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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:                
Total revenues $ 1,837     $ 1,726     $ 5,202 $ 4,816
Operating costs and expenses:                
Cost of sales 630     615     1,792 1,693
Franchise and property expenses 119     137     372 392
Advertising expenses and other services 326     276     909 782
General and administrative expenses 169     156     507 435
(Income) loss from equity method investments 1     8     19 30
Other operating expenses (income), net 10     (27)     20 (68)
Total operating costs and expenses 1,255     1,165     3,619 3,264
Income from operations 582     561     1,583 1,552
Interest expense, net 143     133     430 389
Loss on early extinguishment of debt 16     0     16 0
Income before income taxes 423     428     1,137 1,163
Income tax expense (benefit) 59     (102)     145 17
Net income 364 $ 351 $ 277 530 $ 346 $ 270 992 1,146
Net income attributable to noncontrolling interests 1     1     3 3
Net income attributable to common unitholders 363     529     989 1,143
Class A common units                
Operating costs and expenses:                
Net income attributable to common unitholders $ 252     $ 360     $ 682 $ 779
Earnings per unit - basic and diluted                
Earnings per unit, basic (in usd per share) $ 1.25     $ 1.78     $ 3.38 $ 3.86
Earnings per unit, diluted (in usd per share) $ 1.25     $ 1.78     $ 3.38 $ 3.86
Weighted average units outstanding - basic and diluted (in millions):                
Weighted average number of unit outstanding, basic (in shares) 202     202     202 202
Weighted average number of units outstanding, diluted (in shares) 202     202     202 202
Partnership exchangeable units                
Operating costs and expenses:                
Net income attributable to common unitholders $ 111     $ 169     $ 307 $ 364
Earnings per unit - basic and diluted                
Earnings per unit, basic (in usd per share) $ 0.80     $ 1.18     $ 2.18 $ 2.53
Earnings per unit, diluted (in usd per share) $ 0.80     $ 1.18     $ 2.18 $ 2.53
Weighted average units outstanding - basic and diluted (in millions):                
Weighted average number of unit outstanding, basic (in shares) 139     143     141 144
Weighted average number of units outstanding, diluted (in shares) 139     143     141 144
Sales                
Revenues:                
Total revenues $ 771     $ 759     $ 2,183 $ 2,076
Franchise and property revenues                
Revenues:                
Total revenues 753     698     2,163 1,989
Advertising revenues and other services                
Revenues:                
Total revenues $ 313     $ 269     $ 856 $ 751