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
  
Six Months Ended
   
September 30,
  
September 30,
(Dollars in millions)
2013
2012
  
2013
2012
Consolidated income before provision for income
                  
 
taxes
$
 393
$
 526
  
$
 537
$
 1,282
Fixed charges:
                  
Interest1
$
 314
$
 283
  
$
 850
$
 341
Portion of rent expense representative of the interest
                  
 
factor (deemed to be one-third)
  
 2
  
 2
    
 4
  
 4
Total fixed charges
$
 316
$
 285
  
$
 854
$
 345
                     
Earnings available for fixed charges
$
 709
$
 811
  
$
 1,391
$
 1,627
Ratio of earnings to fixed charges
  
 2.24
  
 2.85
    
 1.63
  
 4.72
1  Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition
    and Results of Operations, Interest Expense.”

 
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