FEDEX CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1

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EX-31.1 - EXHIBIT 31.1 - FEDEX CORP	c93697exv31w1.htm
EX-32.1 - EXHIBIT 32.1 - FEDEX CORP	c93697exv32w1.htm
EX-15.1 - EXHIBIT 15.1 - FEDEX CORP	c93697exv15w1.htm
EX-32.2 - EXHIBIT 32.2 - FEDEX CORP	c93697exv32w2.htm
EX-10.1 - EXHIBIT 10.1 - FEDEX CORP	c93697exv10w1.htm
EXCEL - IDEA: XBRL DOCUMENT - FEDEX CORP	Financial_Report.xls
10-Q - FORM 10-Q - FEDEX CORP	c93697e10vq.htm
EX-31.2 - EXHIBIT 31.2 - FEDEX CORP	c93697exv31w2.htm

EXHIBIT 12.1

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


	Six Months Ended
	November 30,				Year Ended May 31,
	2009		2008		2009		2008		2007		2006		2005
Earnings:
Income before income taxes	$	841	$	1,392	$	677	$	2,016	$	3,215	$	2,899	$	2,313
Add back:
Interest expense, net of capitalized interest		38		36		85		98		136		142		160
Amortization of debt issuance costs		6		2		5		5		6		5		6
Portion of rent expense representative of interest factor		385		400		795		784		766		842		800


Earnings as adjusted	$	1,270	$	1,830	$	1,562	$	2,903	$	4,123	$	3,888	$	3,279


Fixed Charges:
Interest expense, net of capitalized interest	$	38	$	36	$	85	$	98	$	136	$	142	$	160
Capitalized interest		44		32		71		50		34		33		22
Amortization of debt issuance costs		6		2		5		5		6		5		6
Portion of rent expense representative of interest factor		385		400		795		784		766		842		800


	$	473	$	470	$	956	$	937	$	942	$	1,022	$	988


Ratio of Earnings to Fixed Charges		2.7		3.9		1.6		3.1		4.4		3.8		3.3

FEDEX CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - December 18, 2009