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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 |
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| Six Months Ended |
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|
| September 30, |
|
| September 30, |
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(Dollars in millions) |
| 2015 |
|
| 2014 |
|
| 2015 |
|
| 2014 |
| ||||
Consolidated income before provision for income taxes |
| $ | 426 |
|
| $ | 467 |
|
| $ | 631 |
|
| $ | 1,044 |
|
Fixed charges: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest1 |
| $ | 203 |
|
| $ | 215 |
|
| $ | 711 |
|
| $ | 345 |
|
Portion of rent expense representative of the interest factor (deemed to be one-third) |
|
| 2 |
|
|
| 2 |
|
|
| 4 |
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|
| 4 |
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Total fixed charges |
| $ | 205 |
|
| $ | 217 |
|
| $ | 715 |
|
| $ | 349 |
|
Earnings available for fixed charges |
| $ | 631 |
|
| $ | 684 |
|
| $ | 1,346 |
|
| $ | 1,393 |
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Ratio of earnings to fixed charges |
|
| 3.08 |
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|
| 3.15 |
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|
| 1.88 |
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|
| 3.99 |
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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.” |