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Content analysis
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- 10-Q Quarterly report
- 10 .1, 364 Day Agreement
- 10 .2, 5 Year Agreement
- 10 .3, FY2005 Form of Option
- 10 .4, TFSB Agreement
- 12 Ratio of Earnings to Fixed Charges
- 15 .1, Report of Independent Accountants
- 15 .2, Letter Re: Unaudited Info
- 31 .1, Certification of CEO
- 31 .2, Certification of CFO
- 32 .1
- 32 .2
EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months Ended |
| Six Months Ended |
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| 2004 |
| 2003 |
| 2004 |
| 2003 |
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Consolidated income before provision for income taxes | $ | 280 |
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| $ | 355 |
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| $ | 606 |
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| $ | 450 |
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Fixed charges: |
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Interest (1) |
| 192 |
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| 91 |
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| 303 |
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| 326 |
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Portion of rent expense representative of the interest factor (deemed to be one-third) |
| 2 |
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| 2 |
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| 4 |
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Total fixed charges |
| 194 |
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| 93 |
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| 306 |
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| 330 |
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Earnings available for fixed charges | $ | 474 |
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| $ | 448 |
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| $ | 912 |
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| $ | 780 |
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Ratio of earnings to fixed charges |
| 2.44 |
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| 4.82 |
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| 2.98 |
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| 2.36 |
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(1) | Interest expense for the three and six months ended September 30, 2004 and 2003 included gains associated with amortization of de-designated hedges and derivative fair value adjustments of $28 million, $107 million, $79 million and $37 million, respectively. |
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