Restaurant Brands International (QSR) 10-K 21 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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	5707 Blue Lagoon Drive
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33126
City Area Code	305
Local Phone Number	378-3000
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	QSR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 22,028,437,126
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2025 Annual General Meeting of Shareholders, which is to be filed no later than 120 days after December 31, 2024, are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001618756
Current Fiscal Year End Date	--12-31
Partnerships Exchangeable Units
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		127,038,577
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		324,984,645

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Miami, FL
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,334	$ 1,139
Accounts and notes receivable, net of allowance of $57 and $37, respectively	698	749
Inventories, net	142	166
Prepaids and other current assets	108	119
Total current assets	2,282	2,173
Property and equipment, net of accumulated depreciation and amortization of $1,087 and $1,187, respectively	2,236	1,952
Operating lease assets, net	1,852	1,122
Intangible assets, net	10,922	11,107
Goodwill	5,986	5,775
Other assets, net	1,354	1,262
Total assets	24,632	23,391
Current liabilities:
Accounts and drafts payable	765	790
Other accrued liabilities	1,141	1,005
Gift card liability	236	248
Current portion of long-term debt and finance leases	222	101
Total current liabilities	2,364	2,144
Long-term debt, net of current portion	13,455	12,854
Finance leases, net of current portion	286	312
Operating lease liabilities, net of current portion	1,770	1,059
Other liabilities, net	706	996
Deferred income taxes, net	1,208	1,296
Total liabilities	19,789	18,661
Commitments and contingencies (Note 17)
Shareholders’ equity:
Common shares, no par value; Unlimited shares authorized at December 31, 2024 and December 31, 2023; 324,426,589 shares issued and outstanding at December 31, 2024; 312,454,851 shares issued and outstanding at December 31, 2023	2,357	1,973
Retained earnings	1,860	1,599
Accumulated other comprehensive income (loss)	(1,107)	(706)
Total Restaurant Brands International Inc. shareholders’ equity	3,110	2,866
Noncontrolling interests	1,733	1,864
Total shareholders’ equity	4,843	4,730
Total liabilities and shareholders’ equity	$ 24,632	$ 23,391

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Financing receivable, allowance for credit loss, current	$ 57	$ 37
Accumulated depreciation and amortization	$ 1,087	$ 1,187
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	Unlimited	Unlimited
Common stock, shares issued (in shares)	324,426,589	312,454,851
Common stock, shares outstanding (in shares)	324,426,589	312,454,851

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 8,406	$ 7,022	$ 6,505
Operating costs and expenses:
Franchise and property expenses	544	512	518
Advertising expenses and other services	1,330	1,273	1,077
General and administrative expenses	733	704	631
(Income) loss from equity method investments	(69)	(8)	44
Other operating expenses (income), net	(59)	55	25
Total operating costs and expenses	5,987	4,971	4,607
Income from operations	2,419	2,051	1,898
Interest expense, net	577	582	533
Loss on early extinguishment of debt	33	16	0
Income before income taxes	1,809	1,453	1,365
Income tax expense (benefit)	364	(265)	(117)
Net income	1,445	1,718	1,482
Net income attributable to noncontrolling interests (Note 13)	424	528	474
Net income attributable to common shareholders	$ 1,021	$ 1,190	$ 1,008
Earnings per common share:
Basic (in dollars per share)	$ 3.21	$ 3.82	$ 3.28
Diluted (in dollars per share)	$ 3.18	$ 3.76	$ 3.25
Weighted average shares outstanding (in millions):
Basic (in shares)	319	312	307
Diluted (in shares)	454	456	455
Supply chain sales
Operating costs and expenses:
Food, beverage and packaging costs	$ 2,180	$ 2,193	$ 2,093
Company restaurant sales
Operating costs and expenses:
Food, beverage and packaging costs	1,328	242	219
Product | Supply chain sales
Revenues:
Total revenues	2,708	2,679	2,583
Product | Company restaurant sales
Revenues:
Total revenues	1,592	271	236
Franchise and property revenues
Revenues:
Total revenues	2,919	2,903	2,661
Advertising revenues and other services
Revenues:
Total revenues	$ 1,187	$ 1,169	$ 1,025

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,445	$ 1,718	$ 1,482
Foreign currency translation adjustment	(858)	250	(703)
Net change in fair value of net investment hedges, net of tax of $16, $(22), and $(77)	314	(232)	332
Net change in fair value of cash flow hedges, net of tax of $(39), $(10), and $(141)	107	29	382
Amounts reclassified to earnings of cash flow hedges, net of tax of $37, $24, and $(12)	(101)	(66)	34
Gain (loss) recognized on defined benefit pension plans and other items, net of tax of $(1), $(2), and $(2)	(2)	7	6
Other comprehensive income (loss)	(540)	(12)	51
Comprehensive income (loss)	905	1,706	1,533
Comprehensive income (loss) attributable to noncontrolling interests	269	525	490
Comprehensive income (loss) attributable to common shareholders	$ 636	$ 1,181	$ 1,043

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net change in fair value of net investment hedges, tax	$ 16	$ (22)	$ (77)
Net change in fair value of cash flow hedges, tax	(39)	(10)	(141)
Amounts reclassified to earnings of cash flow hedges, tax	37	24	(12)
Gain (loss) recognized on other, tax	$ (1)	$ (2)	$ (2)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Issued Common Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021		309,025,068
Beginning balance at Dec. 31, 2021	$ 3,853	$ 2,156	$ 791	$ (710)	$ 1,616
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)		483,980
Stock option exercises	21	$ 21
Share-based compensation	121	$ 121
Issuance of shares (in shares)		1,737,934
Issuance of shares	43	$ 43
Dividends declared on common shares	(664)		(664)
Dividend equivalents declared on restricted stock units	0	$ 14	(14)
Distributions declared by Partnership on partnership exchangeable units	(309)				(309)
Repurchase of RBI common shares (in shares)		(6,101,364)
Repurchase of RBI common shares	$ (326)	$ (326)
Exchange of Partnership exchangeable units for RBI common shares (in shares)	1,996,818	1,996,818
Exchange of Partnership exchangeable units for RBI common shares	$ 0	$ 28		(4)	(24)
Noncontrolling interests distributions	(4)				(4)
Net income	1,482		1,008		474
Other comprehensive income (loss)	51			35	16
Ending balance (in shares) at Dec. 31, 2022		307,142,436
Ending balance 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)		1,260,109
Stock option exercises	60	$ 60
Share-based compensation	177	$ 177
Issuance of shares (in shares)		2,292,567
Issuance of shares	15	$ 15
Dividends declared on common shares	(691)		(691)
Dividend equivalents declared on restricted stock units	0	$ 21	(21)
Distributions declared by Partnership on partnership exchangeable units	(302)				(302)
Repurchase of RBI common shares (in shares)		(7,639,137)
Repurchase of RBI common shares	$ (500)	$ (500)
Exchange of Partnership exchangeable units for RBI common shares (in shares)	9,398,876	9,398,876
Exchange of Partnership exchangeable units for RBI common shares	$ 0	$ 143		(18)	(125)
Noncontrolling interests distributions	(3)				(3)
Net income	1,718		1,190		528
Other comprehensive income (loss)	$ (12)			(9)	(3)
Ending balance (in shares) at Dec. 31, 2023	312,454,851	312,454,851
Ending balance at Dec. 31, 2023	$ 4,730	$ 1,973	1,599	(706)	1,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)	1,538,000	1,537,767
Stock option exercises	$ 78	$ 78
Share-based compensation	161	$ 161
Issuance of shares (in shares)		3,874,784
Issuance of shares	18	$ 18
Dividends declared on common shares	(744)		(744)
Dividend equivalents declared on restricted stock units	0	$ 16	(16)
Distributions declared by Partnership on partnership exchangeable units	(302)				(302)
Exchange of Partnership exchangeable units for RBI common shares (in shares)		6,559,187
Exchange of Partnership exchangeable units for RBI common shares	0	$ 111		(16)	(95)
Noncontrolling interests distributions	(3)				(3)
Net income	1,445		1,021		424
Other comprehensive income (loss)	$ (540)			(385)	(155)
Ending balance (in shares) at Dec. 31, 2024	324,426,589	324,426,589
Ending balance at Dec. 31, 2024	$ 4,843	$ 2,357	$ 1,860	$ (1,107)	$ 1,733

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, dividends declared (in usd per share)	$ 2.32	$ 2.20	$ 2.16
Dividend distributions declared (in usd per share)	$ 2.32	$ 2.20	$ 2.16

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 1,445	$ 1,718	$ 1,482
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	264	191	190
Non-cash loss on early extinguishment of debt	23	5	0
Amortization of deferred financing costs and debt issuance discount	25	27	28
(Income) loss from equity method investments	(69)	(8)	44
Loss (gain) on remeasurement of foreign denominated transactions	(71)	20	(4)
Net (gains) losses on derivatives	(191)	(151)	(9)
Share-based compensation and non-cash incentive compensation expense	172	194	136
Deferred income taxes	(5)	(430)	(60)
Other	19	26	19
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable	7	(147)	(110)
Inventories and prepaids and other current assets	30	(43)	(61)
Accounts and drafts payable	(30)	22	169
Other accrued liabilities and gift card liability	(37)	9	37
Tenant inducements paid to franchisees	(38)	(32)	(26)
Other long-term assets and liabilities	(41)	(78)	(345)
Net cash provided by operating activities	1,503	1,323	1,490
Cash flows from investing activities:
Payments for additions of property and equipment	(201)	(120)	(100)
Net proceeds from disposal of assets, restaurant closures and refranchisings	34	37	12
Payment for purchase of Carrols Restaurant Group, net of cash acquired	(508)	0	0
Net payments for acquisition of franchised restaurants	(32)	(17)	0
Payment for purchase of Firehouse Subs, net of cash acquired	0	0	(12)
Settlement/sale of derivatives, net	74	112	71
Other investing activities, net	(27)	(1)	(35)
Net cash (used for) provided by investing activities	(660)	11	(64)
Cash flows from financing activities:
Proceeds from long-term debt	2,450	55	2
Repayments of long-term debt and finance leases	(2,190)	(92)	(94)
Payment of financing costs	(41)	(44)	0
Payment of common share dividends and Partnership exchangeable unit distributions	(1,029)	(990)	(971)
Repurchase of common shares	0	(500)	(326)
Proceeds from stock option exercises	78	60	21
Proceeds from issuance of common shares	0	0	30
Proceeds from derivatives	109	141	34
Other financing activities, net	(2)	(4)	(3)
Net cash used for financing activities	(625)	(1,374)	(1,307)
Effect of exchange rates on cash and cash equivalents	(23)	1	(28)
Increase (decrease) in cash and cash equivalents	195	(39)	91
Cash and cash equivalents at beginning of period	1,139	1,178	1,087
Cash and cash equivalents at end of period	1,334	1,139	1,178
Supplemental cash flow disclosures:
Interest paid	785	761	487
Income taxes paid, net	293	290	275
Accruals for additions of property and equipment	$ 51	$ 0	$ 0

Description of Business and Org

Description of Business and Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	Description of Business and Organization Description of Business 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 (the “Partnership”). We franchise and operate quick service restaurants serving premium coffee and other beverage and food products under the Tim Hortons ® brand (“Tim Hortons”), fast food hamburgers principally under the Burger King ® brand (“Burger King”), chicken under the Popeyes ® brand (“Popeyes”) and sandwiches under the Firehouse Subs ® brand (“Firehouse”). We are one of the world’s largest quick service restaurant, or QSR, companies as measured by total number of restaurants. As of December 31, 2024, we franchised or owned 6,043 Tim Hortons restaurants, 19,732 Burger King restaurants, 4,979 Popeyes restaurants, and 1,371 Firehouse Subs restaurants, for a total of 32,125 restaurants, and operate in more than 120 countries and territories. As of December 31, 2024, approximately 95% 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.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Fiscal Year We operate on a monthly calendar, with a fiscal year that ends on December 31. Basis of Presentation The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) and related rules and regulations of the U.S. Securities and Exchange Commission 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. Principles of Consolidation The consolidated financial statements (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, including marketing funds we control. We also consider entities for consolidation when the controlling financial interest may be achieved through arrangements that do not involve voting interests (“VIE”). 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 limited partnership agreement of Partnership (“partnership agreement”) and applicable laws. As a result, we consolidate the results of Partnership and record a noncontrolling interest in our consolidated balance sheets and statements of operations with respect to the remaining economic interest in Partnership we do not hold. All material intercompany balances and transactions have been eliminated in consolidation. Investments in other affiliates that are owned 50% or less where we have significant influence are generally accounted for by the equity method. Foreign Currency Translation and Transaction Gains and Losses Our functional currency is the U.S. dollar, since our term loans and senior secured notes are denominated in U.S. dollars, and the principal market for our common shares is the U.S. The functional currency of each of our operating subsidiaries is generally the currency of the economic environment in which the subsidiary primarily does business. Our foreign subsidiaries’ financial statements are translated into U.S. dollars using the foreign exchange rates applicable to the dates of the financial statements. Assets and liabilities are translated using the end-of-period spot foreign exchange rates. Income, expenses and cash flows are translated at the average foreign exchange rates for each period. Equity accounts are translated at historical foreign exchange rates. The effects of these translation adjustments are reported as a component of accumulated other comprehensive income (loss) (“AOCI”) in the consolidated statements of shareholders’ equity. For any transaction that is denominated in a currency different from the entity’s functional currency, we record a gain or loss based on the difference between the foreign exchange rate at the transaction date and the foreign exchange rate at the transaction settlement date (or rate at period end, if unsettled) which is included within other operating expenses (income), net in the consolidated statements of operations. Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less and credit card receivables are considered cash equivalents. Accounts and Notes Receivable, net Our credit loss exposure is mainly concentrated in our accounts and notes receivable portfolio, which consists primarily of amounts due from franchisees, including royalties, rents, franchise fees, contributions due to advertising funds we manage and, in the case of our TH segment, amounts due for supply chain sales. Accounts and notes receivable are reported net of an allowance for expected credit losses over the estimated life of the receivable. Credit losses are estimated based on aging, historical collection experience, financial position of the franchisee and other factors, including those related to current economic conditions and reasonable and supportable forecasts of future conditions. Bad debt expense recognized for expected credit losses is classified in our consolidated statement of operations as Cost of sales, Franchise and property expenses or Advertising expenses and other services, based on the nature of the underlying receivable. Net bad debt expense totaled $24 million in 2024, $20 million in 2023 and $19 million in 2022. Inventories Inventories are carried at the lower of cost or net realizable value and consist primarily of raw materials such as green coffee beans and finished goods such as new equipment, parts, paper supplies and restaurant food items. The moving average method is used to determine the cost of raw materials and finished goods inventories held for sale to Tim Hortons franchisees. Property and Equipment, net We record property and equipment at historical cost less accumulated depreciation and amortization, which is recognized using the straight-line method over the following estimated useful lives: (i) buildings and improvements – up to 40 years; (ii) restaurant equipment – up to 17 years; (iii) furniture, fixtures and other – up to 10 years; and (iv) manufacturing equipment – up to 25 years. Leasehold improvements to properties where we are the lessee are amortized over the lesser of the remaining term of the lease or the estimated useful life of the improvement. Major improvements are capitalized, while maintenance and repairs are expensed when incurred. Capitalized Software and Cloud Computing Costs We record capitalized software at historical cost less accumulated amortization, which is recognized using the straight-line method. Amortization expense is based on the estimated useful life of the software, which is primarily up to five years, once the asset is available for its intended use. Implementation costs incurred in connection with Cloud Computing Arrangements (“CCA”) are capitalized consistently with costs capitalized for internal-use software. Capitalized CCA implementation costs are included in “Other assets” in the consolidated balance sheets and are amortized over the term of the related hosting agreement, including renewal periods that are reasonably certain to be exercised. Amortization expense of CCA implementation costs is classified as “General and administrative expenses” in the consolidated statements of operations. Leases In all leases, whether we are the lessor or lessee, we define lease term as the non-cancellable term of the lease plus any renewals covered by renewal options that are reasonably certain of exercise based on our assessment of the economic factors relevant to the lessee. The noncancellable term of the lease commences on the date the lessor makes the underlying property in the lease available to the lessee, irrespective of when lease payments begin under the contract. Lessor Accounting We recognize lease payments for operating leases as property revenue on a straight-line basis over the lease term, and property revenue is presented net of any related sales tax. Lease incentive payments we make to lessees are amortized as a reduction in property revenue over the lease term. We account for reimbursements of maintenance and property tax costs paid to us by lessees as property revenue. We also have net investments in properties leased to franchisees, which are classified as sales-type leases or direct financing leases. Investments in sales-type leases and direct financing leases are recorded on a net basis. Profit on sales-type leases is recognized at lease commencement and recorded in other operating expenses (income), net. Unearned income on direct financing leases is deferred, included in the net investment in the lease, and recognized over the lease term, yielding a constant periodic rate of return on the net investment in the lease. We recognize variable lease payment income in the period when changes in facts and circumstances on which the variable lease payments are based occur. Lessee Accounting In leases where we are the lessee, we recognize a right-of-use (“ROU”) asset and lease liability at lease commencement, which are measured by discounting lease payments using our incremental borrowing rate as the discount rate. We determine the incremental borrowing rate applicable to each lease by reference to our outstanding secured borrowings and implied spreads over the risk-free discount rates that correspond to the term of each lease, as adjusted for the currency of the lease. Subsequent amortization of the ROU asset and accretion of the lease liability for an operating lease is recognized as a single lease cost, on a straight-line basis, over the lease term. Reductions of the ROU asset and the change in the lease liability are included in changes in Other long-term assets and liabilities in the Consolidated Statement of Cash Flows. A finance lease ROU asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Operating lease and finance lease ROU assets are assessed for impairment in accordance with our long-lived asset impairment policy. We reassess lease classification and remeasure ROU assets and lease liabilities when a lease is modified and that modification is not accounted for as a separate contract or upon certain other events that require reassessment. Maintenance and property tax expenses are accounted for on an accrual basis as variable lease cost. We recognize variable lease cost in the period when changes in facts and circumstances on which the variable lease payments are based occur. Goodwill and Intangible Assets Not Subject to Amortization Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in connection with business combination transactions. Our indefinite-lived intangible assets consist of the Tim Hortons brand, the Burger King brand, the Popeyes brand and the Firehouse Subs brand (each a “Brand” and together, the “Brands”). Goodwill and the Brands are tested for impairment at least annually as of October 1 of each year and more often if an event occurs or circumstances change which indicate that impairment might exist. Our annual impairment tests of goodwill and the Brands may be completed through qualitative assessments. We may elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test for any reporting unit or Brand in any period. We can resume the qualitative assessment for any reporting unit or Brand in any subsequent period. Under a qualitative approach, our impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. If we elect to bypass the qualitative assessment for any reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value of a reporting unit exceeds its fair value, we perform a quantitative goodwill impairment test that requires us to estimate the fair value of the reporting unit. If the fair value of the reporting unit is less than its carrying amount, we will measure any goodwill impairment loss as the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Under a qualitative approach, our impairment review for the Brands consists of an assessment of whether it is more-likely-than-not that a Brand’s fair value is less than its carrying amount. If we elect to bypass the qualitative assessment for a Brand, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value of a Brand exceeds its fair value, we estimate the fair value of the Brand and compare it to its carrying amount. If the carrying amount exceeds fair value, an impairment loss is recognized in an amount equal to that excess. We completed our impairment tests for goodwill and the Brands as of October 1, 2024, 2023 and 2022 and no impairment resulted. Long-Lived Assets Long-lived assets, such as property and equipment, intangible assets subject to amortization and lease right-of-use assets, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. Some of the events or changes in circumstances that would trigger an impairment review include, but are not limited to, bankruptcy proceedings or other significant financial distress of a lessee; significant negative industry or economic trends; knowledge of transactions involving the sale of similar property at amounts below the carrying value; or our expectation to dispose of long-lived assets before the end of their estimated useful lives. The impairment test for long-lived assets requires us to assess the recoverability of long-lived assets by comparing their net carrying value to the sum of undiscounted estimated future cash flows directly associated with and arising from use and eventual disposition of the assets or asset group. Long-lived assets are grouped for recognition and measurement of impairment at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. If the net carrying value of a group of long-lived assets exceeds the sum of related undiscounted estimated future cash flows, we record an impairment charge equal to the excess, if any, of the net carrying value over fair value. Other Comprehensive Income (Loss) Other comprehensive income (loss) (“OCI”) refers to revenues, expenses, gains and losses that are included in comprehensive income (loss), but are excluded from net income (loss) as these amounts are recorded directly as an adjustment to shareholders’ equity, net of tax. Our other comprehensive income (loss) is primarily comprised of unrealized gains and losses on foreign currency translation adjustments and unrealized gains and losses on hedging activity, net of tax. Derivative Financial Instruments We recognize and measure all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheets. Derivative instruments accounted for as net investments hedges are classified as long term assets and liabilities in the consolidated balance sheets. We may enter into derivatives that are not designated as hedging instruments for accounting purposes, but which largely offset the economic impact of certain transactions. Gains or losses resulting from changes in the fair value of derivatives are recognized in earnings or recorded in other comprehensive income (loss) and recognized in the consolidated statements of operations when the hedged item affects earnings, depending on the purpose of the derivatives and whether they qualify for, and we have applied, hedge accounting treatment. When applying hedge accounting, we designate at a derivative’s inception, the specific assets, liabilities or future commitments being hedged, and assess the hedge’s effectiveness at inception and on an ongoing basis. We discontinue hedge accounting when: (i) we determine that the cash flow derivative is no longer effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designation of the derivatives as a hedge instrument is no longer appropriate. We do not enter into or hold derivatives for speculative purposes. Disclosures about Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). The fair value is based on assumptions that market participants would use when pricing the asset or liability. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation, as follows: Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3 Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. 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. We carry all of our derivatives at fair value and value them using various pricing models or discounted cash flow analysis that incorporate observable market parameters, such as interest rate yield curves and currency rates, which are Level 2 inputs. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by the counterparty or us. For disclosures about the fair value measurements of our derivative instruments, see Note 12, Derivative Instruments . 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 December 31, 2024 2023 Fair value of our variable term debt and senior notes $ 13,090 $ 12,401 Principal carrying amount of our variable term debt and senior notes $ 13,651 $ 12,900 The determination of fair values of certain tangible and intangible assets for purposes of the application of the acquisition method of accounting to the acquisition of Carrols Restaurant Group, Inc. were based on Level 3 inputs. The determination of fair values of our reporting units and the determination of the fair value of the Brands for impairment testing using a quantitative approach during 2024, 2023 and 2022 were based upon Level 3 inputs. Revenue Recognition Supply chain sales Supply chain sales represent sales of products, supplies and restaurant equipment to franchisees, as well as sales to retailers and direct to consumer and are presented net of any related sales tax. Revenue is recognized upon transfer of control over ordered items, generally upon delivery to the customer, which is when the customer has all risks and rewards of ownership and an obligation to pay for the goods is created. Shipping and handling costs associated with outbound freight for supply chain sales are accounted for as fulfillment costs and classified as cost of sales. Company restaurant sales Company restaurant sales consist of sales to restaurant guests. Revenue from Company restaurant sales is recognized at the point of sale. Taxes assessed by a governmental authority that we collect are excluded from revenue. Franchise revenues Franchise revenues consist primarily of royalties, initial and renewal franchise fees and upfront fees from development agreements and master franchise and development agreements (“MFDAs”). Under franchise agreements, we provide franchisees with (i) a franchise license, which includes a license to use our intellectual property, (ii) pre-opening services, such as training and inspections, and (iii) ongoing services, such as development of training materials and menu items and restaurant monitoring and inspections. These services are highly interrelated and dependent upon the franchise license and we concluded these services do not represent individually distinct performance obligations. Consequently, we bundle the franchise license performance obligation and promises to provide these services into a single performance obligation (the “Franchise PO”), which we satisfy by providing a right to use our intellectual property over the term of each franchise agreement. Royalties are calculated as a percentage of franchised restaurant sales over the term of the franchise agreement. Initial and renewal franchise fees are payable by the franchisee upon a new restaurant opening or renewal of an existing franchise agreement. Our franchise agreement royalties represent sales-based royalties that are related entirely to the Franchise PO and are recognized as franchise sales occur. Initial and renewal franchise fees are recognized as revenue on a straight-line basis over the term of the respective agreement. Our performance obligation under development agreements other than MFDAs generally consists of an obligation to grant exclusive development rights over a stated term, which are not distinct from franchise agreements. Upfront fees paid by franchisees for exclusive development rights are apportioned to each franchised restaurant opened by the franchisee, with the pro rata amount apportioned to each restaurant accounted for as an initial franchise fee. We have a distinct performance obligation under our MFDAs to grant subfranchising rights over a stated term. Under the terms of MFDAs, we typically either receive an upfront fee paid in cash and/or receive noncash consideration in the form of an equity interest in the master franchisee or an affiliate of the master franchisee. We account for noncash consideration as investments in the applicable equity method investee and recognize revenue in an amount equal to the fair value of the equity interest received. Upfront fees from master franchisees, including the fair value of noncash consideration, are deferred and amortized over the MFDA term on a straight-line basis. We may recognize unamortized upfront fees when a contract with a franchisee or master franchisee is modified and is accounted for as a termination of the existing contract. The portion of gift cards sold to customers which are never redeemed is commonly referred to as gift card breakage. We recognize gift card breakage income proportionately as each gift card is redeemed using an estimated breakage rate based on our historical experience. In certain instances, we provide incentives to franchisees in connection with restaurant renovations or other initiatives. These incentives may consist of cash consideration or non-cash consideration such as restaurant equipment. In general, these incentives are designed to support system-wide sales growth to increase our future revenues. The costs of these incentives are capitalized and amortized as a reduction in franchise and property revenue over the term of the contract to which the incentive relates. Advertising revenues and other services Advertising revenues consist primarily of franchisee contributions to advertising funds in those markets where our subsidiaries manage an advertising fund and are calculated as a percentage of franchised restaurant sales over the term of the franchise agreement. Under our franchise agreements, advertising contributions received from franchisees must be spent on advertising, product development, marketing, and related activities. We determined our advertising and promotion management services do not represent individually distinct performance obligations and are included in the Franchise PO. Other services revenues consist primarily of tech fees and revenues, that vary by market, and partially offset expenses related to technology initiatives. These services are distinct from the Franchise PO because they are not dependent upon the franchise license or highly interrelated with the franchise license. Supply Chain Cost of Sales Cost of sales consists primarily of costs associated with the management of our Tim Hortons supply chain, including cost of goods, direct labor, depreciation, bad debt expense (recoveries) from supply chain sales and cost of products sold to retailers. Company Restaurant Expenses Company restaurant expenses include food, beverage and packaging costs, restaurant wages and related expenses and restaurant occupancy and other expenses. Franchise and Property Expenses Franchise and property expenses consist primarily of depreciation of properties leased to franchisees, rental expense associated with properties subleased to franchisees, amortization of franchise agreements and reacquired franchise rights, and bad debt expense (recoveries) from franchise and property revenues. Advertising Expenses and Other Services Advertising expenses and other services consist primarily of expenses relating to marketing, advertising, promotion, and technology initiatives for the respective brands, bad debt expense (recoveries) from franchisee contributions to advertising funds we manage, depreciation and amortization and other related support functions for the respective brands. Additionally, we may incur discretionary expenses to fund advertising programs in connection with periodic initiatives. Company restaurants and franchised restaurants contribute to advertising funds that our subsidiaries manage in the United States and Canada and certain other international markets. The advertising funds expense the production costs of advertising when the advertisements are first aired or displayed. All other advertising and promotional costs are expensed in the period incurred. The advertising contributions by Company restaurants are eliminated in consolidation. Consolidated advertising expense totaled $1,268 million, $1,201 million and $1,032 million in 2024, 2023 and 2022, respectively. Deferred Financing Costs Deferred financing costs are amortized over the term of the related debt agreement into interest expense using the effective interest method. Income Taxes Amounts in the Financial Statements related to income taxes are calculated using the principles of Accounting Standards Codification Topic 740, Income Taxes . Under these principles, deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes, as well as tax credit carry-forwards and loss carry-forwards. These deferred taxes are measured by applying currently enacted tax rates. A deferred tax asset is recognized when it is considered more-likely-than-not to be realized. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in income in the year in which the law is enacted. A valuation allowance reduces deferred tax assets when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. We recognize positions taken or expected to be taken in a tax return in the Financial Statements when it is more-likely-than-not (i.e., a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit with greater than 50% likelihood of being realized upon ultimate settlement. Translation gains and losses resulting from the remeasurement of foreign deferred tax assets or liabilities denominated in a currency other than the functional currency are classified as other operating expenses (income), net in the consolidated statements of operations. Share-based Compensation Compensation expense related to the issuance of share-based awards to our employees is measured at fair value on the grant date. The fair value of restricted stock units (“RSUs”) is generally based on the closing price of RBI's common shares on the trading day preceding the date of grant. Our total shareholder return and if applicable our total shareholder return relative to our peer group is incorporated into the underlying assumptions using a Monte Carlo simulation valuation model to calculate grant date fair value for performance based awards with a market condition. Stock option awards are granted with an exercise price or market value equal to the closing price of RBI common shares on the trading day preceding the date of grant. The Black-Scholes option pricing model is used to value stock options. The compensation expense for awards that vest over a future service period is recognized over the requisite service period on a straight-line basis, adjusted for estimated forfeitures of awards that are not expected to vest. We use historical data to estimate forfeitures for share-based awards. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved. Supplier Finance Programs Our Tim Hortons 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 Tim Hortons 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 are classified as Accounts and drafts payable Confirmed obligations outstanding at December 31, 2023 $ 36 Invoices confirmed during the period 159 Confirmed invoices paid during the period (173) Confirmed obligations outstanding at December 31, 2024 $ 22 Reclassifications Certain prior year amounts in the accompanying consolidated financial statements and notes to the consolidated financial statements have been reclassified in order to be comparable with the current year classifications. These reclassifications did not arise as a result of any changes to accounting policies and relate entirely to presentation with no effect on previously reported net income. New Accounting Pronouncements Segment Reporting – In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that expands segment disclosures for public entities, including requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss in assessing segment performance and allocating resources. The new guidance also expands disclosures about a reportable segment’s profit or loss and assets in interim periods and clarifies that a public entity may report additional measures of segment profit if the CODM uses more than one measure of a segment’s profit or loss. The new guidance does not remove existing segment disclosure requirements or change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments. During the fourth quarter of 2024, we adopted this guidance and added necessary disclosures upon adoption as disclosed in Note 18, Segment Reporting and Geographical Information . Improvements to Income Tax Disclosures – In December 2023, the FASB issued guidance that expands income tax disclosures for public entities, including requiring enhanced disclosures related to the rate reconciliation and income taxes paid information. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance should be applied on a prospective basis, with retrospective application to all prior periods presented in the financial statements permitted. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance. Disaggregation of Income Statement Expenses – In November 2024, the FASB issued guidance that requires disclosure of disaggregated information about certain

