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

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 |