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)
2014 
2013 
 
2014 
2013 
 Consolidated income before provision for income
 
 
 
 
 
 
 
 
 
 
taxes
$
 467 
$
 393 
 
$
 1,044 
$
 537 
 Fixed charges:
 
 
 
 
 
 
 
 
 
 Interest1 
$
 215 
$
 314 
 
$
 345 
$
 850 
 Portion of rent expense representative of the interest
 
 
 
 
 
 
 
 
 
 
factor (deemed to be one-third)
 
 2 
 
 2 
 
 
 4 
 
 4 
 Total fixed charges
$
 217 
$
 316 
 
$
 349 
$
 854 
 
 
 
 
 
 
 
 
 
 
 
 Earnings available for fixed charges
$
 684 
$
 709 
 
$
 1,393 
$
 1,391 
 Ratio of earnings to fixed charges
 
 3.15 
 
 2.24 
 
 
 3.99 
 
 1.63 
1   Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,
    Interest Expense.”