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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.