedges [Member] | Foreign Currency Exchange Contracts [Member] | Other Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities at fair value	6.5
Derivatives Designated as Cash Flow Hedges [Member] | Foreign Currency Exchange Contracts [Member] | Trade And Notes Receivable, Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0.4	6.6
Derivatives Designated as Net Investment Hedges [Member] | Cross-currency Rate Swaps [Member] | Other Liabilities, Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities at fair value	29.5	6.3
Derivatives Designated as Net Investment Hedges [Member] | Cross-currency Rate Swaps [Member] | Other Assets, Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	629.8	830.9
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	630.2	837.5
Total liabilities at fair value	146.5	47.2
Level 2 [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Forward-Starting Interest Rate Swaps [Member] | Other Liabilities, Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities at fair value	110.5	40.9
Level 2 [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Foreign Currency Exchange Contracts [Member] | Other Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities at fair value	6.5
Level 2 [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Foreign Currency Exchange Contracts [Member] | Trade And Notes Receivable, Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0.4	6.6
Level 2 [Member] | Derivatives Designated as Net Investment Hedges [Member] | Cross-currency Rate Swaps [Member] | Other Liabilities, Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities at fair value	29.5	6.3
Level 2 [Member] | Derivatives Designated as Net Investment Hedges [Member] | Cross-currency Rate Swaps [Member] | Other Assets, Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	$ 629.8	$ 830.9

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Billions	Jun. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair value of variable rate term debt and bonds	$ 8.7	$ 8.7
Principal carrying amount	$ 8.6	$ 8.6

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	1 Months Ended	6 Months Ended
	Oct. 31, 2014USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016EUR (€)	Jun. 30, 2016CAD	May 31, 2015USD ($)Interest_Rate_Swaps	Nov. 30, 2014USD ($)Interest_Rate_Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net cash provided by (used for) investing activities		$ 11,800,000	$ (24,500,000)
Settlement of derivatives		(1,500,000)	(11,500,000)
Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount		165,400,000
Interest Expense, Net [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of pre-tax losses in AOCI expect to be reclassified into interest expense		$ (12,600,000)
Forward-Starting Interest Rate Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cross-currency rate swaps, maturity date	Mar. 31, 2021	Mar. 31, 2021
Foreign currency forward contract notional amount	$ 6,750,000,000	$ 6,690,400,000				$ 2,500,000,000	$ 6,733,100,000
Number of sequential interest rate swap | Interest_Rate_Swaps						6	6
Amount on term loan facility for interest payments						$ 2,500,000,000
Derivative, type of interest rate paid on swap		Fixed
Net cash provided by (used for) investing activities		$ 36,200,000
Forward-Starting Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount		$ 5,690,400,000
Forward-Starting Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cross-currency rate swaps, maturity date		Mar. 31, 2021
Foreign currency forward contract notional amount		$ 1,000,000,000
Forward-Starting Interest Rate Swaps [Member] | Fixed Income Interest Rate [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount			115,000,000
Forward-Starting Interest Rate Swaps [Member] | Variable Income Interest Rate [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount			200,000,000
Forward-Starting Interest Rate Swaps [Member] | Interest Expense, Net [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net unrealized loss remaining in AOCI		$ 84,600,000
Forward-Starting Interest Rate Swaps [Member] | Term Loan Facility [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cross-currency rate swaps, maturity date		Mar. 31, 2021
Settlement of derivative notional amount			(42,700,000)
Mandatory prepayment			$ 42,700,000
Cross Currency Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cross-currency rate swaps, maturity date			Sep. 28, 2017
Foreign currency forward contract notional amount			$ 315,000,000
Foreign currency forward contract - net unrealized gains			31,800,000
Settlement of derivatives			$ 52,100,000
Cross Currency Interest Rate Contract [Member] | Minimum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding cross currency rate swaps		3.948%
Cross Currency Interest Rate Contract [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding cross currency rate swaps		6.525%
Cross Currency Interest Rate Contract [Member] | Fixed Income Interest Rate [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount		$ 1,200,000,000		€ 1,107,800,000
Cross Currency Interest Rate Contract [Member] | Canadian Dollar [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency forward contract notional amount | CAD					CAD 5,641,700,000
Cross Currency Interest Rate Contract [Member] | Canadian Dollar [Member] | Minimum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding cross currency rate swaps		4.802%
Cross Currency Interest Rate Contract [Member] | Canadian Dollar [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding cross currency rate swaps		7.002%
Cross Currency Interest Rate Contract [Member] | United States Dollar [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cross-currency rate swaps, maturity date		Mar. 31, 2021
Foreign currency forward contract notional amount		$ 5,000,000,000

