Attached files
| file | filename |
|---|---|
| EX-10.9 - EX-10.9 - FEDEX CORP | fdx-ex109_723.htm |
| 10-Q - 10-Q - FEDEX CORP | fdx-10q_20170228.htm |
| EX-32.2 - EX-32.2 - FEDEX CORP | fdx-ex322_9.htm |
| EX-32.1 - EX-32.1 - FEDEX CORP | fdx-ex321_10.htm |
| EX-31.2 - EX-31.2 - FEDEX CORP | fdx-ex312_11.htm |
| EX-31.1 - EX-31.1 - FEDEX CORP | fdx-ex311_8.htm |
| EX-15.1 - EX-15.1 - FEDEX CORP | fdx-ex151_7.htm |
| EX-10.14 - EX-10.14 - FEDEX CORP | d502011dex1014.htm |
| EX-10.13 - EX-10.13 - FEDEX CORP | d502011dex1013.htm |
| EX-10.12 - EX-10.12 - FEDEX CORP | d502011dex1012.htm |
| EX-10.11 - EX-10.11 - FEDEX CORP | d502011dex1011.htm |
| EX-10.10 - EX-10.10 - FEDEX CORP | fdx-ex1010_722.htm |
| EX-10.8 - EX-10.8 - FEDEX CORP | fdx-ex108_724.htm |
| EX-10.7 - EX-10.7 - FEDEX CORP | fdx-ex107_725.htm |
| EX-10.6 - EX-10.6 - FEDEX CORP | fdx-ex106_726.htm |
| EX-10.5 - EX-10.5 - FEDEX CORP | fdx-ex105_727.htm |
| EX-10.4 - EX-10.4 - FEDEX CORP | fdx-ex104_728.htm |
| EX-10.3 - EX-10.3 - FEDEX CORP | fdx-ex103_729.htm |
| EX-10.2 - EX-10.2 - FEDEX CORP | fdx-ex102_730.htm |
| EX-10.1 - EX-10.1 - FEDEX CORP | fdx-ex101_731.htm |
EXHIBIT 12.1
FEDEX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)
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Nine Months Ended |
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February 28, |
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February 29, |
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Year Ended May 31, |
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2017 |
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2016 |
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2016 |
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2015 |
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2014 |
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2013 |
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2012 (1) |
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Earnings: |
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Income before income taxes |
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$ |
3,119 |
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|
$ |
2,921 |
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|
$ |
2,740 |
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|
$ |
1,627 |
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$ |
3,658 |
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|
$ |
4,338 |
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$ |
(444 |
) |
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Add back: |
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Interest expense, net of capitalized interest |
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370 |
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|
233 |
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|
336 |
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|
235 |
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|
160 |
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|
82 |
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|
52 |
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Amortization of debt issuance costs |
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8 |
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6 |
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|
8 |
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5 |
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4 |
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5 |
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|
5 |
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Portion of rent expense representative of interest factor |
|
|
742 |
|
|
|
731 |
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|
|
924 |
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|
|
908 |
|
|
|
876 |
|
|
|
864 |
|
|
|
797 |
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Earnings as adjusted |
|
$ |
4,239 |
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|
$ |
3,891 |
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|
$ |
4,008 |
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|
$ |
2,775 |
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|
$ |
4,698 |
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$ |
5,289 |
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$ |
410 |
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Fixed Charges: |
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Interest expense, net of capitalized interest |
|
$ |
370 |
|
|
$ |
233 |
|
|
$ |
336 |
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|
$ |
235 |
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|
$ |
160 |
|
|
$ |
82 |
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|
$ |
52 |
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Capitalized interest |
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30 |
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|
31 |
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|
42 |
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|
37 |
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29 |
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45 |
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|
85 |
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Amortization of debt issuance costs |
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8 |
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6 |
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|
8 |
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5 |
|
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|
4 |
|
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5 |
|
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|
5 |
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Portion of rent expense representative of interest factor |
|
|
742 |
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|
731 |
|
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|
924 |
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|
908 |
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|
876 |
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|
864 |
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|
797 |
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$ |
1,150 |
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$ |
1,001 |
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$ |
1,310 |
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$ |
1,185 |
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$ |
1,069 |
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$ |
996 |
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$ |
939 |
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Ratio of Earnings to Fixed Charges |
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3.7 |
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|
3.9 |
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3.1 |
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2.3 |
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4.4 |
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5.3 |
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— |
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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. |