Restaurant Brands International (QSR) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36786
Entity Registrant Name	RESTAURANT BRANDS INTERNATIONAL INC.
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-1202754
Entity Address, Address Line One	130 King Street West, Suite 300
Entity Address, Postal Zip Code	M5X 1E1
Entity Address, City or Town	Toronto,
Entity Address, State or Province	ON
City Area Code	905
Local Phone Number	339-6011
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	QSR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		312,028,584
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001618756
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,310	$ 1,178
Accounts and notes receivable, net of allowance of $35 and $36, respectively	692	614
Inventories, net	160	133
Prepaids and other current assets	221	123
Total current assets	2,383	2,048
Property and equipment, net of accumulated depreciation and amortization of $1,140 and $1,061, respectively	1,904	1,950
Operating lease assets, net	1,060	1,082
Intangible assets, net	10,946	10,991
Goodwill	5,681	5,688
Other assets, net	1,103	987
Total assets	23,077	22,746
Current liabilities:
Accounts and drafts payable	693	758
Other accrued liabilities	1,132	1,001
Gift card liability	159	230
Current portion of long-term debt and finance leases	87	127
Total current liabilities	2,071	2,116
Long-term debt, net of current portion	12,862	12,839
Finance leases, net of current portion	305	311
Operating lease liabilities, net of current portion	1,003	1,027
Other liabilities, net	864	872
Deferred income taxes, net	1,308	1,313
Total liabilities	18,413	18,478
Shareholders’ equity:
Common shares, no par value; Unlimited shares authorized at September 30, 2023 and December 31, 2022; 317,837,606 shares issued and outstanding at September 30, 2023; 307,142,436 shares issued and outstanding at December 31, 2022	2,267	2,057
Retained earnings	1,268	1,121
Accumulated other comprehensive income (loss)	(627)	(679)
Total Restaurant Brands International Inc. shareholders’ equity	2,908	2,499
Noncontrolling interests	1,756	1,769
Total shareholders’ equity	4,664	4,268
Total liabilities and shareholders’ equity	$ 23,077	$ 22,746

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Financing receivable, allowance for credit loss, current	$ 35	$ 36
Accumulated depreciation and amortization	$ 1,140	$ 1,061
Common stock, par value (in usd per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	Unlimited	Unlimited
Common stock, shares issued (in shares)	317,837,606	307,142,436
Common stock, shares outstanding (in shares)	317,837,606	307,142,436

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 1,837	$ 1,726	$ 5,202	$ 4,816
Operating costs and expenses:
Cost of sales	630	615	1,792	1,693
Franchise and property expenses	119	137	372	392
Advertising expenses and other services	326	276	909	782
General and administrative expenses	169	156	507	435
(Income) loss from equity method investments	1	8	19	30
Other operating expenses (income), net	10	(27)	20	(68)
Total operating costs and expenses	1,255	1,165	3,619	3,264
Income from operations	582	561	1,583	1,552
Interest expense, net	143	133	430	389
Loss on early extinguishment of debt	16	0	16	0
Income before income taxes	423	428	1,137	1,163
Income tax expense (benefit)	59	(102)	145	17
Net income	364	530	992	1,146
Net income attributable to noncontrolling interests (Note 12)	112	170	310	367
Net income attributable to common shareholders	$ 252	$ 360	$ 682	$ 779
Earnings per common share
Basic (in usd per share)	$ 0.80	$ 1.18	$ 2.19	$ 2.53
Diluted (in usd per share)	$ 0.79	$ 1.17	$ 2.16	$ 2.51
Weighted average shares outstanding (in millions):
Basic (in shares)	314	306	312	308
Diluted (in shares)	459	454	458	455
Sales
Revenues:
Total revenues	$ 771	$ 759	$ 2,183	$ 2,076
Franchise and property revenues
Revenues:
Total revenues	753	698	2,163	1,989
Advertising revenues and other services
Revenues:
Total revenues	$ 313	$ 269	$ 856	$ 751

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 364	$ 530	$ 992	$ 1,146
Foreign currency translation adjustment	(270)	(727)	(36)	(1,015)
Net change in fair value of net investment hedges, net of tax of $4, $(87), $12 and $(100)	182	384	67	575
Net change in fair value of cash flow hedges, net of tax of $(26), $(55), $(42) and $(145)	71	150	114	394
Amounts reclassified to earnings of cash flow hedges, net of tax of $6, $(2), $17 and $(15)	(17)	5	(47)	42
Gain (loss) recognized on other, net of tax of $0, $0, $0 and $0	2	1	4	3
Other comprehensive income (loss)	(32)	(187)	102	(1)
Comprehensive income (loss)	332	343	1,094	1,145
Comprehensive income (loss) attributable to noncontrolling interests	103	110	342	366
Comprehensive income (loss) attributable to common shareholders	$ 229	$ 233	$ 752	$ 779

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net change in fair value of net investment hedges, tax	$ 4	$ (87)	$ 12	$ (100)
Net change in fair value of cash flow hedges, tax	(26)	(55)	(42)	(145)
Amounts reclassified to earnings of cash flow hedges, tax	6	(2)	17	(15)
Gain (loss) recognized on other, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Issued Common Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balances (in shares) at Dec. 31, 2021		309,025,068
Beginning balances at Dec. 31, 2021	$ 3,853	$ 2,156	$ 791	$ (710)	$ 1,616
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		87,177
Stock option exercises	3	$ 3
Share-based compensation	24	$ 24
Issuance of shares (in shares)		906,260
Issuance of shares	13	$ 13
Dividends declared	(167)		(167)
Dividend equivalents declared on restricted stock units	0	$ 3	(3)
Distributions declared by partnership on partnership exchangeable units	(78)				(78)
Exchange of partnership exchangeable units for RBI common shares (in shares)		1,525,900
Exchange of Partnership exchangeable units for RBI common shares	0	$ 21		(3)	(18)
Repurchase of RBI common shares (in shares)		(2,860,002)
Repurchase of RBI common shares	(161)	$ (161)
Restaurant VIE contributions (distributions)	(1)				(1)
Net income	270		183		87
Other comprehensive income (loss)	205			140	65
Ending balances (in shares) at Mar. 31, 2022		308,684,403
Ending balances at Mar. 31, 2022	3,961	$ 2,059	804	(573)	1,671
Beginning balances (in shares) at Dec. 31, 2021		309,025,068
Beginning balances at Dec. 31, 2021	3,853	$ 2,156	791	(710)	1,616
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,146
Other comprehensive income (loss)	(1)
Ending balances (in shares) at Sep. 30, 2022		305,859,367
Ending balances at Sep. 30, 2022	4,039	$ 1,964	1,062	(713)	1,726
Beginning balances (in shares) at Mar. 31, 2022		308,684,403
Beginning balances at Mar. 31, 2022	3,961	$ 2,059	804	(573)	1,671
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		25,277
Stock option exercises	1	$ 1
Share-based compensation	29	$ 29
Issuance of shares (in shares)		124,065
Issuance of shares	0
Dividends declared	(166)		(166)
Dividend equivalents declared on restricted stock units	0	$ 3	(3)
Distributions declared by partnership on partnership exchangeable units	(77)				(77)
Exchange of partnership exchangeable units for RBI common shares (in shares)		151,154
Exchange of Partnership exchangeable units for RBI common shares	0	$ 2			(2)
Repurchase of RBI common shares (in shares)		(3,241,362)
Repurchase of RBI common shares	(165)	$ (165)
Restaurant VIE contributions (distributions)	(1)				(1)
Net income	346		236		110
Other comprehensive income (loss)	(19)			(13)	(6)
Ending balances (in shares) at Jun. 30, 2022		305,743,537
Ending balances at Jun. 30, 2022	3,909	$ 1,929	871	(586)	1,695
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		48,422
Stock option exercises	2	$ 2
Share-based compensation	29	$ 29
Issuance of shares (in shares)		49,603
Issuance of shares	0
Dividends declared	(165)		(165)
Dividend equivalents declared on restricted stock units	0	$ 4	(4)
Distributions declared by partnership on partnership exchangeable units	(77)				(77)
Exchange of partnership exchangeable units for RBI common shares (in shares)		17,805
Restaurant VIE contributions (distributions)	(2)				(2)
Net income	530		360		170
Other comprehensive income (loss)	(187)			(127)	(60)
Ending balances (in shares) at Sep. 30, 2022		305,859,367
Ending balances at Sep. 30, 2022	$ 4,039	$ 1,964	1,062	(713)	1,726
Beginning balances (in shares) at Dec. 31, 2022	307,142,436	307,142,436
Beginning balances at Dec. 31, 2022	$ 4,268	$ 2,057	1,121	(679)	1,769
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		124,275
Stock option exercises	6	$ 6
Share-based compensation	41	$ 41
Issuance of shares (in shares)		1,690,762
Issuance of shares	15	$ 15
Dividends declared	(171)		(171)
Dividend equivalents declared on restricted stock units	0	$ 5	(5)
Distributions declared by partnership on partnership exchangeable units	(77)				(77)
Exchange of partnership exchangeable units for RBI common shares (in shares)		2,214,072
Exchange of Partnership exchangeable units for RBI common shares	0	$ 33		(5)	(28)
Restaurant VIE contributions (distributions)	(1)				(1)
Net income	277		189		88
Other comprehensive income (loss)	(47)			(32)	(15)
Ending balances (in shares) at Mar. 31, 2023		311,171,545
Ending balances at Mar. 31, 2023	$ 4,311	$ 2,157	1,134	(716)	1,736
Beginning balances (in shares) at Dec. 31, 2022	307,142,436	307,142,436
Beginning balances at Dec. 31, 2022	$ 4,268	$ 2,057	1,121	(679)	1,769
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	992
Other comprehensive income (loss)	$ 102
Ending balances (in shares) at Sep. 30, 2023	317,837,606	317,837,606
Ending balances at Sep. 30, 2023	$ 4,664	$ 2,267	1,268	(627)	1,756
Beginning balances (in shares) at Mar. 31, 2023		311,171,545
Beginning balances at Mar. 31, 2023	4,311	$ 2,157	1,134	(716)	1,736
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		920,438
Stock option exercises	43	$ 43
Share-based compensation	42	$ 42
Issuance of shares (in shares)		87,695
Issuance of shares	0
Dividends declared	(172)		(172)
Dividend equivalents declared on restricted stock units	0	$ 5	(5)
Distributions declared by partnership on partnership exchangeable units	(77)				(77)
Exchange of partnership exchangeable units for RBI common shares (in shares)		23,787
Exchange of Partnership exchangeable units for RBI common shares	0
Restaurant VIE contributions (distributions)	(1)				(1)
Net income	351		241		110
Other comprehensive income (loss)	181			125	56
Ending balances (in shares) at Jun. 30, 2023		312,203,465
Ending balances at Jun. 30, 2023	4,678	$ 2,247	1,198	(591)	1,824
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		43,596
Stock option exercises	3	$ 3
Share-based compensation	44	$ 44
Issuance of shares (in shares)		119,571
Dividends declared	(176)		(176)
Dividend equivalents declared on restricted stock units	0	$ 6	(6)
Distributions declared by partnership on partnership exchangeable units	(74)				(74)
Exchange of partnership exchangeable units for RBI common shares (in shares)		7,161,017
Exchange of Partnership exchangeable units for RBI common shares	0	$ 109		(13)	(96)
Repurchase of RBI common shares (in shares)		(1,690,043)
Repurchase of RBI common shares	(142)	$ (142)
Restaurant VIE contributions (distributions)	(1)				(1)
Net income	364		252		112
Other comprehensive income (loss)	$ (32)			(23)	(9)
Ending balances (in shares) at Sep. 30, 2023	317,837,606	317,837,606
Ending balances at Sep. 30, 2023	$ 4,664	$ 2,267	$ 1,268	$ (627)	$ 1,756

