EX-12.1 6 ahfc-ex121_7.htm EX-12.1 ahfc-ex121_7.htm

Exhibit 12.1

American Honda Finance Corporation and Subsidiaries

Calculation of Ratio of Earnings to Fixed Charges

(U.S. dollars in millions)

 

 

Years ended March 31,

 

 

2018

 

 

2017

 

 

2016

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Consolidated income before provision for income taxes

$

1,480

 

 

$

1,190

 

 

$

1,458

 

Fixed Charges

 

900

 

 

 

731

 

 

 

595

 

Earnings

$

2,380

 

 

$

1,921

 

 

$

2,053

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense

$

897

 

 

$

728

 

 

$

592

 

Interest portion of rental expense (1)

 

3

 

 

 

3

 

 

 

3

 

Total fixed charges

$

900

 

 

$

731

 

 

$

595

 

Ratio of earnings to fixed charges

2.64x

 

 

2.63x

 

 

3.45x

 

 

(1)

One-third of all rental expense is deemed to be interest.