Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - FEDEX CORP | fdx-ex322_21.htm |
| EX-32.1 - EX-32.1 - FEDEX CORP | fdx-ex321_19.htm |
| EX-31.2 - EX-31.2 - FEDEX CORP | fdx-ex312_14.htm |
| EX-31.1 - EX-31.1 - FEDEX CORP | fdx-ex311_22.htm |
| EX-15.1 - EX-15.1 - FEDEX CORP | fdx-ex151_9.htm |
| EX-10.12 - EX-10.12 - FEDEX CORP | d491972dex1012.htm |
| EX-10.11 - EX-10.11 - FEDEX CORP | d491972dex1011.htm |
| EX-10.10 - EX-10.10 - FEDEX CORP | d491972dex1010.htm |
| EX-10.9 - EX-10.9 - FEDEX CORP | d491972dex109.htm |
| EX-10.8 - EX-10.8 - FEDEX CORP | d491972dex108.htm |
| EX-10.7 - EX-10.7 - FEDEX CORP | d491972dex107.htm |
| EX-10.6 - EX-10.6 - FEDEX CORP | d491972dex106.htm |
| EX-10.5 - EX-10.5 - FEDEX CORP | d491972dex105.htm |
| EX-10.4 - EX-10.4 - FEDEX CORP | d491972dex104.htm |
| EX-10.3 - EX-10.3 - FEDEX CORP | d491972dex103.htm |
| EX-10.2 - EX-10.2 - FEDEX CORP | d491972dex102.htm |
| EX-10.1 - EX-10.1 - FEDEX CORP | d491972dex101.htm |
| 10-Q - 10-Q - FEDEX CORP | fdx-10q_20171130.htm |
EXHIBIT 12.1
FEDEX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)
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Six Months Ended |
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November 30, |
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Year Ended May 31, |
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2017 |
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2016 |
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2017 |
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2016 |
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2015 |
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2014 |
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2013 |
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Earnings: |
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Income before income taxes |
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$ |
2,121 |
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$ |
2,220 |
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$ |
4,579 |
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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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Add back: |
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Interest expense, net of capitalized interest |
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257 |
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242 |
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502 |
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336 |
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235 |
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160 |
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82 |
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Amortization of debt issuance costs |
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2 |
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6 |
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11 |
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8 |
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5 |
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4 |
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5 |
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Portion of rent expense representative of interest factor |
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600 |
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489 |
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1,182 |
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924 |
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908 |
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876 |
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864 |
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Earnings as adjusted |
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$ |
2,980 |
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$ |
2,957 |
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$ |
6,274 |
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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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Fixed Charges: |
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Interest expense, net of capitalized interest |
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$ |
257 |
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$ |
242 |
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$ |
502 |
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$ |
336 |
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$ |
235 |
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$ |
160 |
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$ |
82 |
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Capitalized interest |
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31 |
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21 |
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41 |
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42 |
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37 |
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29 |
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45 |
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Amortization of debt issuance costs |
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2 |
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6 |
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11 |
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8 |
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5 |
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4 |
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5 |
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Portion of rent expense representative of interest factor |
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600 |
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489 |
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1,182 |
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924 |
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908 |
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876 |
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864 |
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$ |
890 |
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$ |
758 |
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$ |
1,736 |
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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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Ratio of Earnings to Fixed Charges |
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3.3 |
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3.9 |
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3.6 |
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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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