Attached files
| file | filename |
|---|---|
| EX-31.2 - EX-31.2 - FEDERAL EXPRESS CORP | d70645dex312.htm |
| 10-Q - FORM 10-Q - FEDERAL EXPRESS CORP | d70645d10q.htm |
| EX-15.1 - EX-15.1 - FEDERAL EXPRESS CORP | d70645dex151.htm |
| EX-32.1 - EX-32.1 - FEDERAL EXPRESS CORP | d70645dex321.htm |
| EX-31.1 - EX-31.1 - FEDERAL EXPRESS CORP | d70645dex311.htm |
| EX-32.2 - EX-32.2 - FEDERAL EXPRESS CORP | d70645dex322.htm |
EXHIBIT 12.1
FEDERAL EXPRESS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(IN MILLIONS, EXCEPT RATIOS)
| Three Months Ended August 31, |
Year Ended May 31, | |||||||||||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | 2013 | 2012(1) | 2011 | ||||||||||||||||||||||
| (As Adjusted) | ||||||||||||||||||||||||||||
| Earnings: |
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| Income before income taxes |
$ | 474 | $ | 345 | $ | 179 | $ | 1,314 | $ | 1,708 | $ | (1,005 | ) | $ | 1,019 | |||||||||||||
| Add back: |
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| Portion of rent expense representative of interest factor |
138 | 143 | 574 | 577 | 598 | 566 | 611 | |||||||||||||||||||||
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| Earnings as adjusted |
$ | 612 | $ | 488 | $ | 753 | $ | 1,891 | $ | 2,306 | $ | (439 | ) | $ | 1,630 | |||||||||||||
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| Fixed Charges: |
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| Capitalized interest |
$ | 7 | $ | 6 | $ | 28 | $ | 25 | $ | 43 | $ | 80 | $ | 61 | ||||||||||||||
| Portion of rent expense representative of interest factor |
138 | 143 | 574 | 577 | 598 | 566 | 611 | |||||||||||||||||||||
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| $ | 145 | $ | 149 | $ | 602 | $ | 602 | $ | 641 | $ | 646 | $ | 672 | |||||||||||||||
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| Ratio of Earnings to Fixed Charges |
4.2 | 3.3 | 1.3 | 3.1 | 3.6 | — | 2.4 | |||||||||||||||||||||
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| (1) | The loss in 2012 was inadequate to cover fixed charges. Additional earnings of $1,085 million would have been necessary to bring the ratio for this period to 1.0. |