EX-12 3 dex12.htm COMPUTATION RATIO OF EARNINGS TO FIXED CHARGES Computation Ratio of Earnings to Fixed Charges

 

EXHIBIT 12

 

PEPSICO, INC. AND SUBSIDIARIES

 

Computation of Ratio of Earnings to Fixed Charges

(in millions except ratio amounts, unaudited)

 

        

12 Weeks Ended

  
        

3/22/03

     

3/23/02

  
   

Earnings:

                        
   

Income before income taxes

        

$1,121

 

        

$1,009

    

   

Unconsolidated affiliates interests, net

        

(10

)

        

(25

)

   

Amortization of capitalized interest

        

2

 

        

2

 

   

Interest expense

        

37

 

        

31

 

   

Interest portion of rent expense(a)

        

16

 

        

13

 

             
       
   

Earnings available for fixed charges

        

$1,166

 

        

$1,030

 

             
       
   

Fixed Charges:

                        
   

Interest expense

        

$37

 

        

$31

 

   

Capitalized interest

        

2

 

        

1

 

   

Interest portion of rent expense(a)

        

16

 

        

13

 

             
       
   

Total fixed charges

        

$55

 

        

$45

 

             
       
   

Ratio of Earnings to Fixed Charges(b)

        

21.20

 

        

22.67

 

             
       
(a)   One-third of net rent expense is the portion deemed representative of the interest factor.

 

(b)   Based on unrounded amounts.