EX-12.1 2 yum-12292012xex121.htm EXHIBIT 12.1 YUM-12.29.2012-EX12.1


Exhibit 12.1
YUM! Brands, Inc.
Ratio of Earnings to Fixed Charges Years Ended 2012 - 2008
(In millions except ratio amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
52 Weeks
 
53 Weeks
 
52 Weeks
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before cumulative effect of accounting changes
 
$
2,145

 
$
1,659

 
$
1,594

 
$
1,396

 
$
1,291

 
 
 
 
 
 
 
 
 
 
 
50% or less owned Affiliates' interests, net
 
(6
)
 
(8
)
 
(7
)
 
(1
)
 
(1
)
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
181

 
203

 
212

 
229

 
273

 
 
 
 
 
 
 
 
 
 
 
Interest portion of net rent expense
 
341

 
314

 
298

 
276

 
258

 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges
 
$
2,661

 
$
2,168

 
$
2,097

 
$
1,900

 
$
1,821

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
182

 
$
204

 
$
213

 
$
230

 
$
273

Interest portion of net rent expense
 
341

 
314

 
298

 
276

 
258

 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
523

 
$
518

 
$
511

 
$
506

 
$
531

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
5.09

 
4.19

 
4.10

 
3.75

 
3.43