Company Quick10K Filing
Toyota Motor Credit
Price-0.00 EPS14,503
Shares0 P/E-0
MCap-0 P/FCF-0
Net Debt-3,605 EBIT4,343
TEV-3,605 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-02
10-K 2019-03-31 Filed 2019-06-04
10-Q 2018-12-31 Filed 2019-02-07
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-K 2018-03-31 Filed 2018-06-04
10-Q 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-07
10-K 2017-03-31 Filed 2017-06-01
10-Q 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-10
10-K 2016-03-31 Filed 2016-06-02
10-Q 2015-12-31 Filed 2016-02-10
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-K 2015-03-31 Filed 2015-06-02
10-Q 2014-12-31 Filed 2015-02-06
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-08-12
10-K 2014-03-31 Filed 2014-05-29
10-Q 2013-12-31 Filed 2014-02-12
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-12
10-K 2013-03-31 Filed 2013-06-14
10-Q 2012-12-31 Filed 2013-02-14
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-08
10-K 2012-03-31 Filed 2012-06-06
10-Q 2011-12-31 Filed 2012-02-08
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-10
10-K 2011-03-31 Filed 2011-06-02
10-Q 2010-12-31 Filed 2011-02-10
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-04
10-K 2010-03-31 Filed 2010-06-10
10-Q 2009-12-31 Filed 2010-02-05
8-K 2020-05-19 Earnings, Other Events
8-K 2020-05-14 Exhibits
8-K 2020-05-11 Other Events
8-K 2020-03-27 Other Events
8-K 2020-02-21 Regulation FD, Exhibits
8-K 2019-11-22 Regulation FD, Exhibits
8-K 2019-11-21 Exhibits
8-K 2019-11-08 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-09-13 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-08-28 Other Events
8-K 2019-08-16 Regulation FD, Exhibits
8-K 2019-06-21 Exhibits
8-K 2019-06-19 Regulation FD, Exhibits
8-K 2019-06-10 Regulation FD, Exhibits
8-K 2019-05-24 Regulation FD, Exhibits
8-K 2019-04-16 Other Events
8-K 2019-04-02 Other Events, Exhibits
8-K 2019-02-22 Regulation FD, Exhibits
8-K 2018-12-17 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-11-09 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-09-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-21 Regulation FD, Exhibits
8-K 2018-08-06 Other Events, Exhibits
8-K 2018-06-27 Regulation FD, Exhibits
8-K 2018-06-18 Exhibits
8-K 2018-05-24 Regulation FD, Exhibits
8-K 2018-05-15 Regulation FD, Exhibits
8-K 2018-05-01 Other Events
8-K 2018-03-19 Regulation FD, Exhibits
8-K 2018-03-07 Other Events
8-K 2018-02-23 Regulation FD, Exhibits
8-K 2018-01-25 Exhibits

TMCC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Interim Financial Data
Note 2 - Investments in Marketable Securities
Note 3 - Finance Receivables, Net
Note 4 - Investments in Operating Leases, Net
Note 5 - Allowance for Credit Losses
Note 6 - Derivatives, Hedging Activities and Interest Expense
Note 7 - Debt and Credit Facilities
Note 8 - Variable Interest Entities
Note 9 - Commitments and Contingencies
Note 10 - Income Taxes
Note 11 - Related Party Transactions
Note 12 - Fair Value Measurements
Note 13 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 tmcc-ex311_7.htm
EX-31.2 tmcc-ex312_9.htm
EX-32.1 tmcc-ex321_6.htm
EX-32.2 tmcc-ex322_8.htm

Toyota Motor Credit Earnings 2019-12-31

Balance SheetIncome StatementCash Flow
12510075502502012201420172020
Assets, Equity
3.02.41.81.10.5-0.12011201320152018
Rev, G Profit, Net Income
4.52.60.7-1.1-3.0-4.92012201420172020
Ops, Inv, Fin

10-Q 1 tmcc-10q_20191231.htm 10-Q tmcc-10q_20191231.htm

 

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, 2019

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

incorporation or organization)

 

(I.R.S. Employer

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:

 

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Medium-Term Notes, Series B

Stated Maturity Date January 11, 2028

TM/28

New York Stock Exchange

 

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, 2020, 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, 2019

 

 


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,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Financing revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease

 

$

2,212

 

 

$

2,212

 

 

$

6,593

 

 

$

6,505

 

Retail

 

 

661

 

 

 

578

 

 

 

1,888

 

 

 

1,660

 

Dealer

 

 

171

 

 

 

178

 

 

 

544

 

 

 

529

 

Total financing revenues

 

 

3,044

 

 

 

2,968

 

 

 

9,025

 

 

 

8,694

 

Depreciation on operating leases

 

 

1,712

 

 

 

1,717

 

