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, unaudited)
 
 
36 Weeks Ended
 
  
9/7/2013

 
9/8/2012

Earnings:
  
 
 
 
Income before income taxes
  
$
6,727

 
$
6,335

Unconsolidated affiliates’ interests, net
  
(30
)
 
(18
)
Amortization of capitalized interest
  
4

 
2

Interest expense (a)
  
642

 
611

Interest portion of rent expense (b)
  
142

 
144

Earnings available for fixed charges
  
$
7,485

 
$
7,074

 
  
 

 
 

Fixed Charges:
  
 
Interest expense (a)
  
$
642

 
$
611

Capitalized interest
  
4

 
4

Interest portion of rent expense (b)
  
142

 
144

Total fixed charges
  
$
788

 
$
759

 
 
 
 
 
Ratio of Earnings to Fixed Charges (c)
  
9.50

 
9.32

(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.