EX-12.1 3 a2118825zex-12_1.htm EXHIBIT 12.1
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EXHIBIT 12.1

FEDEX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)

 
   Three Months
Ended
August 31,
   Year Ended May 31,
 
   2003
   2002
   2003
   2002
   2001
   2000
   1999
Earnings:                                          
  Income before income taxes   $ 196   $ 255   $ 1,338   $ 1,160   $ 927   $ 1,138   $ 1,061
Add back:                                          
  Interest expense, net of capitalized interest     18     32     125     143     155     121     111
  Amortization of debt issuance costs     1     1     4     4     2     1     9
  Portion of rent expense representative of interest factor     171     177     713     710     667     625     571
   
 
 
 
 
 
 

Earnings as adjusted
 
$
386
 
$
465
 
$
2,180
 
$
2,017
 
$
1,751
 
$
1,885
 
$
1,752
   
 
 
 
 
 
 

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expense, net of capitalized interest   $ 18   $ 32   $ 125   $ 143   $ 155   $ 121   $ 111
  Capitalized interest     3     5     16     27     27     35     39
  Amortization of debt issuance costs     1     1     4     4     2     1     9
  Portion of rent expense representative of interest factor     171     177     713     710     667     625     571
   
 
 
 
 
 
 
    $ 193   $ 215   $ 858   $ 884   $ 851   $ 782   $ 730
   
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges     2.0     2.2     2.5     2.3     2.1     2.4     2.4
   
 
 
 
 
 
 


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