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EXHIBIT 12.1
FEDEX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)
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| Six Months |
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| November 30, |
| Year Ended May 31, |
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| 2005 |
| 2004 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| |||||||
Earnings: |
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Income before income taxes |
| $ | 1,309 |
| $ | 1,088 |
| $ | 2,313 |
| $ | 1,319 |
| $ | 1,338 |
| $ | 1,160 |
| $ | 927 |
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Add back: |
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|
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Interest expense, net of capitalized interest |
| 65 |
| 86 |
| 160 |
| 136 |
| 124 |
| 144 |
| 155 |
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Amortization of debt issuance costs |
| 3 |
| 3 |
| 6 |
| 7 |
| 4 |
| 4 |
| 2 |
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Portion of rent expense representative of interest factor |
| 442 |
| 389 |
| 800 |
| 712 |
| 713 |
| 710 |
| 667 |
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Earnings as adjusted |
| $ | 1,819 |
| $ | 1,566 |
| $ | 3,279 |
| $ | 2,174 |
| $ | 2,179 |
| $ | 2,018 |
| $ | 1,751 |
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Fixed Charges: |
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|
|
|
|
|
|
|
|
| �� |
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|
|
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Interest expense, net of capitalized interest |
| $ | 65 |
| $ | 86 |
| $ | 160 |
| $ | 136 |
| $ | 124 |
| $ | 144 |
| $ | 155 |
|
Capitalized interest |
| 19 |
| 8 |
| 22 |
| 11 |
| 16 |
| 27 |
| 27 |
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Amortization of debt issuance costs |
| 3 |
| 3 |
| 6 |
| 7 |
| 4 |
| 4 |
| 2 |
| |||||||
Portion of rent expense representative of interest factor |
| 442 |
| 389 |
| 800 |
| 712 |
| 713 |
| 710 |
| 667 |
| |||||||
|
| $ | 529 |
| $ | 486 |
| $ | 988 |
| $ | 866 |
| $ | 857 |
| $ | 885 |
| $ | 851 |
|
Ratio of Earnings to Fixed Charges |
| 3.4 |
| 3.2 |
| 3.3 |
| 2.5 |
| 2.5 |
| 2.3 |
| 2.1 |
|