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)
2013
2012
2011
2010
2009
Consolidated income (loss) before provision for income
            
 
taxes
$
 2,155
$
 2,423
$
 3,003
$
 1,679
$
 (1,052)
Fixed charges:
                    
Interest1
$
 940
$
 1,300
$
 1,614
$
 2,023
$
 2,956
Portion of rent expense representative of the interest
                
 
factor (deemed to be one-third)
  
 8
  
 8
  
 8
  
 8
  
 8
Total fixed charges
$
 948
$
 1,308
$
 1,622
$
 2,031
$
 2,964
                       
Earnings available for fixed charges
$
 3,103
$
 3,731
$
 4,625
$
 3,710
$
 1,912
Ratio of earnings to fixed charges
  
 3.27
  
 2.85
  
 2.85
  
 1.83
  
 (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 year 2009, 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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