Carrols Acquisition

Carrols Acquisition	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Carrols Acquisition	Carrols Acquisition Prior to May 16, 2024, we owned a 15% equity interest in Carrols Restaurant Group, Inc. (“Carrols”), which was accounted for as an equity method investment. On May 16, 2024, we acquired the remaining 85% of Carrols issued and outstanding shares that were not already held by us or our affiliates for $9.55 per share in an all cash transaction (the “Carrols Acquisition”) in order to accelerate the reimaging of restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operations. The Carrols Acquisition was accounted for as a business combination by applying the acquisition method of accounting and Carrols became our wholly owned consolidated subsidiary. The acquisition of the 85% equity interest of Carrols was accounted for as a step acquisition, which required remeasurement of our existing 15% ownership interest in Carrols to fair value. We utilized the $9.55 per share acquisition price to determine the fair value of the existing equity interest. This resulted in an increase in the value of our existing 15% equity interest and the recognition of a gain of $79 million (the “Step Acquisition Gain”), which is included in (Income) loss from equity method investments in our consolidated statements of operations for 2024. Total cash paid in connection with the Carrols Acquisition was $543 million. Additionally, in connection with the Carrols Acquisition, we assumed approximately $431 million of outstanding debt, all of which was fully extinguished as of June 30, 2024. The cash purchase price and extinguishment of debt assumed in the Carrols Acquisition was funded with a combination of cash on hand and $750 million of incremental borrowings under our senior secured term loan facility. The following table summarizes the purchase price consideration in connection with the Carrols Acquisition (in millions): Total cash paid $ 543 Effective settlement of pre-existing balance sheet accounts (a) 15 Fair value of existing 15% equity interest 90 Total consideration $ 648 (a) Effective settlement of pre-existing balances with Carrols related to franchise and lease agreements prior to the date of acquisition. Fees and expenses related to the Carrols Acquisition and related financings totaled approximately $11 million during 2024, consisting of professional fees and compensation-related expenses which are classified as general and administrative expenses in the accompanying consolidated statements of operations (the “Carrols Acquisition Costs”). During the fourth quarter of 2024, we adjusted our preliminary estimate of the fair value of net assets acquired. The preliminary allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions): May 16, 2024 Total current assets $ 81 Property and equipment 294 Reacquired franchise rights 363 Operating lease assets 705 Other assets 24 Accounts and drafts payable (13) Other accrued liabilities (150) Current portion of long-term debt and finance leases (434) Finance leases, net of current portion (9) Operating lease liabilities, net of current portion (684) Other liabilities (10) Total identifiable net assets 167 Goodwill 481 Total consideration $ 648 The adjustments to the preliminary estimate of net assets acquired resulted in a $16 million increase to the preliminary estimated goodwill, primarily reflecting a $22 million decrease in the estimated fair value of reacquired franchise rights, partially offset by changes in estimated fair values of other net assets acquired. The purchase price allocation reflects preliminary fair value estimates for property and equipment, deferred income taxes and goodwill, which are based on management's analysis, including preliminary work performed by third-party valuation specialists. During the measurement period, we will continue to obtain information to assist in determining and finalizing the fair value of these items. Reacquired franchise rights, which represent the fair value of reacquired franchise agreements determined using the excess earnings method, are amortized over the remaining term of the reacquired franchise agreement and have an estimated weighted average remaining term of 12 years. Goodwill is considered to represent the value associated with the workforce and synergies anticipated to be realized as a combined company. Goodwill will be allocated to reporting units when the purchase price allocation is finalized during the measurement period. Total revenues of Carrols from the acquisition date of May 16, 2024 through December 31, 2024, which have been included within Company restaurant sales in our consolidated financial statements, totaled $1,171 million. Supplemental Pro Forma Information The following table presents unaudited supplemental pro forma consolidated revenue for 2024 and 2023 as if the Carrols Acquisition had occurred on January 1, 2023 (in millions): 2024 2023 Total revenues $ 9,022 $ 8,707 The unaudited supplemental pro forma consolidated revenue gives effect to actual revenues prior to the Carrols Acquisition, adjusted to exclude the elimination of intercompany transactions. Other than the impact of the Step Acquisition Gain and Carrols Acquisition Costs (as discussed above), supplemental pro forma net earnings, assuming the Carrols Acquisition had occurred on January 1, 2023, would not be materially different from the results reported during 2024 and 2023.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2024
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 13, 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): 2024 2023 2022 Numerator: Net income attributable to common shareholders - basic $ 1,021 $ 1,190 $ 1,008 Add: Net income attributable to noncontrolling interests 421 525 471 Net income available to common shareholders and noncontrolling interests - diluted $ 1,442 $ 1,715 $ 1,479 Denominator: Weighted average common shares - basic 319 312 307 Exchange of noncontrolling interests for common shares (Note 13) 131 139 144 Effect of other dilutive securities 4 6 4 Weighted average common shares - diluted 454 456 455 Basic earnings per share (a) $ 3.21 $ 3.82 $ 3.28 Diluted earnings per share (a) $ 3.18 $ 3.76 $ 3.25 Anti-dilutive securities outstanding 4 5 6 (a)

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net, consist of the following (in millions): As of December 31, 2024 2023 Land $ 952 $ 987 Buildings and improvements 1,334 1,193 Restaurant equipment 310 215 Furniture, fixtures, and other 280 347 Finance leases 331 335 Construction in progress 116 62 3,323 3,139 Accumulated depreciation and amortization (1,087) (1,187) Property and equipment, net $ 2,236 $ 1,952 Depreciation and amortization expense on property and equipment totaled $186 million for 2024, $137 million for 2023 and $135 million for 2022. Included in our property and equipment, net at December 31, 2024 and 2023 are $211 million and $226 million, respectively, of assets leased under finance leases (mostly buildings and improvements), net of accumulated depreciation and amortization of $120 million and $109 million, respectively.

Intangible Assets, net and Good

Intangible Assets, net and Goodwill	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net and Goodwill	Intangible Assets, net and Goodwill Intangible assets, net and goodwill consist of the following (in millions): As of December 31, 2024 2023 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Identifiable assets subject to amortization: Franchise agreements $ 707 $ (369) $ 338 $ 727 $ (348) $ 379 Reacquired franchise rights 374 (22) 352 — — — Favorable leases 74 (53) 21 81 (54) 27 Subtotal 1,155 (444) 711 808 (402) 406 Indefinite-lived intangible assets: Tim Hortons brand $ 5,972 $ — $ 5,972 $ 6,423 $ — $ 6,423 Burger King brand 2,068 — 2,068 2,107 — 2,107 Popeyes brand 1,355 — 1,355 1,355 — 1,355 Firehouse Subs brand 816 — 816 816 — 816 Subtotal 10,211 — 10,211 10,701 — 10,701 Intangible assets, net $ 10,922 $ 11,107 Goodwill TH segment $ 3,841 $ 4,118 BK segment 240 232 PLK segment 844 844 FHS segment 193 193 INTL segment 377 388 RH segment 491 — Total $ 5,986 $ 5,775 Amortization expense on intangible assets totaled $58 million for 2024, $37 million for 2023, and $39 million for 2022. The changes in reacquired franchise rights and goodwill balances during 2024 was primarily due to the Carrols Acquisition. Refer to Note 3, Carrols Acquisition, for a description of goodwill and intangible assets recognized in connection with the Carrols Acquisition. Additionally, the changes in intangible assets and goodwill balances also reflect the impact of foreign currency translation during 2024. As of December 31, 2024, the estimated future amortization expense on identifiable assets subject to amortization is as follows (in millions): Twelve-months ended December 31, Amount 2025 $ 69 2026 68 2027 67 2028 66 2029 65 Thereafter 376 Total $ 711

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments As discussed in Note 3, Carrols Acquisition, prior to May 16, 2024, we owned a 15% equity interest in Carrols, which was accounted for as an equity method investment. In connection with the Carrols Acquisition, we acquired the remaining 85% equity interest in Carrols, resulting in the Step Acquisition Gain. As a result of the Carrols Acquisition, Carrols became a wholly owned consolidated subsidiary beginning on May 16, 2024. The aggregate carrying amount of our equity method investments was $113 million and $163 million as of December 31, 2024 and 2023, respectively, and is included as a component of Other assets, net in our consolidated balance sheets. Except for the following equity method investments, no quoted market prices are available for our other equity method investments. The aggregate market value of our 9.4% equity interest in Zamp S.A. (formerly BK Brasil Operação e Assessoria a Restaurantes S.A.) based on the quoted market price on December 31, 2024 is approximately $9 million. The aggregate market value of our 4.2% equity interest in TH International Limited based on the quoted market price on December 31, 2024 was approximately $5 million. We evaluate declines in the market value of these equity method investments and as a result, during 2022, we recognized an impairment of $15 million due to a sustained decline in Carrols' share price and market capitalization. We have equity interests in entities that own or franchise Tim Hortons, Burger King and Popeyes restaurants. Revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest, including Carrols through May 15, 2024, consist of the following (in millions): 2024 2023 2022 Revenues from affiliates: Royalties $ 369 $ 402 $ 353 Advertising revenues 36 79 71 Property revenues 13 32 31 Franchise fees and other revenue 21 21 18 Sales 17 19 18 Total $ 456 $ 553 $ 491 At December 31, 2024 and 2023, we had $44 million and $61 million, respectively, of accounts receivable, net from our equity method investments which were recorded in accounts and notes receivable, net in our consolidated balance sheets. With respect to our Tim Hortons 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 $14 million during 2024 and $13 million during 2023 and 2022. We recognized rent expense associated with the TIMWEN Partnership of $21 million during 2024 and 2023 and $19 million during 2022. (Income) loss from equity method investments reflects our share of investee net income or loss as well as gains or losses from changes in our ownership interests in equity investees. In June 2024, we acquired the Popeyes China (“PLK China”) business from Tims China (“the PLK China Acquisition”). In addition, Tims China issued us a $20 million three-year convertible note due June 28, 2027 and a $5 million three-year convertible note due August 15, 2027, which are included within other assets, net in the consolidated balance sheets as of December 31, 2024.

Other Accrued Liabilities and O

Other Accrued Liabilities and Other Liabilities	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Other Accrued Liabilities and Other Liabilities	Other Accrued Liabilities and Other Liabilities Other accrued liabilities (current) and other liabilities, net (non-current) consist of the following (in millions): As of December 31, 2024 2023 Current: Dividend payable $ 262 $ 245 Interest payable 69 67 Accrued compensation and benefits 143 147 Taxes payable 228 129 Deferred income 71 77 Accrued advertising expenses 35 58 Restructuring and other provisions 16 18 Current portion of operating lease liabilities 193 147 Other 124 117 Other accrued liabilities $ 1,141 $ 1,005 Non-current: Taxes payable $ 52 $ 57 Contract liabilities (see Note 15) 517 555 Derivatives liabilities 1 227 Unfavorable leases 30 42 Accrued pension 23 34 Deferred income 54 57 Other 29 24 Other liabilities, net $ 706 $ 996

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following (in millions): As of December 31, 2024 2023 Term Loan B $ 4,726 $ 5,175 Term Loan A 1,275 1,275 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 6.125% First Lien Senior Notes due 2029 1,200 — 5.625% First Lien Senior Notes due 2029 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 108 143 Less: unamortized deferred financing costs and deferred issuance discount (117) (122) Total debt, net 13,642 12,921 Less: current maturities of debt (187) (67) Total long-term debt $ 13,455 $ 12,854 Credit Facilities On September 21, 2023, two of our subsidiaries (the “Borrowers”) entered into a seventh amendment (the “7 th 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 7 th 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. On December 28, 2023, we entered into an eighth amendment (the “8 th Amendment” and together with the 7 th Amendment, the “2023 Amendments”) to the credit agreement whereby Partnership and its subsidiaries became guarantors, subject to the covenants applicable to the Credit Facilities. The 2023 Amendments made no other material changes to the terms of the credit agreement. On May 16, 2024, the Borrowers entered into a sixth incremental facility amendment and a ninth amendment (the “First 2024 Amendment”) to the credit agreement governing our Credit Facilities. The First 2024 Amendment increased the existing Term Loan B by $750 million to $5,912 million on the same terms as the existing Term Loan B. The First 2024 Amendment also amended the interest rate applicable to the Canadian dollar loans under the credit agreement to be based on Term Canadian Overnight Repo Rate Average (“CORRA”). The security and guarantees under the amended Credit Agreement are the same as those under the existing facilities. The First 2024 Amendment made no other material changes to the terms of the Credit Agreement. The proceeds from the increase in the Term Loan B were used, along with cash on hand, to complete the Carrols Acquisition, the repayment of amounts outstanding under the Carrols' credit agreement and the redemption and discharge of Carrols' outstanding senior notes. On June 17, 2024, the Borrowers entered into a tenth amendment to the credit agreement governing our Credit Facilities (the “Second 2024 Amendment”). The Second 2024 Amendment repriced our Term Loan B from an interest rate equal to the Adjusted Term SOFR plus 2.25% to an interest rate equal to the Adjusted Term SOFR Rate plus 1.75% and reduced the outstanding principal amount of the Term Loan B facility from $5,912 million to $4,750 million using a portion of the net proceeds from the issuance of the 6.125% First Lien Senior Notes due 2029 (defined below). There were no changes to the maturity of the Term Loan B following this repricing and all other terms are substantially unchanged. As of December 31, 2024, the interest rate applicable to the Term Loan A and Revolving Credit Facility is, at our option, either (a) a base rate, subject to a floor of 1.00%, plus an applicable margin varying from 0.00% to 0.50%, or (b) term SOFR, subject to a floor of 0.00%, plus an applicable margin varying between 0.75% and 1.50%, in each case, determined by reference to a net first lien leverage-based pricing grid. The commitment fee on the unused portion of the Revolving Credit Facility is 0.15%. As of December 31, 2024, the interest rate on the Term Loan A was 5.61%. 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. As of December 31, 2024, the interest rate applicable to the Term Loan B is, at our option, either (a) a base rate, subject to a floor of 1.00%, plus an applicable margin of 0.75%, or (b) term SOFR, subject to a floor of 0.00%, plus an applicable margin of 1.75%. As of December 31, 2024, the interest rate on the Term Loan B was 6.11%. The principal amount of the Term Loan B amortizes in quarterly installments equal to $12 million until maturity, with the balance payable at maturity. Revolving Credit Facility As of December 31, 2024, we had no amounts outstanding under our Revolving Credit Facility. Funds available under the Revolving Credit Facility may be used to repay other debt, finance debt or share repurchases, to fund acquisitions or capital expenditures and for other general corporate purposes. We have a $125 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. The interest rate applicable to amounts drawn under each letter of credit is 0.75% to 1.50%, depending on our net first lien leverage ratio. As of December 31, 2024, we had $2 million of letters of credit issued against the Revolving Credit Facility, and our borrowing availability was $1,248 million. Obligations under the Credit Facilities are guaranteed on a senior secured basis, jointly and severally, by the Partnership and substantially all of its Canadian and U.S. subsidiaries, including The TDL Group Corp., Burger King Company LLC, Popeyes Louisiana Kitchen, Inc., FRG, LLC and substantially all of their respective Canadian and U.S. subsidiaries (the “Guarantors”). Amounts borrowed under the Credit Facilities are secured on a first priority basis by a perfected security interest in substantially all of the present and future property (subject to certain exceptions) of each Borrower and the Guarantors. Senior Notes 3.875% First Lien Senior Notes due 2028 On September 24, 2019, the Borrowers entered into an indenture (the “3.875% First Lien Senior Notes Indenture”) in connection with the issuance of $750 million of 3.875% first lien senior notes due January 15, 2028 (the “2019 3.875% Senior Notes”). On July 6, 2021, the Borrowers issued an additional $800 million under the 3.875% First Lien Senior Notes Indenture (the “Additional Notes” and together with the 2019 3.875% Senior Notes, the “3.875% First Lien Senior Notes due 2028”). No principal payments are due until maturity and interest is paid semi-annually. The Additional Notes were priced at 100.250% of their face value. The net proceeds from the offering of the Additional Notes were used to redeem the remaining $775 million principal amount outstanding of 4.25% first lien senior notes, plus any accrued and unpaid interest thereon, and pay related redemption premiums, fees and expenses. 3.50% First Lien Senior Notes due 2029 On November 9, 2020, the Borrowers entered into an indenture (the “3.50% First Lien Senior Notes Indenture”) in connection with the issuance of $750 million of 3.50% first lien notes due February 15, 2029 (the “3.50% First Lien Senior Notes due 2029”). No principal payments are due until maturity and interest is paid semi-annually. The proceeds from the offering of the 3.50% First Lien Senior Notes due 2029, together with cash on hand, were used to redeem $725 million of 4.25% first lien senior notes and pay related redemption premiums, fees and expenses. 6.125% First Lien Senior Notes due 2029 On June 17, 2024, the Borrowers entered into an indenture (the “6.125% First Lien Senior Notes Indenture”) in connection with the issuance of $1,200 million of 6.125% first lien senior notes due June 15, 2029 (the “6.125% First Lien Senior Notes due 2029”). No principal payments are due until maturity and interest is paid semi-annually. The net proceeds from the offering of the 6.125% First Lien Senior Notes due 2029 were used to refinance a portion of the Term Loan B, pay related fees and expenses and for general corporate purposes. 5.625% First Lien Senior Notes due 2029 On September 13, 2024, the Borrowers entered into an indenture (the “5.625% First Lien Senior Notes Indenture”) in connection with the issuance of $500 million of 5.625% first lien senior notes due September 15, 2029 (the “5.625% First Lien Senior Notes due 2029”). No principal payments are due until maturity and interest is paid semi-annually. The net proceeds from the offering of the 5.625% First Lien Senior Notes due 2029, together with cash on hand, were used to redeem in full our outstanding 5.750% first lien senior notes due 2025 and pay related fees and expenses. 5.75% First Lien Senior Notes due 2025 On April 7, 2020, the Borrowers entered into an indenture (the “5.75% First Lien Senior Notes Indenture”) in connection with the issuance of $500 million of 5.75% first lien notes due April 15, 2025 (the “5.75% First Lien Senior Notes due 2025”). During 2024, we redeemed the entire outstanding principal balance of $500 million of the 5.75% First Lien Senior Notes due 2025 using proceeds from the offering of the 5.625% First Lien Senior Notes due 2029. 4.375% Second Lien Senior Notes due 2028 On November 19, 2019, the Borrowers entered into an indenture (the “4.375% Second Lien Senior Notes Indenture”) in connection with the issuance of $750 million of 4.375% second lien senior notes due January 15, 2028 (the “4.375% Second Lien Senior Notes due 2028”). No principal payments are due until maturity and interest is paid semi-annually. 4.00% Second Lien Senior Notes due 2030 During 2020, the Borrowers entered into an indenture (the “4.00% Second Lien Senior Notes Indenture”) in connection with the issuance of $2,900 million of 4.00% second lien notes due October 15, 2030 (the “4.00% Second Lien Senior Notes due 2030”). No principal payments are due until maturity and interest is paid semi-annually. The proceeds from the offering of the 4.00% Second Lien Senior Notes due 2030 were used to redeem the entire outstanding principal balance of $2,800 million of 5.00% second lien senior notes due October 15, 2025 (the “5.00% Second Lien Senior Notes due 2025”), pay related redemption premiums, fees and expenses. Obligations under the 3.875% First Lien Senior Notes due 2028, the 3.50% First Lien Senior Notes due 2029, the 6.125% First Lien Senior Notes due 2029 and the 5.625% First Lien Senior Notes due 2029 (collectively, the “First Lien Senior Note”) are guaranteed on a senior secured basis, jointly and severally, by the Guarantors. The First Lien Senior Notes are first lien senior secured obligations and rank equal in right of payment with all of the existing and future first lien senior debt of the Borrowers and Guarantors, including borrowings and guarantees under our Credit Facilities. Obligations under the 4.375% Second Lien Senior Notes due 2028 and the 4.00% Second Lien Senior Notes due 2030 (together, the “Second Lien Senior Notes” and together with the First Lien Senior Notes, the “Senior Notes”) are guaranteed on a second priority senior secured basis, jointly and severally, by the Guarantors. The Second Lien Senior Notes are second lien senior secured obligations and rank equal in right of payment with all of the existing and future senior debt of the Borrowers and Guarantors, including borrowings and guarantees of the Credit Facilities, and effectively subordinated to all of the existing and future first lien senior debt of the Borrowers and Guarantors. The Borrowers may redeem a series of Senior Notes, in whole or in part, at any time at the redemption prices set forth in the applicable Senior Notes Indenture; provided that if the redemption is prior to October 15, 2025 for the 4.00% Second Lien Senior Notes due 2030, June 15, 2026 for the 6.125% First Lien Senior Notes due 2029, and September 15, 2026 for the 5.625% First Lien Senior Notes due 2029, it will instead be at a price equal to 100% of the principal amount redeemed plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Senior Notes Indentures (as defined below) also contain redemption provisions related to tender offers, change of control and equity offerings, among others. Restrictions and Covenants Our Credit Facilities, as well as the 3.875% First Lien Senior Notes Indenture, 3.50% First Lien Senior Notes Indenture, 6.125% First Lien Senior Notes, 5.625% First Lien Senior Notes, 4.375% Second Lien Senior Notes Indenture and 4.00% Second Lien Senior Notes Indenture (all together the “Senior Notes Indentures”) contain a number of customary affirmative and negative covenants that, among other things, limit or restrict our ability and the ability of certain of our subsidiaries to: incur additional indebtedness; incur liens; engage in mergers, consolidations, liquidations and dissolutions; sell assets; pay dividends and make other payments in respect of capital stock; make investments, loans and advances; pay or modify the terms of certain indebtedness; and engage in certain transactions with affiliates. In addition, under the Credit Facilities, the Borrowers are not permitted to exceed a first lien senior secured leverage ratio of 6.50 to 1.00 when, as of the end of any fiscal quarter beginning with the first fiscal quarter of 2020, (1) any amounts are outstanding under the Term Loan A and/or (2) the sum of (i) the amount of letters of credit outstanding exceeding $50 million (other than those that are cash collateralized); (ii) outstanding amounts under the Revolving Credit Facility and (iii) outstanding amounts of swing line loans, exceeds 30.0% of the commitments under the Revolving Credit Facility. The restrictions under the Credit Facilities and the Senior Notes Indentures have resulted in substantially all of our consolidated assets being restricted. As of December 31, 2024, we were in compliance with applicable financial debt covenants under the Credit Facilities and the Senior Notes Indentures and there were no limitations on our ability to draw on the remaining availability under our Revolving Credit Facility. TH Facility One of our subsidiaries entered into a non-revolving delayed drawdown term credit facility in a total aggregate principal amount of C$225 million with a maturity date of October 4, 2025 (the “TH Facility”). Prior to June 30, 2024, the interest rate applicable to the TH Facility was the Canadian Bankers’ Acceptance rate plus an applicable margin equal to 1.40% or the Prime Rate plus an applicable margin equal to 0.40%, at our option. Beginning July 1, 2024, the interest rate applicable to the TH Facility is the Adjusted Term CORRA rate plus an applicable margin equal to 1.40% or the Prime Rate plus an applicable margin equal to 0.40%, at our option. Obligations under the TH Facility are guaranteed by three of our subsidiaries, and amounts borrowed under the TH Facility are secured by certain parcels of real estate. As of December 31, 2024, we had approximately C$154 million outstanding under the TH Facility with a weighted average interest rate of 5.37%. Debt Issuance Costs During 2024, we incurred aggregate deferred financing costs of $41 million in connection with the First 2024 Amendment, the Second 2024 Amendment, the issuance of the 6.125% First Lien Senior Notes due 2029 and the issuance of the 5.625% First Lien Senior Notes due 2029. During 2023, we incurred aggregate deferred financing costs of $44 million in connection with the 7 th Amendment. We did not incur any significant deferred financing costs during 2022. Loss on Early Extinguishment of Debt During 2024, we recorded a $33 million loss on early extinguishment of debt that primarily reflects expensing of fees and the write-off of unamortized debt issuance costs in connection with various amendments to our credit agreement and the full redemption of our outstanding 5.750% first lien senior notes due 2025. During 2023, we recorded a $16 million loss on early extinguishment of debt that primarily reflects expensing of fees in connection with the 7 th Amendment and the write-off of unamortized debt issuance costs. Maturities The aggregate maturities of our long-term debt as of December 31, 2024 are as follows (in millions): Year Ended December 31, Principal Amount 2025 $ 187 2026 79 2027 111 2028 3,495 2029 2,498 Thereafter 7,389 Total $ 13,759 Interest Expense, net Interest expense, net consists of the following (in millions): 2024 2023 2022 Debt (a) $ 572 $ 576 $ 493 Finance lease obligations 19 19 19 Amortization of deferred financing costs and debt issuance discount 25 27 28 Interest income (39) (40) (7) Interest expense, net $ 577 $ 582 $ 533 (a) Amount includes $135 million and $83 million benefit during 2024 and 2023, respectively, and $54 million of expense during 2022 related to our interest rate swaps. Amount includes $53 million, $61 million and $56 million benefit during 2024, 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 12, Derivative Instruments .