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, dividends declared (in usd per share)	$ 0.55	$ 0.55	$ 0.55	$ 0.54	$ 0.54	$ 0.54
Dividend distributions declared (in usd per share)	$ 0.55	$ 0.55	$ 0.55	$ 0.54	$ 0.54	$ 0.54

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 992	$ 1,146
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	142	143
Non-cash loss on early extinguishment of debt	5	0
Amortization of deferred financing costs and debt issuance discount	21	21
(Income) loss from equity method investments	19	30
(Gain) loss on remeasurement of foreign denominated transactions	(11)	(82)
Net (gains) losses on derivatives	(111)	17
Share-based compensation and non-cash incentive compensation expense	141	93
Deferred income taxes	(47)	(29)
Other	19	8
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable	(86)	(93)
Inventories and prepaids and other current assets	(49)	(67)
Accounts and drafts payable	(62)	113
Other accrued liabilities and gift card liability	(62)	(74)
Tenant inducements paid to franchisees	(15)	(13)
Other long-term assets and liabilities	24	(146)
Net cash provided by operating activities	920	1,067
Cash flows from investing activities:
Payments for property and equipment	(73)	(52)
Net proceeds from disposal of assets, restaurant closures, and refranchisings	23	11
Net payments in connection with purchase of Firehouse Subs	0	(12)
Settlement/sale of derivatives, net	40	22
Other investing activities, net	(1)	(35)
Net cash (used for) provided by investing activities	(11)	(66)
Cash flows from financing activities:
Proceeds from long-term debt	55	2
Repayments of long-term debt and finance leases	(79)	(71)
Payment of financing costs	(43)	0
Payment of dividends on common shares and distributions on Partnership exchangeable units	(741)	(728)
Repurchase of common shares	(115)	(326)
Proceeds from stock option exercises	52	7
(Payments) proceeds from derivatives	100	8
Other financing activities, net	(3)	(3)
Net cash (used for) provided by financing activities	(774)	(1,111)
Effect of exchange rates on cash and cash equivalents	(3)	(31)
Increase (decrease) in cash and cash equivalents	132	(141)
Cash and cash equivalents at beginning of period	1,178	1,087
Cash and cash equivalents at end of period	1,310	946
Supplemental cash flow disclosures:
Interest paid	544	318
Income taxes paid	$ 184	$ 177

Description of Business and Org

Description of Business and Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization Restaurant Brands International Inc. (the “Company”, “RBI”, “we”, “us” or “our”) is a Canadian corporation that serves as the sole general partner of Restaurant Brands International Limited Partnership (“Partnership”). We franchise and operate quick service restaurants serving premium coffee and other beverage and food products under the Tim Hortons ® brand (“Tim Hortons” or “TH”), fast food hamburgers principally under the Burger King ® brand (“Burger King” or “BK”), chicken principally under the Popeyes ® brand (“Popeyes” or “PLK”) and sandwiches under the Firehouse Subs ® brand (“Firehouse” or “FHS”). We are one of the world’s largest quick service restaurant, or QSR, companies as measured by total number of restaurants. As of September 30, 2023, we franchised or owned 5,701 Tim Hortons restaurants, 19,035 Burger King restaurants, 4,373 Popeyes restaurants and 1,266 Firehouse Subs restaurants, for a total of 30,375 restaurants, and operate in more than 100 countries. Approximately 100% of current system-wide restaurants are franchised. All references to “$” or “dollars” are to the currency of the United States unless otherwise indicated. All references to “Canadian dollars” or “C$” are to the currency of Canada unless otherwise indicated.

Basis of Presentation and Conso

Basis of Presentation and Consolidation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation We have prepared the accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, the Financial Statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and Canadian securities regulatory authorities on February 22, 2023. The Financial Statements include our accounts and the accounts of entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. Investments in other affiliates that are owned 50% or less where we have significant influence are accounted for by the equity method. All material intercompany balances and transactions have been eliminated in consolidation. 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 amended and restated limited 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 condensed consolidated balance sheets and statements of operations with respect to the remaining economic interest in Partnership we do not hold. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The preparation of consolidated financial statements in conformity with U.S. GAAP and related rules and regulations of the SEC requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The carrying amounts for cash and cash equivalents, accounts and notes receivable and accounts and drafts payable approximate fair value based on the short-term nature of these amounts. Supplier Finance Programs Our TH business includes individually negotiated contracts with suppliers, which include payment terms that range up to 120 days. A global financial institution offers a voluntary supply chain finance (“SCF”) program to certain TH vendors, which provides suppliers that elect to participate with the ability to elect early payment, which is discounted based on the payment terms and a rate based on RBI's credit rating, which may be beneficial to the vendor. Participation in the SCF program is at the sole discretion of the suppliers and financial institution and we are not a party to the arrangements between the suppliers and the financial institution. Our obligations to suppliers are not affected by the suppliers’ decisions to participate in the SCF program and our payment terms remain the same based on the original supplier invoicing terms and conditions. No guarantees are provided by us or any of our subsidiaries in connection with the SCF Program. Our confirmed outstanding obligations under the SCF program at September 30, 2023 and December 31, 2022 totaled $29 million and $47 million, respectively, and are classified as Accounts and drafts payable in our condensed consolidated balance sheets. All activity related to the obligations is classified as Cost of sales in our condensed consolidated statements of operations and presented within cash flows from operating activities in our condensed consolidated statements of cash flows.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Relief for the Transition Away from LIBOR and Certain other Reference Rates – In March 2020 and as clarified in January 2021 and December 2022, the Financial Accounting Standards Board (“FASB”) issued guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This amendment is effective as of March 12, 2020 through December 31, 2024. The expedients and exceptions provided by this new guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationships. During 2021, we adopted certain of the expedients as it relates to hedge accounting as certain of our debt agreements and hedging relationships bear interest at variable rates, primarily U.S. dollar LIBOR. Additionally, during the three months ended September 30, 2023, we amended the LIBOR-referencing credit agreement governing our senior secured term loan facilities to reference the Secured Overnight Financing Rate (SOFR) as further disclosed in Note 10, Long-Term Debt . As of September 30, 2023, none of our debt agreements and hedging relationships make reference to LIBOR. The adoption of and future elections under this new guidance did not and are not expected to have a material impact on our Financial Statements. Liabilities—Supplier Finance Programs – In September 2022, the FASB issued guidance that requires buyers in a supplier finance program to disclose sufficient information about the program to allow investors to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. These disclosures would include the key terms of the program, as well as the obligation amount that the buyer has confirmed as valid to the third party that is outstanding at the end of the reporting period, a rollforward of that amount, and a description of where that amount is presented in the balance sheet. This amendment is effective in 2023, except for the amendment on rollforward information which is effective in 2024, with early adoption permitted. This guidance should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. During the first quarter of 2023, we adopted this guidance and added necessary disclosures upon adoption as disclosed in Note 2, Basis of Presentation and Consolidation

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Lease income - operating leases Minimum lease payments $ 95 $ 100 $ 290 $ 314 Variable lease payments 122 112 337 291 Amortization of favorable and unfavorable income lease contracts, net — — 1 1 Subtotal - lease income from operating leases 217 212 628 606 Earned income on direct financing and sales-type leases 4 2 9 5 Total property revenues $ 221 $ 214 $ 637 $ 611
Leases	Leases Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Lease income - operating leases Minimum lease payments $ 95 $ 100 $ 290 $ 314 Variable lease payments 122 112 337 291 Amortization of favorable and unfavorable income lease contracts, net — — 1 1 Subtotal - lease income from operating leases 217 212 628 606 Earned income on direct financing and sales-type leases 4 2 9 5 Total property revenues $ 221 $ 214 $ 637 $ 611

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Contract Liabilities Contract liabilities consist of deferred revenue resulting from initial and renewal franchise fees paid by franchisees, as well as upfront fees paid by master franchisees, which are generally recognized on a straight-line basis over the term of the underlying agreement. We may recognize unamortized franchise fees and upfront fees when a contract with a franchisee or master franchisee is modified and is accounted for as a termination of the existing contract. We classify these contract liabilities as Other liabilities, net in our condensed consolidated balance sheets. The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2022 and September 30, 2023 (in millions): Contract Liabilities Balance at December 31, 2022 $ 540 Recognized during period and included in the contract liability balance at the beginning of the year (44) Increase, excluding amounts recognized as revenue during the period 40 Impact of foreign currency translation (2) Balance at September 30, 2023 $ 534 The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) on a consolidated basis as of September 30, 2023 (in millions): Contract liabilities expected to be recognized in Remainder of 2023 $ 14 2024 52 2025 50 2026 47 2027 44 Thereafter 327 Total $ 534 Disaggregation of Total Revenues The following tables disaggregate revenue by segment (in millions): Three months ended September 30, 2023 TH BK PLK FHS Total Sales $ 717 $ 21 $ 23 $ 10 $ 771 Royalties 94 307 85 17 503 Property revenues 161 57 3 — 221 Franchise fees and other revenue 6 12 2 9 29 Advertising revenues and other services 82 141 75 15 313 Total revenues $ 1,060 $ 538 $ 188 $ 51 $ 1,837 Nine months ended September 30, 2023 TH BK PLK FHS Total Sales $ 2,023 $ 64 $ 66 $ 30 $ 2,183 Royalties 261 882 241 52 1,436 Property revenues 456 171 10 — 637 Franchise fees and other revenue 19 40 10 21 90 Advertising revenues and other services 217 394 211 34 856 Total revenues $ 2,976 $ 1,551 $ 538 $ 137 $ 5,202 Three months ended September 30, 2022 TH BK PLK FHS Total Sales $ 710 $ 19 $ 21 $ 9 $ 759 Royalties 87 274 74 16 451 Property revenues 154 57 3 — 214 Franchise fees and other revenue 9 18 1 5 33 Advertising revenues and other services 73 123 65 8 269 Total revenues $ 1,033 $ 491 $ 164 $ 38 $ 1,726 Nine months ended September 30, 2022 TH BK PLK FHS Total Sales $ 1,937 $ 52 $ 58 $ 29 $ 2,076 Royalties 239 791 213 49 1,292 Property revenues 433 169 9 — 611 Franchise fees and other revenue 22 42 8 14 86 Advertising revenues and other services 199 353 189 10 751 Total revenues $ 2,830 $ 1,407 $ 477 $ 102 $ 4,816

