EX-12.1 3 a03-6380_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

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

 

 

 

Six Months Ended
November 30,

 

Year Ended May 31,

 

 

 

2003

 

2002

 

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

(23

)

$

311

 

$

689

 

$

703

 

$

786

 

$

843

 

$

771

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

22

 

28

 

57

 

74

 

75

 

82

 

91

 

Amortization of debt issuance costs

 

—

 

—

 

—

 

1

 

1

 

1

 

9

 

Portion of rent expense representative of interest factor

 

288

 

301

 

599

 

594

 

563

 

575

 

535

 

Earnings as adjusted

 

$

287

 

$

640

 

$

1,345

 

$

1,372

 

$

1,425

 

$

1,501

 

$

1,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

$

22

 

$

28

 

$

57

 

$

74

 

$

75

 

$

82

 

$

91

 

Capitalized interest

 

4

 

9

 

13

 

23

 

23

 

30

 

35

 

Amortization of debt issuance costs

 

—

 

—

 

—

 

1

 

1

 

1

 

9

 

Portion of rent expense representative of interest factor

 

288

 

301

 

599

 

594

 

563

 

575

 

535

 

 

 

$

314

 

$

338

 

$

669

 

$

692

 

$

662

 

$

688

 

$

670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

0.9

 

1.9

 

2.0

 

2.0

 

2.2

 

2.2

 

2.1