CIT Group Inc (DEL) (CIT) financial statements (2020 and earlier)

Company profile

Business Address 1 CIT DRIVE
LIVINGSTON, NJ 07039
State of Incorp. DE
Fiscal Year End December 31
SIC 6021 - National Commercial Banks (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in millions)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1,7431,5971,5946,6597,4716,1565,081
Cash and cash equivalents1,6961,5971,5946,3757,4716,1565,081
Short-term investments47 0284   
Receivables   395   
Disposal group, including discontinued operation   2,187450  
Total current assets:1,7431,5971,5949,2407,9206,1565,081
Noncurrent Assets
Operating lease, right-of-use asset195
Property, plant and equipment16016017419119712685
Long-term investments and receivables42231424822022468 
Long-term investments42231424822022468 
Intangible assets, net (including goodwill)4364594838261,375597355
Goodwill3703703706851,198571335
Intangible assets, net (excluding goodwill)66891131411762620
Deferred costs     148159
Deferred income tax assets56
Total noncurrent assets:1,2689339041,2371,796939599
Other undisclosed assets47,82246,00846,78053,69357,78340,78641,459
TOTAL ASSETS:50,83348,53749,27964,17067,49947,88047,139
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Liability for uncertainty in income taxes      3
Total current liabilities:      3
Noncurrent Liabilities
Long-term debt and lease obligation      12,500
Long-term debt, excluding current maturities      12,500
Liabilities, other than long-term debt  60    
Qualified affordable housing project investments, commitment  60  
Total noncurrent liabilities:  60   12,500
Other undisclosed liabilities44,49442,59141,89954,16756,52038,81725,786
Total liabilities:44,49442,59141,95954,16756,52038,81738,289
Stockholders' equity
Stockholders' equity attributable to parent6,3395,9477,32010,00310,9789,0698,839
Preferred stock525325325    
Common stock2222222
Treasury stock, value(3,297)(2,937)(3,625)(178)(157)(1,019)(226)
Additional paid in capital6,8546,8118,7988,7668,7188,6048,555
Accumulated other comprehensive loss(52)(178)(87)(140)(142)(134)(74)
Retained earnings2,3081,9241,9071,5532,5571,616581
Stockholders' equity attributable to noncontrolling interest   01(5)11
Total stockholders' equity:6,3395,9477,32010,00310,9799,0648,850
TOTAL LIABILITIES AND EQUITY:50,83348,53749,27964,17067,49947,88047,139

Income statement (P&L) ($ in millions)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
Revenues3,2903,2733,2073,0943,8853,6252,332
Revenue, net1,0071,0322,1532,0931,770
Operating lease, lease income858
Operating leases, income statement, lease revenue1,009
Net investment income1,7831,6721,6381,7801,442  
Cost of revenue(181)(542)(519)(475)(231)(382)(148)
Cost of goods and services sold(181)(542)(519)(475)(231)(282)(83)
Financial services costs   (100)(65)
Gross profit:3,1092,7322,6882,6193,6543,2432,184
Operating expenses(1,113)(1,070)(1,189)(1,284)(1,168)(942)(985)
Other operating income, net415374364  448580
Noninterest income, other operating income415374364  305382
Other expenses     142198
Operating income:2,4112,0361,8641,3362,4862,7491,780
Nonoperating income 98597810137139
Investment income, nonoperating 13111710398
Gain on sale of leased assets, net, operating leases 604451 98131
Bank owned life insurance income 26     
Interest and debt expense(953)(854)(938)(766)(1,106)(1,090)(1,138)
Other undisclosed loss from continuing operations before equity method investments, income taxes     (1,115)(6)
Income from continuing operations before equity method investments, income taxes:1,4591,2809856481,390681774
Other undisclosed loss from continuing operations before income taxes(835)(643)(793)(627)(811)  
Income from continuing operations before income taxes:62463719221579681774
Income tax expense (benefit)(95)(165)68(204)488395(65)
Income (loss) from continuing operations:529472259(183)1,0671,075709
Income (loss) from discontinued operations(0)9 (665)(10)(3) 
Income (loss) before gain (loss) on sale of properties:529481259(848)1,0571,072709
Other undisclosed net income (loss)  209  7(27)
Net income (loss):529481468(848)1,0571,079682
Net loss attributable to noncontrolling interest     (1)(6)
Other undisclosed net income (loss) attributable to parent1(34)  0546
Net income (loss) attributable to parent:530447468(848)1,0571,131682
Preferred stock dividends and other adjustments(19)(19)(10)    
Other undisclosed net loss available to common stockholders, basic     (1)(6)
Net income (loss) available to common stockholders, diluted:511428458(848)1,0571,130676

Comprehensive Income ($ in millions)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
Net income (loss):529481468(848)1,0571,079682
Other comprehensive income (loss)126(91)542(8)  
Other undisclosed comprehensive income (loss)    10(9)(2)
Comprehensive income (loss):655389522(846)1,0591,070680
Comprehensive income, net of tax, attributable to noncontrolling interest    016
Other undisclosed comprehensive income (loss), net of tax, attributable to parent1(34)  (10)(53) 
Comprehensive income (loss), net of tax, attributable to parent:656356522(846)1,0481,018686

Statements sources

The financial statements are based on the company's filings with the 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.

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