Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CIT | |
Entity Registrant Name | CIT GROUP INC. | |
Entity Central Index Key | 1,171,825 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 105,592,774 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and due from banks, including restricted balances of $22.8 at September 30, 2018 and $42.9 at December 31, 2017 (see Note 6 for amounts pledged) | [1] | $ 167.6 | $ 278.6 |
Interest bearing deposits, including restricted balances of $79.1 at September 30, 2018 and $81.8 at December 31, 2017 (see Note 6 for amounts pledged) | [1] | 1,199.9 | 1,440.1 |
Securities purchased under agreement to resell | 200 | 150 | |
Investment securities, including securities carried at fair value with changes recorded in net income of $44.0 at September 30, 2018 and $0.4 at December 31, 2017 (see Note 6 for amounts pledged) | 6,339.5 | 6,469.9 | |
Assets held for sale | [1] | 1,380.5 | 2,263.1 |
Loans (see Note 6 for amounts pledged) | 30,495.8 | 29,113.9 | |
Allowance for loan losses | (477.4) | (431.1) | |
Total loans, net of allowance for loan losses | [1] | 30,018.4 | 28,682.8 |
Operating lease equipment, net | [1] | 6,888.7 | 6,738.9 |
Bank-owned life insurance | 808.2 | 788.6 | |
Goodwill | 369.9 | 369.9 | |
Other assets, including $129.3 at September 30, 2018 and $68.7 at December 31, 2017, at fair value | 1,562 | 1,595.5 | |
Assets of discontinued operations | [1] | 327.7 | 501.3 |
Total Assets | 49,262.4 | 49,278.7 | |
Liabilities | |||
Deposits | 30,825 | 29,569.3 | |
Credit balances of factoring clients | 1,672.4 | 1,468.6 | |
Other liabilities, including $195.5 at September 30, 2018 and $198.1 at December 31, 2017, at fair value | 1,461.9 | 1,437.1 | |
Borrowings, including $170.4 at September 30, 2018 and $1,626.3 at December 31, 2017 contractually due within twelve months | 8,674.2 | 8,974.4 | |
Liabilities of discontinued operations | [1] | 308.6 | 509.3 |
Total Liabilities | 42,942.1 | 41,958.7 | |
Stockholders’ Equity | |||
Preferred Stock: $0.01 par value, 100,000,000 shares authorized, 325,000 shares issued and outstanding | 325 | 325 | |
Common Stock: $0.01 par value, 600,000,000 shares authorized Issued: 209,039,304 at September 30, 2018 and 207,628,491 at December 31, 2017 Outstanding: 110,565,933 at September 30, 2018 and 131,352,924 at December 31, 2017 | 2.1 | 2.1 | |
Paid-in capital | 8,831.3 | 8,798.1 | |
Retained earnings | 2,182.3 | 1,906.5 | |
Accumulated other comprehensive loss | (199.4) | (86.5) | |
Treasury stock: 98,473,371 shares at September 30, 2018 and 76,275,567 shares at December 31, 2017 at cost | (4,821) | (3,625.2) | |
Total Common Stockholders’ Equity | 5,995.3 | 6,995 | |
Total Equity | 6,320.3 | 7,320 | |
Total Liabilities and Equity | $ 49,262.4 | $ 49,278.7 | |
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (“VIEs”) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company’s interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company’s interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Cash and interest bearing deposits, restricted | $ 22.8 | $ 42.9 |
Restricted interest-bearing deposits | 79.1 | 81.8 |
Securities carried at fair value with changes recorded in net income | 44 | 0.4 |
Other assets at fair value | 129.3 | 68.7 |
Other liabilities at fair value | 195.5 | 198.1 |
Borrowings contractually due within twelve months | $ 170.4 | $ 1,626.3 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred Stock, shares issued (in shares) | 325,000 | 325,000 |
Preferred Stock, shares outstanding (in shares) | 325,000 | 325,000 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common Stock, shares issued (in shares) | 209,039,304 | 207,628,491 |
Common Stock, shares outstanding (in shares) | 110,565,933 | 131,352,924 |
Treasury stock, shares at cost (in shares) | 98,473,371 | 76,275,567 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheets (Unaudited) (Variable Interest Entities) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Assets | |||
Total loans, net of allowance for loan losses | [1] | $ 30,018.4 | $ 28,682.8 |
Operating lease equipment, net | [1] | 6,888.7 | 6,738.9 |
Total Assets | 49,262.4 | 49,278.7 | |
Liabilities | |||
Total Liabilities | 42,942.1 | 41,958.7 | |
Variable Interest Entities | |||
Assets | |||
Cash and interest bearing deposits, restricted | 76.7 | 80.4 | |
Total loans, net of allowance for loan losses | 3 | 119.1 | |
Operating lease equipment, net | 775 | 763.3 | |
Total Assets | 854.7 | 962.8 | |
Liabilities | |||
Beneficial interests issued by consolidated VIEs (classified as long-term borrowings) | 462.7 | 566.6 | |
Total Liabilities | $ 462.7 | $ 566.6 | |
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (“VIEs”) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company’s interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company’s interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest income | ||||
Interest and fees on loans | $ 417.4 | $ 403.5 | $ 1,233.8 | $ 1,236.9 |
Other interest and dividends | 56.2 | 50.5 | 164.6 | 151 |
Interest income | 473.6 | 454 | 1,398.4 | 1,387.9 |
Interest expense | ||||
Interest on borrowings | 90.8 | 84.1 | 268.8 | 267.8 |
Interest on deposits | 123.1 | 92.6 | 330.8 | 281.2 |
Interest expense | 213.9 | 176.7 | 599.6 | 549 |
Net interest revenue | 259.7 | 277.3 | 798.8 | 838.9 |
Provision for credit losses | 38.1 | 30.1 | 139.8 | 84.2 |
Net interest revenue, after credit provision | 221.6 | 247.2 | 659 | 754.7 |
Non-interest income | ||||
Rental income on operating leases | 264.3 | 252.3 | 779.2 | 754.8 |
Other non-interest income | 86.2 | 63.3 | 326.3 | 227 |
Total non-interest income | 350.5 | 315.6 | 1,105.5 | 981.8 |
Total revenue, net of interest expense and credit provision | 572.1 | 562.8 | 1,764.5 | 1,736.5 |
Non-interest expenses | ||||
Depreciation on operating lease equipment | 78 | 71.1 | 231.6 | 222 |
Maintenance and other operating lease expenses | 56.6 | 57.9 | 177.5 | 165 |
Operating expenses | 263.3 | 277.3 | 812.1 | 884.5 |
Loss on debt extinguishment and deposit redemption | 3.5 | 53.5 | 22.9 | 218.3 |
Total non-interest expenses | 401.4 | 459.8 | 1,244.1 | 1,489.8 |
Income from continuing operations before (benefit) provision for income taxes | 170.7 | 103 | 520.4 | 246.7 |
Provision (benefit) for income taxes | 41.3 | (119.8) | 140 | (95.5) |
Income from continuing operations | 129.4 | 222.8 | 380.4 | 342.2 |
Discontinued Operations | ||||
Income (loss) from discontinued operations, net of taxes | 2.1 | (1.9) | (8.8) | 95.4 |
Loss (gain) on sale of discontinued operations, net of taxes | (1.3) | (16.3) | 118.6 | |
Total income (loss) from discontinued operations, net of taxes | 2.1 | (3.2) | (25.1) | 214 |
Net Income | 131.5 | 219.6 | 355.3 | 556.2 |
Preferred dividends | 9.4 | |||
Net income available to common shareholders | 131.5 | 219.6 | 345.9 | 556.2 |
Income from continuing operations available to common shareholders | $ 129.4 | $ 222.8 | $ 371 | $ 342.2 |
Basic income per common share | ||||
Income from continuing operations (in dollars per share) | $ 1.15 | $ 1.66 | $ 3.04 | $ 1.98 |
Income (loss) from discontinued operations (in dollars per share) | 0.02 | (0.02) | (0.21) | 1.24 |
Basic income per share (in dollars per share) | 1.17 | 1.64 | 2.83 | 3.22 |
Diluted income per common share | ||||
Income from continuing operations (in dollars per share) | 1.13 | 1.64 | 3.01 | 1.96 |
Income (loss) from discontinued operations (in dollars per share) | 0.02 | (0.03) | (0.21) | 1.23 |
Diluted income per share (in dollars per share) | $ 1.15 | $ 1.61 | $ 2.80 | $ 3.19 |
Average number of common shares (thousands) | ||||
Basic (in shares) | 112,842 | 133,916 | 122,185 | 172,682 |
Diluted (in shares) | 114,007 | 136,126 | 123,338 | 174,201 |
Dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.15 | $ 0.57 | $ 0.45 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | ||||
Net Income | $ 131.5 | $ 219.6 | $ 355.3 | $ 556.2 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 7.3 | 11.1 | 0.7 | 54.6 |
Net unrealized gains (losses) on available for sale securities | (30.6) | 3.9 | (116.9) | 10.6 |
Changes in benefit plans net gain (loss) and prior service (cost)/credit | 0.1 | 3.8 | 1.6 | |
Other comprehensive income (loss), net of tax | (23.3) | 15.1 | (112.4) | 66.8 |
Comprehensive income | $ 108.2 | $ 234.7 | $ 242.9 | $ 623 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Minority Interests |
Beginning balance at Dec. 31, 2016 | $ 10,003.1 | $ 2.1 | $ 8,765.8 | $ 1,553 | $ (140.1) | $ (178.1) | $ 0.4 | |
Adoption of Accounting Standard Update at Dec. 31, 2016 | 1 | (1) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 556.2 | 556.2 | ||||||
Other comprehensive loss, net of tax | 66.8 | 66.8 | ||||||
Dividends paid | (82.4) | (82.4) | ||||||
Issuance of preferred stock | 318 | $ 325 | (7) | |||||
Share repurchases | (3,426.1) | (9.6) | (3,416.5) | |||||
Amortization of restricted stock, stock option and performance shares expenses | 14 | 34.8 | (20.8) | |||||
Employee stock purchase plan | 2.1 | 2.1 | ||||||
Other | (0.4) | $ (0.4) | ||||||
Ending balance at Sep. 30, 2017 | 7,451.3 | 325 | 2.1 | 8,787.1 | 2,025.8 | (73.3) | (3,615.4) | |
Beginning balance at Dec. 31, 2017 | 7,320 | 325 | 2.1 | 8,798.1 | 1,906.5 | (86.5) | (3,625.2) | |
Adoption of Accounting Standard Update at Dec. 31, 2017 | 0.2 | 0.7 | (0.5) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 355.3 | 355.3 | ||||||
Other comprehensive loss, net of tax | (112.4) | (112.4) | ||||||
Dividends paid | (80.2) | (80.2) | ||||||
Share repurchases | (1,167.2) | (1,167.2) | ||||||
Amortization of restricted stock, stock option and performance shares expenses | 2.4 | 31 | (28.6) | |||||
Employee stock purchase plan | 2.2 | 2.2 | ||||||
Ending balance at Sep. 30, 2018 | $ 6,320.3 | $ 325 | $ 2.1 | $ 8,831.3 | $ 2,182.3 | $ (199.4) | $ (4,821) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows From Operations | ||
Net income | $ 355.3 | $ 556.2 |
Adjustments to reconcile net income to net cash flows from operations: | ||
Provision for credit losses | 139.8 | 84.2 |
Depreciation on operating lease equipment | 231.6 | 222 |
Amortization of stock compensation expenses | 31 | 34.8 |
Net gain on asset sales and impairments on assets held for sale | (73.7) | (278.6) |
Loss on debt extinguishment and other deposit redemption | 22.9 | 256.6 |
Provision for deferred income taxes | 79.9 | 0.6 |
(Increase) decrease in finance receivables held for sale | (97.4) | 43.4 |
(Increase) decrease in other assets | (92) | 147.8 |
Decrease in other liabilities | (81.8) | (721) |
Other operating activities | 176.3 | 60.2 |
Net cash flows provided by operations | 691.9 | 406.2 |
Cash Flows From Investing Activities | ||
Changes in loans, net | (1,439) | 602.3 |
Purchases of investment securities | (2,129.5) | (4,465.2) |
Proceeds from sales and maturities of investment securities | 2,087.3 | 3,189.8 |
Proceeds from asset and receivable sales | 1,266.8 | 792.3 |
Proceeds from sale of commercial air | 10,026 | |
Purchases of assets to be leased and other equipment | (470.6) | (660.2) |
Proceeds from sale of OREO, net of repurchases | 52.9 | 82.7 |
Purchase of bank owned life insurance | (650) | |
Other investing activities | 29.2 | 56.3 |
Net cash flows (used in) provided by investing activities | (602.9) | 8,974 |
Cash Flows From Financing Activities | ||
Proceeds from the issuance of term debt and FHLB advances | 4,061.4 | 1,668.1 |
Repayments of term debt, FHLB advances, and net settlements | (4,424.2) | (9,231.3) |
Net increase (decrease) in deposits | 1,257.2 | (2,707.3) |
Repurchase of common stock | (1,167.2) | (3,425.5) |
Net proceeds from issuance of preferred stock | 318 | |
Dividends paid | (80.2) | (82.4) |
Other financing activities | (86.3) | (11.6) |
Net cash flows used in financing activities | (439.3) | (13,472) |
Effect of exchange rate changes on cash and cash equivalents | (8.6) | 15.2 |
Decrease in cash, cash equivalents and restricted cash | (358.9) | (4,076.6) |
Cash, cash equivalents, and restricted cash beginning of period | 1,726.4 | 7,195.4 |
Cash, cash equivalents, and restricted cash end of period | 1,367.5 | 3,118.8 |
Supplementary Cash Flow Disclosures | ||
Interest paid | (626.4) | (776.1) |
Federal, foreign, state and local income taxes (paid) refunded, net | (20.8) | (38) |
Supplementary Non Cash Flow Disclosure | ||
Transfer of assets from held for investment to held for sale | 280 | 2,074.6 |
Transfer of assets from held for sale to held for investment | 50.1 | 122.6 |
Deposits on flight equipment purchases applied to acquisition of flight equipment purchases, and origination of finance leases, capitalized interest, and buyer furnished equipment | 91.2 | |
Transfers of assets to OREO | 30.8 | 85.3 |
Capital lease unexercised bargain purchase options | 17.5 | |
Commitments extended during the period on affordable housing investment credits | $ 64.1 | $ 60.1 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Millions | Sep. 30, 2017USD ($) |
Reconciliation of cash, cash equivalents and restricted cash | |
Cash and due from banks, including restricted balances of $22.8 at September 30, 2018 and $42.9 at December 31, 2017 (see Note 6 for amounts pledged) | $ 453.4 |
Interest bearing deposits, including restricted balances of $79.1 at September 30, 2018 and $81.8 at December 31, 2017 (see Note 6 for amounts pledged) | 2,658.9 |
Cash included in assets of discontinued operations | 6.5 |
Total cash, cash equivalents, and restricted cash shown in the Statements of Cash Flows | 3,118.8 |
Cash and due from banks, restricted | 60.8 |
Restricted interest-bearing deposits | $ 90.1 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 — BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CIT Group Inc., together with its subsidiaries (collectively "we", "our", "CIT" or the "Company"), is a bank holding company ("BHC") and a financial holding company ("FHC"). CIT was formed in 1908 and provides financing, leasing and advisory services principally to middle-market companies in a wide variety of industries, primarily in North America. CIT also provides banking and related services to commercial and individual customers through its banking subsidiary, CIT Bank, N.A. ("CIT Bank" or the "Bank"), which includes 69 branches located in Southern California and its online bank, bankoncit.com. CIT is regulated by the Board of Governors of the Federal Reserve System ("FRB") and the Federal Reserve Bank of New York ("FRBNY") under the U.S. Bank Holding Company Act of 1956, as amended. CIT Bank is regulated by the Office of the Comptroller of the Currency of the U.S. Department of the Treasury ("OCC"). BASIS OF PRESENTATION Basis of Financial Information These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial information and accordingly do not include all information and note disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. The financial statements in this Form 10-Q, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of CIT’s financial position, results of operations and cash flows in accordance with GAAP. These consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2017 ("2017 Form 10-K"). The accounting and financial reporting policies of CIT conform to GAAP and the preparation of the consolidated financial statements requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates and assumptions. Some of the more significant estimates include: allowance for loan losses, loan impairment, fair value determination, lease residual values, liabilities for uncertain tax positions, realizability of deferred tax assets, purchase accounting adjustments, indemnification assets, goodwill, intangible assets, and contingent liabilities, including amounts associated with discontinued operations. Additionally where applicable, the policies conform to accounting and reporting guidelines prescribed by bank regulatory authorities. Principles of Consolidation The accompanying consolidated financial statements include financial information related to CIT and its majority-owned subsidiaries and those VIEs where the Company is the primary beneficiary. In preparing the consolidated financial statements, all significant intercompany accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. The current period’s results of operations do not necessarily indicate the results that may be expected for any other interim period or for the full year as a whole. Discontinued Operations Discontinued Operations as of September 30, 2018 and December 31, 2017 included assets and liabilities of (i) the Business Air business and (ii) the Financial Freedom business. Income from discontinued operations reflects the activities of the Business Air and Financial Freedom businesses for the quarter and nine months ended September 30, 2018 and 2017, and Commercial Air (a component of Aerospace) for the nine months ended September 30, 2017. We completed the sale of our Commercial Air business on April 4, 2017. The Financial Freedom business, a former division of CIT Bank that serviced reverse mortgage loans, was acquired in conjunction with the OneWest Transaction in 2015 and was sold on May 31, 2018. The sale included all the operations, mortgage servicing rights and related servicing assets and liabilities, although certain assets and liabilities of the Financial Freedom business were still held by CIT Bank at September 30, 2018 and will continue to be held until the required investor consent is received to qualify for sale treatment. See further discussion in Note 2 — Discontinued Operations. reported in continuing operations, and which was serviced by the Financial Freedom business. ee further discussion in Note 3 — Loans SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies are included in the Company's 2017 Form 10-K. Effective January 1, 2018, CIT changed its accounting policy for revenue recognition resulting from the adoption of Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers . Other Newly Adopted Accounting Standards Revenue Recognition On January 1, 2018, CIT adopted ASU 2014-09, Revenue Recognition - Revenue from Contracts with Customers (ASC 606) "Interest Income" and "Rental Income on Operating Leases", CIT's two largest revenue items, are out of scope of the new guidance, as are many other revenues relating to other financial assets and liabilities, including loans, leases, securities, and derivatives. As a result, the implementation of the new guidance was limited to certain revenue streams within Non-Interest Income, including some immaterial bank related fees and gains or losses related to the sale and disposition of leased equipment and OREO, which is accounted for under ASC 610-20, Gains and Losses From the Derecognition of Nonfinancial Assets, CIT evaluated its in-scope revenue streams under the five-step model and concluded that ASU 2014-09 did not materially impact the current practice of revenue recognition as ASC 606 is consistent with the current accounting policy being applied by the Company for these revenues. Therefore, no change in the timing or amount of income recognized was identified. CIT also determined that costs incurred to obtain or fulfill contracts and financing components relating to in-scope revenue streams were immaterial to the Company. Non-interest revenue, including amounts related to the sale and disposition of leased equipment and OREO, is recognized at an amount reflecting the consideration received, or expected to be received, when control of goods or services is transferred, which generally occurs when services are provided or control of leased equipment or OREO is liquidated. ASU 2014-09 was adopted using the modified retrospective transition method. CIT elected to apply this guidance only to contracts that were not completed at the date of the initial application. The adoption did not have a significant impact on CIT’s financial statements or disclosures. No adjustment to the opening balance of retained earnings was necessary. Interest income on held for investment ("HFI") loans is recognized using the effective interest method or on a basis approximating a level rate of return over the life of the asset. Interest income includes components of accretion of the fair value discount on loans and lease receivables recorded in connection with Purchase Accounting Adjustments (“PAA”), which are accreted using the effective interest method as a yield adjustment over the remaining contractual term of the loan and recorded in interest income. If the loan is subsequently classified as assets held for sale ("AHFS"), accretion (amortization) of the discount (premium) will cease. Rental revenue on operating leases is recognized on a straight line basis over the lease term and is included in Non-interest Income. Intangible assets related to acquisitions completed by the Company and Fresh Start Accounting (“FSA”) adjustments that were applied as of December 31, 2009 (the Convenience Date), were recorded to adjust the carrying value of above or below market operating lease contracts to their fair value. The FSA adjustments (net) are amortized into rental income on a straight line basis over the remaining term of the respective lease. The recognition of interest income (including accretion) on commercial loans (exclusive of small ticket commercial loans) is suspended and an account is placed on non-accrual status when, in the opinion of management, full collection of all principal and interest due is doubtful. All future interest accruals, as well as amortization of deferred fees, costs, purchase premiums or discounts are suspended. To the extent the estimated cash flows, including fair value of collateral, does not satisfy both the principal and accrued interest outstanding, accrued but uncollected interest at the date an account is placed on non-accrual status is reversed and charged against interest income. Subsequent interest received is applied to the outstanding principal balance until such time as the account is collected, charged-off or returned to accrual status. Loans that are on cash basis nonaccrual do not accrue interest income; however, payments designated by the borrower as interest payments may be recorded as interest income. To qualify for this treatment, the remaining recorded investment in the loan must be deemed fully collectable. The recognition of interest income (including accretion) on consumer mortgages and small ticket commercial loans and lease receivables is suspended and all previously accrued but uncollected revenue is reversed, when payment of principal and/or interest is contractually delinquent for 90 days or more. Accounts, including accounts that have been modified, are returned to accrual status when, in the opinion of management, collection of remaining principal and interest is reasonably assured, and there is a sustained period of repayment performance for a minimum of six months. The recognition of interest income on reverse mortgages is suspended upon the latter of the foreclosure sale date or date on which marketable title has been acquired (i.e., property becomes OREO). The Company periodically modifies the terms of a loan in response to borrowers’ financial difficulties. These modifications may include interest rate changes, principal forgiveness or payment deferments. Loans that are modified, where a concession has been made to the borrower, are accounted for as Troubled Debt Restructurings (“TDRs”). TDRs are generally placed on nonaccrual upon their restructuring and