Analysis of Debt

YUM! Brands Inc., balance sheet: debt

US$ in millions

	Dec 26, 2015	Dec 27, 2014	Dec 28, 2013	Dec 29, 2012	Dec 31, 2011
Short-term borrowings	923)	267)	71)	10)	320)
Long-term debt	3,054)	3,077)	2,918)	2,932)	2,997)
Total debt obligations, including capital leases (carrying amount)	3,977)	3,344)	2,989)	2,942)	3,317)

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Debt item	Description	The company
Total debt obligations, including capital leases (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	YUM! Brands Inc. total debt increased from 2013 to 2014 and from 2014 to 2015.

	Dec 26, 2015
Selected Financial Data (US$ in millions)
Debt obligations, excluding capital leases	3,700)
Capital lease obligations	169)
Total debt obligations, including capital leases (fair value)	3,869)
Financial Ratio
Debt, fair value to carrying amount ratio	0.97

Weighted-average effective interest rate on debt: 5.45%

Interest rate	Debt amount¹	Interest rate × Debt amount
6.03%	300)	18)
6.36%	325)	21)
7.45%	325)	24)
5.59%	250)	14)
4.01%	350)	14)
3.88%	350)	14)
4.01%	325)	13)
5.42%	275)	15)
7.63%	169)	13)
Total	2,669)	145)
5.45%

¹ US$ in millions

² Weighted-average interest rate = 100 × 145 ÷ 2,669 = 5.45%

YUM! Brands Inc. (NYSE:YUM)