EX-12.1 6 yum-12272014xex121.htm EXHIBIT 12.1 YUM-12.27.2014-EX12.1


Exhibit 12.1
YUM! Brands, Inc.
Ratio of Earnings to Fixed Charges Years Ended 2014 - 2010
(In millions except ratio amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
52 Weeks
 
53 Weeks
 
52 Weeks
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before cumulative effect of accounting changes
 
$
1,427

 
$
1,551

 
$
2,145

 
$
1,659

 
$
1,594

 
 
 
 
 
 
 
 
 
 
 
50% or less owned Affiliates' interests, net
 
(2
)
 
17

 
(6
)
 
(8
)
 
(7
)
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
159

 
279

 
181

 
203

 
212

 
 
 
 
 
 
 
 
 
 
 
Interest portion of net rent expense
 
219

 
359

 
341

 
314

 
298

 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges
 
$
1,803

 
$
2,206

 
$
2,661

 
$
2,168

 
$
2,097

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
161

 
$
281

 
$
182

 
$
204

 
$
213

Interest portion of net rent expense
 
219

 
359

 
341

 
314

 
298

 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
380

 
$
640

 
$
523

 
$
518

 
$
511

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
4.74

 
3.45

 
5.09

 
4.19

 
4.10