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EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended March 31, |
| Six Months Ended March 31, |
| Year Ended September 30, | ||||||
|
|
| |||||||||
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
|
|
|
|
| |||||||
| (Dollars in millions) | ||||||||||
Consolidated income before equity in net loss of subsidiary, provision for income taxes, and cumulative effect of change in accounting principle | $1,243 |
| $1,059 |
| $144 |
| $448 |
| $62 |
|
$170 |
|
|
|
|
|
| ||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
Interest 1 | 670 |
| 578 |
| 1,249 |
| 1,014 |
| 760 |
| 1,311 |
Portion of rent expense representative of the interest factor (deemed to be one-third) | 7 |
| 7 |
| 8 |
| 7 |
| 3 |
| 6 |
Interest associated with Toyota Credit Argentina S.A.’s off-shore debt repaid by TMCC | - |
| - |
| 1 |
| - |
| - |
| - |
|
|
|
|
|
| ||||||
Total fixed charges | 677 |
| 585 |
| 1,258 |
| 1,021 |
| 763 |
| 1,317 |
|
|
|
|
|
| ||||||
Earnings available for fixed charges | $1,920 |
| $1,644 |
| $1,402 |
| $1,469 |
| $825 |
| $1,487 |
|
|
|
|
|
| ||||||
Ratio of earnings to fixed charges | 2.84 |
| 2.81 |
| 1.11 |
| 1.44 |
| 1.08 |
| 1.13 |
|
|
|
|
|
|
1 | Components of interest expense are discussed in the “Results of Operations – Interest Expense” section of Item 7., “Management’s Discussion and Analysis”. |
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