EX-12.02 4 a2177694zex-12_02.htm EXHIBIT 12.02

Exhibit 12.02

 

CITIGROUP INC.

CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

INCLUDING PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Year ended December 31,

 

March 31,

 

In millions of dollars, except for ratios

 

2006(1)(2)

 

2005(1)(2)

 

2004(1)(2)

 

2003(1)(2)

 

2002(1)(2)(3)

 

2007

 

2006(1)(2)

 

EXCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (other than interest on deposits)

 

$

35,682

 

$

23,120

 

$

13,271

 

$

9,942

 

$

12,273

 

$

11,192

 

$

7,602

 

Interest factor in rent expense

 

570

 

516

 

487

 

460

 

445

 

154

 

141

 

Dividends—Preferred Stock

 

88

 

98

 

95

 

103

 

126

 

22

 

20

 

Total fixed charges

 

$

36,340

 

$

23,734

 

$

13,853

 

$

10,505

 

$

12,844

 

$

11,368

 

$

7,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes

 

$

29,639

 

$

29,433

 

$

22,736

 

$

25,170

 

$

19,388

 

$

6,921

 

$

7,152

 

Fixed charges (excluding preferred stock dividends)

 

36,252

 

23,636

 

13,758

 

10,402

 

12,718

 

11,346

 

7,743

 

Total income

 

$

65,891

 

$

53,069

 

$

36,494

 

$

35,572

 

$

32,106

 

$

18,267

 

$

14,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges excluding interest on deposits

 

1.81

 

2.24

 

2.63

 

3.39

 

2.50

 

1.61

 

1.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

56,943

 

$

36,676

 

$

22,004

 

$

17,184

 

$

21,177

 

$

17,562

 

$

12,107

 

Interest factor in rent expense

 

570

 

516

 

487

 

460

 

445

 

154

 

141

 

Dividends—Preferred Stock

 

88

 

98

 

95

 

103

 

126

 

22

 

20

 

Total fixed charges

 

$

57,601

 

$

37,290

 

$

22,586

 

$

17,747

 

$

21,748

 

$

17,738

 

$

12,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes

 

$

29,639

 

$

29,433

 

$

22,736

 

$

25,170

 

$

19,388

 

$

6,921

 

$

7,152

 

Fixed charges (excluding preferred stock dividends)

 

57,513

 

37,192

 

22,491

 

17,644

 

21,622

 

17,716

 

12,248

 

Total income

 

$

87,152

 

$

66,625

 

$

45,227

 

$

42,814

 

$

41,010

 

$

24,637

 

$

19,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of income to fixed charges including interest on deposits

 

1.51

 

1.79

 

2.00

 

2.41

 

1.89

 

1.39

 

1.58

 

(1)                  On December 1, 2005, Citigroup completed the sale of substantially all of Citigroup’s Asset Management Business to Legg Mason, Inc.  Citigroup reports these businesses 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.

 

(2)                  On July 1, 2005, Citigroup completed the sale of Citigroup’s Travelers Life & Annuity and substantially all of Citigroup’s international insurance businesses to MetLife, Inc.  Citigroup reports these businesses separately as discontinued operations in the Company’s Consolidated Statement of Income.

 

(3)                  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 Dec 31, 2001).  Following the distribution, Citigroup began reporting TPC separately as discontinued operations in the Company’s Consolidated Statement of Income.