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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 727 $ 628
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 108 95
Non-cash loss on early extinguishment of debt 22 0
Amortization of deferred financing costs and debt issuance discount 12 14
(Income) loss from equity method investments (72) 18
(Gain) loss on remeasurement of foreign denominated transactions (29) 7
Net (gains) losses on derivatives (91) (72)
Share-based compensation and non-cash incentive compensation expense 87 92
Deferred income taxes 10 (40)
Other 5 (6)
Changes in current assets and liabilities, excluding acquisitions and dispositions:    
Accounts and notes receivable 9 (29)
Inventories and prepaids and other current assets 14 (45)
Accounts and drafts payable (70) (31)
Other accrued liabilities and gift card liability (210) (135)
Tenant inducements paid to franchisees (11) (9)
Other long-term assets and liabilities (29) 0
Net cash provided by operating activities 482 487
Cash flows from investing activities:    
Payments for property and equipment (69) (48)
Net proceeds from disposal of assets, restaurant closures, and refranchisings 7 13
Payment for purchase of Carrols Restaurant Group, net of cash acquired (508) 0
Net payments for acquisition of franchised restaurants (23) 0
Settlement/sale of derivatives, net 35 28
Other investing activities, net (1) (1)
Net cash (used for) provided by investing activities (559) (8)
Cash flows from financing activities:    
Proceeds from long-term debt 1,950 2
Repayments of long-term debt and finance leases (1,639) (68)
Payment of financing costs (32) 0
Payment of common share dividends and Partnership exchangeable unit distributions (506) (492)
Proceeds from stock option exercises 60 49
Proceeds from derivatives 57 63
Other financing activities, net (2) (2)
Net cash used for financing activities (112) (448)
Effect of exchange rates on cash and cash equivalents (8) 4
(Decrease) increase in cash and cash equivalents (197) 35
Cash and cash equivalents at beginning of period 1,139 1,178
Cash and cash equivalents at end of period 942 1,213
Supplemental cash flow disclosures:    
Interest paid 390 380
Income taxes paid $ 186 $ 146