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YUM! Brands Inc. (NYSE:YUM)

This company has been moved to the archive! The financial data has not been updated since October 11, 2016.

Common-Size Balance Sheet: Assets
Quarterly Data

YUM! Brands Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 3, 2016 Jun 11, 2016 Mar 19, 2016 Dec 26, 2015 Sep 5, 2015 Jun 13, 2015 Mar 21, 2015 Dec 27, 2014 Sep 6, 2014 Jun 14, 2014 Mar 22, 2014 Dec 28, 2013 Sep 7, 2013 Jun 15, 2013 Mar 23, 2013 Dec 29, 2012 Sep 8, 2012 Jun 16, 2012 Mar 24, 2012 Dec 31, 2011 Sep 3, 2011 Jun 11, 2011 Mar 19, 2011
Cash and cash equivalents 27.66 9.71 11.36 9.13 10.37 7.67 8.13 6.93 7.46 6.78 8.43 6.59 8.63 5.71 8.52 8.61 10.50 10.72 11.76 13.56 14.46 11.64 18.15
Accounts and notes receivable, net 4.22 4.83 5.08 4.67 4.27 4.22 4.49 3.89 4.06 4.00 4.07 3.67 3.99 4.02 4.11 3.34 3.37 3.52 3.65 3.24 3.29 3.59 3.69
Inventories 2.44 3.12 2.55 2.84 2.77 3.36 3.32 3.61 2.90 3.20 2.96 3.38 3.44 3.64 3.22 3.47 3.24 3.32 3.11 3.09 2.18 2.11 1.85
Prepaid expenses and other current assets 2.75 4.06 3.39 3.00 2.99 3.33 3.12 3.04 2.46 2.62 2.73 3.17 2.67 2.72 2.54 3.02 3.60 4.25 4.57 3.83 5.45 2.83 3.13
Short-term investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.55 2.66 0.00 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred income taxes 0.00 0.00 0.00 0.00 1.36 1.25 1.17 1.11 1.32 1.46 1.46 1.41 1.33 1.31 1.49 1.23 1.20 1.36 1.37 1.27 0.89 0.78 0.70
Advertising cooperative assets, restricted 1.30 1.25 1.48 1.28 1.35 1.01 1.24 1.14 0.80 0.65 1.13 1.10 0.92 0.92 1.34 1.51 1.26 1.13 1.49 1.29 1.24 1.49 1.39
Current assets 38.37% 22.96% 23.88% 20.90% 23.10% 20.85% 21.47% 19.72% 22.56% 21.36% 20.78% 19.45% 20.96% 18.31% 21.22% 21.19% 23.17% 24.31% 25.96% 26.27% 27.50% 22.43% 28.91%
Property, plant and equipment, net 38.44 50.05 50.01 51.88 51.32 52.71 52.67 53.90 48.82 50.23 50.29 51.28 48.76 48.52 47.60 47.16 45.90 44.70 43.25 45.76 45.29 47.61 45.72
Goodwill 6.09 7.93 7.83 8.12 8.11 8.25 8.24 8.39 9.65 9.93 10.12 10.22 10.10 12.67 11.47 11.47 11.21 11.01 10.30 7.71 7.86 8.19 7.94
Intangible assets, net 2.47 3.23 3.22 3.36 3.46 3.54 3.60 3.81 6.78 6.98 7.27 7.34 7.38 8.18 7.75 7.66 7.95 7.99 8.68 3.38 3.35 4.96 4.84
Investments in unconsolidated affiliates 0.61 0.56 0.44 0.76 0.64 0.47 0.39 0.62 0.63 0.56 0.46 0.61 0.48 0.33 0.35 0.80 0.65 0.46 0.35 1.89 1.85 1.74 1.60
Restricted cash 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.40 3.51 3.66 0.00
Other assets 5.39 6.45 6.08 6.61 6.59 6.68 6.59 6.71 6.11 6.32 6.47 6.51 6.49 6.52 6.38 6.38 5.88 5.58 5.68 5.38 5.68 6.29 6.02
Deferred income taxes 8.63 8.82 8.54 8.37 6.78 7.50 7.06 6.84 5.45 4.62 4.61 4.59 5.82 5.48 5.23 5.34 5.25 5.96 5.78 6.21 4.96 5.13 4.97
Noncurrent assets 61.63% 77.04% 76.12% 79.10% 76.90% 79.15% 78.53% 80.28% 77.44% 78.64% 79.22% 80.55% 79.04% 81.69% 78.78% 78.81% 76.83% 75.69% 74.04% 73.73% 72.50% 77.57% 71.09%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2016-09-03), 10-Q (reporting date: 2016-06-11), 10-Q (reporting date: 2016-03-19), 10-K (reporting date: 2015-12-26), 10-Q (reporting date: 2015-09-05), 10-Q (reporting date: 2015-06-13), 10-Q (reporting date: 2015-03-21), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-06), 10-Q (reporting date: 2014-06-14), 10-Q (reporting date: 2014-03-22), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-07), 10-Q (reporting date: 2013-06-15), 10-Q (reporting date: 2013-03-23), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-08), 10-Q (reporting date: 2012-06-16), 10-Q (reporting date: 2012-03-24), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-03), 10-Q (reporting date: 2011-06-11), 10-Q (reporting date: 2011-03-19).

The asset composition exhibits a significant shift in liquidity and capital allocation over the observed period, characterized by a period of increasing capital intensity followed by a sharp pivot toward liquid assets in the final quarter.

Liquidity and Current Asset Trends
Current assets generally declined from 28.91% in March 2011 to a low of 18.31% in June 2013. This decline was primarily driven by a reduction in cash and cash equivalents, which fell from 18.15% to 5.71% during the same window. However, a substantial reversal is observed in September 2016, where current assets surged to 38.37%, driven almost entirely by cash and cash equivalents rising to 27.66%.
Fixed Asset and Long-term Investment Dynamics
Property, plant, and equipment, net, demonstrated a steady increase from 45.72% in March 2011, peaking at 53.90% in December 2014. This suggests a period of sustained investment in physical infrastructure. This trend reversed sharply in September 2016, with the share of fixed assets dropping to 38.44%, coinciding with the surge in liquid assets.
Intangible Assets and Goodwill
Goodwill and intangible assets showed volatile patterns. Goodwill rose from 7.94% in March 2011 to a peak of 12.67% in June 2013 before trending downward to 6.09% by September 2016. Net intangible assets experienced a similar spike in 2012, reaching 8.68% in March 2012, before declining steadily to 2.47% by the end of the period.
Deferred Tax Assets
A consistent upward trend is observed in noncurrent deferred income taxes, which increased from 4.97% in March 2011 to 8.63% in September 2016, indicating a growing proportion of the balance sheet dedicated to future tax benefits.

Overall, the balance sheet transitioned from a balanced structure to one heavily weighted toward noncurrent assets, peaking at 81.69% in June 2013, and finally to a more liquid position by late 2016. The dramatic shift in the final quarter suggests a major corporate event, such as a significant asset sale or a substantial capital raise, that fundamentally altered the common-size asset distribution.

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