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Retirement, Postretirement And Other Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Benefits, Description [Abstract]  
Obligations And Funded Status
The following tables set forth changes in benefit obligation, plan assets, funded status and net periodic benefit cost of the retirement plans and postretirement plans:

Obligations and Funded Status (dollars in millions)
 
Retirement Benefits
 
Post-Retirement Benefits
 
2017
 
2016
 
2017
 
2016
Change in benefit obligation
 

 
 

 
 

 
 

Benefit obligation at beginning of year
$
443.6

 
$
445.5

 
$
35.2

 
$
35.1

Service cost
—

 
0.1

 
—

 
—

Interest cost
16.0

 
17.1

 
1.2

 
1.4

Plan amendments, curtailments, and settlements
3.2

 
(1.8
)
 
—

 
—

Actuarial loss
9.5

 
4.7

 
0.5

 
0.2

Benefits paid
(27.1
)
 
(21.8
)
 
(4.1
)
 
(3.6
)
Other(1)
(5.4
)
 
(0.2
)
 
1.7

 
2.1

Benefit obligation at end of year
439.8

 
443.6

 
34.5

 
35.2

Change in plan assets
 

 
   
 
   
 
   
Fair value of plan assets at beginning of period
355.5

 
337.9

 
—

 
—

Actual return on plan assets
46.0

 
28.2

 
—

 
—

Employer contributions
7.9

 
13.2

 
2.5

 
1.5

Plan settlements
(0.6
)
 
(1.8
)
 
—

 
—

Benefits paid
(27.1
)
 
(21.8
)
 
(4.1
)
 
(3.6
)
Other(1)
(7.4
)
 
(0.2
)
 
1.6

 
2.1

Fair value of plan assets at end of period
374.3

 
355.5

 
—

 
—

Funded status at end of year(2)(3)
$
(65.5
)
 
$
(88.1
)
 
$
(34.5
)
 
$
(35.2
)
Information on accumulated benefit obligation in excess of plan assets
 
 
 
 
 
 
Projected benefit obligation(6) / Accumulated benefit obligation (4)(6)
$
84.7

 
$
437.4

 
(5) 
 
(5) 
Fair value of plan assets
$
—

 
$
349.3

 
 
 
 

(1) 
Consists of the following: special termination benefits, plan participants' contributions and currency translation adjustments, primarily related to CIT's Germany pension plan.
(2) 
These amounts were recognized as liabilities in the Consolidated Balance Sheet at December 31, 2017 and 2016.
(3) 
Company assets of $82.9 million and $86.1 million as of December 31, 2017 and 2016, respectively, related to the non-qualified U.S. executive retirement plan obligation are not included in plan assets but related liabilities are in the benefit obligation.
(4) 
Since the Plans' benefits are frozen, the rate of compensation increase is no longer an assumption used to calculate the accumulated benefit obligation. Therefore, the accumulated benefit obligation was the same as the projected benefit obligation at December 31, 2017 and 2016.
(5) 
Not applicable
(6) 
As of December 31, 2017, the assets for CIT's qualified pension plan exceeded the projected benefit obligations of the Plan
Net Periodic Benefit Cost And Other Amounts Recognized In OCI
The net periodic benefit cost and other amounts recognized in AOCI consisted of the following:

Net Periodic Benefit Costs and Other Amounts (dollars in millions)
 
Retirement Benefits
 
Post-Retirement Benefits
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost
$
—

 
$
0.1

 
$
0.2

 
$
—

 
$
—

 
$
—

Interest cost
16.0

 
17.1

 
16.9

 
1.2

 
1.4

 
1.4

Expected return on plan assets
(19.3
)
 
(18.5
)
 
(20.1
)
 
—

 
—

 
—

Amortization of prior service cost
—

 
—

 
—

 
(0.5
)
 
(0.5
)
 
(0.5
)
Amortization of net loss/(gain)
1.6

 
2.9

 
2.6

 
(1.0
)
 
(0.7
)
 
