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

   
 
 
 
 
 
 
 
 
 
 
   
Years ended March 31,
 (Dollars in millions)
2011 
2010 
2009 
2008 
2007 
 Consolidated income (loss) before provision for income
 
 
 
 
 
 
 
taxes
$
 3,003 
$
 1,679 
$
 (1,052)
$
 (380)
$
 667 
 Fixed charges:
 
 
 
 
 
 
 
 
 
 
 Interest1 
$
 1,614 
$
 2,023 
$
 2,956 
$
 4,151 
$
 2,662 
 Portion of rent expense representative of the interest
 
 
 
 
 
 
 
factor (deemed to be one-third)
 
 8 
 
 8 
 
 8 
 
 8 
 
 7 
 Total fixed charges
$
 1,622 
$
 2,031 
$
 2,964 
$
 4,159 
$
 2,669 
   
 
 
 
 
 
 
 
 
 
 
 Earnings available for fixed charges
$
 4,625 
$
 3,710 
$
 1,912 
$
 3,779 
$
 3,336 
 
Ratio of earnings to fixed charges
 
 2.85 
 
 1.83 
 
(A)
 
(A)
 
 1.25 

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 fiscal years 2009 and 2008, the ratio of earnings to fixed assets was less than one.  We must generate additional earnings equal to pre-tax loss to achieve a coverage of one to one.