remain on non-accrual until, in the opinion of management, collection of remaining principal and interest is reasonably assured, and upon collection of six consecutive scheduled payments. Purchased credit impaired ("PCI") loans in pools that the Company may modify as TDRs are not within the scope of the accounting guidance for TDRs. Other Newly Adopted Accounting Standards The following pronouncements were issued by the Financial Accounting Standards Board (“FASB”) and adopted by CIT as of January 1, 2018. Refer to Note 1 - Business and Summary of Significant Accounting Policies on Form 10-Q for the quarter ended March 31, 2018 for a detailed description of these pronouncements: • ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. • ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10). • ASU 2016-16, Income Taxes (Topic 740): Intra - Entity Transfers of Assets Other Than Inventory • ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments • ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cas • ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business • ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost • ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting • ASU 2018-02, Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The following pronouncements were issued by FASB and adopted by CIT as of July 1, 2018. Intangibles – Goodwill and Other – Internal-Use Software ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement CIT early adopted ASU 2018-15 as of July 1, 2018 by applying the guidance prospectively to all implementation costs incurred after the date of adoption. Capitalized implementation costs and amortization expense related to the development of internal financial planning and workflow tools are reflected in “Other assets” and “Operating expenses” within the Company’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Income, respectively. The adoption did not have a material impact on CIT’s consolidated financial statements and disclosures. Fair Value Measurement ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement CIT early adopted the removed and modified disclosure requirements in ASU 2018-13 as of July 1, 2018. The amendment on changes to the narrative description of measurement uncertainty was applied prospectively for the most recent period presented. All other amendments were applied retrospectively to all periods presented. The adoption of this standard did not have a material impact on CIT’s disclosures as disclosure enhancements are more qualitative in nature. Recent Accounting Pronouncements The following accounting pronouncements were issued by the FASB but are not yet effective for CIT. Standard Summary of Guidance Effect on CIT's Financial Statements ASU 2017-08, Receivables -Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities Issued March 2017 • • • • • • ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Issued June 2018 • Equity—Equity-Based Payments to Non-Employees • • • • ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans- General (Subtopic 715-20: Disclosure Framework -Changes to the Disclosure Requirements for Defined Benefit Plans Issued August 2018 • • • • ASU 2016-02, Leases (Topic 842), and subsequent related ASUs Issued February 2016 • • • • • • • • • o o ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Issued June 2016 • • • • • • • • • |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 2 — DISCONTINUED OPERATIONS Aerospace As discussed in Note 2 — Discontinued Operations Condensed Balance Sheet — Aerospace (dollars in millions) September 30, 2018 December 31, 2017 Net Loans $ 110.6 $ 165.8 Operating lease equipment, net - 18.4 Other assets 0.9 - Assets of discontinued operation $ 111.5 $ 184.2 Other liabilities $ 1.4 $ 8.8 Liabilities of discontinued operation $ 1.4 $ 8.8 Condensed Statement of Income — Aerospace (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest income $ 1.9 $ 3.0 $ 6.1 $ 26.8 Interest expense 0.7 1.2 2.6 98.5 Rental income on operating leases — 2.0 0.5 310.7 Other income 1.7 — 0.9 13.4 Maintenance and other operating lease expenses — — — 4.2 Operating expenses 0.5 1.0 1.3 39.6 Loss on debt extinguishment (1) — — — 39.0 Income from discontinued operation before provision for income taxes 2.4 2.8 3.6 169.6 Provision for income taxes 0.7 0.3 1.0 71.0 (Loss) gain on sale of discontinued operation, net of taxes — (1.3 ) — 118.6 Income from discontinued operation, net of taxes $ 1.7 $ 1.2 $ 2.6 $ 217.2 (1) Condensed Statement of Cash Flows — Aerospace (dollars in millions) Nine Months Ended September 30, 2018 2017 Net cash flows (used in) provided by operations $ (4.2 ) $ 32.7 Net cash flows provided by investing activities 75.7 10,247.7 Reverse Mortgage Servicing The Financial Freedom business, a former division of CIT Bank that serviced reverse mortgage loans, was acquired in conjunction with the OneWest Transaction in 2015 and was sold on May 31, 2018. As part of the Financial Freedom Transaction, the sale of the Financial Freedom business included all the operations, mortgage servicing rights and related servicing assets and liabilities. During the second quarter of 2018, CIT recognized a net pre-tax loss on disposal of the Financial Freedom business of $22 million in discontinued operations primarily related to reserves and transaction costs. CIT has agreed to indemnify the purchaser for potential loan defects and servicing deficiencies related to the transferred servicing rights, both of which are capped and subject to time limitations. See Note 1 – Business and Summary of Significant Accounting Policies for a description of the Financial Freedom Transaction. At September 30, 2018, certain assets and liabilities of the Financial Freedom business were still held by CIT Bank after the sale, and will continue to be held until the required investor consent is received to qualify for sale treatment, although the economic benefit and risk of the business has been transferred to the buyer. At September 30, 2018, assets of discontinued operations primarily included Home Equity Conversion Mortgage ("HECM") loans. Liabilities included reverse mortgage servicing liabilities, secured borrowings and contingent liabilities. As a mortgage servicer of residential reverse mortgage loans prior to the sale of Financial Freedom, the Company was exposed to contingent liabilities for breaches of servicer obligations as set forth in industry regulations established by the Department of Housing and Urban Development (“HUD”) and the Federal Housing Administration (“FHA”) and in servicing agreements with the applicable counterparties, such as third party investors. Under these agreements, the servicer may be liable for failure to perform its servicing obligations, which could include fees imposed for failure to comply with foreclosure timeframe requirements established by servicing guides and agreements to which CIT was a party as the servicer of the loans. The Company had established reserves for contingent servicing-related liabilities for CIT’s servicer obligation that shall remain in discontinued operations until the contingency is resolved. Separately, the Company had recognized an indemnification receivable from the FDIC of $29 million as of December 31, 2017 for covered servicing-related obligations related to reverse mortgage loans pursuant to the loss share agreement between CIT Bank and the FDIC related to the acquisition by OneWest Bank from the FDIC of certain assets of IndyMac Federal Bank FSB (“IndyMac”) (the “IndyMac Transaction”). During 2018, the indemnification receivable was reduced to zero as the contingent obligation for FDIC covered loans was no longer deemed probable pursuant to ASC 450 and related ASC 805. See the Company's Report on Form 10-K for the year ended December 31, 2017, Note 5 - Indemnification Assets, for further information. Condensed Balance Sheet — Financial Freedom (dollars in millions) September 30, 2018 December 31, 2017 Cash and interest bearing deposits, restricted $ - $ 7.7 Net loans (1) 212.1 272.8 Other assets 4.1 36.6 Assets of discontinued operation $ 216.2 $ 317.1 Secured borrowings (1) $ 213.2 $ 268.2 Other liabilities (2) 94.0 232.3 Liabilities of discontinued operation $ 307.2 $ 500.5 (1) (2 ) Condensed Statement of Income — Financial Freedom (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest income (1) $ 1.7 $ 2.5 $ 5.8 $ 8.0 Interest expense (1) 1.7 2.3 5.8 7.2 Other income (loss) (2) 2.8 5.7 13.8 (29.8 ) Operating expenses (benefits) (3) 2.4 13.1 29.4 (23.8 ) Income (loss) from discontinued operation before benefit for income taxes 0.4 (7.2 ) (15.6 ) (5.2 ) Benefit for income taxes (4) — (2.8 ) (4.2 ) (2.0 ) Loss on sale of discontinued operation, net of taxes — — (16.3 ) — Income (loss) from discontinued operation, net of taxes $ 0.4 $ (4.4 ) $ (27.7 ) $ (3.2 ) (1) Includes amortization for the premium associated with the HECM loans and related secured borrowings. (2) For the nine months ended September 30, 2017, other income included an impairment charge of approximately $50 million on the mortgage servicing liability. (3) Operating expense is comprised of salaries and benefits, professional and legal services, and other expenses such as data processing, premises and equipment, and miscellaneous charges. For the nine months ended September 30, 2017, operating expenses included a net release of the curtailment reserve of $111 million, partially offset by an increase of $40 million in other servicing-related reserves. (4) For the quarters ended September 30, 2018 September 30, 2018 Condensed Statement of Cash Flows — Financial Freedom (dollars in millions) Nine Months Ended September 30, 2018 2017 Net cash flows provided by (used in) operation $ 15.2 $ (26.5 ) Net cash flows provided by investing activities 9.1 84.9 Combined Results for Discontinued Operations The following tables reflect the combined results of the discontinued operations. Details of the balances are discussed in prior tables. Condensed Combined Balance Sheet (dollars in millions) September 30, 2018 December 31, 2017 Total cash and deposits $ — $ 7.7 Net Loans 322.7 438.6 Operating lease equipment, net — 18.4 Other assets 5.0 36.6 Assets of discontinued operations $ 327.7 $ 501.3 Secured borrowings $ 213.2 $ 268.2 Other liabilities 95.4 241.1 Liabilities of discontinued operations $ 308.6 $ 509.3 Condensed Combined Statement of Income (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest income $ 3.6 $ 5.5 $ 11.9 $ 34.8 Interest expense 2.4 3.5 8.4 105.7 Rental income on operating leases — 2.0 0.5 310.7 Other income (losses) 4.5 5.7 14.7 (16.4 ) Maintenance and other operating lease expenses — — — 4.2 Operating expenses 2.9 14.1 30.7 15.8 Loss on debt extinguishment — — — 39.0 Income (loss) from discontinued operations before benefit (provision) for income taxes 2.8 (4.4 ) (12.0 ) 164.4 (Benefit) provision for income taxes 0.7 (2.5 ) (3.2 ) 69.0 (Loss) gain on sale of discontinued operations, net of taxes — (1.3 ) (16.3 ) 118.6 Income (loss) from discontinued operations, net of taxes $ 2.1 $ (3.2 ) $ (25.1 ) $ 214.0 Condensed Combined Statement of Cash Flows (dollars in millions) Nine Months Ended September 30, 2018 2017 Net cash flows provided by operations $ 11.0 $ 6.2 Net cash flows provided by investing activities 84.8 10,332.6 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
LOANS | NOTE 3 — LOANS Loans, excluding those reflected as discontinued operations, consist of the following: Loans by Product (dollars in millions) September 30, 2018 December 31, 2017 Commercial loans $ 22,082.7 $ 20,892.1 Direct financing leases and leveraged leases 2,496.8 2,685.8 Total commercial 24,579.5 23,577.9 Consumer loans 5,916.3 5,536.0 Total loans 30,495.8 29,113.9 Loans held for sale (1) 204.1 1,095.7 Loans and held for sale loans (1) $ 30,699.9 $ 30,209.6 (1) Since the Company manages the credit risk and collections of loans held for sale consistently with its loans held for investment, the aggregate amount is presented in this table. As part of the Financial Freedom Transaction, on May 31, 2018, CIT sold its reverse mortgage portfolio comprised of loans and related OREO assets of $884 million and recognized a net pre-tax gain on the sale of $27 million in other non-interest income. The loans were included in loans held for sale in the above table at December 31, 2017. Note 1 – Business and Summary of Significant Accounting Policies The following table presents loans, excluding loans held for sale, by segment, based on obligor location: Loans (dollars in millions) September 30, 2018 December 31, 2017 Domestic Foreign Total Domestic Foreign Total Commercial Banking $ 22,518.2 $ 1,577.5 $ 24,095.7 $ 21,368.7 $ 1,790.6 $ 23,159.3 Consumer Banking (1) 6,400.1 — 6,400.1 5,954.6 — 5,954.6 Total $ 28,918.3 $ 1,577.5 $ 30,495.8 $ 27,323.3 $ 1,790.6 $ 29,113.9 (1) The Consumer Banking segment includes certain commercial loans, primarily consisting of a portfolio of Small Business Administration ("SBA") loans. These loans are excluded from the Consumer loan balances and included in the Commercial loan balances in the tables throughout this note. The following table presents selected components of the net investment in loans: Components of Net Investment in Loans (dollars in millions) September 30, 2018 December 31, 2017 Unearned income $ (749.3 ) $ (727.8 ) Unamortized premiums 18.3 3.7 Accretable yield on PCI loans (944.9 ) (1,063.7 ) Net unamortized deferred costs (1) 79.8 68.7 (1) Balance relates to the Commercial Banking segment . Certain of the following tables present credit-related information at the “class” level. A class is generally a disaggregation of a portfolio segment. In determining the classes, CIT considered the loan characteristics and methods it applies in monitoring and assessing credit risk and performance. Credit Quality Information The following table summarizes commercial loans by the risk ratings that bank regulatory agencies utilize to classify credit exposure and which are consistent with indicators the Company monitors. The consumer loan risk profiles are different from commercial loans, and use loan-to-value (“LTV”) ratios in rating the credit quality, and therefore are presented separately below. Commercial Loans Including Held for Sale Loans — Risk Rating by Class / Segment (dollars in millions) Grade: Pass Special Mention Classified- accruing Classified- non-accrual PCI Loans Total September 30, 2018 Commercial Banking Commercial Finance $ 8,299.0 $ 653.5 $ 1,054.4 $ 229.3 $ 5.9 $ 10,242.1 Real Estate Finance 4,994.4 247.5 267.2 2.3 36.2 5,547.6 Business Capital 7,529.1 456.1 310.3 43.1 — 8,338.6 Rail 125.5 0.8 1.2 — — 127.5 Total Commercial Banking 20,948.0 1,357.9 1,633.1 274.7 42.1 24,255.8 Consumer Banking Other Consumer Banking (1) 419.8 15.7 45.2 1.0 2.1 483.8 Total Consumer Banking 419.8 15.7 45.2 1.0 2.1 483.8 Non- Strategic Portfolios 17.5 3.1 3.2 8.3 — 32.1 Total $ 21,385.3 $ 1,376.7 $ 1,681.5 $ 284.0 $ 44.2 $ 24,771.7 December 31, 2017 Commercial Banking Commercial Finance $ 8,284.1 $ 640.9 $ 981.9 $ 134.8 $ 10.6 $ 10,052.3 Real Estate Finance 5,228.1 139.9 174.3 2.8 45.1 5,590.2 Business Capital 7,028.6 269.2 228.8 53.2 — 7,579.8 Rail 100.6 2.0 1.2 — — 103.8 Total Commercial Banking 20,641.4 1,052.0 1,386.2 190.8 55.7 23,326.1 Consumer Banking Other Consumer Banking (1) 378.5 5.9 31.9 — 2.2 418.5 Total Consumer Banking 378.5 5.9 31.9 — 2.2 418.5 Non- Strategic Portfolios 35.7 7.6 10.2 9.8 — 63.3 Total $ 21,055.6 $ 1,065.5 $ 1,428.3 $ 200.6 $ 57.9 $ 23,807.9 (1) . The following table provides a summary of the consumer portfolio credit quality. The amounts represent the carrying value, which differ from unpaid principal balances, and include the premiums or discounts and the accretable yield and non-accretable difference for PCI loans recorded in purchase accounting. Included in the consumer single-family residential (“SFR”) loans are “covered loans” for which the Company can be reimbursed for a substantial portion of future losses under the terms of the loss sharing agreement with the FDIC related to IndyMac, which expires in March 2019. Covered loans are limited to the Legacy Consumer Mortgage ("LCM") division. Due to continued improvement of the covered loan performance, significantly shorter remaining life of the indemnification asset in comparison to the weighted average life of the related covered loans, and significant decline in loss share claims filed with the FDIC in the last six months, CIT performed a collectability assessment of the probable losses to be reimbursed by the FDIC for the remaining indemnification period. Separate from the higher negative yield to amortize the reductions in expected indemnification asset cash flows due to an increase in expected cash flows on the covered loans from improved credit performance, CIT recorded an impairment of $21.2 million, in other non-interest income, to reduce the carrying value of the indemnification asset (included in other assets) to $27.2 million in the quarter ended September 30, 2018, for the amounts deemed uncollectable within the remaining indemnification period based on CIT’s loan level review of the covered loans. Indemnification assets are discussed further in our 2017 Form 10-K, Note 5 — Indemnification Assets Included in the consumer loan balances as of September 30, 2018 and December 31, 2017, were loans with terms that permitted negative amortization with an unpaid principal balance of $413 million and $484 million, respectively. The table below summarizes the consumer loan LTV distribution and the covered loan held for investment balances as of September 30, 2018 and December 31, 2017 for SFR mortgage loans. Consumer Loan LTV Distribution (dollars in millions) Single Family Residential Total Covered Loans Non-covered Loans Consumer LTV Range Non-PCI PCI Non-PCI PCI Loans September 30, 2018 Greater than 125% $ 1.4 $ 113.8 $ 4.9 $ - $ 120.1 101% – 125% 4.8 194.8 4.7 — 204.3 80% – 100% 33.9 470.0 181.9 — 685.8 Less than 80% 1,128.1 936.1 2,841.3 — 4,905.5 Not Applicable (1) — — 0.6 — 0.6 Total $ 1,168.2 $ 1,714.7 $ 3,033.4 $ — $ 5,916.3 December 31, 2017 Greater than 125% $ 2.7 $ 160.0 $ 7.7 $ — $ 170.4 101% – 125% 6.4 291.5 4.4 — 302.3 80% – 100% 77.4 566.2 137.3 — 780.9 Less than 80% 1,306.1 878.1 2,089.7 7.7 4,281.6 Not Applicable (1) — — 0.8 — 0.8 Total $ 1,392.6 $ 1,895.8 $ 2,239.9 $ 7.7 $ 5,536.0 (1) Certain Consumer Loans do not have LTV's. Past Due and Non-accrual Loans The table that follows presents portfolio delinquency status, regardless of accrual/non-accrual classification: Loans Including Held for Sale Loans - Delinquency Status (dollars in millions) Past Due 30–59 Days Past Due 60–89 Days Past Due 90 Days or Greater Total Past Due Current (1) PCI Loans (2) Total September 30, 2018 Commercial Banking Commercial Finance $ 12.4 $ 8.5 $ 98.0 $ 118.9 $ 10,117.3 $ 5.9 $ 10,242.1 Real Estate Finance 30.1 — 7.9 38.0 5,473.4 36.2 5,547.6 Business Capital 105.0 25.1 15.7 145.8 8,192.8 — 8,338.6 Rail 2.4 1.0 0.3 3.7 123.8 — 127.5 Total Commercial Banking 149.9 34.6 121.9 306.4 23,907.3 42.1 24,255.8 Consumer Banking Legacy Consumer Mortgages 33.2 6.1 41.9 81.2 1,118.4 1,714.7 2,914.3 Other Consumer Banking 27.9 2.1 5.4 35.4 3,460.2 2.1 3,497.7 Total Consumer Banking 61.1 8.2 47.3 116.6 4,578.6 1,716.8 6,412.0 Non-Strategic Portfolios 1.4 — 7.0 8.4 23.7 — 32.1 Total $ 212.4 $ 42.8 $ 176.2 $ 431.4 $ 28,509.6 $ 1,758.9 $ 30,699.9 December 31, 2017 Commercial Banking Commercial Finance $ 4.5 $ — $ 49.3 $ 53.8 $ 9,987.9 $ 10.6 $ 10,052.3 Real Estate Finance 8.7 — 4.1 12.8 5,532.3 45.1 5,590.2 Business Capital 172.2 33.4 19.1 224.7 7,355.1 — 7,579.8 Rail 3.9 1.4 0.8 6.1 97.7 — 103.8 Total Commercial Banking 189.3 34.8 73.3 297.4 22,973.0 55.7 23,326.1 Consumer Banking Legacy Consumer Mortgages 26.7 7.6 34.8 69.1 2,219.5 1,903.5 4,192.1 Other Consumer Banking 9.6 0.5 0.4 10.5 2,615.4 2.2 2,628.1 Total Consumer Banking 36.3 8.1 35.2 79.6 4,834.9 1,905.7 6,820.2 Non-Strategic Portfolios 1.8 7.7 9.4 18.9 44.4 — 63.3 Total $ 227.4 $ 50.6 $ 117.9 $ 395.9 $ 27,852.3 $ 1,961.4 $ 30,209.6 (1) (2) The following table sets forth non-accrual loans, assets received in satisfaction of loans (OREO and repossessed assets) and loans 90 days or more past due and still accruing. Loans on Non-Accrual Status (dollars in millions) ( 1) September 30, 2018 December 31, 2017 Held for Investment Held for Sale Total Held for Investment Held for Sale Total Commercial Banking Commercial Finance $ 222.6 $ 6.7 $ 229.3 $ 134.8 $ — $ 134.8 Real Estate Finance 2.3 — 2.3 2.8 — 2.8 Business Capital 43.1 — 43.1 53.2 — 53.2 Total Commercial Banking 268.0 6.7 274.7 190.8 — 190.8 Consumer Banking Legacy Consumer Mortgages 29.4 — 29.4 19.9 — 19.9 Other Consumer Banking 5.7 — 5.7 0.4 — 0.4 Total Consumer Banking 35.1 — 35.1 20.3 — 20.3 Non-Strategic Portfolios — 8.3 8.3 — 9.8 9.8 Total $ 303.1 $ 15.0 $ 318.1 $ 211.1 $ 9.8 $ 220.9 Repossessed assets and OREO 35.8 54.6 Total non-performing assets $ 353.9 $ 275.5 Commercial loans past due 90 days or more accruing $ 53.6 $ 11.7 Consumer loans past due 90 days or more accruing 17.8 20.2 Total Accruing loans past due 90 days or more $ 71.4 $ 31.9 (1) Payments received on non-accrual loans are generally applied first against outstanding principal, though in certain instances where the remaining recorded investment is deemed fully collectible, interest income is recognized on a cash basis. The table below summarizes the residential mortgage loans in the process of foreclosure and OREO: Loans in Process of Foreclosure and OREO (dollars in millions) ( 1) September 30, 2018 December 31, 2017 PCI $ 133.4 $ 133.7 Non-PCI 21.1 140.9 Loans in process of foreclosure $ 154.5 $ 274.6 OREO $ 32.3 $ 52.1 (1) Impaired Loans The following table contains information about impaired loans and the related allowance for loan losses by class. Impaired loans exclude PCI loans. Loans that were identified as impaired at the date of the OneWest Transaction (the “Acquisition Date”) for which the Company is applying the income recognition and disclosure guidance in ASC 310-30 ( Loans and Debt Securities Acquired with Deteriorated Credit Quality Loans Acquired with Deteriorated Credit Quality Impaired Loans (dollars in millions) Average Recorded Investment (3) Recorded Investment Unpaid Principal Balance Related Allowance Quarter Ended September 30, 2018 Quarter Ended September 30, 2017 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 September 30, 2018 With no related allowance recorded: Commercial Banking Commercial Finance $ 127.0 $ 153.2 $ — $ 93.2 $ 64.5 $ 82.3 $ 61.9 Business Capital 17.1 18.1 — 12.6 3.4 11.9 4.2 Real Estate Finance 2.3 2.4 — 2.4 0.3 1.2 0.5 With an allowance recorded: Commercial Banking Commercial Finance 95.9 103.9 40.0 120.2 154.8 102.8 146.8 Business Capital 7.7 7.7 3.3 9.1 13.1 9.2 15.1 Real Estate Finance — — — — 2.8 0.7 6.3 Consumer Banking Other Consumer Banking 0.5 0.5 0.4 0.3 — 0.1 — Total Impaired Loans (1) 250.5 285.8 43.7 237.8 238.9 208.2 234.8 Total Loans Impaired at Acquisition Date (2) 1,758.9 2,583.4 17.4 1,796.2 2,125.5 1,863.2 2,220.7 Total $ 2,009.4 $ 2,869.2 $ 61.1 $ 2,034.0 $ 2,364.4 $ 2,071.4 $ 2,455.5 December 31, 2017 With no related allowance recorded: Commercial Banking Commercial Finance $ 51.9 $ 72.7 $ — $ 59.9 Business Capital 11.7 13.4 — 5.7 Real Estate Finance — — — 0.4 With an allowance recorded: Commercial Banking Commercial Finance 95.9 96.1 21.3 136.6 Business Capital 10.5 10.5 4.3 14.2 Real Estate Finance 2.7 2.8 0.4 5.6 Total Impaired