EXHIBIT 12

 

PEPSICO, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(in millions except ratio amounts, unaudited)

 

     12 Weeks Ended

 
     3/25/06

    3/19/05

 

Earnings:

            

Income before income taxes

   $1,415     $1,285  

Unconsolidated affiliates interests, net

   (41 )   (35 )

Amortization of capitalized interest

   1     1  

Interest expense

   62     50  

Interest portion of rent expense (a)

   19     20  
    

 

Earnings available for fixed charges

   $1,456     $1,321  
    

 

Fixed Charges:

            

Interest expense

   $    62     $    50  

Capitalized interest

   3     1  

Interest portion of rent expense (a)

   19     20  
    

 

Total fixed charges

   $    84     $    71  
    

 

Ratio of Earnings to Fixed Charges (b)

   17.43     18.61  
    

 

 

(a)

One-third of net rent expense is the portion deemed representative of the interest factor.

(b)

Based on unrounded amounts.