Stockholders' Equity

3 Months Ended

Mar. 31, 2020

NOTE 12 — STOCKHOLDERS' EQUITY

In conjunction with the MOB Transaction, consideration paid included the issuance of approximately 3.1 million shares of CIT Group Inc. common stock. A roll forward of common stock activity is presented in the following table.

Number of Shares of Common Stock

	Issued		Less Treasury			Outstanding
Common stock - December 31, 2019		162,188,287		(67,445,723	)		94,742,564
Common stock issuance - acquisition		-		3,094,697			3,094,697
Restricted stock issued		777,774		-			777,774
Shares held to cover taxes on vesting restricted shares and other		-		(297,803	)		(297,803	)
Employee stock purchase plan participation		48,882		-			48,882
Common stock - March 31, 2020		163,014,943		(64,648,829	)		98,366,114

Accumulated Other Comprehensive Income (Loss) ("AOCI")

The following table details the components of AOCI, net of tax:

Components of Accumulated Other Comprehensive Income (Loss) (dollars in millions)

	March 31, 2020									December 31, 2019
	Gross Unrealized			Income Taxes			Net Unrealized			Gross Unrealized			Income Taxes			Net Unrealized
Foreign currency translation adjustments	$	(2.5	)	$	(7.5	)	$	(10.0	)	$	(1.9	)	$	(7.2	)	$	(9.1	)
Changes in benefit plans net loss and prior service (cost)/credit		(47.5	)		(2.3	)		(49.8	)		(51.3	)		(1.3	)		(52.6	)
Unrealized net gains on securities AFS⁽¹⁾		170.8			(44.2	)		126.6			13.6			(4.0	)		9.6
Total other accumulated comprehensive income (loss)	$	120.8		$	(54.0	)	$	66.8		$	(39.6	)	$	(12.5	)	$	(52.1	)

⁽¹⁾	^{ACL related to securities AFS was immaterial as of March 31, 2020.}

The following table details the changes in the components of AOCI, net of income taxes:

Changes in Accumulated Other Comprehensive Income (Loss) by Component (dollars in millions)

	Foreign currency translation adjustments			Changes in benefit plan net gain (loss) and prior service (cost) credit			Unrealized net gains (losses) on AFS securities			Total AOCI
Balance as of December 31, 2019	$	(9.1	)	$	(52.6	)	$	9.6		$	(52.1	)
AOCI activity before reclassifications		(0.9	)		2.6			126.3			128.0
Amounts reclassified from AOCI		—			0.2			(9.3	)		(9.1	)
Net current period AOCI		(0.9	)		2.8			117.0			118.9
Balance as of March 31, 2020	$	(10.0	)	$	(49.8	)	$	126.6		$	66.8

Balance as of December 31, 2018	$	(20.9	)	$	(70.2	)	$	(87.2	)	$	(178.3	)
AOCI activity before reclassifications		5.7			2.2			46.0			53.9
Amounts reclassified from AOCI		—			—			(0.8	)		(0.8	)
Net current period AOCI		5.7			2.2			45.2			53.1
Balance as of March 31, 2019	$	(15.2	)	$	(68.0	)	$	(42.0	)	$	(125.2	)

Other Comprehensive Income

The amounts included in the Condensed Consolidated Statements of Comprehensive Income are net of income taxes. The following table presents the pretax and after-tax components of other comprehensive income.

Before- and After-Tax components of OCI (dollars in millions)

Quarters Ended March 31,	2020									2019
	Gross Amount			Tax			Net Amount			Gross Amount			Tax			Net Amount			Income Statement Line Item
Foreign currency translation adjustments gains
AOCI activity before reclassification	$	(0.6	)	$	(0.3	)	$	(0.9	)	$	2.3		$	3.4		$	5.7
Net change		(0.6	)		(0.3	)		(0.9	)		2.3			3.4			5.7
Changes in benefit plan net loss and prior service (cost)/credit losses
AOCI activity before reclassification		3.6			(1.0	)		2.6			2.9			(0.7	)		2.2
Reclassifications Out of AOCI		0.2			—			0.2			—			—			—		Operating expenses
Net change		3.8			(1.0	)		2.8			2.9			(0.7	)		2.2
Unrealized net gains on securities AFS
AOCI activity before reclassification		169.7			(43.4	)		126.3			62.0			(16.0	)		46.0
Reclassifications Out of AOCI		(12.5	)		3.2			(9.3	)		(1.1	)		0.3			(0.8	)	Other non-interest income
Net change		157.2			(40.2	)		117.0			60.9			(15.7	)		45.2
Net current period AOCI	$	160.4		$	(41.5	)	$	118.9		$	66.1		$	(13.0	)	$	53.1