Loans (1) 172.7 195.5 26.0 222.4 Total Loans Impaired at Acquisition Date (2) 1,961.4 2,870.2 19.1 2,168.8 Total $ 2,134.1 $ 3,065.7 $ 45.1 $ 2,391.2 (1) (2) (3) Loans Acquired with Deteriorated Credit Quality The Company applied the income recognition and disclosure guidance in ASC 310-30 ( Loans and Debt Securities Acquired with Deteriorated Credit Quality Note 4 — Allowance for Loan Losses. Purchased Credit Impaired Loans (dollars in millions) September 30, 2018 Unpaid Principal Balance Carrying Value Allowance for Loan Losses Commercial Banking Commercial Finance $ 10.2 $ 5.9 $ 0.5 Real Estate Finance 43.2 36.2 9.1 Consumer Banking Other Consumer Banking 2.6 2.1 — Legacy Consumer Mortgages 2,527.4 1,714.7 7.8 $ 2,583.4 $ 1,758.9 $ 17.4 December 31, 2017 Commercial Banking Commercial Finance $ 16.4 $ 10.6 $ 0.7 Real Estate Finance 60.1 45.1 7.0 Consumer Banking Other Consumer Banking 3.0 2.2 — Legacy Consumer Mortgages 2,790.7 1,903.5 11.4 $ 2,870.2 $ 1,961.4 $ 19.1 The following table summarizes the carrying value of commercial PCI loans, which are monitored for credit quality based on internal risk classifications. See previous table Consumer Loan LTV Distribution for credit quality metrics on consumer PCI loans. September 30, 2018 December 31, 2017 (dollars in millions) Non- criticized Criticized Total Non- criticized Criticized Total Commercial Finance $ — $ 5.9 $ 5.9 $ — $ 10.6 $ 10.6 Real Estate Finance 14.4 21.8 36.2 21.8 23.3 45.1 Total $ 14.4 $ 27.7 $ 42.1 $ 21.8 $ 33.9 $ 55.7 Non-criticized loans generally include loans that are expected to be repaid in accordance with contractual loan terms. Criticized loans are risk rated as special mention or classified. Accretable Yield See the Company’s 2017 Form 10-K, Note 1 — Business and Summary of Significant Accounting Policies Changes in the accretable yield for PCI loans are summarized below. Change in Accretable Yield (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Balance, beginning of period $ 972.8 $ 1,176.0 $ 1,063.7 $ 1,261.4 Accretion into interest income (40.4 ) (50.5 ) (126.0 ) (156.8 ) Reclassification from non-accretable difference 13.9 3.6 14.7 37.3 Disposals and Other (1.4 ) (12.2 ) (7.5 ) (25.0 ) Balance, end of period $ 944.9 $ 1,116.9 $ 944.9 $ 1,116.9 Troubled Debt Restructuring The Company periodically modifies the terms of loans in response to borrowers’ difficulties. Modifications that include a financial concession to the borrower are accounted for as TDRs. See the Company's 2017 Form 10-K for discussion of policies on TDRs. At September 30, 2018, the loans in trial modification period were insignificant The recorded investment of TDRs, excluding those classified as PCI and those within a trial modification period discussed in the preceding paragraph, at September 30, 2018 and December 31, 2017 was $84.6 million and $103.5 million, of which 62% and 63%, respectively, were on non-accrual. Commercial Banking and Consumer Banking receivables accounted for 80% and 20% of the total TDRs, respectively, at September 30, 2018. Commercial Banking and Consumer Banking receivables accounted for 83% and 17% of the total TDRs, respectively at December 31, 2017. There were $14.8 million and $13.4 million as of September 30, 2018 and December 31, 2017, respectively, of commitments to lend additional funds to borrowers whose loan terms have been modified in TDRs. The recorded investment related to modifications qualifying as TDRs that occurred during the quarters ended September 30, 2018 and 2017 were $13.1 million and $39.0 million and $60.9 million and $129.7 million for the nine months ended September 30, 2018 and 2017, respectively. The recorded investment as of September 30, 2018 and 2017 of TDRs that experienced a payment default (payment default is one missed payment), during the quarters ended September 30, 2018 and 2017, and for which the payment default occurred within one year of the modification totaled $0.4 million and $7.5 million, respectively, and $2.4 million and $72.0 million for the nine months ended September 30, 2018 and 2017, respectively. The financial impact of the various modification strategies that the Company employs in response to borrower difficulties is described below. While the discussion focuses on the September 30, 2018 amounts, the overall nature and impact of modification programs were comparable in the prior year. ▪ The nature of modifications qualifying as TDRs based upon recorded investment at September 30, 2018 was comprised of payment deferrals for 32% and covenant relief and/or other for 68%. At December 31, 2017 TDR recorded investment was comprised of payment deferrals for 31% and covenant relief and/or other for 69%. ▪ Payment deferrals result in lower net present value of cash flows, if not accompanied by additional interest or fees, and increased provision for credit losses to the extent applicable. The financial impact of these modifications is not significant given the moderate length of deferral periods. ▪ Interest rate reductions result in lower amounts of interest being charged to the customer, but are a relatively small part of the Company’s restructuring programs. The weighted average change in interest rates for all TDRs occurring during the quarters ended September 30, 2018 and 2017 was not significant. ▪ Debt forgiveness, or the reduction in amount owed by borrower, results in incremental provision for credit losses, in the form of higher charge-offs. While these types of modifications have the greatest individual impact on the allowance, the amounts of principal forgiveness for TDRs occurring during quarters ended September 30, 2018 and 2017 was not significant, as debt forgiveness is a relatively small component of the Company’s modification programs. ▪ The other elements of the Company’s modification programs that are not TDRs, do not have a significant impact on financial results given their relative size, or do not have a direct financial impact, as in the case of covenant changes. |
Allowance For Loan Losses
Allowance For Loan Losses | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
ALLOWANCE FOR LOAN LOSSES | NOTE 4 — ALLOWANCE FOR LOAN LOSSES The Company maintains an allowance for loan losses for estimated credit losses in its HFI loan portfolio. Allowance for Loan Losses and Recorded Investment in Loans (dollars in millions) Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Quarter Ended September 30, 2018 Quarter Ended September 30, 2017 Balance - beginning of period $ 437.8 $ 29.5 $ 467.3 $ 397.7 $ 28.3 $ 426.0 Provision for credit losses 39.0 (0.9 ) 38.1 11.1 19.0 30.1 Other (1) (1.9 ) (0.1 ) (2.0 ) 4.8 0.3 5.1 Gross charge-offs (2) (29.4 ) (1.4 ) (30.8 ) (27.7 ) (20.5 ) (48.2 ) Recoveries 4.7 0.1 4.8 6.0 0.5 6.5 Balance - end of period $ 450.2 $ 27.2 $ 477.4 $ 391.9 $ 27.6 $ 419.5 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Balance - beginning of period $ 402.2 $ 28.9 $ 431.1 $ 408.4 $ 24.2 $ 432.6 Provision for credit losses 139.4 0.4 139.8 60.1 24.1 84.2 Other (1) (2.2 ) (0.1 ) (2.3 ) (0.5 ) 0.1 (0.4 ) Gross charge-offs (2) (108.6 ) (2.7 ) (111.3 ) (92.4 ) (22.0 ) (114.4 ) Recoveries 19.4 0.7 20.1 16.3 1.2 17.5 Balance - end of period $ 450.2 $ 27.2 $ 477.4 $ 391.9 $ 27.6 $ 419.5 Allowance balance at September 30, 2018 Allowance balance at September 30, 2017 Loans individually evaluated for impairment $ 43.3 $ 0.4 $ 43.7 $ 35.6 $ - $ 35.6 Loans collectively evaluated for impairment 397.3 19.0 416.3 347.0 16.1 363.1 Loans acquired with deteriorated credit quality (3) 9.6 7.8 17.4 9.3 11.5 20.8 Allowance for loan losses $ 450.2 $ 27.2 $ 477.4 $ 391.9 $ 27.6 $ 419.5 Other reserves (1) $ 46.8 $ - $ 46.8 $ 44.2 $ - $ 44.2 Loans at September 30, 2018 Loans at September 30, 2017 Loans individually evaluated for impairment $ 250.0 $ 0.5 $ 250.5 $ 246.2 $ - $ 246.2 Loans collectively evaluated for impairment 23,803.6 4,682.8 28,486.4 22,380.6 3,832.1 26,212.7 Loans acquired with deteriorated credit quality (3) 42.1 1,716.8 1,758.9 65.8 1,980.6 2,046.4 Ending balance $ 24,095.7 $ 6,400.1 $ 30,495.8 $ 22,692.6 $ 5,812.7 $ 28,505.3 Percent of loans to total loans 79.0 % 21.0 % 100.0 % 79.6 % 20.4 % 100.0 % (1) “Other” also includes allowance for loan losses associated with loan sales and foreign currency translations. “Other reserves” represents credit loss reserves for unfunded lending commitments, letters of credit and deferred purchase agreements, all of which is recorded in Other liabilities. (2) Gross charge-offs of amounts specifically reserved in prior periods that were charged directly to the Allowance for loan losses included $4.0 million and $12.0 million for the quarter and nine months ended September 30, 2018, respectively, and $7.7 million and $39.3 million for the quarter and nine months ended September 30, 2017, respectively. The charge-offs related to Commercial Banking for all periods. (3) Represents loans considered impaired as part of the OneWest transaction and are accounted for under the guidance in ASC 310-30 (Loans and Debt Securities Acquired with Deteriorated Credit Quality). |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 5 — INVESTMENT SECURITIES Investments include debt and equity securities. Investment Securities (dollars in millions) September 30, 2018 December 31, 2017 Available for sale securities Debt securities $ 6,053.5 $ 6,123.6 Securities carried at fair value with changes recorded in net income Debt securities — 0.4 Equity securities (1) 44.0 44.7 Non-marketable investments (2) 242.0 301.2 Total investment securities $ 6,339.5 $ 6,469.9 (1) Upon the adoption of ASU 2016-01 - Financial Instruments as of January 1, 2018, these investments were reclassified from available for sale securities category and the presentation of equity securities as of December 31, 2017 is conformed accordingly. For details refer to Note 1 — Business and Summary of Significant Accounting Policies. (2) Non-marketable investments include restricted stock of the FRB and Federal Home Loan Bank ("FHLB") carried at cost of $228.4 million at September 30, 2018, and $258.9 million at December 31, 2017. The remaining non-marketable investments without readily determinable fair values measured under the measurement exception totaled $13.6 million as of September 30, 2018. As of December 31, 2017, the remaining non-marketable investments of $42.3 million included $31.6 million of ownership interests greater than 3% in limited partnership investments including qualified Community Reinvestment Act ("CRA") investments, equity fund holdings and shares issued by customers during loan work out situations or as part of original loan investments and other equity investments without readily determinable fair values measured under the measurement exception of $10.7 million. Realized investment gains totaled $4.0 million and $4.1 million for the quarters ended September 30, 2018 and 2017, respectively, and $12.3 million and $4.6 million for the nine months ended September 30, 2018 and 2017, respectively, and exclude losses from other than temporary impairment (“OTTI”). In addition, the Company had $1.2 billion and $1.4 billion of interest bearing deposits at banks at September 30, 2018 and The following table presents interest and dividends on interest bearing deposits and investments: Interest and Dividend Income (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest income — debt securities (1) $ 41.6 $ 35.5 $ 120.9 $ 93.8 Interest income — interest bearing deposits 11.7 12.5 34.7 48.9 Dividends — equity securities 2.9 2.5 9.0 8.3 Total interest and dividends $ 56.2 $ 50.5 $ 164.6 $ 151.0 (1) Includes interest income on securities purchased under agreement to resell The following table presents amortized cost and fair value of securities available for sale (“AFS”). Amortized Cost and Fair Value (dollars in millions) September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 5,300.3 $ 0.3 $ (191.2 ) $ 5,109.4 Non-agency securities 36.6 3.4 — 40.0 Commercial agency 158.0 0.1 (0.6 ) 157.5 U.S. government agency obligations 25.0 — (0.7 ) 24.3 U.S. Treasury securities 603.4 — (8.6 ) 594.8 Supranational securities 50.0 — (0.9 ) 49.1 State & municipal bonds 11.9 — (0.6 ) 11.3 Corporate bonds - foreign 65.8 1.3 — 67.1 Total debt securities AFS $ 6,251.0 $ 5.1 $ (202.6 ) $ 6,053.5 December 31, 2017 Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 5,010.2 $ 2.1 $ (62.1 ) $ 4,950.2 Non-agency securities 297.3 21.7 (0.5 ) 318.5 U.S. government agency obligations 25.0 — (0.2 ) 24.8 U.S. Treasury securities 297.7 0.2 (0.2 ) 297.7 Supranational securities 449.8 — (0.3 ) 449.5 State & municipal bonds 16.2 — (0.4 ) 15.8 Corporate bonds - foreign 65.7 1.4 — 67.1 Total debt securities AFS $ 6,161.9 $ 25.4 $ (63.7 ) $ 6,123.6 The following table presents the debt securities AFS by contractual maturity dates: Maturities - (dollars in millions) September 30, 2018 Amortized Cost Fair Value Weighted Average Yield Mortgage-backed securities — U.S. government agency securities After 5 but within 10 years $ 222.0 $ 215.2 2.23 % Due after 10 years 5,078.3 4,894.2 2.68 % Total 5,300.3 5,109.4 2.66 % Mortgage-backed securities — Non-agency securities Due after 10 years 36.6 40.0 6.99 % Total 36.6 40.0 6.99 % Mortgage-backed securities — Commercial agency After 5 but within 10 years 138.1 137.5 3.24 % Due after 10 years 19.9 20.0 2.42 % Total 158.0 157.5 3.14 % U.S. government agency obligations After 1 but within 5 years 25.0 24.3 2.26 % Total 25.0 24.3 2.26 % U.S. Treasury securities Due within 1 year 403.5 403.4 1.91 % After 1 but within 5 years 4.0 4.0 2.53 % After 5 but within 10 years 195.9 187.4 2.51 % Total 603.4 594.8 2.11 % Supranational securities After 1 but within 5 years 50.0 49.1 2.02 % Total 50.0 49.1 2.02 % State & municipal bonds Due within 1 year 0.1 0.1 2.55 % After 5 but within 10 years 0.2 0.2 2.70 % Due after 10 years 11.6 11.0 2.40 % Total 11.9 11.3 2.41 % Corporate bonds - foreign After 1 but within 5 years 65.8 67.1 6.11 % Total 65.8 67.1 6.11 % Total debt securities AFS $ 6,251.0 $ 6,053.5 2.68 % At September 30, 2018 and December 31, 2017, certain securities AFS were in unrealized loss positions. The following table summarizes by investment category the gross unrealized losses, respective fair value and length of time that those securities have been in a continuous unrealized loss position. Gross Unrealized Loss (dollars in millions) September 30, 2018 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 3,118.8 $ (88.0 ) $ 1,907.7 $ (103.2 ) Commercial agency 114.8 (0.6 ) — — U.S. government agency obligations — — 24.3 (0.7 ) U.S. Treasury securities 594.8 (8.6 ) — — State & municipal bonds 2.1 — 9.2 (0.6 ) Supranational securities 49.0 (0.9 ) — — Total debt securities AFS $ 3,879.5 $ (98.1 ) $ 1,941.2 $ (104.5 ) Gross Unrealized Loss (dollars in millions) December 31, 2017 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 3,492.2 $ (30.9 ) $ 1,151.4 $ (31.2 ) Non-agency securities 2.1 — 0.4 (0.5 ) U.S. government agency obligations 24.8 (0.2 ) — — U.S. Treasury securities 199.1 (0.2 ) — — State & municipal bonds — — 13.6 (0.4 ) Supranational securities 349.5 (0.3 ) — — Total debt securities AFS $ 4,067.7 $ (31.6 ) $ 1,165.4 $ (32.1 ) Purchased Credit-Impaired AFS Securities Changes in the accretable yield for PCI securities are summarized below for the quarter and nine months ended September 30, 2018 and 2017, respectively: Changes in Accretable Yield (dollars in millions) September 30, 2018 September 30, 2017 Quarter Ended Nine Months Ended Quarter Ended Nine Months Ended Balance, beginning of period $ 30.0 $ 101.7 $ 152.0 $ 165.0 Accretion into interest income (1.1 ) (7.7 ) (6.2 ) (19.1 ) Reclassifications from non-accretable difference due to improving cash flows - 0.1 - 0.5 Reclassifications to non-accretable difference due to decreasing cash flows - (1.0 ) (0.2 ) (0.9 ) Disposals (15.4 ) (79.6 ) (9.8 ) (9.7 ) Balance, end of period $ 13.5 $ 13.5 $ 135.8 $ 135.8 The estimated fair value of PCI securities was $40.0 million and $312.5 million with a par value of $49.3 million and $387.6 million as of September 30, 2018 and December 31, 2017, respectively. Securities Carried at Fair Value with Changes Recorded in Net Income Upon the adoption of ASU 2016-01- Financial Instruments , As of December 31, 2017, the amortized cost and fair value of equity securities AFS was $45.8 million and $44.7 million respectively. The unrealized loss of $1.1 million as of December 31, 2017 was reclassified as a cumulative-effect adjustment to the balance sheet as of the date of adoption. There were no equity Securities Carried at Fair Value with Changes Recorded in Net Income as of December 31, 2017. Other Than Temporary Impairment The Company conducted and documented its periodic review of all securities with unrealized losses, which it performs to evaluate whether the impairment is other than temporary. The Company reviewed AFS securities with unrealized losses and determined the unrealized losses were credit-related and recognized OTTI losses. There were The Company reviewed debt securities classified as AFS with unrealized losses and determined that the unrealized losses were neither OTTI nor credit-related, and believes it is not more-likely-than-not that the Company will have to sell the debt securities classified as AFS with unrealized losses prior to the recovery of the amortized cost basis. There were no adjustments related to impairment for securities without readily determinable fair values measured under the measurement exception. There were immaterial unrealized losses on non-marketable investments. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 6 — BORROWINGS The following table presents the carrying value of outstanding borrowings. Borrowings (dollars in millions) September 30, 2018 December 31, 2017 CIT Group Inc. Subsidiaries Total Total Senior unsecured $ 3,842.3 $ — $ 3,842.3 $ 3,737.5 Subordinated unsecured debt 395.3 — 395.3 — Secured borrowings: Other secured and structured financings — 1,286.6 1,286.6 1,541.4 FHLB advances — 3,150.0 3,150.0 3,695.5 Total Borrowings $ 4,237.6 $ 4,436.6 $ 8,674.2 $ 8,974.4 Unsecured Borrowings Revolving Credit Facility The Revolving Credit Facility has a total commitment amount of $500 million, with $41.7 million maturing on January 25, 2019 and the balance maturing on February 29, 2020. The applicable margin charged under the facility is 2.00% for LIBOR Rate loans and 1.00% for Base Rate loans. The Revolving Credit Facility was amended in February 2018 to lower the total commitments from $750 million to $500 million and to extend the final maturity date of the lenders’ commitments from January 25, 2019 to February 29, 2020, for all but one lender that did not extend. The Revolving Credit Facility includes a covenant that requires that the Company maintain a minimum Tier 1 capital ratio of 9.0%. As of September 30, 2018, the Revolving Credit Facility was unsecured and was guaranteed by four of the Company’s domestic operating subsidiaries. In addition, the applicable required minimum guarantor asset coverage ratio ranged from 1.0:1.0 to 1.5:1.0, and was 1.25:1.00 at September 30, 2018. There were no outstanding borrowings at September 30, 2018 and December 31, 2017. The amount available to draw upon at September 30, 2018 was approximately $458 million, with the remaining amount of approximately $42 million being utilized for issuance of letters of credit to customers. Senior Unsecured Notes The following table presents the principal amounts by maturity date. Senior Unsecured Notes (dollars in millions) Maturity Date Rate (%) Date of Issuance Par Value May 2020 5.375% May 2012 $ 430.6 March 2021 4.125% March 2018 500.0 August 2022 5.000% August 2012 1,150.0 August 2023 5.000% August 2013 750.0 February 2024 4.750% August 2018 500.0 March 2025 5.250% March 2018 500.0 Weighted average rate and total 4.928% $ 3,830.6 On April 9, 2018, CIT redeemed $383 million aggregate principal amount of 5.500% senior unsecured notes due February 2019 and $500 million aggregate principal amount of 3.875% senior unsecured notes due February 2019, at an aggregate premium of $15.7 million. In addition to the premium payments, the loss on debt extinguishments of $19.3 million for the quarter ended June 30, 2018 included transaction costs and acceleration of deferred costs. On September 20, 2018, CIT redeemed the remaining aggregate principal amount of approximately $500 million of 3.875% senior unsecured notes due February 2019, at an aggregate premium of $2.6 million. In addition to the premium payments, the loss on the debt extinguishment of $3.5 million for the quarter ended September 30, 2018 included transaction costs and acceleration of deferred costs. In addition to the notes shown in the above table, there is an unsecured note outstanding with a 6.0% coupon and a carrying value of $39.6 million (par value of $51 million) that matures in 2036. Subordinated Unsecured Notes In March 2018, CIT issued $400 million aggregate principal amount of 6.125% subordinated notes with a maturity date of March 9, 2028. The notes are subordinated in right of payment to the payment of CIT’s senior indebtedness and secured indebtedness, to the extent of the value of the collateral. Secured Borrowings At September 30, 2018, the Company had pledged $29.6 billion of assets (including collateral for the FRB discount window that is currently not drawn). The collateral specifically identified and used to calculate available borrowings was $13.6 billion, which included $12.3 billion of loans, $1.0 billion of operating lease assets, $0.2 billion of cash and cash equivalents and $0.1 billion of investment securities. Under the FHLB Facility, CIT Bank, N.A. may at any time grant a security interest in, sell, convey or otherwise dispose of any of the assets used for collateral, provided that CIT Bank, N.A. is in compliance with the collateral maintenance requirement immediately following such disposition and all other requirements of the facility at the time of such disposition. FHLB Advances As of September 30, 2018, the Company had $5.5 billion of financing availability with the FHLB, of which $2.3 billion was unused and available, and $2.3 million was being utilized for issuance of letters of credit related to lease agreements. FHLB Advances as of September 30, 2018 have a weighted average rate of 2.37%. The following table includes the total outstanding FHLB Advances, and respective pledged assets (1) FHLB Advances with Pledged Assets (1) (dollars in millions) September 30, 2018 December 31, 2017 FHLB Advances Pledged Assets FHLB Advances Pledged Assets Total $ 3,150.0 $ 6,602.5 $ 3,695.5 $ 6,154.1 (1) For purposes of this table the term "Pledged Assets" means the assets required under the collateral maintenance requirement in connection with FHLB advances at each of the dates. Other Secured and Structured Financings Set forth in the following table are borrowings and pledged assets related to secured (other than FHLB) and structured financings of CIT-owned subsidiaries and consolidated VIEs. Creditors of these VIEs received ownership and/or security interests in the assets. These entities are intended to be bankruptcy remote so that such assets are not available to creditors of CIT or any affiliates of CIT until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings. The secured and structured financings as of September 30, 2018 had a weighted average rate of 4.31%, with rates ranging from 0.65% to 5.50%. Other Secured and Structured