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)
2012 
2011 
2010 
2009 
2008 
Consolidated income (loss) before provision for income
            
 
taxes
$
 2,423 
$
 3,003 
$
 1,679 
$
 (1,052)
$
 (380)
Fixed charges:
                    
Interest1 
$
 1,300 
$
 1,614 
$
 2,023 
$
 2,956 
$
 4,151 
Portion of rent expense representative of the interest
                
 
factor (deemed to be one-third)
  
 8 
  
 8 
  
 8 
  
 8 
  
 8 
Total fixed charges
$
 1,308 
$
 1,622 
$
 2,031 
$
 2,964 
$
 4,159 
                       
Earnings available for fixed charges
$
 3,731 
$
 4,625 
$
 3,710 
$
 1,912 
$
 3,779 
Ratio of earnings to fixed charges
  
 2.85 
  
 2.85 
  
 1.83 
  
(A)
  
(A)

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.


 
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