EX-12.1 2 exhibit_12-1.htm EXHIBIT 12.1 - RATIO OF EARNINGS TO FIXED ASSETS 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 June 30,
   
2008
  
2007
       
(Restated)
Consolidated income before provision for income taxes
  
$687
  
$282
Fixed charges:
        
Interest1
  
43
  
670
Portion of rent expense representative of the interest factor (deemed to be one-third)
  
2
  
2
Total fixed charges
  
45
  
672
 
Earnings available for fixed charges
  
$732
  
$954
Ratio of earnings to fixed charges
  
16.27
  
1.42


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