Financings and Pledged Assets Summary (dollars in millions) September 30, 2018 December 31, 2017 Secured Borrowing Pledged Assets Secured Borrowing Pledged Assets Business Capital $ 697.0 $ 3,070.0 $ 768.8 $ 2,838.6 Rail (1) (2) 589.6 1,059.5 772.6 1,272.0 Total $ 1,286.6 $ 4,129.5 $ 1,541.4 $ 4,110.6 (1) At September 30, 2018, the Dutch TRS Facility related borrowings and pledged assets of $462.7 million and $854.7 million, respectively, were included in Rail. The Dutch TRS Facility is defined in Note 7 — Derivative Financial Instruments. See Note 14 – Subsequent Events relating to CIT’s termination of the Dutch TRS Facility on November 2, 2018 and repayment of related debt in October 2018. (2) At Not included in the above table are secured borrowings of discontinued operations of $213.2 million and $268.2 million at September 30, 2018 and December 31, 2017, respectively. See Note 2 — Discontinued Operations FRB There were no outstanding borrowings with the FRB Discount Window as of September 30, 2018 and December 31, 2017. Variable Interest Entities Described below are the results of the Company’s assessment of its variable interests in order to determine its current status with regards to being the VIE primary beneficiary. Consolidated VIEs The Company utilizes VIEs in the ordinary course of business to support its own and its customers’ financing needs. Each VIE is a separate legal entity and maintains its own books and records. The most significant types of VIEs that CIT utilizes are "on balance sheet" secured financings of pools of leases and loans originated by the Company where the Company is the primary beneficiary. Refer to the Company’s 2017 Form 10-K for further discussion. Unconsolidated VIEs Unconsolidated VIEs include government sponsored entity (“GSE”) securitization structures, private-label securitizations and limited partnership interests where the Company’s involvement is limited to an investor interest in which the Company does not have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE and limited partnership interests. Although the economic benefit and risk has been transferred to the buyer in connection with the Financial Freedom business sale in the second quarter of 2018, until the required investor consent is obtained from the Government National Mortgage Association (“GNMA”), CIT remains the master servicer for the HECM loans and the GNMA HMBS securitizations. These are VIEs for which CIT is not the primary beneficiary, and which are reported in discontinued operations. The Company, as servicer of these HECM loans, is obligated to fund future borrower advances, which include fees paid to taxing authorities for borrowers’ unpaid taxes and insurance, mortgage insurance premiums and payments made to borrowers for line of credit draws on HECM loans. In addition, the Company is required to repurchase the HECM loans once the outstanding principal balance is equal to or greater than 98% of the maximum claim amount or when the property forecloses to OREO, which reduces the secured borrowing balance. Additionally, the Company services $127.2 million and $140.3 million of HMBS outstanding principal balance at September 30, 2018 and December 31, 2017, respectively, for transferred loans securitized by IndyMac for which OneWest Bank prior to the acquisition had purchased the mortgage servicing rights (“MSRs”) in connection with the IndyMac Transaction. The carrying value of the MSRs was not significant at September 30, 2018 and December 31, 2017. As the HECM loans are federally insured by the FHA and the secured borrowings guaranteed to the investors by GNMA, the Company does not believe maximum loss exposure as a result of its involvement is material. Upon receiving GNMA consent, CIT shall no longer have this servicer obligation and the Company will qualify for sales treatment. See Note 2 — Discontinued Operations. The table below presents potential losses that would be incurred under hypothetical circumstances, such that the value of its interests and any associated collateral declines to zero and assuming no recovery or offset from any economic hedges. The Company believes the possibility is remote under this hypothetical scenario; accordingly, this required disclosure is not an indication of expected loss. Unconsolidated VIEs (dollars in millions) September 30, 2018 December 31, 2017 Securities Partnership Investment Securities Partnership Investment Agency securities $ 5,267.0 $ — $ 4,950.2 $ — Non agency securities — Other servicer 40.0 — 318.8 — Tax credit equity investments — 240.9 — 198.8 Equity investments — 59.8 — 38.6 Total Assets $ 5,307.0 $ 300.7 $ 5,269.0 $ 237.4 Commitments to tax credit investments $ — $ 116.5 $ — $ 66.6 Total Liabilities $ — $ 116.5 $ — $ 66.6 Maximum loss exposure (1) $ 5,307.0 $ 300.7 $ 5,269.0 $ 237.4 (1) Maximum loss exposure to the unconsolidated VIEs excludes the liability for representations and warranties, corporate guarantees and also excludes servicing advances. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 7 — DERIVATIVE FINANCIAL INSTRUMENTS See Note 1 — Business and Summary of Significant Accounting Policies The following table presents fair values and notional values of derivative financial instruments, which includes the gross amounts of recognized financial assets and liabilities; the amounts offset in the consolidated balance sheet; the net amounts presented in the consolidated balance sheet; the amounts subject to an enforceable master netting arrangement or similar agreement that were not included in the offset Fair and Notional Values of Derivative Financial Instruments ( 1) (dollars in millions) September 30, 2018 December 31, 2017 Notional Asset Fair Liability Notional Asset Fair Liability Amount Value Fair Value Amount Value Fair Value Derivatives designated as hedging instruments Foreign exchange contracts $ 967.7 $ 0.8 $ (11.9 ) $ 977.3 $ 0.2 $ (18.7 ) Interest rate swap - fair value hedge (2) 250.0 — (1.7 ) — — — Total derivatives designated as hedging instruments 1,217.7 0.8 (13.6 ) 977.3 0.2 (18.7 ) Derivatives not designated as hedging instruments Interest rate contracts (2) 15,277.9 107.7 (91.1 ) 12,443.5 61.5 (39.3 ) Foreign exchange contracts 2,614.7 20.7 (11.1 ) 1,375.5 6.9 (14.9 ) Other contracts (3) 607.5 0.1 (13.3 ) 468.3 0.1 (14.1 ) Total derivatives not designated as hedging instruments 18,500.1 128.5 (115.5 ) 14,287.3 68.5 (68.3 ) Gross derivative fair values presented in the Consolidated Balance Sheets $ 19,717.8 $ 129.3 $ (129.1 ) $ 15,264.6 $ 68.7 $ (87.0 ) Less: Gross amounts offset in the Consolidated Balance Sheets — — — — Net Amount Presented in the Consolidated Balance Sheet 129.3 (129.1 ) 68.7 (87.0 ) Derivative Financial Instruments (4) (15.8 ) 15.8 (18.7 ) 18.7 Cash Collateral Pledged/(Received) (4)(5)(6) (42.0 ) 11.0 (8.4 ) 23.0 Total Net Derivative Fair Value $ 71.5 $ (102.3 ) $ 41.6 $ (45.3 ) (1) Presented on a gross basis. (2) Fair value balances include accrued interest (3) Other derivative contracts not designated as hedging instruments include a total return swap and risk participation agreements. See Note 14 – Subsequent Events relating to CIT’s termination of the Dutch TRS Facility on November 2, 2018. (4) The Company accounts for swap contracts cleared by the Chicago Mercantile Exchange as “settled-to-market” effective January 2017. As a result, variation margin payments are characterized as settlement of the derivative exposure and variation margin balances are netted against the corresponding derivative mark-to-market balances The Company’s swap contracts cleared by LCH Clearnet continue to be accounted for as “collateralized-to-market” and variation margin balances are characterized as collateral against derivative exposures. At September 30, 2018, gross amounts of recognized assets and liabilities were lower by $12.3 million and $2.7 million, respectively. (5) The Company’s derivative transactions are governed by ISDA agreements that allow for net settlements of certain payments as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. We believe our ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure. In conjunction with the ISDA agreements, the Company has entered into collateral arrangements with its counterparties, which provide for the exchange of cash depending on change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties. (6) Collateral pledged or received is included in Other assets or Other liabilities, respectively. Qualifying Hedges CIT enters into interest rate swap agreements to manage interest rate exposure on its fixed-rate borrowings. The agreements that qualify for hedge accounting are designated as a fair value hedge. The following table represents the impact of fair value hedges on the condensed consolidated statements of income. Qualifying Hedges (dollars in millions) September 30, 2018 September 30, 2017 Quarter Ended Nine Months Ended Quarter Ended Nine Months Ended Amounts Recognized Recognized on derivatives Interest Expense $ (0.8 ) $ (1.8 ) $ — $ — Recognized on hedged item Interest Expense 0.8 1.8 — — Net recognized on fair value hedges (No Ineffectiveness) $ — $ — $ — $ — Non Qualifying Hedges The following table presents the impact of non-qualifying hedges on the condensed consolidated statements of income Non Qualifying Hedges (dollars in millions) September 30, 2018 September 30, 2017 Amounts Recognized Quarter Ended Nine Months Ended Quarter Ended Nine Months Ended Interest rate contracts Other non-interest income $ 4.9 $ 14.4 $ 1.2 $ 3.9 Foreign currency forward contracts Other non-interest income 22.2 25.1 5.8 (22.0 ) Other Contracts Other non-interest income 1.0 0.1 (1.4 ) (2.6 ) Total Non-qualifying Hedges -income statement impact $ 28.1 $ 39.6 $ 5.6 $ (20.7 ) The following table presents the changes in AOCI relating to derivatives: Changes in AOCI Relating to Derivatives (dollars in millions) Contract Type Derivatives - effective portion reclassified from AOCI to income Total income statement impact Derivatives - effective portion recorded in OCI Total change in OCI for period Quarter Ended September 30, 2018 Foreign currency forward contracts — net investment hedges $ — $ — $ (5.6 ) $ (5.6 ) Total $ — $ — $ (5.6 ) $ (5.6 ) Quarter Ended September 30, 2017 Foreign currency forward contracts — net investment hedges $ — $ — $ (33.0 ) $ (33.0 ) Total $ — $ — $ (33.0 ) $ (33.0 ) Nine Months Ended September 30, 2018 Foreign currency forward contracts — net investment hedges $ — $ — $ 33.9 $ 33.9 Total $ — $ — $ 33.9 $ 33.9 Nine Months Ended September 30, 2017 Foreign currency forward contracts — net investment hedges $ 13.4 $ 13.4 $ (74.7 ) $ (88.1 ) Total $ 13.4 $ 13.4 $ (74.7 ) $ (88.1 ) Dutch TRS Facility As of September 30, 2018, CIT’s wholly-owned subsidiary, CIT TRS Funding B.V. (“BV”) was party to a financing facility (the “Dutch TRS Facility”) with Goldman Sachs International (“GSI”). The amount available for advances (otherwise known as the unused portion) was accounted for as a derivative (“TRS Derivative”) and recorded at the estimated fair value. The total facility capacity available under the Dutch TRS Facility was $625 million at September 30, 2018, and December 31, 2017. The utilized portion reflects the borrowing. The aggregate “notional amount” of the TRS Derivative was $209.7 million at September 30, 2018, and $182.4 million at December 31, 2017. The notional amount was calculated as the maximum facility commitment amount, or $625 million, under the Dutch TRS Facility, less the actual adjusted qualifying borrowing base outstanding of $415.3 million at September 30, 2018, and $442.6 million under the facility at December 31, 2017. Based on the Company’s valuation, a liability of $13.3 million and $14.1 million was recorded at September 30, 2018, and December 31, 2017, respectively. The decrease in liability of $1.4 million and $0.8 million were recognized in other non-interest income for the quarter and nine months ended September 30, 2018, respectively. An increase in liability of $1.1 million and $2.4 million was recognized as a reduction to other non-interest income for the quarter and nine months ended September 30, 2017, respectively. See Note 14 – Subsequent Events |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 8 — FAIR VALUE Fair Value Hierarchy The Company measures certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. See Note 1 — Business and Summary of Significant Accounting Policies Disclosures that follow in this note exclude assets and liabilities classified as discontinued operations. The following table summarizes the Company’s assets and liabilities measured at estimated fair value on a recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis (dollars in millions) Total Level 1 Level 2 Level 3 September 30, 2018 Assets U.S. government agency securities $ 5,109.4 $ — $ 5,109.4 $ — U.S. treasury securities 594.8 403.4 191.4 — Other securities 349.3 — 242.2 107.1 Total debt securities AFS 6,053.5 403.4 5,543.0 107.1 Securities carried at fair value with changes recorded in net income (1) 44.0 0.2 43.8 — Interest rate contracts 107.7 — 107.6 0.1 Other derivative — non-qualifying hedges 20.8 — 20.7 0.1 Total derivative assets at fair value — non-qualifying hedges (2) 128.5 — 128.3 0.2 Foreign currency forward contracts — net investment qualifying hedges 0.8 — 0.8 — Total $ 6,226.8 $ 403.6 $ 5,715.9 $ 107.3 Liabilities Interest rate contracts $ (91.1 ) $ — $ (91.1 ) $ — Other derivative— non-qualifying hedges (24.4 ) — (11.1 ) (13.3 ) Total derivative liabilities at fair value — non-qualifying hedges (2) (115.5 ) — (102.2 ) (13.3 ) Interest rate contracts —fair value hedge (1.7 ) — (1.7 ) — Foreign currency forward contracts — net investment qualifying hedges (11.9 ) — (11.9 ) — Total derivative liabilities at fair value — qualifying hedges (13.6 ) — (13.6 ) — FDIC True-up liability (66.4 ) — — (66.4 ) Total $ (195.5 ) $ — $ (115.8 ) $ (79.7 ) December 31, 2017 Assets U.S. government agency securities $ 4,950.2 $ — $ 4,950.0 $ 0.2 U.S. treasury securities 297.7 199.0 98.7 — Other securities 875.7 — 490.1 385.6 Total debt securities AFS 6,123.6 199.0 5,538.8 385.8 Securities carried at fair value with changes recorded in net income (1) 0.4 — — 0.4 Equity securities AFS 44.7 0.2 44.5 — Interest rate contracts 61.5 — 61.4 0.1 Other derivative — non-qualifying hedges 7.0 — 7.0 — Total derivative assets at fair value — non-qualifying hedges (2) 68.5 — 68.4 0.1 Foreign currency forward contracts — net qualifying investment qualifying hedges 0.2 — 0.2 — Total $ 6,237.4 $ 199.2 $ 5,651.9 $ 386.3 Liabilities Interest rate swaps $ (39.3 ) $ — $ (39.3 ) $ — Other derivative— non-qualifying hedges (29.0 ) — (14.9 ) (14.1 ) Total derivative liabilities at fair value — non-qualifying hedges (2) (68.3 ) — (54.2 ) (14.1 ) Foreign currency forward contracts — net investment qualifying hedges (18.7 ) — (18.7 ) — Consideration holdback liability (46.0 ) — — (46.0 ) FDIC True-up liability (65.1 ) — — (65.1 ) Total $ (198.1 ) $ — $ (72.9 ) $ (125.2 ) (1) Upon the adoption of ASU 2016-01 - Financial Instruments as of January 1, 2018, equity securities AFS were reclassified to securities carried at fair value with changes recorded in net income. See Note 1 — Business and Summary of Significant Accounting Policies. (2) Derivative fair values include accrued interest. See Fair Value of Financial Instruments Debt and Equity Securities Classified as AFS, Securities carried at fair value with changes recorded in net income Derivative Assets and Liabilities Consideration Holdback Liability — In connection with the OneWest acquisition, the parties negotiated certain holdbacks related to select trailing risks, which totaled $116 million and reduced the cash consideration paid at closing. As of June 30, 2018, all holdback obligations were settled with the former OneWest shareholders. As of December 31, 2017, management’s estimate of the probable amount of holdback to be paid was $46 million. Due to the significant unobservable inputs used, these measurements were classified as Level 3. FDIC True-up Liability — The FDIC True-up liability was recorded at estimated fair value as of the Acquisition Date and is measured at fair value at each reporting date until the contingency is resolved. Due to the significant unobservable inputs used, these measurements were classified as Level 3. The following tables summarize information about significant unobservable inputs related to the Company’s categories of Level 3 financial assets and liabilities measured on a recurring basis as of September 30, 2018 and December 31, 2017. Quantitative Information about Level 3 Fair Value Measurements — Recurring (dollars in millions) Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average September 30, 2018 Assets Securities — AFS $ 107.1 Discounted cash flow Discount Rate 3.2% - 6.2% 5.6% Prepayment Rate 4.7% - 10.7% 8.0% Default Rate 2.2% - 6.9% 4.7% Loss Severity 26.1% - 48.1% 33.0% Derivative assets — non qualifying 0.2 Internal valuation model Borrower Rate 3.8% - 5.0% 4.4% Total Assets $ 107.3 Liabilities FDIC True-up liability $ (66.4 ) Discounted cash flow Discount Rate 3.6% 3.6% Derivative liabilities — non-qualifying (13.3 ) Market comparables Total Liabilities $ (79.7 ) December 31, 2017 Assets Securities — AFS $ 385.8 Discounted cash flow Discount Rate 0.0% – 37.1% 4.6% Prepayment Rate 2.1% – 22.3% 8.8% Default Rate 0.0% – 7.3% 3.7% Loss Severity 0.3% – 72.4% 35.3% Securities carried at fair value with changes recorded in net income 0.4 Discounted cash flow Discount Rate 31.1% 31.1% Prepayment Rate 10.9% 10.9% Default Rate 2.4% 2.4% Loss Severity 59.2% 59.2% Derivative assets — non qualifying 0.1 Internal valuation model Borrower Rate 3.0% - 4.4% 3.8% Total Assets $ 386.3 Liabilities FDIC True-up liability $ (65.1 ) Discounted cash flow Discount Rate 2.9% 2.9% Consideration holdback liability (46.0 ) Discounted cash flow Payment Probability 0% – 100% 48.0% Derivative liabilities — non-qualifying (14.1 ) Market comparables Total Liabilities $ (125.2 ) The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3): Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities Measured on a Recurring Basis (dollars in millions) Securities- AFS Securities Carried at Fair Value with Changes Recorded in Net Income Derivative Liabilities- Non- Qualifying (1) FDIC True-up Liability Consideration Holdback Liability December 31, 2017 $ 385.8 $ 0.4 $ (14.1 ) $ (65.1 ) $ (46.0 ) Included in earnings 13.5 — 0.8 (1.3 ) 8.0 Included in comprehensive income (18.0 ) — — — — Sales, paydowns, and adjustments (274.2 ) (0.4 ) — — 38.0 Balance as of September 30, 2018 $ 107.1 $ — $ (13.3 ) $ (66.4 ) $ — December 31, 2016 $ 485.5 $ 283.5 $ (11.5 ) $ (61.9 ) $ (47.2 ) Included in earnings (1.4 ) 15.0 (2.3 ) (2.7 ) — Included in comprehensive income 15.8 — — — — Impairment (0.3 ) — — — — Sales, paydowns, and adjustments (88.6 ) (50.8 ) — — 1.2 Balance as of September 30, 2017 $ 411.0 $ 247.7 $ (13.8 ) $ (64.6 ) $ (46.0 ) (1) Valuation of the derivative related to the Dutch TRS Facility. Assets Measured at Estimated Fair Value on a Non-recurring Basis Certain assets or liabilities are required to be measured at estimated fair value on a non-recurring basis subsequent to initial recognition. Generally, these adjustments are the result of LOCOM or other impairment accounting. In determining the estimated fair values, the Company determined that substantially all the changes in estimated fair value were due to declines in market conditions versus instrument specific credit risk. This was determined by examining the changes in market factors relative to instrument specific factors. The following table presents assets measured at estimated fair value on a non-recurring basis for which a non-recurring change in fair value has been recorded in the current year: Carrying Value of Assets Measured at Fair Value on a Non-recurring Basis (dollars in millions) Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 Total Gains (Losses) September 30, 2018 Assets held for sale $ 58.4 $ — $ 9.9 $ 48.5 $ 8.9 Other real estate owned 3.8 — — 3.8 (1.0 ) Impaired loans 87.4 — — 87.4 (38.5 ) Total $ 149.6 $ — $ 9.9 $ 139.7 $ (30.6 ) December 31, 2017 Assets held for sale $ 177.8 $ — $ — $ 177.8 $ (15.0 ) Other real estate owned 18.8 — — 18.8 (4.4 ) Impaired loans 89.1 — — 89.1 (21.9 ) Total $ 285.7 $ — $ — $ 285.7 $ (41.3 ) Assets of continuing operations that are measured at fair value on a non-recurring basis are as follows: Assets Held for Sale — See later in this note for fair value measurements of AHFS. Carrying value of AHFS with impairment approximates fair value at September 30, 2018 and December 31, 2017. Other Real Estate Owned — Estimated fair values of OREO are reviewed on a quarterly basis and any decline in value below cost is recorded as impairment. Estimated fair value approximates carrying value and is generally based on market data, if available or broker price opinions or independent appraisals, adjusted for costs to sell. The weighted average inputs used to estimate the cost to sell were 6.7% at September 30, 2018. Significant unobservable inputs resulted in the Level 3 classification of OREO. Impaired Loans — See later in this note for fair value measurements of impaired loans. As of the reporting date, the carrying value of impaired loans approximated fair value. Fair Values of Financial Instruments The carrying values and estimated fair values of financial instruments presented below exclude leases and certain other assets and liabilities, which were not required for disclosure. Financial Instruments (dollars in millions) Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total September 30, 2018 Financial Assets Cash and interest bearing deposits $ 1,367.5 $ 1,367.5 $ — $ — $ 1,367.5 Derivative assets at fair value — non-qualifying hedges 128.5 — 128.3 0.2 128.5 Derivative assets at fair value — qualifying hedges 0.8 — 0.8 — 0.8 Assets held for sale (excluding leases) 132.2 — 11.9 121.2 133.1 Loans (excluding leases) 27,999.0 — 858.7 27,260.9 28,119.6 Securities purchased under agreement to resell 200.0 — 200.0 — 200.0 Investment securities (1) 6,339.5 403.6 5,586.8 349.1 6,339.5 Indemnification assets (2) 27.2 — — 20.0 20.0 Other assets subject to fair value disclosure and unsecured counterparty receivables (3) 538.6 — — 538.6 538.6 Financial Liabilities Deposits (4) (30,847.1 ) — — (30,833.1 ) (30,833.1 ) Derivative liabilities at fair value — non-qualifying hedges (115.5 ) — (102.2 ) (13.3 ) (115.5 ) Derivative liabilities at fair value — qualifying hedges (13.6 ) — (13.6 ) — (13.6 ) Borrowings (4) (8,711.6 ) — (8,017.0 ) (830.7 ) (8,847.7 ) Credit balances of factoring clients 1,672.4 — — 1,672.4 1,672.4 Other liabilities subject to fair value disclosure (5) (689.7 ) — — (689.7 ) (689.7 ) December 31, 2017 Financial Assets Cash and interest bearing deposits $ 1,718.7 $ 1,718.7 $ — $ — $ 1,718.7 Derivative assets at fair value — non-qualifying hedges 68.5 — 68.4 0.1 68.5 Derivative assets at fair value — qualifying hedges 0.2 — 0.2 — 0.2 Assets held for sale (excluding leases) 1,011.4 — 4.7 1,044.8 1,049.5 Loans (excluding leases) 26,428.1 — 624.3 26,220.5 26,844.8 Securities purchased under agreement to resell 150.0 — 150.0 — 150.0 Investment securities (1) 6,469.9 199.2 5,583.3 687.4 6,469.9 Indemnification assets (2) 113.5 — — 87.4 87.4 Other assets subject to fair value disclosure and unsecured counterparty receivables (3) 542.2 — — 542.2 542.2 Financial Liabilities