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
September 30,
  
Six Months Ended
September 30,
   
2008
  
2007
  
2008
  
2007
       
(Restated)
      
(Restated)
Consolidated income (loss) before provision for
(benefit from) income taxes
  
$25
  
($16)
  
$712
  
$266
 
Fixed charges:
                
Interest1
  
642
  
990
  
685
  
1,663
Portion of rent expense representative of the interest factor (deemed to be one-third)
  
2
  
2
  
4
  
4
Total fixed charges
  
644
  
992
  
689
  
1,667
 
Earnings available for fixed charges
  
$669
  
$976
  
$1,401
  
$1,933
 
Ratio of earnings to fixed charges
  
1.04
  
(A)
  
2.03
  
1.16

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

(A) Due to our loss in the second quarter of fiscal 2008, the ratio coverage was less than one to one.  We must generate additional earnings of $16 million to achieve a coverage of one to one.