EX-12.1 2 a05-16402_2ex12d1.htm EX-12.1

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,

 

 

 

2005

 

2004

 

2005

 

2004

 

2003

 

2002

 

2001

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$ 549

 

$ 534

 

$ 2,313

 

$ 1,319

 

$ 1,338

 

$ 1,160

 

$  927

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

31

 

43

 

160

 

136

 

124

 

144

 

155

 

Amortization of debt issuance costs

 

2

 

2

 

6

 

7

 

4

 

4

 

2

 

Portion of rent expense representative of interest factor

 

238

 

200

 

805

 

712

 

713

 

710

 

667

 

Earnings as adjusted

 

$ 820

 

$ 779

 

$ 3,284

 

$ 2,174

 

$ 2,179

 

$ 2,018

 

$ 1,751

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

$ 31

 

$ 43

 

$  160

 

$  136

 

$  124

 

$  144

 

$  155

 

Capitalized interest

 

11

 

4

 

22

 

11

 

16

 

27

 

27

 

Amortization of debt issuance costs

 

2

 

2

 

6

 

7

 

4

 

4

 

2

 

Portion of rent expense representative of interest factor

 

238

 

200

 

805

 

712

 

713

 

710

 

667

 

 

 

$ 282

 

$ 249

 

$  993

 

$  866

 

$  857

 

$  885

 

$  851

 

Ratio of Earnings to Fixed Charges

 

2.9

 

3.1

 

3.3

 

2.5

 

2.5

 

2.3

 

2.1