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share An economic interest in Partnership common equity is held by the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”), which is reflected as a noncontrolling interest in our equity. See Note 12, Shareholders’ Equity . Basic and diluted earnings per share is computed using the weighted average number of shares outstanding for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by outstanding equity awards, 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 Nine Months Ended 2023 2022 2023 2022 Numerator: Net income attributable to common shareholders - basic $ 252 $ 360 $ 682 $ 779 Add: Net income attributable to noncontrolling interests 111 169 307 364 Net income available to common shareholders and noncontrolling interests - diluted $ 363 $ 529 $ 989 $ 1,143 Denominator: Weighted average common shares - basic 314 306 312 308 Exchange of noncontrolling interests for common shares (Note 12) 139 143 141 144 Effect of other dilutive securities 6 5 5 3 Weighted average common shares - diluted 459 454 458 455 Basic earnings per share (a) $ 0.80 $ 1.18 $ 2.19 $ 2.53 Diluted earnings per share (a) $ 0.79 $ 1.17 $ 2.16 $ 2.51 Anti-dilutive securities outstanding 6 4 6 4 (a) Earnings per share may not recalculate exactly as it is calculated based on unrounded numbers.

Intangible Assets, net and Good

Intangible Assets, net and Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net and Goodwill	Intangible Assets, net and Goodwill Intangible assets, net and goodwill consist of the following (in millions): As of September 30, 2023 December 31, 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Identifiable assets subject to amortization: Franchise agreements $ 717 $ (335) $ 382 $ 720 $ (313) $ 407 Favorable leases 81 (53) 28 90 (57) 33 Subtotal 798 (388) 410 810 (370) 440 Indefinite-lived intangible assets: Tim Hortons brand $ 6,285 $ — $ 6,285 $ 6,292 $ — $ 6,292 Burger King brand 2,080 — 2,080 2,088 — 2,088 Popeyes brand 1,355 — 1,355 1,355 — 1,355 Firehouse Subs brand 816 — 816 816 — 816 Subtotal 10,536 — 10,536 10,551 — 10,551 Intangible assets, net $ 10,946 $ 10,991 Goodwill: Tim Hortons segment $ 4,054 $ 4,059 Burger King segment 588 590 Popeyes segment 846 846 Firehouse Subs segment 193 193 Total $ 5,681 $ 5,688

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The aggregate carrying amounts of our equity method investments were $135 million and $167 million as of September 30, 2023 and December 31, 2022, respectively, and are included as a component of Other assets, net in our accompanying condensed consolidated balance sheets. Except for the following equity method investments, no quoted market prices are available for our other equity method investments. The aggregate market value of our 14.7% equity interest in Carrols Restaurant Group, Inc. based on the quoted market price on September 30, 2023 was approximately $62 million. The aggregate market value of our 9.4% equity interest in BK Brasil Operação e Assessoria a Restaurantes S.A. based on the quoted market price on September 30, 2023 was approximately $32 million. The aggregate market value of our 4.2% equity interest in TH International Limited based on the quoted market price on September 30, 2023 was approximately $12 million. We have equity interests in entities that own or franchise Tim Hortons, Burger King and Popeyes restaurants. Sales, franchise and property revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues from affiliates: Royalties $ 106 $ 92 $ 301 $ 266 Advertising revenues and other services 21 20 59 54 Property revenues 6 8 24 23 Franchise fees and other revenue 6 3 15 12 Sales 4 4 14 12 Total $ 143 $ 127 $ 413 $ 367 At September 30, 2023 and December 31, 2022, we had $58 million and $42 million, respectively, of accounts receivable, net from our equity method investments which were recorded in Accounts and notes receivable, net in our condensed consolidated balance sheets. With respect to our TH business, the most significant equity method investment is our 50% joint venture interest with The Wendy’s Company (the “TIMWEN Partnership”), which jointly holds real estate underlying Canadian combination restaurants. Distributions received from this joint venture were $4 million and $5 million during the three months ended September 30, 2023 and 2022, respectively. Distributions received from this joint venture were $9 million and $10 million during the nine months ended September 30, 2023 and 2022, respectively. Associated with the TIMWEN Partnership, we recognized $5 million of rent expense during the three months ended September 30, 2023 and 2022, and $15 million and $14 million of rent expense during the nine months ended September 30, 2023 and 2022, respectively.

Other Accrued Liabilities and O

Other Accrued Liabilities and Other Liabilities, net	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Other Accrued Liabilities and Other Liabilities, net	Other Accrued Liabilities and Other Liabilities, net Other accrued liabilities (current) and Other liabilities, net (noncurrent) consist of the following (in millions): As of September 30, December 31, Current: Dividend payable $ 249 $ 243 Interest payable 88 89 Accrued compensation and benefits 110 124 Taxes payable 255 190 Deferred income 86 43 Accrued advertising expenses 55 37 Restructuring and other provisions 16 29 Current portion of operating lease liabilities 140 137 Other 133 109 Other accrued liabilities $ 1,132 $ 1,001 Noncurrent: Taxes payable $ 164 $ 139 Contract liabilities 534 540 Derivatives liabilities — 34 Unfavorable leases 43 50 Accrued pension 41 40 Deferred income 58 44 Other 24 25 Other liabilities, net $ 864 $ 872

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following (in millions): As of September 30, December 31, Term Loan B $ 5,175 $ 5,190 Term Loan A 1,275 1,250 3.875% First Lien Senior Notes due 2028 1,550 1,550 3.50% First Lien Senior Notes due 2029 750 750 5.75% First Lien Senior Notes due 2025 500 500 4.375% Second Lien Senior Notes due 2028 750 750 4.00% Second Lien Senior Notes due 2030 2,900 2,900 TH Facility and other 145 155 Less: unamortized deferred financing costs and deferred issue discount (128) (111) Total debt, net 12,917 12,934 Less: current maturities of debt (55) (95) Total long-term debt $ 12,862 $ 12,839 Credit Facilities On September 21, 2023, two of our subsidiaries (the “Borrowers”) entered into a seventh amendment (the “2023 Amendment”) to the credit agreement governing our senior secured term loan A facility (the “Term Loan A”), our senior secured term loan B facility (the “Term Loan B” and together with the Term Loan A the “Term Loan Facilities”) and our senior secured revolving credit facility (including revolving loans, swingline loans and letters of credit) (the “Revolving Credit Facility” and together with the Term Loan Facilities, the “Credit Facilities”). Under the 2023 Amendment we (i) amended the existing Revolving Credit Facility to increase the availability from $1,000 million to $1,250 million and extended the maturity of the facility to September 21, 2028 without changing the leverage-based spread to adjusted SOFR (Secured Overnight Financing Rate); (ii) increased the Term Loan A to $1,275 million and extended the maturity of the Term Loan A to September 21, 2028 without changing the leverage-based spread to adjusted SOFR; (iii) increased the Term Loan B to $5,175 million, extended the maturity of the Term Loan B to September 21, 2030, and changed the interest rate applicable to borrowings under our Term Loan B to term SOFR, subject to a floor of 0.00%, plus an applicable margin of 2.25%; and (iv) made certain other changes as set forth therein, including removing the 0.10% adjustment to the term SOFR rate across the facilities and changes to certain covenants to provide increased flexibility. The 2023 Amendment made no other material changes to the terms of the Credit Agreement. In connection with the 2023 Amendment, we capitalized approximately $44 million in debt issuance costs and recorded a $16 million loss on early extinguishment of debt that primarily reflects expensing of fees in connection with the 2023 Amendment and the write-off of unamortized debt issuance costs. The principal amount of the Term Loan A amortizes in quarterly installments equal to $8 million beginning March 31, 2025 and $16 million beginning March 31, 2027 until maturity, with the balance payable at maturity. The principal amount of the Term Loan B amortizes in quarterly installments equal to $13 million beginning March 31, 2024 until maturity, with the balance payable at maturity. Revolving Credit Facility As of September 30, 2023, we had no amounts outstanding under our Revolving Credit Facility, had $2 million of letters of credit issued against the Revolving Credit Facility, and our borrowing availability under our Revolving Credit Facility was $1,248 million. Funds available under the Revolving Credit Facility may be used to repay other debt, finance debt or equity repurchases, fund acquisitions or capital expenditures and for other general corporate purposes. We have a $125 million letter of credit sublimit as part of the Revolving Credit Facility, which reduces our borrowing availability thereunder by the cumulative amount of outstanding letters of credit. TH Facility One of our subsidiaries entered into a non-revolving delayed drawdown term credit facility in a total aggregate principal amount of C$225 million with a maturity date of October 4, 2025 (the “TH Facility”). The interest rate applicable to the TH Facility is the Canadian Bankers’ Acceptance rate plus an applicable margin equal to 1.40% or the Prime Rate plus an applicable margin equal to 0.40%, at our option. Obligations under the TH Facility are guaranteed by four of our subsidiaries, and amounts borrowed under the TH Facility are secured by certain parcels of real estate. As of September 30, 2023, we had approximately C$186 million outstanding under the TH Facility with a weighted average interest rate of 6.77%. Restrictions and Covenants As of September 30, 2023, we were in compliance with all applicable financial debt covenants under our senior secured term loan facilities and Revolving Credit Facility (together the "Credit Facilities"), the TH Facility, and the indentures governing our Senior Notes. Fair Value Measurement The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions): As of September 30, December 31, Fair value of our variable term debt and senior notes $ 11,996 $ 11,885 Principal carrying amount of our variable term debt and senior notes 12,900 12,890 Interest Expense, net Interest expense, net consists of the following (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Debt (a) $ 144 $ 124 $ 424 $ 357 Finance lease obligations 5 4 14 14 Amortization of deferred financing costs and debt issuance discount 7 7 21 21 Interest income (13) (2) (29) (3) Interest expense, net $ 143 $ 133 $ 430 $ 389 (a) Amount includes $16 million and $17 million benefit during the three months ended September 30, 2023 and 2022, respectively, and $47 million and $40 million benefit during the nine months ended September 30, 2023 and 2022, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 13, Derivative Instruments .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur effective tax rate was 14.0% and 12.8% for the three and nine months ended September 30, 2023, respectively. The effective tax rate during these periods reflect the mix of income from multiple tax jurisdictions, the impact of internal financing arrangements and favorable structural changes implemented in 2022. Our effective tax rate was (23.8)% and 1.5% for the three and nine months ended September 30, 2022, respectively. The effective tax rate during these periods included a net decrease in tax reserves of $171 million related primarily to expiring statutes of limitations for certain prior tax years which decreased the effective tax rate by 39.9% and 14.7% for the three and nine months ended September 30, 2022, respectively. The effective tax rate during these periods also reflects the mix of income from multiple tax jurisdictions, the impact of internal financing arrangements and favorable structural changes implemented in 2022.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Noncontrolling Interests The holders of Partnership exchangeable units held an economic interest of approximately 29.6% and 31.8% in Partnership common equity through the ownership of 133,597,764 and 142,996,640 Partnership exchangeable units as of September 30, 2023 and December 31, 2022, respectively. During the nine months ended September 30, 2023, Partnership exchanged 9,398,876 Partnership exchangeable units, pursuant to exchange notices received. In accordance with the terms of the partnership agreement, Partnership satisfied the exchange notices by exchanging these Partnership exchangeable units for the same number of newly issued RBI common shares. The exchanges represented increases in our ownership interest in Partnership and were accounted for as equity transactions, with no gain or loss recorded in the accompanying 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 the exchange. Share Repurchases On August 31, 2023, our Board of Directors approved a share repurchase program that allows us to purchase up to $1,000 million of our common shares until September 30, 2025. This approval follows the expiration of our prior two-year authorization to repurchase up to the same $1,000 million amount of our common shares. For the three and nine months ended September 30, 2023, we repurchased 2,099,360 of our common shares for $142 million, of which 409,317 of these repurchases had not yet settled and therefore were not cancelled as of September 30, 2023, and as of September 30, 2023 had $858 million remaining under the authorization. Accumulated Other Comprehensive Income (Loss) The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions): Derivatives Pensions Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2022 $ 648 $ (17) $ (1,310) $ (679) Foreign currency translation adjustment — — (36) (36) Net change in fair value of derivatives, net of tax 181 — — 181 Amounts reclassified to earnings of cash flow hedges, net of tax (47) — — (47) Gain (loss) recognized on other, net of tax — 4 — 4 Amounts attributable to noncontrolling interests (20) (2) (28) (50) Balance at September 30, 2023 $ 762 $ (15) $ (1,374) $ (627)