(0.3
)
Net settlement and curtailment (gain)/loss and special termination benefit(1)
4.5

 
—

 
—

 
—

 
—

 
—

Net periodic benefit cost (credit)
2.8

 
1.6

 
(0.4
)
 
(0.3
)
 
0.2

 
0.6

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
   
 
   
 
   
 
   
 
   
 
   
Net loss/(gain)
(17.1
)
 
(5.0
)
 
20.9

 
0.5

 
0.9

 
(1.5
)
Amortization, settlement or curtailment recognition of net (loss)/gain
(1.5
)
 
(2.9
)
 
(2.6
)
 
1.1

 
0.7

 
0.3

Amortization, settlement or curtailment recognition of prior service credit
—

 
—

 
—

 
0.5

 
0.5

 
0.5

Total recognized in OCI
(18.6
)
 
(7.9
)
 
18.3

 
2.1

 
2.1

 
(0.7
)
Total recognized in net periodic benefit cost and OCI
$
(15.8
)
 
$
(6.3
)
 
$
17.9

 
$
1.8

 
$
2.3

 
$
(0.1
)
Weighted Average Assumptions Used To Determine Net Periodic Benefit Costs
The weighted average assumptions used in the measurement of benefit obligations are as follows:

Weighted Average Assumptions
 
Retirement Benefits
 
Post-Retirement Benefits
 
2017
 
2016
 
2017
 
2016
Discount rate
3.45
%
 
3.73
%
 
3.50
%
 
3.75
%
Rate of compensation increases
—

 
—

 
(1 
) 
 
(1 
) 
Health care cost trend rate
 

 
 

 
 

 
 

Pre-65
(1 
) 
 
(1 
) 
 
6.30
%
 
6.50
%
Post-65
(1 
) 
 
(1 
) 
 
7.40
%
 
7.80
%
Ultimate health care cost trend rate
(1 
) 
 
(1 
) 
 
4.50
%
 
4.50
%
Year ultimate reached
(1 
) 
 
(1 
) 
 
2037

 
2037
Weighted Average Assumptions Used In Measurement Of Net Periodic Benefit Costs
The weighted average assumptions used to determine net periodic benefit costs are as follows:

Weighted Average Assumptions
 
Retirement Benefits
 
Post-Retirement Benefits
 
2017
 
2016
 
2017
 
2016
Discount rate
3.73
%
 
3.97
%
 
3.75
%
 
3.99
%
Expected long-term return on plan assets
5.69
%
 
5.68
%
 
(1 
) 
 
(1 
) 
(1) Not applicable
Asset Fair Value Measurements
The tables below set forth asset fair value measurements.

Fair Value Measurements (dollars in millions)
December 31, 2017
Level 1
 
Level 2
 
Level 3
 
Not Classified1
 
Total Fair Value
Cash
$
8.3

 
$
—

 
$
—

 
$
—

 
$
8.3

Mutual Fund
82.5

 
—

 
—

 
—

 
82.5

Exchange Traded Funds
18.6

 
—

 
—

 
—

 
18.6

Common Stock
21.5

 
—

 
—

 
—

 
21.5

Short Term Investment Fund, measured at NAV
1.2

 
—

 
—

 
—

 
1.2

Common Collective Trust, measured at NAV
—

 
—

 
—

 
206.8

 
206.8

Partnership, measured at NAV
—

 
—

 
—

 
9.9

 
9.9

Hedge Fund, measured at NAV
—

 
—

 
—

 
25.5

 
25.5

 
$
132.1

 
$
—

 
$
—

 
$
242.2

 
$
374.3

December 31, 2016
 
 
 
 
 
 
 
 
 
