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
(Dollars in millions)
 
 
   
Three Months Ended December 31,
  
Nine Months Ended December 31,
   
2007
  
2006
  
2007
  
2006
Consolidated income before provision for income taxes
  
($139)
  
$198
  
$177
  
$500
                 
Fixed charges:
                
Interest1
  
1,082
  
664
  
2,695
  
1,924
Portion of rent expense representative of the interest factor (deemed to be one-third)
  
2
  
2
  
6
  
5
Total fixed charges
  
1,084
  
666
  
2,701
  
1,929
                 
Earnings available for fixed charges
  
$945
  
$864
  
$2,878
  
$2,429
                 
Ratio of earnings to fixed charges
  
(A)
  
1.30
  
1.07
  
1.26
 

1 Components of interest expense are discussed in the “Interest Expense” section of “Item 2., Management’s Discussion and Analysis”.

(A) Due to our loss in the third quarter of fiscal 2008, the ratio coverage was less than one to one.  We must generate additional earnings of $139 million to achieve a coverage of one to one.