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v3.3.1.900

Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013
Revenues |  |  |  |  |  |  |
Company sales |  | $ 11,145 |  | $ 11,324 |  | $ 11,184 |
Franchise and license fees and income |  | 1,960 |  | 1,955 |  | 1,900 |
Total revenues |  | 13,105 |  | 13,279 |  | 13,084 |
Company restaurants |  |  |  |  |  |  |
Food and paper |  | 3,507 |  | 3,678 |  | 3,669 |
Payroll and employee benefits |  | 2,517 |  | 2,579 |  | 2,499 |
Occupancy and other operating expenses |  | 3,335 |  | 3,425 |  | 3,333 |
Company restaurant expenses |  | 9,359 |  | 9,682 |  | 9,501 |
General and administrative expenses |  | 1,504 |  | 1,419 |  | 1,412 |
Franchise and license expenses |  | 242 |  | 160 |  | 158 |
Closures and impairment (income) expenses |  | 79 |  | 535 |  | 331 |
Refranchising (gain) loss |  | 10 |  | (33) |  | (100) |
Other (income) expense |  | (10) |  | (41) |  | (16) |
Total costs and expenses, net |  | 11,184 |  | 11,722 |  | 11,286 |
Operating Profit |  | 1,921 | [1] | 1,557 | [2] | 1,798 |
Interest expense, net | [3] | 134 |  | 130 |  | 247 | [4]
Income Before Income Taxes |  | 1,787 |  | 1,427 |  | 1,551 |
Income tax provision |  | 489 |  | 406 |  | 487 |
Net income - including noncontrolling interests |  | 1,298 |  | 1,021 |  | 1,064 |
Net Income (loss) - noncontrolling interests |  | 5 |  | (30) |  | (27) |
Net Income (loss) - YUM! Brands, Inc. |  | $ 1,293 |  | $ 1,051 |  | $ 1,091 |
Basic Earnings Per Common Share (in dollars per share) |  | $ 2.97 |  | $ 2.37 |  | $ 2.41 |
Diluted Earnings Per Common Share (in dollars per share) |  | 2.92 |  | 2.32 |  | 2.36 |
Dividends Declared Per Common Share (in dollars per share) |  | $ 1.74 |  | $ 1.56 |  | $ 1.41 |
[1] | Includes losses associated with refranchising of equity markets outside of the U.S. of $73 million, $20 million and $3 million in the second, third and fourth quarters, respectively, costs associated with the KFC U.S. Acceleration Agreement of $2 million, $8 million, $21 million and $41 million in the first, second, third and fourth quarters, respectively, and net U.S. refranchising gains of $7 million, $1 million, $16 million and $51 million in the first, second, third and fourth quarters, respectively. See Note 4.
[2] | Includes a non-cash charge of $463 million in the fourth quarter related primarily to the impairment of Little Sheep intangible assets. See Note 4.
[3] | Amounts have not been allocated to any segment for performance reporting purposes.
[4] | 2013 includes $118 million of premiums and other costs related to the extinguishment of debt. See Note 4.

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