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Supplemental Financial Information
 6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Information Supplemental Financial Information
1011778 B.C. Unlimited Liability Company (the “Parent Issuer”) and New Red Finance Inc. (the “Co-Issuer” and together with the Parent Issuer, the “Issuers”) entered into an amended credit agreement, as amended from time to time, that provides for obligations under the Credit Facilities. The Issuers entered into the 3.875% First Lien Senior Notes Indenture with respect to the 3.875% First Lien Senior Notes due 2028. The Issuers entered into the 5.750% First Lien Senior Notes Indenture with respect to the 5.750% First Lien Senior Notes due 2025. The Issuers entered into the 3.500% First Lien Senior Notes Indenture with respect to the 3.500% First Lien Senior Notes due 2029. The Issuers entered into the 4.375% Second Lien Senior Notes Indenture with respect to the 4.375% Second Lien Senior Notes due 2028. The Issuers entered into the 4.000% Second Lien Senior Notes Indenture with respect to the 4.000% Second Lien Senior Notes due 2030.
The agreement governing our Credit Facilities, the 3.875% First Lien Senior Notes Indenture, the 3.500% First Lien Senior Notes Indenture, the 5.750% First Lien Senior Notes Indenture, the 4.375% Second Lien Senior Notes Indenture and the 4.000% Second Lien Senior Notes Indenture allow the financial reporting obligation of the Parent Issuer to be satisfied through the reporting of Partnership’s consolidated financial information, provided that the consolidated financial information of the Parent Issuer and its restricted subsidiaries is presented on a standalone basis.
The following represents the condensed consolidating financial information for the Parent Issuer and its restricted subsidiaries (“Consolidated Borrowers”) on a consolidated basis, together with eliminations, as of and for the periods indicated. The condensed consolidating financial information of Partnership is combined with the financial information of its wholly-owned subsidiaries that are also parent entities of the Parent Issuer and presented in a single column under the heading “RBILP”. The consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had the Issuers and Partnership operated as independent entities.
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of June 30, 2022
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$838 $— $— $838 
Accounts and notes receivable, net551 — — 551 
Inventories, net114 — — 114 
Prepaids and other current assets65 — — 65 
Total current assets1,568 — — 1,568 
Property and equipment, net1,984 — — 1,984 
Operating lease assets, net1,113 — — 1,113 
Intangible assets, net11,296 — — 11,296 
Goodwill5,866 — — 5,866 
Net investment in property leased to franchisees82 — — 82 
Intercompany receivable— 243 (243)— 
Investment in subsidiaries— 3,909 (3,909)— 
Other assets, net845 — — 845 
Total assets$22,754 $4,152 $(4,152)$22,754 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$705 $— $— $705 
Other accrued liabilities540 243 — 783 
Gift card liability163 — — 163 
Current portion of long-term debt and finance leases112 — — 112 
Total current liabilities1,520 243 — 1,763 
Long-term debt, net of current portion12,881 — — 12,881 
Finance leases, net of current portion326 — — 326 
Operating lease liabilities, net of current portion1,053 — — 1,053 
Other liabilities, net1,477 — — 1,477 
Payables to affiliates243 — (243)— 
Deferred income taxes, net1,345 — — 1,345 
Total liabilities18,845 243 (243)18,845 
Partners’ capital:
Class A common units— 8,343 — 8,343 
Partnership exchangeable units— (3,599)— (3,599)
Common shares2,379 — (2,379)— 
Retained earnings2,365 — (2,365)— 
Accumulated other comprehensive income (loss)(838)(838)838 (838)
Total Partners' capital/shareholders' equity3,906 3,906 (3,906)3,906 
Noncontrolling interests3 3 (3)3 
Total equity3,909 3,909 (3,909)3,909 
Total liabilities and equity$22,754 $4,152 $(4,152)$22,754 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
(In millions of U.S. dollars)
As of December 31, 2021
 Consolidated BorrowersRBILPEliminationsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,087 $— $— $1,087 
Accounts and notes receivable, net547 — — 547 
Inventories, net96 — — 96 
Prepaids and other current assets86 — — 86 
Total current assets1,816 — — 1,816 
Property and equipment, net2,035 — — 2,035 
Operating lease assets. net1,130 — — 1,130 
Intangible assets, net11,417 — — 11,417 
Goodwill6,006 — — 6,006 
Net investment in property leased to franchisees80 — — 80 
Intercompany receivable— 241 (241)— 
Investment in subsidiaries— 3,853 (3,853)— 
Other assets, net762 — — 762 
Total assets$23,246 $4,094 $(4,094)$23,246 
LIABILITIES AND EQUITY
Current liabilities:
Accounts and drafts payable$614 $— $— $614 
