EXHIBIT 12
PEPSICO, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(in millions except ratio amounts, unaudited)
24 Weeks Ended -------------------- 6/10/00 6/12/99 -------- ------- Earnings: (a) Income before income taxes............................ $1,448 $2,183 Joint ventures and minority interests, net............ (48) (13) Amortization of capitalized interest.................. (3) 3 Interest expense...................................... 103 228 Interest portion of rent expense (b).................. 14 23 -------- -------- Earnings available for fixed charges................ $1,514 $2,424 ======== ======== Fixed Charges: Interest expense...................................... $ 103 $ 228 Capitalized interest.................................. 2 4 Interest portion of rent expense (b).................. 14 23 -------- -------- Total fixed charges................................. $ 119 $ 255 ======== ======== Ratio of Earnings to Fixed Charges (c)................ 12.72 9.51 ======== ======== (a) Includes the impact of an asset impairment and restructuring charge of $65 and gain on bottling transactions of $1 billion. Excluding the charge and the gain, the ratio of earnings to fixed charges for the 24 weeks ended June 12, 1999 would have been 5.84. (b) One-third of net rent expense is the portion deemed representative of the interest factor. (c) Based on unrounded amounts.
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