EX-12.02 6 a2146111zex-12_02.htm EXHIBIT 12.02
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Exhibit 12.02

CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS

 
    
    
    
    
    
   Nine Months Ended
September 30,
 
   Year ended December 31,
In millions of dollars, except for ratios
  2003
   2002(2)
   2001(2)
   2000(1)(2)
   1999(1)(2)
   2004
   2003(3)
EXCLUDING INTEREST ON DEPOSITS:                                          

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (other than interest on deposits)   $ 10,364   $ 12,659   $ 20,090   $ 23,072   $ 17,687   $ 9,114   $ 7,618
Interest factor in rent expense     466     451     444     416     292     367     346
Dividends—Preferred Stock     103     126     168     180     232     71     79
   
 
 
 
 
 
 
Total fixed charges   $ 10,933   $ 13,236   $ 20,702   $ 23,668   $ 18,211   $ 9,552   $ 8,043
   
 
 
 
 
 
 

Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes   $ 26,333   $ 20,537   $ 20,519   $ 19,297   $ 16,247   $ 16,653   $ 19,420
Fixed charges (excluding preferred stock dividends)     10,830     13,110     20,534     23,488     17,979     9,481     7,964
   
 
 
 
 
 
 
Total income   $ 37,163   $ 33,647   $ 41,053   $ 42,785   $ 34,226   $ 26,134   $ 27,384
   
 
 
 
 
 
 

Ratio of income to fixed charges excluding interest on deposits
 
 
3.40
 
 
2.54
 
 
1.98
 
 
1.81
 
 
1.88
 
 
2.74
 
 
3.40
   
 
 
 
 
 
 

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (other than interest on deposits)   $ 17,271   $ 21,248   $ 31,793   $ 36,459   $ 28,498   $ 15,367   $ 13,085
Interest factor in rent expense     466     451     444     416     292     367     346
Dividends—Preferred Stock     103     126     168     180     232     71     79
   
 
 
 
 
 
 
Total fixed charges   $ 17,840   $ 21,825   $ 32,405   $ 37,055   $ 29,022   $ 15,805   $ 13,510
   
 
 
 
 
 
 

Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes   $ 26,333   $ 20,537   $ 20,519   $ 19,297   $ 16,247   $ 16,653   $ 19,420
Fixed charges (excluding preferred stock dividends)     17,737     21,699     32,237     36,875     28,790     15,734     13,431
   
 
 
 
 
 
 
Total income   $ 44,070   $ 42,236   $ 52,756   $ 56,172   $ 45,037   $ 32,387   $ 32,851
   
 
 
 
 
 
 

Ratio of income to fixed charges including interest on deposits
 
 
2.47
 
 
1.94
 
 
1.63
 
 
1.52
 
 
1.55
 
 
2.05
 
 
2.43
   
 
 
 
 
 
 
(1)
On November 30, 2000, Citigroup completed its acquisition of Associates First Capital Corporation (Associates) in a transaction accounted for as a pooling of interests.

(2)
On Aug 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 Dec 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.

(3)
Reclassified to conform to the current period's presentation.



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CITIGROUP INC. CALCULATION OF RATIO OF INCOME TO FIXED CHARGES INCLUDING PREFERRED STOCK DIVIDENDS