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Disclosures about Derivative Instruments and Hedging Activities We enter into derivative instruments for risk management purposes, including derivatives designated as cash flow hedges and derivatives designated as net investment hedges. We use derivatives to manage our exposure to fluctuations in interest rates and currency exchange rates. Interest Rate Swaps At September 30, 2023, we had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $3,500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities, including any subsequent refinancing or replacement of the Term Loan Facilities, beginning August 31, 2021 through the termination date of October 31, 2028. Additionally, at September 30, 2023, we also had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities effective September 30, 2019 through the termination date of September 30, 2026. Following the discontinuance of the U.S. dollar LIBOR after June 30, 2023, the interest rate on all these interest rate swaps transitioned from LIBOR to SOFR, with no impact to hedge effectiveness and no change in accounting treatment as a result of applicable accounting relief guidance for the transition away from LIBOR. At inception, all of these interest rate swaps were designated as cash flow hedges for hedge accounting. The unrealized changes in market value are recorded in AOCI, net of tax, and reclassified into interest expense during the period in which the hedged forecasted transaction affects earnings. The net amount of pre-tax gains in connection with these net unrealized gains in AOCI as of September 30, 2023 that we expect to be reclassified into interest expense within the next 12 months is $130 million. Cross-Currency Rate Swaps To protect the value of our investments in our foreign operations against adverse changes in foreign currency exchange rates, we hedge a portion of our net investment in one or more of our foreign subsidiaries by using cross-currency rate swaps. At September 30, 2023, we had outstanding cross-currency rate swap contracts between the Canadian dollar and U.S. dollar and the Euro and U.S. dollar that have been designated as net investment hedges of a portion of our equity in foreign operations in those currencies. The component of the gains and losses on our net investment in these designated foreign operations driven by changes in foreign exchange rates are economically partly offset by movements in the fair value of our cross-currency swap contracts. The fair value of the swaps is calculated each period with changes in fair value reported in AOCI, net of tax. Such amounts will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations. At September 30, 2023, we had outstanding cross-currency rate swaps that we entered into during 2022 to partially hedge the net investment in our Canadian subsidiaries. At inception, these cross-currency rate swaps were designated as a hedge and are accounted for as net investment hedges. These swaps are contracts in which we receive quarterly fixed-rate interest payments on the U.S. dollar notional amount of $5,000 million through the maturity date of September 30, 2028. At September 30, 2023, we had outstanding cross-currency rate swaps in which we pay quarterly fixed-rate interest payments on the Euro notional value of €1,108 million and receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $1,200 million. At inception, these cross-currency rate swaps were designated as a hedge and are accounted for as a net investment hedge. During 2018, we extended the term of the swaps from March 31, 2021 to the maturity date of February 17, 2024. The extension of the term resulted in a re-designation of the hedge and the swaps continue to be accounted for as a net investment hedge. Additionally, at September 30, 2023, we also had outstanding cross-currency rate swaps in which we receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $400 million, entered during 2018, and $500 million, entered during 2019, through the maturity date of February 17, 2024 and $150 million, entered during 2021, through the maturity date of October 31, 2028. At inception, these cross-currency rate swaps were designated as a hedge and are accounted for as a net investment hedge. In connection with the cross-currency rate swaps hedging Canadian dollar and Euro net investments, we utilize the spot method to exclude the interest component (the “Excluded Component”) from the accounting hedge without affecting net investment hedge accounting and amortize the Excluded Component over the life of the derivative instrument. The amortization of the Excluded Component is recognized in Interest expense, net in the condensed consolidated statement of operations. The change in fair value that is not related to the Excluded Component is recorded in AOCI and will be reclassified to earnings when the foreign subsidiaries are sold or substantially liquidated. Foreign Currency Exchange Contracts We use foreign exchange derivative instruments to manage the impact of foreign exchange fluctuations on U.S. dollar purchases and payments, such as coffee purchases made by our Canadian Tim Hortons operations. At September 30, 2023, we had outstanding forward currency contracts to manage this risk in which we sell Canadian dollars and buy U.S. dollars with a notional value of $176 million with maturities to November 15, 2024. We have designated these instruments as cash flow hedges, and as such, the unrealized changes in market value of effective hedges are recorded in AOCI and are reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Credit Risk By entering into derivative contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty. Credit-Risk Related Contingent Features Our derivative instruments do not contain any credit-risk related contingent features. Quantitative Disclosures about Derivative Instruments and Fair Value Measurements The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions): Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivatives designated as cash flow hedges (1) Interest rate swaps $ 91 $ 191 $ 154 $ 521 Forward-currency contracts $ 6 $ 14 $ 2 $ 18 Derivatives designated as net investment hedges Cross-currency rate swaps $ 178 $ 471 $ 55 $ 675 (1) We did not exclude any components from the cash flow hedge relationships presented in this table. Location of Gain or (Loss) Reclassified from AOCI into Earnings Gain or (Loss) Reclassified from Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivatives designated as cash flow hedges Interest rate swaps Interest expense, net $ 23 $ (8) $ 58 $ (60) Forward-currency contracts Cost of sales $ — $ 1 $ 6 $ 3 Location of Gain or (Loss) Recognized in Earnings Gain or (Loss) Recognized in Earnings Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivatives designated as net investment hedges Cross-currency rate swaps Interest expense, net $ 16 $ 17 $ 47 $ 40 Fair Value as of September 30, December 31, 2022 Balance Sheet Location Assets: Derivatives designated as cash flow hedges Interest rate $ 339 $ 280 Other assets, net Foreign currency 3 7 Prepaids and other current assets Derivatives designated as net investment hedges Foreign currency 106 78 Other assets, net Total assets at fair value $ 448 $ 365 Liabilities: Derivatives designated as net investment hedges Foreign currency $ — $ 34 Other liabilities, net Total liabilities at fair value $ — $ 34

