EXHIBIT 12
PEPSICO, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
Years Ended December 29, 2012, December 31, 2011, December 25, 2010,
December 26, 2009 and December 27, 2008
(in millions except ratio amounts)
 
 
  
2012


2011


2010


2009


2008

Earnings:
  













Income before income taxes
  
$
8,304


$
8,834


$
8,232


$
8,079


$
7,045

Unconsolidated affiliates’ interests, net
  
(34
)

(30
)

72


(301
)

(189
)
Amortization of capitalized interest
  
2


3


3


4


4

Interest expense(a)
  
899


856


903


397


329

Interest portion of rent expense(b)
  
194


196


175


137


119

 
  
 


 










Earnings available for fixed charges
  
$
9,365


$
9,859


$
9,385


$
8,316


$
7,308

 
  
 


 










Fixed Charges:
  

 






Interest expense(a)
  
$
899


$
856


$
903


$
397


$
329

Capitalized interest
  
5


10


6


3


14

Interest portion of rent expense(b)
  
194


196


175


137


119

 
  
 


 










Total fixed charges
  
$
1,098


$
1,062


$
1,084


$
537


$
462

 
  
 


 










Ratio of Earnings to Fixed Charges(c)
  
8.53


9.29


8.65


15.48


15.82

 
 
 
 
 
 
 
 
 
 
 
           
(a) Excludes interest related to our reserves for income taxes as such interest is included in provision for income taxes.
(b) One-third of net rent expense is the portion deemed representative of the interest factor.
(c) Based on unrounded amounts.