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EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| December 31, |
|
| December 31, |
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(Dollars in millions) |
| 2017 |
|
| 2016 |
|
| 2017 |
|
| 2016 |
| ||||
Consolidated income before provision for income taxes |
| $ | 255 |
|
| $ | (75 | ) |
| $ | 703 |
|
| $ | 570 |
|
Fixed charges: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest1 |
| $ | 428 |
|
| $ | 701 |
|
| $ | 1,328 |
|
| $ | 1,305 |
|
Portion of rent expense representative of the interest factor (deemed to be one-third) |
|
| 3 |
|
|
| 3 |
|
|
| 8 |
|
|
| 7 |
|
Total fixed charges |
| $ | 431 |
|
| $ | 704 |
|
| $ | 1,336 |
|
| $ | 1,312 |
|
Earnings available for fixed charges |
| $ | 686 |
|
| $ | 629 |
|
| $ | 2,039 |
|
| $ | 1,882 |
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Ratio of earnings to fixed charges2 |
|
| 1.59 |
|
|
| - |
|
|
| 1.53 |
|
|
| 1.43 |
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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.” |
2 | For the three months ended December 31, 2016, our earnings were insufficient to cover fixed charges by $75 million. |