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EXHIBIT 12.1
TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Years Ended March 31, |
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(Dollars in millions) |
| 2018 |
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| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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Consolidated income before provision for income taxes |
| $ | 781 |
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| $ | 409 |
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| $ | 1,512 |
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| $ | 1,926 |
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| $ | 1,354 |
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Fixed charges: |
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Interest1 |
| $ | 1,851 |
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| $ | 1,754 |
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| $ | 1,137 |
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| $ | 736 |
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| $ | 1,340 |
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Portion of rent expense representative of the interest factor (deemed to be one-third) |
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| 10 |
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| 9 |
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| 8 |
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| 8 |
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| 8 |
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Total fixed charges |
| $ | 1,861 |
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| $ | 1,763 |
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| $ | 1,145 |
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| $ | 744 |
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| $ | 1,348 |
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Earnings available for fixed charges |
| $ | 2,642 |
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| $ | 2,172 |
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| $ | 2,657 |
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| $ | 2,670 |
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| $ | 2,702 |
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Ratio of earnings to fixed charges |
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| 1.42 |
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| 1.23 |
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| 2.32 |
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| 3.59 |
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| 2.00 |
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1 | Components of interest expense are discussed under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Interest Expense.” |