EX-12 5 exhibit121.txt 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, ------------------ ----------------- 2002 2001 2002 2001 ------ ------ ------ ------ (Dollars in Millions) Consolidated income before income taxes $ 158 $ 104 $ 113 $ 222 ------ ------ ------ ------ Fixed charges: Interest............................... 212 244 644 808 Portion of rent expense representative of the interest factor (deemed to be one-third).................... 2 2 6 5 Interest associated with TCA's off-shore debt repaid by TMCC .. 1 - 1 - ------ ------ ------ ------ Total fixed charges....................... 215 246 651 813 ------ ------ ------ ------ Earnings available for fixed charges...................... $ 373 $ 350 $ 764 $1,035 ====== ====== ====== ====== Ratio of earnings to fixed charges.......................... 1.73 1.42 1.17 1.27 ====== ====== ====== ====== ----------------- The Company has guaranteed certain obligations of affiliates and subsidiaries as discussed in Note 9 - Commitments and Contingent Liabilities of the Consolidated Financial Statements. During the three months ended December 31, 2002, TMCC performed under its guarantee of TCA's outstanding off-shore debt and repaid $36 million of the outstanding balance and accrued interest thereon.