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
 
Nine Months Ended
 
 
December 31,
 
December 31,
 (Dollars in millions)
2014 
2013 
 
2014 
2013 
                   
 Consolidated income before provision for income
 
 
 
 
 
 
 
 
 
 
taxes
$
 492 
$
 306 
 
$
 1,536 
$
 843 
                   
 Fixed charges:
 
 
 
 
 
 
 
 
 
 Interest1 
$
 161 
$
 386 
 
$
 506 
$
 1,236 
 Portion of rent expense representative of the interest
 
 
 
 
 
 
 
 
 
 
factor (deemed to be one-third)
 
 2 
 
 2 
 
 
 6 
 
 6 
 Total fixed charges
$
 163 
$
 388 
 
$
 512 
$
 1,242 
 
 
 
 
 
 
 
 
 
 
 
 Earnings available for fixed charges
$
 655 
$
 694 
 
$
 2,048 
$
 2,085 
                   
 Ratio of earnings to fixed charges
 
 4.02 
 
 1.79 
 
 
 4.00 
 
 1.68 
 
1   Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition
    and Results of Operations, Interest Expense.”