Deposits (4) (29,586.5 ) — — (29,668.6 ) (29,668.6 ) Derivative liabilities at fair value — non-qualifying hedges (68.3 ) — (54.2 ) (14.1 ) (68.3 ) Derivative liabilities at fair value — qualifying hedges (18.7 ) — (18.7 ) — (18.7 ) Borrowings (4) (9,043.8 ) — (8,281.7 ) (991.2 ) (9,272.9 ) Credit balances of factoring clients (1,468.6 ) — — (1,468.6 ) (1,468.6 ) Other liabilities subject to fair value disclosure (5) (725.2 ) — — (725.2 ) (725.2 ) (1) Level 3 fair value at September 30, 2018, includes debt securities AFS ($107.1 million), and non-marketable investments ($242.0 million). Level 3 fair value at December 31, 2017 included debt securities AFS ($385.8 million), debt securities carried at fair value with changes recorded in net income ($0.4 million), and non-marketable investments ($301.2 million). (2) The indemnification assets relating to the SFR loans purchased in the OneWest Bank Transaction were measured on the same basis as the related indemnified item, and the underlying SFR loans. The estimated fair values reflect the present value of expected reimbursements under the indemnification agreements based on the loan performance discounted at an estimated market rate, and were classified as Level 3. The indemnification assets included in the above table do not include Agency claims indemnification (the balance of which was zero at September 30, 2018 and $28.9 million at December 31, 2017), as they are not considered financial instruments. (3) Other assets subject to fair value disclosure primarily include unsecured counterparty receivables, accrued interest receivable and miscellaneous receivables. The unsecured counterparty receivables primarily consisted of amounts owed to CIT for debt discount, return of collateral and settlements resulting from market value changes to asset-backed securities underlying the TRS. The remaining assets have carrying values that approximated fair value, generally due to their short-term nature. (4) Deposits and borrowings include accrued interest, which is included in “Other liabilities”. (5) Other liabilities subject to fair value disclosure include accounts payable, accrued liabilities, customer security and maintenance deposits and miscellaneous liabilities. The fair value of these approximated carrying value. The methods and assumptions used to estimate the fair value of each class of financial instruments were: Derivative Assets and Liabilities —Derivatives were valued using models that incorporate inputs depending on the type of derivative. Besides the fair value of the TRS Derivative, written options on certain CIT Bank certificate of deposits and credit derivatives that were estimated using Level 3 inputs, most derivative instruments were valued using a Level 2 methodology. See for notional principal amounts and fair values Investment Securities — Debt securities classified as AFS —Investments in U.S. federal government agency securities, U.S. Treasury Notes, agency pass-through and supranational securities were valued using Level 2 inputs. The market for non-Agency MBS is not active; therefore the estimated fair value was determined using a discounted cash flow technique. Given the lack of observable market data, the estimated fair value of the non-agency MBS was classified as Level 3. Non-marketable equity securities utilize Level 3 inputs to estimate fair value and were generally recorded under the cost or equity method of accounting. For investments in limited partnership equity interests, the Company used the net asset value provided by the fund manager as an appropriate measure of fair value. Securities carried at fair value with changes recorded in net income — included equity securities AFS that were reclassified to securities carried at fair value with changes recorded in net income upon the adoption of as of January 1, 2018. A majority were valued using Level 2 inputs and the remaining were valued using Level 1 inputs. Assets held for sale — As there was no liquid secondary market for most AHFS, the fair value was estimated based on Level 3 inputs. Loans — Within the Loans category, there are several types of loans as follows: Commercial and Consumer Loans — Commercial and consumer loans are generally valued individually, while small ticket commercial loans and equipment loans are valued on an aggregate portfolio basis. As there is no liquid secondary market for most loans, the fair value was estimated based on analyses that used Level 3 inputs at both September 30, 2018 and December 31, 2017. Impaired Loans — The value of impaired loans was assessed through the evaluation of aggregate carrying values of impaired loans relative to contractual amounts owed (unpaid principal balance) from customers. See — . PCI loans — These loans were valued by grouping the loans into performing and non-performing groups and stratifying the loans based on common risk characteristics such as product type, FICO score and other economic attributes. Due to the significance of the unobservable inputs, these loans are classified as Level 3. Deposits — The estimated fair value of deposits with no stated maturity, such as demand deposit accounts (including custodial deposits), money market accounts, and savings accounts was the amount payable on demand at the reporting date. The fair value of time deposits is estimated using Level 3 inputs. Borrowings The Level 2 fair value of borrowings were valued using market inputs and discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, remaining maturities and put dates and did not require significant judgment . Unsecured debt — Unsecured debt included both senior debt and subordinated debt, which was approximately $4.3 billion par value at September 30, 2018 and $3.8 billion at December 31, 2017. Secured borrowings — Secured borrowings included both structured financings and FHLB advances. Of the total estimated fair value of structured financing, approximately $3.6 billion par value at September 30, 2018 and $4.3 billion at December 31, 2017 were Level 2. The estimated fair value of FHLB advances was based on the discounted cash flow model. The cash flows were calculated using the contractual features of the advance and then discounted using observable rates. The Level 3 fair value of borrowings included: Secured borrowings — Market estimates were not available for approximately $0.8 billion par value of structured financings at September 30, 2018, and $1.0 billion at December 31, 2017, therefore values were estimated using Level 3 inputs. Credit balances of factoring clients — The impact of the time value of money from the unobservable discount rate for credit balances of factoring clients is inconsequential due to the short term nature of these balances (typically 90 days or less), therefore, the carrying value approximated fair value, and the credit balances were classified as Level 3. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 9 — STOCKHOLDERS' EQUITY A roll forward of common stock is presented in the following table. Number of Shares of Common Stock Issued Less Treasury Outstanding Common Stock – December 31, 2017 207,628,491 (76,275,567 ) 131,352,924 Restricted stock issued 1,368,262 — 1,368,262 Repurchase of common stock — (21,657,560 ) (21,657,560 ) Shares held to cover taxes on vesting restricted shares and other — (540,244 ) (540,244 ) Employee stock purchase plan participation 42,551 — 42,551 Common Stock – September 30, 2018 209,039,304 (98,473,371 ) 110,565,933 During the quarter ended September 30, 2018, CIT repurchased a total of $290.9 million in common shares via open market repurchases of 5,497,460 common shares. During the nine months ended September 30, 2018, CIT repurchased a total of $556.8 million in common shares via open market repurchases of 10,534,273 common shares and $609.0 million, excluding fees, via an equity tender offer of 11,123,287 common shares. Accumulated Other Comprehensive Income (Loss) ("AOCI") The following table details the components of AOCI, net of tax: Components of Accumulated Other Comprehensive Loss (dollars in millions) September 30, 2018 December 31, 2017 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ 8.0 $ (12.0 ) $ (4.0 ) $ 0.8 $ (8.8 ) $ (8.0 ) Changes in benefit plan net gain (loss) and prior service (cost)/credit (48.6 ) (1.8 ) (50.4 ) (53.6 ) (0.9 ) (54.5 ) Unrealized net losses on securities AFS (197.4 ) 52.4 (145.0 ) (39.5 ) 15.5 (24.0 ) Total accumulated other comprehensive loss $ (238.0 ) $ 38.6 $ (199.4 ) $ (92.3 ) $ 5.8 $ (86.5 ) 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 available for sale securities Total AOCI Balance as of December 31, 2017 $ (8.0 ) $ (54.5 ) $ (24.0 ) $ (86.5 ) Adoption of ASUs 2016-01 and 2018-02 (1) 3.3 0.3 (4.1 ) (0.5 ) AOCI activity before reclassifications 0.7 3.3 (105.3 ) (101.3 ) Amounts reclassified from AOCI — 0.5 (11.6 ) (11.1 ) Net current period AOCI 0.7 3.8 (116.9 ) (112.4 ) Balance as of September 30, 2018 $ (4.0 ) $ (50.4 ) $ (145.0 ) $ (199.4 ) Balance as of December 31, 2016 $ (61.4 ) $ (65.3 ) $ (13.4 ) $ (140.1 ) AOCI activity before reclassifications 28.4 0.9 12.9 42.2 Amounts reclassified from AOCI 26.2 0.7 (2.3 ) 24.6 Net current period AOCI 54.6 1.6 10.6 66.8 Balance as of September 30, 2017 $ (6.8 ) $ (63.7 ) $ (2.8 ) $ (73.3 ) (1) See Note 1 — Business and Summary of Significant Accounting Policies for information on these ASUs. Other Comprehensive Loss The amounts included in the Condensed Consolidated Statements of Comprehensive Income are net of income taxes. Foreign currency translation reclassification adjustments impacting net income for the quarter and the nine months ended September 30, 2018 were insignificant. Foreign currency translation reclassification adjustments impacting net income for the quarter and the nine months ended September 30, 2017 were insignificant and $26.2 million, respectively. Of the year to date 2017 balance, $16.7 million was a result of the sale of the Commercial Air business and was recorded in gain on sale of discontinued operations. The change in income taxes associated with foreign currency translation adjustments was an increase of $1.8 million and $9.2 million for the quarters ended September 30, 2018 and 2017, respectively, and a decrease of $3.2 million and an increase of $26.3 million for the nine months ended September 30, 2018 and 2017, respectively. The changes in benefit plans net gain/(loss) and prior service (cost)/credit reclassification adjustments impacting net income were insignificant and $0.1 million for the quarters ended September 30, 2018 and 2017, respectively, and $0.5 million and $0.7 million for the nine months ended September 30, 2018 and 2017, respectively. The change in income taxes associated with changes in benefit plans net gain/(loss) and prior service (cost)/credit was insignificant for the quarters ended September 30, 2018 and 2017, respectively, and a decrease of $0.9 million and a decrease of $0.6 million for the nine months ended September 30, 2018 and 2017, respectively. Reclassification adjustments impacting net income for unrealized gains/(losses) on available for sale securities was a decrease of $2.3 million and a decrease of $2.1 million for the quarters ended September 30, 2018 and 2017, respectively and a decrease of $11.6 million and a decrease of $2.3 million for the nine months ended September 30, 2018 and 2017, respectively. The change in income taxes associated with net unrealized gains/(losses) on available for sale securities was an increase of $11.4 million and a decrease of $2.3 million for quarters ended September 30, 2018 and 2017, respectively and an increase of $36.9 million and a decrease of $6.5 million for the nine months ended September 30, 2018 and 2017, respectively. Reclassifications Out of AOCI (dollars in millions) Quarters Ended September 30, 2018 2017 Gross Amount Tax Net Amount Gross Amount Tax Net Amount Income Statement Line Item Foreign currency translation adjustments losses $ — $ — $ — $ — $ — $ — Other non-interest income Changes in benefit plan net gain/(loss) and prior service (cost)/credit losses 0.1 (0.1 ) — 0.1 — 0.1 Operating Expenses Unrealized net gains on securities AFS (3.1 ) 0.8 (2.3 ) (3.4 ) 1.3 (2.1 ) Other non-interest income Total Reclassifications out of AOCI $ (3.0 ) $ 0.7 $ (2.3 ) $ (3.3 ) $ 1.3 $ (2.0 ) Nine Months Ended September 30, 2018 2017 Gross Amount Tax Net Amount Gross Amount Tax Net Amount Income Statement Line Item Foreign currency translation adjustment losses (1) $ — $ — $ — $ 24.1 $ 2.1 $ 26.2 Other non-interest income Changes in benefit plan net gain/(loss) and prior service (cost)/credit losses 0.6 (0.1 ) 0.5 0.8 (0.1 ) 0.7 Operating Expenses Unrealized net gains on securities AFS (15.8 ) 4.2 (11.6 ) (3.6 ) 1.3 (2.3 ) Other non-interest income Total Reclassifications out of AOCI $ (15.2 ) $ 4.1 $ (11.1 ) $ 21.3 $ 3.3 $ 24.6 (1) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 10 — INCOME TAXES The Company’s global effective income tax rate from continuing operations including discrete tax items for the third quarter and nine months ended September 30, 2018 was 24.2% and 26.9%, respectively, up from (116.3)% in the prior year quarter and (38.7)% in the nine months ended September 30, 2017. The quarterly income tax expense is based on a projection of the Company’s annual effective tax rate. This annual effective tax rate is applied to the year-to-date consolidated pre-tax income to determine the interim provision for income taxes before discrete items. The year-to-date impact of any change in the projected annual effective tax rate from the prior quarter estimate is included in the current quarter income tax expense. The effective tax rate each period is also impacted by a number of factors, including the relative mix of domestic and international earnings, effects of changes in enacted tax laws, adjustments to the valuation allowances, and discrete items. The currently forecasted effective tax rate may vary from the actual year-end 2018 effective tax rate due to the changes in these factors. 2017 U.S. Tax Reform Legislation The Tax Cuts and Jobs Act (“TCJA”) was enacted on December 22, 2017. The TCJA required management to make certain adjustments to the Company’s year-end financial statements for the effects of the law relating to the remeasurement of deferred taxes, liabilities for taxes due on mandatory deemed repatriation, liabilities for taxes due on other foreign income, and the reassessment of the Company’s valuation allowance. The SEC staff has afforded registrants a measurement period to record adjustments for the effects of the law, per Staff Accounting Bulletin No. 118 Income Tax Accounting Implications of the Tax Cuts and Jobs Act Valuation Allowances The Company established valuation allowances (“VAs”) against certain U.S. federal, U.S. state, and international deferred tax assets (“DTAs”) that are not expected to be realized in the future. The Company maintained a VA of $208.6 million against U.S. state DTAs on certain state net operating losses and a $28.6 million VA against certain non-U.S. reporting entities' net DTAs as of September 30, 2018. In 2017, the Company reported a net $177.4 million U.S. income tax benefit comprised of a gross $234.2 million tax benefit on a capital loss of $610.5 million realized on the liquidation of a wholly-owned foreign subsidiary partially offset by a $56.8 million charge to establish a VA against the unused portion of the capital loss. As a result of the change in the U.S. Federal income tax rate from 35 percent to 21 percent beginning in 2018, the VA against the capital loss carryforwards was revalued to $39.6 million as of December 31, 2017. As of the third quarter of 2018, the Company maintained a U.S. Federal and state VA of $15.8 million against certain capital loss carryforwards, down from $39.6 million as of December 31, 2017. The reduction was attributable to changes in expected capital gains and additional net capital gains recognized year to date in the normal course of business as well as a reduction to the DTA on capital loss carryforward and associated VA. The Company will recognize the income tax benefit on the remaining portion of the DTA subject to the VA to the extent of additional capital gains. Capital losses can be carried forward for five years to offset capital gains. The Company’s ability to recognize DTAs is evaluated on a quarterly basis to determine if there are any significant events that would affect its ability to utilize existing DTAs. If events are identified that affect its ability to utilize its DTAs, VAs may be adjusted accordingly. Liabilities for Uncertain Tax Positions The Company’s liability for uncertain tax positions ("UTPs") before interest and penalties was $13.3 million at September 30, 2018 and $13.5 million at December 31, 2017. The Company anticipates changes to its UTP liability upon the resolution of open tax matters and closure of statutes of limitations. The Company’s accrued liability for interest and penalties totaled $7.1 million at September 30, 2018 and $6.3 million at December 31, 2017. Management believes that it is reasonably possible the total potential liability may be increased or decreased by $5 to $10 million within the twelve months following the reporting date because of anticipated settlement with taxing authorities. The Company recognizes accrued interest and penalties on unrecognized tax benefits in income tax expense. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 11 — COMMITMENTS The accompanying table summarizes credit-related commitments and guarantees, as well as purchase and funding commitments: Commitments (dollars in millions) September 30, 2018 December 31, 2017 Due to Expire Within One Year After One Year Total Outstanding Total Outstanding Financing Commitments Financing assets (1) $ 2,421.3 $ 4,061.7 $ 6,483.0 $ 6,351.1 Letters of credit Standby letters of credit 31.2 211.1 242.3 213.3 Other letters of credit 11.4 0.7 12.1 16.3 Guarantees Deferred purchase agreements 2,082.7 — 2,082.7 2,068.1 Purchase and Funding Commitments Rail and other purchase commitments (1) 393.2 33.8 427.0 222.9 (1) Discontinued Operations Financing commitments include HECM reverse mortgage loan commitments associated with Financial Freedom discontinued operations of $24 million at September 30, 2018 and $34 million at Note 2 — Discontinued Operations Financing Commitments Commercial Financing commitments, referred to as loan commitments or lines of credit, primarily reflect CIT’s agreements to lend to its customers, subject to the customers’ compliance with contractual obligations. Included in the table above are commitments that have been extended to and accepted by customers, clients or agents, but on which the criteria for funding have not been completed of $1,616.3 million at September 30, 2018 and $950.3 million at At September 30, 2018, substantially all undrawn financing commitments were senior facilities. Most of the Company’s undrawn and available financing commitments are in the Commercial Banking segment. The table above excludes uncommitted revolving credit facilities extended by Business Capital to its’ clients for working capital purposes. In connection with these facilities, Business Capital has the sole discretion throughout the duration of these facilities to determine the amount of credit that may be made available to its clients at any time and whether to honor any specific advance requests made by its clients under these credit facilities. Consumer The Company sold its reverse mortgage portfolio in connection with the Financial Freedom Transaction on May 31, 2018. Prior to the sale, the Company was committed to fund draws on certain reverse mortgages in conjunction with loss sharing agreements with the FDIC from the OneWest acquisition. The FDIC agreed to indemnify the Company for losses on the first $200 million of draws that occur subsequent to the purchase date (post March 2009). As of December 31, 2017, $134 million had been advanced on the reverse mortgage loans post March 2009 with exposure for additional draws of $66 million. See Note 5 — Indemnification Assets Separately, the Company is committed to fund draws on certain home equity lines of credit (“HELOCs”). Under the HELOC participation and servicing agreement entered into with the FDIC, the FDIC agreed to reimburse the Company for a portion of the draws that the Company funded on the purchased HELOCs from the OneWest acquisition. Letters of Credit In the normal course of meeting the needs of clients, CIT sometimes enters into agreements to provide financing and letters of credit. Standby letters of credit obligate the issuer of the letter of credit to pay the beneficiary if a client on whose behalf the letter of credit was issued does not meet its obligation. These financial instruments generate fees and involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Condensed Consolidated Balance Sheets. To minimize potential credit risk, CIT generally requires collateral and in some cases additional forms of credit support from the client. Deferred Purchase Agreements A Deferred Purchase Agreement (“DPA”) is provided in conjunction with factoring, whereby CIT provides a client with credit protection for trade receivables without purchasing the receivables. The trade receivable terms are generally 90 days or less. If the client’s customer is unable to pay an undisputed receivable solely as the result of credit risk, then CIT purchases the receivable from the client. The outstanding amount in the table above is the maximum potential exposure that CIT would be required to pay under all DPAs. This maximum amount would only occur if all receivables subject to DPAs default in the manner described above, thereby requiring CIT to purchase all such receivables from the DPA clients. The table above includes $2,020 million and $1,979 million of DPA credit protection at September 30, 2018 and The methodology used to determine the DPA liability is similar to the methodology used to determine the allowance for loan losses associated with the finance loans, which reflects embedded losses based on various factors, including expected losses reflecting the Company’s internal customer and facility credit ratings. The liability recorded in Other Liabilities related to the DPAs totaled $6.6 million and $5.3 million at September 30, 2018 and Purchase and Funding Commitments CIT’s purchase commitments primarily relate to the Rail and Equipment Finance businesses. Other Commitments The Company has commitments to invest in affordable housing investments, and other investments qualifying for community reinvestment tax credits. These commitments were $116 million at September 30, 2018 and $67 million at |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Loss Contingency [Abstract] | |