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases As of December 31, 2024, we leased or subleased approximately 4,600 restaurant properties to franchisees under operating leases, direct financing leases and sales-type leases where we are the lessor. Initial lease terms generally range from 10 to 20 years. Most leases to franchisees provide for fixed monthly payments and many provide for future rent escalations and renewal options. Certain leases also include provisions for variable rent, determined as a percentage of sales, generally when annual sales exceed specific levels. Lessees typically bear the cost of maintenance, insurance and property taxes. We lease land, buildings, equipment, office space and warehouse space from third parties. Land and building leases generally have an initial term of 10 to 20 years, while land-only lease terms can extend longer, and most leases provide for fixed monthly payments. Many of these leases provide for future rent escalations and renewal options. Certain leases also include provisions for variable rent payments, determined as a percentage of sales, generally when annual sales exceed specified levels. Most leases also obligate us to pay, as lessee, variable lease cost related to maintenance, insurance and property taxes. Company as Lessor Assets leased to franchisees and others under operating leases where we are the lessor and which are included within our property and equipment, net are as follows (in millions): As of December 31, 2024 2023 Land $ 779 $ 856 Buildings and improvements 962 1,102 Restaurant equipment 20 27 1,761 1,985 Accumulated depreciation and amortization (582) (656) Property and equipment leased, net $ 1,179 $ 1,329 Our net investment in direct financing and sales-type leases is as follows (in millions): As of December 31, 2024 2023 Future rents to be received: Future minimum lease receipts $ 105 $ 111 Contingent rents (a) 2 4 Estimated unguaranteed residual value 6 6 Unearned income (25) (26) 88 95 Current portion included within accounts receivable (5) (5) Net investment in property leased to franchisees (b) $ 83 $ 90 (a) Amounts represent estimated contingent rents recorded in connection with the acquisition method of accounting. (b) Included as a component of Other assets, net in our consolidated balance sheets. Property revenues are comprised primarily of rental income from operating leases and earned income on direct financing leases with franchisees as follows (in millions): 2024 2023 2022 Rental income: Minimum lease payments $ 367 $ 385 $ 410 Variable lease payments 465 452 395 Amortization of favorable and unfavorable income lease contracts, net 1 2 1 Subtotal - lease income from operating leases 833 839 806 Earned income on direct financing and sales-type leases 4 12 7 Total property revenues $ 837 $ 851 $ 813 Company as Lessee Lease cost and other information associated with these lease commitments are as follows (in millions): Lease Cost (Income) 2024 2023 2022 Operating lease cost $ 277 $ 201 $ 202 Operating lease variable lease cost 206 201 196 Finance lease cost: Amortization of right-of-use assets 31 26 27 Interest on lease liabilities 19 19 19 Sublease income (624) (631) (603) Total lease income $ (91) $ (184) $ (159) Lease Term and Discount Rate as of December 31, 2024 and 2023 As of December 31, 2024 2023 Weighted-average remaining lease term (in years): Operating leases 10.6 years 9.5 years Finance leases 10.8 years 11.2 years Weighted-average discount rate: Operating leases 5.8 % 5.5 % Finance leases 5.8 % 5.8 % Other Information for 2024, 2023 and 2022 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 267 $ 202 $ 198 Operating cash flows from finance leases $ 19 $ 19 $ 19 Financing cash flows from finance leases $ 36 $ 33 $ 31 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new finance lease obligations $ 20 $ 32 $ 22 Right-of-use assets obtained in exchange for new operating lease obligations $ 253 $ 168 $ 133 As of December 31, 2024, future minimum lease receipts and commitments are as follows (in millions): Lease Receipts Lease Commitments (a) Direct Operating Finance Operating 2025 $ 7 $ 324 $ 52 $ 299 2026 7 297 49 286 2027 7 272 43 271 2028 7 242 42 254 2029 6 212 34 233 Thereafter 71 946 211 1,332 Total minimum receipts / payments $ 105 $ 2,293 431 2,675 Less amount representing interest (110) (712) Present value of minimum lease payments 321 1,963 Current portion of lease obligations (b) (35) (193) Long-term portion of lease obligations $ 286 $ 1,770 (a) Minimum lease payments have not been reduced by minimum sublease rentals of $1,380 million due in the future under non-cancelable subleases. (b) Current portion of operating lease obligations included as a component of Other accrued liabilities in our consolidated balance sheets.
Leases	Leases As of December 31, 2024, we leased or subleased approximately 4,600 restaurant properties to franchisees under operating leases, direct financing leases and sales-type leases where we are the lessor. Initial lease terms generally range from 10 to 20 years. Most leases to franchisees provide for fixed monthly payments and many provide for future rent escalations and renewal options. Certain leases also include provisions for variable rent, determined as a percentage of sales, generally when annual sales exceed specific levels. Lessees typically bear the cost of maintenance, insurance and property taxes. We lease land, buildings, equipment, office space and warehouse space from third parties. Land and building leases generally have an initial term of 10 to 20 years, while land-only lease terms can extend longer, and most leases provide for fixed monthly payments. Many of these leases provide for future rent escalations and renewal options. Certain leases also include provisions for variable rent payments, determined as a percentage of sales, generally when annual sales exceed specified levels. Most leases also obligate us to pay, as lessee, variable lease cost related to maintenance, insurance and property taxes. Company as Lessor Assets leased to franchisees and others under operating leases where we are the lessor and which are included within our property and equipment, net are as follows (in millions): As of December 31, 2024 2023 Land $ 779 $ 856 Buildings and improvements 962 1,102 Restaurant equipment 20 27 1,761 1,985 Accumulated depreciation and amortization (582) (656) Property and equipment leased, net $ 1,179 $ 1,329 Our net investment in direct financing and sales-type leases is as follows (in millions): As of December 31, 2024 2023 Future rents to be received: Future minimum lease receipts $ 105 $ 111 Contingent rents (a) 2 4 Estimated unguaranteed residual value 6 6 Unearned income (25) (26) 88 95 Current portion included within accounts receivable (5) (5) Net investment in property leased to franchisees (b) $ 83 $ 90 (a) Amounts represent estimated contingent rents recorded in connection with the acquisition method of accounting. (b) Included as a component of Other assets, net in our consolidated balance sheets. Property revenues are comprised primarily of rental income from operating leases and earned income on direct financing leases with franchisees as follows (in millions): 2024 2023 2022 Rental income: Minimum lease payments $ 367 $ 385 $ 410 Variable lease payments 465 452 395 Amortization of favorable and unfavorable income lease contracts, net 1 2 1 Subtotal - lease income from operating leases 833 839 806 Earned income on direct financing and sales-type leases 4 12 7 Total property revenues $ 837 $ 851 $ 813 Company as Lessee Lease cost and other information associated with these lease commitments are as follows (in millions): Lease Cost (Income) 2024 2023 2022 Operating lease cost $ 277 $ 201 $ 202 Operating lease variable lease cost 206 201 196 Finance lease cost: Amortization of right-of-use assets 31 26 27 Interest on lease liabilities 19 19 19 Sublease income (624) (631) (603) Total lease income $ (91) $ (184) $ (159) Lease Term and Discount Rate as of December 31, 2024 and 2023 As of December 31, 2024 2023 Weighted-average remaining lease term (in years): Operating leases 10.6 years 9.5 years Finance leases 10.8 years 11.2 years Weighted-average discount rate: Operating leases 5.8 % 5.5 % Finance leases 5.8 % 5.8 % Other Information for 2024, 2023 and 2022 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 267 $ 202 $ 198 Operating cash flows from finance leases $ 19 $ 19 $ 19 Financing cash flows from finance leases $ 36 $ 33 $ 31 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new finance lease obligations $ 20 $ 32 $ 22 Right-of-use assets obtained in exchange for new operating lease obligations $ 253 $ 168 $ 133 As of December 31, 2024, future minimum lease receipts and commitments are as follows (in millions): Lease Receipts Lease Commitments (a) Direct Operating Finance Operating 2025 $ 7 $ 324 $ 52 $ 299 2026 7 297 49 286 2027 7 272 43 271 2028 7 242 42 254 2029 6 212 34 233 Thereafter 71 946 211 1,332 Total minimum receipts / payments $ 105 $ 2,293 431 2,675 Less amount representing interest (110) (712) Present value of minimum lease payments 321 1,963 Current portion of lease obligations (b) (35) (193) Long-term portion of lease obligations $ 286 $ 1,770 (a) Minimum lease payments have not been reduced by minimum sublease rentals of $1,380 million due in the future under non-cancelable subleases. (b) Current portion of operating lease obligations included as a component of Other accrued liabilities in our consolidated balance sheets.
Leases	Leases As of December 31, 2024, we leased or subleased approximately 4,600 restaurant properties to franchisees under operating leases, direct financing leases and sales-type leases where we are the lessor. Initial lease terms generally range from 10 to 20 years. Most leases to franchisees provide for fixed monthly payments and many provide for future rent escalations and renewal options. Certain leases also include provisions for variable rent, determined as a percentage of sales, generally when annual sales exceed specific levels. Lessees typically bear the cost of maintenance, insurance and property taxes. We lease land, buildings, equipment, office space and warehouse space from third parties. Land and building leases generally have an initial term of 10 to 20 years, while land-only lease terms can extend longer, and most leases provide for fixed monthly payments. Many of these leases provide for future rent escalations and renewal options. Certain leases also include provisions for variable rent payments, determined as a percentage of sales, generally when annual sales exceed specified levels. Most leases also obligate us to pay, as lessee, variable lease cost related to maintenance, insurance and property taxes. Company as Lessor Assets leased to franchisees and others under operating leases where we are the lessor and which are included within our property and equipment, net are as follows (in millions): As of December 31, 2024 2023 Land $ 779 $ 856 Buildings and improvements 962 1,102 Restaurant equipment 20 27 1,761 1,985 Accumulated depreciation and amortization (582) (656) Property and equipment leased, net $ 1,179 $ 1,329 Our net investment in direct financing and sales-type leases is as follows (in millions): As of December 31, 2024 2023 Future rents to be received: Future minimum lease receipts $ 105 $ 111 Contingent rents (a) 2 4 Estimated unguaranteed residual value 6 6 Unearned income (25) (26) 88 95 Current portion included within accounts receivable (5) (5) Net investment in property leased to franchisees (b) $ 83 $ 90 (a) Amounts represent estimated contingent rents recorded in connection with the acquisition method of accounting. (b) Included as a component of Other assets, net in our consolidated balance sheets. Property revenues are comprised primarily of rental income from operating leases and earned income on direct financing leases with franchisees as follows (in millions): 2024 2023 2022 Rental income: Minimum lease payments $ 367 $ 385 $ 410 Variable lease payments 465 452 395 Amortization of favorable and unfavorable income lease contracts, net 1 2 1 Subtotal - lease income from operating leases 833 839 806 Earned income on direct financing and sales-type leases 4 12 7 Total property revenues $ 837 $ 851 $ 813 Company as Lessee Lease cost and other information associated with these lease commitments are as follows (in millions): Lease Cost (Income) 2024 2023 2022 Operating lease cost $ 277 $ 201 $ 202 Operating lease variable lease cost 206 201 196 Finance lease cost: Amortization of right-of-use assets 31 26 27 Interest on lease liabilities 19 19 19 Sublease income (624) (631) (603) Total lease income $ (91) $ (184) $ (159) Lease Term and Discount Rate as of December 31, 2024 and 2023 As of December 31, 2024 2023 Weighted-average remaining lease term (in years): Operating leases 10.6 years 9.5 years Finance leases 10.8 years 11.2 years Weighted-average discount rate: Operating leases 5.8 % 5.5 % Finance leases 5.8 % 5.8 % Other Information for 2024, 2023 and 2022 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 267 $ 202 $ 198 Operating cash flows from finance leases $ 19 $ 19 $ 19 Financing cash flows from finance leases $ 36 $ 33 $ 31 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new finance lease obligations $ 20 $ 32 $ 22 Right-of-use assets obtained in exchange for new operating lease obligations $ 253 $ 168 $ 133 As of December 31, 2024, future minimum lease receipts and commitments are as follows (in millions): Lease Receipts Lease Commitments (a) Direct Operating Finance Operating 2025 $ 7 $ 324 $ 52 $ 299 2026 7 297 49 286 2027 7 272 43 271 2028 7 242 42 254 2029 6 212 34 233 Thereafter 71 946 211 1,332 Total minimum receipts / payments $ 105 $ 2,293 431 2,675 Less amount representing interest (110) (712) Present value of minimum lease payments 321 1,963 Current portion of lease obligations (b) (35) (193) Long-term portion of lease obligations $ 286 $ 1,770 (a) Minimum lease payments have not been reduced by minimum sublease rentals of $1,380 million due in the future under non-cancelable subleases. (b) Current portion of operating lease obligations included as a component of Other accrued liabilities in our consolidated balance sheets.
Leases	Leases As of December 31, 2024, we leased or subleased approximately 4,600 restaurant properties to franchisees under operating leases, direct financing leases and sales-type leases where we are the lessor. Initial lease terms generally range from 10 to 20 years. Most leases to franchisees provide for fixed monthly payments and many provide for future rent escalations and renewal options. Certain leases also include provisions for variable rent, determined as a percentage of sales, generally when annual sales exceed specific levels. Lessees typically bear the cost of maintenance, insurance and property taxes. We lease land, buildings, equipment, office space and warehouse space from third parties. Land and building leases generally have an initial term of 10 to 20 years, while land-only lease terms can extend longer, and most leases provide for fixed monthly payments. Many of these leases provide for future rent escalations and renewal options. Certain leases also include provisions for variable rent payments, determined as a percentage of sales, generally when annual sales exceed specified levels. Most leases also obligate us to pay, as lessee, variable lease cost related to maintenance, insurance and property taxes. Company as Lessor Assets leased to franchisees and others under operating leases where we are the lessor and which are included within our property and equipment, net are as follows (in millions): As of December 31, 2024 2023 Land $ 779 $ 856 Buildings and improvements 962 1,102 Restaurant equipment 20 27 1,761 1,985 Accumulated depreciation and amortization (582) (656) Property and equipment leased, net $ 1,179 $ 1,329 Our net investment in direct financing and sales-type leases is as follows (in millions): As of December 31, 2024 2023 Future rents to be received: Future minimum lease receipts $ 105 $ 111 Contingent rents (a) 2 4 Estimated unguaranteed residual value 6 6 Unearned income (25) (26) 88 95 Current portion included within accounts receivable (5) (5) Net investment in property leased to franchisees (b) $ 83 $ 90 (a) Amounts represent estimated contingent rents recorded in connection with the acquisition method of accounting. (b) Included as a component of Other assets, net in our consolidated balance sheets. Property revenues are comprised primarily of rental income from operating leases and earned income on direct financing leases with franchisees as follows (in millions): 2024 2023 2022 Rental income: Minimum lease payments $ 367 $ 385 $ 410 Variable lease payments 465 452 395 Amortization of favorable and unfavorable income lease contracts, net 1 2 1 Subtotal - lease income from operating leases 833 839 806 Earned income on direct financing and sales-type leases 4 12 7 Total property revenues $ 837 $ 851 $ 813 Company as Lessee Lease cost and other information associated with these lease commitments are as follows (in millions): Lease Cost (Income) 2024 2023 2022 Operating lease cost $ 277 $ 201 $ 202 Operating lease variable lease cost 206 201 196 Finance lease cost: Amortization of right-of-use assets 31 26 27 Interest on lease liabilities 19 19 19 Sublease income (624) (631) (603) Total lease income $ (91) $ (184) $ (159) Lease Term and Discount Rate as of December 31, 2024 and 2023 As of December 31, 2024 2023 Weighted-average remaining lease term (in years): Operating leases 10.6 years 9.5 years Finance leases 10.8 years 11.2 years Weighted-average discount rate: Operating leases 5.8 % 5.5 % Finance leases 5.8 % 5.8 % Other Information for 2024, 2023 and 2022 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 267 $ 202 $ 198 Operating cash flows from finance leases $ 19 $ 19 $ 19 Financing cash flows from finance leases $ 36 $ 33 $ 31 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new finance lease obligations $ 20 $ 32 $ 22 Right-of-use assets obtained in exchange for new operating lease obligations $ 253 $ 168 $ 133 As of December 31, 2024, future minimum lease receipts and commitments are as follows (in millions): Lease Receipts Lease Commitments (a) Direct Operating Finance Operating 2025 $ 7 $ 324 $ 52 $ 299 2026 7 297 49 286 2027 7 272 43 271 2028 7 242 42 254 2029 6 212 34 233 Thereafter 71 946 211 1,332 Total minimum receipts / payments $ 105 $ 2,293 431 2,675 Less amount representing interest (110) (712) Present value of minimum lease payments 321 1,963 Current portion of lease obligations (b) (35) (193) Long-term portion of lease obligations $ 286 $ 1,770 (a) Minimum lease payments have not been reduced by minimum sublease rentals of $1,380 million due in the future under non-cancelable subleases. (b) Current portion of operating lease obligations included as a component of Other accrued liabilities in our consolidated balance sheets.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income before income taxes, classified by source of income, is as follows (in millions): 2024 2023 2022 Canadian $ 317 $ 493 $ 444 Foreign 1,492 960 921 Income before income taxes $ 1,809 $ 1,453 $ 1,365 Income tax expense (benefit) attributable to income from continuing operations consists of the following (in millions): 2024 2023 2022 Current: Canadian $ 96 $ (47) $ (284) U.S. Federal 113 77 105 U.S. state, net of federal income tax benefit 24 27 26 Other Foreign 136 108 96 $ 369 $ 165 $ (57) Deferred: Canadian $ (54) $ (37) $ 20 U.S. Federal (23) (18) (79) U.S. state, net of federal income tax benefit (24) (5) (9) Other Foreign 96 (370) 8 $ (5) $ (430) $ (60) Income tax expense (benefit) $ 364 $ (265) $ (117) The statutory rate reconciles to the effective income tax rate as follows: 2024 2023 2022 Statutory rate 26.5 % 26.5 % 26.5 % Costs and taxes related to foreign operations 5.2 5.3 3.8 Foreign tax rate differential (12.7) (15.1) (13.7) Change in valuation allowance 2.7 (0.8) (0.7) Change in accrual for tax uncertainties (0.6) (6.2) (26.7) Intercompany financing (1.8) (2.7) 1.2 Intra-Group reorganizations — (25.3) — Other 0.8 0.1 1.0 Effective income tax rate 20.1 % (18.2) % (8.6) % Companies subject to the Global Intangible Low-Taxed Income provision (GILTI) have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for outside basis temporary differences expected to reverse as GILTI. We have elected to account for GILTI as a period cost. Income tax (benefit) expense allocated to continuing operations and amounts separately allocated to other items was (in millions): 2024 2023 2022 Income tax expense (benefit) from continuing operations $ 364 $ (265) $ (117) Cash flow hedge in accumulated other comprehensive income (loss) 2 (14) 153 Net investment hedge in accumulated other comprehensive income (loss) (16) 22 77 Foreign Currency Translation in accumulated other comprehensive income (loss) — 1 — Pension liability in accumulated other comprehensive income (loss) 1 2 2 Total $ 351 $ (254) $ 115 The significant components of deferred income tax (benefit) expense attributable to income from continuing operations are as follows (in millions): 2024 2023 2022 Deferred income tax (benefit) expense $ (39) $ (1,788) $ 79 Change in valuation allowance 50 1,357 (143) Change in effective U.S. state income tax rate (15) 2 3 Change in effective foreign income tax rate (1) (1) 1 Total $ (5) $ (430) $ (60) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in millions): As of December 31, 2024 2023 Deferred tax assets: Accounts and notes receivable $ 3 $ 5 Accrued employee benefits 53 53 Leases 95 104 Operating lease liabilities 504 311 Liabilities not currently deductible for tax 665 452 Tax loss and credit carryforwards 1,050 1,042 Intangible assets 993 1,048 Total gross deferred tax assets 3,363 3,015 Valuation allowance (1,588) (1,563) Net deferred tax assets $ 1,775 $ 1,452 Less deferred tax liabilities: Property and equipment, principally due to differences in depreciation 16 7 Intangible assets 1,738 1,743 Leases 113 128 Operating lease assets 475 288 Statutory impairment 26 28 Derivatives 63 47 Outside basis difference 36 28 Other 30 5 Total gross deferred tax liabilities $ 2,497 $ 2,274 Net deferred tax liability $ 722 $ 822 The valuation allowance had a net increase of $25 million during 2024 primarily due to changes in estimates and foreign tax credits. Changes in the valuation allowance are as follows (in millions): 2024 2023 2022 Beginning balance $ 1,563 $ 194 $ 356 Change in estimates recorded to deferred income tax expense 32 (12) (9) Additions related to deferred tax assets generated in current year — 1,369 — Changes in losses and credits 18 — (134) (Reductions) additions related to other comprehensive income (25) 12 (19) Ending balance $ 1,588 $ 1,563 $ 194 The gross amount and expiration dates of operating loss and tax credit carry-forwards as of December 31, 2024 are as follows (in millions): Amount Expiration Date Canadian net operating loss carryforwards $ 313 2036-2044 Canadian capital loss carryforwards 213 Indefinite U.S. state net operating loss carryforwards 482 2025-Indefinite U.S. federal net operating loss carryforwards 97 Indefinite U.S. capital loss carryforwards 15 2025 U.S. foreign tax credits 112 2025-2044 Other foreign net operating loss carryforwards 41 Indefinite Other foreign net operating loss carryforwards 103 2025-2041 Other foreign capital loss carryforward 30 Indefinite Other foreign credits 707 2033 We are generally permanently reinvested on any potential outside basis differences except for unremitted earnings and profits and thus do not record a deferred tax liability for such outside basis differences. To the extent of unremitted earnings and profits, we generally review various factors including, but not limited to, forecasts and budgets of financial needs of cash for working capital, liquidity and expected cash requirements to fund our various obligations and record deferred taxes to the extent we expect to distribute. We had $44 million and $58 million of unrecognized tax benefits at December 31, 2024 and December 31, 2023, respectively, which if recognized, would favorably affect the effective income tax rate. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in millions): 2024 2023 2022 Beginning balance $ 58 $ 139 $ 437 Additions for tax positions related to the current year 2 5 (5) Additions for tax positions of prior years — 7 3 Reductions for tax positions of prior years (9) (14) (15) Additions for settlement — 6 — Reductions due to statute expiration (7) (85) (281) Ending balance $ 44 $ 58 $ 139 Although the timing of the resolution, settlement, and closure of any audits is highly uncertain, it is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next 12 months. We do not expect to reduce unrecognized tax benefits during the twelve months beginning January 1, 2025. We recognize interest and penalties related to unrecognized tax benefits in income tax expense. The total amount of accrued interest and penalties was $12 million and $11 million at December 31, 2024 and 2023, respectively. Potential interest and penalties associated with uncertain tax positions in various jurisdictions recognized was $3 million during 2024, $4 million during 2023 and $3 million during 2022. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. We file income tax returns with Canada and its provinces and territories. Generally, we are subject to routine examinations by the Canada Revenue Agency (“CRA”). The CRA is conducting examinations of the 2015 through 2020 taxation years. Additionally, income tax returns filed with various provincial jurisdictions are generally open to examination for periods up to six years subsequent to the filing and assessment of the respective return. We also file income tax returns, including returns for our subsidiaries, with U.S. federal, U.S. state, and other foreign jurisdictions. We are subject to routine examination by taxing authorities in the U.S. jurisdictions, as well as other foreign tax jurisdictions. Taxable years of such U.S. companies are closed through 2020 for U.S. federal income tax purposes. We have various U.S. federal, state and other foreign income tax returns in the process of examination. From time to time, these audits result in proposed assessments where the ultimate resolution may result in owing additional taxes. We believe that our tax positions comply with applicable tax law and that we have adequately provided for these matters.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Disclosures about Derivative Instruments and Hedging Activities We enter into derivative instruments for risk management purposes, including derivatives designated as cash flow hedges and derivatives designated as net investment hedges. We use derivatives to manage our exposure to fluctuations in interest rates and currency exchange rates. Interest Rate Swaps At December 31, 2024, we had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $3,500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities, including any subsequent refinancing or replacement of the Term Loan Facilities, beginning August 31, 2021 through the termination date of October 31, 2028. Additionally, at December 31, 2024, we also had outstanding receive-variable, pay-fixed interest rate swaps with a total notional value of $500 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities effective September 30, 2019 through the termination date of September 30, 2026. Following the discontinuance of the U.S. dollar LIBOR after June 30, 2023, the interest rate on all these interest rate swaps transitioned from LIBOR to SOFR, with no impact to hedge effectiveness and no change in accounting treatment as a result of applicable accounting relief guidance for the transition away from LIBOR. At inception, all of these interest rate swaps were designated as cash flow hedges for hedge accounting. The unrealized changes in market value are recorded in AOCI, net of tax, and reclassified into interest expense during the period in which the hedged forecasted transaction affects earnings. In connection with the Carrols Acquisition, we assumed a receive-variable, pay-fixed interest rate swap utilizing SOFR as the benchmark interest rate with a total notional value of $120 million to hedge the variability in the interest payments on a portion of our Term Loan Facilities, including any subsequent refinancing or replacement of the Term Loan Facilities, through the termination date of February 28, 2025. This interest rate swap is designated as a cash flow hedge for hedge accounting and the unrealized changes in market value are recorded in AOCI, net of tax, and reclassified into interest expense during the period in which the hedged forecasted transaction affects earnings. At December 31, 2024, the net amount of pre-tax gains that we expect to be reclassified from AOCI into interest expense within the next 12 months is $89 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 December 31, 2024, we had outstanding cross-currency rate swap contracts between the Canadian dollar and U.S. dollar and the euro and U.S. dollar that have been designated as net investment hedges of a portion of our equity in foreign operations in those currencies. The component of the gains and losses on our net investment in these designated foreign operations driven by changes in foreign exchange rates are economically partly offset by movements in the fair value of our cross-currency swap contracts. The fair value of the swaps is calculated each period with changes in fair value reported in AOCI, net of tax. Such amounts will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations. At December 31, 2024, we had outstanding cross-currency rate swaps in which we receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $5,700 million to partially hedge the net investment in our Canadian subsidiaries. In November 2024, we restructured $5,000 million of cross-currency rate swaps, of which $1,950 million have a maturity of September 30, 2028, $1,400 million have a maturity of October 31, 2029 and $1,650 million have a maturity of October 31, 2030. The restructure resulted in a re-designation of the hedge and the swaps continue to be accounted for as a net investment hedge. Additionally, in November 2024 we entered into cross-currency rate swaps in which we receive quarterly fixed-rate interest payments on the U.S. dollar notional value of $700 million through the maturity date of October 31, 2027 (“incremental swaps”). At inception, these cross-currency rate swaps were designated as a hedge and are accounted for as a net investment hedge. Excluding the incremental swaps, at all times during 2024, 2023, and 2022, we have had $5,000 million of notional amount of cross-currency rate swaps between the Canadian dollar and U.S. dollar designated as hedges. During 2022, we de-designated existing cross-currency rate swap hedges between the Canadian dollar and U.S. dollar with a total notional amount of $5,000 million for hedge accounting. As a result of these de-designations, changes in fair value of these un-designated hedges were recognized in earnings. Concurrently with these de-designations and to offset the changes in fair value recognized in earnings, we entered into off-setting cross-currency rate swaps, with a total notional amount of $5,000 million, that were not designated as a hedge for hedge accounting and as such changes in fair value were recognized in earnings. The balances in AOCI associated with the de-designated cross-currency rate swaps will remain in AOCI and will only be reclassified into earnings if and when the net investment in our Canadian subsidiaries is sold or substantially sold. The entire notional amount of the de-designated cross-currency rate swaps and the off-setting cross-currency rate swaps were cash settled during 2022 for approximately $35 million in net proceeds and included within investing activities in the consolidated statements of cash flows. At December 31, 2024, we had outstanding cross-currency rate swap contracts between the euro and U.S. dollar in which we receive quarterly fixed-rate interest payments on the U.S. dollar aggregate amount of $2,750 million, of which $1,400 million were entered during 2023 and have a maturity date of October 31, 2026, $1,200 million were entered during 2023 and have a maturity date of November 30, 2028, and $150 million were entered during 2021 and have a maturity date of October 31, 2028. At inception, these cross-currency rate swaps were designated and continue to be hedges and are accounted for as net investment hedges. The cross-currency rate swaps that were entered during 2023 replaced our previously existing cross-currency rate swaps with a total notional value of $2,100 million that were settled in 2023 as detailed below. During 2023, we settled our previously existing cross-currency rate swaps in which we paid quarterly fixed-rate interest payments on the euro notional amount of €1,108 million and received quarterly fixed-rate interest payments on the U.S. dollar notional amount of $1,200 million and an original maturity date of February 17, 2024. During 2023, we also settled our previously existing cross-currency rate swap contracts between the euro and U.S. dollar with a notional value of $900 million and an original maturity date of February 17, 2024. In connection with these settlements, we received $69 million in cash which is included within investing activities in the consolidated statements of cash flows. 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 consolidated statements of operations. The change in fair value that is not related to the Excluded Component is recorded in AOCI and will be reclassified to earnings when the foreign subsidiaries are sold or substantially liquidated. Foreign Currency Exchange Contracts We use foreign exchange derivative instruments to manage the impact of foreign exchange fluctuations on U.S. dollar purchases and payments, such as coffee purchases made by our Canadian Tim Hortons operations. At December 31, 2024, we had outstanding forward currency contracts to manage this risk in which we sell Canadian dollars and buy U.S. dollars with a notional value of $169 million with maturities to January 15, 2026. 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 consolidated balance sheets (in millions): Gain or (Loss) Recognized in 2024 2023 2022 Derivatives designated as cash flow hedges (1) Interest rate swaps $ 133 $ 41 $ 509 Forward-currency contracts $ 13 $ (2) $ 14 Derivatives designated as net investment hedges Cross-currency rate swaps $ 298 $ (210) $ 409 (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 AOCI into 2024 2023 2022 Derivatives designated as cash flow hedges Interest rate swaps Interest expense, net $ 135 $ 83 $ (54) Forward-currency contracts Cost of sales $ 3 $ 7 $ 8 Location of Gain or (Loss) Recognized in Earnings Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing) 2024 2023 2022 Derivatives designated as net investment hedges Cross-currency rate swaps Interest expense, net $ 53 $ 61 $ 56 Fair Value as of 2024 2023 Balance Sheet Location Assets: Derivatives designated as cash flow hedges Interest rate $ 194 $ 190 Other assets, net Interest rate 1 — Prepaids and other current assets Foreign currency 8 — Prepaids and other current assets Derivatives designated as net investment hedges Foreign currency 83 7 Other assets, net Total assets at fair value $ 286 $ 197 Liabilities: Derivatives designated as cash flow hedges Foreign currency $ — $ 2 Other accrued liabilities Derivatives designated as net investment hedges Foreign currency 1 227 Other liabilities, net Total liabilities at fair value $ 1 $ 229

