v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity Equity
During the three months ended March 31, 2026, Partnership exchanged 3,624 Partnership exchangeable units pursuant to exchange notices received. In accordance with the terms of the partnership agreement, Partnership satisfied the exchange notices by exchanging these Partnership exchangeable units for the same number of newly issued RBI common shares and each such Partnership exchangeable unit was cancelled concurrently with the exchange. Partnership exchangeable units exchanged for RBI common shares also result in the issuance of additional Class A common units to RBI in an amount equal to the number of RBI common shares exchanged. The issuances of shares were accounted for as capital contributions by RBI to Partnership. The exchanges of Partnership exchangeable units were recorded as increases to the Class A common units balance within partners’ capital in our condensed consolidated balance sheets in an amount equal to the market value of the newly issued RBI common shares and a reduction to the Partnership exchangeable units balance within partners’ capital of our condensed consolidated balance sheets in an amount equal to the cash paid by Partnership, if any, and the market value of the newly issued RBI common shares.
RBI Share Repurchases
On August 6, 2025, the RBI Board of Directors approved a share repurchase program that allows RBI to repurchase up to $1,000 million of RBI's common shares from September 15, 2025 through September 30, 2027. For the three months ended March 31, 2026, RBI repurchased 463,442 of RBI common shares for $34 million. Of these repurchases, 21,669 had not yet settled as of March 31, 2026 and therefore were not cancelled at that date. Share repurchases are cancelled upon settlement. As of March 31, 2026, RBI had $966 million remaining under the new share repurchase authorization. Pursuant to the terms of the partnership agreement, Partnership made a distribution to RBI on the Class A common units in an amount sufficient for RBI to fund such share repurchases.
Accumulated Other Comprehensive Income (Loss)
The following table displays the changes in the components of accumulated other comprehensive income (loss) (“AOCI”) (in millions):
DerivativesPensionsForeign Currency TranslationAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2025$469 $(23)$(1,780)$(1,334)
Foreign currency translation adjustment— — (164)(164)
Net change in fair value of derivatives, net of tax127 — — 127 
Amounts reclassified to earnings of cash flow hedges, net of tax(14)— — (14)
Gain (loss) recognized on other, net of tax— (4)— (4)
Balance at March 31, 2026$582 $(27)$(1,944)$(1,389)