EX-12.02 4 a2111423zex-12_02.txt EXHIBIT 12.02 EXHIBIT 12.02 CITICORP CALCULATION OF RATIO OF INCOME TO FIXED CHARGES INCLUDING PREFERRED STOCK DIVIDENDS (In millions of dollars)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, MARCH 31, -------------------------------------------------------------------- EXCLUDING INTEREST ON DEPOSITS: 2002 2001 2000(1) 1999(1) 1998(1) 2003 2002 -------- -------- -------- -------- -------- ------- -------- FIXED CHARGES: INTEREST EXPENSE (OTHER THAN INTEREST ON DEPOSITS) $ 6,282 $ 8,316 $ 8,722 $ 7,795 $ 7,308 $ 1,473 $ 1,693 INTEREST FACTOR IN RENT EXPENSE 322 303 283 235 213 92 74 DIVIDENDS--PREFERRED STOCK(2) - - - - 126 - - -------- -------- -------- -------- -------- ------- ------- TOTAL FIXED CHARGES $ 6,604 $ 8,619 $ 9,005 $ 8,030 $ 7,647 $ 1,565 $ 1,767 ======== ======== ======== ======== ======== ======= ======= INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES $ 16,166 $ 15,221 $ 12,876 $ 10,496 $ 6,732 $ 4,592 $ 3,781 FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS) 6,604 8,619 9,005 8,030 7,521 1,565 1,767 -------- -------- -------- -------- -------- ------- ------- TOTAL INCOME $ 22,770 $ 23,840 $ 21,881 $ 18,526 $ 14,253 $ 6,157 $ 5,548 ======== ======== ======== ======== ======== ======= ======= RATIO OF INCOME TO FIXED CHARGES EXCLUDING INTEREST ON DEPOSITS 3.45 2.77 2.43 2.31 1.86 3.93 3.14 ======== ======== ======== ======== ======== ======= ======= INCLUDING INTEREST ON DEPOSITS: FIXED CHARGES: INTEREST EXPENSE $ 15,079 $ 20,181 $ 22,045 $ 18,606 $ 18,868 $ 3,353 $ 3,544 INTEREST FACTOR IN RENT EXPENSE 322 303 283 235 213 92 74 DIVIDENDS--PREFERRED STOCK(2) - - - - 126 - - -------- -------- -------- -------- -------- ------- ------- TOTAL FIXED CHARGES $ 15,401 $ 20,484 $ 22,328 $ 18,841 $ 19,207 3,445 3,618 ======== ======== ======== ======== ======== ======= ======= INCOME: INCOME BEFORE TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES $ 16,166 $ 15,221 $ 12,876 $ 10,496 $ 6,732 $ 4,592 $ 3,781 FIXED CHARGES (EXCLUDING PREFERRED STOCK DIVIDENDS) 15,401 20,484 22,328 18,841 19,081 3,445 3,618 -------- -------- -------- -------- -------- ------- ------- TOTAL INCOME $ 31,567 $ 35,705 $ 35,204 $ 29,337 $ 25,813 $ 8,037 $ 7,399 ======== ======== ======== ======== ======== ======= ======= RATIO OF INCOME TO FIXED CHARGES INCLUDING INTEREST ON DEPOSITS 2.05 1.74 1.58 1.56 1.34 2.33 2.05 ======== ======== ======== ======== ======== ======= =======
(1) 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. (2) 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.