Cash
$
5.8

 
$
—

 
$
—

 
$
—

 
$
5.8

Mutual Fund
69.9

 
—

 
—

 
—

 
69.9

Exchange Traded Funds
26.1

 
—

 
—

 
—

 
26.1

Common Stock
16.0

 
—

 
—

 
—

 
16.0

Short Term Investment Fund, measured at NAV
1.4

 
—

 
—

 
—

 
1.4

Insurance Contracts, measured at NAV
—

 
—

 
6.1

 
—

 
6.1

Common Collective Trust, measured at NAV
—

 
—

 
—

 
195.2

 
195.2

Partnership, measured at NAV
—

 
—

 
—

 
8.6

 
8.6

Hedge Fund, measured at NAV
—

 
—

 
—

 
26.4

 
26.4

 
$
119.2

 
$
—

 
$
6.1

 
$
230.2

 
$
355.5


(1)  
These investments have been measured using the net asset value per share practical expedient and are not required to be classified in the table above, in accordance with ASU 2015-7.
Changes In Fair Value Of Plans Level 3 Assets
The table below sets forth changes in the fair value of the Plan's Level 3 assets for the year ended December 31, 2017:

Fair Value of Level 3 Assets (dollars in millions)
 
Insurance Contracts
December 31, 2016
$
6.1

Realized and Unrealized losses
(0.3
)
Purchases, sales, and settlements, net
(5.8
)
December 31, 2017
$
—
Summary Of Projected Benefits To Be Paid From Plan Assets Or From General Assets Using Current Actuarial Assumptions
The following table depicts benefits projected to be paid from plan assets or from the Company's general assets calculated using current actuarial assumptions. Actual benefit payments may differ from projected benefit payments.

Projected Benefits (dollars in millions)
For the years ended December 31,
Retirement Benefits
 
Gross Postretirement Benefits
 
Medicare Subsidy Receipts
2018
$
28.0

 
$
2.9

 
$
0.2

2019
27.2

 
2.9

 
0.3

2020
29.0

 
2.8

 
0.3

2021
29.1

 
2.7

 
0.3

2022
28.0

 
2.6

 
0.3

2023 – 2027
138.0

 
11.4

 
0.5
Summary Of Restricted Stock and RSU Activity
The following tables summarize restricted stock and RSU activity for 2017 and 2016:

Stock and Cash — Settled Awards Outstanding
 
Stock-Settled Awards
 
Cash-Settled Awards
December 31, 2017
Number of Shares
 
Weighted Average Grant Date Value
 
Number of Shares
 
Weighted Average Grant Date Value
Unvested at beginning of period
3,043,451

 
$
37.70

 
12,072

 
$
37.81

Vested / unsettled awards at beginning of period
243,335

 
46.10

 
—

 
—

PSUs - granted to employee
194,979

 
41.67

 
—

 
—

PSUs - adjustments for performance versus targets
(30,758
)
 
47.76

 
—

 
—

RSUs - granted to employees
826,634

 
41.30

 
—

 
—

RSUs - granted to directors
32,623

 
46.03

 
8,506

 
46.66

Forfeited / cancelled
(144,615
)
 
36.41

 
—

 
—

Vested / settled awards
(1,390,151
)
 
40.92

 
(5,507
)
 
39.42

Vested / unsettled awards
(246,057
)
 
45.09

 
—

 
—

Unvested at end of period
2,529,441

 
$
37.55

 
15,071

 
$
42.22

December 31, 2016
 
 
 
 
 
 
 
Unvested at beginning of period
3,384,297

 
$
45.55

 
9,623

 
$
44.97

Vested / unsettled awards at beginning of period
39,626

 
40.46

 
—

 
—

PSUs - granted to employee
284,640

 
32.80

 
—

 
—

PSUs - incremental for performance above 2012-14 targets
19,938

 
42.21

 
—

 
—

RSUs - granted to employees
1,429,554

 
30.32

 
—

 
—

RSUs - granted to directors
38,957

 
33.37

 
7,496

 
33.35

Forfeited / cancelled
(276,627
)
 
38.61

 
—

 
—

Vested / settled awards
(1,633,599
)
 
45.28

 
(5,047
)
 
44.83

Vested / unsettled awards
(243,335
)
 
46.10

 
—

 
—

Unvested at end of period
3,043,451

 
$
37.70

 
12,072

 
$
37.81