EXHIBIT 12

PEPSICO, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(in millions except ratio amounts, unaudited)

 

     36 Weeks Ended  
     9/9/06     9/3/05  

Earnings:

    

Income before income taxes

   $ 5,349     $ 4,840  

Unconsolidated affiliates interests, net

     (272 )     (272 )

Amortization of capitalized interest

     4       6  

Interest expense

     172       161  

Interest portion of rent expense (a)

     56       60  
                

Earnings available for fixed charges

   $ 5,309     $ 4,795  
                

Fixed Charges:

    

Interest expense

   $ 172     $ 161  

Capitalized interest

     11       3  

Interest portion of rent expense (a)

     56       60  
                

Total fixed charges

   $ 239     $ 224  
                

Ratio of Earnings to Fixed Charges (b)

     22.23       21.43  
                

 

 

(a)

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

 

(b)

Based on unrounded amounts.