Toyota Motor Credit (TM/28) 10-Q2005 Q2 Quarterly report

Filed: 22 Nov 04, 12:00am

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Removed: aggregated, billion, borst, Certification, comprised, dealership, duly, elevated, ending, estate, Forma, fully, funded, george, john, lessee, listed, personal, Pro, projected, provision, prudent, real, refurbishment, stillo, thereunto, undersigned, unguaranteed, variable

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EXHIBIT 12.1

TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended September 30,					Six Months Ended September 30,

	2004		2003			2004		2003

	(Dollars in millions)
			(Restated)					(Restated)

Consolidated income before provision for income taxes	$	280		$	355	$	606		$	450


Fixed charges:
Interest (1)		192			91		303			326

Portion of rent expense representative of the interest factor (deemed to be one-third)		2			2		3			4

Total fixed charges		194			93		306			330


Earnings available for fixed charges	$	474		$	448	$	912		$	780


Ratio of earnings to fixed charges		2.44			4.82		2.98			2.36

(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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