Derivative Instruments - Quanti

Derivative Instruments - Quantitative Disclosures of Derivative Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) reclassified from AOCI into Earnings			$ (9.4)	$ (46.6)
Gain (Loss) Recognized in Other operating expenses (income), net		$ (25.9)		(38.8)
Forward-Starting Interest Rate Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Other operating expenses (income), net, Ineffectiveness of cash flow hedges				(1.6)
Derivatives Not Designated as Hedging Instruments [Member] | Forward-Starting Interest Rate Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Other operating expenses (income), net		(3.9)		(12.4)
Derivatives Not Designated as Hedging Instruments [Member] | Forward Currency Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Other operating expenses (income), net		0.7		2.8
Derivatives Designated as Cash Flow Hedges [Member] | Interest Rate Caps [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Expense, Net [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) reclassified from AOCI into Earnings	$ (5.9)	(5)	(9.4)	(5)
Derivatives Designated as Cash Flow Hedges [Member] | Forward-Starting Interest Rate Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in other comprehensive income (loss)	(21.6)	(2.9)	(72.6)	(85.9)
Derivatives Designated as Cash Flow Hedges [Member] | Forward-Starting Interest Rate Swaps [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Other Operating Expenses (Income), Net [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) reclassified from AOCI into Earnings		(22.7)		(27.6)
Derivatives Designated as Cash Flow Hedges [Member] | Forward Currency Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in other comprehensive income (loss)	(0.7)	(4.2)	(9.8)	5.5
Derivatives Designated as Cash Flow Hedges [Member] | Foreign Currency Exchange Contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Cost of Sales [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) reclassified from AOCI into Earnings	(1.1)	3.5	2.5	6.3
Derivatives Designated as Net Investment Hedges [Member] | Cross-currency Rate Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in other comprehensive income (loss)	$ 54.4	$ (185.3)	$ (219.7)	$ 269

Franchise and Property Revenu64

Franchise and Property Revenues - Summary of Franchise and Property Revenues (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Franchisor Revenue [Abstract]
Franchise royalties	$ 249.8	$ 239.2	$ 477.6	$ 455
Property revenues	198	197.5	369.3	376
Franchise fees and other revenue	33.8	37.7	62.7	77.2
Franchise and property revenues	$ 481.6	$ 474.4	$ 909.6	$ 908.2

Other Operating Expenses (Inc65

Other Operating Expenses (Income), net - Other Operating Expenses (Income), Net (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Net losses (gains) on disposal of assets, restaurant closures and refranchisings	$ 1	$ (3.9)	$ 16.3	$ (3.4)
Litigation settlements and reserves, net	0.9	0.3	1.6	1.9
Net losses (gains) on derivatives		25.9		38.8
Net losses (gains) on foreign exchange	(12.1)	11.8	12	34.3
Other, net	(1.1)	1.1	(0.4)	1.2
Other operating expenses (income), net	$ (11.3)	$ 35.2	$ 29.5	$ 72.8

