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 2020-12-31 Filed 2021-02-10
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-07
10-K 2020-03-31 Filed 2020-06-04
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 2020-11-17
8-K 2020-11-06
8-K 2020-09-18
8-K 2020-08-24
8-K 2020-06-18
8-K 2020-05-19
8-K 2020-05-14
8-K 2020-05-11
8-K 2020-03-27
8-K 2020-02-21
8-K 2019-11-22
8-K 2019-11-21
8-K 2019-11-08
8-K 2019-09-13
8-K 2019-08-28
8-K 2019-08-16
8-K 2019-06-21
8-K 2019-06-19
8-K 2019-06-10
8-K 2019-05-24
8-K 2019-04-16
8-K 2019-04-02
8-K 2019-02-22
8-K 2018-12-17
8-K 2018-11-09
8-K 2018-09-14
8-K 2018-08-21
8-K 2018-08-06
8-K 2018-06-27
8-K 2018-06-18
8-K 2018-05-24
8-K 2018-05-15
8-K 2018-05-01
8-K 2018-03-19
8-K 2018-03-07
8-K 2018-02-23
8-K 2018-01-25

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_9.htm
EX-31.2 tmcc-ex312_8.htm
EX-32.1 tmcc-ex321_6.htm
EX-32.2 tmcc-ex322_7.htm

Toyota Motor Credit Earnings 2020-12-31

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

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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

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, 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


 

TOYOTA MOTOR CREDIT CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in millions except share data)

(Unaudited)

 

 

 

December 31,

 

 

March 31,

 

 

 

2020

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

10,622

 

 

$

6,790

 

Restricted cash and cash equivalents

 

 

1,446

 

 

 

1,739

 

Investments in marketable securities

 

 

4,596

 

 

 

3,820

 

Finance receivables, net of allowance for credit losses of $1,162 and $727

 

 

78,800

 

 

 

73,996

 

Investments in operating leases, net

 

 

36,294

 

 

 

36,387

 

Other assets

 

 

2,733

 

 

 

2,823

 

Total assets

 

$

134,491

 

 

$

125,555

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDER’S EQUITY

 

 

 

 

 

 

 

 

Debt

 

$

108,972

 

 

$

97,740

 

Deferred income taxes

 

 

3,589

 

 

 

5,458

 

Other liabilities

 

 

5,937

 

 

 

7,854

 

Total liabilities

 

 

118,498

 

 

 

111,052

 

 

 

 

 

 

 

 

 

 

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, 2020 and March 31, 2020

 

 

915

 

 

 

915

 

Additional paid-in capital

 

 

2

 

 

 

2

 

Accumulated other comprehensive income

 

 

26

 

 

 

15

 

Retained earnings

 

 

15,050

 

 

 

13,571

 

Total shareholder's equity

 

 

15,993

 

 

 

14,503

 

Total liabilities and shareholder's equity

 

$

134,491

 

 

$

125,555

 

 

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

  

 

 

December 31,

 

 

March 31,

 

 

 

2020

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Finance receivables, net

 

$

19,334

 

 

$

12,375

 

Investments in operating leases, net

 

 

6,268

 

 

 

5,586

 

Other assets

 

 

100

 

 

 

131

 

Total assets

 

$

25,702

 

 

$

18,092

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Debt

 

$

21,720

 

 

$

14,568

 

Other liabilities

 

 

16

 

 

 

12

 

Total liabilities

 

$

21,736

 

 

$

14,580

 

 

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, 2019

 

 

 

 

 

 

 

 

 

 

 

Accumulated