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