Other accrued liabilities706 241 — 947 
Gift card liability221 — — 221 
Current portion of long-term debt and finance leases96 — — 96 
Total current liabilities1,637 241 — 1,878 
Long-term debt, net of current portion12,916 — — 12,916 
Finance leases, net of current portion333 — — 333 
Operating lease liabilities, net of current portion1,070 — — 1,070 
Other liabilities, net1,822 — — 1,822 
Payables to affiliates241 — (241)— 
Deferred income taxes, net1,374 — — 1,374 
Total liabilities19,393 241 (241)19,393 
Partners’ capital:
Class A common units— 8,421 — 8,421 
Partnership exchangeable units— (3,547)— (3,547)
Common shares2,635 — (2,635)— 
Retained earnings2,239 — (2,239)— 
Accumulated other comprehensive income (loss)(1,024)(1,024)1,024 (1,024)
Total Partners' capital/shareholders' equity3,850 3,850 (3,850)3,850 
Noncontrolling interests3 3 (3)3 
Total equity3,853 3,853 (3,853)3,853 
Total liabilities and equity$23,246 $4,094 $(4,094)$23,246 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)

Three Months Ended June 30, 2022
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$708 $— $— $708 
Franchise and property revenues676 — — 676 
Advertising revenues and other services255 — — 255 
Total revenues1,639 — — 1,639 
Operating costs and expenses:
Cost of sales584 — — 584 
Franchise and property expenses125 — — 125 
Advertising expenses and other services259 — — 259 
General and administrative expenses146 — — 146 
(Income) loss from equity method investments9 — — 9 
Other operating expenses (income), net(25)— — (25)
Total operating costs and expenses1,098 — — 1,098 
Income from operations541 — — 541 
Interest expense, net129 — — 129 
Income before income taxes412 — — 412 
Income tax expense66 — — 66 
Net income346 — — 346 
Equity in earnings of consolidated subsidiaries— 346 (346)— 
Net income (loss)346 346 (346)346 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$345 $345 $(345)$345 
Comprehensive income (loss)$327 $327 $(327)$327 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)

Six Months Ended June 30, 2022
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$1,317 $— $— $1,317 
Franchise and property revenues1,291 — — 1,291 
Advertising revenues and other services482 — — 482 
Total revenues3,090 — — 3,090 
Operating costs and expenses:
Cost of sales1,078 — — 1,078 
Franchise and property expenses255 — — 255 
Advertising expenses and other services506 — — 506 
General and administrative expenses279 — — 279 
(Income) loss from equity method investments22 — — 22 
Other operating expenses (income), net(41)— — (41)
Total operating costs and expenses2,099 — — 2,099 
Income from operations991 — — 991 
Interest expense, net256 — — 256 
Income before income taxes735 — — 735 
Income tax expense119 — — 119 
Net income616 — — 616 
Equity in earnings of consolidated subsidiaries— 616 (616)— 
Net income (loss)616 616 (616)616 
Net income (loss) attributable to noncontrolling interests2 2 (2)2 
Net income (loss) attributable to common unitholders$614 $614 $(614)$614 
Comprehensive income (loss)$802 $802 $(802)$802 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)

Three Months Ended June 30, 2021
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$590 $— $— $590 
Franchise and property revenues612 — — 612 
Advertising revenues and other services236 — — 236 
Total revenues1,438 — — 1,438 
Operating costs and expenses:
Cost of sales467 — — 467 
Franchise and property expenses121 — — 121 
Advertising expenses and other services243 — — 243 
General and administrative expenses108 — — 108 
(Income) loss from equity method investments3 — — 3 
Other operating expenses (income), net8 — — 8 
Total operating costs and expenses950 — — 950 
Income from operations488 — — 488 
Interest expense, net126 — — 126 
Income before income taxes362 — — 362 
Income tax expense (benefit)(29)— — (29)
Net income391 — — 391 
Equity in earnings of consolidated subsidiaries— 391 (391)— 
Net income (loss)391 391 (391)391 
Net income (loss) attributable to noncontrolling interests1 1 (1)1 
Net income (loss) attributable to common unitholders$390 $390 $(390)$390 
Comprehensive income (loss)$451 $451 $(451)$451 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
(In millions of U.S. dollars)

Six Months Ended June 30, 2021
Consolidated BorrowersRBILPEliminationsConsolidated
Revenues:
Sales$1,097 $— $— $1,097 
Franchise and property revenues1,160 — — 1,160 
Advertising revenues and other services441 441 
Total revenues2,698 — — 2,698 
Operating costs and expenses:
Cost of sales868 — — 868 
Franchise and property expenses237 — — 237 
Advertising expenses and other services480 — — 480 
General and administrative expenses212 — — 212 
(Income) loss from equity method investments5 — — 5 
Other operating expenses (income), net(34)— — (34)
Total operating costs and expenses1,768 — — 1,768 
