EX-12 2 exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12


EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges
PepsiCo, Inc. and Subsidiaries
(in millions except ratio amounts)
 
 
12 Weeks Ended
 
  
3/23/2013

 
3/24/2012

Earnings:
  
 
 
 
Income before income taxes
  
$
1,471

 
$
1,547

Unconsolidated affiliates’ interests, net
  
(28
)
 
(6
)
Interest expense (a)
  
214

 
198

Interest portion of rent expense (b)
  
47

 
49

Earnings available for fixed charges
  
$
1,704

 
$
1,788

 
  
 

 
 

Fixed Charges:
  
 
Interest expense (a)
  
$
214

 
$
198

Capitalized interest
  
1

 
1

Interest portion of rent expense (b)
  
47

 
49

Total fixed charges
  
$
262

 
$
248

 
 
 
 
 
Ratio of Earnings to Fixed Charges (c)
  
6.49

 
7.22

(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.