Exhibit 12.1
YUM! Brands Inc.
Ratio of Earnings to Fixed Charges Years Ended 2013 - 2008
(In millions except ratio amounts)
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| 12 Weeks |
| 52 Weeks |
| 53 Weeks |
| 52 Weeks |
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| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Earnings: |
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Pretax income from continuing operations before cumulative effect of accounting changes |
| $ | 456 |
| $ | 2,145 |
| $ | 1,659 |
| $ | 1,594 |
| $ | 1,396 |
| $ | 1,291 |
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50% or less owned Affiliates’ interests, net |
| (6 | ) | (6 | ) | (8 | ) | (7 | ) | (1 | ) | (1 | ) | ||||||
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Interest Expense |
| 35 |
| 181 |
| 203 |
| 212 |
| 229 |
| 273 |
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Interest portion of net rent expense |
| 83 |
| 341 |
| 314 |
| 298 |
| 276 |
| 258 |
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Earnings available for fixed charges |
| $ | 568 |
| $ | 2,661 |
| $ | 2,168 |
| $ | 2,097 |
| $ | 1,900 |
| $ | 1,821 |
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Fixed Charges: |
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Interest Expense |
| $ | 36 |
| $ | 182 |
| $ | 204 |
| $ | 213 |
| $ | 230 |
| $ | 273 |
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Interest portion of net rent expense |
| 83 |
| 341 |
| 314 |
| 298 |
| 276 |
| 258 |
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Total fixed charges |
| $ | 119 |
| $ | 523 |
| $ | 518 |
| $ | 511 |
| $ | 506 |
| $ | 531 |
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Ratio of earnings to fixed charges |
| 4.77 |
| 5.09 |
| 4.19 |
| 4.10 |
| 3.75 |
| 3.43 |
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