EX-12.02 5 a2056694zex-12_02.txt EXHIBIT 12.02 Ex-12.02 CITICORP CALCULATION OF RATIO OF INCOME TO FIXED CHARGES INCLUDING PREFERRED STOCK DIVIDENDS
(In Millions) YEAR ENDED DECEMBER 31, Six Months Ended June 30, EXCLUDING INTEREST ON DEPOSITS: 2000 1999 1998 1997 1996 2001 2000 --------- --------- --------- --------- --------- --------- --------- FIXED CHARGES: INTEREST EXPENSE (OTHER THAN INTEREST ON DEPOSITS) 8,722 7,795 7,308 6,776 6,325 4,363 4,049 INTEREST FACTOR IN RENT EXPENSE 283 235 213 189 176 128 142 DIVIDENDS--PREFERRED STOCK -- -- 126 223 261 -- -- (A) --------- --------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES 9,005 8,030 7,647 7,188 6,762 4,491 4,191 --------- --------- --------- --------- --------- --------- --------- INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 12,876 10,496 6,732 7,664 7,734 7,145 6,989 FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS) 9,005 8,030 7,521 6,965 6,501 4,491 4,191 --------- --------- --------- --------- --------- --------- --------- TOTAL INCOME 21,881 18,526 14,253 14,629 14,235 11,636 11,180 ========= ========= ========= ========= ========= ========= ========= RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS 2.43 2.31 1.86 2.04 2.11 2.59 2.67 ========= ========= ========= ========= ========= ========= ========= INCLUDING INTEREST ON DEPOSITS: FIXED CHARGES: INTEREST EXPENSE 22,045 18,606 18,868 16,430 15,341 10,932 10,064 INTEREST FACTOR IN RENT EXPENSE 283 235 213 189 176 128 142 DIVIDENDS--PREFERRED STOCK -- -- 126 223 261 -- -- (A) --------- --------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES 22,328 18,841 19,207 16,842 15,778 11,060 10,206 --------- --------- --------- --------- --------- --------- --------- INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 12,876 10,496 6,732 7,664 7,734 7,145 6,989 FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS) 22,328 18,841 19,081 16,619 15,517 11,060 10,206 --------- --------- --------- --------- --------- --------- --------- TOTAL INCOME 35,204 29,337 25,813 24,283 23,251 18,205 17,195 ========= ========= ========= ========= ========= ========= ========= RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS 1.58 1.56 1.34 1.44 1.47 1.65 1.68 ========= ========= ========= ========= ========= ========= =========
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. (A) On October 8, 1998, Citicorp merged with and into a newly formed, wholly owned subsidiary of Travelers Group Inc. ("TRV") (the "Merger"). Following the Merger, TRV changed its name to Citigroup. Under the terms of the Merger, Citicorp common and preferred stock were exchanged for Citigroup common stock and preferred stock. As such there were no Citicorp preferred dividends subsequent to 1998.