EX-12 3 a10kexhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 10K Exhibit 12


EXHIBIT 12
PEPSICO, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
Years Ended December 28, 2013, December 29, 2012, December 31, 2011, December 25, 2010 and
December 26, 2009
(in millions except ratio amounts)
 
 
  
2013


2012


2011


2010


2009

Earnings:
  













Income before income taxes
  
$
8,891


$
8,304


$
8,834


$
8,232


$
8,079

Unconsolidated affiliates’ interests, net
  
(25
)

(34
)

(30
)

72


(301
)
Amortization of capitalized interest
  
5


2


3


3


4

Interest expense(a)
  
911


899


856


903


397

Interest portion of rent expense(b)
  
213


194


196


175


137

 
  
 


 










Earnings available for fixed charges
  
$
9,995


$
9,365


$
9,859


$
9,385


$
8,316

 
  
 


 










Fixed Charges:
  

 






Interest expense(a)
  
$
911


$
899


$
856


$
903


$
397

Capitalized interest
  
7


5


10


6


3

Interest portion of rent expense(b)
  
213


194


196


175


137

 
  
 


 










Total fixed charges
  
$
1,131


$
1,098


$
1,062


$
1,084


$
537

 
  
 


 










Ratio of Earnings to Fixed Charges(c)
  
8.84


8.53


9.29


8.65


15.48

 
 
 
 
 
 
 
 
 
 
 
        
(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.