EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of 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)

 

     36 Weeks Ended  
     9/6/03     9/7/02  

Earnings:

             

Income before income taxes

    $4,134     $3,682  

Unconsolidated affiliates interests, net

    (211 )   (234 )

Amortization of capitalized interest

    6     6  

Interest expense

    112     116  

Interest portion of rent expense (a)

    48     40  
    
 

Earnings available for fixed charges

    $4,089     $3,610  
    
 

Fixed Charges:

             

Interest expense

    $112     $116  

Capitalized interest

    3     3  

Interest portion of rent expense (a)

    48     40  
    
 

Total fixed charges

    $163     $159  
    
 

Ratio of Earnings to Fixed Charges (b)

    25.05     22.74  
    
 
(a)  

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

(b)  

Based on unrounded amounts.