EX-12.01 2 a2042041zex-12_01.txt EXHIBIT 12.01 Exhibit 12.01 CIITCORP CALCULATION OF RATIO OF INCOME TO FIXED CHARGES (In Millions)
YEAR ENDED DECEMBER 31, EXCLUDING INTEREST ON DEPOSITS: 2000 1999 1998 1997 1996 ------------------------------- ---- ---- ---- ---- ---- FIXED CHARGES: INTEREST EXPENSE (OTHER THAN INTEREST ON DEPOSITS) .................. 8,722 7,795 7,308 6,776 6,325 INTEREST FACTOR IN RENT EXPENSE ........... 283 235 213 189 176 ------ ------ ------ ------ ------ TOTAL FIXED CHARGES .................... 9,005 8,030 7,521 6,965 6,501 ------ ------ ------ ------ ------ INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 12,876 10,496 6,732 7,664 7,734 FIXED CHARGES ............................. 9,005 8,030 7,521 6,965 6,501 ------ ------ ------ ------ ------ TOTAL INCOME ........................... 21,881 18,526 14,253 14,629 14,235 ====== ====== ====== ====== ====== RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS ............ 2.43 2.31 1.90 2.10 2.19 ====== ====== ====== ====== ====== INCLUDING INTEREST ON DEPOSITS: ------------------------------- FIXED CHARGES: INTEREST EXPENSE .......................... 22,045 18,606 18,868 16,430 15,341 INTEREST FACTOR IN RENT EXPENSE ........... 283 235 213 189 176 ------ ------ ------ ------ ------ TOTAL FIXED CHARGES .................... 22,328 18,841 19,081 16,619 15,517 ------ ------ ------ ------ ------ INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 12,876 10,496 6,732 7,664 7,734 FIXED CHARGES ............................. 22,328 18,841 19,081 16,619 15,517 ------ ------ ------ ------ ------ TOTAL INCOME ........................... 35,204 29,337 25,813 24,283 23,251 ====== ====== ====== ====== ====== RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS ............ 1.58 1.56 1.35 1.46 1.50 ====== ====== ====== ====== ======
Note: On November 30, 2000, Citigroup Inc. completed its acquisition of Associates First Capital Corporation (Associates) in a transaction accounted for as a pooling of interests. Subsequent to the acquisition, Associates was contributed to and became a wholly owned subsidiary of Citicorp and Citicorp issued a full and unconditional guarantee of the outstanding long-term debt securities and commercial paper of Associates and Associates Corporation of North America (ACONA), a subsidiary of Associates.