EX-12.1 17 y42728a1ex12-1.txt COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES 1 EXHIBIT 12.1 ASSOCIATES FIRST CAPITAL CORPORATION CALCULATION OF RATIO OF INCOME TO FIXED CHARGES (IN MILLIONS)
YEAR ENDED DECEMBER 31, --------------------------------- 2000 1999 1998 1997 1996 ----- ----- ----- ----- ----- Fixed charges: Interest expense.......................................... 4,140 3,906 3,197 2,775 2,456 Implicit interest in rent................................. 32 30 23 20 17 ----- ----- ----- ----- ----- Total fixed charges.................................... 4,172 3,936 3,220 2,795 2,473 ----- ----- ----- ----- ----- Income: Income before taxes, minority interest and cumulative effect of accounting changes........................... 1,403 2,207 1,816 1,555 1,357 Fixed charges............................................. 4,172 3,936 3,220 2,795 2,473 ----- ----- ----- ----- ----- Total income........................................... 5,575 6,143 5,036 4,350 3,830 ===== ===== ===== ===== ===== Ratio of income to fixed charges............................ 1.34 1.56 1.56 1.56 1.55 ===== ===== ===== ===== =====
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 and Associates Corporation of North America (ACONA), a subsidiary of Associates.