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Exhibit 12.1
American Honda Finance Corporation and Subsidiaries
Calculation of Ratio of Earnings to Fixed Charges
(U.S. dollars in millions)
| Years ended March 31, |
| |||||||||
| 2018 |
|
| 2017 |
|
| 2016 |
| |||
Earnings |
|
|
|
|
|
|
|
|
|
|
|
Consolidated income before provision for income taxes | $ | 1,480 |
|
| $ | 1,190 |
|
| $ | 1,458 |
|
Fixed Charges |
| 900 |
|
|
| 731 |
|
|
| 595 |
|
Earnings | $ | 2,380 |
|
| $ | 1,921 |
|
| $ | 2,053 |
|
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
Interest expense | $ | 897 |
|
| $ | 728 |
|
| $ | 592 |
|
Interest portion of rental expense (1) |
| 3 |
|
|
| 3 |
|
|
| 3 |
|
Total fixed charges | $ | 900 |
|
| $ | 731 |
|
| $ | 595 |
|
Ratio of earnings to fixed charges | 2.64x |
|
| 2.63x |
|
| 3.45x |
|
(1) | One-third of all rental expense is deemed to be interest. |