Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

The following tables present revenues, by segment and by country (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues by operating segment:
TH	$	831	$	567	$	1,541	$	1,266
BK	459		347		866		735
PLK	148		134		291		272
Total revenues	$	1,438	$	1,048	$	2,698	$	2,273


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues by country (a):
Canada	$	754	$	514	$	1,392	$	1,146
United States	515		443		993		893
Other	169		91		313		234
Total revenues	$	1,438	$	1,048	$	2,698	$	2,273

(a)Only Canada and the United States represented 10% or more of our total revenues in each period presented.

Reconciliation of Segment Income to Net Income (Loss)


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Segment income:
TH	$	253	$	147	$	460	$	336
BK	266		160		483		360
PLK	58		51		114		106
Adjusted EBITDA	577		358		1,057		802
Share-based compensation and non-cash incentive compensation expense	20		23		46		44

Corporate restructuring and tax advisory fees	3		7		4		8

Impact of equity method investments (a)	7		18		11		22
Other operating expenses (income), net	8		21		(34)		5
EBITDA	539		289		1,030		723
Depreciation and amortization	51		46		100		91
Income from operations	488		243		930		632
Interest expense, net	126		128		250		247

Income tax (benefit) expense	(29)		(49)		18		(3)
Net income	$	391	$	164	$	662	$	388

(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.