v3.26.3
Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Equity Equity
Pursuant to exchange notices received, Partnership exchanged 6,430,266 Partnership exchangeable units during the nine months ended September 30, 2026. In accordance with the applicable terms of the partnership agreement, Partnership satisfied the exchange notices by repurchasing 2,784,549 Partnership exchangeable units for approximately $214 million in cash and exchanging 3,645,717 Partnership exchangeable units for the same number of newly issued RBI common shares. Each such Partnership exchangeable unit was cancelled upon the settlement of 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 and nine months ended September 30, 2026, RBI repurchased 817,041 and 3,101,650 of common shares for $61 million and $232 million, respectively, excluding excise taxes. Of these repurchases, 28,010 common shares had not yet settled as of September 30, 2026 and therefore were not cancelled at that date. Repurchased shares are cancelled upon settlement. As of September 30, 2026, RBI had $768 million remaining under the 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— — (414)(414)
Net change in fair value of derivatives, net of tax225 — — 225 
Amounts reclassified to earnings of cash flow hedges, net of tax(44)— — (44)
Gain (loss) recognized on other, net of tax— (21)— (21)
Balance at September 30, 2026$650 $(44)$(2,194)$(1,588)