 

 

4,920

 

 

 

5,145

 

Interest expense

 

 

755

 

 

 

699

 

 

 

2,065

 

 

 

2,083

 

Net financing revenues

 

 

577

 

 

 

552

 

 

 

2,040

 

 

 

1,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance earned premiums and contract revenues

 

 

231

 

 

 

226

 

 

 

692

 

 

 

676

 

Investment and other income, net

 

 

57

 

 

 

68

 

 

 

272

 

 

 

164

 

Net financing revenues and other revenues

 

 

865

 

 

 

846

 

 

 

3,004

 

 

 

2,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

128

 

 

 

110

 

 

 

264

 

 

 

266

 

Operating and administrative

 

 

406

 

 

 

347

 

 

 

1,101

 

 

 

1,019

 

Insurance losses and loss adjustment expenses

 

 

116

 

 

 

106

 

 

 

344

 

 

 

343

 

Total expenses

 

 

650

 

 

 

563

 

 

 

1,709

 

 

 

1,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

215

 

 

 

283

 

 

 

1,295

 

 

 

678

 

Provision for income taxes

 

 

34

 

 

 

69

 

 

 

296

 

 

 

178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

181

 

 

$

214

 

 

$

999

 

 

$

500

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

181

 

 

$

214

 

 

$

999

 

 

$

500

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized (losses) gains on available-for-sale

  marketable securities [net of tax benefit (provision)

  of $1, ($2), ($4) and ($3), respectively]

 

 

(2

)

 

 

4

 

 

 

14

 

 

 

1

 

Reclassification adjustment for net (gains) losses on

  available-for-sale marketable securities included in

  investment and other income, net [net of tax

provision (benefit) of $1, ($3), $1 and ($3), respectively]

 

 

(1

)

 

 

8

 

 

 

(2

)

 

 

9

 

Other comprehensive (loss) income

 

 

(3

)

 

 

12

 

 

 

12

 

 

 

10

 

Comprehensive income

 

$

178

 

 

$

226

 

 

$

1,011

 

 

$

510

 

 

Refer to the accompanying Notes to Consolidated Financial Statements.

3


TOYOTA MOTOR CREDIT CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in millions except share data)

(Unaudited)

 

 

 

December 31,

 

 

March 31,

 

 

 

2019

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,832

 

 

$

2,198

 

Restricted cash and cash equivalents

 

 

940

 

 

 

985

 

Investments in marketable securities

 

 

3,627

 

 

 

2,908

 

Finance receivables, net

 

 

73,450

 

 

 

70,517

 

Investments in operating leases, net

 

 

37,403

 

 

 

37,927

 

Other assets

 

 

2,355

 

 

 

1,981

 

Total assets

 

$

122,607

 

 

$

116,516

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDER’S EQUITY

 

 

 

 

 

 

 

 

Debt

 

$

97,534

 

 

$

92,922

 

Deferred income taxes

 

 

5,656

 

 

 

5,452

 

Other liabilities

 

 

4,828

 

 

 

4,564

 

Total liabilities

 

 

108,018

 

 

 

102,938

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Refer to Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholder’s equity:

 

 

 

 

 

 

 

 

Capital stock, no par value (100,000 shares authorized; 91,500 issued

   and outstanding) at December 31, 2019 and March 31, 2019

 

 

915

 

 

 

915

 

Additional paid-in capital

 

 

2

 

 

 

2

 

Accumulated other comprehensive income

 

 

15

 

 

 

3

 

Retained earnings

 

 

13,657

 

 

 

12,658

 

Total shareholder's equity

 

 

14,589

 

 

 

13,578

 

Total liabilities and shareholder's equity

 

$

122,607

 

 

$

116,516

 

 

The following table presents the assets and liabilities of our consolidated variable interest entities (Refer to Note 8).

  

 

 

December 31,

 

 

March 31,

 

 

 

2019

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Finance receivables, net

 

$

12,352

 

 

$

11,075

 

Investments in operating leases, net

 

 

4,248

 

 

 

5,307

 

Other assets

 

 

121

 

 

 

192

 

Total assets

 

$

16,721

 

 

$

16,574

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Debt

 

$

13,344

 

 

$

12,401

 

Other liabilities

 

 

12

 

 

 

12

 

Total liabilities

 

$

13,356

 

 

$

12,413

 

 

Refer to the accompanying Notes to Consolidated Financial Statements.

