EX-12.1 2 tmcc-ex121_201506307.htm EX-12.1 tmcc-ex121_201506307.htm

EXHIBIT 12.1

TOYOTA MOTOR CREDIT CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months Ended

 

 

 

June 30,

 

(Dollars in millions)

 

2015

 

 

2014

 

Consolidated income before provision for income taxes

 

$

205

 

 

$

577

 

Fixed charges:

 

 

 

 

 

 

 

 

Interest1

 

$

508

 

 

$

130

 

Portion of rent expense representative of the interest

   factor (deemed to be one-third)

 

 

2

 

 

 

2

 

Total fixed charges

 

$

510

 

 

$

132

 

Earnings available for fixed charges

 

$

715

 

 

$

709

 

Ratio of earnings to fixed charges

 

 

1.40

 

 

 

5.37

 

 

1

Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Expense.”