EX-12.1 2 tmcc-ex121_10.htm EX-12.1 tmcc-ex121_10.htm

EXHIBIT 12.1

TOYOTA MOTOR CREDIT CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

  

 

Three Months Ended

 

 

 

 

June 30,

 

 

(Dollars in millions)

 

2017

 

 

2016

 

 

Consolidated income before provision for income taxes

 

$

261

 

 

$

387

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

Interest1

 

$

448

 

 

$

307

 

 

Portion of rent expense representative of the interest

   factor (deemed to be one-third)

 

 

2

 

 

 

2

 

 

Total fixed charges

 

$

450

 

 

$

309

 

 

Earnings available for fixed charges

 

$

711

 

 

$

696

 

 

Ratio of earnings to fixed charges

 

 

1.58

 

 

 

2.25

 

 

1

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