EX-12.1 3 a06-8223_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

Exhibit 12.1

 

YUM! Brands, Inc.

Ratio of Earnings to Fixed Charges Years Ended 2005-2001

(in millions except ratio amounts)

 

 

 

53

 

 

 

 

 

 

 

 

 

 

 

Weeks

 

52 Weeks

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before cumulative effect of accounting changes

 

$

1,026

 

$

1,026

 

$

886

 

$

858

 

$

733

 

 

 

 

 

 

 

 

 

 

 

 

 

50% or less owned Affiliates’ interests, net

 

(8

)

2

 

1

 

(7

)

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

148

 

145

 

185

 

180

 

172

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of net rent expense

 

179

 

164

 

147

 

111

 

93

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

1,345

 

$

1,337

 

$

1,219

 

$

1,142

 

$

991

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

148

 

$

146

 

$

185

 

$

180

 

$

172

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of net rent expense

 

179

 

164

 

147

 

111

 

93

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

327

 

$

310

 

$

332

 

$

291

 

$

265

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a)

 

4.11

 

4.31

 

3.67

 

3.92

 

3.74

 

 

(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.