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
  
Nine Months Ended
   
December 31,
  
December 31,
(Dollars in millions)
2012 
2011 
  
2012 
2011 
Consolidated income before provision for income
                  
 
taxes
$
 439 
$
 698 
  
$
 1,721 
$
 2,176 
Fixed charges:
                  
Interest1 
$
 284 
$
 163 
  
$
 625 
$
 769 
Portion of rent expense representative of the interest
                  
 
factor (deemed to be one-third)
  
 2 
  
 2 
    
 6 
  
 6 
Total fixed charges
$
 286 
$
 165 
  
$
 631 
$
 775 
                     
Earnings available for fixed charges
$
 725 
$
 863 
  
$
 2,352 
$
 2,951 
Ratio of earnings to fixed charges
  
 2.53 
  
 5.23 
    
 3.73 
  
 3.81 
1   Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition
    and Results of Operations, Interest Expense.”
 

 
 
 
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