EX-12.1 2 yum-12312016xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
YUM! Brands, Inc.
Ratio of Earnings to Fixed Charges Years Ended 2016 - 2012
(In millions except ratio amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53 Weeks
 
52 Weeks
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before cumulative effect of accounting changes
 
$
1,318

 
$
1,261

 
$
1,374

 
$
1,279

 
$
1,251

 
 
 
 
 
 
 
 
 
 
 
50% or less owned Affiliates' interests, net
 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
331

 
157

 
162

 
282

 
193

 
 
 
 
 
 
 
 
 
 
 
Interest portion of net rent expense
 
50

 
57

 
62

 
64

 
72

 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges
 
$
1,699

 
$
1,475

 
$
1,598

 
$
1,625

 
$
1,516

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
331

 
$
157

 
$
164

 
$
283

 
$
193

Interest portion of net rent expense
 
50

 
57

 
62

 
64

 
72

 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
381

 
$
214

 
$
226

 
$
347

 
$
265

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
4.46

 
6.89

 
7.07

 
4.68

 
5.72