>
Switch to:

CIT Group Effective Interest Rate on Debt %

: 8.19% (As of Dec. 2020)
View and export this data going back to 1997. Start your Free Trial

Effective Interest Rate on Debt % is the usage rate that a borrower actually pays on a debt. It is calculated as the positive value of Interest Expense divided by its average total debt. Total debt equals to Long-Term Debt & Capital Lease Obligation plus Short-Term Debt & Capital Lease Obligation. CIT Group's annualized positive value of Interest Expense for the quarter that ended in Dec. 2020 was $558 Mil. CIT Group's average total debt for the quarter that ended in Dec. 2020 was $6,820 Mil. Therefore, CIT Group's annualized Effective Interest Rate on Debt % for the quarter that ended in Dec. 2020 was 8.19%.

CIT Group Effective Interest Rate on Debt % Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

CIT Group Annual Data
Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Effective Interest Rate on Debt % Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.81 6.00 9.54 12.83 11.45

CIT Group Quarterly Data
Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20
Effective Interest Rate on Debt % Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 13.74 11.98 9.98 8.58 8.19
Competitive Comparison
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap.

CIT Group Effective Interest Rate on Debt % Distribution

* The bar in red indicates where CIT Group's Effective Interest Rate on Debt % falls into.


CIT Group Effective Interest Rate on Debt % Calculation

CIT Group's annualized Effective Interest Rate on Debt % for the fiscal year that ended in Dec. 2020 is calculated as

Effective Interest Rate on Debt %
=-1  *  Interest Expense/( (Total Debt  (A: Dec. 2019 )+Total Debt  (A: Dec. 2020 ))/ count )
=-1  *  -733.3/( (6716+6087.2)/ 2 )
=-1  *  -733.3/6401.6
=11.45 %

where

Total Debt  (A: Dec. 2019 )
=Long-Term Debt & Capital Lease Obligation + Short-Term Debt & Capital Lease Obligation
=6716 + 0
=6716

Total Debt  (A: Dec. 2020 )
=Long-Term Debt & Capital Lease Obligation + Short-Term Debt & Capital Lease Obligation
=6087.2 + 0
=6087.2

CIT Group's annualized Effective Interest Rate on Debt % for the quarter that ended in Dec. 2020 is calculated as

Effective Interest Rate on Debt %
=-1  *  Interest Expense/( (Total Debt  (Q: Sep. 2020 )+Total Debt  (Q: Dec. 2020 ))/ count )
=-1  *  -558.4/( (7552.2+6087.2)/ 2 )
=-1  *  -558.4/6819.7
=8.19 %

where

Total Debt  (Q: Sep. 2020 )
=Long-Term Debt & Capital Lease Obligation + Short-Term Debt & Capital Lease Obligation
=7552.2 + 0
=7552.2

Total Debt  (Q: Dec. 2020 )
=Long-Term Debt & Capital Lease Obligation + Short-Term Debt & Capital Lease Obligation
=6087.2 + 0
=6087.2

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

In the calculation of annual Effective Interest Rate on Debt %, the Interest Expense of the last fiscal year and the average total debt over the fiscal year are used. In calculating the quarterly data, the Interest Expense data used here is four times the quarterly (Dec. 2020) interest expense data. Effective Interest Rate on Debt % is displayed in the 30-year financial page.

CIT Group  (NYSE:CIT) Effective Interest Rate on Debt % Explanation

Effective Interest Rate on Debt % measures the usage rate that a borrower actually pays on a debt.

CIT Group Effective Interest Rate on Debt % Related Terms

CIT Group Effective Interest Rate on Debt % Headlines

No Headline

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)