Other Operating Expenses (Incom

Other Operating Expenses (Income), net	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Other Operating Expenses (Income), net	Other Operating Expenses (Income), net Other operating expenses (income), net consists of the following (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net losses (gains) on disposal of assets, restaurant closures, and refranchisings $ 30 $ 1 $ 19 $ 2 Litigation settlements (gains) and reserves, net 1 — (1) 3 Net losses (gains) on foreign exchange (18) (30) (11) (82) Other, net (3) 2 13 9 Other operating expenses (income), net $ 10 $ (27) $ 20 $ (68) Net losses (gains) on disposal of assets, restaurant closures, and refranchisings represent sales of properties and other costs related to restaurant closures and refranchisings. Gains and losses recognized in the current period may reflect certain costs related to closures and refranchisings that occurred in previous periods. The amount for the three and nine months ended September 30, 2023 includes asset write-offs and related costs in connection with the discontinuance of an internally developed software project. Net losses (gains) on foreign exchange is primarily related to revaluation of foreign denominated assets and liabilities, primarily those denominated in Euros and Canadian dollars.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, we are involved in legal proceedings arising in the ordinary course of business relating to matters including, but not limited to, disputes with franchisees, suppliers, employees and customers, as well as disputes over our intellectual property. On October 5, 2018, a class action complaint was filed against Burger King Worldwide, Inc. (“BKW”) and Burger King Company, successor in interest, (“BKC”) in the U.S. District Court for the Southern District of Florida by Jarvis Arrington, individually and on behalf of all others similarly situated. On October 18, 2018, a second class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Monique Michel, individually and on behalf of all others similarly situated. On October 31, 2018, a third class action complaint was filed against BKC and BKW in the U.S. District Court for the Southern District of Florida by Geneva Blanchard and Tiffany Miller, individually and on behalf of all others similarly situated. On November 2, 2018, a fourth class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Sandra Munster, individually and on behalf of all others similarly situated. These complaints have been consolidated and allege that the defendants violated Section 1 of the Sherman Act by incorporating an employee no-solicitation and no-hiring clause in the standard form franchise agreement all Burger King franchisees are required to sign. Each plaintiff seeks injunctive relief and damages for himself or herself and other members of the class. On March 24, 2020, the Court granted BKC’s motion to dismiss for failure to state a claim and on April 20, 2020 the plaintiffs filed a motion for leave to amend their complaint. On April 27, 2020, BKC filed a motion opposing the motion for leave to amend. The court denied the plaintiffs motion for leave to amend their complaint in August 2020 and the plaintiffs appealed this ruling. In August 2022, the federal appellate court reversed the lower court's decision to dismiss the case and remanded the case to the lower court for further proceedings. While we currently believe these claims are without merit, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As stated in Note 1, Description of Business and Organization , we manage four brands. Under the Tim Hortons brand, we operate in the donut/coffee/tea category of the quick service segment of the restaurant industry. Under the Burger King brand, we operate in the fast food hamburger restaurant category of the quick service segment of the restaurant industry. Under the Popeyes brand, we operate in the chicken category of the quick service segment of the restaurant industry. Under the Firehouse Subs brand, we operate in the specialty subs category of the quick service segment of the restaurant industry. Our business generates revenue from the following sources: (i) sales, consisting primarily of supply chain sales, which represent sales of products, supplies and restaurant equipment to franchisees, as well as sales to retailers and sales at restaurants owned by us (“Company restaurants”); (ii) franchise revenues, consisting primarily of royalties based on a percentage of sales reported by franchise restaurants and franchise fees paid by franchisees; (iii) property revenues from properties we lease or sublease to franchisees; and (iv) advertising revenues and other services, consisting primarily of advertising fund contributions based on a percentage of sales reported by franchise restaurants. We manage each of our brands as an operating segment and each operating segment represents a reportable segment. The following tables present revenues, by segment and by country (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues by operating segment: TH $ 1,060 $ 1,033 $ 2,976 $ 2,830 BK 538 491 1,551 1,407 PLK 188 164 538 477 FHS 51 38 137 102 Total revenues $ 1,837 $ 1,726 $ 5,202 $ 4,816 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues by country (a): Canada $ 956 $ 940 $ 2,683 $ 2,565 United States 645 587 1,849 1,679 Other 236 199 670 572 Total revenues $ 1,837 $ 1,726 $ 5,202 $ 4,816 (a) Only Canada and the United States represented 10% or more of our total revenues in each period presented. Our measure of segment income is Adjusted EBITDA. Adjusted EBITDA represents earnings (net income or loss) before interest expense, net, loss on early extinguishment of debt, income tax (benefit) expense, and depreciation and amortization, adjusted to exclude (i) the non-cash impact of share-based compensation and non-cash incentive compensation expense, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net and, (iv) income/expenses from non-recurring projects and non-operating activities. For the periods referenced, income/expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expense incurred in connection with the acquisition of Firehouse consisting of professional fees, compensation-related expenses and integration costs (“FHS Transaction costs”); and (ii) non-operating costs from professional advisory and consulting services associated with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movements as well as services related to significant tax reform legislation and regulations (“Corporate restructuring and advisory fees”). Adjusted EBITDA is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items that management believes are not relevant to management’s assessment of our operating performance. A reconciliation of segment income to net income consists of the following (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Segment income: TH $ 311 $ 305 $ 852 $ 810 BK 298 262 842 761 PLK 75 62 214 179 FHS 14 13 43 40 Adjusted EBITDA 698 642 1,951 1,790 Share-based compensation and non-cash incentive compensation expense 49 34 141 93 FHS Transaction costs — 3 19 8 Corporate restructuring and advisory fees 5 12 17 21 Impact of equity method investments (a) 5 13 29 41 Other operating expenses (income), net 10 (27) 20 (68) EBITDA 629 607 1,725 1,695 Depreciation and amortization 47 46 142 143 Income from operations 582 561 1,583 1,552 Interest expense, net 143 133 430 389 Loss on early extinguishment of debt 16 — 16 — Income tax expense (benefit) 59 (102) 145 17 Net income $ 364 $ 530 $ 992 $ 1,146

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On October 4, 2023, we paid a cash dividend of $0.55 per common share to common shareholders of record on September 20, 2023. On such date, Partnership also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.55 per exchangeable unit to holders of record on September 20, 2023. Subsequent to September 30, 2023, our board of directors declared a cash dividend of $0.55 per common share, which will be paid on January 4, 2024 to common shareholders of record on December 21, 2023. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.55 per Partnership exchangeable unit, and the record date and payment date for distributions on Partnership exchangeable units are the same as the record date and payment date set forth above. Derivatives In October 2023, we entered into new cross-currency rate swap contracts between the Euro and U.S. dollar in which we receive quarterly fixed-rate interest payments on the U.S. dollar aggregate amount of $1,400 million through the maturity date of October 31, 2026. At inception, these cross-currency rate swaps were designated as hedges and are accounted for as net investment hedges. In connection with these new cross-currency rate swaps, we settled our existing cross-currency rate swap contracts between the Euro and U.S. dollar with a notional value of $400 million and $500 million with a maturity date of February 17, 2024 and received $59 million in cash as part of this settlement. Share Repurchases

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Con_2

Basis of Presentation and Consolidation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	We have prepared the accompanying unaudited condensed consolidated financial statements (the “Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, the Financial Statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and Canadian securities regulatory authorities on February 22, 2023.
Consolidation, Policy	The Financial Statements include our accounts and the accounts of entities in which we have a controlling financial interest, the usual condition of which is ownership of a majority voting interest. Investments in other affiliates that are owned 50% or less where we have significant influence are accounted for by the equity method. All material intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP and related rules and regulations of the SEC requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The carrying amounts for cash and cash equivalents, accounts and notes receivable and accounts and drafts payable approximate fair value based on the short-term nature of these amounts.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Relief for the Transition Away from LIBOR and Certain other Reference Rates – In March 2020 and as clarified in January 2021 and December 2022, the Financial Accounting Standards Board (“FASB”) issued guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This amendment is effective as of March 12, 2020 through December 31, 2024. The expedients and exceptions provided by this new guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationships. During 2021, we adopted certain of the expedients as it relates to hedge accounting as certain of our debt agreements and hedging relationships bear interest at variable rates, primarily U.S. dollar LIBOR. Additionally, during the three months ended September 30, 2023, we amended the LIBOR-referencing credit agreement governing our senior secured term loan facilities to reference the Secured Overnight Financing Rate (SOFR) as further disclosed in Note 10, Long-Term Debt . As of September 30, 2023, none of our debt agreements and hedging relationships make reference to LIBOR. The adoption of and future elections under this new guidance did not and are not expected to have a material impact on our Financial Statements. Liabilities—Supplier Finance Programs – In September 2022, the FASB issued guidance that requires buyers in a supplier finance program to disclose sufficient information about the program to allow investors to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. These disclosures would include the key terms of the program, as well as the obligation amount that the buyer has confirmed as valid to the third party that is outstanding at the end of the reporting period, a rollforward of that amount, and a description of where that amount is presented in the balance sheet. This amendment is effective in 2023, except for the amendment on rollforward information which is effective in 2024, with early adoption permitted. This guidance should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. During the first quarter of 2023, we adopted this guidance and added necessary disclosures upon adoption as disclosed in Note 2, Basis of Presentation and Consolidation
Contract Liabilities	Contract LiabilitiesContract liabilities consist of deferred revenue resulting from initial and renewal franchise fees paid by franchisees, as well as upfront fees paid by master franchisees, which are generally recognized on a straight-line basis over the term of the underlying agreement. We may recognize unamortized franchise fees and upfront fees when a contract with a franchisee or master franchisee is modified and is accounted for as a termination of the existing contract. We classify these contract liabilities as Other liabilities, net in our condensed consolidated balance sheets.
Earnings per Share	Earnings per Share An economic interest in Partnership common equity is held by the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”), which is reflected as a noncontrolling interest in our equity. See Note 12, Shareholders’ Equity . Basic and diluted earnings per share is computed using the weighted average number of shares outstanding for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by outstanding equity awards, 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.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Operating leases Property Revenues	Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Lease income - operating leases Minimum lease payments $ 95 $ 100 $ 290 $ 314 Variable lease payments 122 112 337 291 Amortization of favorable and unfavorable income lease contracts, net — — 1 1 Subtotal - lease income from operating leases 217 212 628 606 Earned income on direct financing and sales-type leases 4 2 9 5 Total property revenues $ 221 $ 214 $ 637 $ 611
Schedule of Financing leases Property Revenues	Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Lease income - operating leases Minimum lease payments $ 95 $ 100 $ 290 $ 314 Variable lease payments 122 112 337 291 Amortization of favorable and unfavorable income lease contracts, net — — 1 1 Subtotal - lease income from operating leases 217 212 628 606 Earned income on direct financing and sales-type leases 4 2 9 5 Total property revenues $ 221 $ 214 $ 637 $ 611

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Change in Contract Liabilities	The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2022 and September 30, 2023 (in millions): Contract Liabilities Balance at December 31, 2022 $ 540 Recognized during period and included in the contract liability balance at the beginning of the year (44) Increase, excluding amounts recognized as revenue during the period 40 Impact of foreign currency translation (2) Balance at September 30, 2023 $ 534
Schedule of Estimated Revenues Expected to be Recognized	The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) on a consolidated basis as of September 30, 2023 (in millions): Contract liabilities expected to be recognized in Remainder of 2023 $ 14 2024 52 2025 50 2026 47 2027 44 Thereafter 327 Total $ 534
Schedule of Disaggregation of Total Revenues	The following tables disaggregate revenue by segment (in millions): Three months ended September 30, 2023 TH BK PLK FHS Total Sales $ 717 $ 21 $ 23 $ 10 $ 771 Royalties 94 307 85 17 503 Property revenues 161 57 3 — 221 Franchise fees and other revenue 6 12 2 9 29 Advertising revenues and other services 82 141 75 15 313 Total revenues $ 1,060 $ 538 $ 188 $ 51 $ 1,837 Nine months ended September 30, 2023 TH BK PLK FHS Total Sales $ 2,023 $ 64 $ 66 $ 30 $ 2,183 Royalties 261 882 241 52 1,436 Property revenues 456 171 10 — 637 Franchise fees and other revenue 19 40 10 21 90 Advertising revenues and other services 217 394 211 34 856 Total revenues $ 2,976 $ 1,551 $ 538 $ 137 $ 5,202 Three months ended September 30, 2022 TH BK PLK FHS Total Sales $ 710 $ 19 $ 21 $ 9 $ 759 Royalties 87 274 74 16 451 Property revenues 154 57 3 — 214 Franchise fees and other revenue 9 18 1 5 33 Advertising revenues and other services 73 123 65 8 269 Total revenues $ 1,033 $ 491 $ 164 $ 38 $ 1,726 Nine months ended September 30, 2022 TH BK PLK FHS Total Sales $ 1,937 $ 52 $ 58 $ 29 $ 2,076 Royalties 239 791 213 49 1,292 Property revenues 433 169 9 — 611 Franchise fees and other revenue 22 42 8 14 86 Advertising revenues and other services 199 353 189 10 751 Total revenues $ 2,830 $ 1,407 $ 477 $ 102 $ 4,816

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of 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 Nine Months Ended 2023 2022 2023 2022 Numerator: Net income attributable to common shareholders - basic $ 252 $ 360 $ 682 $ 779 Add: Net income attributable to noncontrolling interests 111 169 307 364 Net income available to common shareholders and noncontrolling interests - diluted $ 363 $ 529 $ 989 $ 1,143 Denominator: Weighted average common shares - basic 314 306 312 308 Exchange of noncontrolling interests for common shares (Note 12) 139 143 141 144 Effect of other dilutive securities 6 5 5 3 Weighted average common shares - diluted 459 454 458 455 Basic earnings per share (a) $ 0.80 $ 1.18 $ 2.19 $ 2.53 Diluted earnings per share (a) $ 0.79 $ 1.17 $ 2.16 $ 2.51 Anti-dilutive securities outstanding 6 4 6 4 (a) Earnings per share may not recalculate exactly as it is calculated based on unrounded numbers.