CONTINGENCIES | NOTE 12 — CONTINGENCIES Litigation and other Contingencies CIT is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory, and arbitration proceedings as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. These matters arise in connection with the conduct of CIT’s business. At any given time, CIT may also be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters (all of the foregoing collectively being referred to as, “Litigation”). While most Litigation relates to individual claims, CIT is also subject to putative class action claims and similar broader claims. In view of the inherent difficulty of predicting the outcome of Litigation matters, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, CIT cannot state with confidence what the eventual outcome of the pending Litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, CIT establishes reserves for Litigation when those matters present loss contingencies as to which it is both probable that a loss will occur and the amount of such loss can be reasonably estimated. Based on currently available information, CIT believes that the outcome of Litigation that is currently pending will not have a material adverse effect on the Company’s financial condition, but may be material to the Company’s operating results or cash flows for any particular period, depending in part on its operating results for that period. The actual results of resolving such matters may be substantially higher than the amounts reserved. For certain Litigation matters in which the Company is involved, the Company is able to estimate a range of reasonably possible losses in excess of established reserves and insurance. For other matters for which a loss is probable or reasonably possible, such an estimate cannot be determined. For Litigation and other matters where losses are reasonably possible, management currently estimates the aggregate range of reasonably possible losses as up to $65 million in excess of any established reserves and any insurance we reasonably believe we will collect related to those matters. This estimate represents reasonably possible losses (in excess of established reserves and insurance) over the life of such Litigation, which may span a currently indeterminable number of years, and is based on information currently available as of September 30, 2018. The Litigation matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those Litigation matters for which an estimate is not reasonably possible or as to which a loss does not appear to be reasonably possible, based on current information, are not included within this estimated range and, therefore, this estimated range does not represent the Company’s maximum loss exposure. The foregoing statements about CIT’s Litigation are based on the Company’s judgments, assumptions, and estimates and are necessarily subjective and uncertain. The Company has several hundred threatened and pending judicial, regulatory and arbitration proceedings at various stages. Several of the Company’s significant Litigation matters are described below. Brazilian Tax Matter Banco Commercial Investment Trust do Brasil S.A. (“Banco CIT”), CIT’s Brazilian bank subsidiary, was sold in a stock sale in the fourth quarter of 2015, thereby transferring the legal liabilities of Banco CIT to the buyer. Under the terms of the stock sale, CIT remains liable for indemnification to the buyer for any losses resulting from certain Imposto Sobre Circulaco de Mercadorias e Servicos (“ICMS”) tax appeals relating to disputed local tax assessments on leasing services and importation of equipment (the “ICMS Tax Appeals”). Notices of infraction were issued to Banco CIT relating to the payment of ICMS taxes charged by Brazilian states in connection with the importation of equipment. The state of São Paulo claims that Banco CIT should have paid it ICMS taxes for tax years 2006 - 2009 because Banco CIT, the purchaser, was located in São Paulo. Instead, the ICMS taxes were paid to the state of Espirito Santo where the imported equipment arrived. A regulation issued by São Paulo in December 2013 reaffirms a 2009 agreement by São Paulo to conditionally recognize ICMS tax payments made to Espirito Santo. An assessment related to taxes paid to Espirito Santo was upheld in a ruling issued by the administrative court in May 2014. That ruling has been appealed. Another assessment related to taxes paid to Espirito Santo remains pending. Petitions seeking São Paulo’s recognition of the taxes paid to Espirito Santo were also filed in a general amnesty program. In the first quarter of 2018, CIT was advised that the larger of the two amnesty petitions had been granted and dismissal of that matter is pending with the court. Hawaiian Foreclosure Litigation Claims Based on recent rulings of the Hawaii Supreme Court, lawsuits have been filed against CIT in Hawaii alleging technical violations in non-judicial foreclosures. Similar cases have been filed against other mortgage lenders in Hawaii. The Hawaii Supreme Court did not establish a clear methodology for calculating alleged damages if a violation is proven and there is substantial dispute in this regard. In many instances the borrower had no equity in the home at the time of foreclosure. Damages sought in these cases include any lost equity, compensation for loss of use of the house and, in some cases, treble or punitive damages under Hawaii's unfair practices law. HUD OIG Investigation In 2009, OneWest Bank acquired the reverse mortgage loan portfolio and related servicing rights of Financial Freedom Senior Funding Corporation, including HECM loans, from the FDIC as Receiver for IndyMac Federal Bank. HECM loans are insured by the FHA, and administered by HUD. In addition, Financial Freedom is the servicer of HECM loans owned by third party investors. Beginning in the third quarter of 2015, the Office of the Inspector General for HUD (the “HUD OIG”), served a series of subpoenas on the Company regarding HECM loans. The subpoenas requested documents and other information related to Financial Freedom’s HECM loan origination and servicing business, including the curtailment of interest payments on HECM insurance claims. On May 16, 2017, CIT entered into a settlement of approximately $89 million to resolve the servicing related claims. The settlement was within CIT’s existing reserves and included interest to be reimbursed to HUD. CIT has provided information and documents responsive to the subpoena’s request for information relating to the mortgage originations and does not currently expect the outcome of the remaining loan origination matter to have a material adverse effect on CIT’s financial condition or results of operations. NY Attorney General In the second quarter of 2017, the Office of the Attorney General of the State of New York (“NYAG”), served a subpoena on the Company regarding HECM loans. The subpoena requested documents and other information related to Financial Freedom’s HECM loan business in the State of New York. The NYAG subsequently withdrew the subpoena and has requested the Company’s continued voluntary cooperation with the inquiry. The Company has cooperated with the NYAG’s office and has produced certain documents. The Company does not have sufficient information to make an assessment of the outcome or the impact of the NYAG’s ongoing inquiry. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT INFORMATION | NOTE 13 — BUSINESS SEGMENT INFORMATION Segment Profit and Assets The following table presents segment data related to continuing operations. Refer to Note 25 — Business Segment Information Segment Pre-tax Income (Loss) (dollars in millions) Commercial Banking Consumer Banking NSP Corporate and Other Total CIT Quarter Ended September 30, 2018 Interest income $ 338.9 $ 79.0 $ 1.4 $ 54.3 $ 473.6 Interest expense (benefit) 190.3 (41.6 ) 0.8 64.4 213.9 Provision (benefit) for credit losses 39.0 (0.9 ) — — 38.1 Rental income on operating leases 264.3 — — — 264.3 Other non-interest income 76.4 (18.1 ) 11.6 16.3 86.2 Depreciation on operating lease equipment 78.0 — — — 78.0 Maintenance and other operating lease expenses 56.6 — — — 56.6 Operating expenses and loss on debt extinguishment and deposit redemption 172.3 88.9 2.2 3.4 266.8 Income from continuing operations before provision for income taxes $ 143.4 $ 14.5 $ 10.0 $ 2.8 $ 170.7 Select Period End Balances Loans $ 24,095.7 $ 6,400.1 $ — $ — $ 30,495.8 Credit balances of factoring clients (1,672.4 ) — — — (1,672.4 ) Assets held for sale 1,336.5 11.9 32.1 — 1,380.5 Operating lease equipment, net 6,888.7 — — — 6,888.7 Quarter Ended September 30, 2017 Interest income $ 309.4 $ 92.2 $ 4.6 $ 47.8 $ 454.0 Interest expense (benefit) 131.3 (16.0 ) 3.0 58.4 176.7 Provision for credit losses 11.1 19.0 — — 30.1 Rental income on operating leases 252.3 — — — 252.3 Other non-interest income 70.9 (22.7 ) 4.9 10.2 63.3 Depreciation on operating lease equipment 71.1 — — — 71.1 Maintenance and other operating lease expenses 57.9 — — — 57.9 Operating expenses / loss on debt extinguishment and deposit redemption 168.6 106.2 9.2 46.8 330.8 Income (loss) from continuing operations before provision (benefit) for income taxes $ 192.6 $ (39.7 ) $ (2.7 ) $ (47.2 ) $ 103.0 Select Period End Balances Loans $ 22,692.6 $ 5,812.7 $ — $ — $ 28,505.3 Credit balances of factoring clients (1,698.5 ) — — — (1,698.5 ) Assets held for sale 1,208.3 865.9 87.8 — 2,162.0 Operating lease equipment, net 6,724.2 — — — 6,724.2 Segment Pre-tax Income (Loss) continued (dollars in millions) Commercial Banking Consumer Banking NSP Corporate and Other Total CIT Nine Months Ended September 30, 2018 Interest income $ 984.2 $ 249.2 $ 5.7 $ 159.3 $ 1,398.4 Interest expense (benefit) 523.6 (103.2 ) 4.3 174.9 599.6 Provision for credit losses 139.4 0.4 — — 139.8 Rental income on operating leases 779.2 — — — 779.2 Other non-interest income 227.5 30.9 13.5 54.4 326.3 Depreciation on operating lease equipment 231.6 — — — 231.6 Maintenance and other operating lease expenses 177.5 — — — 177.5 Operating expenses / loss on debt extinguishment and deposit redemption 526.8 278.6 6.6 23.0 835.0 Income from continuing operations before provision for income taxes $ 392.0 $ 104.3 $ 8.3 $ 15.8 $ 520.4 Nine Months Ended September 30, 2017 Interest income $ 933.5 $ 293.8 $ 17.8 $ 142.8 $ 1,387.9 Interest expense (benefit) 378.9 (32.1 ) 13.0 189.2 549.0 Provision for credit losses 60.1 24.1 — — 84.2 Rental income on operating leases 754.8 — — — 754.8 Other non-interest income 218.0 (9.1 ) 2.2 15.9 227.0 Depreciation on operating lease equipment 222.0 — — — 222.0 Maintenance and other operating lease expenses 165.0 — — — 165.0 Operating expenses / loss on debt extinguishment and deposit redemption 523.8 298.0 13.0 268.0 1,102.8 Income (loss) from continuing operations before provision (benefit) for income taxes $ 556.5 $ (5.3 ) $ (6.0 ) $ (298.5 ) $ 246.7 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 — SUBSEQUENT EVENTS Sale of NACCO On October 4, 2018, CIT sold NACCO, the Company’s European railcar leasing business. With the closing of the NACCO sale, CIT fully divested its interest in NACCO as of October 4, 2018. Railcar loans and leases of approximately $1.2 billion were sold and we expect to recognize a pretax gain of approximately $30-35 million in the fourth quarter. The Company expects to use a portion of the net proceeds received of approximately $1.1 billion to fund the termination of the Dutch TRS Facility (discussed below) and the redemption of a related Railcar Securitization (defined below). The remaining proceeds will be used to return capital to shareholders under the remaining amount of the Company’s common equity capital return, to reduce unsecured debt (discussed below), and for general corporate purposes. Termination of Dutch TRS Facility On October 5, 2018, BV issued an Optional Termination Notice (as that term is defined for purposes of that certain Master Agreement) to GSI to terminate the $625 million Dutch TRS Facility between BV and GSI. Pursuant to the Optional Termination Notice, the Dutch TRS Facility was terminated on November 2, 2018 (the “Optional Termination Date”). The exercise of BV’s option to terminate the Dutch TRS Facility prior to maturity required a payment to GSI on November 2, 2018 of the present value of the remaining facility fee (the “Optional Termination Fee”). The Optional Termination Fee and the reduction of the liability associated with the TRS Derivative are expected to result in net pretax charges for the Company of approximately $70 - $75 million in the fourth quarter of 2018. Redemption of the Railcar Securitization On October 25, 2018, CIT repaid approximately $465 million of secured financings of the Company’s railcar asset backed securitization vehicle (the “Railcar Securitization”), which was the reference obligation under the Dutch TRS Facility. In addition, the termination of the Dutch TRS Facility and redemption of the associated reference obligation Railcar Securitization resulted in the unencumbering of approximately $775 million of railcar assets. On November 1, 2018, the Company sold approximately $350 million of railcar assets in the Railcar Securitization to CIT Bank. Approximately $300 million of proceeds from the sale of NACCO, net of cash held by the securitization trust and other collateral held by the securitization trustee and the counterparty on the Dutch TRS Facility, was used for the redemption of the Railcar Securitization and the termination of the Dutch TRS Facility, including payment of the Optional Termination Fee. Debt Redemptions On October 19 and November 2, 2018, we announced our intent to redeem the outstanding 5.375% senior unsecured notes due May 2020, which totaled approximately $431 million at September 30, 2018, which we will redeem using net proceeds from the NACCO sale and the sale of rail assets to CIT Bank. The unsecured debt redemptions are expected to result in debt extinguishment losses of approximately $15 million in the fourth quarter. |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Financial Information | Basis of Financial Information These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial information and accordingly do not include all information and note disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. The financial statements in this Form 10-Q, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of CIT’s financial position, results of operations and cash flows in accordance with GAAP. These consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2017 ("2017 Form 10-K"). The accounting and financial reporting policies of CIT conform to GAAP and the preparation of the consolidated financial statements requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates and assumptions. Some of the more significant estimates include: allowance for loan losses, loan impairment, fair value determination, lease residual values, liabilities for uncertain tax positions, realizability of deferred tax assets, purchase accounting adjustments, indemnification assets, goodwill, intangible assets, and contingent liabilities, including amounts associated with discontinued operations. Additionally where applicable, the policies conform to accounting and reporting guidelines prescribed by bank regulatory authorities. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include financial information related to CIT and its majority-owned subsidiaries and those VIEs where the Company is the primary beneficiary. In preparing the consolidated financial statements, all significant intercompany accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. The current period’s results of operations do not necessarily indicate the results that may be expected for any other interim period or for the full year as a whole. |
Discontinued Operations | Discontinued Operations Discontinued Operations as of September 30, 2018 and December 31, 2017 included assets and liabilities of (i) the Business Air business and (ii) the Financial Freedom business. Income from discontinued operations reflects the activities of the Business Air and Financial Freedom businesses for the quarter and nine months ended September 30, 2018 and 2017, and Commercial Air (a component of Aerospace) for the nine months ended September 30, 2017. We completed the sale of our Commercial Air business on April 4, 2017. The Financial Freedom business, a former division of CIT Bank that serviced reverse mortgage loans, was acquired in conjunction with the OneWest Transaction in 2015 and was sold on May 31, 2018. The sale included all the operations, mortgage servicing rights and related servicing assets and liabilities, although certain assets and liabilities of the Financial Freedom business were still held by CIT Bank at September 30, 2018 and will continue to be held until the required investor consent is received to qualify for sale treatment. See further discussion in Note 2 — Discontinued Operations. reported in continuing operations, and which was serviced by the Financial Freedom business. ee further discussion in Note 3 — Loans |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies are included in the Company's 2017 Form 10-K. Effective January 1, 2018, CIT changed its accounting policy for revenue recognition resulting from the adoption of Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers . Other Newly Adopted Accounting Standards Revenue Recognition On January 1, 2018, CIT adopted ASU 2014-09, Revenue Recognition - Revenue from Contracts with Customers (ASC 606) "Interest Income" and "Rental Income on Operating Leases", CIT's two largest revenue items, are out of scope of the new guidance, as are many other revenues relating to other financial assets and liabilities, including loans, leases, securities, and derivatives. As a result, the implementation of the new guidance was limited to certain revenue streams within Non-Interest Income, including some immaterial bank related fees and gains or losses related to the sale and disposition of leased equipment and OREO, which is accounted for under ASC 610-20, Gains and Losses From the Derecognition of Nonfinancial Assets, CIT evaluated its in-scope revenue streams under the five-step model and concluded that ASU 2014-09 did not materially impact the current practice of revenue recognition as ASC 606 is consistent with the current accounting policy being applied by the Company for these revenues. Therefore, no change in the timing or amount of income recognized was identified. CIT also determined that costs incurred to obtain or fulfill contracts and financing components relating to in-scope revenue streams were immaterial to the Company. Non-interest revenue, including amounts related to the sale and disposition of leased equipment and OREO, is recognized at an amount reflecting the consideration received, or expected to be received, when control of goods or services is transferred, which generally occurs when services are provided or control of leased equipment or OREO is liquidated. ASU 2014-09 was adopted using the modified retrospective transition method. CIT elected to apply this guidance only to contracts that were not completed at the date of the initial application. The adoption did not have a significant impact on CIT’s financial statements or disclosures. No adjustment to the opening balance of retained earnings was necessary. Interest income on held for investment ("HFI") loans is recognized using the effective interest method or on a basis approximating a level rate of return over the life of the asset. Interest income includes components of accretion of the fair value discount on loans and lease receivables recorded in connection with Purchase Accounting Adjustments (“PAA”), which are accreted using the effective interest method as a yield adjustment over the remaining contractual term of the loan and recorded in interest income. If the loan is subsequently classified as assets held for sale ("AHFS"), accretion (amortization) of the discount (premium) will cease. Rental revenue on operating leases is recognized on a straight line basis over the lease term and is included in Non-interest Income. Intangible assets related to acquisitions completed by the Company and Fresh Start Accounting (“FSA”) adjustments that were applied as of December 31, 2009 (the Convenience Date), were recorded to adjust the carrying value of above or below market operating lease contracts to their fair value. The FSA adjustments (net) are amortized into rental income on a straight line basis over the remaining term of the respective lease. The recognition of interest income (including accretion) on commercial loans (exclusive of small ticket commercial loans) is suspended and an account is placed on non-accrual status when, in the opinion of management, full collection of all principal and interest due is doubtful. All future interest accruals, as well as amortization of deferred fees, costs, purchase premiums or discounts are suspended. To the extent the estimated cash flows, including fair value of collateral, does not satisfy both the principal and accrued interest outstanding, accrued but uncollected interest at the date an account is placed on non-accrual status is reversed and charged against interest income. Subsequent interest received is applied to the outstanding principal balance until such time as the account is collected, charged-off or returned to accrual status. Loans that are on cash basis nonaccrual do not accrue interest income; however, payments designated by the borrower as interest payments may be recorded as interest income. To qualify for this treatment, the remaining recorded investment in the loan must be deemed fully collectable. The recognition of interest income (including accretion) on consumer mortgages and small ticket commercial loans and lease receivables is suspended and all previously accrued but uncollected revenue is reversed, when payment of principal and/or interest is contractually delinquent for 90 days or more. Accounts, including accounts that have been modified, are returned to accrual status when, in the opinion of management, collection of remaining principal and interest is reasonably assured, and there is a sustained period of repayment performance for a minimum of six months. The recognition of interest income on reverse mortgages is suspended upon the latter of the foreclosure sale date or date on which marketable title has been acquired (i.e., property becomes OREO). The Company periodically modifies the terms of a loan in response to borrowers’ financial difficulties. These modifications may include interest rate changes, principal forgiveness or payment deferments. Loans that are modified, where a concession has been made to the borrower, are accounted for as Troubled Debt Restructurings (“TDRs”). TDRs are generally placed on nonaccrual upon their restructuring and remain on non-accrual until, in the opinion of management, collection of remaining principal and interest is reasonably assured, and upon collection of six consecutive scheduled payments. Purchased credit impaired ("PCI") loans in pools that the Company may modify as TDRs are not within the scope of the accounting guidance for TDRs. Other Newly Adopted Accounting Standards The following pronouncements were issued by the Financial Accounting Standards Board (“FASB”) and adopted by CIT as of January 1, 2018. Refer to Note 1 - Business and Summary of Significant Accounting Policies on Form 10-Q for the quarter ended March 31, 2018 for a detailed description of these pronouncements: • ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. • ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10). • ASU 2016-16, Income Taxes (Topic 740): Intra - Entity Transfers of Assets Other Than Inventory • ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments • ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cas • ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business • ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost • ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting • ASU 2018-02, Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The following pronouncements were issued by FASB and adopted by CIT as of July 1, 2018. Intangibles – Goodwill and Other – Internal-Use Software ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement CIT early adopted ASU 2018-15 as of July 1, 2018 by applying the guidance prospectively to all implementation costs incurred after the date of adoption. Capitalized implementation costs and amortization expense related to the development of internal financial planning and workflow tools are reflected in “Other assets” and “Operating expenses” within the Company’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Income, respectively. The adoption did not have a material impact on CIT’s consolidated financial statements and disclosures. Fair Value Measurement ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement CIT early adopted the removed and modified disclosure requirements in ASU 2018-13 as of July 1, 2018. The amendment on changes to the narrative description of measurement uncertainty was applied prospectively for the most recent period presented. All other amendments were applied retrospectively to all periods presented. The adoption of this standard did not have a material impact on CIT’s disclosures as disclosure enhancements are more qualitative in nature. Recent Accounting Pronouncements The following accounting pronouncements were issued by the FASB but are not yet effective for CIT. Standard Summary of Guidance Effect on CIT's Financial Statements ASU 2017-08, Receivables -Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities Issued March 2017 • • • • • • ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Issued June 2018 • Equity—Equity-Based Payments to Non-Employees • • • • ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans- General (Subtopic 715-20: Disclosure Framework -Changes to the Disclosure Requirements for Defined Benefit Plans Issued August 2018 • • • • ASU 2016-02, Leases (Topic 842), and subsequent related ASUs Issued February 2016 • • • • • • • • • o o ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Issued June 2016 • • • • • • • • • |
