EX-12.02 4 a2116869zex-12_02.htm EXHIBIT 12.02
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Exhibit 12.02


CITICORP
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS
(In millions of dollars)

 
   YEAR ENDED DECEMBER 31,
   SIX MONTHS ENDED JUNE 30,
 
   2002
   2001
   2000(1)
   1999(1)
   1998(1)
   2003
   2002
EXCLUDING INTEREST ON DEPOSITS:                                          

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  INTEREST EXPENSE (OTHER THAN INTEREST ON DEPOSITS)   $ 6,282   $ 8,316   $ 8,722   $ 7,795   $ 7,308   $ 2,958   $ 3,343
  INTEREST FACTOR IN RENT EXPENSE     322     303     283     235     213     179     151
  DIVIDENDS—PREFERRED STOCK(2)     —     —     —     —     126     —     —
   
 
 
 
 
 
 

TOTAL FIXED CHARGES
 
$
6,604
 
$
8,619
 
$
9,005
 
$
8,030
 
$
7,647
 
$
3,137
 
$
3,494
   
 
 
 
 
 
 

INCOME:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES   $ 16,166   $ 15,221   $ 12,876   $ 10,496   $ 6,732   $ 9,173   $ 8,413
  FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS)     6,604     8,619     9,005     8,030     7,521     3,137     3,494
   
 
 
 
 
 
 
   
TOTAL INCOME
 
$
22,770
 
$
23,840
 
$
21,881
 
$
18,526
 
$
14,253
 
$
12,310
 
$
11,907
   
 
 
 
 
 
 

RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS
 
 
3.45
 
 
2.77
 
 
2.43
 
 
2.31
 
 
1.86
 
 
3.92
 
 
3.41
   
 
 
 
 
 
 

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  INTEREST EXPENSE   $ 15,079   $ 20,181   $ 22,045   $ 18,606   $ 18,868   $ 6,523   $ 7,648
  INTEREST FACTOR IN RENT EXPENSE     322     303     283     235     213     179     151
  DIVIDENDS—PREFERRED STOCK(2)     —     —     —     —     126     —     —
   
 
 
 
 
 
 
   
TOTAL FIXED CHARGES
 
$
15,401
 
$
20,484
 
$
22,328
 
$
18,841
 
$
19,207
 
 
6,702
 
 
7,799
   
 
 
 
 
 
 

INCOME:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES   $ 16,166   $ 15,221   $ 12,876   $ 10,496   $ 6,732   $ 9,173   $ 8,413
  FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS)     15,401     20,484     22,328     18,841     19,081     6,702     7,799
   
 
 
 
 
 
 
   
TOTAL INCOME
 
$
31,567
 
$
35,705
 
$
35,204
 
$
29,337
 
$
25,813
 
$
15,875
 
$
16,212
   
 
 
 
 
 
 

RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS
 
 
2.05
 
 
1.74
 
 
1.58
 
 
1.56
 
 
1.34
 
 
2.37
 
 
2.08
   
 
 
 
 
 
 
(1)
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.

(2)
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 Inc. 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.


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CITICORP CALCULATION OF RATIO OF INCOME TO FIXED CHARGES INCLUDING PREFERRED STOCK DIVIDENDS (In millions of dollars)