Restaurant Brands International Limited Partnership
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Item 8. Consolidated Statements of Cash Flows
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $1,718 | $1,482 | $1,253 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 191 | 190 | 201 |
| Premiums paid and non-cash loss on early extinguishment of debt | 5 | — | 11 |
| Amortization of deferred financing costs and debt issuance discount | 27 | 28 | 27 |
| (Income) loss from equity method investments | (8) | 44 | 4 |
| Loss (gain) on remeasurement of foreign denominated transactions | 20 | (4) | (76) |
| Net (gains) losses on derivatives | (151) | (9) | 87 |
| Share-based compensation and non-cash incentive compensation expense | 194 | 136 | 102 |
| Deferred income taxes | (430) | (60) | (5) |
| Other | 26 | 19 | (16) |
| Changes in current assets and liabilities, excluding acquisitions and dispositions: | |||
| Accounts and notes receivable | (147) | (110) | 8 |
| Inventories and prepaids and other current assets | (43) | (61) | 12 |
| Accounts and drafts payable | 22 | 169 | 149 |
| Other accrued liabilities and gift card liability | 9 | 37 | 67 |
| Tenant inducements paid to franchisees | (32) | (26) | (20) |
| Other long-term assets and liabilities | (78) | (345) | (78) |
| Net cash provided by operating activities | 1,323 | 1,490 | 1,726 |
| Cash flows from investing activities: | |||
| Payments for property and equipment | (120) | (100) | (106) |
| Net proceeds from disposal of assets, restaurant closures and refranchisings | 37 | 12 | 16 |
| Net payment for purchase of Firehouse Subs, net of cash acquired | — | (12) | (1,004) |
| Settlement/sale of derivatives, net | 112 | 71 | 5 |
| Other investing activities, net | (18) | (35) | (14) |
| Net cash provided by (used for) investing activities | 11 | (64) | (1,103) |
| Cash flows from financing activities: | |||
| Proceeds from long-term debt | 55 | 2 | 1,335 |
| Repayments of long-term debt and finance leases | (92) | (94) | (889) |
| Payment of financing costs | (44) | — | (19) |
| Distributions on Class A common and Partnership exchangeable units | (990) | (971) | (974) |
| Distributions to RBI for repurchase of RBI common shares | (500) | (326) | (551) |
| Capital contribution from RBI | 60 | 51 | 60 |
| Proceeds (payments) from derivatives | 141 | 34 | (51) |
| Other financing activities, net | (4) | (3) | (4) |
| Net cash used for financing activities | (1,374) | (1,307) | (1,093) |
| Effect of exchange rates on cash and cash equivalents | 1 | (28) | (3) |
| (Decrease) increase in cash and cash equivalents | (39) | 91 | (473) |
| Cash and cash equivalents at beginning of period | 1,178 | 1,087 | 1,560 |
| Cash and cash equivalents at end of period | $1,139 | $1,178 | $1,087 |
| Supplemental cash flow disclosures: | |||
| Interest paid | $761 | $487 | $404 |
| Income taxes paid, net | $290 | $275 | $256 |
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