Litigation and other Contingencies | Litigation and other Contingencies CIT is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory, and arbitration proceedings as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. These matters arise in connection with the conduct of CIT’s business. At any given time, CIT may also be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters (all of the foregoing collectively being referred to as, “Litigation”). While most Litigation relates to individual claims, CIT is also subject to putative class action claims and similar broader claims. In view of the inherent difficulty of predicting the outcome of Litigation matters, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, CIT cannot state with confidence what the eventual outcome of the pending Litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, CIT establishes reserves for Litigation when those matters present loss contingencies as to which it is both probable that a loss will occur and the amount of such loss can be reasonably estimated. Based on currently available information, CIT believes that the outcome of Litigation that is currently pending will not have a material adverse effect on the Company’s financial condition, but may be material to the Company’s operating results or cash flows for any particular period, depending in part on its operating results for that period. The actual results of resolving such matters may be substantially higher than the amounts reserved. For certain Litigation matters in which the Company is involved, the Company is able to estimate a range of reasonably possible losses in excess of established reserves and insurance. For other matters for which a loss is probable or reasonably possible, such an estimate cannot be determined. For Litigation and other matters where losses are reasonably possible, management currently estimates the aggregate range of reasonably possible losses as up to $65 million in excess of any established reserves and any insurance we reasonably believe we will collect related to those matters. This estimate represents reasonably possible losses (in excess of established reserves and insurance) over the life of such Litigation, which may span a currently indeterminable number of years, and is based on information currently available as of September 30, 2018. The Litigation matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those Litigation matters for which an estimate is not reasonably possible or as to which a loss does not appear to be reasonably possible, based on current information, are not included within this estimated range and, therefore, this estimated range does not represent the Company’s maximum loss exposure. The foregoing statements about CIT’s Litigation are based on the Company’s judgments, assumptions, and estimates and are necessarily subjective and uncertain. The Company has several hundred threatened and pending judicial, regulatory and arbitration proceedings at various stages. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Condensed Balance Sheet, Statement of Operations, and Cash Flows from Discontinued Operations | The following condensed financial information also reflects the Business Air business for the quarter and nine months ended September 30, 2018 and as of September 30, 2018 and December 31, 2017. Condensed Balance Sheet — Aerospace (dollars in millions) September 30, 2018 December 31, 2017 Net Loans $ 110.6 $ 165.8 Operating lease equipment, net - 18.4 Other assets 0.9 - Assets of discontinued operation $ 111.5 $ 184.2 Other liabilities $ 1.4 $ 8.8 Liabilities of discontinued operation $ 1.4 $ 8.8 Condensed Statement of Income — Aerospace (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest income $ 1.9 $ 3.0 $ 6.1 $ 26.8 Interest expense 0.7 1.2 2.6 98.5 Rental income on operating leases — 2.0 0.5 310.7 Other income 1.7 — 0.9 13.4 Maintenance and other operating lease expenses — — — 4.2 Operating expenses 0.5 1.0 1.3 39.6 Loss on debt extinguishment (1) — — — 39.0 Income from discontinued operation before provision for income taxes 2.4 2.8 3.6 169.6 Provision for income taxes 0.7 0.3 1.0 71.0 (Loss) gain on sale of discontinued operation, net of taxes — (1.3 ) — 118.6 Income from discontinued operation, net of taxes $ 1.7 $ 1.2 $ 2.6 $ 217.2 (1) Condensed Statement of Cash Flows — Aerospace (dollars in millions) Nine Months Ended September 30, 2018 2017 Net cash flows (used in) provided by operations $ (4.2 ) $ 32.7 Net cash flows provided by investing activities 75.7 10,247.7 Condensed Balance Sheet — Financial Freedom (dollars in millions) September 30, 2018 December 31, 2017 Cash and interest bearing deposits, restricted $ - $ 7.7 Net loans (1) 212.1 272.8 Other assets 4.1 36.6 Assets of discontinued operation $ 216.2 $ 317.1 Secured borrowings (1) $ 213.2 $ 268.2 Other liabilities (2) 94.0 232.3 Liabilities of discontinued operation $ 307.2 $ 500.5 (1) (2 ) Condensed Statement of Income — Financial Freedom (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest income (1) $ 1.7 $ 2.5 $ 5.8 $ 8.0 Interest expense (1) 1.7 2.3 5.8 7.2 Other income (loss) (2) 2.8 5.7 13.8 (29.8 ) Operating expenses (benefits) (3) 2.4 13.1 29.4 (23.8 ) Income (loss) from discontinued operation before benefit for income taxes 0.4 (7.2 ) (15.6 ) (5.2 ) Benefit for income taxes (4) — (2.8 ) (4.2 ) (2.0 ) Loss on sale of discontinued operation, net of taxes — — (16.3 ) — Income (loss) from discontinued operation, net of taxes $ 0.4 $ (4.4 ) $ (27.7 ) $ (3.2 ) (1) Includes amortization for the premium associated with the HECM loans and related secured borrowings. (2) For the nine months ended September 30, 2017, other income included an impairment charge of approximately $50 million on the mortgage servicing liability. (3) Operating expense is comprised of salaries and benefits, professional and legal services, and other expenses such as data processing, premises and equipment, and miscellaneous charges. For the nine months ended September 30, 2017, operating expenses included a net release of the curtailment reserve of $111 million, partially offset by an increase of $40 million in other servicing-related reserves. (4) For the quarters ended September 30, 2018 September 30, 2018 Condensed Statement of Cash Flows — Financial Freedom (dollars in millions) Nine Months Ended September 30, 2018 2017 Net cash flows provided by (used in) operation $ 15.2 $ (26.5 ) Net cash flows provided by investing activities 9.1 84.9 The following tables reflect the combined results of the discontinued operations. Details of the balances are discussed in prior tables. Condensed Combined Balance Sheet (dollars in millions) September 30, 2018 December 31, 2017 Total cash and deposits $ — $ 7.7 Net Loans 322.7 438.6 Operating lease equipment, net — 18.4 Other assets 5.0 36.6 Assets of discontinued operations $ 327.7 $ 501.3 Secured borrowings $ 213.2 $ 268.2 Other liabilities 95.4 241.1 Liabilities of discontinued operations $ 308.6 $ 509.3 Condensed Combined Statement of Income (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest income $ 3.6 $ 5.5 $ 11.9 $ 34.8 Interest expense 2.4 3.5 8.4 105.7 Rental income on operating leases — 2.0 0.5 310.7 Other income (losses) 4.5 5.7 14.7 (16.4 ) Maintenance and other operating lease expenses — — — 4.2 Operating expenses 2.9 14.1 30.7 15.8 Loss on debt extinguishment — — — 39.0 Income (loss) from discontinued operations before benefit (provision) for income taxes 2.8 (4.4 ) (12.0 ) 164.4 (Benefit) provision for income taxes 0.7 (2.5 ) (3.2 ) 69.0 (Loss) gain on sale of discontinued operations, net of taxes — (1.3 ) (16.3 ) 118.6 Income (loss) from discontinued operations, net of taxes $ 2.1 $ (3.2 ) $ (25.1 ) $ 214.0 Condensed Combined Statement of Cash Flows (dollars in millions) Nine Months Ended September 30, 2018 2017 Net cash flows provided by operations $ 11.0 $ 6.2 Net cash flows provided by investing activities 84.8 10,332.6 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule Of Loans By Product | Loans, excluding those reflected as discontinued operations, consist of the following: Loans by Product (dollars in millions) September 30, 2018 December 31, 2017 Commercial loans $ 22,082.7 $ 20,892.1 Direct financing leases and leveraged leases 2,496.8 2,685.8 Total commercial 24,579.5 23,577.9 Consumer loans 5,916.3 5,536.0 Total loans 30,495.8 29,113.9 Loans held for sale (1) 204.1 1,095.7 Loans and held for sale loans (1) $ 30,699.9 $ 30,209.6 (1) Since the Company manages the credit risk and collections of loans held for sale consistently with its loans held for investment, the aggregate amount is presented in this table. |
Schedule Of Loans By Segment, Based On Obligor Location | The following table presents loans, excluding loans held for sale, by segment, based on obligor location: Loans (dollars in millions) September 30, 2018 December 31, 2017 Domestic Foreign Total Domestic Foreign Total Commercial Banking $ 22,518.2 $ 1,577.5 $ 24,095.7 $ 21,368.7 $ 1,790.6 $ 23,159.3 Consumer Banking (1) 6,400.1 — 6,400.1 5,954.6 — 5,954.6 Total $ 28,918.3 $ 1,577.5 $ 30,495.8 $ 27,323.3 $ 1,790.6 $ 29,113.9 (1) The Consumer Banking segment includes certain commercial loans, primarily consisting of a portfolio of Small Business Administration ("SBA") loans. These loans are excluded from the Consumer loan balances and included in the Commercial loan balances in the tables throughout this note. |
Components Of Net Investment In Loans | The following table presents selected components of the net investment in loans: Components of Net Investment in Loans (dollars in millions) September 30, 2018 December 31, 2017 Unearned income $ (749.3 ) $ (727.8 ) Unamortized premiums 18.3 3.7 Accretable yield on PCI loans (944.9 ) (1,063.7 ) Net unamortized deferred costs (1) 79.8 68.7 (1) Balance relates to the Commercial Banking segment . |
Loans Including Held-For-Sale Loans - By Risk Rating | The following table summarizes commercial loans by the risk ratings that bank regulatory agencies utilize to classify credit exposure and which are consistent with indicators the Company monitors. The consumer loan risk profiles are different from commercial loans, and use loan-to-value (“LTV”) ratios in rating the credit quality, and therefore are presented separately below. Commercial Loans Including Held for Sale Loans — Risk Rating by Class / Segment (dollars in millions) Grade: Pass Special Mention Classified- accruing Classified- non-accrual PCI Loans Total September 30, 2018 Commercial Banking Commercial Finance $ 8,299.0 $ 653.5 $ 1,054.4 $ 229.3 $ 5.9 $ 10,242.1 Real Estate Finance 4,994.4 247.5 267.2 2.3 36.2 5,547.6 Business Capital 7,529.1 456.1 310.3 43.1 — 8,338.6 Rail 125.5 0.8 1.2 — — 127.5 Total Commercial Banking 20,948.0 1,357.9 1,633.1 274.7 42.1 24,255.8 Consumer Banking Other Consumer Banking (1) 419.8 15.7 45.2 1.0 2.1 483.8 Total Consumer Banking 419.8 15.7 45.2 1.0 2.1 483.8 Non- Strategic Portfolios 17.5 3.1 3.2 8.3 — 32.1 Total $ 21,385.3 $ 1,376.7 $ 1,681.5 $ 284.0 $ 44.2 $ 24,771.7 December 31, 2017 Commercial Banking Commercial Finance $ 8,284.1 $ 640.9 $ 981.9 $ 134.8 $ 10.6 $ 10,052.3 Real Estate Finance 5,228.1 139.9 174.3 2.8 45.1 5,590.2 Business Capital 7,028.6 269.2 228.8 53.2 — 7,579.8 Rail 100.6 2.0 1.2 — — 103.8 Total Commercial Banking 20,641.4 1,052.0 1,386.2 190.8 55.7 23,326.1 Consumer Banking Other Consumer Banking (1) 378.5 5.9 31.9 — 2.2 418.5 Total Consumer Banking 378.5 5.9 31.9 — 2.2 418.5 Non- Strategic Portfolios 35.7 7.6 10.2 9.8 — 63.3 Total $ 21,055.6 $ 1,065.5 $ 1,428.3 $ 200.6 $ 57.9 $ 23,807.9 (1) . |
Schedule Of Consumer Loan LTV Distributions | The table below summarizes the consumer loan LTV distribution and the covered loan held for investment balances as of September 30, 2018 and December 31, 2017 for SFR mortgage loans. Consumer Loan LTV Distribution (dollars in millions) Single Family Residential Total Covered Loans Non-covered Loans Consumer LTV Range Non-PCI PCI Non-PCI PCI Loans September 30, 2018 Greater than 125% $ 1.4 $ 113.8 $ 4.9 $ - $ 120.1 101% – 125% 4.8 194.8 4.7 — 204.3 80% – 100% 33.9 470.0 181.9 — 685.8 Less than 80% 1,128.1 936.1 2,841.3 — 4,905.5 Not Applicable (1) — — 0.6 — 0.6 Total $ 1,168.2 $ 1,714.7 $ 3,033.4 $ — $ 5,916.3 December 31, 2017 Greater than 125% $ 2.7 $ 160.0 $ 7.7 $ — $ 170.4 101% – 125% 6.4 291.5 4.4 — 302.3 80% – 100% 77.4 566.2 137.3 — 780.9 Less than 80% 1,306.1 878.1 2,089.7 7.7 4,281.6 Not Applicable (1) — — 0.8 — 0.8 Total $ 1,392.6 $ 1,895.8 $ 2,239.9 $ 7.7 $ 5,536.0 (1) Certain Consumer Loans do not have LTV's. |
Loans Including Held For Sale Loans - Delinquency Status | Past Due and Non-accrual Loans The table that follows presents portfolio delinquency status, regardless of accrual/non-accrual classification: Loans Including Held for Sale Loans - Delinquency Status (dollars in millions) Past Due 30–59 Days Past Due 60–89 Days Past Due 90 Days or Greater Total Past Due Current (1) PCI Loans (2) Total September 30, 2018 Commercial Banking Commercial Finance $ 12.4 $ 8.5 $ 98.0 $ 118.9 $ 10,117.3 $ 5.9 $ 10,242.1 Real Estate Finance 30.1 — 7.9 38.0 5,473.4 36.2 5,547.6 Business Capital 105.0 25.1 15.7 145.8 8,192.8 — 8,338.6 Rail 2.4 1.0 0.3 3.7 123.8 — 127.5 Total Commercial Banking 149.9 34.6 121.9 306.4 23,907.3 42.1 24,255.8 Consumer Banking Legacy Consumer Mortgages 33.2 6.1 41.9 81.2 1,118.4 1,714.7 2,914.3 Other Consumer Banking 27.9 2.1 5.4 35.4 3,460.2 2.1 3,497.7 Total Consumer Banking 61.1 8.2 47.3 116.6 4,578.6 1,716.8 6,412.0 Non-Strategic Portfolios 1.4 — 7.0 8.4 23.7 — 32.1 Total $ 212.4 $ 42.8 $ 176.2 $ 431.4 $ 28,509.6 $ 1,758.9 $ 30,699.9 December 31, 2017 Commercial Banking Commercial Finance $ 4.5 $ — $ 49.3 $ 53.8 $ 9,987.9 $ 10.6 $ 10,052.3 Real Estate Finance 8.7 — 4.1 12.8 5,532.3 45.1 5,590.2 Business Capital 172.2 33.4 19.1 224.7 7,355.1 — 7,579.8 Rail 3.9 1.4 0.8 6.1 97.7 — 103.8 Total Commercial Banking 189.3 34.8 73.3 297.4 22,973.0 55.7 23,326.1 Consumer Banking Legacy Consumer Mortgages 26.7 7.6 34.8 69.1 2,219.5 1,903.5 4,192.1 Other Consumer Banking 9.6 0.5 0.4 10.5 2,615.4 2.2 2,628.1 Total Consumer Banking 36.3 8.1 35.2 79.6 4,834.9 1,905.7 6,820.2 Non-Strategic Portfolios 1.8 7.7 9.4 18.9 44.4 — 63.3 Total $ 227.4 $ 50.6 $ 117.9 $ 395.9 $ 27,852.3 $ 1,961.4 $ 30,209.6 (1) (2) |
Loans On Non-accrual Status | The following table sets forth non-accrual loans, assets received in satisfaction of loans (OREO and repossessed assets) and loans 90 days or more past due and still accruing. Loans on Non-Accrual Status (dollars in millions) ( 1) September 30, 2018 December 31, 2017 Held for Investment Held for Sale Total Held for Investment Held for Sale Total Commercial Banking Commercial Finance $ 222.6 $ 6.7 $ 229.3 $ 134.8 $ — $ 134.8 Real Estate Finance 2.3 — 2.3 2.8 — 2.8 Business Capital 43.1 — 43.1 53.2 — 53.2 Total Commercial Banking 268.0 6.7 274.7 190.8 — 190.8 Consumer Banking Legacy Consumer Mortgages 29.4 — 29.4 19.9 — 19.9 Other Consumer Banking 5.7 — 5.7 0.4 — 0.4 Total Consumer Banking 35.1 — 35.1 20.3 — 20.3 Non-Strategic Portfolios — 8.3 8.3 — 9.8 9.8 Total $ 303.1 $ 15.0 $ 318.1 $ 211.1 $ 9.8 $ 220.9 Repossessed assets and OREO 35.8 54.6 Total non-performing assets $ 353.9 $ 275.5 Commercial loans past due 90 days or more accruing $ 53.6 $ 11.7 Consumer loans past due 90 days or more accruing 17.8 20.2 Total Accruing loans past due 90 days or more $ 71.4 $ 31.9 (1) |
Schedule Of Loans In Process Of Foreclosure | The table below summarizes the residential mortgage loans in the process of foreclosure and OREO: Loans in Process of Foreclosure and OREO (dollars in millions) ( 1) September 30, 2018 December 31, 2017 PCI $ 133.4 $ 133.7 Non-PCI 21.1 140.9 Loans in process of foreclosure $ 154.5 $ 274.6 OREO $ 32.3 $ 52.1 (1) |
Impaired Loans | The following table contains information about impaired loans and the related allowance for loan losses by class. Impaired loans exclude PCI loans. Loans that were identified as impaired at the date of the OneWest Transaction (the “Acquisition Date”) for which the Company is applying the income recognition and disclosure guidance in ASC 310-30 ( Loans and Debt Securities Acquired with Deteriorated Credit Quality Loans Acquired with Deteriorated Credit Quality Impaired Loans (dollars in millions) Average Recorded Investment (3) Recorded Investment Unpaid Principal Balance Related Allowance Quarter Ended September 30, 2018 Quarter Ended September 30, 2017 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 September 30, 2018 With no related allowance recorded: Commercial Banking Commercial Finance $ 127.0 $ 153.2 $ — $ 93.2 $ 64.5 $ 82.3 $ 61.9 Business Capital 17.1 18.1 — 12.6 3.4 11.9 4.2 Real Estate Finance 2.3 2.4 — 2.4 0.3 1.2 0.5 With an allowance recorded: Commercial Banking Commercial Finance 95.9 103.9 40.0 120.2 154.8 102.8 146.8 Business Capital 7.7 7.7 3.3 9.1 13.1 9.2 15.1 Real Estate Finance — — — — 2.8 0.7 6.3 Consumer Banking Other Consumer Banking 0.5 0.5 0.4 0.3 — 0.1 — Total Impaired Loans (1) 250.5 285.8 43.7 237.8 238.9 208.2 234.8 Total Loans Impaired at Acquisition Date (2) 1,758.9 2,583.4 17.4 1,796.2 2,125.5 1,863.2 2,220.7 Total $ 2,009.4 $ 2,869.2 $ 61.1 $ 2,034.0 $ 2,364.4 $ 2,071.4 $ 2,455.5 December 31, 2017 With no related allowance recorded: Commercial Banking Commercial Finance $ 51.9 $ 72.7 $ — $ 59.9 Business Capital 11.7 13.4 — 5.7 Real Estate Finance — — — 0.4 With an allowance recorded: Commercial Banking Commercial Finance 95.9 96.1 21.3 136.6 Business Capital 10.5 10.5 4.3 14.2 Real Estate Finance 2.7 2.8 0.4 5.6 Total Impaired Loans (1) 172.7 195.5 26.0 222.4 Total Loans Impaired at Acquisition Date (2) 1,961.4 2,870.2 19.1 2,168.8 Total $ 2,134.1 $ 3,065.7 $ 45.1 $ 2,391.2 (1) (2) (3) |
Purchased Credit Impaired Loans With Deteriorated Credit Quality | Purchased Credit Impaired Loans (dollars in millions) September 30, 2018 Unpaid Principal Balance Carrying Value Allowance for Loan Losses Commercial Banking Commercial Finance $ 10.2 $ 5.9 $ 0.5 Real Estate Finance 43.2 36.2 9.1 Consumer Banking Other Consumer Banking 2.6 2.1 — Legacy Consumer Mortgages 2,527.4 1,714.7 7.8 $ 2,583.4 $ 1,758.9 $ 17.4 December 31, 2017 Commercial Banking Commercial Finance $ 16.4 $ 10.6 $ 0.7 Real Estate Finance 60.1 45.1 7.0 Consumer Banking Other Consumer Banking 3.0 2.2 — Legacy Consumer Mortgages 2,790.7 1,903.5 11.4 $ 2,870.2 $ 1,961.4 $ 19.1 |
Summary Of Commercial PCI Loans | The following table summarizes the carrying value of commercial PCI loans, which are monitored for credit quality based on internal risk classifications. See previous table Consumer Loan LTV Distribution for credit quality metrics on consumer PCI loans. September 30, 2018 December 31, 2017 (dollars in millions) Non- criticized Criticized Total Non- criticized Criticized Total Commercial Finance $ — $ 5.9 $ 5.9 $ — $ 10.6 $ 10.6 Real Estate Finance 14.4 21.8 36.2 21.8 23.3 45.1 Total $ 14.4 $ 27.7 $ 42.1 $ 21.8 $ 33.9 $ 55.7 |
Schedule Of Changes To The Accretable Yield For PCI Loans | Changes in the accretable yield for PCI loans are summarized below. Change in Accretable Yield (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Balance, beginning of period $ 972.8 $ 1,176.0 $ 1,063.7 $ 1,261.4 Accretion into interest income (40.4 ) (50.5 ) (126.0 ) (156.8 ) Reclassification from non-accretable difference 13.9 3.6 14.7 37.3 Disposals and Other (1.4 ) (12.2 ) (7.5 ) (25.0 ) Balance, end of period $ 944.9 $ 1,116.9 $ 944.9 $ 1,116.9 |
Allowance For Loan Losses (Tabl