Intangible Assets, net and Go_2

Intangible Assets, net and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Intangible assets, net and goodwill consist of the following (in millions): As of September 30, 2023 December 31, 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Identifiable assets subject to amortization: Franchise agreements $ 717 $ (335) $ 382 $ 720 $ (313) $ 407 Favorable leases 81 (53) 28 90 (57) 33 Subtotal 798 (388) 410 810 (370) 440 Indefinite-lived intangible assets: Tim Hortons brand $ 6,285 $ — $ 6,285 $ 6,292 $ — $ 6,292 Burger King brand 2,080 — 2,080 2,088 — 2,088 Popeyes brand 1,355 — 1,355 1,355 — 1,355 Firehouse Subs brand 816 — 816 816 — 816 Subtotal 10,536 — 10,536 10,551 — 10,551 Intangible assets, net $ 10,946 $ 10,991 Goodwill: Tim Hortons segment $ 4,054 $ 4,059 Burger King segment 588 590 Popeyes segment 846 846 Firehouse Subs segment 193 193 Total $ 5,681 $ 5,688

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Franchise and Property Revenues	Sales, franchise and property revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest consist of the following (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues from affiliates: Royalties $ 106 $ 92 $ 301 $ 266 Advertising revenues and other services 21 20 59 54 Property revenues 6 8 24 23 Franchise fees and other revenue 6 3 15 12 Sales 4 4 14 12 Total $ 143 $ 127 $ 413 $ 367

Other Accrued Liabilities and_2

Other Accrued Liabilities and Other Liabilities, net (Tables)	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Accrued Liabilities (Current) and Other Liabilities (Non-Current), Net	Other accrued liabilities (current) and Other liabilities, net (noncurrent) consist of the following (in millions): As of September 30, December 31, Current: Dividend payable $ 249 $ 243 Interest payable 88 89 Accrued compensation and benefits 110 124 Taxes payable 255 190 Deferred income 86 43 Accrued advertising expenses 55 37 Restructuring and other provisions 16 29 Current portion of operating lease liabilities 140 137 Other 133 109 Other accrued liabilities $ 1,132 $ 1,001 Noncurrent: Taxes payable $ 164 $ 139 Contract liabilities 534 540 Derivatives liabilities — 34 Unfavorable leases 43 50 Accrued pension 41 40 Deferred income 58 44 Other 24 25 Other liabilities, net $ 864 $ 872

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following (in millions): As of September 30, December 31, Term Loan B $ 5,175 $ 5,190 Term Loan A 1,275 1,250 3.875% First Lien Senior Notes due 2028 1,550 1,550 3.50% First Lien Senior Notes due 2029 750 750 5.75% First Lien Senior Notes due 2025 500 500 4.375% Second Lien Senior Notes due 2028 750 750 4.00% Second Lien Senior Notes due 2030 2,900 2,900 TH Facility and other 145 155 Less: unamortized deferred financing costs and deferred issue discount (128) (111) Total debt, net 12,917 12,934 Less: current maturities of debt (55) (95) Total long-term debt $ 12,862 $ 12,839
Schedule of Fair Value Measurement	The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions): As of September 30, December 31, Fair value of our variable term debt and senior notes $ 11,996 $ 11,885 Principal carrying amount of our variable term debt and senior notes 12,900 12,890
Schedule of Interest Expense, Net	Interest expense, net consists of the following (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Debt (a) $ 144 $ 124 $ 424 $ 357 Finance lease obligations 5 4 14 14 Amortization of deferred financing costs and debt issuance discount 7 7 21 21 Interest income (13) (2) (29) (3) Interest expense, net $ 143 $ 133 $ 430 $ 389 (a) Amount includes $16 million and $17 million benefit during the three months ended September 30, 2023 and 2022, respectively, and $47 million and $40 million benefit during the nine months ended September 30, 2023 and 2022, respectively, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 13, Derivative Instruments .

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Change in Components of Accumulated Other Comprehensive Income (Loss) ("AOCI")	The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions): Derivatives Pensions Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2022 $ 648 $ (17) $ (1,310) $ (679) Foreign currency translation adjustment — — (36) (36) Net change in fair value of derivatives, net of tax 181 — — 181 Amounts reclassified to earnings of cash flow hedges, net of tax (47) — — (47) Gain (loss) recognized on other, net of tax — 4 — 4 Amounts attributable to noncontrolling interests (20) (2) (28) (50) Balance at September 30, 2023 $ 762 $ (15) $ (1,374) $ (627)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Quantitative Disclosures of Derivative Instruments	The following tables present the required quantitative disclosures for our derivative instruments, including their estimated fair values (all estimated using Level 2 inputs) and their location on our condensed consolidated balance sheets (in millions): Gain or (Loss) Recognized in Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivatives designated as cash flow hedges (1) Interest rate swaps $ 91 $ 191 $ 154 $ 521 Forward-currency contracts $ 6 $ 14 $ 2 $ 18 Derivatives designated as net investment hedges Cross-currency rate swaps $ 178 $ 471 $ 55 $ 675 (1) We did not exclude any components from the cash flow hedge relationships presented in this table. Location of Gain or (Loss) Reclassified from AOCI into Earnings Gain or (Loss) Reclassified from Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivatives designated as cash flow hedges Interest rate swaps Interest expense, net $ 23 $ (8) $ 58 $ (60) Forward-currency contracts Cost of sales $ — $ 1 $ 6 $ 3 Location of Gain or (Loss) Recognized in Earnings Gain or (Loss) Recognized in Earnings Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivatives designated as net investment hedges Cross-currency rate swaps Interest expense, net $ 16 $ 17 $ 47 $ 40
Schedule of Fair Value Measurements	Fair Value as of September 30, December 31, 2022 Balance Sheet Location Assets: Derivatives designated as cash flow hedges Interest rate $ 339 $ 280 Other assets, net Foreign currency 3 7 Prepaids and other current assets Derivatives designated as net investment hedges Foreign currency 106 78 Other assets, net Total assets at fair value $ 448 $ 365 Liabilities: Derivatives designated as net investment hedges Foreign currency $ — $ 34 Other liabilities, net Total liabilities at fair value $ — $ 34

Other Operating Expenses (Inc_2

Other Operating Expenses (Income), net (Tables)	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other Operating Expenses (Income), net	Other operating expenses (income), net consists of the following (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net losses (gains) on disposal of assets, restaurant closures, and refranchisings $ 30 $ 1 $ 19 $ 2 Litigation settlements (gains) and reserves, net 1 — (1) 3 Net losses (gains) on foreign exchange (18) (30) (11) (82) Other, net (3) 2 13 9 Other operating expenses (income), net $ 10 $ (27) $ 20 $ (68)

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Revenues by Operating Segment and Country	The following tables present revenues, by segment and by country (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues by operating segment: TH $ 1,060 $ 1,033 $ 2,976 $ 2,830 BK 538 491 1,551 1,407 PLK 188 164 538 477 FHS 51 38 137 102 Total revenues $ 1,837 $ 1,726 $ 5,202 $ 4,816 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues by country (a): Canada $ 956 $ 940 $ 2,683 $ 2,565 United States 645 587 1,849 1,679 Other 236 199 670 572 Total revenues $ 1,837 $ 1,726 $ 5,202 $ 4,816 (a) Only Canada and the United States represented 10% or more of our total revenues in each period presented.
Schedule of Reconciliation of Segment Income to Net Income (Loss)	A reconciliation of segment income to net income consists of the following (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Segment income: TH $ 311 $ 305 $ 852 $ 810 BK 298 262 842 761 PLK 75 62 214 179 FHS 14 13 43 40 Adjusted EBITDA 698 642 1,951 1,790 Share-based compensation and non-cash incentive compensation expense 49 34 141 93 FHS Transaction costs — 3 19 8 Corporate restructuring and advisory fees 5 12 17 21 Impact of equity method investments (a) 5 13 29 41 Other operating expenses (income), net 10 (27) 20 (68) EBITDA 629 607 1,725 1,695 Depreciation and amortization 47 46 142 143 Income from operations 582 561 1,583 1,552 Interest expense, net 143 133 430 389 Loss on early extinguishment of debt 16 — 16 — Income tax expense (benefit) 59 (102) 145 17 Net income $ 364 $ 530 $ 992 $ 1,146

Description of Business and O_2

Description of Business and Organization (Details)	Sep. 30, 2023 restaurant country
Basis Of Presentation [Line Items]
Number of restaurants in operation	30,375
Number of countries in which company and franchise restaurants operated (more than) | country	100
Percentage of franchised tim hortons, burger king, and popeyes restaurants	100%
Tim Hortons brand
Basis Of Presentation [Line Items]
Number of restaurants in operation	5,701
Burger King brand
Basis Of Presentation [Line Items]
Number of restaurants in operation	19,035
Popeyes brand
Basis Of Presentation [Line Items]
Number of restaurants in operation	4,373
Firehouse Subs
Basis Of Presentation [Line Items]
Number of restaurants in operation	1,266

Basis of Presentation and Con_3

Basis of Presentation and Consolidation (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplier finance programs, term	120 days
Supply chain finance	$ 29	$ 47

