EX-12.1 3 yum-12312017xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
YUM! Brands, Inc.
Ratio of Earnings to Fixed Charges Years Ended 2017 - 2013
(In millions except ratio amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
52 Weeks
 
53 Weeks
 
52 Weeks
 
 
2017
 
2016
(As Restated)
 
2015
(As Restated)
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before cumulative effect of accounting changes
 
$
2,274

 
$
1,345

 
$
1,253

 
$
1,374

 
$
1,279

 
 
 
 
 
 
 
 
 
 
 
50% or less owned Affiliates' interests, net
 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
478

 
330

 
158

 
162

 
282

 
 
 
 
 
 
 
 
 
 
 
Interest portion of net rent expense
 
40

 
50

 
57

 
62

 
64

 
 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges
 
$
2,792

 
$
1,725

 
$
1,468

 
$
1,598

 
$
1,625

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
478

 
$
330

 
$
158

 
$
164

 
$
283

Interest portion of net rent expense
 
40

 
50

 
57

 
62

 
64

 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
518

 
$
380

 
$
215

 
$
226

 
$
347

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
5.39

 
4.54

 
6.83

 
7.07

 
4.68