EX-12.02 10 a2104619zex-12_02.txt EXHIBIT 12.02 EXHIBIT 12.02 CITIGROUP INC. CALCULATION OF RATIO OF INCOME TO FIXED CHARGES INCLUDING PREFERRED STOCK DIVIDENDS (In millions of dollars)
YEAR ENDED DECEMBER 31, ---------------------------------------------------------------------------- EXCLUDING INTEREST ON DEPOSITS: 2002(2) 2001(2) 2000(1)(2) 1999(1)(2) 1998(1)(2) ------- ------- ---------- ---------- ---------- FIXED CHARGES: INTEREST EXPENSE (OTHER THAN INTEREST ON DEPOSITS) $12,659 $20,090 $23,072 $17,687 $18,971 INTEREST FACTOR IN RENT EXPENSE 451 444 416 292 417 DIVIDENDS--PREFERRED STOCK 126 168 180 232 332 ------- ------- ------- ------- ------- TOTAL FIXED CHARGES $13,236 $20,702 $23,668 $18,211 $19,720 ======= ======= ======= ======= ======= INCOME: INCOME FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES $20,537 $20,519 $19,297 $16,247 $ 9,271 FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS) 13,110 20,534 23,488 17,979 19,388 ------- ------- ------- ------- ------- TOTAL INCOME $33,647 $41,053 $42,785 $34,226 $28,659 ======= ======= ======= ======= ======= RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS 2.54 1.98 1.81 1.88 1.45 ======= ======= ======= ======= ======= INCLUDING INTEREST ON DEPOSITS: FIXED CHARGES: INTEREST EXPENSE $21,248 $31,793 $36,459 $28,498 $30,531 INTEREST FACTOR IN RENT EXPENSE 451 444 416 292 417 DIVIDENDS--PREFERRED STOCK 126 168 180 232 332 ------- ------- ------- ------- ------- TOTAL FIXED CHARGES $21,825 $32,405 $37,055 $29,022 $31,280 ======= ======= ======= ======= ======= INCOME: INCOME FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES $20,537 $20,519 $19,297 $16,247 $ 9,271 FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS) 21,699 32,237 36,875 28,790 30,948 ------- ------- ------- ------- ------- TOTAL INCOME $42,236 $52,756 $56,172 $45,037 $40,219 ======= ======= ======= ======= ======= RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS 1.94 1.63 1.52 1.55 1.29 ======= ======= ======= ======= =======
Note: (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. (2) On August 20, 2002, Citigroup completed the distribution to its stockholders of a majority portion of its remaining ownership interest in Travelers Property Casualty Corp. (TPC) (an indirect wholly-owned subsidiary of Citigroup on December 31, 2001). Following the distribution, Citigroup began reporting TPC separately as discontinued operations in the Company's Consolidated Statement of Income. The calculation of the ratio of income to fixed charges excludes discontinued operations. Prior periods have been restated on a comparable basis.