XML 56 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 29, 2012
Dec. 31, 2011
Dec. 25, 2010
Revenues      
Company sales $ 11,833 $ 10,893 $ 9,783
Franchise and license fees and income 1,800 1,733 1,560
Total revenues 13,633 12,626 11,343
Company restaurants      
Food and paper 3,874 3,633 3,091
Payroll and employee benefits 2,620 2,418 2,172
Occupancy and other operating expenses 3,358 3,089 2,857
Company restaurant expenses 9,852 9,140 8,120
General and administrative expenses 1,510 1,372 1,277
Franchise and license expenses 133 145 110
Closures and impairment (income) expenses 37 135 47
Refranchising (gain) loss (78) 72 63
Other (income) expense (115) (53) (43)
Total costs and expenses, net 11,339 10,811 9,574
Operating Profit 2,294 [1],[2],[3],[4],[5] 1,815 [2],[3],[4],[6],[7] 1,769 [2],[3],[4]
Interest expense, net 149 156 175
Income Before Income Taxes 2,145 [2],[3],[4],[5] 1,659 [2],[3],[4],[7] 1,594 [2],[3],[4]
Income tax provision 537 324 416
Net Income - including noncontrolling interest 1,608 1,335 1,178
Net Income - noncontrolling interest 11 16 20
Net Income - YUM! Brands, Inc. $ 1,597 $ 1,319 $ 1,158
Basic Earnings Per Common Share (in dollars per share) $ 3.46 $ 2.81 $ 2.44
Diluted Earnings Per Common Share (in dollars per share) $ 3.38 $ 2.74 $ 2.38
Dividends Declared Per Common Share (in dollars per share) $ 1.24 $ 1.07 $ 0.92
[1] Includes a non-cash gain recognized upon acquisition of Little Sheep of $74 million in the first quarter, refranchising losses associated with the Pizza Hut UK dine-in business of $24 million and $46 million in the first and fourth quarters, respectively, net U.S. refranchising gains of $45 million and $69 million in the first and fourth quarters, respectively and the YUM Retirement Plan settlement charge of $84 million in the fourth quarter. See Note 4 for further discussion.
[2] Includes equity income from investments in unconsolidated affiliates of $47 million, $47 million and $42 million in 2012, 2011 and 2010, respectively, for China.
[3] 2012, 2011 and 2010 include depreciation reductions arising from the impairment of KFC restaurants we offered to sell of $3 million, $10 million and $9 million, respectively. 2012 and 2011 include depreciation reductions arising from the impairment of Pizza Hut UK restaurants we decided to sell in 2011 of $13 million and $3 million, respectively. See Note 4.
[4] 2012 includes the YUM Retirement Plan settlement charge of $84 million. 2012, 2011 and 2010 include approximately $5 million, $21 million and $9 million, respectively, of charges relating to U.S. general and administrative productivity initiatives and realignment of resources. See Note 4.
[5] 2012 includes gain upon acquisition of Little Sheep of $74 million. See Note 4.
[6] Includes losses related to the LJS and A&W divestitures of $68 million and $17 million in the first and third quarters, respectively and a refranchising loss associated with the Pizza Hut UK dine-in business of $76 million in the third quarter. The fourth quarter of 2011 also includes the $25 million impact of the 53rd week in 2011. See Note 4 for further discussion.
[7] 2011 represents net losses resulting from the LJS and A&W divestitures. See Note 4.