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

  

 

 

 

 

 

Years Ended March 31,

 

(Dollars in millions)

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

Consolidated income before provision for income taxes

 

$

781

 

 

$

409

 

 

$

1,512

 

 

$

1,926

 

 

$

1,354

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest1

 

$

1,851

 

 

$

1,754

 

 

$

1,137

 

 

$

736

 

 

$

1,340

 

Portion of rent expense representative of the interest

   factor (deemed to be one-third)

 

 

10

 

 

 

9

 

 

 

8

 

 

 

8

 

 

 

8

 

Total fixed charges

 

$

1,861

 

 

$

1,763

 

 

$

1,145

 

 

$

744

 

 

$

1,348

 

Earnings available for fixed charges

 

$

2,642

 

 

$

2,172

 

 

$

2,657

 

 

$

2,670

 

 

$

2,702

 

Ratio of earnings to fixed charges

 

 

1.42

 

 

 

1.23

 

 

 

2.32

 

 

 

3.59

 

 

 

2.00

 

1

Components of interest expense are discussed under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Expense.”