EX-12.02 4 a2079866zex-12_02.txt EXHIBIT 12.02 EXHIBIT 12.02 CITICORP CALCULATION OF RATIO OF INCOME TO FIXED CHARGES INCLUDING PREFERRED STOCK DIVIDENDS (In Millions)
YEAR ENDED DECEMBER 31, Three Months Ended March 31, EXCLUDING INTEREST ON DEPOSITS: 2001 2000 1999 1998 1997 2002 2001 -------- -------- -------- -------- -------- -------- -------- FIXED CHARGES: INTEREST EXPENSE (OTHER THAN INTEREST ON DEPOSITS) 8,316 8,722 7,795 7,308 6,776 1,693 2,323 INTEREST FACTOR IN RENT EXPENSE 303 283 235 213 189 74 71 DIVIDENDS--PREFERRED STOCK - - - 126 223 - -(A) -------- -------- -------- -------- -------- -------- -------- TOTAL FIXED CHARGES 8,619 9,005 8,030 7,647 7,188 1,767 2,394 -------- -------- -------- -------- -------- -------- -------- INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 15,221 12,876 10,496 6,732 7,664 3,781 3,403 FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS) 8,619 9,005 8,030 7,521 6,965 1,767 2,394 -------- -------- -------- -------- -------- -------- -------- TOTAL INCOME 23,840 21,881 18,526 14,253 14,629 5,548 5,797 ======== ======== ======== ======== ======== ======== ======== RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS 2.77 2.43 2.31 1.86 2.04 3.14 2.42 ======== ======== ======== ======== ======== ======== ======== INCLUDING INTEREST ON DEPOSITS: FIXED CHARGES: INTEREST EXPENSE 20,181 22,045 18,606 18,868 16,430 3,544 5,813 INTEREST FACTOR IN RENT EXPENSE 303 283 235 213 189 74 71 DIVIDENDS--PREFERRED STOCK - - - 126 223 - -(A) -------- -------- -------- -------- -------- -------- -------- TOTAL FIXED CHARGES 20,484 22,328 18,841 19,207 16,842 3,618 5,884 -------- -------- -------- -------- -------- -------- -------- INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 15,221 12,876 10,496 6,732 7,664 3,781 3,403 FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS) 20,484 22,328 18,841 19,081 16,619 3,618 5,884 -------- -------- -------- -------- -------- -------- -------- TOTAL INCOME 35,705 35,204 29,337 25,813 24,283 7,399 9,287 ======== ======== ======== ======== ======== ======== ======== RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS 1.74 1.58 1.56 1.34 1.44 2.05 1.58 ======== ======== ======== ======== ======== ======== ========
Note> 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. (A) 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.