EX-12 2 tmcc-ex121_201503319.htm EX-12.1

EXHIBIT 12.1

TOYOTA MOTOR CREDIT CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Years ended March 31,

 

(Dollars in millions)

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

Consolidated income before provision for income taxes

 

$

1,926

 

 

$

1,354

 

 

$

2,155

 

 

$

2,423

 

 

$

3,003

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest1

 

$

736

 

 

$

1,340

 

 

$

940

 

 

$

1,300

 

 

$

1,614

 

Portion of rent expense representative of the interest factor (deemed to be one-third)

 

 

8

 

 

 

8

 

 

 

8

 

 

 

8

 

 

 

8

 

Total fixed charges

 

$

744

 

 

$

1,348

 

 

$

948

 

 

$

1,308

 

 

$

1,622

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

2,670

 

 

$

2,702

 

 

$

3,103

 

 

$

3,731

 

 

$

4,625

 

Ratio of earnings to fixed charges

 

 

3.59

 

 

 

2.00

 

 

 

3.27

 

 

 

2.85

 

 

 

2.85

 

 

1

Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Expense.”