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


 
Three months ended
September 30,
Six months ended
September 30,
(Dollars in millions)
2010
2009
2010
2009
Consolidated income before provision for income taxes
$434
$509
$1,361
$793
 
Fixed charges:
        
Interest1
$593
$618
$1,084
$1,117
Portion of rent expense representative of the interest
        factor (deemed to be one-third)
2
2
4
4
Total fixed charges
$595
$620
$1,088
$1,121
Earnings available for fixed charges
$1,029
$1,129
 
$2,449
$1,914
Ratio of earnings to fixed charges
1.73
1.82
2.25
1.71
 
1 Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of
   Operations, Interest Expense.”