EXHIBIT 12
PEPSICO, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(in millions except ratio amounts, unaudited)
| 36 Weeks Ended | ||||
| 9/3/05 |
9/4/04 | |||
| Earnings: |
||||
| Income before income taxes |
$4,840 | $4,276 | ||
| Unconsolidated affiliates’ interests, net |
(272) | (246) | ||
| Amortization of capitalized interest |
6 | 6 | ||
| Interest expense |
161 | 113 | ||
| Interest portion of rent expense (a) |
60 | 56 | ||
| Earnings available for fixed charges |
$4,795 | $4,205 | ||
| Fixed Charges: |
||||
| Interest expense |
$ 161 | $ 113 | ||
| Capitalized interest |
3 | 1 | ||
| Interest portion of rent expense (a) |
60 | 56 | ||
| Total fixed charges |
$ 224 | $ 170 | ||
| Ratio of Earnings to Fixed Charges (b) |
21.43 | 24.70 | ||
| (a) |
One-third of net rent expense is the portion deemed representative of the interest factor. |
| (b) |
Based on unrounded amounts. |