EX-12.1 2 tmcc-ex121_31.htm EX-12.1 tmcc-ex121_31.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)

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Consolidated income before provision for income taxes

 

$

255

 

 

$

(75

)

 

$

703

 

 

$

570

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest1

 

$

428

 

 

$

701

 

 

$

1,328

 

 

$

1,305

 

Portion of rent expense representative of the interest

   factor (deemed to be one-third)

 

 

3

 

 

 

3

 

 

 

8

 

 

 

7

 

Total fixed charges

 

$

431

 

 

$

704

 

 

$

1,336

 

 

$

1,312

 

Earnings available for fixed charges

 

$

686

 

 

$

629

 

 

$

2,039

 

 

$

1,882

 

Ratio of earnings to fixed charges2

 

 

1.59

 

 

 

-

 

 

 

1.53

 

 

 

1.43

 

1

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

2

For the three months ended December 31, 2016, our earnings were insufficient to cover fixed charges by $75 million.