Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - FEDEX CORP | d102741d10q.htm |
| EX-15.1 - EX-15.1 - FEDEX CORP | d102741dex151.htm |
| EX-10.4 - EX-10.4 - FEDEX CORP | d102741dex104.htm |
| EX-32.2 - EX-32.2 - FEDEX CORP | d102741dex322.htm |
| EX-31.1 - EX-31.1 - FEDEX CORP | d102741dex311.htm |
| EX-10.5 - EX-10.5 - FEDEX CORP | d102741dex105.htm |
| EX-31.2 - EX-31.2 - FEDEX CORP | d102741dex312.htm |
| EX-32.1 - EX-32.1 - FEDEX CORP | d102741dex321.htm |
| EX-10.2 - EX-10.2 - FEDEX CORP | d102741dex102.htm |
| EX-10.6 - EX-10.6 - FEDEX CORP | d102741dex106.htm |
| EX-10.3 - EX-10.3 - FEDEX CORP | d102741dex103.htm |
| EX-10.1 - EX-10.1 - FEDEX CORP | d102741dex101.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, | |||||||||||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | 2013 | 2012 (1) | 2011 | ||||||||||||||||||||||
| Earnings: |
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| Income before income taxes |
$ | 2,139 | $ | 2,058 | $ | 1,627 | $ | 3,658 | $ | 4,338 | $ | (444 | ) | $ | 2,002 | |||||||||||||
| Add back: |
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| Interest expense, net of capitalized interest |
146 | 102 | 235 | 160 | 82 | 52 | 86 | |||||||||||||||||||||
| Amortization of debt issuance costs |
3 | 2 | 5 | 4 | 5 | 5 | 16 | |||||||||||||||||||||
| Portion of rent expense representative of interest factor |
473 | 441 | 908 | 876 | 864 | 797 | 852 | |||||||||||||||||||||
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| Earnings as adjusted |
$ | 2,761 | $ | 2,603 | $ | 2,775 | $ | 4,698 | $ | 5,289 | $ | 410 | $ | 2,956 | ||||||||||||||
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| Fixed Charges: |
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| Interest expense, net of capitalized interest |
$ | 146 | $ | 102 | $ | 235 | $ | 160 | $ | 82 | $ | 52 | $ | 86 | ||||||||||||||
| Capitalized interest |
21 | 16 | 37 | 29 | 45 | 85 | 71 | |||||||||||||||||||||
| Amortization of debt issuance costs |
3 | 2 | 5 | 4 | 5 | 5 | 16 | |||||||||||||||||||||
| Portion of rent expense representative of interest factor |
473 | 441 | 908 | 876 | 864 | 797 | 852 | |||||||||||||||||||||
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| $ | 643 | $ | 561 | $ | 1,185 | $ | 1,069 | $ | 996 | $ | 939 | $ | 1,025 | |||||||||||||||
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| Ratio of Earnings to Fixed Charges |
4.3 | 4.6 | 2.3 | 4.4 | 5.3 | — | 2.9 | |||||||||||||||||||||
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| (1) | Earnings for 2012 were inadequate to cover fixed charges. Additional earnings of $529 million would have been necessary to bring the ratio for this period to 1.0. |