EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
June 30,
------------------
2003 2002
------ ------
(Dollars in Millions)
Consolidated income/(loss) before income taxes $ 83 $ (51)
------ ------
Fixed charges:
Interest.................................. 193 217
Portion of rent expense
representative of the
interest factor (deemed
to be one-third)....................... 2 2
------ ------
Total fixed charges.......................... 195 219
------ ------
Earnings available
for fixed charges......................... $ 278 $ 168
====== ======
Ratio of earnings to
fixed charges<F1>......................... 1.43 -*
====== ======
* TMCC's ratio of earnings to fixed charges was 1.43 for the quarter ended
June 30, 2003 and less than 1:1 ratio for the quarter ended June 30, 2002.
The deficiency in the ratio for the quarter ended June 30, 2002 was primarily
due to a decrease in net income from financing operations due to an
unfavorable fair value adjustment related to the Statement of Financial
Statement Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities", and related amendments. The Company
would have required an additional $51 million in net income to attain a 1:1
ratio.
<FN>
- -----------------
<F1> TMCC has guaranteed certain obligations of affiliates and subsidiaries
as discussed in Note 7 - Commitments and Contingent Liabilities of the
Consolidated Financial Statements. For the quarter ended June 30, 2003 and
2002, TMCC has not incurred any fixed charges in connection with such
guarantees and no amount is included in any ratio of earnings to fixed charges.
</FN>