EX-12.02 6 a2180583zex-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
  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   $ 37,061   $ 25,587
Interest factor in rent expense     570     516     487     460     445     498     422
Dividends—Preferred Stock     88     98     95     103     126     49     65
   
 
 
 
 
 
 
Total fixed charges   $ 36,340   $ 23,734   $ 13,853   $ 10,505   $ 12,844   $ 37,608   $ 26,074
   
 
 
 
 
 
 

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   $ 18,749   $ 22,117
Fixed charges (excluding preferred stock dividends)     36,252     23,636     13,758     10,402     12,718     37,559     26,009
   
 
 
 
 
 
 
Total income   $ 65,891   $ 53,069   $ 36,494   $ 35,572   $ 32,106   $ 56,308   $ 48,126
   
 
 
 
 
 
 
Ratio of income to fixed charges excluding interest on deposits     1.81     2.24     2.63     3.39     2.50     1.50     1.85
   
 
 
 
 
 
 

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense   $ 56,943   $ 36,676   $ 22,004   $ 17,184   $ 21,177   $ 57,538   $ 40,725
Interest factor in rent expense     570     516     487     460     445     498     422
Dividends—Preferred Stock     88     98     95     103     126     49     65
   
 
 
 
 
 
 
Total fixed charges   $ 57,601   $ 37,290   $ 22,586   $ 17,747   $ 21,748   $ 58,085   $ 41,212
   
 
 
 
 
 
 

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   $ 18,749   $ 22,117
Fixed charges (excluding preferred stock dividends)     57,513     37,192     22,491     17,644     21,622     58,036     41,147
   
 
 
 
 
 
 
Total income   $ 87,152   $ 66,625   $ 45,227   $ 42,814   $ 41,010   $ 76,785   $ 63,264
   
 
 
 
 
 
 

Ratio of income to fixed charges including interest on deposits
 
 
1.51
 
 
1.79
 
 
2.00
 
 
2.41
 
 
1.89
 
 
1.32
 
 
1.54
   
 
 
 
 
 
 
(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.



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