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EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended March 31, | |||||||||||
(Dollars in millions) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||
Consolidated income (loss) before provision for income | |||||||||||
taxes | $ | 3,003 | $ | 1,679 | $ | (1,052) | $ | (380) | $ | 667 | |
Fixed charges: | |||||||||||
Interest1 | $ | 1,614 | $ | 2,023 | $ | 2,956 | $ | 4,151 | $ | 2,662 | |
Portion of rent expense representative of the interest | |||||||||||
factor (deemed to be one-third) | 8 | 8 | 8 | 8 | 7 | ||||||
Total fixed charges | $ | 1,622 | $ | 2,031 | $ | 2,964 | $ | 4,159 | $ | 2,669 | |
Earnings available for fixed charges | $ | 4,625 | $ | 3,710 | $ | 1,912 | $ | 3,779 | $ | 3,336 | |
Ratio of earnings to fixed charges | 2.85 | 1.83 | (A) | (A) | 1.25 |
1 | Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Expense.” |
(A) Due to our loss in fiscal years 2009 and 2008, the ratio of earnings to fixed assets was less than one. We must generate additional earnings equal to pre-tax loss to achieve a coverage of one to one.