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EXHIBIT 12.02
CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES
INCLUDING PREFERRED STOCK DIVIDENDS
(In millions of dollars)
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YEAR ENDED DECEMBER 31,
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EXCLUDING INTEREST ON DEPOSITS: 2002(2) 2001(2) 2000(1)(2) 1999(1)(2) 1998(1)(2)
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FIXED CHARGES:
INTEREST EXPENSE (OTHER THAN
INTEREST ON DEPOSITS) $12,659 $20,090 $23,072 $17,687 $18,971
INTEREST FACTOR IN RENT EXPENSE 451 444 416 292 417
DIVIDENDS--PREFERRED STOCK 126 168 180 232 332
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TOTAL FIXED CHARGES $13,236 $20,702 $23,668 $18,211 $19,720
======= ======= ======= ======= =======
INCOME:
INCOME FROM CONTINUING OPERATIONS
BEFORE TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES $20,537 $20,519 $19,297 $16,247 $ 9,271
FIXED CHARGES (EXCLUDING PREFERRED
STOCK DIVIDENDS) 13,110 20,534 23,488 17,979 19,388
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TOTAL INCOME $33,647 $41,053 $42,785 $34,226 $28,659
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RATIO OF INCOME TO FIXED CHARGES
EXCLUDING INTEREST ON DEPOSITS 2.54 1.98 1.81 1.88 1.45
======= ======= ======= ======= =======
INCLUDING INTEREST ON DEPOSITS:
FIXED CHARGES:
INTEREST EXPENSE $21,248 $31,793 $36,459 $28,498 $30,531
INTEREST FACTOR IN RENT EXPENSE 451 444 416 292 417
DIVIDENDS--PREFERRED STOCK 126 168 180 232 332
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TOTAL FIXED CHARGES $21,825 $32,405 $37,055 $29,022 $31,280
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INCOME:
INCOME FROM CONTINUING OPERATIONS
BEFORE TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES $20,537 $20,519 $19,297 $16,247 $ 9,271
FIXED CHARGES (EXCLUDING PREFERRED
STOCK DIVIDENDS) 21,699 32,237 36,875 28,790 30,948
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TOTAL INCOME $42,236 $52,756 $56,172 $45,037 $40,219
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RATIO OF INCOME TO FIXED CHARGES
INCLUDING INTEREST ON DEPOSITS 1.94 1.63 1.52 1.55 1.29
======= ======= ======= ======= =======
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Note:
(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.
(2) 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 December 31, 2001). Following the distribution,
Citigroup began reporting TPC 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.