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease income - operating leases
Minimum lease payments	$ 95	$ 100	$ 290	$ 314
Variable lease payments	122	112	337	291
Amortization of favorable and unfavorable income lease contracts, net	0	0	1	1
Subtotal - lease income from operating leases	217	212	628	606
Earned income on direct financing and sales-type leases	4	2	9	5
Total property revenues	$ 221	$ 214	$ 637	$ 611

Revenue Recognition - Change in

Revenue Recognition - Change in Contract Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Contract Liabilities
Beginning balance	$ 540
Recognized during period and included in the contract liability balance at the beginning of the year	(44)
Increase, excluding amounts recognized as revenue during the period	40
Impact of foreign currency translation	(2)
Ending balance	$ 534

Revenue Recognition - Estimated

Revenue Recognition - Estimated Revenue Recognition (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities expected to be recognized in	$ 534
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities expected to be recognized in	$ 14
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities expected to be recognized in	$ 52
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities expected to be recognized in	$ 50
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities expected to be recognized in	$ 47
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities expected to be recognized in	$ 44
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities expected to be recognized in	$ 327
Revenue, remaining performance obligation, expected timing of satisfaction, period

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Total Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Property revenues	$ 221	$ 214	$ 637	$ 611
Total revenues	1,837	1,726	5,202	4,816
Sales
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	771	759	2,183	2,076
Total revenues	771	759	2,183	2,076
Royalties
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	503	451	1,436	1,292
Franchise fees and other revenue
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	29	33	90	86
Advertising revenues and other services
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	313	269	856	751
Total revenues	313	269	856	751
TH
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Property revenues	161	154	456	433
Total revenues	1,060	1,033	2,976	2,830
TH | Sales
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	717	710	2,023	1,937
TH | Royalties
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	94	87	261	239
TH | Franchise fees and other revenue
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	6	9	19	22
TH | Advertising revenues and other services
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	82	73	217	199
BK
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Property revenues	57	57	171	169
Total revenues	538	491	1,551	1,407
BK | Sales
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	21	19	64	52
BK | Royalties
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	307	274	882	791
BK | Franchise fees and other revenue
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	12	18	40	42
BK | Advertising revenues and other services
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	141	123	394	353
PLK
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Property revenues	3	3	10	9
Total revenues	188	164	538	477
PLK | Sales
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	23	21	66	58
PLK | Royalties
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	85	74	241	213
PLK | Franchise fees and other revenue
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	2	1	10	8
PLK | Advertising revenues and other services
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	75	65	211	189
FHS
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Property revenues	0	0	0	0
Total revenues	51	38	137	102
FHS | Sales
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	10	9	30	29
FHS | Royalties
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	17	16	52	49
FHS | Franchise fees and other revenue
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	9	5	21	14
FHS | Advertising revenues and other services
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Total revenues	$ 15	$ 8	$ 34	$ 10

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Assumed conversion of convertible securities, percent	100%		100%
Numerator:
Net income attributable to common shareholders - basic	$ 252	$ 360	$ 682	$ 779
Add: Net income attributable to noncontrolling interests	111	169	307	364
Net income available to common shareholders and noncontrolling interests - diluted	$ 363	$ 529	$ 989	$ 1,143
Denominator:
Weighted average common shares - basic (in shares)	314	306	312	308
Exchange of noncontrolling interests for common shares (in shares)	139	143	141	144
Effect of other dilutive securities (in shares)	6	5	5	3
Weighted average common shares - diluted (in shares)	459	454	458	455
Basic earnings per share (in usd per share)	$ 0.80	$ 1.18	$ 2.19	$ 2.53
Diluted earnings per share (in usd per share)	$ 0.79	$ 1.17	$ 2.16	$ 2.51
Anti-dilutive securities outstanding (in shares)	6	4	6	4

Intangible Assets, net and Go_3

Intangible Assets, net and Goodwill - Intangible Assets, Net and Goodwill (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross	$ 798	$ 810
Accumulated Amortization	(388)	(370)
Net	410	440
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, net	10,946	10,991
Goodwill [Line Items]
Goodwill	5,681	5,688
Tim Hortons brand
Goodwill [Line Items]
Goodwill	4,054	4,059
Burger King brand
Goodwill [Line Items]
Goodwill	588	590
Popeyes brand
Goodwill [Line Items]
Goodwill	846	846
Firehouse Subs brand
Goodwill [Line Items]
Goodwill	193	193
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	10,536	10,551
Trade Names | Tim Hortons brand
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	6,285	6,292
Trade Names | Burger King brand
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	2,080	2,088
Trade Names | Popeyes brand
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	1,355	1,355
Trade Names | Firehouse Subs brand
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	816	816
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross	717	720
Accumulated Amortization	(335)	(313)
Net	382	407
Favorable leases
Finite-Lived Intangible Assets [Line Items]
Gross	81	90
Accumulated Amortization	(53)	(57)
Net	$ 28	$ 33

Intangible Assets, net and Go_4

Intangible Assets, net and Goodwill - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 9	$ 9	$ 28	$ 29

Equity Method Investments - Add

Equity Method Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 135		$ 135		$ 167
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Accounts receivable from equity method investments	58		58		$ 42
Carrols Restaurant Group, Inc.
Schedule of Equity Method Investments [Line Items]
Quoted market price	$ 62		$ 62
BK Brasil
Schedule of Equity Method Investments [Line Items]
Ownership percentage	9.40%		9.40%
Quoted market price	$ 32		$ 32
TH International Limited
Schedule of Equity Method Investments [Line Items]
Ownership percentage	4.20%		4.20%
Quoted market price	$ 12		$ 12
Wendy's Company TIMWEN Partnership | Tim Hortons brand
Schedule of Equity Method Investments [Line Items]
Cash distributions	4	$ 5	9	$ 10
Rent expense	$ 5	$ 5	$ 15	$ 14
United States | Carrols Restaurant Group, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	14.70%		14.70%
Canada | Wendy's Company TIMWEN Partnership
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%		50%

Equity Method Investments - Fra

Equity Method Investments - Franchise and Property Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from affiliates:
Property revenues	$ 221	$ 214	$ 637	$ 611
Total revenues	1,837	1,726	5,202	4,816
Affiliates
Revenues from affiliates:
Total revenues	143	127	413	367
Royalties
Revenues from affiliates:
Revenues	503	451	1,436	1,292
Royalties | Affiliates
Revenues from affiliates:
Revenues	106	92	301	266
Advertising revenues and other services
Revenues from affiliates:
Revenues	313	269	856	751
Total revenues	313	269	856	751
Advertising revenues and other services | Affiliates
Revenues from affiliates:
Revenues	21	20	59	54
Property revenues | Affiliates
Revenues from affiliates:
Property revenues	6	8	24	23
Franchise fees and other revenue
Revenues from affiliates:
Revenues	29	33	90	86
Franchise fees and other revenue | Affiliates
Revenues from affiliates:
Revenues	6	3	15	12
Sales | Affiliates
Revenues from affiliates:
Revenues	$ 4	$ 4	$ 14	$ 12

Other Accrued Liabilities and_3

Other Accrued Liabilities and Other Liabilities, net (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current:
Dividend payable	$ 249	$ 243
Interest payable	88	89
Accrued compensation and benefits	110	124
Taxes payable	255	190
Deferred income	86	43
Accrued advertising expenses	55	37
Restructuring and other provisions	16	29
Current portion of operating lease liabilities	140	137
Other	133	109
Other accrued liabilities	1,132	1,001
Noncurrent:
Taxes payable	164	139
Contract liabilities	534	540
Derivatives liabilities	0	34
Unfavorable leases	43	50
Accrued pension	41	40
Deferred income	58	44
Other	24	25
Other liabilities, net	$ 864	$ 872
Operating lease, liability, current, statement of financial position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 21, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
TH Facility and other	$ 145		$ 155
Less: unamortized deferred financing costs and deferred issue discount	(128)		(111)
Total debt, net	12,917		12,934
Less: current maturities of debt	(55)		(95)
Total long-term debt	12,862		12,839
Term Loan B
Debt Instrument [Line Items]
Term loan facility	5,175		5,190
Term Loan A
Debt Instrument [Line Items]
Term loan facility	$ 1,275		1,250
3.875% First Lien Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.875%
Senior notes	$ 1,550		1,550
3.50% First Lien Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.50%
Senior notes	$ 750		750
5.75% First Lien Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.75%
Senior notes	$ 500		500
4.375% Second Lien Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.375%
Senior notes	$ 750		750
4.00% Second Lien Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4%
Senior notes	$ 2,900		$ 2,900
Term Loan A Due September 21, 2028
Debt Instrument [Line Items]
Term loan facility		$ 1,275

Long-Term Debt - Credit Facilit

Long-Term Debt - Credit Facilities (Details)			3 Months Ended		9 Months Ended
	Sep. 22, 2023	Sep. 21, 2023 USD ($) subsidiary	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 20, 2023 USD ($)
Debt Instrument [Line Items]
Loss on early extinguishment of debt			$ 16,000,000	$ 0	$ 16,000,000	$ 0
Secured Debt
Debt Instrument [Line Items]
Capitalized debt issuance costs		$ 44,000,000
Loss on early extinguishment of debt		$ 16,000,000
Term Loan A Due September 21, 2028
Debt Instrument [Line Items]
Number of subsidiaries | subsidiary		2
Term loan facility		$ 1,275,000,000
Term Loan A Due September 21, 2028 | Beginning March 31, 2025
Debt Instrument [Line Items]
Debt instrument, periodic payment		8,000,000
Term Loan A Due September 21, 2028 | Beginning March 31, 2027
Debt Instrument [Line Items]
Debt instrument, periodic payment		16,000,000
Term Loan A Due September 21, 2028 | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		1,250,000,000					$ 1,000,000,000
Term Loan B Due September 21, 2030
Debt Instrument [Line Items]
Term loan facility		5,175,000,000
Debt instrument, interest rate, floor	0%
Term Loan B Due September 21, 2030 | Beginning March 31, 2024
Debt Instrument [Line Items]
Debt instrument, periodic payment		$ 13,000,000
Term Loan B Due September 21, 2030 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Debt instrument interest rate adjustment percent		0.10%

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility (Details) - Line of Credit	Sep. 30, 2023 USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Letters of credit issued against credit facility	$ 0
Remaining borrowing capacity	1,248,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit issued against credit facility	2,000,000
Letter of credit sublimit as part of revolving credit facility	$ 125,000,000

