EXHIBIT 12
PEPSICO, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(in millions except ratio amounts, unaudited)
| 24 Weeks Ended | ||||||||
| 6/16/12 | 6/11/11 | |||||||
| Earnings: |
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| Income before income taxes |
$ | 3,716 | $ | 4,138 | ||||
| Unconsolidated affiliates’ interests, net |
(1 | ) | (35 | ) | ||||
| Amortization of capitalized interest |
1 | 1 | ||||||
| Interest expense (a) |
407 | 379 | ||||||
| Interest portion of rent expense (b) |
96 | 86 | ||||||
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| Earnings available for fixed charges |
$ | 4,219 | $ | 4,569 | ||||
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| Fixed Charges: |
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| Interest expense (a) |
$ | 407 | $ | 379 | ||||
| Capitalized interest |
2 | 5 | ||||||
| Interest portion of rent expense (b) |
96 | 86 | ||||||
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| Total fixed charges |
$ | 505 | $ | 470 | ||||
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| Ratio of Earnings to Fixed Charges (c) |
8.36 | 9.73 | ||||||
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| (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. |