Income from operations930 — — 930 
Interest expense, net250 — — 250 
Income before income taxes680 — — 680 
Income tax expense18 — — 18 
Net income662 — — 662 
Equity in earnings of consolidated subsidiaries— 662 (662)— 
Net income (loss)662 662 (662)662 
Net income (loss) attributable to noncontrolling interests2 2 (2)2 
Net income (loss) attributable to common unitholders$660 $660 $(660)$660 
Comprehensive income (loss)$925 $925 $(925)$925 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Six months ended June 30, 2022
Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$616 $616 $(616)$616 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (616)616 — 
Depreciation and amortization97 — — 97 
Amortization of deferred financing costs and debt issuance discount14 — — 14 
(Income) loss from equity method investments22 — — 22 
(Gain) loss on remeasurement of foreign denominated transactions(52)— — (52)
Net (gains) losses on derivatives27 — — 27 
Share-based compensation and non-cash incentive compensation expense59 — — 59 
Other2 — — 2 
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable4 — — 4 
Inventories and prepaids and other current assets(27)— — (27)
Accounts and drafts payable99 — — 99 
Other accrued liabilities and gift card liability(199)— — (199)
Tenant inducements paid to franchisees(6)— — (6)
Other long-term assets and liabilities13 — — 13 
Net cash provided by operating activities669 — — 669 
Cash flows from investing activities:
Payments for property and equipment(28)— — (28)
Net proceeds from disposal of assets, restaurant closures, and refranchisings10 — — 10 
Net payments in connection with purchase of Firehouse Subs(12)— — (12)
Settlement/sale of derivatives, net9 — — 9 
Other investing activities, net(25)— — (25)
Net cash (used for) provided by investing activities(46)— — (46)
Cash flows from financing activities:
Proceeds from long-term debt2 — — 2 
Repayments of long-term debt and finance leases(47)— — (47)
Distributions on Class A common and Partnership exchangeable units— (485)— (485)
Distribution to RBI for repurchase of RBI common shares— (326)— (326)
Capital contribution from RBI4 — — 4 
Distributions from subsidiaries(811)811 — — 
(Payments) proceeds from derivatives(6)— — (6)
Other financing activities, net(2)— — (2)
Net cash (used for) provided by financing activities(860)— — (860)
Effect of exchange rates on cash and cash equivalents(12)— — (12)
Increase (decrease) in cash and cash equivalents(249)— — (249)
Cash and cash equivalents at beginning of period1,087 — — 1,087 
Cash and cash equivalents at end of period$838 $— $— $838 
RESTAURANT BRANDS INTERNATIONAL LIMITED PARTNERSHIP AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
(In millions of U.S. dollars)
Six Months Ended June 30, 2021
Consolidated BorrowersRBILPEliminationsConsolidated
Cash flows from operating activities:
Net income$662 $662 $(662)$662 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in loss (earnings) of consolidated subsidiaries— (662)662 — 
Depreciation and amortization100 — — 100 
Amortization of deferred financing costs and debt issuance discount13 — — 13 
(Income) loss from equity method investments5 — — 5 
(Gain) loss on remeasurement of foreign denominated transactions(35)— — (35)
Net (gains) losses on derivatives42 — — 42 
Share-based compensation and non-cash incentive compensation expense46 — — 46 
Deferred income taxes24 — — 24 
Other(12)— — (12)
Changes in current assets and liabilities, excluding acquisitions and dispositions:
Accounts and notes receivable17 — — 17 
Inventories and prepaids and other current assets(5)— — (5)
Accounts and drafts payable103 — — 103 
Other accrued liabilities and gift card liability(129)— — (129)
Tenant inducements paid to franchisees(1)— — (1)
Other long-term assets and liabilities(85)— — (85)
Net cash provided by operating activities745 — — 745 
Cash flows from investing activities:
Payments for property and equipment(46)— — (46)
Net proceeds from disposal of assets, restaurant closures, and refranchisings14 — — 14 
Settlement/sale of derivatives, net1 — — 1 
Other investing activities, net(5)— — (5)
Net cash (used for) provided by investing activities(36)— — (36)
Cash flows from financing activities:
Repayments of long-term debt and finance leases(54)— — (54)
Distributions on Class A common and Partnership exchangeable units— (484)— (484)
Capital contribution from RBI56 — — 56 
Distributions from subsidiaries(484)484 — — 
(Payments) proceeds from derivatives(32)— — (32)
Other financing activities, net(2)— — (2)
Net cash (used for) provided by financing activities(516)— — (516)
Effect of exchange rates on cash and cash equivalents9 — — 9 
Increase (decrease) in cash and cash equivalents202 — — 202 
Cash and cash equivalents at beginning of period1,560 — — 1,560 
Cash and cash equivalents at end of period$1,762 $— $— $1,762