 

4


TOYOTA MOTOR CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(Dollars in millions)

(Unaudited)

 

 

 

Three Months Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

paid-in

 

 

comprehensive

 

 

Retained

 

 

 

 

 

 

 

stock

 

 

capital

 

 

(loss) income

 

 

earnings

 

 

Total

 

Balance at September 30, 2018

 

$

915

 

 

$

2

 

 

$

(19

)

 

$

12,156

 

 

$

13,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

214

 

 

 

214

 

Other comprehensive income, net of tax

 

 

-

 

 

 

-

 

 

 

12

 

 

 

-

 

 

 

12

 

Balance at December 31, 2018

 

$

915

 

 

$

2

 

 

$

(7

)

 

$

12,370

 

 

$

13,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

paid-in

 

 

comprehensive

 

 

Retained

 

 

 

 

 

 

 

stock

 

 

capital

 

 

(loss) income

 

 

earnings

 

 

Total

 

Balance at March 31, 2018

 

$

915

 

 

$

2

 

 

$

(29

)

 

$

11,992

 

 

$

12,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative-effect of change in accounting policy

 

 

-

 

 

 

-

 

 

 

12

 

 

 

(122

)

 

 

(110

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

500

 

 

 

500

 

Other comprehensive income, net of tax

 

 

-

 

 

 

-

 

 

 

10

 

 

 

-

 

 

 

10

 

Balance at December 31, 2018

 

$

915

 

 

$

2

 

 

$

(7

)

 

$

12,370

 

 

$

13,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

paid-in

 

 

comprehensive

 

 

Retained

 

 

 

 

 

 

 

stock

 

 

capital

 

 

income (loss)

 

 

earnings

 

 

Total

 

Balance at September 30, 2019

 

$

915

 

 

$

2

 

 

$

18

 

 

$

13,476

 

 

$

14,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

181

 

 

 

181

 

Other comprehensive loss, net of tax

 

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

(3

)

Balance at December 31, 2019

 

$

915

 

 

$

2

 

 

$

15

 

 

$

13,657

 

 

$

14,589

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

paid-in

 

 

comprehensive

 

 

Retained

 

 

 

 

 

 

 

stock

 

 

capital

 

 

income

 

 

earnings

 

 

Total

 

Balance at March 31, 2019

 

$

915

 

 

$

2

 

 

$

3

 

 

$

12,658

 

 

$

13,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

999

 

 

 

999

 

Other comprehensive income, net of tax

 

 

-

 

 

 

-

 

 

 

12

 

 

 

-

 

 

 

12

 

Balance at December 31, 2019

 

$

915

 

 

$

2

 

 

$

15

 

 

$

13,657

 

 

$

14,589

 

Refer to the accompanying Notes to Consolidated Financial Statements.

 

5


TOYOTA MOTOR CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)

(Unaudited)

 

 

Nine Months Ended December 31,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

999

 

 

$

500

 

Adjustments to reconcile net income to net cash provided by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,003

 

 

 

5,217

 

Recognition of deferred income

 

 

(1,861

)

 

 

(1,747

)

Provision for credit losses

 

 

264

 

 

 

266

 

Amortization of deferred costs

 

 

525

 

 

 

464

 

Foreign currency and other adjustments to the carrying value of debt, net

 

 

151

 

 

 

(867

)

Net (gains) losses from investments in marketable securities

 

 

(54

)

 

 

60

 

Net change in:

 

 

 

 

 

 

 

 

Derivative assets

 

 

6

 

 

 

4

 

Other assets and accrued interest

 

 

(245

)

 

 

(49

)

Deferred income taxes

 

 

201

 

 

 

163

 

Derivative liabilities

 

 

(24

)

 

 

(3

)

Other liabilities

 

 

92

 

 

 

245

 

Net cash provided by operating activities

 

 

5,057

 

 

 

4,253

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of investments in marketable securities

 

 

(1,402

)

 

 

(1,094

)

Proceeds from sales of investments in marketable securities

 

 

232

 

 

 

1,708

 

Proceeds from maturities of investments in marketable securities

 

 

520

 

 

 

2,265

 

Acquisition of finance receivables

 

 

(22,807

)

 

 

(18,433

)

Collection of finance receivables

 

 

19,102

 

 

 

18,050

 

Net change in wholesale and certain working capital receivables

 

 

782

 

 

 

610

 

Acquisition of investments in operating leases

 

 

(12,243

)

 

 

(12,604

)

Disposals of investments in operating leases

 

 

9,060

 

 

 

8,526

 

Long term loans to affiliates

 

 

(200

)

 

 

(569

)

Payments on long term loans from affiliates

 

 

19

 

 

 

29

 

Other, net

 

 

(26

)

 

 

(32

)

Net cash used in investing activities

 

 

(6,963

)

 

 

(1,544

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of debt

 

 

17,830

 

 

 

16,906

 

Payments on debt

 

 

(15,778

)

 

 

(16,954

)

Net change in commercial paper

 

 

2,410

 

 

 

(1,509

)

Net change in financing support provided by affiliates

 

 

43

 

 

 

-

 

Dividend paid

 

 

(10

)