EX-12.1 4 a2076173zex-12_1.htm RATIO OF EARNINGS
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EXHIBIT 12.1

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

 
   Nine Months
Ended
February 28,
   Year Ended May 31,
 
   2002
   2001
   2001
   2000
   1999
   1998
   1997
Earnings:                                          
  Income before income taxes   $ 789   $ 748   $ 928   $ 1,138   $ 1,061   $ 900   $ 426
Add back:                                          
  Interest expense, net of capitalized interest     113     112     155     121     111     136     110
  Amortization of debt issuance costs     —     1     2     1     9     1     1
  Portion of rent expense representative of interest factor     535     492     667     625     571     508     440
   
 
 
 
 
 
 

Earnings as adjusted
 
$
1,437
 
$
1,353
 
$
1,752
 
$
1,885
 
$
1,752
 
$
1,545
 
$
977
   
 
 
 
 
 
 

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expense, net of capitalized interest   $ 113   $ 112   $ 155   $ 121   $ 111   $ 136   $ 110
  Capitalized interest     23     19     27     35     39     33     46
  Amortization of debt issuance costs     —     1     2     1     9     1     1
  Portion of rent expense representative of interest factor     535     492     667     625     571     508     440
   
 
 
 
 
 
 

 
 
$
671
 
$
624
 
$
851
 
$
782
 
$
730
 
$
678
 
$
597
   
 
 
 
 
 
 

Ratio of Earnings to Fixed Charges
 
 
2.1
 
 
2.2
 
 
2.1
 
 
2.4
 
 
2.4
 
 
2.3
 
 
1.6
   
 
 
 
 
 
 


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