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: |
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| Income before income taxes |
$ | 677 | $ | 2,016 | $ | 3,215 | $ | 2,899 | $ | 2,313 | |||||
| Add back: |
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| 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: |
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| 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 | ||||||||||