- Track your favorite companies
- Receive email alerts for new filings
- Personalized dashboard of news and more
- Access all data and search results
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
8th grade Avg
|
EXHIBIT 12.1
FEDEX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)
|
| Three Months Ended |
| Year Ended May 31, |
| |||||||||||||||||
|
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income before income taxes |
| $ | 534 |
| $ | 196 |
| $ | 1,319 |
| $ | 1,338 |
| $ | 1,160 |
| $ | 927 |
| $ | 1,138 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense, net of capitalized interest |
| 43 |
| 18 |
| 136 |
| 124 |
| 144 |
| 155 |
| 121 |
| |||||||
Amortization of debt issuance costs |
| 2 |
| 1 |
| 7 |
| 4 |
| 4 |
| 2 |
| 1 |
| |||||||
Portion of rent expense representative of interest factor |
| 178 |
| 171 |
| 712 |
| 713 |
| 710 |
| 667 |
| 625 |
| |||||||
Earnings as adjusted |
| $ | 757 |
| $ | 386 |
| $ | 2,174 |
| $ | 2,179 |
| $ | 2,018 |
| $ | 1,751 |
| $ | 1,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense, net of capitalized interest |
| $ | 43 |
| $ | 18 |
| $ | 136 |
| $ | 124 |
| $ | 144 |
| $ | 155 |
| $ | 121 |
|
Capitalized interest |
| 4 |
| 3 |
| 11 |
| 16 |
| 27 |
| 27 |
| 35 |
| |||||||
Amortization of debt issuance costs |
| 2 |
| 1 |
| 7 |
| 4 |
| 4 |
| 2 |
| 1 |
| |||||||
Portion of rent expense representative of interest factor |
| 178 |
| 171 |
| 712 |
| 713 |
| 710 |
| 667 |
| 625 |
| |||||||
|
| $ | 227 |
| $ | 193 |
| $ | 866 |
| $ | 857 |
| $ | 885 |
| $ | 851 |
| $ | 782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Ratio of Earnings to Fixed Charges |
| 3.3 |
| 2.0 |
| 2.5 |
| 2.5 |
| 2.3 |
| 2.1 |
| 2.4 |
|