CIT GROUP INC Financial Statements (2025 and earlier)
Company Profile
| Business Address |
1 CIT DRIVE LIVINGSTON, NJ 07039 |
| State of Incorp. | DE |
| Fiscal Year End | December 31 |
| Industry (SIC) | 6021 - National Commercial Banks (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in millions)
| 9/30/2021 MRQ | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 3,837 | 1,743 | 1,597 | 1,594 | 6,659 | 7,471 | |||
| Cash and cash equivalent | 3,837 | 1,696 | 1,597 | 1,594 | 6,375 | 7,471 | |||
| Short-term investments | 47 | 0 | 284 | ||||||
| Receivables | 395 | ||||||||
| Disposal group, including discontinued operation | 2,187 | 450 | |||||||
| Total current assets: | 3,837 | 1,743 | 1,597 | 1,594 | 9,240 | 7,920 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 199 | 195 | ✕ | ✕ | ✕ | ✕ | |||
| Property, plant and equipment | 187 | 160 | 160 | 174 | 191 | 197 | |||
| Long-term investments and receivables | 469 | 422 | 314 | 248 | 220 | 224 | |||
| Long-term investments | 469 | 422 | 314 | 248 | 220 | 224 | |||
| Intangible assets, net (including goodwill) | 135 | 436 | 459 | 483 | 826 | 1,375 | |||
| Goodwill | 370 | 370 | 370 | 685 | 1,198 | ||||
| Intangible assets, net (excluding goodwill) | 135 | 66 | 89 | 113 | 141 | 176 | |||
| Deferred income tax assets | 61 | 56 | ✕ | ✕ | ✕ | ✕ | |||
| Total noncurrent assets: | 1,050 | 1,268 | 933 | 904 | 1,237 | 1,796 | |||
| Other undisclosed assets | 53,219 | 47,822 | 46,008 | 46,780 | 53,693 | 57,783 | |||
| TOTAL ASSETS: | 58,107 | 50,833 | 48,537 | 49,279 | 64,170 | 67,499 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Noncurrent Liabilities | |||||||||
| Liabilities, other than long-term debt | 60 | ||||||||
| Investment program, proportional amortization method, elected, commitment | 60 | ||||||||
| Total noncurrent liabilities: | 60 | ||||||||
| Other undisclosed liabilities | 52,384 | 44,494 | 42,591 | 41,899 | 54,167 | 56,520 | |||
| Total liabilities: | 52,384 | 44,494 | 42,591 | 41,959 | 54,167 | 56,520 | |||
| Equity | |||||||||
| Equity, attributable to parent | 5,723 | 6,339 | 5,947 | 7,320 | 10,003 | 10,978 | |||
| Preferred stock | 525 | 525 | 325 | 325 | |||||
| Common stock | 2 | 2 | 2 | 2 | 2 | 2 | |||
| Treasury stock, value | (3,160) | (3,297) | (2,937) | (3,625) | (178) | (157) | |||
| Additional paid in capital | 6,892 | 6,854 | 6,811 | 8,798 | 8,766 | 8,718 | |||
| Accumulated other comprehensive income (loss) | 36 | (52) | (178) | (87) | (140) | (142) | |||
| Retained earnings | 1,428 | 2,308 | 1,924 | 1,907 | 1,553 | 2,557 | |||
| Equity, attributable to noncontrolling interest | 0 | 1 | |||||||
| Total equity: | 5,723 | 6,339 | 5,947 | 7,320 | 10,003 | 10,979 | |||
| TOTAL LIABILITIES AND EQUITY: | 58,107 | 50,833 | 48,537 | 49,279 | 64,170 | 67,499 | |||
Income Statement (P&L) ($ in millions)
| 9/30/2021 TTM | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 3,150 | 3,290 | 3,273 | 3,207 | 3,094 | 3,885 | ||
| Operating leases, income statement, lease revenue | ✕ | ✕ | ✕ | 1,009 | ✕ | ✕ | ✕ | |
| Revenue, net | ✕ | ✕ | ✕ | ✕ | 1,007 | 1,032 | 2,153 | |
| Operating lease, lease income | 811 | 858 | ✕ | ✕ | ✕ | ✕ | ||
| Net investment income | 1,668 | 1,783 | 1,672 | 1,638 | 1,780 | 1,442 | ||
| Cost of revenue | (1,013) | (181) | (542) | (519) | (475) | (231) | ||
| Cost of product and service sold | (213) | (181) | (542) | (519) | (475) | (231) | ||
| Provision for loan, lease, and other losses | (800) | ✕ | ✕ | ✕ | ||||
| Gross profit: | 2,138 | 3,109 | 2,732 | 2,688 | 2,619 | 3,654 | ||
| Operating expenses | (1,310) | (1,113) | (1,070) | (1,189) | (1,284) | (1,168) | ||
| Other operating income, net (Noninterest Income, Other Operating Income) | 541 | 415 | 374 | 364 | ||||
| Operating income: | 1,368 | 2,411 | 2,036 | 1,864 | 1,336 | 2,486 | ||
| Nonoperating income | 98 | 59 | 78 | 10 | ||||
| Investment income, nonoperating | 13 | 11 | 17 | 10 | ||||
| Gain on sale of leased assets, net, operating leases | 60 | 44 | 51 | |||||
| Bank owned life insurance income | 26 | |||||||
| Interest and debt expense | (719) | (953) | (854) | (938) | (766) | (1,106) | ||
| Income from continuing operations before equity method investments, income taxes: | 650 | 1,459 | 1,280 | 985 | 648 | 1,390 | ||
| Other undisclosed loss from continuing operations before income taxes | (1,353) | (835) | (643) | (793) | (627) | (811) | ||
| Income (loss) from continuing operations before income taxes: | (703) | 624 | 637 | 192 | 21 | 579 | ||
| Income tax expense (benefit) | 88 | (95) | (165) | 68 | (204) | 488 | ||
| Income (loss) from continuing operations: | (615) | 529 | 472 | 259 | (183) | 1,067 | ||
| Income (loss) before gain (loss) on sale of properties: | ✕ | (615) | 529 | 481 | 259 | (848) | 1,057 | |
| Income (loss) from discontinued operations | (0) | 9 | (665) | (10) | ||||
| Other undisclosed net income | 209 | |||||||
| Net income (loss): | (615) | 529 | 481 | 468 | (848) | 1,057 | ||
| Other undisclosed net income (loss) attributable to parent | 1 | (34) | 0 | |||||
| Net income (loss) attributable to parent: | (615) | 530 | 447 | 468 | (848) | 1,057 | ||
| Preferred stock dividends and other adjustments | (31) | (19) | (19) | (10) | ||||
| Net income (loss) available to common stockholders, diluted: | (646) | 511 | 428 | 458 | (848) | 1,057 | ||
Comprehensive Income ($ in millions)
| 9/30/2021 TTM | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | (615) | 529 | 481 | 468 | (848) | 1,057 | ||
| Other comprehensive income (loss) | 88 | 126 | (91) | 54 | 2 | (8) | ||
| Other undisclosed comprehensive income | 10 | |||||||
| Comprehensive income (loss): | (528) | 655 | 389 | 522 | (846) | 1,059 | ||
| Comprehensive income, net of tax, attributable to noncontrolling interest | 0 | |||||||
| Other undisclosed comprehensive income (loss), net of tax, attributable to parent | 1 | (34) | (10) | |||||
| Comprehensive income (loss), net of tax, attributable to parent: | (528) | 656 | 356 | 522 | (846) | 1,048 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.