
                                                                 EXHIBIT 12
               AIRBORNE FREIGHT CORPORATION AND SUBSIDIARIES

                         RATIO OF TOTAL LONG-TERM

                       DEBT TO TOTAL CAPITALIZATION

<TABLE>

<CAPTION>

                                                     DECEMBER 31, 1997
                                                    ------------------
                                                  (Dollars in thousands)
                                                         
<S>                                                      <C>
LONG-TERM DEBT:                                          
   Revolving Credit Agreement                             $      --
   Money Market Lines of Credit                              30,000
   Senior Notes                                             200,000
   Refunding Revenue Bonds                                   13,200
   Other                                                      7,740
                                                           --------
                                                            250,940
   Less Current Portion                                         381
                                                           --------
     Total Long-term Debt                                 $ 250,559
                                                           ========
TOTAL CAPITALIZATION:                                    
   Long-term Debt                                         $ 250,559
   Deferred Income Taxes                                     65,322
   Shareholders Equity, Net                                 670,915
                                                           --------
     Total Capitalization                                 $ 986,796
                                                           ========
                                                         
RATIO OF TOTAL LONG-TERM DEBT TO TOTAL CAPITALIZATION         25.4%
                                                           ========
</TABLE>


