EX-12.1 7 a2236296zex-12_1.htm EX-12.1

Exhibit 12.1

FEDEX CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)

 

 

 

Year Ended May 31,

 

 

 

2018

 

2017

 

2016

 

2015

 

2014

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

4,353

 

$

4,579

 

$

2,740

 

$

1,627

 

$

3,658

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

546

 

502

 

336

 

235

 

160

 

Amortization of debt issuance costs

 

12

 

11

 

8

 

5

 

4

 

Portion of rent expense representative of interest factor

 

1,553

 

1,182

 

924

 

908

 

876

 

Earnings as adjusted

 

$

6,464

 

$

6,274

 

$

4,008

 

$

2,775

 

$

4,698

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

$

546

 

$

502

 

$

336

 

$

235

 

$

160

 

Capitalized interest

 

61

 

41

 

42

 

37

 

29

 

Amortization of debt issuance costs

 

12

 

11

 

8

 

5

 

4

 

Portion of rent expense representative of interest factor

 

1,553

 

1,182

 

924

 

908

 

876

 

 

 

$

2,172

 

$

1,736

 

$

1,310

 

$

1,185

 

$

1,069

 

Ratio of Earnings to Fixed Charges

 

3.0

 

3.6

 

3.1

 

2.3

 

4.4