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. |