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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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| June 30, |
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(Dollars in millions) |
| 2017 |
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| 2016 |
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| ||
Consolidated income before provision for income taxes |
| $ | 261 |
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| $ | 387 |
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Fixed charges: |
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Interest1 |
| $ | 448 |
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| $ | 307 |
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Portion of rent expense representative of the interest factor (deemed to be one-third) |
|
| 2 |
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|
| 2 |
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Total fixed charges |
| $ | 450 |
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| $ | 309 |
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Earnings available for fixed charges |
| $ | 711 |
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| $ | 696 |
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Ratio of earnings to fixed charges |
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| 1.58 |
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| 2.25 |
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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.” |