Exhibit 12.1
FedEx Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)
| Years Ended May 31, | |||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||
Earnings: | |||||||||||||||
Income before income taxes | $ | 677 | $ | 2,016 | $ | 3,215 | $ | 2,899 | $ | 2,313 | |||||
Add back: | |||||||||||||||
Interest expense, net of capitalized interest | 85 | 98 | 136 | 142 | 160 | ||||||||||
Amortization of debt issuance costs | 5 | 5 | 6 | 5 | 6 | ||||||||||
Portion of rent expense representative of interest factor | 795 | 784 | 766 | 842 | 800 | ||||||||||
Earnings as adjusted | $ | 1,562 | $ | 2,903 | $ | 4,123 | $ | 3,888 | $ | 3,279 | |||||
Fixed Charges: | |||||||||||||||
Interest expense, net of capitalized interest | $ | 85 | $ | 98 | $ | 136 | $ | 142 | $ | 160 | |||||
Capitalized interest | 71 | 50 | 34 | 33 | 22 | ||||||||||
Amortization of debt issuance costs | 5 | 5 | 6 | 5 | 6 | ||||||||||
Portion of rent expense representative of interest factor | 795 | 784 | 766 | 842 | 800 | ||||||||||
| $ | 956 | $ | 937 | $ | 942 | $ | 1,022 | $ | 988 | ||||||
Ratio of Earnings to Fixed Charges | 1.6 | 3.1 | 4.4 | 3.8 | 3.3 | ||||||||||