EXHIBIT 12
PEPSICO, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(in millions except ratio amounts, unaudited)
| 12 Weeks Ended | ||||||||
| 3/21/09 | 3/22/08 | |||||||
| Earnings: |
||||||||
| Income before income taxes |
$ | 1,515 | $ | 1,570 | ||||
| Unconsolidated affiliates interests, net |
(31 | ) | (49 | ) | ||||
| Amortization of capitalized interest |
1 | 1 | ||||||
| Interest expense (a) |
98 | 58 | ||||||
| Interest portion of rent expense (b) |
29 | 25 | ||||||
| Earnings available for fixed charges |
$ | 1,612 | $ | 1,605 | ||||
| Fixed Charges: |
||||||||
| Interest expense (a) |
$ | 98 | $ | 58 | ||||
| Capitalized interest |
2 | 4 | ||||||
| Interest portion of rent expense (b) |
29 | 25 | ||||||
| Total fixed charges |
$ | 129 | $ | 87 | ||||
| Ratio of Earnings to Fixed Charges (c) |
12.52 | 18.60 | ||||||
| (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. |