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EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | Six Months Ended | |||||||||
September 30, | September 30, | |||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||
Consolidated income before provision for income | ||||||||||
taxes | $ | 467 | $ | 393 | $ | 1,044 | $ | 537 | ||
Fixed charges: | ||||||||||
Interest1 | $ | 215 | $ | 314 | $ | 345 | $ | 850 | ||
Portion of rent expense representative of the interest | ||||||||||
factor (deemed to be one-third) | 2 | 2 | 4 | 4 | ||||||
Total fixed charges | $ | 217 | $ | 316 | $ | 349 | $ | 854 | ||
Earnings available for fixed charges | $ | 684 | $ | 709 | $ | 1,393 | $ | 1,391 | ||
Ratio of earnings to fixed charges | 3.15 | 2.24 | 3.99 | 1.63 | ||||||
1 Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Expense.” |