PepsiCo (PEP) 10-K2007 FY Annual report

Filed: 15 Feb 08, 12:00am

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EXHIBIT 12

PEPSICO, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges^(a)

Years Ended December 29, 2007, December 30, 2006, December 31, 2005,

December 25, 2004 and December 27, 2003

(in millions except ratio amounts)


	2007			2006			2005			2004			2003
Earnings:
Income before income taxes – continuing operations	$	7,631		$	6,989		$	6,382		$	5,546		$	4,992
Unconsolidated affiliates interests, net		(358	)		(311	)		(320	)		(289	)		(275	)
Amortization of capitalized interest		5			6			7			7			9
Interest expense		224			239			256			167			163
Interest portion of net rent expense^(b)		101			97			76			82			77

Earnings available for fixed charges	$	7,603		$	7,020		$	6,401		$	5,513		$	4,966

Fixed Charges:
Interest expense	$	224		$	239		$	256		$	167		$	163
Capitalized interest		21			16			5			2			4
Interest portion of net rent expense^(b)		101			97			76			82			77

Total fixed charges	$	346		$	352		$	337		$	251		$	244

Ratio of Earnings to Fixed Charges		22.01			19.99			19.03			22.00			20.37

(a)	Based on unrounded amounts.

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

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