TOYOTA MOTOR CREDIT CORPORATION - toyota highlander depreciation curve

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission File Number 1-9961
TOYOTA MOTOR CREDIT CORPORATION
(Exact name of registrant as specified in its charter)
California 95-3775816
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6565 Headquarters Drive
Plano, Texas 75024
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (469) 486-9300
Securities registered pursuant to Section 12(b) of the Act:
Trading
Title of each class Symbol(s) Name of each exchange on which registered
Medium-Term Notes, Series B TM/28 New York Stock Exchange
Stated Maturity Date January 11, 2028
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (?232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or
an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging
growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of January 31, 2021, the number of outstanding shares of capital stock, no par value per share, of the registrant was 91,500, all of which shares
were held by Toyota Financial Services International Corporation.
Reduced Disclosure Format
The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the
reduced disclosure format.
TOYOTA MOTOR CREDIT CORPORATION
FORM 10-Q
For the quarter ended December 31, 2020
INDEX
PART I.......................................................................................................................................................................................... 3
Item 1. Financial Statements................................................................................................................................................ 3
Consolidated Statements of Income........................................................................................................................... 3
Consolidated Statements of Comprehensive Income................................................................................................. 3
Consolidated Balance Sheets ..................................................................................................................................... 4
Consolidated Statements of Shareholder's Equity..................................................................................................... 5
Consolidated Statements of Cash Flows .................................................................................................................... 6
Notes to Consolidated Financial Statements.............................................................................................................. 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ................................. 44
Item 3. Quantitative and Qualitative Disclosures About Market Risk ................................................................................ 76
Item 4. Controls and Procedures.......................................................................................................................................... 76
PART II ........................................................................................................................................................................................ 77
Item 1. Legal Proceedings.................................................................................................................................................... 77
Item 1A. Risk Factors .......................................................................................................................................................... 77
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds................................................................................. 77
Item 3. Defaults Upon Senior Securities.............................................................................................................................. 77
Item 4. Mine Safety Disclosures.......................................................................................................................................... 77
Item 5. Other Information .................................................................................................................................................... 77
Item 6. Exhibits.................................................................................................................................................................... 78
Signatures............................................................................................................................................................................. 79
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TOYOTA MOTOR CREDIT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions)
(Unaudited)
Three months ended Nine months ended
December 31, December 31,
2020 2019 2020 2019
Financing revenues:
Operating lease $ 2,122 $ 2,212 $ 6,365 $ 6,593
Retail 749 661 2,144 1,888
Dealer 103 171 312 544
Total financing revenues 2,974 3,044 8,821 9,025
Depreciation on operating leases 1,450 1,712 4,484 4,920
Interest expense 491 755 1,534 2,065
Net financing revenues 1,033 577 2,803 2,040
Insurance earned premiums and contract revenues 241 231 714 692
Investment and other income, net 179 57 445 272
Net financing revenues and other revenues 1,453 865 3,962 3,004
Expenses:
Provision for credit losses 118 128 366 264
Operating and administrative 354 406 1,088 1,101
Insurance losses and loss adjustment expenses 98 116 265 344
Total expenses 570 650 1,719 1,709
Income before income taxes 883 215 2,243 1,295
Provision for income taxes 215 34 546 296
Net income $ 668 $ 181 $ 1,697 $ 999
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
(Unaudited)
Three months ended Nine months ended
December 31, December 31,
2020 2019 2020 2019
Net income $ 668 $ 181 $ 1,697 $ 999
Other comprehensive income, net of tax
Net unrealized gains (losses) on available-for-sale
marketable securities [net of tax benefit (provision)
of $0, $1, ($6) and ($4), respectively] 2 (2) 26 14
Reclassification adjustment for net gains on
available-for-sale marketable securities included in
investment and other income, net [net of tax
provision of $0, $1, $4 and $1, respectively] (2) (1) (15) (2)
Other comprehensive income (loss) - (3) 11 12
Comprehensive income $ 668 $ 178 $ 1,708 $ 1,011
Refer to the accompanying Notes to Consolidated Financial Statements.
3


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