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Content analysis
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H.S. sophomore Avg
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EXHIBIT 12.1
FEDEX CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)
| Nine Months Ended |
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| February 28, |
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| Year Ended May 31, |
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| 2018 |
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| 2017 |
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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 |
| $ | 2,995 |
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| $ | 3,119 |
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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 |
|
| 395 |
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| 370 |
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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 |
|
| 2 |
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|
| 8 |
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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 |
|
| 914 |
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|
| 742 |
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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 |
| $ | 4,306 |
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| $ | 4,239 |
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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 |
| $ | 395 |
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| $ | 370 |
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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 |
|
| 45 |
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|
| 30 |
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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 |
|
| 2 |
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|
| 8 |
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| 11 |
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|
| 8 |
|
|
| 5 |
|
|
| 4 |
|
|
| 5 |
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Portion of rent expense representative of interest factor |
|
| 914 |
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|
| 742 |
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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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| $ | 1,356 |
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| $ | 1,150 |
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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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| 3.2 |
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| 3.7 |
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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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