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Special Voting Share The holders of the Partnership exchangeable units are indirectly entitled to vote in respect of matters on which holders of the common shares of the Company are entitled to vote, including in respect of the election of RBI directors, through a special voting share of the Company (the “Special Voting Share”). The Special Voting Share is held by a trustee, entitling the trustee to that number of votes on matters on which holders of common shares of the Company are entitled to vote equal to the number of Partnership exchangeable units outstanding. The trustee is required to cast such votes in accordance with voting instructions provided by holders of Partnership exchangeable units. At any shareholder meeting of the Company, holders of our common shares vote together as a single class with the Special Voting Share except as otherwise provided by law. Noncontrolling Interests We reflect a noncontrolling interest which primarily represents the interests of the holders of Partnership exchangeable units in Partnership that are not held by RBI. The holders of Partnership exchangeable units held an economic interest of approximately 28.1% and 29.9% in Partnership common equity through the ownership of 127,038,577 and 133,597,764 Partnership exchangeable units as of December 31, 2024 and 2023, respectively. Pursuant to the terms of the partnership agreement, each holder of a Partnership exchangeable unit is entitled to distributions from Partnership in an amount equal to any dividends or distributions that we declare and pay with respect to our common shares. Additionally, each holder of a Partnership exchangeable unit is entitled to vote in respect of matters on which holders of RBI common shares are entitled to vote through our special voting share. A holder of a Partnership exchangeable unit may require Partnership to exchange all or any portion of such holder’s Partnership exchangeable units for our common shares at a ratio of one common share for each Partnership exchangeable unit, subject to our right as the general partner of Partnership, in our sole discretion, to deliver a cash payment in lieu of our common shares. If we elect to make a cash payment in lieu of issuing common shares, the amount of the payment will be the weighted average trading price of the common shares on the New York Stock Exchange for the 20 consecutive trading days ending on the last business day prior to the exchange date. Pursuant to exchange notices received, Partnership exchanged 6,559,187, 9,398,876 and 1,996,818 Partnership exchangeable units in 2024, 2023 and 2022, respectively. 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 and each such Partnership exchangeable unit was cancelled concurrently with the exchange. Partnership exchangeable units exchanged for RBI common shares subsequent to December 31, 2023 also result in the issuance of additional Partnership Class A common units to RBI in an amount equal to the number of RBI common shares exchanged. 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 consolidated statements of operations. 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 $1,000 million amount of our common shares. During 2024, we did not repurchase any of our common shares. During 2023, we repurchased and cancelled 7,639,137 common shares for $500 million. During 2022, we repurchased and cancelled 6,101,364 common shares for $326 million. As of December 31, 2024, we had $500 million remaining under the authorization. Accumulated Other Comprehensive Income (Loss) The following table displays the change in the components of AOCI (in millions): Derivatives Pensions Foreign Accumulated Balances at December 31, 2021 $ 136 $ (21) $ (825) $ (710) Foreign currency translation adjustment — — (703) (703) Net change in fair value of derivatives, net of tax 714 — — 714 Amounts reclassified to earnings of cash flow hedges, net of tax 34 — — 34 Pension and post-retirement benefit plans, net of tax — 6 — 6 Amounts attributable to noncontrolling interests (236) (2) 218 (20) Balances at December 31, 2022 $ 648 $ (17) $ (1,310) $ (679) Foreign currency translation adjustment — — 250 250 Net change in fair value of derivatives, net of tax (203) — — (203) Amounts reclassified to earnings of cash flow hedges, net of tax (66) — — (66) Pension and post-retirement benefit plans, net of tax — 7 — 7 Amounts attributable to noncontrolling interests 101 (3) (113) (15) Balances at December 31, 2023 $ 480 $ (13) $ (1,173) $ (706) Foreign currency translation adjustment — — (858) (858) Net change in fair value of derivatives, net of tax 421 — — 421 Amounts reclassified to earnings of cash flow hedges, net of tax (101) — — (101) Pension and post-retirement benefit plans, net of tax — (2) — (2) Amounts attributable to noncontrolling interests (81) 1 219 139 Balances at December 31, 2024 $ 719 $ (14) $ (1,812) $ (1,107)

Share-based Compensation

Share-based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation We are currently issuing awards under the 2023 Omnibus Incentive Plan (the “2023 Plan”) and the number of shares available for issuance under such plan as of December 31, 2024 was 13,641,631. The 2023 Plan permits the grant of several types of awards with respect to our common shares, including stock options, time-vested RSUs, and performance-based RSUs, which may include Company, S&P 500 Index and/or individual performance based-vesting conditions. We also have some outstanding awards under legacy plans for Burger King and Tim Hortons, which were assumed in connection with the merger and amalgamation of those entities within the RBI group. No new awards may be granted under our Amended and Restated 2014 Omnibus Incentive Plan as amended that preceded the 2023 Plan or these legacy Burger King or legacy Tim Hortons plans. Share-based compensation expense is generally classified as general and administrative expenses in the consolidated statements of operations and consists of the following for the periods presented (in millions): 2024 2023 2022 Total share-based compensation expense $ 161 $ 177 $ 121 As of December 31, 2024, total unrecognized compensation cost related to share-based compensation arrangements was $218 million and is expected to be recognized over a weighted-average period of approximately 2.5 years. Restricted Stock Units RSUs are generally entitled to dividend equivalents, which are not distributed unless the related awards vest. Upon vesting, the amount of the dividend equivalent, which is distributed in additional RSUs, except in the case of RSUs awarded to non-management members of our board of directors, is equal to the equivalent of the aggregate dividends declared on common shares during the period from the date of grant of the award compounded until the date the shares underlying the award are delivered. RBI grants fully vested RSUs, with dividend equivalent rights that accrue in cash, to non-employee members of its board of directors in lieu of a cash retainer and committee fees. All such RSUs will settle and common shares of RBI will be issued following termination of service by the board member. Starting in 2021, grants of time-vested RSUs generally vest 25% per year on December 15 th or 31 st over four years from the grant date and performance-based RSUs generally cliff vest three years from the grant date (the starting date for the applicable vesting period is referred to as the “Anniversary Date”). Time-vested RSUs and performance-based RSUs awarded prior to 2021 generally cliff vest five years from the original grant date. During 2022, RBI granted performance-based RSUs that cliff vest three years from the original grant date based on achievement of performance metrics with a multiplier that can increase or decrease the amount vested based on the achievement of contractually defined relative total shareholder return targets with respect to the S&P 500 Index. Performance-based RSUs granted in 2021, 2023 and 2024 cliff vest three years from the original grant date based solely on defined relative total shareholder return targets with respect to the S&P 500 Index. Performance-based RSUs granted to the CEO in 2023 cliff vest five years from the date of grant and may be earned from 50% for threshold performance to 200% for maximum performance, based on meeting performance targets tied to the appreciation of the price of RBI common shares, with none of the award being earned if the threshold is not met. The respective fair value of these performance-based RSU awards was based on a Monte Carlo Simulation valuation model and these market condition awards are expensed over the vesting period. The total fair value of performance-based RSUs that solely have a performance condition relative to the S&P 500 Index does not change regardless of the value that the award recipients ultimately receive. For grants of time-vested RSUs, if the employee is terminated for any reason prior to any vesting date, the employee will forfeit all of the RSUs that are unvested at the time of termination. For grants of performance-based RSUs beginning in 2021, if the employee is terminated within the first two years of the Anniversary Date, 100% of the performance-based RSUs will be forfeited. If we terminate the employment of a performance-based RSU holder without cause at least two years after the grant date, or if the employee retires, the employee will become vested in 67% of the performance-based RSUs that are earned based on the performance criteria. An alternate ratable vesting schedule applies to the extent the participant ends employment by reason of death or disability. Chairman Awards In connection with the appointment of the Executive Chairman in November 2022, RBI made one-time grants of options, RSUs and performance-based RSUs with specific terms and conditions. RBI granted 2,000,000 options with an exercise price equal to the closing price of RBI common shares on the trading day preceding the date of grant that cliff vest five years from the date of grant and expire after ten years. RBI granted 500,000 RSUs that vest ratably over five years on the anniversary of the grant date. Lastly, RBI granted 750,000 performance-based RSUs that cliff vest five and a half years from the date of grant and may be earned from 50% for threshold performance to 200% for maximum performance, based on meeting performance targets tied to the appreciation of the price of RBI common shares, with none of the award being earned if the threshold is not met. The respective fair value of these performance-based RSU awards was based on a Monte Carlo Simulation valuation model and these market condition awards are expensed over the vesting period regardless of the value that the award recipient ultimately receives. Restricted Stock Units Activity The following is a summary of time-vested RSUs and performance-based RSUs activity for the year ended December 31, 2024: Time-vested RSUs Performance-based RSUs Total Number of Weighted Average Total Number of Weighted Average Outstanding at January 1, 2024 3,034 $ 60.29 7,346 $ 57.68 Granted 967 $ 73.91 991 $ 73.14 Vested and settled (1,412) $ 63.34 (2,225) $ 62.56 Dividend equivalents granted 85 $ — 191 $ — Forfeited (315) $ 65.06 (487) $ 69.25 Outstanding at December 31, 2024 2,359 $ 62.74 5,816 $ 57.04 The weighted-average grant date fair value of time-vested RSUs granted was $68.40 and $57.24 during 2023 and 2022, respectively. The weighted-average grant date fair value of performance-based RSUs granted was $59.66 and $51.31 during 2023 and 2022, respectively. The total fair value, determined as of the date of vesting, of RSUs vested and converted to RBI common shares during 2024, 2023 and 2022 was $271 million, $141 million and $58 million, respectively. Stock Options RBI satisfies stock option exercises through the issuance of authorized but previously unissued common shares. Stock option grants generally cliff vest 5 years from the original grant date, provided the employee is continuously employed by us or one of our affiliates, and the stock options expire 10 years following the grant date. Additionally, if we terminate the employment of a stock option holder without cause prior to the vesting date, or if the employee retires or becomes disabled, the employee will become vested in the number of stock options as if the stock options vested 20% on each anniversary of the grant date. If the employee dies, the employee will become vested in the number of stock options as if the stock options vested 20% on the first anniversary of the grant date, 40% on the second anniversary of the grant date and 100% on the third anniversary of the grant date. If an employee is terminated with cause or resigns before vesting, all stock options are forfeited. If there is an event such as a return of capital or dividend that is determined to be dilutive, the exercise price of the awards will be adjusted accordingly. The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of stock option awards granted in 2022 at the grant date. There were no significant stock option awards granted in 2024 or 2023. 2022 Risk-free interest rate 3.92% Expected term (in years) 7.50 Expected volatility 30.0% Expected dividend yield 3.24% The risk-free interest rate was based on the U.S. Treasury or Canadian Sovereign bond yield with a remaining term equal to the expected option life assumed at the date of grant. The expected term was calculated based on the analysis of a five-year vesting period coupled with our expectations of exercise activity. Expected volatility was based on the historical and implied equity volatility of RBI. The expected dividend yield is based on the annual dividend yield at the time of grant. Stock Options Activity The following is a summary of stock option activity under our plans for the year ended December 31, 2024: Total Number of Weighted Aggregate Weighted Outstanding at January 1, 2024 6,198 $ 60.23 Granted — $ — Exercised (1,538) $ 50.35 Forfeited (45) $ 65.44 Outstanding at December 31, 2024 4,615 $ 62.91 $ 14,470 5.6 Exercisable at December 31, 2024 1,656 $ 57.39 $ 12,921 2.9 Vested or expected to vest at December 31, 2024 4,492 $ 62.85 $ 14,358 5.6 (a) The intrinsic value represents the amount by which the fair value of our stock exceeds the option exercise price at December 31, 2024. The weighted-average grant date fair value per stock option granted was $18.61, and $17.52 during 2023 and 2022, respectively. No stock options were granted in 2024. The total intrinsic value of stock options exercised was $38 million during 2024, $30 million during 2023, and $10 million during 2022.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Contract Liabilities Contract liabilities consist of deferred revenue resulting from initial and renewal franchise fees paid by franchisees, as well as upfront fees paid by master franchisees, which are generally recognized on a straight-line basis over the term of the underlying agreement. We may recognize unamortized franchise fees and upfront fees when a contract with a franchisee or master franchisee is modified and is accounted for as a termination of the existing contract. We classify these contract liabilities as Other liabilities, net in our consolidated balance sheets. The following table reflects the change in contract liabilities on a consolidated basis between December 31, 2023 and December 31, 2024 (in millions): Contract Liabilities Balance at December 31, 2023 $ 555 Recognized during period and included in the contract liability balance at the beginning of the year (60) Increase, excluding amounts recognized as revenue during the period 56 Effective settlement of pre-existing contract liabilities in connection with Carrols Acquisition (22) Impact of foreign currency translation (12) Balance at December 31, 2024 $ 517 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 December 31, 2024 (in millions): Contract liabilities expected to be recognized in 2025 $ 53 2026 51 2027 47 2028 44 2029 41 Thereafter 281 Total $ 517 Disaggregation of Total Revenues As described in Note 18, Segment Reporting and Geographical Information , following the Carrols Acquisition and PLK China Acquisition, we are reporting the operations of Burger King restaurants acquired as part of the Carrols Acquisition and the operations of PLK China restaurants in a new operating and reportable segment called Restaurant Holdings (“RH”) from the respective date of acquisition. The following tables disaggregate revenue by segment (in millions): 2024 TH BK PLK FHS INTL RH ELIM (a) Total Supply chain sales $ 2,708 $ — $ — $ — $ — $ — $ — $ 2,708 Company restaurant sales 45 242 148 41 — 1,116 — 1,592 Royalties 332 484 300 71 803 — (50) 1,940 Property revenues 622 219 14 — 2 — (20) 837 Franchise fees and other revenue 32 17 11 34 48 — — 142 Advertising revenues and other services 301 488 295 68 82 — (47) 1,187 Total revenues $ 4,040 $ 1,450 $ 768 $ 214 $ 935 $ 1,116 $ (117) $ 8,406 (a) Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH. 2023 TH BK PLK FHS INTL Total Supply chain sales $ 2,679 $ — $ — $ — $ — $ 2,679 Company restaurant sales 46 97 89 39 — 271 Royalties 324 483 291 69 753 1,920 Property revenues 609 227 13 — 2 851 Franchise fees and other revenue 22 20 10 31 49 132 Advertising revenues and other services 292 470 289 48 70 1,169 Total revenues $ 3,972 $ 1,297 $ 692 $ 187 $ 874 $ 7,022 2022 TH BK PLK FHS INTL Total Supply chain sales $ 2,583 $ — $ — $ — $ — $ 2,583 Company restaurant sales 48 70 78 40 — 236 Royalties 302 450 264 66 655 1,737 Property revenues 576 222 12 — 3 813 Franchise fees and other revenue 26 16 8 19 42 111 Advertising revenues and other services 266 438 257 13 51 1,025 Total revenues $ 3,801 $ 1,196 $ 619 $ 138 $ 751 $ 6,505

Other Operating Expenses (Incom

Other Operating Expenses (Income), net	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Other Operating Expenses (Income), net	Other Operating Expenses (Income), net Other operating expenses (income), net, consist of the following (in millions): 2024 2023 2022 Net losses (gains) on disposal of assets, restaurant closures and refranchisings $ 3 $ 16 $ 4 Litigation settlements and reserves, net — 1 11 Net losses (gains) on foreign exchange (71) 20 (4) Other, net 9 18 14 Other operating expenses (income), net $ (59) $ 55 $ 25 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 2023 includes asset write-offs and related costs in connection with the discontinuance of an internally developed software project. Litigation settlements and reserves, net primarily reflects accruals and payments made and proceeds received in connection with litigation and arbitration matters and other business disputes. Net losses (gains) on foreign exchange consist of remeasurement of foreign denominated assets and liabilities, primarily intercompany financing.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit As of December 31, 2024, we had $24 million in irrevocable standby letters of credit outstanding, which were issued primarily to certain insurance carriers to guarantee payments of deductibles for various insurance programs, such as health and commercial liability insurance. Of these letters of credit outstanding, $2 million are secured by the collateral under our Revolving Credit Facility and the remainder are secured by cash collateral. As of December 31, 2024, no amounts had been drawn on any of these irrevocable standby letters of credit. Purchase Commitments As of December 31, 2024, we have arrangements for information technology and telecommunication services with an aggregate contractual obligation of $84 million over the next five years, some of which have early termination fees and commitments to purchase advertising which totaled $192 million, most of which is due within the next 12 months. We also entered into commitments to purchase beverage and restaurant equipment which totaled $23 million over the next four years. Litigation From time to time, we are involved in legal proceedings arising in the ordinary course of business relating to matters including, but not limited to, disputes with franchisees, suppliers, employees and customers, as well as disputes over our intellectual property. On October 5, 2018, a class action complaint was filed against Burger King Worldwide, Inc. (“BKW”) and Burger King Company, successor in interest, (“BKC”) in the U.S. District Court for the Southern District of Florida by Jarvis Arrington, individually and on behalf of all others similarly situated. On October 18, 2018, a second class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Monique Michel, individually and on behalf of all others similarly situated. On October 31, 2018, a third class action complaint was filed against BKC and BKW in the U.S. District Court for the Southern District of Florida by Geneva Blanchard and Tiffany Miller, individually and on behalf of all others similarly situated. On November 2, 2018, a fourth class action complaint was filed against RBI, BKW and BKC in the U.S. District Court for the Southern District of Florida by Sandra Munster, individually and on behalf of all others similarly situated. These complaints have been consolidated and allege that the defendants violated Section 1 of the Sherman Act by incorporating an employee no-solicitation and no-hiring clause in the standard form franchise agreement all Burger King franchisees are required to sign. Each plaintiff seeks injunctive relief and damages for himself or herself and other members of the class. On March 24, 2020, the Court granted BKC’s motion to dismiss for failure to state a claim and on April 20, 2020 the plaintiffs filed a motion for leave to amend their complaint. On April 27, 2020, BKC filed a motion opposing the motion for leave to amend. The court denied the plaintiffs motion for leave to amend their complaint in August 2020 and the plaintiffs appealed this ruling. In August 2022, the federal appellate court reversed the lower court's decision to dismiss the case and remanded the case to the lower court for further proceedings. While we intend to vigorously defend these claims, we are unable to predict the ultimate outcome of this case or estimate the range of possible loss, if any.

