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EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three Months Ended |
| |||||
|
| June 30, |
| |||||
(Dollars in millions) |
| 2015 |
|
| 2014 |
| ||
Consolidated income before provision for income taxes |
| $ | 205 |
|
| $ | 577 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
Interest1 |
| $ | 508 |
|
| $ | 130 |
|
Portion of rent expense representative of the interest factor (deemed to be one-third) |
|
| 2 |
|
|
| 2 |
|
Total fixed charges |
| $ | 510 |
|
| $ | 132 |
|
Earnings available for fixed charges |
| $ | 715 |
|
| $ | 709 |
|
Ratio of earnings to fixed charges |
|
| 1.40 |
|
|
| 5.37 |
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1 | Components of interest expense are discussed under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Expense.” |