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)

 

    

12 Weeks Ended

  
     3/20/04
    3/22/03
  

Earnings:

            

Income before income taxes

    $1,141    $1,011  

Unconsolidated affiliates interests, net

    (40)    (19 )

Amortization of capitalized interest

    2    2  

Interest expense

    35    37  

Interest portion of rent expense (a)

    18    16  
    
  

Earnings available for fixed charges

    $1,156    $1,047  
    
  

Fixed Charges:

            

Interest expense

    $35    $37  

Capitalized interest

    —      2  

Interest portion of rent expense (a)

    18    16  
    
  

Total fixed charges

    $53    $55  
    
  

Ratio of Earnings to Fixed Charges (b)

    21.61    19.03  
    
  

 

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

 

(b)   Based on unrounded amounts.