Segment Reporting and Geographi

Segment Reporting and Geographical Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting and Geographical Information	Segment Reporting and Geographical Information As stated in Note 1, Description of Business and Organization , we manage four brands: Tim Hortons, Burger King, Popeyes and Firehouse Subs . Our management structure and information regularly reviewed by our Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”), reflects five operating and reportable segments that reflect our franchisor operations consistent with how the business will be managed long-term. Additionally, following the Carrols Acquisition and PLK China Acquisition in the second quarter of 2024, we established a sixth operating and reportable segment, which includes results from the Burger King restaurants acquired as part of the Carrols Acquisition and the PLK China restaurants and will include results from Firehouse Subs Brazil (“FHS Brazil”) beginning in 2025, to reflect the manner in which our CODM manages and assesses performance of these acquired businesses. As a result, our six operating and reportable segments consist of the following: 1. Tim Hortons – operations of our Tim Hortons brand in Canada and the U.S. (“TH”); 2. Burger King – operations of our Burger King brand in the U.S. and Canada, excluding results of Burger King restaurants acquired as part of the Carrols Acquisition, included in our RH segment (defined below) (“BK”); 3. Popeyes Louisiana Kitchen – operations of our Popeyes brand in the U.S. and Canada (“PLK”); 4. Firehouse Subs – operations of our Firehouse Subs brand in the U.S. and Canada (“FHS”); 5. International – operations of each of our brands outside the U.S. and Canada, excluding results of PLK China and FHS Brazil restaurants included in our RH segment (“INTL”); and 6. Restaurant Holdings – operations of Burger King restaurants acquired as part of the Carrols Acquisition and the operations of PLK China and FHS Brazil restaurants (“RH”). Our measure of segment income is Adjusted Operating Income which represents income from operations adjusted to exclude (i) franchise agreement and reacquired franchise right intangible asset amortization as a result of acquisition accounting, (ii) (income) loss from equity method investments, net of cash distributions received from equity method investments, (iii) other operating expenses (income), net and, (iv) income/expenses from non-recurring projects and non-operating activities. For the periods referenced, income/expenses from non-recurring projects and non-operating activities included (i) non-recurring fees and expenses incurred in connection with the Carrols Acquisition and the PLK China Acquisition consisting primarily of professional fees, compensation-related expenses and integration costs (“RH Transaction costs”); (ii) non-recurring fees and expense incurred in connection with the acquisition of Firehouse Subs consisting primarily of professional fees, compensation-related expenses and integration costs (“FHS Transaction costs”); and (iii) non-operating costs from professional advisory and consulting services associated with certain transformational corporate restructuring initiatives that rationalize our structure and optimize cash movements as well as services related to significant tax reform legislation and regulations (“Corporate restructuring and advisory fees”). The following tables present total segment revenues, significant segment expenses that are regularly reviewed by the CODM to manage and assess segment performance and segment income, as well as depreciation and amortization, (income) loss from equity method investments, and capital expenditures by segment (in millions). For the periods referenced, segment franchise and property expenses (“Segment F&P expenses”) for each segment excludes franchise agreement and reacquired franchise rights amortization and Segment G&A for each segment excludes RH Transaction costs, FHS Transaction costs and Corporate restructuring and advisory fees (each as defined below). For segment reporting purposes, capital expenditures include payments for additions of property and equipment during the period, as well as the change in accruals for additions of property and equipment since the prior period. For 2024, capital expenditures for RH excludes $7 million of accruals for additions of property and equipment assumed in connection with the Carrols Acquisition. 2024 TH BK PLK FHS INTL RH ELIM Total Revenues from external customers $ 4,040 $ 1,333 $ 768 $ 214 $ 935 $ 1,116 $ — $ 8,406 Intersegment revenues — 117 — — — — (117) — Total revenues $ 4,040 $ 1,450 $ 768 $ 214 $ 935 $ 1,116 $ (117) $ 8,406 Operating costs and expenses: Supply chain cost of sales 2,180 — — — — — — 2,180 Company restaurant expenses (a) 37 221 129 36 — 965 (60) 1,328 Segment F&P expenses 330 122 9 8 31 — (10) 490 Advertising expenses and other services 307 558 303 70 90 49 (47) 1,330 Segment G&A 158 139 84 51 200 59 — 691 Adjustments: Cash distributions received from equity method investments 15 — — — — — — 15 Adjusted Operating Income 1,043 410 243 48 614 44 — 2,402 Additional segment information: Depreciation and amortization 111 49 13 5 27 59 — 264 (Income) loss from equity method investments (15) (78) — — 24 — — (69) Capital expenditures 47 72 23 6 11 86 — 245 (a) The components of Company restaurant expenses for our RH segment are included below. 2023 TH BK PLK FHS INTL Total Total revenues $ 3,972 $ 1,297 $ 692 $ 187 $ 874 $ 7,022 Operating costs and expenses: Supply chain cost of sales 2,193 — — — — 2,193 Company restaurant expenses 38 90 80 34 — 242 Segment F&P expenses 319 133 10 8 11 481 Advertising expenses and other services 309 543 295 49 77 1,273 Segment G&A 168 145 86 58 190 647 Adjustments: Cash distributions received from equity method investments 14 — — — — 14 Adjusted Operating Income 958 386 221 38 597 2,200 Additional segment information: Depreciation and amortization 108 46 11 4 22 191 (Income) loss from equity method investments (15) 8 — — (1) (8) Capital expenditures 51 37 9 4 19 120 2022 TH BK PLK FHS INTL Total Total revenues $ 3,801 $ 1,196 $ 619 $ 138 $ 751 $ 6,505 Operating costs and expenses: Supply chain cost of sales 2,093 — — — — 2,093 Company restaurant expenses 38 74 72 35 — 219 Segment F&P expenses 325 133 9 6 13 486 Advertising expenses and other services 282 468 261 12 54 1,077 Segment G&A 151 126 72 52 160 561 Adjustments: Cash distributions received from equity method investments 13 — — — 2 15 Adjusted Operating Income 925 396 205 33 525 2,084 Additional segment information: Depreciation and amortization 114 45 10 4 17 190 (Income) loss from equity method investments (13) 27 — — 30 44 Capital expenditures 39 31 9 3 18 100 The following table presents the components of Company restaurant expenses for our RH segment (in millions): 2024 Company restaurant expenses for RH segment Food, beverage and packaging costs $ 312 Restaurant wages and related expenses 358 Restaurant occupancy expense and other 295 Total $ 965 The following tables present revenues by country (in millions): 2024 2023 2022 Revenues by country (b): Canada $ 3,684 $ 3,630 $ 3,484 United States 3,783 2,518 2,270 Other 939 874 751 Total $ 8,406 $ 7,022 $ 6,505 (b) Only Canada and the United States represented 10% or more of our total revenues in each period presented. Our CODM manages assets on a consolidated basis. Accordingly, segment assets are not reported to our CODM or used in his decisions to allocate resources or assess performance of the segments. Therefore, total segment assets and long-lived assets have not been disclosed. Total long-lived assets by country are as follows (in millions): As of December 31, 2024 2023 By country: Canada $ 1,435 $ 1,545 United States 2,684 1,578 Other 52 41 Total $ 4,171 $ 3,164 Long-lived assets include property and equipment, net, finance and operating lease right of use assets, net and net investment in property leased to franchisees. Only Canada and the United States represented 10% or more of our total long-lived assets as of December 31, 2024 and December 31, 2023. Adjusted Operating Income is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items that management believes are not relevant to management’s assessment of our operating performance. A reconciliation of segment income to net income consists of the following (in millions): 2024 2023 2022 Segment income: TH $ 1,043 $ 958 $ 925 BK 410 386 396 PLK 243 221 205 FHS 48 38 33 INTL 614 597 525 RH 44 — — Adjusted Operating Income 2,402 2,200 2,084 Franchise agreement and reacquired franchise rights amortization 53 31 32 RH Transaction costs 22 — — FHS Transaction costs — 19 24 Corporate restructuring and advisory fees 20 38 46 Impact of equity method investments (a) (53) 6 59 Other operating expenses (income), net (59) 55 25 Income from operations 2,419 2,051 1,898 Interest expense, net 577 582 533 Loss on early extinguishment of debt 33 16 — Income tax expense (benefit) 364 (265) (117) Net income $ 1,445 $ 1,718 $ 1,482 (a) Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in segment income.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On January 3, 2025, we paid a cash dividend of $0.58 per common share to common shareholders of record on December 20, 2024. On such date, Partnership also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.58 per exchangeable unit to holders of record on December 20, 2024. On February 12, 2025, we announced that the board of directors had declared a cash dividend of $0.62 per common share for the first quarter of 2025. The dividend will be paid on April 4, 2025 to common shareholders of record on March 21, 2025. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.62 per Partnership exchangeable unit, and the record date and payment date for distributions on Partnership exchangeable units are the same as for the common shares. Burger King China Acquisition On February 14, 2025, we acquired substantially all of the remaining equity interests of Burger King China for approximately $158 million in an all-cash transaction. The acquisition of Burger King China will be accounted for as a business combination for which we have determined that the criteria for held for sale have been met on the acquisition date. Consequently, Burger King China will be reported as a discontinued operation.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the critical importance of maintaining the trust and confidence of our guests, franchisees and employees. Consequently, our cybersecurity policies, standards, processes and practices are embedded within our overall enterprise risk management (“ERM”) program. We have an ongoing cybersecurity risk mitigation program, which includes maintaining up-to-date detection, prevention and monitoring systems and contracting with outside cybersecurity firms to provide continuous monitoring of our systems as well as threat-detection services. We define a cybersecurity threat as any potential unauthorized occurrence on or conducted through our information systems or information systems of a third party that we utilize in our business that may result in adverse effects on the confidentiality, integrity or availability of our information systems or any information residing therein. Our cybersecurity policies, standards, processes, and practices are based on recognized frameworks established by the National Institute of Standards and Technology and include the following components: • Collaborative Approach: We have implemented a comprehensive, cross-functional approach to identifying, preventing, and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner. • Deployment of Technical Safeguards: We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. • Development and Periodic Testing of Incident Response and Recovery Planning: We have developed and maintain comprehensive incident response and recovery plans that address our response to cybersecurity threats, and such plans are tested and evaluated on a regular basis. Our periodic testing of these plans includes a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Audit Committee, and we adjust cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews. • Third-Party Risk Management: We maintain a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers, franchisees and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. • Implementation of Regular and Mandatory Employee Training and Awareness Programs: We provide regular, mandatory training for our personnel regarding cybersecurity threats as a means to equip them with effective tools to detect and address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We recognize the critical importance of maintaining the trust and confidence of our guests, franchisees and employees. Consequently, our cybersecurity policies, standards, processes and practices are embedded within our overall enterprise risk management (“ERM”) program.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Audit Committee oversees our ERM program, including the management of risks arising from cybersecurity threats. The Audit Committee regularly receives presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. Our Internal Audit function performs periodic audits of our cyber security program and reports results to the Audit Committee. On a periodic basis, the Audit Committee discusses our approach to cybersecurity risk management with our Chief Information Security Officer (“CISO”).
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee oversees our ERM program, including the management of risks arising from cybersecurity threats. The Audit Committee regularly receives presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. Our Internal Audit function performs periodic audits of our cyber security program and reports results to the Audit Committee. On a periodic basis, the Audit Committee discusses our approach to cybersecurity risk management with our Chief Information Security Officer (“CISO”).
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	On a periodic basis, the Audit Committee discusses our approach to cybersecurity risk management with our Chief Information Security Officer (“CISO”).
Cybersecurity Risk Role of Management [Text Block]	We have a dedicated team of cybersecurity specialists, led by our Chief Information Security Officer (CISO), who works in coordination with our senior management and leaders at each of our brands to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery plans. Our CISO has served in various roles in information technology and information security, as an IT auditor and an IT security executive, for over 38 years as of December 31, 2024, and has both the CISA and CRP designation. We also use a Managed Security Service Provider (MSSP) to provide continuous monitoring of our systems and supplement our internal security team.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Audit Committee oversees our ERM program, including the management of risks arising from cybersecurity threats. The Audit Committee regularly receives presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. Our Internal Audit function performs periodic audits of our cyber security program and reports results to the Audit Committee. On a periodic basis, the Audit Committee discusses our approach to cybersecurity risk management with our Chief Information Security Officer (“CISO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has served in various roles in information technology and information security, as an IT auditor and an IT security executive, for over 38 years as of December 31, 2024, and has both the CISA and CRP designation.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	On a periodic basis, the Audit Committee discusses our approach to cybersecurity risk management with our Chief Information Security Officer (“CISO”).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Fiscal Year	Fiscal Year
Basis of Presentation	Basis of Presentation The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) and related rules and regulations of the U.S. Securities and Exchange Commission 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.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements (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, including marketing funds we control. We also consider entities for consolidation when the controlling financial interest may be achieved through arrangements that do not involve voting interests (“VIE”). 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 limited partnership agreement of Partnership (“partnership agreement”) and applicable laws. As a result, we consolidate the results of Partnership and record a noncontrolling interest in our consolidated balance sheets and statements of operations with respect to the remaining economic interest in Partnership we do not hold. All material intercompany balances and transactions have been eliminated in consolidation. Investments in other affiliates that are owned 50% or less where we have significant influence are generally accounted for by the equity method.
Foreign Currency Translation and Transaction Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses Our functional currency is the U.S. dollar, since our term loans and senior secured notes are denominated in U.S. dollars, and the principal market for our common shares is the U.S. The functional currency of each of our operating subsidiaries is generally the currency of the economic environment in which the subsidiary primarily does business. Our foreign subsidiaries’ financial statements are translated into U.S. dollars using the foreign exchange rates applicable to the dates of the financial statements. Assets and liabilities are translated using the end-of-period spot foreign exchange rates. Income, expenses and cash flows are translated at the average foreign exchange rates for each period. Equity accounts are translated at historical foreign exchange rates. The effects of these translation adjustments are reported as a component of accumulated other comprehensive income (loss) (“AOCI”) in the consolidated statements of shareholders’ equity. For any transaction that is denominated in a currency different from the entity’s functional currency, we record a gain or loss based on the difference between the foreign exchange rate at the transaction date and the foreign exchange rate at the transaction settlement date (or rate at period end, if unsettled) which is included within other operating expenses (income), net in the consolidated statements of operations.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less and credit card receivables are considered cash equivalents.
Accounts and Notes Receivable, net	Accounts and Notes Receivable, net Our credit loss exposure is mainly concentrated in our accounts and notes receivable portfolio, which consists primarily of amounts due from franchisees, including royalties, rents, franchise fees, contributions due to advertising funds we manage and, in the case of our TH segment, amounts due for supply chain sales. Accounts and notes receivable are reported net of an allowance for expected credit losses over the estimated life of the receivable. Credit losses are estimated based on aging, historical collection experience, financial position of the franchisee and other factors, including those related to current economic conditions and reasonable and supportable forecasts of future conditions.
Inventories	Inventories Inventories are carried at the lower of cost or net realizable value and consist primarily of raw materials such as green coffee beans and finished goods such as new equipment, parts, paper supplies and restaurant food items. The moving average method is used to determine the cost of raw materials and finished goods inventories held for sale to Tim Hortons franchisees.
Property and Equipment, net	Property and Equipment, net We record property and equipment at historical cost less accumulated depreciation and amortization, which is recognized using the straight-line method over the following estimated useful lives: (i) buildings and improvements – up to 40 years; (ii) restaurant equipment – up to 17 years; (iii) furniture, fixtures and other – up to 10 years; and (iv) manufacturing equipment – up to 25 years. Leasehold improvements to properties where we are the lessee are amortized over the lesser of the remaining term of the lease or the estimated useful life of the improvement. Major improvements are capitalized, while maintenance and repairs are expensed when incurred. Capitalized Software and Cloud Computing Costs We record capitalized software at historical cost less accumulated amortization, which is recognized using the straight-line method. Amortization expense is based on the estimated useful life of the software, which is primarily up to five years, once the asset is available for its intended use.
Lessor Accounting	Lessor Accounting We recognize lease payments for operating leases as property revenue on a straight-line basis over the lease term, and property revenue is presented net of any related sales tax. Lease incentive payments we make to lessees are amortized as a reduction in property revenue over the lease term. We account for reimbursements of maintenance and property tax costs paid to us by lessees as property revenue. We also have net investments in properties leased to franchisees, which are classified as sales-type leases or direct financing leases. Investments in sales-type leases and direct financing leases are recorded on a net basis. Profit on sales-type leases is recognized at lease commencement and recorded in other operating expenses (income), net. Unearned income on direct financing leases is deferred, included in the net investment in the lease, and recognized over the lease term, yielding a constant periodic rate of return on the net investment in the lease. We recognize variable lease payment income in the period when changes in facts and circumstances on which the variable lease payments are based occur.
Lessee Accounting	Lessee Accounting In leases where we are the lessee, we recognize a right-of-use (“ROU”) asset and lease liability at lease commencement, which are measured by discounting lease payments using our incremental borrowing rate as the discount rate. We determine the incremental borrowing rate applicable to each lease by reference to our outstanding secured borrowings and implied spreads over the risk-free discount rates that correspond to the term of each lease, as adjusted for the currency of the lease. Subsequent amortization of the ROU asset and accretion of the lease liability for an operating lease is recognized as a single lease cost, on a straight-line basis, over the lease term. Reductions of the ROU asset and the change in the lease liability are included in changes in Other long-term assets and liabilities in the Consolidated Statement of Cash Flows. A finance lease ROU asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Operating lease and finance lease ROU assets are assessed for impairment in accordance with our long-lived asset impairment policy. We reassess lease classification and remeasure ROU assets and lease liabilities when a lease is modified and that modification is not accounted for as a separate contract or upon certain other events that require reassessment. Maintenance and property tax expenses are accounted for on an accrual basis as variable lease cost. We recognize variable lease cost in the period when changes in facts and circumstances on which the variable lease payments are based occur.
Goodwill and Intangible Assets Not Subject to Amortization	Goodwill and Intangible Assets Not Subject to Amortization Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in connection with business combination transactions. Our indefinite-lived intangible assets consist of the Tim Hortons brand, the Burger King brand, the Popeyes brand and the Firehouse Subs brand (each a “Brand” and together, the “Brands”). Goodwill and the Brands are tested for impairment at least annually as of October 1 of each year and more often if an event occurs or circumstances change which indicate that impairment might exist. Our annual impairment tests of goodwill and the Brands may be completed through qualitative assessments. We may elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test for any reporting unit or Brand in any period. We can resume the qualitative assessment for any reporting unit or Brand in any subsequent period. Under a qualitative approach, our impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. If we elect to bypass the qualitative assessment for any reporting unit, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value of a reporting unit exceeds its fair value, we perform a quantitative goodwill impairment test that requires us to estimate the fair value of the reporting unit. If the fair value of the reporting unit is less than its carrying amount, we will measure any goodwill impairment loss as the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Under a qualitative approach, our impairment review for the Brands consists of an assessment of whether it is more-likely-than-not that a Brand’s fair value is less than its carrying amount. If we elect to bypass the qualitative assessment for a Brand, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value of a Brand exceeds its fair value, we estimate the fair value of the Brand and compare it to its carrying amount. If the carrying amount exceeds fair value, an impairment loss is recognized in an amount equal to that excess.
Long-Lived Assets	Long-Lived Assets Long-lived assets, such as property and equipment, intangible assets subject to amortization and lease right-of-use assets, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. Some of the events or changes in circumstances that would trigger an impairment review include, but are not limited to, bankruptcy proceedings or other significant financial distress of a lessee; significant negative industry or economic trends; knowledge of transactions involving the sale of similar property at amounts below the carrying value; or our expectation to dispose of long-lived assets before the end of their estimated useful lives. The impairment test for long-lived assets requires us to assess the recoverability of long-lived assets by comparing their net carrying value to the sum of undiscounted estimated future cash flows directly associated with and arising from use and eventual disposition of the assets or asset group. Long-lived assets are grouped for recognition and measurement of impairment at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. If the net carrying value of a group of long-lived assets exceeds the sum of related undiscounted estimated future cash flows, we record an impairment charge equal to the excess, if any, of the net carrying value over fair value.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Other comprehensive income (loss) (“OCI”) refers to revenues, expenses, gains and losses that are included in comprehensive income (loss), but are excluded from net income (loss) as these amounts are recorded directly as an adjustment to shareholders’ equity, net of tax. Our other comprehensive income (loss) is primarily comprised of unrealized gains and losses on foreign currency translation adjustments and unrealized gains and losses on hedging activity, net of tax.
Derivative Financial Instruments	Derivative Financial Instruments We recognize and measure all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheets. Derivative instruments accounted for as net investments hedges are classified as long term assets and liabilities in the consolidated balance sheets. We may enter into derivatives that are not designated as hedging instruments for accounting purposes, but which largely offset the economic impact of certain transactions. Gains or losses resulting from changes in the fair value of derivatives are recognized in earnings or recorded in other comprehensive income (loss) and recognized in the consolidated statements of operations when the hedged item affects earnings, depending on the purpose of the derivatives and whether they qualify for, and we have applied, hedge accounting treatment. When applying hedge accounting, we designate at a derivative’s inception, the specific assets, liabilities or future commitments being hedged, and assess the hedge’s effectiveness at inception and on an ongoing basis. We discontinue hedge accounting when: (i) we determine that the cash flow derivative is no longer effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designation of the derivatives as a hedge instrument is no longer appropriate. We do not enter into or hold derivatives for speculative purposes.
Disclosures about Fair Value	Disclosures about Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). The fair value is based on assumptions that market participants would use when pricing the asset or liability. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation, as follows: Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3 Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. 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.
Revenue Recognition, Supply Chain Cost of Sales and Company Restaurant Expenses	Revenue Recognition Supply chain sales Supply chain sales represent sales of products, supplies and restaurant equipment to franchisees, as well as sales to retailers and direct to consumer and are presented net of any related sales tax. Revenue is recognized upon transfer of control over ordered items, generally upon delivery to the customer, which is when the customer has all risks and rewards of ownership and an obligation to pay for the goods is created. Shipping and handling costs associated with outbound freight for supply chain sales are accounted for as fulfillment costs and classified as cost of sales. Company restaurant sales Company restaurant sales consist of sales to restaurant guests. Revenue from Company restaurant sales is recognized at the point of sale. Taxes assessed by a governmental authority that we collect are excluded from revenue. Franchise revenues Franchise revenues consist primarily of royalties, initial and renewal franchise fees and upfront fees from development agreements and master franchise and development agreements (“MFDAs”). Under franchise agreements, we provide franchisees with (i) a franchise license, which includes a license to use our intellectual property, (ii) pre-opening services, such as training and inspections, and (iii) ongoing services, such as development of training materials and menu items and restaurant monitoring and inspections. These services are highly interrelated and dependent upon the franchise license and we concluded these services do not represent individually distinct performance obligations. Consequently, we bundle the franchise license performance obligation and promises to provide these services into a single performance obligation (the “Franchise PO”), which we satisfy by providing a right to use our intellectual property over the term of each franchise agreement. Royalties are calculated as a percentage of franchised restaurant sales over the term of the franchise agreement. Initial and renewal franchise fees are payable by the franchisee upon a new restaurant opening or renewal of an existing franchise agreement. Our franchise agreement royalties represent sales-based royalties that are related entirely to the Franchise PO and are recognized as franchise sales occur. Initial and renewal franchise fees are recognized as revenue on a straight-line basis over the term of the respective agreement. Our performance obligation under development agreements other than MFDAs generally consists of an obligation to grant exclusive development rights over a stated term, which are not distinct from franchise agreements. Upfront fees paid by franchisees for exclusive development rights are apportioned to each franchised restaurant opened by the franchisee, with the pro rata amount apportioned to each restaurant accounted for as an initial franchise fee. We have a distinct performance obligation under our MFDAs to grant subfranchising rights over a stated term. Under the terms of MFDAs, we typically either receive an upfront fee paid in cash and/or receive noncash consideration in the form of an equity interest in the master franchisee or an affiliate of the master franchisee. We account for noncash consideration as investments in the applicable equity method investee and recognize revenue in an amount equal to the fair value of the equity interest received. Upfront fees from master franchisees, including the fair value of noncash consideration, are deferred and amortized over the MFDA term on a straight-line basis. We may recognize unamortized upfront fees when a contract with a franchisee or master franchisee is modified and is accounted for as a termination of the existing contract. The portion of gift cards sold to customers which are never redeemed is commonly referred to as gift card breakage. We recognize gift card breakage income proportionately as each gift card is redeemed using an estimated breakage rate based on our historical experience. Advertising revenues and other services Advertising revenues consist primarily of franchisee contributions to advertising funds in those markets where our subsidiaries manage an advertising fund and are calculated as a percentage of franchised restaurant sales over the term of the franchise agreement. Under our franchise agreements, advertising contributions received from franchisees must be spent on advertising, product development, marketing, and related activities. We determined our advertising and promotion management services do not represent individually distinct performance obligations and are included in the Franchise PO. Other services revenues consist primarily of tech fees and revenues, that vary by market, and partially offset expenses related to technology initiatives. These services are distinct from the Franchise PO because they are not dependent upon the franchise license or highly interrelated with the franchise license. Supply Chain Cost of Sales Cost of sales consists primarily of costs associated with the management of our Tim Hortons supply chain, including cost of goods, direct labor, depreciation, bad debt expense (recoveries) from supply chain sales and cost of products sold to retailers. Company Restaurant Expenses Company restaurant expenses include food, beverage and packaging costs, restaurant wages and related expenses and restaurant occupancy and other expenses.
Property revenues	In certain instances, we provide incentives to franchisees in connection with restaurant renovations or other initiatives. These incentives may consist of cash consideration or non-cash consideration such as restaurant equipment. In general, these incentives are designed to support system-wide sales growth to increase our future revenues. The costs of these incentives are capitalized and amortized as a reduction in franchise and property revenue over the term of the contract to which the incentive relates.
Franchise and Property Expenses	Franchise and Property Expenses Franchise and property expenses consist primarily of depreciation of properties leased to franchisees, rental expense associated with properties subleased to franchisees, amortization of franchise agreements and reacquired franchise rights, and bad debt expense (recoveries) from franchise and property revenues.
Advertising Expenses and Other Services	Advertising Expenses and Other Services Advertising expenses and other services consist primarily of expenses relating to marketing, advertising, promotion, and technology initiatives for the respective brands, bad debt expense (recoveries) from franchisee contributions to advertising funds we manage, depreciation and amortization and other related support functions for the respective brands. Additionally, we may incur discretionary expenses to fund advertising programs in connection with periodic initiatives. Company restaurants and franchised restaurants contribute to advertising funds that our subsidiaries manage in the United States and Canada and certain other international markets. The advertising funds expense the production costs of advertising when the advertisements are first aired or displayed. All other advertising and promotional costs are expensed in the period incurred. The advertising contributions by Company restaurants are eliminated in consolidation. Consolidated advertising expense totaled $1,268 million, $1,201 million and $1,032 million in 2024, 2023 and 2022, respectively.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are amortized over the term of the related debt agreement into interest expense using the effective interest method.
Income Taxes	Income Taxes Amounts in the Financial Statements related to income taxes are calculated using the principles of Accounting Standards Codification Topic 740, Income Taxes . Under these principles, deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes, as well as tax credit carry-forwards and loss carry-forwards. These deferred taxes are measured by applying currently enacted tax rates. A deferred tax asset is recognized when it is considered more-likely-than-not to be realized. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in income in the year in which the law is enacted. A valuation allowance reduces deferred tax assets when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. We recognize positions taken or expected to be taken in a tax return in the Financial Statements when it is more-likely-than-not (i.e., a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit with greater than 50% likelihood of being realized upon ultimate settlement. Translation gains and losses resulting from the remeasurement of foreign deferred tax assets or liabilities denominated in a currency other than the functional currency are classified as other operating expenses (income), net in the consolidated statements of operations.
Share-based Compensation	Share-based Compensation Compensation expense related to the issuance of share-based awards to our employees is measured at fair value on the grant date. The fair value of restricted stock units (“RSUs”) is generally based on the closing price of RBI's common shares on the trading day preceding the date of grant. Our total shareholder return and if applicable our total shareholder return relative to our peer group is incorporated into the underlying assumptions using a Monte Carlo simulation valuation model to calculate grant date fair value for performance based awards with a market condition. Stock option awards are granted with an exercise price or market value equal to the closing price of RBI common shares on the trading day preceding the date of grant. The Black-Scholes option pricing model is used to value stock options. The compensation expense for awards that vest over a future service period is recognized over the requisite service period on a straight-line basis, adjusted for estimated forfeitures of awards that are not expected to vest. We use historical data to estimate forfeitures for share-based awards. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved.
Supplier Finance Programs	Supplier Finance Programs
Reclassification	Reclassifications Certain prior year amounts in the accompanying consolidated financial statements and notes to the consolidated financial statements have been reclassified in order to be comparable with the current year classifications. These reclassifications did not arise as a result of any changes to accounting policies and relate entirely to presentation with no effect on previously reported net income.
New Accounting Pronouncements	New Accounting Pronouncements Segment Reporting – In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance that expands segment disclosures for public entities, including requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and an explanation of how the CODM uses reported measures of segment profit or loss in assessing segment performance and allocating resources. The new guidance also expands disclosures about a reportable segment’s profit or loss and assets in interim periods and clarifies that a public entity may report additional measures of segment profit if the CODM uses more than one measure of a segment’s profit or loss. The new guidance does not remove existing segment disclosure requirements or change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments. During the fourth quarter of 2024, we adopted this guidance and added necessary disclosures upon adoption as disclosed in Note 18, Segment Reporting and Geographical Information . Improvements to Income Tax Disclosures – In December 2023, the FASB issued guidance that expands income tax disclosures for public entities, including requiring enhanced disclosures related to the rate reconciliation and income taxes paid information. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance should be applied on a prospective basis, with retrospective application to all prior periods presented in the financial statements permitted. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance. Disaggregation of Income Statement Expenses – In November 2024, the FASB issued guidance that requires disclosure of disaggregated information about certain income statement expense line items. The guidance is effective for annual disclosures for fiscal years beginning after December 15, 2026, and subsequent interim periods with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impact this new guidance will have on our disclosures upon adoption and expect to provide additional detail and disclosures under this new guidance.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Fair Value Measurements	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 December 31, 2024 2023 Fair value of our variable term debt and senior notes $ 13,090 $ 12,401 Principal carrying amount of our variable term debt and senior notes $ 13,651 $ 12,900
Schedule of Supplier Finance Program Obligations	The following table reflects the change of our confirmed outstanding obligations under the SCF program between December 31, 2023 and December 31, 2024 (in millions): Confirmed obligations outstanding at December 31, 2023 $ 36 Invoices confirmed during the period 159 Confirmed invoices paid during the period (173) Confirmed obligations outstanding at December 31, 2024 $ 22

Carrols Acquisition (Tables)

Carrols Acquisition (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the purchase price consideration in connection with the Carrols Acquisition (in millions): Total cash paid $ 543 Effective settlement of pre-existing balance sheet accounts (a) 15 Fair value of existing 15% equity interest 90 Total consideration $ 648 (a)
Schedule of Preliminary Allocation of Consideration to Net Tangible and Intangible Assets Acquired	During the fourth quarter of 2024, we adjusted our preliminary estimate of the fair value of net assets acquired. The preliminary allocation of consideration to the net tangible and intangible assets acquired is presented in the table below (in millions): May 16, 2024 Total current assets $ 81 Property and equipment 294 Reacquired franchise rights 363 Operating lease assets 705 Other assets 24 Accounts and drafts payable (13) Other accrued liabilities (150) Current portion of long-term debt and finance leases (434) Finance leases, net of current portion (9) Operating lease liabilities, net of current portion (684) Other liabilities (10) Total identifiable net assets 167 Goodwill 481 Total consideration $ 648
Business Acquisition, Pro Forma Information	The following table presents unaudited supplemental pro forma consolidated revenue for 2024 and 2023 as if the Carrols Acquisition had occurred on January 1, 2023 (in millions): 2024 2023 Total revenues $ 9,022 $ 8,707

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2024
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): 2024 2023 2022 Numerator: Net income attributable to common shareholders - basic $ 1,021 $ 1,190 $ 1,008 Add: Net income attributable to noncontrolling interests 421 525 471 Net income available to common shareholders and noncontrolling interests - diluted $ 1,442 $ 1,715 $ 1,479 Denominator: Weighted average common shares - basic 319 312 307 Exchange of noncontrolling interests for common shares (Note 13) 131 139 144 Effect of other dilutive securities 4 6 4 Weighted average common shares - diluted 454 456 455 Basic earnings per share (a) $ 3.21 $ 3.82 $ 3.28 Diluted earnings per share (a) $ 3.18 $ 3.76 $ 3.25 Anti-dilutive securities outstanding 4 5 6 (a)

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, consist of the following (in millions): As of December 31, 2024 2023 Land $ 952 $ 987 Buildings and improvements 1,334 1,193 Restaurant equipment 310 215 Furniture, fixtures, and other 280 347 Finance leases 331 335 Construction in progress 116 62 3,323 3,139 Accumulated depreciation and amortization (1,087) (1,187) Property and equipment, net $ 2,236 $ 1,952

Intangible Assets, net and Go_2

Intangible Assets, net and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net and Goodwill	Intangible assets, net and goodwill consist of the following (in millions): As of December 31, 2024 2023 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Identifiable assets subject to amortization: Franchise agreements $ 707 $ (369) $ 338 $ 727 $ (348) $ 379 Reacquired franchise rights 374 (22) 352 — — — Favorable leases 74 (53) 21 81 (54) 27 Subtotal 1,155 (444) 711 808 (402) 406 Indefinite-lived intangible assets: Tim Hortons brand $ 5,972 $ — $ 5,972 $ 6,423 $ — $ 6,423 Burger King brand 2,068 — 2,068 2,107 — 2,107 Popeyes brand 1,355 — 1,355 1,355 — 1,355 Firehouse Subs brand 816 — 816 816 — 816 Subtotal 10,211 — 10,211 10,701 — 10,701 Intangible assets, net $ 10,922 $ 11,107 Goodwill TH segment $ 3,841 $ 4,118 BK segment 240 232 PLK segment 844 844 FHS segment 193 193 INTL segment 377 388 RH segment 491 — Total $ 5,986 $ 5,775
Schedule of Estimated Future Amortization Expenses on Intangible Assets	As of December 31, 2024, the estimated future amortization expense on identifiable assets subject to amortization is as follows (in millions): Twelve-months ended December 31, Amount 2025 $ 69 2026 68 2027 67 2028 66 2029 65 Thereafter 376 Total $ 711

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Franchise and Property Revenue	We have equity interests in entities that own or franchise Tim Hortons, Burger King and Popeyes restaurants. Revenues recognized from franchisees that are owned or franchised by entities in which we have an equity interest, including Carrols through May 15, 2024, consist of the following (in millions): 2024 2023 2022 Revenues from affiliates: Royalties $ 369 $ 402 $ 353 Advertising revenues 36 79 71 Property revenues 13 32 31 Franchise fees and other revenue 21 21 18 Sales 17 19 18 Total $ 456 $ 553 $ 491

Other Accrued Liabilities and_2

Other Accrued Liabilities and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Accrued Liabilities (Current) and Other Liabilities (Non-Current), Net	Other accrued liabilities (current) and other liabilities, net (non-current) consist of the following (in millions): As of December 31, 2024 2023 Current: Dividend payable $ 262 $ 245 Interest payable 69 67 Accrued compensation and benefits 143 147 Taxes payable 228 129 Deferred income 71 77 Accrued advertising expenses 35 58 Restructuring and other provisions 16 18 Current portion of operating lease liabilities 193 147 Other 124 117 Other accrued liabilities $ 1,141 $ 1,005 Non-current: Taxes payable $ 52 $ 57 Contract liabilities (see Note 15) 517 555 Derivatives liabilities 1 227 Unfavorable leases 30 42 Accrued pension 23 34 Deferred income 54 57 Other 29 24 Other liabilities, net $ 706 $ 996

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following (in millions): As of December 31, 2024 2023 Term Loan B $ 4,726 $ 5,175 Term Loan A 1,275 1,275 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 6.125% First Lien Senior Notes due 2029 1,200 — 5.625% First Lien Senior Notes due 2029 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 108 143 Less: unamortized deferred financing costs and deferred issuance discount (117) (122) Total debt, net 13,642 12,921 Less: current maturities of debt (187) (67) Total long-term debt $ 13,455 $ 12,854
Schedule of Aggregate Maturities of Long-Term Debt	The aggregate maturities of our long-term debt as of December 31, 2024 are as follows (in millions): Year Ended December 31, Principal Amount 2025 $ 187 2026 79 2027 111 2028 3,495 2029 2,498 Thereafter 7,389 Total $ 13,759
Schedule of Interest Expense, Net	Interest expense, net consists of the following (in millions): 2024 2023 2022 Debt (a) $ 572 $ 576 $ 493 Finance lease obligations 19 19 19 Amortization of deferred financing costs and debt issuance discount 25 27 28 Interest income (39) (40) (7) Interest expense, net $ 577 $ 582 $ 533 (a) Amount includes $135 million and $83 million benefit during 2024 and 2023, respectively, and $54 million of expense during 2022 related to our interest rate swaps. Amount includes $53 million, $61 million and $56 million benefit during 2024, 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 12, Derivative Instruments .

