EX-12 2 exhibit1211.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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.