EX-12 2 exhibit1211.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 (1) (1)


EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges
PepsiCo, Inc. and Subsidiaries
(in millions except ratio amounts, unaudited)
 
 
24 Weeks Ended
 
  
6/14/14

 
6/15/13

Earnings:
  
 
 
 
Income before income taxes
  
$
4,321

 
$
4,150

Unconsolidated affiliates’ interests, net
  
(75
)
 
(44
)
Amortization of capitalized interest
  
3

 
2

Interest expense (a)
  
410

 
422

Interest portion of rent expense (b)
  
104

 
95

Earnings available for fixed charges
  
$
4,763

 
$
4,625

 
  
 

 
 

Fixed Charges:
  
 
Interest expense (a)
  
$
410

 
$
422

Capitalized interest
  
4

 
2

Interest portion of rent expense (b)
  
104

 
95

Total fixed charges
  
$
518

 
$
519

 
 
 
 
 
Ratio of Earnings to Fixed Charges (c)
  
9.19

 
8.91

(a)   Excludes interest related to our reserves for income taxes as such interest is included in provision for income taxes.
(b)   One-third of rent expense is the portion deemed representative of the interest factor.
(c)   Based on unrounded amounts.