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Lessor Operating Lease Assets	Assets leased to franchisees and others under operating leases where we are the lessor and which are included within our property and equipment, net are as follows (in millions): As of December 31, 2024 2023 Land $ 779 $ 856 Buildings and improvements 962 1,102 Restaurant equipment 20 27 1,761 1,985 Accumulated depreciation and amortization (582) (656) Property and equipment leased, net $ 1,179 $ 1,329
Schedule of Net Investment, Direct Financing Leases	Our net investment in direct financing and sales-type leases is as follows (in millions): As of December 31, 2024 2023 Future rents to be received: Future minimum lease receipts $ 105 $ 111 Contingent rents (a) 2 4 Estimated unguaranteed residual value 6 6 Unearned income (25) (26) 88 95 Current portion included within accounts receivable (5) (5) Net investment in property leased to franchisees (b) $ 83 $ 90 (a) Amounts represent estimated contingent rents recorded in connection with the acquisition method of accounting. (b) Included as a component of Other assets, net in our consolidated balance sheets.
Schedule of Property Revenue	Property revenues are comprised primarily of rental income from operating leases and earned income on direct financing leases with franchisees as follows (in millions): 2024 2023 2022 Rental income: Minimum lease payments $ 367 $ 385 $ 410 Variable lease payments 465 452 395 Amortization of favorable and unfavorable income lease contracts, net 1 2 1 Subtotal - lease income from operating leases 833 839 806 Earned income on direct financing and sales-type leases 4 12 7 Total property revenues $ 837 $ 851 $ 813
Schedule of Lease Cost	Lease cost and other information associated with these lease commitments are as follows (in millions): Lease Cost (Income) 2024 2023 2022 Operating lease cost $ 277 $ 201 $ 202 Operating lease variable lease cost 206 201 196 Finance lease cost: Amortization of right-of-use assets 31 26 27 Interest on lease liabilities 19 19 19 Sublease income (624) (631) (603) Total lease income $ (91) $ (184) $ (159)
Schedule of Lease Terms and Discount Rates	Lease Term and Discount Rate as of December 31, 2024 and 2023 As of December 31, 2024 2023 Weighted-average remaining lease term (in years): Operating leases 10.6 years 9.5 years Finance leases 10.8 years 11.2 years Weighted-average discount rate: Operating leases 5.8 % 5.5 % Finance leases 5.8 % 5.8 %
Schedule of Other Lease Information	Other Information for 2024, 2023 and 2022 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 267 $ 202 $ 198 Operating cash flows from finance leases $ 19 $ 19 $ 19 Financing cash flows from finance leases $ 36 $ 33 $ 31 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new finance lease obligations $ 20 $ 32 $ 22 Right-of-use assets obtained in exchange for new operating lease obligations $ 253 $ 168 $ 133
Schedule of Future Minimum Lease Receipts and Commitments	As of December 31, 2024, future minimum lease receipts and commitments are as follows (in millions): Lease Receipts Lease Commitments (a) Direct Operating Finance Operating 2025 $ 7 $ 324 $ 52 $ 299 2026 7 297 49 286 2027 7 272 43 271 2028 7 242 42 254 2029 6 212 34 233 Thereafter 71 946 211 1,332 Total minimum receipts / payments $ 105 $ 2,293 431 2,675 Less amount representing interest (110) (712) Present value of minimum lease payments 321 1,963 Current portion of lease obligations (b) (35) (193) Long-term portion of lease obligations $ 286 $ 1,770 (a) Minimum lease payments have not been reduced by minimum sublease rentals of $1,380 million due in the future under non-cancelable subleases. (b) Current portion of operating lease obligations included as a component of Other accrued liabilities in our consolidated balance sheets.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) Before Income Taxes	Income before income taxes, classified by source of income, is as follows (in millions): 2024 2023 2022 Canadian $ 317 $ 493 $ 444 Foreign 1,492 960 921 Income before income taxes $ 1,809 $ 1,453 $ 1,365
Schedule of Income Tax Expense (Benefit) Attributable to Income from Continuing Operations	Income tax expense (benefit) attributable to income from continuing operations consists of the following (in millions): 2024 2023 2022 Current: Canadian $ 96 $ (47) $ (284) U.S. Federal 113 77 105 U.S. state, net of federal income tax benefit 24 27 26 Other Foreign 136 108 96 $ 369 $ 165 $ (57) Deferred: Canadian $ (54) $ (37) $ 20 U.S. Federal (23) (18) (79) U.S. state, net of federal income tax benefit (24) (5) (9) Other Foreign 96 (370) 8 $ (5) $ (430) $ (60) Income tax expense (benefit) $ 364 $ (265) $ (117)
Schedule of Statutory Rate Reconciles to Effective Income Tax Rate	The statutory rate reconciles to the effective income tax rate as follows: 2024 2023 2022 Statutory rate 26.5 % 26.5 % 26.5 % Costs and taxes related to foreign operations 5.2 5.3 3.8 Foreign tax rate differential (12.7) (15.1) (13.7) Change in valuation allowance 2.7 (0.8) (0.7) Change in accrual for tax uncertainties (0.6) (6.2) (26.7) Intercompany financing (1.8) (2.7) 1.2 Intra-Group reorganizations — (25.3) — Other 0.8 0.1 1.0 Effective income tax rate 20.1 % (18.2) % (8.6) %
Schedule of Income Tax Expense (Benefit) Allocated to Continuing Operations and Amounts Separately Allocated to Other Items	Income tax (benefit) expense allocated to continuing operations and amounts separately allocated to other items was (in millions): 2024 2023 2022 Income tax expense (benefit) from continuing operations $ 364 $ (265) $ (117) Cash flow hedge in accumulated other comprehensive income (loss) 2 (14) 153 Net investment hedge in accumulated other comprehensive income (loss) (16) 22 77 Foreign Currency Translation in accumulated other comprehensive income (loss) — 1 — Pension liability in accumulated other comprehensive income (loss) 1 2 2 Total $ 351 $ (254) $ 115
Schedule of Deferred Income Tax Expense (Benefit) Attributable to Income from Continuing Operations	The significant components of deferred income tax (benefit) expense attributable to income from continuing operations are as follows (in millions): 2024 2023 2022 Deferred income tax (benefit) expense $ (39) $ (1,788) $ 79 Change in valuation allowance 50 1,357 (143) Change in effective U.S. state income tax rate (15) 2 3 Change in effective foreign income tax rate (1) (1) 1 Total $ (5) $ (430) $ (60)
Schedule of the Deferred Tax Assets and Deferred Tax Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in millions): As of December 31, 2024 2023 Deferred tax assets: Accounts and notes receivable $ 3 $ 5 Accrued employee benefits 53 53 Leases 95 104 Operating lease liabilities 504 311 Liabilities not currently deductible for tax 665 452 Tax loss and credit carryforwards 1,050 1,042 Intangible assets 993 1,048 Total gross deferred tax assets 3,363 3,015 Valuation allowance (1,588) (1,563) Net deferred tax assets $ 1,775 $ 1,452 Less deferred tax liabilities: Property and equipment, principally due to differences in depreciation 16 7 Intangible assets 1,738 1,743 Leases 113 128 Operating lease assets 475 288 Statutory impairment 26 28 Derivatives 63 47 Outside basis difference 36 28 Other 30 5 Total gross deferred tax liabilities $ 2,497 $ 2,274 Net deferred tax liability $ 722 $ 822
Schedule of Changes in Valuation Allowance	Changes in the valuation allowance are as follows (in millions): 2024 2023 2022 Beginning balance $ 1,563 $ 194 $ 356 Change in estimates recorded to deferred income tax expense 32 (12) (9) Additions related to deferred tax assets generated in current year — 1,369 — Changes in losses and credits 18 — (134) (Reductions) additions related to other comprehensive income (25) 12 (19) Ending balance $ 1,588 $ 1,563 $ 194
Schedule of Amount and Expiration Dates of Operating Loss and Tax Credit Carry-forwards	The gross amount and expiration dates of operating loss and tax credit carry-forwards as of December 31, 2024 are as follows (in millions): Amount Expiration Date Canadian net operating loss carryforwards $ 313 2036-2044 Canadian capital loss carryforwards 213 Indefinite U.S. state net operating loss carryforwards 482 2025-Indefinite U.S. federal net operating loss carryforwards 97 Indefinite U.S. capital loss carryforwards 15 2025 U.S. foreign tax credits 112 2025-2044 Other foreign net operating loss carryforwards 41 Indefinite Other foreign net operating loss carryforwards 103 2025-2041 Other foreign capital loss carryforward 30 Indefinite Other foreign credits 707 2033
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in millions): 2024 2023 2022 Beginning balance $ 58 $ 139 $ 437 Additions for tax positions related to the current year 2 5 (5) Additions for tax positions of prior years — 7 3 Reductions for tax positions of prior years (9) (14) (15) Additions for settlement — 6 — Reductions due to statute expiration (7) (85) (281) Ending balance $ 44 $ 58 $ 139

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
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 consolidated balance sheets (in millions): Gain or (Loss) Recognized in 2024 2023 2022 Derivatives designated as cash flow hedges (1) Interest rate swaps $ 133 $ 41 $ 509 Forward-currency contracts $ 13 $ (2) $ 14 Derivatives designated as net investment hedges Cross-currency rate swaps $ 298 $ (210) $ 409 (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 AOCI into 2024 2023 2022 Derivatives designated as cash flow hedges Interest rate swaps Interest expense, net $ 135 $ 83 $ (54) Forward-currency contracts Cost of sales $ 3 $ 7 $ 8 Location of Gain or (Loss) Recognized in Earnings Gain or (Loss) Recognized in Earnings (Amount Excluded from Effectiveness Testing) 2024 2023 2022 Derivatives designated as net investment hedges Cross-currency rate swaps Interest expense, net $ 53 $ 61 $ 56
Schedule of Fair Value Measurements	Fair Value as of 2024 2023 Balance Sheet Location Assets: Derivatives designated as cash flow hedges Interest rate $ 194 $ 190 Other assets, net Interest rate 1 — Prepaids and other current assets Foreign currency 8 — Prepaids and other current assets Derivatives designated as net investment hedges Foreign currency 83 7 Other assets, net Total assets at fair value $ 286 $ 197 Liabilities: Derivatives designated as cash flow hedges Foreign currency $ — $ 2 Other accrued liabilities Derivatives designated as net investment hedges Foreign currency 1 227 Other liabilities, net Total liabilities at fair value $ 1 $ 229

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Change in Components of Accumulated Other Comprehensive Income (Loss) ("AOCI")	The following table displays the change in the components of AOCI (in millions): Derivatives Pensions Foreign Accumulated Balances at December 31, 2021 $ 136 $ (21) $ (825) $ (710) Foreign currency translation adjustment — — (703) (703) Net change in fair value of derivatives, net of tax 714 — — 714 Amounts reclassified to earnings of cash flow hedges, net of tax 34 — — 34 Pension and post-retirement benefit plans, net of tax — 6 — 6 Amounts attributable to noncontrolling interests (236) (2) 218 (20) Balances at December 31, 2022 $ 648 $ (17) $ (1,310) $ (679) Foreign currency translation adjustment — — 250 250 Net change in fair value of derivatives, net of tax (203) — — (203) Amounts reclassified to earnings of cash flow hedges, net of tax (66) — — (66) Pension and post-retirement benefit plans, net of tax — 7 — 7 Amounts attributable to noncontrolling interests 101 (3) (113) (15) Balances at December 31, 2023 $ 480 $ (13) $ (1,173) $ (706) Foreign currency translation adjustment — — (858) (858) Net change in fair value of derivatives, net of tax 421 — — 421 Amounts reclassified to earnings of cash flow hedges, net of tax (101) — — (101) Pension and post-retirement benefit plans, net of tax — (2) — (2) Amounts attributable to noncontrolling interests (81) 1 219 139 Balances at December 31, 2024 $ 719 $ (14) $ (1,812) $ (1,107)

Share-based Compensation (Table

Share-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	Share-based compensation expense is generally classified as general and administrative expenses in the consolidated statements of operations and consists of the following for the periods presented (in millions): 2024 2023 2022 Total share-based compensation expense $ 161 $ 177 $ 121
Schedule of Time-Vested RSUs and Performance-Based RSUs Activity	The following is a summary of time-vested RSUs and performance-based RSUs activity for the year ended December 31, 2024: Time-vested RSUs Performance-based RSUs Total Number of Weighted Average Total Number of Weighted Average Outstanding at January 1, 2024 3,034 $ 60.29 7,346 $ 57.68 Granted 967 $ 73.91 991 $ 73.14 Vested and settled (1,412) $ 63.34 (2,225) $ 62.56 Dividend equivalents granted 85 $ — 191 $ — Forfeited (315) $ 65.06 (487) $ 69.25 Outstanding at December 31, 2024 2,359 $ 62.74 5,816 $ 57.04
Schedule of the Significant Assumptions Used During the Year to Estimate the Fair Value of Stock Options	The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of stock option awards granted in 2022 at the grant date. There were no significant stock option awards granted in 2024 or 2023. 2022 Risk-free interest rate 3.92% Expected term (in years) 7.50 Expected volatility 30.0% Expected dividend yield 3.24%
Schedule of Option Activity under the Various Plan	The following is a summary of stock option activity under our plans for the year ended December 31, 2024: Total Number of Weighted Aggregate Weighted Outstanding at January 1, 2024 6,198 $ 60.23 Granted — $ — Exercised (1,538) $ 50.35 Forfeited (45) $ 65.44 Outstanding at December 31, 2024 4,615 $ 62.91 $ 14,470 5.6 Exercisable at December 31, 2024 1,656 $ 57.39 $ 12,921 2.9 Vested or expected to vest at December 31, 2024 4,492 $ 62.85 $ 14,358 5.6 (a) The intrinsic value represents the amount by which the fair value of our stock exceeds the option exercise price at December 31, 2024.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Change in Contract Liabilities	December 31, 2023 and December 31, 2024 (in millions): Contract Liabilities Balance at December 31, 2023 $ 555 Recognized during period and included in the contract liability balance at the beginning of the year (60) Increase, excluding amounts recognized as revenue during the period 56 Effective settlement of pre-existing contract liabilities in connection with Carrols Acquisition (22) Impact of foreign currency translation (12) Balance at December 31, 2024 $ 517
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 December 31, 2024 (in millions): Contract liabilities expected to be recognized in 2025 $ 53 2026 51 2027 47 2028 44 2029 41 Thereafter 281 Total $ 517
Schedule of Disaggregation of Total Revenues	The following tables disaggregate revenue by segment (in millions): 2024 TH BK PLK FHS INTL RH ELIM (a) Total Supply chain sales $ 2,708 $ — $ — $ — $ — $ — $ — $ 2,708 Company restaurant sales 45 242 148 41 — 1,116 — 1,592 Royalties 332 484 300 71 803 — (50) 1,940 Property revenues 622 219 14 — 2 — (20) 837 Franchise fees and other revenue 32 17 11 34 48 — — 142 Advertising revenues and other services 301 488 295 68 82 — (47) 1,187 Total revenues $ 4,040 $ 1,450 $ 768 $ 214 $ 935 $ 1,116 $ (117) $ 8,406 (a) Represents elimination of intersegment revenues that consists of royalties, property and advertising and other services revenue recognized by BK and INTL from intersegment transactions with RH. 2023 TH BK PLK FHS INTL Total Supply chain sales $ 2,679 $ — $ — $ — $ — $ 2,679 Company restaurant sales 46 97 89 39 — 271 Royalties 324 483 291 69 753 1,920 Property revenues 609 227 13 — 2 851 Franchise fees and other revenue 22 20 10 31 49 132 Advertising revenues and other services 292 470 289 48 70 1,169 Total revenues $ 3,972 $ 1,297 $ 692 $ 187 $ 874 $ 7,022 2022 TH BK PLK FHS INTL Total Supply chain sales $ 2,583 $ — $ — $ — $ — $ 2,583 Company restaurant sales 48 70 78 40 — 236 Royalties 302 450 264 66 655 1,737 Property revenues 576 222 12 — 3 813 Franchise fees and other revenue 26 16 8 19 42 111 Advertising revenues and other services 266 438 257 13 51 1,025 Total revenues $ 3,801 $ 1,196 $ 619 $ 138 $ 751 $ 6,505

Other Operating Expenses (Inc_2

Other Operating Expenses (Income), net (Tables)	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Operating Expenses (Income), Net	Other operating expenses (income), net, consist of the following (in millions): 2024 2023 2022 Net losses (gains) on disposal of assets, restaurant closures and refranchisings $ 3 $ 16 $ 4 Litigation settlements and reserves, net — 1 11 Net losses (gains) on foreign exchange (71) 20 (4) Other, net 9 18 14 Other operating expenses (income), net $ (59) $ 55 $ 25

Segment Reporting and Geograp_2

Segment Reporting and Geographical Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenues by Operating Segment and Country	The following tables present total segment revenues, significant segment expenses that are regularly reviewed by the CODM to manage and assess segment performance and segment income, as well as depreciation and amortization, (income) loss from equity method investments, and capital expenditures by segment (in millions). For the periods referenced, segment franchise and property expenses (“Segment F&P expenses”) for each segment excludes franchise agreement and reacquired franchise rights amortization and Segment G&A for each segment excludes RH Transaction costs, FHS Transaction costs and Corporate restructuring and advisory fees (each as defined below). For segment reporting purposes, capital expenditures include payments for additions of property and equipment during the period, as well as the change in accruals for additions of property and equipment since the prior period. For 2024, capital expenditures for RH excludes $7 million of accruals for additions of property and equipment assumed in connection with the Carrols Acquisition. 2024 TH BK PLK FHS INTL RH ELIM Total Revenues from external customers $ 4,040 $ 1,333 $ 768 $ 214 $ 935 $ 1,116 $ — $ 8,406 Intersegment revenues — 117 — — — — (117) — Total revenues $ 4,040 $ 1,450 $ 768 $ 214 $ 935 $ 1,116 $ (117) $ 8,406 Operating costs and expenses: Supply chain cost of sales 2,180 — — — — — — 2,180 Company restaurant expenses (a) 37 221 129 36 — 965 (60) 1,328 Segment F&P expenses 330 122 9 8 31 — (10) 490 Advertising expenses and other services 307 558 303 70 90 49 (47) 1,330 Segment G&A 158 139 84 51 200 59 — 691 Adjustments: Cash distributions received from equity method investments 15 — — — — — — 15 Adjusted Operating Income 1,043 410 243 48 614 44 — 2,402 Additional segment information: Depreciation and amortization 111 49 13 5 27 59 — 264 (Income) loss from equity method investments (15) (78) — — 24 — — (69) Capital expenditures 47 72 23 6 11 86 — 245 (a) The components of Company restaurant expenses for our RH segment are included below. 2023 TH BK PLK FHS INTL Total Total revenues $ 3,972 $ 1,297 $ 692 $ 187 $ 874 $ 7,022 Operating costs and expenses: Supply chain cost of sales 2,193 — — — — 2,193 Company restaurant expenses 38 90 80 34 — 242 Segment F&P expenses 319 133 10 8 11 481 Advertising expenses and other services 309 543 295 49 77 1,273 Segment G&A 168 145 86 58 190 647 Adjustments: Cash distributions received from equity method investments 14 — — — — 14 Adjusted Operating Income 958 386 221 38 597 2,200 Additional segment information: Depreciation and amortization 108 46 11 4 22 191 (Income) loss from equity method investments (15) 8 — — (1) (8) Capital expenditures 51 37 9 4 19 120 2022 TH BK PLK FHS INTL Total Total revenues $ 3,801 $ 1,196 $ 619 $ 138 $ 751 $ 6,505 Operating costs and expenses: Supply chain cost of sales 2,093 — — — — 2,093 Company restaurant expenses 38 74 72 35 — 219 Segment F&P expenses 325 133 9 6 13 486 Advertising expenses and other services 282 468 261 12 54 1,077 Segment G&A 151 126 72 52 160 561 Adjustments: Cash distributions received from equity method investments 13 — — — 2 15 Adjusted Operating Income 925 396 205 33 525 2,084 Additional segment information: Depreciation and amortization 114 45 10 4 17 190 (Income) loss from equity method investments (13) 27 — — 30 44 Capital expenditures 39 31 9 3 18 100 The following table presents the components of Company restaurant expenses for our RH segment (in millions): 2024 Company restaurant expenses for RH segment Food, beverage and packaging costs $ 312 Restaurant wages and related expenses 358 Restaurant occupancy expense and other 295 Total $ 965 The following tables present revenues by country (in millions): 2024 2023 2022 Revenues by country (b): Canada $ 3,684 $ 3,630 $ 3,484 United States 3,783 2,518 2,270 Other 939 874 751 Total $ 8,406 $ 7,022 $ 6,505 (b) Only Canada and the United States represented 10% or more of our total revenues in each period presented. Total long-lived assets by country are as follows (in millions): As of December 31, 2024 2023 By country: Canada $ 1,435 $ 1,545 United States 2,684 1,578 Other 52 41 Total $ 4,171 $ 3,164
Schedule of Reconciliation of Segment Income to Net Income (Loss)	A reconciliation of segment income to net income consists of the following (in millions): 2024 2023 2022 Segment income: TH $ 1,043 $ 958 $ 925 BK 410 386 396 PLK 243 221 205 FHS 48 38 33 INTL 614 597 525 RH 44 — — Adjusted Operating Income 2,402 2,200 2,084 Franchise agreement and reacquired franchise rights amortization 53 31 32 RH Transaction costs 22 — — FHS Transaction costs — 19 24 Corporate restructuring and advisory fees 20 38 46 Impact of equity method investments (a) (53) 6 59 Other operating expenses (income), net (59) 55 25 Income from operations 2,419 2,051 1,898 Interest expense, net 577 582 533 Loss on early extinguishment of debt 33 16 — Income tax expense (benefit) 364 (265) (117) Net income $ 1,445 $ 1,718 $ 1,482 (a) Represents (i) (income) loss from equity method investments and (ii) cash distributions received from our equity method investments. Cash distributions received from our equity method investments are included in segment income.

