Segment Reporting and Geographical Information (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Segment Reporting [Abstract] |
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Schedule of revenue by segment and country |
The following tables present revenues, by segment and by country, depreciation and amortization, (income) loss from equity method investments, and capital expenditures by segment (in millions): | | | | | | | | | | | | | | | | | | | 2020 | | 2019 | | 2018 | Revenues by operating segment: | | | | | | TH | $ | 2,810 | | | $ | 3,344 | | | $ | 3,292 | | BK | 1,602 | | | 1,777 | | | 1,651 | | PLK | 556 | | | 482 | | | 414 | | Total | $ | 4,968 | | | $ | 5,603 | | | $ | 5,357 | | | | | | | | Revenues by country (a): | | | | | | Canada | $ | 2,546 | | | $ | 3,037 | | | $ | 2,984 | | United States | 1,889 | | | 1,930 | | | 1,785 | | Other | 533 | | | 636 | | | 588 | | Total | $ | 4,968 | | | $ | 5,603 | | | $ | 5,357 | |
Only Canada and the United States represented 10% or more of our total revenues in each period presented.
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Schedule of segment related depreciation and amortization expense |
| | | | | | | | | | | | | | | | | | Depreciation and amortization: | | | | | | TH | $ | 119 | | | $ | 112 | | | $ | 108 | | BK | 62 | | | 62 | | | 61 | | PLK | 8 | | | 11 | | | 11 | | Total | $ | 189 | | | $ | 185 | | | $ | 180 | |
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Schedule of segment related income (loss) from equity method investments |
| | | | | | | | | | | | | | | | | | (Income) loss from equity method investments: | | | | | | TH | $ | (4) | | | $ | (7) | | | $ | (6) | | BK | 43 | | | (4) | | | (16) | | | | | | | | Total | $ | 39 | | | $ | (11) | | | $ | (22) | |
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Schedule of segment related capital expenditure |
| | | | | | | | | | | | | | | | | | Capital expenditures: | | | | | | TH | $ | 92 | | | $ | 37 | | | $ | 59 | | BK | 18 | | | 20 | | | 25 | | PLK | 7 | | | 5 | | | 2 | | Total | $ | 117 | | | $ | 62 | | | $ | 86 | |
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Schedule of segment related assets and long lived assets |
Total assets by segment, and long-lived assets by segment and country are as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | Long-Lived Assets | | As of December 31, | | As of December 31, | | 2020 | | 2019 | | 2020 | | 2019 | By operating segment: | | | | | | | | TH | $ | 13,963 | | | $ | 13,894 | | | $ | 1,990 | | | $ | 1,972 | | BK | 5,334 | | | 5,149 | | | 1,128 | | | 1,130 | | PLK | 2,525 | | | 2,490 | | | 131 | | | 129 | | Unallocated | 955 | | | 827 | | | — | | | — | | Total | $ | 22,777 | | | $ | 22,360 | | | $ | 3,249 | | | $ | 3,231 | | By country: | | | | | | | | Canada | | | | | $ | 1,685 | | | $ | 1,665 | | United States | | | | | 1,539 | | | 1,542 | | Other | | | | | 25 | | | 24 | | Total | | | | | $ | 3,249 | | | $ | 3,231 | |
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Reconciliation of segment income to net income (loss) |
| | | | | | | | | | | | | | | | | | | 2020 | | 2019 | | 2018 | Segment income: | | | | | | TH | $ | 823 | | | $ | 1,122 | | | $ | 1,127 | | BK | 823 | | | 994 | | | 928 | | PLK | 218 | | | 188 | | | 157 | | Adjusted EBITDA | 1,864 | | | 2,304 | | | 2,212 | | Share-based compensation and non-cash incentive compensation expense | 84 | | | 74 | | | 55 | | PLK Transaction costs | — | | | — | | | 10 | | Corporate restructuring and tax advisory fees | 16 | | | 31 | | | 25 | | Office centralization and relocation costs | — | | | 6 | | | 20 | | | | | | | | Impact of equity method investments (a) | 48 | | | 11 | | | (3) | | Other operating expenses (income), net | 105 | | | (10) | | | 8 | | EBITDA | 1,611 | | | 2,192 | | | 2,097 | | Depreciation and amortization | 189 | | | 185 | | | 180 | | Income from operations | 1,422 | | | 2,007 | | | 1,917 | | Interest expense, net | 508 | | | 532 | | | 535 | | Loss on early extinguishment of debt | 98 | | | 23 | | | — | | Income tax expense | 66 | | | 341 | | | 238 | | Net income | $ | 750 | | | $ | 1,111 | | | $ | 1,144 | |
(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.
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