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C » Topics » CITIGROUP INC. CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

This excerpt taken from the C 10-K filed Feb 28, 2005.

CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

 
   Year ended December 31,
In millions of dollars, except for ratios
  2004
   2003
   2002(2)
   2001(2)
   2000(1)(2)
EXCLUDING INTEREST ON DEPOSITS:                              

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (other than interest on deposits)   $ 13,262   $ 10,364   $ 12,659   $ 20,090   $ 23,072
Interest factor in rent expense     493     466     451     444     416
   
 
 
 
 
Total fixed charges   $ 13,755   $ 10,830   $ 13,110   $ 20,534   $ 23,488
   
 
 
 
 
Income                              
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes   $ 24,182   $ 26,333   $ 20,537   $ 20,519   $ 19,297
Fixed charges (excluding preferred stock dividends)     13,755     10,830     13,110     20,534     23,488
   
 
 
 
 
Total income   $ 37,937   $ 37,163   $ 33,647   $ 41,053   $ 42,785
   
 
 
 
 
Ratio of income to fixed charges excluding interest on deposits     2.76     3.43     2.57     2.00     1.82
   
 
 
 
 

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (other than interest on deposits)   $ 22,086   $ 17,271   $ 21,248   $ 31,793   $ 36,459
Interest factor in rent expense     493     466     451     444     416
   
 
 
 
 
Total fixed charges   $ 22,579   $ 17,737   $ 21,699   $ 32,237   $ 36,875
   
 
 
 
 

Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes   $ 24,182   $ 26,333   $ 20,537   $ 20,519   $ 19,297
Fixed charges (excluding preferred stock dividends)     22,579     17,737     21,699     32,237     36,875
   
 
 
 
 
Total income   $ 46,761   $ 44,070   $ 42,236   $ 52,756   $ 56,172
   
 
 
 
 
Ratio of income to fixed charges including interest on deposits     2.07     2.48     1.95     1.64     1.52
   
 
 
 
 
(1)
On November 30, 2000, Citigroup completed its acquisition of Associates First Capital Corporation (Associates) in a transaction accounted for as a pooling of interests.

(2)
On Aug 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 Dec 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.



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