Description of Business and O_2

Description of Business and Organization - Additional Information (Details)	Dec. 31, 2024 restaurant country
Basis of Presentation [Line Items]
Number of restaurants in operation	32,125
Number of countries and territories in which company and franchise restaurants operated (more than) | country	120
Percent of system-wide restaurants franchised	95%
TH
Basis of Presentation [Line Items]
Number of restaurants in operation	6,043
BK
Basis of Presentation [Line Items]
Number of restaurants in operation	19,732
PLK
Basis of Presentation [Line Items]
Number of restaurants in operation	4,979
Firehouse Subs
Basis of Presentation [Line Items]
Number of restaurants in operation	1,371

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Accounting Policies [Line Items]
Net bad debt expense (recoveries)	$ 24,000,000	$ 20,000,000	$ 19,000,000
Goodwill and brand impairment	0	0	0
Advertising expenses and other services	$ 1,268,000,000	$ 1,201,000,000	$ 1,032,000,000
Supplier finance programs, term	120 days
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts and drafts payable
Buildings and improvements
Summary Of Accounting Policies [Line Items]
Estimated useful life of assets (up to)	40 years
Restaurant equipment
Summary Of Accounting Policies [Line Items]
Estimated useful life of assets (up to)	17 years
Furniture, fixtures, and other
Summary Of Accounting Policies [Line Items]
Estimated useful life of assets (up to)	10 years
Manufacturing equipment
Summary Of Accounting Policies [Line Items]
Estimated useful life of assets (up to)	25 years
Corporate systems | Maximum
Summary Of Accounting Policies [Line Items]
Estimated useful life of assets (up to)	5 years

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal carrying amount of our variable term debt and senior notes	$ 13,759
Variable Term Debt and Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of our variable term debt and senior notes	13,090	$ 12,401
Principal carrying amount of our variable term debt and senior notes	$ 13,651	$ 12,900

Accounting Policies - Schedule

Accounting Policies - Schedule of Supplier Finance Program Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding at December 31, 2023	$ 22	$ 36
Invoices confirmed during the period	159
Confirmed invoices paid during the period	(173)
Confirmed obligations outstanding at December 31, 2024	$ 22

Carrols Acquisition - Narrative

Carrols Acquisition - Narrative (Details) - Carrols Restaurant Group, Inc. - USD ($) $ / shares in Units, $ in Millions		2 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	May 16, 2024	Jun. 30, 2024	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2024	May 15, 2024
Asset Acquisition, Contingent Consideration [Line Items]
Equity interest						15%
Acquisition, remaining issued and outstanding shares percentage	85%
Business acquisition price per share (in dollars per share)	$ 9.55
Business combination, recognition of gain				$ 79
Payments to acquire businesses	$ 543
Outstanding debt	$ 431
Proceeds from loans used to business combination		$ 750
Transaction costs					$ 11
Goodwill, measurement adjustment			$ 16
Reacquired franchise rights			22
Weighted average amortization period					12 years
Revenue			$ 1,171

Carrols Acquisition - Purchase

Carrols Acquisition - Purchase Price Consideration (Details) - Carrols Restaurant Group, Inc. - USD ($) $ in Millions	May 16, 2024	May 15, 2024
Asset Acquisition [Line Items]
Total cash paid	$ 543
Effective settlement of pre-existing balance sheet accounts	15
Fair value of existing 15% equity interest	90
Equity interest		15%
Total consideration	$ 648

Carrols Acquisition - Allocatio

Carrols Acquisition - Allocation of Consideration to Net Tangible and Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	May 16, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 5,986		$ 5,775
Carrols Restaurant Group, Inc.
Business Acquisition [Line Items]
Total current assets		$ 81
Property and equipment		294
Reacquired franchise rights		363
Operating lease assets		705
Other assets		24
Accounts and drafts payable		(13)
Other accrued liabilities		(150)
Current portion of long-term debt and finance leases		(434)
Finance leases, net of current portion		(9)
Operating lease liabilities, net of current portion		(684)
Other liabilities		(10)
Total identifiable net assets		167
Goodwill		481
Total consideration		$ 648

Carrols Acquisition - Supplemen

Carrols Acquisition - Supplemental Pro Forma Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Carrols Restaurant Group, Inc.
Business Acquisition [Line Items]
Total revenues	$ 9,022	$ 8,707

Earnings per Share - Schedule o

Earnings per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Assumed conversion of convertible securities, percent	100%
Numerator:
Net income attributable to common shareholders - basic	$ 1,021	$ 1,190	$ 1,008
Add: Net income attributable to noncontrolling interests	421	525	471
Net income available to common shareholders and noncontrolling interests - diluted	$ 1,442	$ 1,715	$ 1,479
Denominator:
Weighted average common shares - basic (in shares)	319	312	307
Exchange of noncontrolling interests for common shares (in shares)	131	139	144
Effect of other dilutive securities (in shares)	4	6	4
Weighted average common shares - diluted (in shares)	454	456	455
Basic earnings per share (in dollars per share)	$ 3.21	$ 3.82	$ 3.28
Diluted earnings per share (in dollars per share)	$ 3.18	$ 3.76	$ 3.25
Anti-dilutive securities outstanding (in shares)	4	5	6

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, including finance leases, gross	$ 3,323	$ 3,139
Accumulated depreciation and amortization	(1,087)	(1,187)
Property and equipment, net	2,236	1,952
Land
Property, Plant and Equipment [Line Items]
Property and equipment, including finance leases, gross	952	987
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, including finance leases, gross	1,334	1,193
Restaurant equipment
Property, Plant and Equipment [Line Items]
Property and equipment, including finance leases, gross	310	215
Furniture, fixtures, and other
Property, Plant and Equipment [Line Items]
Property and equipment, including finance leases, gross	280	347
Finance leases
Property, Plant and Equipment [Line Items]
Property and equipment, including finance leases, gross	331	335
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, including finance leases, gross	$ 116	$ 62

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense on property and equipment	$ 186	$ 137	$ 135
Accumulated depreciation and amortization, finance leases	120	109
Buildings and improvements
Property, Plant and Equipment [Line Items]
Assets leased under finance leases	$ 211	$ 226

Intangible Assets, net and Go_3

Intangible Assets, net and Goodwill - Schedule of Intangible Assets, Net and Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,155	$ 808
Accumulated Amortization	(444)	(402)
Total	711	406
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	10,211	10,701
Intangible assets, net	10,922	11,107
Trade Names | TH
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	5,972	6,423
Trade Names | BK
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	2,068	2,107
Trade Names | PLK
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	1,355	1,355
Trade Names | FHS
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	816	816
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross	707	727
Accumulated Amortization	(369)	(348)
Total	338	379
Reacquired franchise rights
Finite-Lived Intangible Assets [Line Items]
Gross	374	0
Accumulated Amortization	(22)	0
Total	352	0
Favorable leases
Finite-Lived Intangible Assets [Line Items]
Gross	74	81
Accumulated Amortization	(53)	(54)
Total	$ 21	$ 27

Intangible Assets, net and Go_4

Intangible Assets, net and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 5,986	$ 5,775
TH
Goodwill [Line Items]
Goodwill	3,841	4,118
BK
Goodwill [Line Items]
Goodwill	240	232
PLK
Goodwill [Line Items]
Goodwill	844	844
FHS
Goodwill [Line Items]
Goodwill	193	193
INTL
Goodwill [Line Items]
Goodwill	377	388
RH
Goodwill [Line Items]
Goodwill	$ 491	$ 0

Intangible Assets, net and Go_5

Intangible Assets, net and Goodwill - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 58	$ 37	$ 39

Intangible Assets, net and Go_6

Intangible Assets, net and Goodwill - Schedule of the Estimated Future Amortization Expenses on Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 69
2026	68
2027	67
2028	66
2029	65
Thereafter	376
Total	$ 711	$ 406

Equity Method Investments - Add

Equity Method Investments - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 16, 2024	May 15, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 113	$ 163
Cash distributions		15	14	$ 15
Carrols Restaurant Group, Inc.
Schedule of Equity Method Investments [Line Items]
Equity interest						15%
Acquisition, remaining issued and outstanding shares percentage					85%
Equity method investee
Schedule of Equity Method Investments [Line Items]
Accounts receivable from equity method investments		$ 44	61
Related Party | Popeyes China | Convertible Notes Payable Due June 28, 2027
Schedule of Equity Method Investments [Line Items]
Debt instrument, face amount	$ 20
Debt instrument term	3 years
Related Party | Popeyes China | Convertible Notes Payable Due August 15, 2027
Schedule of Equity Method Investments [Line Items]
Debt instrument, face amount	$ 5
Debt instrument term	3 years
BK Brasil
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage (as a percent)		9.40%
Quoted market price		$ 9
TH
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage (as a percent)		4.20%
Quoted market price		$ 5
Carrols Restaurant Group, Inc.
Schedule of Equity Method Investments [Line Items]
Impairment			15
Wendy's Company TIMWEN Partnership
Schedule of Equity Method Investments [Line Items]
Cash distributions		14	13	13
Rent expense		$ 21	$ 21	$ 19
Wendy's Company TIMWEN Partnership | Canadian
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage (as a percent)		50%

Equity Method Investments - Sch

Equity Method Investments - Schedule of Franchise and Property Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from affiliates:
Property revenues	$ 837	$ 851	$ 813
Total revenues	8,406	7,022	6,505
Royalties
Revenues from affiliates:
Revenues	1,940	1,920	1,737
Advertising revenues
Revenues from affiliates:
Revenues	1,187	1,169	1,025
Total revenues	1,187	1,169	1,025
Franchise fees and other revenue
Revenues from affiliates:
Revenues	142	132	111
Affiliates
Revenues from affiliates:
Total revenues	456	553	491
Affiliates | Royalties
Revenues from affiliates:
Revenues	369	402	353
Affiliates | Advertising revenues
Revenues from affiliates:
Revenues	36	79	71
Affiliates | Property revenues
Revenues from affiliates:
Property revenues	13	32	31
Affiliates | Franchise fees and other revenue
Revenues from affiliates:
Revenues	21	21	18
Affiliates | Sales
Revenues from affiliates:
Revenues	$ 17	$ 19	$ 18

Other Accrued Liabilities and_3

Other Accrued Liabilities and Other Liabilities - Schedule of Other Accrued Liabilities (Current) and Other Liabilities (Noncurrent), Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current:
Dividend payable	$ 262	$ 245
Interest payable	69	67
Accrued compensation and benefits	143	147
Taxes payable	228	129
Deferred income	71	77
Accrued advertising expenses	35	58
Restructuring and other provisions	16	18
Current portion of operating lease liabilities	$ 193	$ 147
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Other	$ 124	$ 117
Other accrued liabilities	1,141	1,005
Non-current:
Taxes payable	52	57
Contract liabilities (see Note 15)	517	555
Derivatives liabilities	1	227
Unfavorable leases	30	42
Accrued pension	23	34
Deferred income	54	57
Other	29	24
Other liabilities, net	$ 706	$ 996

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 13, 2024	Dec. 31, 2023	Sep. 21, 2023	Dec. 31, 2020	Nov. 09, 2020	Nov. 19, 2019	Sep. 24, 2019
Debt Instrument [Line Items]
TH Facility and other	$ 108		$ 143
Less: unamortized deferred financing costs and deferred issuance discount	(117)		(122)
Total debt, net	13,642		12,921
Less: current maturities of debt	(187)		(67)
Total long-term debt	13,455		12,854
Term Loan B
Debt Instrument [Line Items]
Term loan facility	4,726		5,175
Term Loan A
Debt Instrument [Line Items]
Term loan facility	$ 1,275		1,275	$ 1,275
3.875% First Lien Senior Notes due 2028 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.875%							3.875%
Senior notes	$ 1,550		1,550
3.50% First Lien Senior Notes due 2029 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.50%					3.50%
Senior notes	$ 750		750
5.75% First Lien Senior Notes due 2025 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.75%
Senior notes	$ 0		500
6.125% First Lien Senior Notes due 2029 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.125%
Senior notes	$ 1,200		0
5.625% First Lien Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)		5.625%
5.625% First Lien Senior Notes due 2029 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.625%
Senior notes	$ 500		0
4.375% Second Lien Senior Notes due 2028 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.375%						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%
4.00% Second Lien Senior Notes due 2030 | Senior notes
Debt Instrument [Line Items]
Senior notes	$ 2,900		$ 2,900

Long-Term Debt - Credit Facilit

Long-Term Debt - Credit Facilities (Details)					12 Months Ended
	Jun. 17, 2024 USD ($)	Jun. 16, 2024	May 16, 2024 USD ($)	Sep. 21, 2023 USD ($) subsidiary	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 20, 2023 USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Commitment fee percentage (as a percent)					0.15%
Term Loan A Due September 21, 2028
Line of Credit Facility [Line Items]
Number of subsidiaries | subsidiary				2
Term Loan A Due September 21, 2028 | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 1,250,000,000			$ 1,000,000,000
Term Loan A
Line of Credit Facility [Line Items]
Term loan facility				1,275,000,000	$ 1,275,000,000	$ 1,275,000,000
Interest rate, base rate floor (as a percent)					1%
Effective interest rate (as a percent)					5.61%
Term Loan A | Term loan A Quarterly Installment, One
Line of Credit Facility [Line Items]
Quarterly installment payment					$ 8,000,000
Term Loan A | Term loan A Quarterly Installment, Thereafter
Line of Credit Facility [Line Items]
Quarterly installment payment					$ 16,000,000
Term Loan A | Base rate | Minimum
Line of Credit Facility [Line Items]
Debt instrument floor rate (as a percent)					0%
Term Loan A | Base rate | Maximum
Line of Credit Facility [Line Items]
Debt instrument floor rate (as a percent)					0.50%
Term Loan A | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Interest rate, base rate floor (as a percent)					0%
Term Loan A | Secured Overnight Financing Rate (SOFR) | Minimum
Line of Credit Facility [Line Items]
Debt instrument floor rate (as a percent)					0.75%
Term Loan A | Secured Overnight Financing Rate (SOFR) | Maximum
Line of Credit Facility [Line Items]
Debt instrument floor rate (as a percent)					1.50%
Term Loan B Due September 21, 2030
Line of Credit Facility [Line Items]
Term loan facility				$ 5,175,000,000
Term Loan B Due September 21, 2030 | Adjusted Term SOFR
Line of Credit Facility [Line Items]
Debt instrument adjustment (as a percent)				0.10%
Term Loan B
Line of Credit Facility [Line Items]
Term loan facility					$ 4,726,000,000	$ 5,175,000,000
Effective interest rate (as a percent)					6.11%
Term Loan B | Term loan A Quarterly Installment, One
Line of Credit Facility [Line Items]
Quarterly installment payment				$ 12,000,000
Term Loan B | Eurodollar
Line of Credit Facility [Line Items]
Interest rate, base rate floor (as a percent)				0%
Debt instrument floor rate (as a percent)				1.75%
Term Loan B | Base rate
Line of Credit Facility [Line Items]
Interest rate, base rate floor (as a percent)				1%
Debt instrument floor rate (as a percent)				0.75%
Term Loan Facility B | Senior notes
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)	6.125%
Term Loan Facility B | Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Term loan facility	$ 4,750,000,000		$ 5,912,000,000
Secured debt, increase (decrease), net			$ 750,000,000
Debt instrument floor rate (as a percent)	1.75%	2.25%

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit	$ 0
Remaining borrowing capacity	$ 1,248,000,000
Letter of Credit | Minimum
Line of Credit Facility [Line Items]
Debt instrument floor rate (as a percent)	0.75%
Letter of Credit | Maximum
Line of Credit Facility [Line Items]
Debt instrument floor rate (as a percent)	1.50%
Letter of Credit | Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit	$ 2,000,000
Letter of credit sublimit as part of revolving credit facility	$ 125,000,000

Long-Term Debt - Senior Notes (

Long-Term Debt - Senior Notes (Details) - USD ($)					12 Months Ended
	Jul. 06, 2021	Nov. 09, 2020	Nov. 19, 2019	Sep. 24, 2019	Dec. 31, 2020	Dec. 31, 2024	Sep. 13, 2024	Jun. 17, 2024	Apr. 07, 2020	Dec. 31, 2017
3.875% First Lien Senior Notes due 2028 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)				3.875%		3.875%
Debt instrument, face amount	$ 800,000,000			$ 750,000,000
Principal payments				$ 0
Debt instrument redemption price percentage (as a percent)	100.25%
2017 4.25% Senior Notes (due May 15, 2024) | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)										4.25%
Principal amount redeemed	$ 775,000,000	$ 725,000,000
3.50% First Lien Senior Notes due 2029 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)		3.50%				3.50%
Debt instrument, face amount		$ 750,000,000
Principal payments		$ 0
Term Loan Facility B | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)								6.125%
6.125% First Lien Senior Notes Due 2029
Debt Instrument [Line Items]
Debt instrument, face amount								$ 1,200,000,000
5.625% First Lien Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)							5.625%
Debt instrument, face amount							$ 500,000,000
5.625% First Lien Senior Notes due 2029 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)						5.625%
5.75% First Lien Senior Notes due 2025 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)									5.75%
Debt instrument, face amount									$ 500,000,000
4.375% Second Lien Senior Notes due 2028 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.375%			4.375%
Debt instrument, face amount			$ 750,000,000
Principal payments			$ 0
4.00% Second Lien Senior Notes due 2030 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)						4%
Debt instrument, face amount					$ 2,900,000,000
Principal payments					$ 0
5.00% Second Lien Senior Notes due 2025 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)					5%
Principal amount redeemed					$ 2,800,000,000

Long-Term Debt - Restrictions a

Long-Term Debt - Restrictions and Covenants (Details) - USD ($)	Dec. 31, 2024	Sep. 13, 2024	Jun. 17, 2024	Dec. 31, 2020	Nov. 09, 2020	Nov. 19, 2019	Sep. 24, 2019
5.625% First Lien Senior Notes due 2029
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)		5.625%
4.00% Second Lien Senior Notes due 2030
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)				4%
Senior notes | 3.875% First Lien Senior Notes due 2028
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)	3.875%						3.875%
Senior notes | 3.50% First Lien Senior Notes due 2029
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)	3.50%				3.50%
Senior notes | Term Loan Facility B
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)			6.125%
Senior notes | 5.625% First Lien Senior Notes due 2029
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)	5.625%
Senior notes | 4.375% Second Lien Senior Notes due 2028
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)	4.375%					4.375%
Line of Credit
Line of Credit Facility [Line Items]
First lien senior secured leverage ratio limit	6.50
Covenant, maximum amount of letters of credit outstanding	$ 50,000,000
Swingline loans outstanding percentage (as a percent)	30%

Long-Term Debt - TH Facility an

Long-Term Debt - TH Facility and RE Facility (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) subsidiary	Dec. 31, 2024 CAD ($) subsidiary	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Principal carrying amount of our variable term debt and senior notes	$ 13,642		$ 12,921
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	3	3
Principal carrying amount of our variable term debt and senior notes		$ 154,000,000
Effective interest rate (as a percent)	5.37%	5.37%
TH Facility | Line of Credit | Canadian Bankers' Acceptance rate
Line of Credit Facility [Line Items]
Debt instrument floor rate (as a percent)	1.40%
TH Facility | Line of Credit | Prime rate
Line of Credit Facility [Line Items]
Debt instrument floor rate (as a percent)	0.40%

Long-Term Debt - Debt Issuance

Long-Term Debt - Debt Issuance Costs and Loss on Early Extinguishment of Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 13, 2024	Jun. 17, 2024	Apr. 07, 2020
Debt Instrument [Line Items]
Capitalized debt issuance costs	$ 41,000,000	$ 44,000,000	$ 0
Loss on early extinguishment of debt	$ 33,000,000	16,000,000	$ 0
Term Loan Facility B | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)					6.125%
5.625% First Lien Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)				5.625%
5.625% First Lien Senior Notes due 2029 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.625%
5.75% First Lien Senior Notes due 2025
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 16,000,000
5.75% First Lien Senior Notes due 2025 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)						5.75%
5.75% First Lien Senior Notes due 2025 | Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.75%

Long-Term Debt - Schedule of Ag

Long-Term Debt - Schedule of Aggregate Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2024 USD ($)
Principal Amount
2025	$ 187
2026	79
2027	111
2028	3,495
2029	2,498
Thereafter	7,389
Total	$ 13,759

Long-Term Debt - Schedule of In

Long-Term Debt - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	$ 572	$ 576	$ 493
Finance lease obligations	19	19	19
Amortization of deferred financing costs and debt issuance discount	25	27	28
Interest income	(39)	(40)	(7)
Interest expense, net	577	582	533
Cross-currency rate swaps | Derivatives designated as net investment hedges | Interest expense, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gain (loss) reclassified to earnings, net investment hedge	53	61	56
Interest rate swaps | Derivatives designated as cash flow hedges | Interest expense, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gain or (loss) reclassified from AOCI into earnings	$ 135	$ 83	$ (54)

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) restaurant
Lessee, Lease, Description [Line Items]
Restaurant properties to franchisees leased or subleased | restaurant	4,600
Minimum lease term for assets given on lease	10 years
Maximum lease term for assets given on lease	20 years
Minimum lease term for assets taken on lease	10 years
Maximum lease term for assets taken on lease	20 years
Total future undiscounted lease payments under leases not yet commenced | $	$ 26
Minimum
Lessee, Lease, Description [Line Items]
Terms of operating leases	10 years
Maximum
Lessee, Lease, Description [Line Items]
Terms of operating leases	20 years

Leases - Schedule of Assets Lea

Leases - Schedule of Assets Lease, Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property Subject to or Available for Operating Lease [Line Items]
Property and equipment, gross	$ 1,761	$ 1,985
Accumulated depreciation and amortization	(582)	(656)
Property and equipment, net	1,179	1,329
Land
Property Subject to or Available for Operating Lease [Line Items]
Property and equipment, gross	779	856
Buildings and improvements
Property Subject to or Available for Operating Lease [Line Items]
Property and equipment, gross	962	1,102
Restaurant equipment
Property Subject to or Available for Operating Lease [Line Items]
Property and equipment, gross	$ 20	$ 27

Leases - Schedule of Net Invest

Leases - Schedule of Net Investment, Direct Financing Leases (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Future rents to be received:
Future minimum lease receipts	$ 105	$ 111
Contingent rents	2	4
Estimated unguaranteed residual value	6	6
Unearned income	(25)	(26)
Net investment in lease	88	95
Current portion included within accounts receivable	(5)	(5)
Net investment in property leased to franchisees	$ 83	$ 90

Leases - Schedule of Property R

Leases - Schedule of Property Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Rental income:
Minimum lease payments	$ 367	$ 385	$ 410
Variable lease payments	465	452	395
Amortization of favorable and unfavorable income lease contracts, net	1	2	1
Subtotal - lease income from operating leases	833	839	806
Earned income on direct financing and sales-type leases	4	12	7
Total property revenues	$ 837	$ 851	$ 813

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 277	$ 201	$ 202
Operating lease variable lease cost	206	201	196
Finance lease cost:
Amortization of right-of-use assets	31	26	27
Interest on lease liabilities	19	19	19
Sublease income	(624)	(631)	(603)
Total lease income	$ (91)	$ (184)	$ (159)

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2024	Dec. 31, 2023
Weighted-average remaining lease term (in years):
Operating leases	10 years 7 months 6 days	9 years 6 months
Finance leases	10 years 9 months 18 days	11 years 2 months 12 days
Weighted-average discount rate:
Operating leases	5.80%	5.50%
Finance leases	5.80%	5.80%

Leases - Other Information Asso

Leases - Other Information Associated With Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 267	$ 202	$ 198
Operating cash flows from finance leases	19	19	19
Financing cash flows from finance leases	36	33	31
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets:
Right-of-use assets obtained in exchange for new finance lease obligations	20	32	22
Right-of-use assets obtained in exchange for new operating lease obligations	$ 253	$ 168	$ 133

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Receipts and Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Direct Financing and Sales-Type Leases
2025	$ 7
2026	7
2027	7
2028	7
2029	6
Thereafter	71
Total minimum receipts / payments	105
Operating Leases
2025	324
2026	297
2027	272
2028	242
2029	212
Thereafter	946
Total minimum receipts / payments	2,293
Finance Leases
2025	52
2026	49
2027	43
2028	42
2029	34
Thereafter	211
Total minimum receipts / payments	431
Less amount representing interest	(110)
Present value of minimum lease payments	$ 321
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt and finance leases	Current portion of long-term debt and finance leases
Current portion of lease obligations	$ (35)
Long-term portion of lease obligations	286	$ 312
Operating Leases
2025	299
2026	286
2027	271
2028	254
2029	233
Thereafter	1,332
Total minimum receipts / payments	2,675
Less amount representing interest	(712)
Present value of minimum lease payments	1,963
Current portion of lease obligations	(193)	(147)
Long-term portion of lease obligations	1,770	$ 1,059
Minimum sublease rentals	$ 1,380

Income Taxes - Income (Loss) Be

Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Canadian	$ 317	$ 493	$ 444
Foreign	1,492	960	921
Income before income taxes	$ 1,809	$ 1,453	$ 1,365

Income Taxes - Income Tax (Bene

Income Taxes - Income Tax (Benefit) Expense Attributable to Income from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Total current income tax expense (benefit)	$ 369	$ 165	$ (57)
Deferred:
Total	(5)	(430)	(60)
Income tax expense (benefit)	364	(265)	(117)
Canadian
Current:
Foreign	96	(47)	(284)
Deferred:
Foreign	(54)	(37)	20
United States
Current:
U.S. Federal	113	77	105
U.S. state, net of federal income tax benefit	24	27	26
Deferred:
U.S. Federal	(23)	(18)	(79)
U.S. state, net of federal income tax benefit	(24)	(5)	(9)
Other Foreign
Current:
Foreign	136	108	96
Deferred:
Foreign	$ 96	$ (370)	$ 8

Income Taxes - Schedule of US F

Income Taxes - Schedule of US Federal Tax Statutory Rate Reconciles to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory rate	26.50%	26.50%	26.50%
Costs and taxes related to foreign operations	5.20%	5.30%	3.80%
Foreign tax rate differential	(12.70%)	(15.10%)	(13.70%)
Change in valuation allowance	2.70%	(0.80%)	(0.70%)
Change in accrual for tax uncertainties	(0.60%)	(6.20%)	(26.70%)
Intercompany financing	(1.80%)	(2.70%)	1.20%
Intra-Group reorganizations	0%	(25.30%)	0%
Other	0.80%	0.10%	1%
Effective income tax rate	20.10%	(18.20%)	(8.60%)

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax (Benefit) Expense Allocated to Continuing Operations and Amounts Separately Allocated to Other Items (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 364	$ (265)	$ (117)
Cash flow hedge in accumulated other comprehensive income (loss)	2	(14)	153
Net investment hedge in accumulated other comprehensive income (loss)	(16)	22	77
Foreign Currency Translation in accumulated other comprehensive income (loss)	0	1	0
Pension liability in accumulated other comprehensive income (loss)	1	2	2
Total	$ 351	$ (254)	$ 115

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Income Tax (Benefit) Expense Attributable to Income from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred income tax (benefit) expense	$ (39)	$ (1,788)	$ 79
Change in valuation allowance	50	1,357	(143)
Change in effective U.S. state income tax rate	(15)	2	3
Change in effective foreign income tax rate	(1)	(1)	1
Total	$ (5)	$ (430)	$ (60)

Income Taxes - Schedule of the

Income Taxes - Schedule of the Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Accounts and notes receivable	$ 3	$ 5
Accrued employee benefits	53	53
Leases	95	104
Operating lease liabilities	504	311
Liabilities not currently deductible for tax	665	452
Tax loss and credit carryforwards	1,050	1,042
Intangible assets	993	1,048
Total gross deferred tax assets	3,363	3,015
Valuation allowance	(1,588)	(1,563)	$ (194)	$ (356)
Net deferred tax assets	1,775	1,452
Less deferred tax liabilities:
Property and equipment, principally due to differences in depreciation	16	7
Intangible assets	1,738	1,743
Leases	113	128
Operating lease assets	475	288
Statutory impairment	26	28
Derivatives	63	47
Outside basis difference	36	28
Other	30	5
Total gross deferred tax liabilities	2,497	2,274
Net deferred tax liability	$ 722	$ 822

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Increase in valuation allowance	$ 25
Unrecognized tax benefits	44	$ 58	$ 139	$ 437
Total amount of accrued interest and penalties	12	11
Potential interest and penalties associated with uncertain tax positions	$ 3	$ 4	$ 3
Income tax returns period subject to examination (up to)	6 years

Income Taxes - Schedule of Chan

Income Taxes - Schedule of Changes in Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 1,563	$ 194	$ 356
Change in estimates recorded to deferred income tax expense	32	(12)	(9)
Additions related to deferred tax assets generated in current year	0	1,369	0
Changes in losses and credits	18	0	(134)
(Reductions) additions related to other comprehensive income	(25)	12	(19)
Ending balance	$ 1,588	$ 1,563	$ 194

Income Taxes - Schedule of Amou

Income Taxes - Schedule of Amount and Expiration Dates of Operating Loss and Tax Credit Carry-forwards (Details) $ in Millions	Dec. 31, 2024 USD ($)
Canadian net operating loss carryforwards
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	$ 313
Canadian capital loss carryforwards
Operating Loss And Tax Credit Carryforwards [Line Items]
Capital loss carryforwards	213
U.S. state net operating loss carryforwards
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	482
U.S. federal net operating loss carryforward
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	97
U.S. capital loss carryforwards
Operating Loss And Tax Credit Carryforwards [Line Items]
Capital loss carryforwards	15
U.S. foreign tax credits
Operating Loss And Tax Credit Carryforwards [Line Items]
U.S. foreign tax credits	112
Foreign tax credits
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	41
Capital loss carryforwards	30
Other foreign net operating loss carryforwards
Operating Loss And Tax Credit Carryforwards [Line Items]
Operating loss carryforwards	103
Other foreign credits
Operating Loss And Tax Credit Carryforwards [Line Items]
U.S. foreign tax credits	$ 707

Income Taxes - A Reconciliation

Income Taxes - A Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 58	$ 139	$ 437
Additions for tax positions related to the current year	2	5
Additions for tax positions related to the current year			(5)
Additions for tax positions of prior years	0	7	3
Reductions for tax positions of prior years	(9)	(14)	(15)
Additions for settlement	0	6	0
Reductions due to statute expiration	(7)	(85)	(281)
Ending balance	$ 44	$ 58	$ 139

