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8th grade Avg
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EXHIBIT 12.1
FEDEX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)
|
| Three Months |
| 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 |
|