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Ratio of Earnings to Fixed Charges
| Three Months Ended March 31, 2005 | Years Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) | |||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
(A) Excluding interest on deposits: | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 351 | $ | 1,231 | $ | 1,123 | $ | 1,554 | $ | 944 | $ | 914 | |||||||
Fixed charges | 182 | 481 | 424 | 552 | 1,025 | 1,387 | |||||||||||||
Earnings as adjusted | $ | 533 | $ | 1,712 | $ | 1,547 | $ | 2,106 | $ | 1,969 | $ | 2,301 | |||||||
Income before income taxes: | |||||||||||||||||||
Pre-tax income from continuing operations as reported | $ | 342 | $ | 1,192 | $ | 1,112 | $ | 1,555 | $ | 930 | $ | 906 | |||||||
Share of pre-tax income (loss) of 50% owned subsidiaries not included in above | 9 | 39 | 11 | (1 | ) | 14 | 8 | ||||||||||||
Net income as adjusted | $ | 351 | $ | 1,231 | $ | 1,123 | $ | 1,554 | $ | 944 | $ | 914 | |||||||
Fixed charges: | |||||||||||||||||||
Interest on other borrowings | $ | 134 | $ | 315 | $ | 279 | $ | 426 | $ | 881 | $ | 1,268 | |||||||
Interest on long-term debt, including amortization of debt issue costs | 21 | 68 | 69 | 71 | 93 | 82 | |||||||||||||
Portion of rents representative of the interest factor in long-term leases(1) | 27 | 98 | 76 | 55 | 51 | 37 | |||||||||||||
Fixed charges | $ | 182 | $ | 481 | $ | 424 | $ | 552 | $ | 1,025 | $ | 1,387 | |||||||
Ratio of earnings to fixed charges | 2.93 | x | 3.56 | x | 3.65 | x | 3.82 | x | 1.92 | x | 1.66 | x | |||||||
(B) Including interest on deposits: | |||||||||||||||||||
Adjusted earnings from (A) above | $ | 533 | $ | 1,712 | $ | 1,547 | $ | 2,106 | $ | 1,969 | $ | 2,301 | |||||||
Add interest on deposits | 226 | 512 | 372 | 498 | 856 | 1,012 | |||||||||||||
Earnings as adjusted | $ | 759 | $ | 2,224 | $ | 1,919 | $ | 2,604 | $ | 2,825 | $ | 3,313 | |||||||
Fixed charges: | |||||||||||||||||||
Fixed charges from (A) above | $ | 182 | $ | 481 | $ | 424 | $ | 552 | $ | 1,025 | $ | 1,387 | |||||||
Interest on deposits | 226 | 512 | 372 | 498 | 856 | 1,012 | |||||||||||||
Adjusted fixed charges | $ | 408 | $ | 993 | $ | 796 | $ | 1,050 | $ | 1,881 | $ | 2,399 | |||||||
Adjusted earnings to adjusted fixed charges | 1.86 | x | 2.24 | x | 2.41 | x | 2.48 | x | 1.50 | x | 1.38 | x | |||||||
- (1)
- The interest factor on long-term operating leases was estimated using one-third of rental expense. The interest factor on long-term capital leases was equal to the amount recorded as interest expense in the Consolidated Statement of Income.