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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:            
Total revenues $ 1,438   $ 1,048   $ 2,698 $ 2,273
Operating costs and expenses:            
Cost of sales 467   339   868 738
Franchise and property expenses 121   132   237 255
Advertising expenses 238   203   474 429
General and administrative expenses 113   94   218 196
(Income) loss from equity method investments 3   16   5 18
Other operating expenses (income), net 8   21   (34) 5
Total operating costs and expenses 950   805   1,768 1,641
Income from operations 488   243   930 632
Interest expense, net 126   128   250 247
Income before income taxes 362   115   680 385
Income tax (benefit) expense (29)   (49)   18 (3)
Net income 391 $ 271 164 $ 224 662 388
Net income (loss) attributable to noncontrolling interests 1   1   2 1
Net income attributable to common unitholders 390   163   660 387
Class A common units            
Operating costs and expenses:            
Net income 259 179 106 144    
Net income attributable to common unitholders $ 259   $ 106   $ 438 $ 250
Earnings per unit - basic and diluted            
Earnings per share, basic (in shares) $ 1.28   $ 0.52   $ 2.17 $ 1.24
Earnings per share, diluted (in shares) $ 1.28   $ 0.52   $ 2.17 $ 1.24
Weighted average units outstanding - basic and diluted            
Weighted average number of shares outstanding, basic (in dollars per share) 202,000   202,000   202,000 202,000
Weighted average number of shares outstanding, diluted (in dollars per share) 202,000   202,000   202,000 202,000
Partnership exchangeable units            
Operating costs and expenses:            
Net income $ 131 $ 91 $ 57 $ 80    
Net income attributable to common unitholders $ 131   $ 57   $ 222 $ 137
Earnings per unit - basic and diluted            
Earnings per share, basic (in shares) $ 0.84   $ 0.35   $ 1.43 $ 0.83
Earnings per share, diluted (in shares) $ 0.84   $ 0.35   $ 1.43 $ 0.83
Weighted average units outstanding - basic and diluted            
Weighted average number of shares outstanding, basic (in dollars per share) 155,000   164,000   155,000 165,000
Weighted average number of shares outstanding, diluted (in dollars per share) 155,000   164,000   155,000 165,000
Sales            
Revenues:            
Sales $ 590   $ 406   $ 1,097 $ 909
Franchise and property revenues            
Revenues:            
Total revenues 614   450   1,162 975
Advertising revenues            
Revenues:            
Sales 234   192   439 389
Total revenues $ 234   $ 192   $ 439 $ 389