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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| Weeks |
| 52 Weeks |
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| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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Earnings: |
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Pretax income from continuing operations before cumulative effect of accounting changes |
| $ | 1,026 |
| $ | 1,026 |
| $ | 886 |
| $ | 858 |
| $ | 733 |
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50% or less owned Affiliates’ interests, net |
| (8 | ) | 2 |
| 1 |
| (7 | ) | (7 | ) | |||||
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Interest expense |
| 148 |
| 145 |
| 185 |
| 180 |
| 172 |
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Interest portion of net rent expense |
| 179 |
| 164 |
| 147 |
| 111 |
| 93 |
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Earnings available for fixed charges |
| $ | 1,345 |
| $ | 1,337 |
| $ | 1,219 |
| $ | 1,142 |
| $ | 991 |
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Fixed Charges: |
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Interest expense |
| $ | 148 |
| $ | 146 |
| $ | 185 |
| $ | 180 |
| $ | 172 |
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Interest portion of net rent expense |
| 179 |
| 164 |
| 147 |
| 111 |
| 93 |
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Total fixed charges |
| $ | 327 |
| $ | 310 |
| $ | 332 |
| $ | 291 |
| $ | 265 |
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Ratio of earnings to fixed charges (a) |
| 4.11 |
| 4.31 |
| 3.67 |
| 3.92 |
| 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.