Long-Term Debt - TH Facility (D

Long-Term Debt - TH Facility (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) subsidiary	Sep. 30, 2023 CAD ($) subsidiary	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Amount outstanding	$ 12,917		$ 12,934
TH Facility | Line of Credit
Line of Credit Facility [Line Items]
Number of subsidiaries | subsidiary	1	1
Maximum borrowing capacity		$ 225,000,000
Number of guaranteed subsidiaries | subsidiary	4	4
Amount outstanding		$ 186,000,000
Weighted average interest rate	6.77%	6.77%
TH Facility | Canadian Bankers' Acceptance Rate | Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.40%
TH Facility | Prime Rate | Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.40%

Long-Term Debt - Fair Value Mea

Long-Term Debt - Fair Value Measurement (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Fair value of our variable term debt and senior notes	$ 11,996	$ 11,885
Principal carrying amount of our variable term debt and senior notes	$ 12,900	$ 12,890

Long-Term Debt - Interest Expen

Long-Term Debt - Interest Expense, Net and Other (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	$ 144	$ 124	$ 424	$ 357
Finance lease obligations	5	4	14	14
Amortization of deferred financing costs and debt issuance discount	7	7	21	21
Interest income	(13)	(2)	(29)	(3)
Interest expense, net	143	133	430	389
Cross-currency rate swaps | Derivatives designated as net investment hedges
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gain (loss) reclassified to earnings, net investment hedge	$ 16	$ 17	$ 47	$ 40

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	14%	(23.80%)	12.80%	1.50%
Decrease in effective tax rate (as a percent)		39.90%		14.70%
Effective tax rate, net reserve releases		$ 171		$ 171

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Aug. 13, 2023
Stockholders Equity [Line Items]
Number of shares authorized to be repurchased (in shares)				1,000,000,000
Stock repurchase program, period		2 years
Number of shares repurchased and cancelled (in shares)	2,099,360	2,099,360
Amount of shares repurchased and cancelled	$ 142	$ 142
Repurchase shares not yet settled (in shares)	409,317	409,317
Remaining authorized repurchase amount	$ 858	$ 858
Partnerships Exchangeable Units
Stockholders Equity [Line Items]
Exchange of partnership exchangeable units for RBI common shares (in shares)		9,398,876
Restaurant Brands International Limited Partnership
Stockholders Equity [Line Items]
Partnership exchangeable units economic interest		29.60%	31.80%
Partnership exchangeable units economic interest (in shares)	133,597,764	133,597,764	142,996,640

Shareholders' Equity - Change i

Shareholders' Equity - Change in Components of Accumulated Other Comprehensive Income (Loss) ("AOCI") (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	$ 4,678	$ 3,909	$ 4,268	$ 3,853
Foreign currency translation adjustment	(270)	(727)	(36)	(1,015)
Net change in fair value of derivatives, net of tax			181
Amounts reclassified to earnings of cash flow hedges, net of tax	(17)	5	(47)	42
Gain (loss) recognized on other, net of tax	2	1	4	3
Amounts attributable to noncontrolling interests			(50)
Ending balances	4,664	4,039	4,664	4,039
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances			648
Net change in fair value of derivatives, net of tax			181
Amounts reclassified to earnings of cash flow hedges, net of tax			(47)
Amounts attributable to noncontrolling interests			(20)
Ending balances	762		762
Pensions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances			(17)
Gain (loss) recognized on other, net of tax			4
Amounts attributable to noncontrolling interests			(2)
Ending balances	(15)		(15)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances			(1,310)
Foreign currency translation adjustment			(36)
Amounts attributable to noncontrolling interests			(28)
Ending balances	(1,374)		(1,374)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(591)	(586)	(679)	(710)
Ending balances	$ (627)	$ (713)	$ (627)	$ (713)

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Interest Rate Swaps - Beginning October 31. 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 3,500,000,000
Interest Rate Swaps - Beginning September 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	500,000,000
Interest rate swaps | Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain reclassified from AOCI to income	130,000,000
Cross currency interest rate contract | Fixed income interest rate | Hedge Funds
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	1,200,000,000	€ 1,108,000,000
Cross currency interest rate contract | Derivatives designated as net investment hedges | Fixed income interest rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	5,000,000,000		$ 150,000,000	$ 500,000,000	$ 400,000,000
Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 176,000,000

Derivative Instruments - Quanti

Derivative Instruments - Quantitative Disclosures of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives designated as cash flow hedges | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain or (Loss) Recognized in Other Comprehensive Income (Loss)	$ 91	$ 191	$ 154	$ 521
Derivatives designated as cash flow hedges | Interest rate swaps | Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain or (Loss) Reclassified from AOCI into Earnings	23	(8)	58	(60)
Derivatives designated as cash flow hedges | Forward-currency contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain or (Loss) Recognized in Other Comprehensive Income (Loss)	6	14	2	18
Derivatives designated as cash flow hedges | Forward-currency contracts | Cost of sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain or (Loss) Reclassified from AOCI into Earnings	0	1	6	3
Derivatives designated as net investment hedges | Cross-currency rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain or (Loss) Recognized in Other Comprehensive Income (Loss)	178	471	55	675
Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing)	16	17	47	40
Derivatives designated as net investment hedges | Cross-currency rate swaps | Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing)	$ 16	$ 17	$ 47	$ 40

Derivative Instruments - Fair V

Derivative Instruments - Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivatives assets	$ 448	$ 365
Derivatives liabilities	0	34
Derivatives designated as cash flow hedges | Interest rate | Other assets, net
Derivative [Line Items]
Derivatives assets	339	280
Derivatives designated as cash flow hedges | Foreign currency | Prepaids and other current assets
Derivative [Line Items]
Derivatives assets	3	7
Derivatives designated as net investment hedges | Foreign currency | Other assets, net
Derivative [Line Items]
Derivatives assets	106	78
Derivatives designated as net investment hedges | Foreign currency | Other liabilities, net
Derivative [Line Items]
Derivatives liabilities	$ 0	$ 34

Other Operating Expenses (Inc_3

Other Operating Expenses (Income), net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Net losses (gains) on disposal of assets, restaurant closures, and refranchisings	$ 30	$ 1	$ 19	$ 2
Litigation settlements (gains) and reserves, net	1	0	(1)	3
Net losses (gains) on foreign exchange	(18)	(30)	(11)	(82)
Other, net	(3)	2	13	9
Other operating expenses (income), net	$ 10	$ (27)	$ 20	$ (68)

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 brand
Segment Reporting [Abstract]
Number of brands	4

Segment Reporting - Revenues by

Segment Reporting - Revenues by Operating Segment and Country (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue, Major Customer [Line Items]
Total revenues	$ 1,837	$ 1,726	$ 5,202	$ 4,816
Canada
Revenue, Major Customer [Line Items]
Total revenues	$ 956	$ 940	$ 2,683	$ 2,565
Canada | Revenue Benchmark | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10%	10%	10%	10%
United States
Revenue, Major Customer [Line Items]
Total revenues	$ 645	$ 587	$ 1,849	$ 1,679
United States | Revenue Benchmark | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10%	10%	10%	10%
Other
Revenue, Major Customer [Line Items]
Total revenues	$ 236	$ 199	$ 670	$ 572
TH
Revenue, Major Customer [Line Items]
Total revenues	1,060	1,033	2,976	2,830
BK
Revenue, Major Customer [Line Items]
Total revenues	538	491	1,551	1,407
PLK
Revenue, Major Customer [Line Items]
Total revenues	188	164	538	477
FHS
Revenue, Major Customer [Line Items]
Total revenues	$ 51	$ 38	$ 137	$ 102

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Income to Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted EBITDA	$ 698			$ 642			$ 1,951	$ 1,790
Impact of equity method investments	1			8			19	30
Other operating expenses (income), net	10			(27)			20	(68)
EBITDA	629			607			1,725	1,695
Depreciation and amortization	47			46			142	143
Income from operations	582			561			1,583	1,552
Interest expense, net	143			133			430	389
Loss on early extinguishment of debt	16			0			16	0
Income tax expense (benefit)	59			(102)			145	17
Net income	364	$ 351	$ 277	530	$ 346	$ 270	992	1,146
Unallocated Management G&A
Segment Reporting, Revenue Reconciling Item [Line Items]
Share-based compensation and non-cash incentive compensation expense	49			34			141	93
Corporate restructuring and advisory fees	5			12			17	21
Impact of equity method investments	5			13			29	41
Other operating expenses (income), net	10			(27)			20	(68)
Unallocated Management G&A | FHS
Segment Reporting, Revenue Reconciling Item [Line Items]
FHS Transaction costs	0			3			19	8
TH | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted EBITDA	311			305			852	810
BK | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted EBITDA	298			262			842	761
PLK | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted EBITDA	75			62			214	179
FHS | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted EBITDA	$ 14			$ 13			$ 43	$ 40

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

Feb. 17, 2024

Jan. 04, 2024

Oct. 04, 2023

Nov. 03, 2023

Oct. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2021

Dec. 31, 2019

Dec. 31, 2018

Subsequent Event [Line Items]

Common stock, dividends declared (in usd per share)

$ 0.55

$ 0.55

$ 0.55

$ 0.54

$ 0.54

$ 0.54

Settlement/sale of derivatives, net

$ 40,000,000

$ 22,000,000

Number of shares repurchased and cancelled (in shares)

2,099,360

2,099,360

Amount of shares repurchased and cancelled

$ 142,000,000

$ 142,000,000

Remaining authorized repurchase amount

858,000,000

858,000,000

Subsequent Event

Subsequent Event [Line Items]

Common stock, dividends paid (in usd per share)

$ 0.55

Common stock, dividends declared (in usd per share)

$ 0.55

Number of shares repurchased and cancelled (in shares)

5,539,777

Amount of shares repurchased and cancelled

$ 358,000,000

Remaining authorized repurchase amount

500,000,000

Cross currency interest rate contract | Derivatives designated as net investment hedges | Fixed income interest rate

Subsequent Event [Line Items]

Notional value

$ 5,000,000,000

$ 5,000,000,000

$ 150,000,000

$ 500,000,000

$ 400,000,000

Cross currency interest rate contract | Subsequent Event | Derivatives designated as net investment hedges | Fixed income interest rate

Subsequent Event [Line Items]

Notional value

$ 1,400,000,000

Forecast

Subsequent Event [Line Items]

Common stock, dividends paid (in usd per share)

$ 0.55

Forecast | Cross currency interest rate contract | Derivatives designated as net investment hedges | Fixed income interest rate

Subsequent Event [Line Items]

Settlement/sale of derivatives, net

$ 59,000,000

Partnerships Exchangeable Units | Restaurant Brands International Limited Partnership | Subsequent Event

Subsequent Event [Line Items]

Distribution in respect of each Partnership exchangeable unit (in usd per share)

$ 0.55

$ 0.55