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Stockholders' Equity
 12 Months Ended
Dec. 31, 2017
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
STOCKHOLDERS' EQUITY

A roll forward of common stock activity is presented in the following table.
 
Issued
 
Less
Treasury
 
Outstanding
Common Stock — December 31, 2016
206,182,213

 
(4,094,541
)
 
202,087,672

Restricted stock issued
1,391,588

 
—

 
1,391,588

Repurchase of common stock
—

 
(71,598,013
)
 
(71,598,013
)
Shares held to cover taxes on vesting restricted shares and other
—

 
(583,013
)
 
(583,013
)
Employee stock purchase plan participation
54,690

 
—

 
54,690

Common Stock — December 31, 2017
207,628,491

 
(76,275,567
)
 
131,352,924



During 2017, CIT repurchased a total of $3.4 billion in common shares via various capital actions including; an equity tender offer, in which we repurchased approximately 57.3 million common shares at a purchase price of $48.00 per share; open market repurchases, in which we repurchased 3,600,560 common shares at an average share price of $45.27; and an accelerated share repurchase program (ASR), in which CIT paid to the dealer $512 million in exchange for the initial delivery of approximately 9,253,668 common shares and upon settlement CIT received an additional 1,452,119 common shares where the overall average price of the ASR was $47.82 per share.

We declared and paid dividends on our common and preferred stock totaling $113.7 million during 2017 and $123.0 million on our common stock during 2016.

Accumulated Other Comprehensive Income/(Loss)

Total comprehensive income was $521.8 million for the year ended December 31, 2017, compared to total comprehensive loss of $846.0 million for the year ended December 31, 2016 and comprehensive income of $1,025.9 million for the year ended December 31, 2015, including accumulated other comprehensive loss of $86.5 million and $140.1 million at December 2017 and 2016, respectively.

The following table details the components of Accumulated Other Comprehensive Loss, net of tax:

Components of Accumulated Other Comprehensive Loss (dollars in millions)
 
December 31, 2017
 
December 31, 2016
 
Gross
Unrealized
 
Income
Taxes
 
Net
Unrealized
 
Gross
Unrealized
 
Income
Taxes
 
Net
Unrealized
Foreign currency translation adjustments
$
0.8

 
$
(8.8
)
 
$
(8.0
)
 
$
(28.6
)
 
$
(32.8
)
 
$
(61.4
)
Changes in benefit plan net gain (loss) and prior service (cost)/credit
(53.6
)
 
(0.9
)
 
(54.5
)
 
(70.6
)
 
5.3

 
(65.3
)
Unrealized net gains (losses) on available for sale securities
(39.5
)
 
15.5

 
(24.0
)
 
(22.0
)
 
8.6

 
(13.4
)
Total accumulated other comprehensive loss
$
(92.3
)
 
$
5.8

 
$
(86.5
)
 
$
(121.2
)
 
$
(18.9
)
 
$
(140.1
)


The following table details the changes in the components of Accumulated Other Comprehensive Loss, net of income taxes:

Changes in Accumulated Other Comprehensive 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 available
for sale
securities
 
Total AOCI
Balance as of December 31, 2016
$
(61.4
)
 
$
(65.3
)
 
$
(13.4
)
 
$
(140.1
)
AOCI activity before reclassifications
27.2

 
10.1

 
(6.9
)
 
30.4

Amounts reclassified from AOCI
26.2

 
0.7

 
(3.7
)
 
23.2

Net current period AOCI
53.4

 
10.8

 
(10.6
)
 
53.6

Balance as of December 31, 2017
$
(8.0
)
 
$
(54.5
)
 
$
(24.0
)
 
$
(86.5
)
Balance as of December 31, 2015
$
(65.7
)
 
$
(69.3
)
 
$
(7.1
)
 
$
(142.1
)
AOCI activity before reclassifications
(0.4
)
 
2.4

 
(6.3
)
 
(4.3
)
Amounts reclassified from AOCI
4.7

 
1.6

 
—

 
6.3

Net current period AOCI
4.3

 
4.0

 
(6.3
)
 
2.0

Balance as of December 31, 2016
$
(61.4
)
 
$
(65.3
)
 
$
(13.4
)
 
$
(140.1
)


Other Comprehensive Income/(Loss)

The amounts included in the Statement of Comprehensive Income (Loss) are net of income taxes.

Foreign currency translation reclassification adjustments impacting net income were $26.2 million for 2017, $4.7 million for 2016 and $80.5 million for 2015. The change in income taxes associated with foreign currency translation adjustments was $24.0 million for the year ended December 31, 2017, and $3.1 million for the year ended December 31, 2016, and there were $(35.9) million taxes associated with foreign currency translation adjustments for 2015.

The changes in benefit plans net gain/(loss) and prior service (cost)/credit reclassification adjustments impacting net income was $0.7 million, $1.6 million and $2.0 million for the years ended December 31, 2017, 2016 and 2015, respectively. The change in income taxes associated with changes in benefit plans net gain/(loss) and prior service (cost)/credit was $(6.2) million, $(1.7) million and $6.8 million for the years ended December 31, 2017, 2016, and 2015 respectively.

There were $(3.7) million reclassification adjustments impacting net income related to unrealized gains (losses) on available for sale securities for the year ended December 31, 2017, compared to no reclassification adjustments impacting net income related to unrealized gains (losses) on available for sale securities for the years ended December 31, 2016 and 2015. The change in income taxes associated with net unrealized gains on available for sale securities was $6.9 million, $4.3 million and $4.3 million for the years ended December 31, 2017, 2016 and 2015, respectively.

The Company has operations primarily in North America. The functional currency for foreign operations is generally the local currency. The value of assets and liabilities of these operations is translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Revenue and expense items are translated at the average exchange rates during the year. The resulting foreign currency translation gains and losses, as well as offsetting gains and losses on hedges of net investments in foreign operations, are reflected in AOCI. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency are recorded in other non-interest income.

Reclassifications Out of Accumulated Other Comprehensive Loss (dollars in millions)
 
Years Ended December 31,
 
 
 
2017
 
2016
 
 
 
Gross Amount
 
Tax
 
Net Amount
 
Gross Amount
 
Tax
 
Net Amount
 
Affected Income Statement line item
Foreign currency translation adjustments gains (losses)
$
24.1

 
$
2.1

 
$
26.2

 
$
3.5

 
$
1.2

 
$
4.7

 
Other Non-interest Income
Changes in benefit plan net gain/(loss) and prior service (cost)/credit gains (losses)
0.7

 
—

 
0.7

 
1.8

 
(0.2
)
 
1.6

 
Operating Expenses
Unrealized net gains (losses) on available for sale securities
(5.9
)
 
2.2

 
(3.7
)
 
—

 
—

 
—

 
Other Non-interest Income
Total Reclassifications out of AOCI
$
18.9

 
$
4.3

 
$
23.2

 
$
5.3

 
$
1.0

 
$
6.3