FEDEX CORP - FORM 10-Q - EX-12.1

EXHIBIT 12.1

FEDEX CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)


	Three Months Ended
	August 31,				Year Ended May 31,
	2016		2015		2016		2015		2014		2013		2012 ⁽¹⁾
Earnings:
Income before income taxes	$	1,142	$	1,084	$	2,740	$	1,627	$	3,658	$	4,338	$	(444	)
Add back:
Interest expense, net of capitalized interest		119		68		336		235		160		82		52
Amortization of debt issuance costs		3		2		8		5		4		5		5
Portion of rent expense representative of interest factor		245		237		924		908		876		864		797

Earnings as adjusted	$	1,509	$	1,391	$	4,008	$	2,775	$	4,698	$	5,289	$	410


Fixed Charges:
Interest expense, net of capitalized interest	$	119	$	68	$	336	$	235	$	160	$	82	$	52
Capitalized interest		13		11		42		37		29		45		85
Amortization of debt issuance costs		3		2		8		5		4		5		5
Portion of rent expense representative of interest factor		245		237		924		908		876		864		797

	$	380	$	318	$	1,310	$	1,185	$	1,069	$	996	$	939

Ratio of Earnings to Fixed Charges		4.0		4.4		3.1		2.3		4.4		5.3		—

⁽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.

FEDEX CORP - FORM 10-Q - EX-12.1 - September 21, 2016