CIT Group Inc (DEL) (CIT) financial statements (2021 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)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments3,8371,7431,5971,5946,6597,4716,156
Cash and cash equivalents3,8371,6961,5971,5946,3757,4716,156
Short-term investments 47 0284  
Receivables    395  
Disposal group, including discontinued operation    2,187450 
Total current assets:3,8371,7431,5971,5949,2407,9206,156
Noncurrent Assets
Operating lease, right-of-use asset199195
Property, plant and equipment187160160174191197126
Long-term investments and receivables46942231424822022468
Long-term investments46942231424822022468
Intangible assets, net (including goodwill)1354364594838261,375597
Goodwill 3703703706851,198571
Intangible assets, net (excluding goodwill)135668911314117626
Deferred costs      148
Deferred income tax assets6156
Total noncurrent assets:1,0501,2689339041,2371,796939
Other undisclosed assets53,21947,82246,00846,78053,69357,78340,786
TOTAL ASSETS:58,10750,83348,53749,27964,17067,49947,880
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Noncurrent Liabilities
Liabilities, other than long-term debt   60   
Qualified affordable housing project investments, commitment   60  
Total noncurrent liabilities:   60   
Other undisclosed liabilities52,38444,49442,59141,89954,16756,52038,817
Total liabilities:52,38444,49442,59141,95954,16756,52038,817
Stockholders' equity
Stockholders' equity attributable to parent5,7236,3395,9477,32010,00310,9789,069
Preferred stock525525325325   
Common stock2222222
Treasury stock, value(3,160)(3,297)(2,937)(3,625)(178)(157)(1,019)
Additional paid in capital6,8926,8546,8118,7988,7668,7188,604
Accumulated other comprehensive income (loss)36(52)(178)(87)(140)(142)(134)
Retained earnings1,4282,3081,9241,9071,5532,5571,616
Stockholders' equity attributable to noncontrolling interest    01(5)
Total stockholders' equity:5,7236,3395,9477,32010,00310,9799,064
TOTAL LIABILITIES AND EQUITY:58,10750,83348,53749,27964,17067,49947,880

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

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Revenues3,1503,2903,2733,2073,0943,8853,625
Revenue, net1,0071,0322,1532,093
Operating lease, lease income811858
Operating leases, income statement, lease revenue1,009
Net investment income1,6681,7831,6721,6381,7801,442 
Cost of revenue(1,013)(181)(542)(519)(475)(231)(382)
Cost of goods and services sold(213)(181)(542)(519)(475)(231)(282)
Provision for loan, lease, and other losses(800)  
Financial services costs   (100)
Gross profit:2,1383,1092,7322,6882,6193,6543,243
Operating expenses(1,310)(1,113)(1,070)(1,189)(1,284)(1,168)(942)
Other operating income, net541415374364  448
Noninterest income, other operating income541415374364  305
Other expenses      142
Operating income:1,3682,4112,0361,8641,3362,4862,749
Nonoperating income  98597810137
Investment income, nonoperating  1311171039
Gain on sale of leased assets, net, operating leases  604451 98
Bank owned life insurance income  26    
Interest and debt expense(719)(953)(854)(938)(766)(1,106)(1,090)
Other undisclosed loss from continuing operations before equity method investments, income taxes      (1,115)
Income from continuing operations before equity method investments, income taxes:6501,4591,2809856481,390681
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)62463719221579681
Income tax expense (benefit)88(95)(165)68(204)488395
Income (loss) from continuing operations:(615)529472259(183)1,0671,075
Income (loss) from discontinued operations (0)9 (665)(10)(3)
Income (loss) before gain (loss) on sale of properties:(615)529481259(848)1,0571,072
Other undisclosed net income   209  7
Net income (loss):(615)529481468(848)1,0571,079
Net loss attributable to noncontrolling interest      (1)
Other undisclosed net income (loss) attributable to parent 1(34)  054
Net income (loss) attributable to parent:(615)530447468(848)1,0571,131
Preferred stock dividends and other adjustments(31)(19)(19)(10)   
Other undisclosed net loss available to common stockholders, basic      (1)
Net income (loss) available to common stockholders, diluted:(646)511428458(848)1,0571,130

Comprehensive Income ($ in millions)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Net income (loss):(615)529481468(848)1,0571,079
Other comprehensive income (loss)88126(91)542(8) 
Other undisclosed comprehensive income (loss)     10(9)
Comprehensive income (loss):(528)655389522(846)1,0591,070
Comprehensive income, net of tax, attributable to noncontrolling interest     01
Other undisclosed comprehensive income (loss), net of tax, attributable to parent 1(34)  (10)(53)
Comprehensive income (loss), net of tax, attributable to parent:(528)656356522(846)1,0481,018

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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