EX-12.1 2 exhibit_12-1.htm EXHIBIT 12.1 - RATIO OF EARNINGS TO FIXED CHARGES exhibit_12-1.htm
EXHIBIT 12.1


TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

   
Three Months Ended
   
June 30,
(Dollars in millions)
2012 
  
2011 
           
Consolidated income before provision for income taxes
$
 756 
  
$
 748 
           
Fixed charges:
          
Interest1 
$
 58 
  
$
 457 
Portion of rent expense representative of the interest
          
 
factor (deemed to be one-third)
  
 2 
    
 2 
Total fixed charges
$
 60 
  
$
 459 
             
Earnings available for fixed charges
$
 816 
  
$
 1,207 
           
Ratio of earnings to fixed charges
  
 13.60 
    
 2.63 
1 Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Expense.”

 
 
- 77 -