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) € in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Settlement/sale of derivatives, net	$ 74,000,000	$ 112,000,000	$ 71,000,000
Interest Rate Swap - Period One
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	3,500,000,000
Interest Rate Swap - Period Two
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	500,000,000
Interest Rate Swaps - Period Three
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	120,000,000
Interest rate swaps | Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain reclassified from AOCI to income	89,000,000
Cross currency interest rate contract | Fixed Income Interest Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount		1,200,000,000	5,000,000,000		€ 1,108
Cross currency interest rate contract | Derivatives designated as net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	5,700,000,000
Settlement/sale of derivatives, net			35,000,000
Cross currency interest rate contract | Derivatives designated as net investment hedges | Fixed Income Interest Rate | Euro Member Countries, Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount		900,000,000
Settlement/sale of derivatives, net		69,000,000
Cross currency interest rate contract | Fixed Income Interest Rate | Fixed Income Interest Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount			$ 5,000,000,000
Cross Currency Interest Rate Contract, Maturing October 31, 2027 | Derivatives designated as net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	700,000,000
Cross Currency Interest Rate Contract, Maturing October 31, 2028 | Derivatives designated as net investment hedges | Fixed Income Interest Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	150,000,000
Cross Currency Interest Rate Contract, Maturing October 31, 2029 | Derivatives designated as net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount				$ 1,400,000,000
Cross Currency Interest Rate Contract, Maturing October 31, 2030 | Derivatives designated as net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount				1,650,000,000
Cross Currency Interest Rate Contract, Maturing October 31, 2026 | Derivatives designated as net investment hedges | Fixed Income Interest Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	1,400,000,000
Cross Currency Interest Rate Contract, Maturing November 30, 2028 | Derivatives designated as net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	1,200,000,000
Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	169,000,000
Cross Currency Interest Rate Contract, Maturing February 17, 2024 | Derivatives designated as net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount		$ 2,100,000,000
Cross Currency Interest Rate Contract, Interest Payable | Derivatives designated as net investment hedges | Fixed Income Interest Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount				5,000,000,000
Cross Currency Interest Rate Contract, Interest Receivable | Derivatives designated as net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	$ 2,750,000,000
Cross Currency Interest Rate Contract, Maturing September 30 2028 | Derivatives designated as net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount				$ 1,950,000,000

Derivative Instruments - Quanti

Derivative Instruments - Quantitative Disclosures of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 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)	$ 133	$ 41	$ 509
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	135	83	(54)
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)	13	(2)	14
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	3	7	8
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)	298	(210)	409
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)	$ 53	$ 61	$ 56

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivatives assets	$ 286	$ 197
Derivatives liabilities	1	229
Derivatives designated as cash flow hedges | Interest rate | Other assets, net
Derivative [Line Items]
Derivatives assets	194	190
Derivatives designated as cash flow hedges | Interest rate | Prepaids and other current assets
Derivative [Line Items]
Derivatives assets	1	0
Derivatives designated as cash flow hedges | Foreign currency | Prepaids and other current assets
Derivative [Line Items]
Derivatives assets	8	0
Derivatives designated as cash flow hedges | Foreign currency | Other accrued liabilities
Derivative [Line Items]
Derivatives liabilities	0	2
Derivatives designated as net investment hedges | Foreign currency | Other assets, net
Derivative [Line Items]
Derivatives assets	83	7
Derivatives designated as net investment hedges | Foreign currency | Other liabilities, net
Derivative [Line Items]
Derivatives liabilities	$ 1	$ 227

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details)		12 Months Ended
	Aug. 30, 2023 shares	Dec. 31, 2024 USD ($) day shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Aug. 31, 2023 shares
Stockholders Equity [Line Items]
Conversion rate (in shares)		1
Consecutive trading days | day		20
Partnership exchangeable units (in shares)			9,398,876	1,996,818
Gain (loss) recorded on equity transactions | $		$ 0	$ 0	$ 0
Number of shares authorized to be repurchased (in shares up to)	1,000,000,000				1,000,000,000
Stock repurchase program, period	2 years
Number of shares repurchased and cancelled (in shares)			7,639,137	6,101,364
Amount of shares repurchased and cancelled | $			$ 500,000,000	$ 326,000,000
Remaining authorized repurchase amount | $		$ 500,000,000
Partnerships Exchangeable Units
Stockholders Equity [Line Items]
Partnership exchangeable units (in shares)		6,559,187
Restaurant Brands International Limited Partnership
Stockholders Equity [Line Items]
Partnership exchangeable units economic interest		28.10%	29.90%
Partnership exchangeable units economic interest (in shares)		127,038,577	133,597,764

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Change in Components of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,730	$ 4,268	$ 3,853
Foreign currency translation adjustment	(858)	250	(703)
Net change in fair value of derivatives, net of tax	421	(203)	714
Amounts reclassified to earnings of cash flow hedges, net of tax	(101)	(66)	34
Pension and post-retirement benefit plans, net of tax	(2)	7	6
Amounts attributable to noncontrolling interests	139	(15)	(20)
Ending balance	4,843	4,730	4,268
Accumulated  Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(706)	(679)	(710)
Ending balance	(1,107)	(706)	(679)
Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	480	648	136
Net change in fair value of derivatives, net of tax	421	(203)	714
Amounts reclassified to earnings of cash flow hedges, net of tax	(101)	(66)	34
Amounts attributable to noncontrolling interests	(81)	101	(236)
Ending balance	719	480	648
Pensions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(13)	(17)	(21)
Pension and post-retirement benefit plans, net of tax	(2)	7	6
Amounts attributable to noncontrolling interests	1	(3)	(2)
Ending balance	(14)	(13)	(17)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,173)	(1,310)	(825)
Foreign currency translation adjustment	(858)	250	(703)
Amounts attributable to noncontrolling interests	219	(113)	218
Ending balance	$ (1,812)	$ (1,173)	$ (1,310)

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition		2 years 6 months
Portion of options vesting on each anniversary date, vesting percentage (as a percent)		20%
New awards granted (in shares)	2,000,000	0	0
Expected term (in years)				7 years 6 months
Fair value of options granted (in usd per share)			$ 18.61	$ 17.52
Total intrinsic value of stock options exercised		$ 38	$ 30	$ 10
Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)		100%
First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)		20%
Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)		40%
Maximum | U.S. Treasury Yield
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		5 years
2016 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under the plan (in shares)		13,641,631
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 218
Time-vested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)					25%
Vesting period					4 years
Weighted average grant date fair value, over period of time (in usd per share)			$ 68.40	$ 57.24
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)					100%
Vesting period	5 years 6 months	3 years	3 years	3 years	3 years
Employee service period					2 years
New awards granted (in shares)	750,000
Weighted average grant date fair value, over period of time (in usd per share)			$ 59.66	$ 51.31
Performance-based RSUs | If Employee Retires
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)					67%
Performance-based RSUs | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years
Performance-based RSUs | Chief Executive Officer | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)			50%
Performance-based RSUs | Chief Executive Officer | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)			200%
Time-vested RSUs and Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					5 years
Time-vested RSUs and Performance-based RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)	50%
Time-vested RSUs and Performance-based RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of options vesting on each anniversary date, vesting percentage (as a percent)	200%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
New awards granted (in shares)	500,000
Total intrinsic value of vested RSU's		$ 271	$ 141	$ 58
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years	5 years
Stock options, expiration period	10 years	10 years

Share-based Compensation - Sche

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Total share-based compensation expense	$ 161	$ 177	$ 121

Share-based Compensation - Sc_2

Share-based Compensation - Schedule of Time-Vested RSUs and Performance-Based RSUs Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Time-vested RSUs
Total Number of Shares (in 000’s)
Outstanding beginning balance (in shares) | shares	3,034
Granted (in shares) | shares	967
Vested and settled (in shares) | shares	(1,412)
Dividend equivalents grants (in shares) | shares	85
Forfeited (in shares) | shares	(315)
Outstanding ending balance (in shares) | shares	2,359
Weighted Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share) | $ / shares	$ 60.29
Granted (in dollars per share) | $ / shares	73.91
Vested and settled (in dollars per share) | $ / shares	63.34
Dividend equivalents granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	65.06
Outstanding ending balance (in dollars per share) | $ / shares	$ 62.74
Performance-based RSUs
Total Number of Shares (in 000’s)
Outstanding beginning balance (in shares) | shares	7,346
Granted (in shares) | shares	991
Vested and settled (in shares) | shares	(2,225)
Dividend equivalents grants (in shares) | shares	191
Forfeited (in shares) | shares	(487)
Outstanding ending balance (in shares) | shares	5,816
Weighted Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share) | $ / shares	$ 57.68
Granted (in dollars per share) | $ / shares	73.14
Vested and settled (in dollars per share) | $ / shares	62.56
Dividend equivalents granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	69.25
Outstanding ending balance (in dollars per share) | $ / shares	$ 57.04

Share-based Compensation - Sc_3

Share-based Compensation - Schedule of the Significant Assumptions Used During the Year to Estimate the Fair Value of Stock Options (Details) - shares shares in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
New awards granted (in shares)	2,000	0	0
Risk-free interest rate				3.92%
Expected term (in years)				7 years 6 months
Expected volatility				30%
Expected dividend yield				3.24%

Share-based Compensation - Sc_4

Share-based Compensation - Schedule of Option Activity under the Various Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2024	Dec. 31, 2023
Total Number of Options
Outstanding beginning balance (in shares)		6,198
Granted (in shares)	2,000	0	0
Exercised (in shares)		(1,538)
Forfeited (in shares)		(45)
Outstanding ending balance (in shares)		4,615	6,198
Number of options, Exercisable (in shares)		1,656
Number of options, Vested or expected to vest (in shares)		4,492
Weighted  Average Exercise Price
Outstanding beginning balance (in dollars per share)		$ 60.23
Granted (in dollars per share)		0
Exercised (in dollars per share)		50.35
Forfeited (in dollars per share)		65.44
Outstanding ending balance (in dollars per share)		62.91	$ 60.23
Weighted Average Exercise Price, Exercisable (in dollars per share)		57.39
Weighted Average Exercise Price, Vested or expected to vest (in dollars per share)		$ 62.85
Stock Option Activity, Additional Disclosures
Aggregate Intrinsic Value, Outstanding		$ 14,470
Weighted Average Remaining Contractual Term (Years), Outstanding		5 years 7 months 6 days
Aggregate Intrinsic Value, Exercisable		$ 12,921
Weighted Average Remaining Contractual Term (Years), Exercisable		2 years 10 months 24 days
Aggregate Intrinsic Value, Vested or expected to vest		$ 14,358
Weighted Average Remaining Contractual Term (Years), Vested or expected to vest		5 years 7 months 6 days

Revenue Recognition - Change in

Revenue Recognition - Change in Contract Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Change In Contract With Customer Liability [Roll Forward]
Beginning balance	$ 555
Recognized during period and included in the contract liability balance at the beginning of the year	(60)
Increase, excluding amounts recognized as revenue during the period	56
Effective settlement of pre-existing contract liabilities in connection with Carrols Acquisition	(22)
Impact of foreign currency translation	(12)
Ending balance	$ 517

Revenue Recognition - Estimated

Revenue Recognition - Estimated Revenue Recognition (Details) $ in Millions	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities expected to be recognized in	$ 517
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Contract liabilities expected to be recognized in	$ 53
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Contract liabilities expected to be recognized in	$ 51
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Contract liabilities expected to be recognized in	$ 47
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Contract liabilities expected to be recognized in	$ 44
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Contract liabilities expected to be recognized in	$ 41
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Contract liabilities expected to be recognized in	$ 281

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Total Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues	$ 837	$ 851	$ 813
Total revenues	8,406	7,022	6,505
TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues		609	576
Total revenues	4,040	3,972	3,801
BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues		227	222
Total revenues	1,333	1,297	1,196
PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues		13	12
Total revenues	768	692	619
FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues		0	0
Total revenues	214	187	138
INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues		2	3
Total revenues	935	874	751
RH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	1,116
Product | Supply chain sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	2,708	2,679	2,583
Total revenues	2,708	2,679	2,583
Product | Supply chain sales | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		2,679	2,583
Product | Supply chain sales | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		0	0
Product | Supply chain sales | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		0	0
Product | Supply chain sales | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		0	0
Product | Supply chain sales | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		0	0
Product | Company restaurant sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	1,592	271	236
Total revenues	1,592	271	236
Product | Company restaurant sales | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		46	48
Product | Company restaurant sales | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		97	70
Product | Company restaurant sales | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		89	78
Product | Company restaurant sales | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		39	40
Product | Company restaurant sales | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		0	0
Royalties
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	1,940	1,920	1,737
Royalties | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		324	302
Royalties | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		483	450
Royalties | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		291	264
Royalties | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		69	66
Royalties | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		753	655
Franchise fees and other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	142	132	111
Franchise fees and other revenue | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		22	26
Franchise fees and other revenue | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		20	16
Franchise fees and other revenue | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		10	8
Franchise fees and other revenue | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		31	19
Franchise fees and other revenue | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		49	42
Advertising revenues and other services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	1,187	1,169	1,025
Total revenues	1,187	1,169	1,025
Advertising revenues and other services | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		292	266
Advertising revenues and other services | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		470	438
Advertising revenues and other services | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		289	257
Advertising revenues and other services | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		48	13
Advertising revenues and other services | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues		70	51
Operating Segments | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues	622
Total revenues	4,040	3,972	3,801
Operating Segments | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues	219
Total revenues	1,450	1,297	1,196
Operating Segments | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues	14
Total revenues	768	692	619
Operating Segments | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues	0
Total revenues	214	187	138
Operating Segments | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues	2
Total revenues	935	$ 874	$ 751
Operating Segments | RH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues	0
Total revenues	1,116
Operating Segments | Product | Supply chain sales | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	2,708
Operating Segments | Product | Supply chain sales | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Operating Segments | Product | Supply chain sales | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Operating Segments | Product | Supply chain sales | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Operating Segments | Product | Supply chain sales | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Operating Segments | Product | Supply chain sales | RH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Operating Segments | Product | Company restaurant sales | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	45
Operating Segments | Product | Company restaurant sales | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	242
Operating Segments | Product | Company restaurant sales | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	148
Operating Segments | Product | Company restaurant sales | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	41
Operating Segments | Product | Company restaurant sales | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Operating Segments | Product | Company restaurant sales | RH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	1,116
Operating Segments | Royalties | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	332
Operating Segments | Royalties | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	484
Operating Segments | Royalties | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	300
Operating Segments | Royalties | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	71
Operating Segments | Royalties | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	803
Operating Segments | Royalties | RH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Operating Segments | Franchise fees and other revenue | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	32
Operating Segments | Franchise fees and other revenue | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	17
Operating Segments | Franchise fees and other revenue | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	11
Operating Segments | Franchise fees and other revenue | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	34
Operating Segments | Franchise fees and other revenue | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	48
Operating Segments | Franchise fees and other revenue | RH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Operating Segments | Advertising revenues and other services | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	301
Operating Segments | Advertising revenues and other services | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	488
Operating Segments | Advertising revenues and other services | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	295
Operating Segments | Advertising revenues and other services | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	68
Operating Segments | Advertising revenues and other services | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	82
Operating Segments | Advertising revenues and other services | RH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Intersegment revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Property revenues	(20)
Total revenues	(117)
Intersegment revenues | TH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Intersegment revenues | BK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	117
Intersegment revenues | PLK
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Intersegment revenues | FHS
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Intersegment revenues | INTL
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Intersegment revenues | RH
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Intersegment revenues | Product | Supply chain sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Intersegment revenues | Product | Company restaurant sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Intersegment revenues | Royalties
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	(50)
Intersegment revenues | Franchise fees and other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	0
Intersegment revenues | Advertising revenues and other services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	$ (47)

Other Operating Expenses (Inc_3

Other Operating Expenses (Income), net - Other Operating Expenses (Income), net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Net losses (gains) on disposal of assets, restaurant closures and refranchisings	$ 3	$ 16	$ 4
Litigation settlements and reserves, net	0	1	11
Net losses (gains) on foreign exchange	(71)	20	(4)
Other, net	9	18	14
Other operating expenses (income), net	$ (59)	$ 55	$ 25

Commitments and Contingencies (

Commitments and Contingencies (Details)		12 Months Ended
	Oct. 07, 2024 director	Dec. 31, 2024 USD ($)
Commitments Contingencies And Litigation [Line Items]
Amount of letter of credit outstanding		$ 0
Litigation settlement, gross		84,000,000
Beverages And Restaurant Equipment
Commitments Contingencies And Litigation [Line Items]
Long term purchase commitment, amount		$ 23,000,000
Long term purchase commitment, period		4 years
Former Shareholder Vs Individual Directors | Pending Litigation
Commitments Contingencies And Litigation [Line Items]
Number of defendants | director	2
Purchase Commitment
Commitments Contingencies And Litigation [Line Items]
Contractual obligation related with telecommunication		5 years
Purchase Commitment | Advertising Commitment
Commitments Contingencies And Litigation [Line Items]
Purchase of advertising		$ 192,000,000
Standby Letters of Credit
Commitments Contingencies And Litigation [Line Items]
Amount of letter of credit outstanding		24,000,000
Letters of credit secured by collateral		$ 2,000,000

Segment Reporting and Geograp_3

Segment Reporting and Geographical Information - Additional Information (Details) $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2024 segment	Jun. 30, 2024 segment	Dec. 31, 2024 USD ($) brand	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Revenue, Major Customer [Line Items]
Number of brands | brand			4
Number of operating segments | segment	6	5
Number of reportable segments | segment	6	5
Accruals for additions of property and equipment | $			$ 51	$ 0	$ 0
Carrols Restaurant Group, Inc.
Revenue, Major Customer [Line Items]
Accruals for additions of property and equipment | $			$ 7

Segment Reporting and Geograp_4

Segment Reporting and Geographical Information - Revenues by Operating Segment and Country (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Total revenues	$ 8,406	$ 7,022	$ 6,505
Segment F&P expenses	490	481	486
Advertising expenses and other services	1,330	1,273	1,077
Segment G&A	691	647	561
Cash distributions received from equity method investments	15	14	15
Adjusted Operating Income	2,402	2,200	2,084
Additional segment information:
Depreciation and amortization	264	191	190
(Income) loss from equity method investments	(69)	(8)	44
Capital expenditures	245	120	100
Supply chain sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	2,180	2,193	2,093
Company restaurant sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	1,328	242	219
TH
Revenue, Major Customer [Line Items]
Total revenues	4,040	3,972	3,801
BK
Revenue, Major Customer [Line Items]
Total revenues	1,333	1,297	1,196
PLK
Revenue, Major Customer [Line Items]
Total revenues	768	692	619
FHS
Revenue, Major Customer [Line Items]
Total revenues	214	187	138
INTL
Revenue, Major Customer [Line Items]
Total revenues	935	874	751
RH
Revenue, Major Customer [Line Items]
Total revenues	1,116
Operating Segments | TH
Revenue, Major Customer [Line Items]
Total revenues	4,040	3,972	3,801
Segment F&P expenses	330	319	325
Advertising expenses and other services	307	309	282
Segment G&A	158	168	151
Cash distributions received from equity method investments	15	14	13
Adjusted Operating Income	1,043	958	925
Additional segment information:
Depreciation and amortization	111	108	114
(Income) loss from equity method investments	(15)	(15)	(13)
Capital expenditures	47	51	39
Operating Segments | TH | Supply chain sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	2,180	2,193	2,093
Operating Segments | TH | Company restaurant sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	37	38	38
Operating Segments | BK
Revenue, Major Customer [Line Items]
Total revenues	1,450	1,297	1,196
Segment F&P expenses	122	133	133
Advertising expenses and other services	558	543	468
Segment G&A	139	145	126
Cash distributions received from equity method investments	0	0	0
Adjusted Operating Income	410	386	396
Additional segment information:
Depreciation and amortization	49	46	45
(Income) loss from equity method investments	(78)	8	27
Capital expenditures	72	37	31
Operating Segments | BK | Supply chain sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	0	0	0
Operating Segments | BK | Company restaurant sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	221	90	74
Operating Segments | PLK
Revenue, Major Customer [Line Items]
Total revenues	768	692	619
Segment F&P expenses	9	10	9
Advertising expenses and other services	303	295	261
Segment G&A	84	86	72
Cash distributions received from equity method investments	0	0	0
Adjusted Operating Income	243	221	205
Additional segment information:
Depreciation and amortization	13	11	10
(Income) loss from equity method investments	0	0	0
Capital expenditures	23	9	9
Operating Segments | PLK | Supply chain sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	0	0	0
Operating Segments | PLK | Company restaurant sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	129	80	72
Operating Segments | FHS
Revenue, Major Customer [Line Items]
Total revenues	214	187	138
Segment F&P expenses	8	8	6
Advertising expenses and other services	70	49	12
Segment G&A	51	58	52
Cash distributions received from equity method investments	0	0	0
Adjusted Operating Income	48	38	33
Additional segment information:
Depreciation and amortization	5	4	4
(Income) loss from equity method investments	0	0	0
Capital expenditures	6	4	3
Operating Segments | FHS | Supply chain sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	0	0	0
Operating Segments | FHS | Company restaurant sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	36	34	35
Operating Segments | INTL
Revenue, Major Customer [Line Items]
Total revenues	935	874	751
Segment F&P expenses	31	11	13
Advertising expenses and other services	90	77	54
Segment G&A	200	190	160
Cash distributions received from equity method investments	0	0	2
Adjusted Operating Income	614	597	525
Additional segment information:
Depreciation and amortization	27	22	17
(Income) loss from equity method investments	24	(1)	30
Capital expenditures	11	19	18
Operating Segments | INTL | Supply chain sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	0	0	0
Operating Segments | INTL | Company restaurant sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	0	0	0
Operating Segments | RH
Revenue, Major Customer [Line Items]
Total revenues	1,116
Segment F&P expenses	0
Advertising expenses and other services	49
Segment G&A	59
Cash distributions received from equity method investments	0
Adjusted Operating Income	44	$ 0	$ 0
Additional segment information:
Depreciation and amortization	59
(Income) loss from equity method investments	0
Capital expenditures	86
Operating Segments | RH | Supply chain sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	0
Operating Segments | RH | Company restaurant sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	965
Operating Segments | RH | Company restaurant sales | Food, beverage and packaging costs
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	312
Operating Segments | RH | Company restaurant sales | Restaurant wages and related expenses
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	358
Operating Segments | RH | Company restaurant sales | Restaurant occupancy expense and other
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	295
Intersegment Eliminations
Revenue, Major Customer [Line Items]
Total revenues	(117)
Segment F&P expenses	(10)
Advertising expenses and other services	(47)
Segment G&A	0
Cash distributions received from equity method investments	0
Adjusted Operating Income	0
Additional segment information:
Depreciation and amortization	0
(Income) loss from equity method investments	0
Capital expenditures	0
Intersegment Eliminations | Supply chain sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	0
Intersegment Eliminations | Company restaurant sales
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	(60)
Intersegment Eliminations | TH
Revenue, Major Customer [Line Items]
Total revenues	0
Intersegment Eliminations | BK
Revenue, Major Customer [Line Items]
Total revenues	117
Intersegment Eliminations | PLK
Revenue, Major Customer [Line Items]
Total revenues	0
Intersegment Eliminations | FHS
Revenue, Major Customer [Line Items]
Total revenues	0
Intersegment Eliminations | INTL
Revenue, Major Customer [Line Items]
Total revenues	0
Intersegment Eliminations | RH
Revenue, Major Customer [Line Items]
Total revenues	$ 0

Segment Reporting and Geograp_5

Segment Reporting and Geographical Information - Schedule of Components of Company Restaurant (Details) - Company restaurant sales - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	$ 1,328	$ 242	$ 219
RH | Operating Segments
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	965
RH | Operating Segments | Food, beverage and packaging costs
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	312
RH | Operating Segments | Restaurant wages and related expenses
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	358
RH | Operating Segments | Restaurant occupancy expense and other
Revenue, Major Customer [Line Items]
Food, beverage and packaging costs	$ 295

Segment Reporting and Geograp_6

Segment Reporting and Geographical Information - Schedule of Revenues by Country (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Total revenues	$ 8,406	$ 7,022	$ 6,505
Canadian
Revenue, Major Customer [Line Items]
Total revenues	$ 3,684	$ 3,630	3,484
Canadian | Sales Revenue, net | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of revenue (as a percent)	10%	10%
United States
Revenue, Major Customer [Line Items]
Total revenues	$ 3,783	$ 2,518	2,270
United States | Sales Revenue, net | Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of revenue (as a percent)	10%	10%
Other
Revenue, Major Customer [Line Items]
Total revenues	$ 939	$ 874	$ 751

Segment Reporting and Geograp_7

Segment Reporting and Geographical Information - Schedule of Segment Related Assets and Long Lived Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Total	$ 4,171	$ 3,164
Canadian
Revenue, Major Customer [Line Items]
Total	$ 1,435	$ 1,545
Canadian | Geographic Concentration Risk | Assets, Total
Revenue, Major Customer [Line Items]
Percentage of revenue (as a percent)	10%	10%
United States
Revenue, Major Customer [Line Items]
Total	$ 2,684	$ 1,578
United States | Geographic Concentration Risk | Assets, Total
Revenue, Major Customer [Line Items]
Percentage of revenue (as a percent)	10%	10%
Other
Revenue, Major Customer [Line Items]
Total	$ 52	$ 41

Segment Reporting and Geograp_8

Segment Reporting and Geographical Information - Reconciliation of Segment Income to Net Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted Operating Income	$ 2,402	$ 2,200	$ 2,084
(Income) loss from equity method investments	(69)	(8)	44
Other operating expenses (income), net	(59)	55	25
Income from operations	2,419	2,051	1,898
Interest expense, net	577	582	533
Loss on early extinguishment of debt	33	16	0
Income tax expense (benefit)	364	(265)	(117)
Net income	1,445	1,718	1,482
Operating Segments | TH
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted Operating Income	1,043	958	925
(Income) loss from equity method investments	(15)	(15)	(13)
Operating Segments | BK
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted Operating Income	410	386	396
(Income) loss from equity method investments	(78)	8	27
Operating Segments | PLK
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted Operating Income	243	221	205
(Income) loss from equity method investments	0	0	0
Operating Segments | FHS
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted Operating Income	48	38	33
(Income) loss from equity method investments	0	0	0
Operating Segments | INTL
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted Operating Income	614	597	525
(Income) loss from equity method investments	24	(1)	30
Operating Segments | RH
Segment Reporting, Revenue Reconciling Item [Line Items]
Adjusted Operating Income	44	0	0
(Income) loss from equity method investments	0
Unallocated management G&A
Segment Reporting, Revenue Reconciling Item [Line Items]
Franchise agreement and reacquired franchise rights amortization	53	31	32
Corporate restructuring and advisory fees	20	38	46
(Income) loss from equity method investments	(53)	6	59
Other operating expenses (income), net	(59)	55	25
Unallocated management G&A | FHS
Segment Reporting, Revenue Reconciling Item [Line Items]
Transaction costs	0	19	24
Unallocated management G&A | RH
Segment Reporting, Revenue Reconciling Item [Line Items]
Transaction costs	$ 22	$ 0	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Feb. 14, 2025	Feb. 12, 2025	Jan. 03, 2025
Subsequent Event [Line Items]
Common stock, dividends paid (in usd per share)			$ 0.58
Dividends payable (in dollars per share)		$ 0.62
Burger King China
Subsequent Event [Line Items]
Consideration transferred	$ 158
Partnerships Exchangeable Units | Restaurant Brands International Limited Partnership
Subsequent Event [Line Items]
Distribution in respect of each Partnership exchangeable unit (in usd per share)		$ 0.62	$ 0.58