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,
 
2009
  
2008
2009
  
2008
Consolidated income before provision for income taxes
$509
  
$25
$793
  
$712
Fixed charges:
            
Interest1
$618
  
$642
$1,117
  
$685
Portion of rent expense representative of the interest factor (deemed to be one-third)
2
  
2
4
  
4
Total fixed charges
620
  
644
1,121
  
689
Earnings available for fixed charges
$1,129
  
$669
$1,914
  
$1,401
Ratio of earnings to fixed charges
1.82
  
1.04
1.71
  
2.03

     


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