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)Restaurants	Jun. 30, 2015USD ($)Restaurants	Jun. 30, 2016USD ($)Restaurants	Jun. 30, 2015USD ($)Restaurants	Dec. 31, 2015Restaurants
Variable Interest Entity [Line Items]
Sales	$ 558.6	$ 567.8	$ 1,049.1	$ 1,067.3
Restaurant VIEs [Member]
Variable Interest Entity [Line Items]
Sales	33.2	64	65.7	125.6
Operating costs and expenses	$ 32.1	$ 62.8	$ 63.5	$ 123.2
Number of consolidated restaurants | Restaurants	110	237	110	237	141

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of operating segments	2
Number of reportable segments	2
Tim Hortons [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of operating segments	1
Burger King [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of operating segments	1
Canada And United States [Member] | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues percentage	10.00%	10.00%

Segment Reporting - Revenues by

Segment Reporting - Revenues by Operating Segment and Country (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue, Major Customer [Line Items]
Total revenues	$ 1,040.2	$ 1,042.2	$ 1,958.7	$ 1,975.5
Canada [Member]
Revenue, Major Customer [Line Items]
Total revenues	683	680.4	1,264.2	1,285
United States [Member]
Revenue, Major Customer [Line Items]
Total revenues	246.3	250.1	475.8	481.9
Other [Member]
Revenue, Major Customer [Line Items]
Total revenues	110.9	111.7	218.7	208.6
Tim Hortons [Member]
Revenue, Major Customer [Line Items]
Total revenues	759.8	764	1,417.6	1,447.7
Burger King [Member]
Revenue, Major Customer [Line Items]
Total revenues	$ 280.4	$ 278.2	$ 541.1	$ 527.8

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Income to Net Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Acquisition accounting impact on cost of sales				$ 0.8
Impact of equity method investments	$ 4.5	$ 6.4	$ (14)	4.7
Other operating expenses (income), net	(11.3)	35.2	29.5	72.8
EBITDA	467.5	348	840.1	620.9
Depreciation and amortization	43.5	45.9	85.5	94.7
Income from operations	424	302.1	754.6	526.2
Interest expense, net	117.2	123.2	232.3	246.3
(Gain) loss on early extinguishment of debt		39.9		39.6
Income tax expense	59.2	45.2	106.4	95.9
Net income	247.6	93.8	415.9	144.4
Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted EBITDA	479.1	427.8	886.9	782.9
Operating Segments [Member] | Tim Hortons [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted EBITDA	279	234.9	506.8	419.3
Operating Segments [Member] | Burger King [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted EBITDA	200.1	192.9	380.1	363.6
Unallocated Management G&A [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Share-based compensation and non-cash incentive compensation expense	11.3	8.1	19.2	22
Acquisition accounting impact on cost of sales		(1)		0.8
Integration costs	3.8		6
Impact of equity method investments	7.8	10.1	(7.9)	11
Other operating expenses (income), net	$ (11.3)	35.2	$ 29.5	72.8
Unallocated Management G&A [Member] | Tim Hortons [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
TH transaction and restructuring costs		$ 27.4		$ 55.4

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($)	Aug. 03, 2016	Aug. 02, 2016	Jul. 06, 2016	Jul. 05, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Subsequent Event [Line Items]
Partnership exchangeable unit							$ 0.29
Cash dividend declared by board					$ 0.15	$ 0.10	$ 0.29	$ 0.19
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend paid per common share			$ 0.15
Cash dividend paid per preferred share				$ 0.98
Dividend payable record date	Sep. 6, 2016		May 16, 2016
Dividends paid preferred share				$ 67,500,000
Cash dividend declared by board	$ 0.16
Dividend to be paid date	Oct. 4, 2016
Stock repurchase program period		5 years
Subsequent Event [Member] | Preferred Share [Member]
Subsequent Event [Line Items]
Dividend payable record date		Oct. 3, 2016
Cash dividend declared by board		$ 0.98
Dividends Payable preferred share		$ 67,500,000
Subsequent Event [Member] | Partnerships Exchangeable Units [Member]
Subsequent Event [Line Items]
Partnership exchangeable unit	$ 0.16		$ 0.15
Maximum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Stock repurchase program		$ 300,000,000