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

   
Three Months Ended
 
Nine Months Ended
   
December 31,
 
December 31,
 (Dollars in millions)
2011
2010
 
2011
2010
 
Consolidated income before provision for income taxes
$
 698
$
 1,013
 
$
 2,176
$
 2,374
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 Interest1
$
 163
$
 234
 
$
 769
$
 1,318
 Portion of rent expense representative of the interest
 
 
 
 
 
 
 
 
 
 
factor (deemed to be one-third)
 
 2
 
 2
 
 
 6
 
 6
 Total fixed charges
$
 165
$
 236
 
$
 775
$
 1,324
   
 
 
 
 
 
 
 
 
 
 Earnings available for fixed charges
$
 863
$
 1,249
 
$
 2,951
$
 3,698
 
Ratio of earnings to fixed charges
 
 5.23
 
 5.29
 
 
 3.81
 
 2.79
 
1  Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Expense.”