Exhibit 12.1
YUM! Brands, Inc.
Ratio of Earnings to Fixed Charges Years Ended 2005-2001
(in millions except ratio amounts)
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| 53 |
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| 2005 |
| 2004 |
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| 2003 |
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| 2002 |
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| 2001 | ||||||||||
Earnings: |
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Pretax income from continuing operations before cumulative effect of accounting changes |
| $ | 1,026 |
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| $ | 1,026 |
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| $ | 886 |
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| $ | 858 |
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| $ | 733 |
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50% or less owned Affiliates’ interests, net |
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| (8 | ) |
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| 2 |
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| 1 |
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| (7 | ) |
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| (7 | ) |
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Interest expense |
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| 148 |
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| 145 |
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| 185 |
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| 180 |
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| 172 |
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Interest portion of net rent expense |
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| 179 |
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| 164 |
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| 147 |
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| 111 |
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| 93 |
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Earnings available for fixed charges |
| $ | 1,345 |
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| $ | 1,337 |
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| $ | 1,219 |
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| $ | 1,142 |
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| $ | 991 |
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Interest expense |
| $ | 148 |
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| $ | 146 |
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| $ | 185 |
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| $ | 180 |
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| $ | 172 |
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Interest portion of net rent expense |
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| 179 |
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| 164 |
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| 147 |
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| 111 |
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| 93 |
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Total fixed charges |
| $ | 327 |
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| $ | 310 |
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| $ | 332 |
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| $ | 291 |
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| $ | 265 |
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| 4.11 |
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| 4.31 |
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| 3.67 |
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| 3.92 |
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| 3.74 |
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(a) | Included the impact of Wrench litigation income of $2 million in 2005 and $14 million in 2004 and expense of $42 million in 2003 and AmeriServe and other credits of $2 million in 2005, $16 million in 2004, $26 million in 2003, $27 million in 2002 and $3 million in 2001. Excluding the impact of the Wrench litigation expense and AmeriServe and other credits, the ratio of earnings to fixed charges would have been 4.10, 4.22, 3.72, 3.83, and 3.73 for the fiscal years ended 2005, 2004, 2003, 2002, and 2001, respectively. |