Allowance For Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses and Recorded Investment in Finance Receivables | Allowance for Loan Losses and Recorded Investment in Loans (dollars in millions) Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Quarter Ended September 30, 2018 Quarter Ended September 30, 2017 Balance - beginning of period $ 437.8 $ 29.5 $ 467.3 $ 397.7 $ 28.3 $ 426.0 Provision for credit losses 39.0 (0.9 ) 38.1 11.1 19.0 30.1 Other (1) (1.9 ) (0.1 ) (2.0 ) 4.8 0.3 5.1 Gross charge-offs (2) (29.4 ) (1.4 ) (30.8 ) (27.7 ) (20.5 ) (48.2 ) Recoveries 4.7 0.1 4.8 6.0 0.5 6.5 Balance - end of period $ 450.2 $ 27.2 $ 477.4 $ 391.9 $ 27.6 $ 419.5 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Balance - beginning of period $ 402.2 $ 28.9 $ 431.1 $ 408.4 $ 24.2 $ 432.6 Provision for credit losses 139.4 0.4 139.8 60.1 24.1 84.2 Other (1) (2.2 ) (0.1 ) (2.3 ) (0.5 ) 0.1 (0.4 ) Gross charge-offs (2) (108.6 ) (2.7 ) (111.3 ) (92.4 ) (22.0 ) (114.4 ) Recoveries 19.4 0.7 20.1 16.3 1.2 17.5 Balance - end of period $ 450.2 $ 27.2 $ 477.4 $ 391.9 $ 27.6 $ 419.5 Allowance balance at September 30, 2018 Allowance balance at September 30, 2017 Loans individually evaluated for impairment $ 43.3 $ 0.4 $ 43.7 $ 35.6 $ - $ 35.6 Loans collectively evaluated for impairment 397.3 19.0 416.3 347.0 16.1 363.1 Loans acquired with deteriorated credit quality (3) 9.6 7.8 17.4 9.3 11.5 20.8 Allowance for loan losses $ 450.2 $ 27.2 $ 477.4 $ 391.9 $ 27.6 $ 419.5 Other reserves (1) $ 46.8 $ - $ 46.8 $ 44.2 $ - $ 44.2 Loans at September 30, 2018 Loans at September 30, 2017 Loans individually evaluated for impairment $ 250.0 $ 0.5 $ 250.5 $ 246.2 $ - $ 246.2 Loans collectively evaluated for impairment 23,803.6 4,682.8 28,486.4 22,380.6 3,832.1 26,212.7 Loans acquired with deteriorated credit quality (3) 42.1 1,716.8 1,758.9 65.8 1,980.6 2,046.4 Ending balance $ 24,095.7 $ 6,400.1 $ 30,495.8 $ 22,692.6 $ 5,812.7 $ 28,505.3 Percent of loans to total loans 79.0 % 21.0 % 100.0 % 79.6 % 20.4 % 100.0 % (1) “Other” also includes allowance for loan losses associated with loan sales and foreign currency translations. “Other reserves” represents credit loss reserves for unfunded lending commitments, letters of credit and deferred purchase agreements, all of which is recorded in Other liabilities. (2) Gross charge-offs of amounts specifically reserved in prior periods that were charged directly to the Allowance for loan losses included $4.0 million and $12.0 million for the quarter and nine months ended September 30, 2018, respectively, and $7.7 million and $39.3 million for the quarter and nine months ended September 30, 2017, respectively. The charge-offs related to Commercial Banking for all periods. (3) Represents loans considered impaired as part of the OneWest transaction and are accounted for under the guidance in ASC 310-30 (Loans and Debt Securities Acquired with Deteriorated Credit Quality). |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule Of Investment Securities | Investment Securities (dollars in millions) September 30, 2018 December 31, 2017 Available for sale securities Debt securities $ 6,053.5 $ 6,123.6 Securities carried at fair value with changes recorded in net income Debt securities — 0.4 Equity securities (1) 44.0 44.7 Non-marketable investments (2) 242.0 301.2 Total investment securities $ 6,339.5 $ 6,469.9 (1) Upon the adoption of ASU 2016-01 - Financial Instruments as of January 1, 2018, these investments were reclassified from available for sale securities category and the presentation of equity securities as of December 31, 2017 is conformed accordingly. For details refer to Note 1 — Business and Summary of Significant Accounting Policies. (2) Non-marketable investments include restricted stock of the FRB and Federal Home Loan Bank ("FHLB") carried at cost of $228.4 million at September 30, 2018, and $258.9 million at December 31, 2017. The remaining non-marketable investments without readily determinable fair values measured under the measurement exception totaled $13.6 million as of September 30, 2018. As of December 31, 2017, the remaining non-marketable investments of $42.3 million included $31.6 million of ownership interests greater than 3% in limited partnership investments including qualified Community Reinvestment Act ("CRA") investments, equity fund holdings and shares issued by customers during loan work out situations or as part of original loan investments and other equity investments without readily determinable fair values measured under the measurement exception of $10.7 million. |
Schedule Of Interest And Dividend Income | The following table presents interest and dividends on interest bearing deposits and investments: Interest and Dividend Income (dollars in millions) Quarters Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest income — debt securities (1) $ 41.6 $ 35.5 $ 120.9 $ 93.8 Interest income — interest bearing deposits 11.7 12.5 34.7 48.9 Dividends — equity securities 2.9 2.5 9.0 8.3 Total interest and dividends $ 56.2 $ 50.5 $ 164.6 $ 151.0 |
Amortized Cost And Fair Value Of Securities Available-For-Sale | The following table presents amortized cost and fair value of securities available for sale (“AFS”). Amortized Cost and Fair Value (dollars in millions) September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 5,300.3 $ 0.3 $ (191.2 ) $ 5,109.4 Non-agency securities 36.6 3.4 — 40.0 Commercial agency 158.0 0.1 (0.6 ) 157.5 U.S. government agency obligations 25.0 — (0.7 ) 24.3 U.S. Treasury securities 603.4 — (8.6 ) 594.8 Supranational securities 50.0 — (0.9 ) 49.1 State & municipal bonds 11.9 — (0.6 ) 11.3 Corporate bonds - foreign 65.8 1.3 — 67.1 Total debt securities AFS $ 6,251.0 $ 5.1 $ (202.6 ) $ 6,053.5 December 31, 2017 Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 5,010.2 $ 2.1 $ (62.1 ) $ 4,950.2 Non-agency securities 297.3 21.7 (0.5 ) 318.5 U.S. government agency obligations 25.0 — (0.2 ) 24.8 U.S. Treasury securities 297.7 0.2 (0.2 ) 297.7 Supranational securities 449.8 — (0.3 ) 449.5 State & municipal bonds 16.2 — (0.4 ) 15.8 Corporate bonds - foreign 65.7 1.4 — 67.1 Total debt securities AFS $ 6,161.9 $ 25.4 $ (63.7 ) $ 6,123.6 |
Amortized Cost And Fair Value Of Debt Securities By Contractual Maturity Dates | The following table presents the debt securities AFS by contractual maturity dates: Maturities - (dollars in millions) September 30, 2018 Amortized Cost Fair Value Weighted Average Yield Mortgage-backed securities — U.S. government agency securities After 5 but within 10 years $ 222.0 $ 215.2 2.23 % Due after 10 years 5,078.3 4,894.2 2.68 % Total 5,300.3 5,109.4 2.66 % Mortgage-backed securities — Non-agency securities Due after 10 years 36.6 40.0 6.99 % Total 36.6 40.0 6.99 % Mortgage-backed securities — Commercial agency After 5 but within 10 years 138.1 137.5 3.24 % Due after 10 years 19.9 20.0 2.42 % Total 158.0 157.5 3.14 % U.S. government agency obligations After 1 but within 5 years 25.0 24.3 2.26 % Total 25.0 24.3 2.26 % U.S. Treasury securities Due within 1 year 403.5 403.4 1.91 % After 1 but within 5 years 4.0 4.0 2.53 % After 5 but within 10 years 195.9 187.4 2.51 % Total 603.4 594.8 2.11 % Supranational securities After 1 but within 5 years 50.0 49.1 2.02 % Total 50.0 49.1 2.02 % State & municipal bonds Due within 1 year 0.1 0.1 2.55 % After 5 but within 10 years 0.2 0.2 2.70 % Due after 10 years 11.6 11.0 2.40 % Total 11.9 11.3 2.41 % Corporate bonds - foreign After 1 but within 5 years 65.8 67.1 6.11 % Total 65.8 67.1 6.11 % Total debt securities AFS $ 6,251.0 $ 6,053.5 2.68 % |
Schedule Of Debt Securities AFS - Estimated Unrealized Losses | The following table summarizes by investment category the gross unrealized losses, respective fair value and length of time that those securities have been in a continuous unrealized loss position. Gross Unrealized Loss (dollars in millions) September 30, 2018 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 3,118.8 $ (88.0 ) $ 1,907.7 $ (103.2 ) Commercial agency 114.8 (0.6 ) — — U.S. government agency obligations — — 24.3 (0.7 ) U.S. Treasury securities 594.8 (8.6 ) — — State & municipal bonds 2.1 — 9.2 (0.6 ) Supranational securities 49.0 (0.9 ) — — Total debt securities AFS $ 3,879.5 $ (98.1 ) $ 1,941.2 $ (104.5 ) Gross Unrealized Loss (dollars in millions) December 31, 2017 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government agency securities $ 3,492.2 $ (30.9 ) $ 1,151.4 $ (31.2 ) Non-agency securities 2.1 — 0.4 (0.5 ) U.S. government agency obligations 24.8 (0.2 ) — — U.S. Treasury securities 199.1 (0.2 ) — — State & municipal bonds — — 13.6 (0.4 ) Supranational securities 349.5 (0.3 ) — — Total debt securities AFS $ 4,067.7 $ (31.6 ) $ 1,165.4 $ (32.1 ) |
Changes In Accretable Yield For Purchased Credit-Impaired Securities | Changes in the accretable yield for PCI securities are summarized below for the quarter and nine months ended September 30, 2018 and 2017, respectively: Changes in Accretable Yield (dollars in millions) September 30, 2018 September 30, 2017 Quarter Ended Nine Months Ended Quarter Ended Nine Months Ended Balance, beginning of period $ 30.0 $ 101.7 $ 152.0 $ 165.0 Accretion into interest income (1.1 ) (7.7 ) (6.2 ) (19.1 ) Reclassifications from non-accretable difference due to improving cash flows - 0.1 - 0.5 Reclassifications to non-accretable difference due to decreasing cash flows - (1.0 ) (0.2 ) (0.9 ) Disposals (15.4 ) (79.6 ) (9.8 ) (9.7 ) Balance, end of period $ 13.5 $ 13.5 $ 135.8 $ 135.8 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings | The following table presents the carrying value of outstanding borrowings. Borrowings (dollars in millions) September 30, 2018 December 31, 2017 CIT Group Inc. Subsidiaries Total Total Senior unsecured $ 3,842.3 $ — $ 3,842.3 $ 3,737.5 Subordinated unsecured debt 395.3 — 395.3 — Secured borrowings: Other secured and structured financings — 1,286.6 1,286.6 1,541.4 FHLB advances — 3,150.0 3,150.0 3,695.5 Total Borrowings $ 4,237.6 $ 4,436.6 $ 8,674.2 $ 8,974.4 The following table presents the principal amounts by maturity date. Senior Unsecured Notes (dollars in millions) Maturity Date Rate (%) Date of Issuance Par Value May 2020 5.375% May 2012 $ 430.6 March 2021 4.125% March 2018 500.0 August 2022 5.000% August 2012 1,150.0 August 2023 5.000% August 2013 750.0 February 2024 4.750% August 2018 500.0 March 2025 5.250% March 2018 500.0 Weighted average rate and total 4.928% $ 3,830.6 |
Schedule of FHLB Advances | The following table includes the total outstanding FHLB Advances, and respective pledged assets (1) FHLB Advances with Pledged Assets (1) (dollars in millions) September 30, 2018 December 31, 2017 FHLB Advances Pledged Assets FHLB Advances Pledged Assets Total $ 3,150.0 $ 6,602.5 $ 3,695.5 $ 6,154.1 (1) For purposes of this table the term "Pledged Assets" means the assets required under the collateral maintenance requirement in connection with FHLB advances at each of the dates. |
Schedule Of Secured Borrowings And Pledged Assets Summary | Set forth in the following table are borrowings and pledged assets related to secured (other than FHLB) and structured financings of CIT-owned subsidiaries and consolidated VIEs. Creditors of these VIEs received ownership and/or security interests in the assets. These entities are intended to be bankruptcy remote so that such assets are not available to creditors of CIT or any affiliates of CIT until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings. The secured and structured financings as of September 30, 2018 had a weighted average rate of 4.31%, with rates ranging from 0.65% to 5.50%. Other Secured and Structured Financings and Pledged Assets Summary (dollars in millions) September 30, 2018 December 31, 2017 Secured Borrowing Pledged Assets Secured Borrowing Pledged Assets Business Capital $ 697.0 $ 3,070.0 $ 768.8 $ 2,838.6 Rail (1) (2) 589.6 1,059.5 772.6 1,272.0 Total $ 1,286.6 $ 4,129.5 $ 1,541.4 $ 4,110.6 (1) At September 30, 2018, the Dutch TRS Facility related borrowings and pledged assets of $462.7 million and $854.7 million, respectively, were included in Rail. The Dutch TRS Facility is defined in Note 7 — Derivative Financial Instruments. See Note 14 – Subsequent Events relating to CIT’s termination of the Dutch TRS Facility on November 2, 2018 and repayment of related debt in October 2018. (2) At |
Assets and Liabilities in Unconsolidated VIEs | The table below presents potential losses that would be incurred under hypothetical circumstances, such that the value of its interests and any associated collateral declines to zero and assuming no recovery or offset from any economic hedges. The Company believes the possibility is remote under this hypothetical scenario; accordingly, this required disclosure is not an indication of expected loss. Unconsolidated VIEs (dollars in millions) September 30, 2018 December 31, 2017 Securities Partnership Investment Securities Partnership Investment Agency securities $ 5,267.0 $ — $ 4,950.2 $ — Non agency securities — Other servicer 40.0 — 318.8 — Tax credit equity investments — 240.9 — 198.8 Equity investments — 59.8 — 38.6 Total Assets $ 5,307.0 $ 300.7 $ 5,269.0 $ 237.4 Commitments to tax credit investments $ — $ 116.5 $ — $ 66.6 Total Liabilities $ — $ 116.5 $ — $ 66.6 Maximum loss exposure (1) $ 5,307.0 $ 300.7 $ 5,269.0 $ 237.4 (1) Maximum loss exposure to the unconsolidated VIEs excludes the liability for representations and warranties, corporate guarantees and also excludes servicing advances. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair and Notional Values of Derivative Financial Instruments | The following table presents fair values and notional values of derivative financial instruments, which includes the gross amounts of recognized financial assets and liabilities; the amounts offset in the consolidated balance sheet; the net amounts presented in the consolidated balance sheet; the amounts subject to an enforceable master netting arrangement or similar agreement that were not included in the offset Fair and Notional Values of Derivative Financial Instruments ( 1) (dollars in millions) September 30, 2018 December 31, 2017 Notional Asset Fair Liability Notional Asset Fair Liability Amount Value Fair Value Amount Value Fair Value Derivatives designated as hedging instruments Foreign exchange contracts $ 967.7 $ 0.8 $ (11.9 ) $ 977.3 $ 0.2 $ (18.7 ) Interest rate swap - fair value hedge (2) 250.0 — (1.7 ) — — — Total derivatives designated as hedging instruments 1,217.7 0.8 (13.6 ) 977.3 0.2 (18.7 ) Derivatives not designated as hedging instruments Interest rate contracts (2) 15,277.9 107.7 (91.1 ) 12,443.5 61.5 (39.3 ) Foreign exchange contracts 2,614.7 20.7 (11.1 ) 1,375.5 6.9 (14.9 ) Other contracts (3) 607.5 0.1 (13.3 ) 468.3 0.1 (14.1 ) Total derivatives not designated as hedging instruments 18,500.1 128.5 (115.5 ) 14,287.3 68.5 (68.3 ) Gross derivative fair values presented in the Consolidated Balance Sheets $ 19,717.8 $ 129.3 $ (129.1 ) $ 15,264.6 $ 68.7 $ (87.0 ) Less: Gross amounts offset in the Consolidated Balance Sheets — — — — Net Amount Presented in the Consolidated Balance Sheet 129.3 (129.1 ) 68.7 (87.0 ) Derivative Financial Instruments (4) (15.8 ) 15.8 (18.7 ) 18.7 Cash Collateral Pledged/(Received) (4)(5)(6) (42.0 ) 11.0 (8.4 ) 23.0 Total Net Derivative Fair Value $ 71.5 $ (102.3 ) $ 41.6 $ (45.3 ) (1) Presented on a gross basis. (2) Fair value balances include accrued interest (3) Other derivative contracts not designated as hedging instruments include a total return swap and risk participation agreements. See Note 14 – Subsequent Events relating to CIT’s termination of the Dutch TRS Facility on November 2, 2018. (4) The Company accounts for swap contracts cleared by the Chicago Mercantile Exchange as “settled-to-market” effective January 2017. As a result, variation margin payments are characterized as settlement of the derivative exposure and variation margin balances are netted against the corresponding derivative mark-to-market balances The Company’s swap contracts cleared by LCH Clearnet continue to be accounted for as “collateralized-to-market” and variation margin balances are characterized as collateral against derivative exposures. At September 30, 2018, gross amounts of recognized assets and liabilities were lower by $12.3 million and $2.7 million, respectively. (5) The Company’s derivative transactions are governed by ISDA agreements that allow for net settlements of certain payments as well as offsetting of all contracts with a given counterparty in the event of bankruptcy or default of one of the two parties to the transaction. We believe our ISDA agreements meet the definition of a master netting arrangement or similar agreement for purposes of the above disclosure. In conjunction with the ISDA agreements, the Company has entered into collateral arrangements with its counterparties, which provide for the exchange of cash depending on change in the market valuation of the derivative contracts outstanding. Such collateral is available to be applied in settlement of the net balances upon an event of default of one of the counterparties. (6) Collateral pledged or received is included in Other assets or Other liabilities, respectively. |
Derivative Instrument Gains And Losses on Qualifying Hedges | Qualifying Hedges (dollars in millions) September 30, 2018 September 30, 2017 Quarter Ended Nine Months Ended Quarter Ended Nine Months Ended Amounts Recognized Recognized on derivatives Interest Expense $ (0.8 ) $ (1.8 ) $ — $ — Recognized on hedged item Interest Expense 0.8 1.8 — — Net recognized on fair value hedges (No Ineffectiveness) $ — $ — $ — $ — |
Derivative Instrument Gains And Losses on Non Qualifying Hedges | The following table presents the impact of non-qualifying hedges on the condensed consolidated statements of income Non Qualifying Hedges (dollars in millions) September 30, 2018 September 30, 2017 Amounts Recognized Quarter Ended Nine Months Ended Quarter Ended Nine Months Ended Interest rate contracts Other non-interest income $ 4.9 $ 14.4 $ 1.2 $ 3.9 Foreign currency forward contracts Other non-interest income 22.2 25.1 5.8 (22.0 ) Other Contracts Other non-interest income 1.0 0.1 (1.4 ) (2.6 ) Total Non-qualifying Hedges -income statement impact $ 28.1 $ 39.6 $ 5.6 $ (20.7 ) |
Changes In AOCI Relating To Derivatives | The following table presents the changes in AOCI relating to derivatives: Changes in AOCI Relating to Derivatives (dollars in millions) Contract Type Derivatives - effective portion reclassified from AOCI to income Total income statement impact Derivatives - effective portion recorded in OCI Total change in OCI for period Quarter Ended September 30, 2018 Foreign currency forward contracts — net investment hedges $ — $ — $ (5.6 ) $ (5.6 ) Total $ — $ — $ (5.6 ) $ (5.6 ) Quarter Ended September 30, 2017 Foreign currency forward contracts — net investment hedges $ — $ — $ (33.0 ) $ (33.0 ) Total $ — $ — $ (33.0 ) $ (33.0 ) Nine Months Ended September 30, 2018 Foreign currency forward contracts — net investment hedges $ — $ — $ 33.9 $ 33.9 Total $ — $ — $ 33.9 $ 33.9 Nine Months Ended September 30, 2017 Foreign currency forward contracts — net investment hedges $ 13.4 $ 13.4 $ (74.7 ) $ (88.1 ) Total $ 13.4 $ 13.4 $ (74.7 ) $ (88.1 ) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the Company’s assets and liabilities measured at estimated fair value on a recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis (dollars in millions) Total Level 1 Level 2 Level 3 September 30, 2018 Assets U.S. government agency securities $ 5,109.4 $ — $ 5,109.4 $ — U.S. treasury securities 594.8 403.4 191.4 — Other securities 349.3 — 242.2 107.1 Total debt securities AFS 6,053.5 403.4 5,543.0 107.1 Securities carried at fair value with changes recorded in net income (1) 44.0 0.2 43.8 — Interest rate contracts 107.7 — 107.6 0.1 Other derivative — non-qualifying hedges 20.8 — 20.7 0.1 Total derivative assets at fair value — non-qualifying hedges (2) 128.5 — 128.3 0.2 Foreign currency forward contracts — net investment qualifying hedges 0.8 — 0.8 — Total $ 6,226.8 $ 403.6 $ 5,715.9 $ 107.3 Liabilities Interest rate contracts $ (91.1 ) $ — $ (91.1 ) $ — Other derivative— non-qualifying hedges (24.4 ) — (11.1 ) (13.3 ) Total derivative liabilities at fair value — non-qualifying hedges (2) (115.5 ) — (102.2 ) (13.3 ) Interest rate contracts —fair value hedge (1.7 ) — (1.7 ) — Foreign currency forward contracts — net investment qualifying hedges (11.9 ) — (11.9 ) — Total derivative liabilities at fair value — qualifying hedges (13.6 ) — (13.6 ) — FDIC True-up liability (66.4 ) — — (66.4 ) Total $ (195.5 ) $ — $ (115.8 ) $ (79.7 ) December 31, 2017 Assets U.S. government agency securities $ 4,950.2 $ — $ 4,950.0 $ 0.2 U.S. treasury securities 297.7 199.0 98.7 — Other securities 875.7 — 490.1 385.6 Total debt securities AFS 6,123.6 199.0 5,538.8 385.8 Securities carried at fair value with changes recorded in net income (1) 0.4 — — 0.4 Equity securities AFS 44.7 0.2 44.5 — Interest rate contracts 61.5 — 61.4 0.1 Other derivative — non-qualifying hedges 7.0 — 7.0 — Total derivative assets at fair value — non-qualifying hedges (2) 68.5 — 68.4 0.1 Foreign currency forward contracts — net qualifying investment qualifying hedges 0.2 — 0.2 — Total $ 6,237.4 $ 199.2 $ 5,651.9 $ 386.3 Liabilities Interest rate swaps $ (39.3 ) $ — $ (39.3 ) $ — Other derivative— non-qualifying hedges (29.0 ) — (14.9 ) (14.1 ) Total derivative liabilities at fair value — non-qualifying hedges (2) (68.3 ) — (54.2 ) (14.1 ) Foreign currency forward contracts — net investment qualifying hedges (18.7 ) — (18.7 ) — Consideration holdback liability (46.0 ) — — (46.0 ) FDIC True-up liability (65.1 ) — — (65.1 ) Total $ (198.1 ) $ — $ (72.9 ) $ (125.2 ) (1) Upon the adoption of ASU 2016-01 - Financial Instruments as of January 1, 2018, equity securities AFS were reclassified to securities carried at fair value with changes recorded in net income. See Note 1 — Business and Summary of Significant Accounting Policies. (2) Derivative fair values include accrued interest. |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The following tables summarize information about significant unobservable inputs related to the Company’s categories of Level 3 financial assets and liabilities measured on a recurring basis as of September 30, 2018 and December 31, 2017. Quantitative Information about Level 3 Fair Value Measurements — Recurring (dollars in millions) Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average September 30, 2018 Assets Securities — AFS $ 107.1 Discounted cash flow Discount Rate 3.2% - 6.2% 5.6% Prepayment Rate 4.7% - 10.7% 8.0% Default Rate 2.2% - 6.9% 4.7% Loss Severity 26.1% - 48.1% 33.0% Derivative assets — non qualifying 0.2 Internal valuation model Borrower Rate 3.8% - 5.0% 4.4% Total Assets $ 107.3 Liabilities FDIC True-up liability $ (66.4 ) Discounted cash flow Discount Rate 3.6% 3.6% Derivative liabilities — non-qualifying (13.3 ) Market comparables Total Liabilities $ (79.7 ) December 31, 2017 Assets Securities — AFS $ 385.8 Discounted cash flow Discount Rate 0.0% – 37.1% 4.6% Prepayment Rate 2.1% – 22.3% 8.8% Default Rate 0.0% – 7.3% 3.7% Loss Severity 0.3% – 72.4% 35.3% Securities carried at fair value with changes recorded in net income 0.4 Discounted cash flow Discount Rate 31.1% 31.1% Prepayment Rate 10.9% 10.9% Default Rate 2.4% 2.4% Loss Severity 59.2% 59.2% Derivative assets — non qualifying 0.1 Internal valuation model Borrower Rate 3.0% - 4.4% 3.8% Total Assets $ 386.3 Liabilities FDIC True-up liability $ (65.1 ) Discounted cash flow Discount Rate 2.9% 2.9% Consideration holdback liability (46.0 ) Discounted cash flow Payment Probability 0% – 100% 48.0% Derivative liabilities — non-qualifying (14.1 ) Market comparables Total Liabilities $ (125.2 ) |
Changes in Estimated Fair Value for Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3): Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities Measured on a Recurring Basis (dollars in millions) Securities- AFS Securities Carried at Fair Value with Changes Recorded in Net Income Derivative Liabilities- Non- Qualifying (1) FDIC True-up Liability Consideration Holdback Liability December 31, 2017 $ 385.8 $ 0.4 $ (14.1 ) $ (65.1 ) $ (46.0 ) Included in earnings 13.5 — 0.8 (1.3 ) 8.0 Included in comprehensive income (18.0 ) — — — — Sales, paydowns, and adjustments (274.2 ) (0.4 ) — — 38.0 Balance as of September 30, 2018 $ 107.1 $ — $ (13.3 ) $ (66.4 ) $ — December 31, 2016 $ 485.5 $ 283.5 $ (11.5 ) $ (61.9 ) $ (47.2 ) Included in earnings (1.4 ) 15.0 (2.3 ) (2.7 ) — Included in comprehensive income 15.8 — — — — Impairment (0.3 ) — — — — Sales, paydowns, and adjustments (88.6 ) (50.8 ) — — 1.2 Balance as of September 30, 2017 $ 411.0 $ 247.7 $ (13.8 ) $ (64.6 ) $ (46.0 ) (1) Valuation of the derivative related to the Dutch TRS Facility. |
Carrying Value of Assets Measured at Fair Value on a Non-Recurring Basis | The following table presents assets measured at estimated fair value on a non-recurring basis for which a non-recurring change in fair value has been recorded in the current year: Carrying Value of Assets Measured at Fair Value on a Non-recurring Basis (dollars in millions) Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 Total Gains (Losses) September 30, 2018 Assets held for sale $ 58.4 $ — $ 9.9 $ 48.5 $ 8.9 Other real estate owned 3.8 — — 3.8 (1.0 ) Impaired loans 87.4 — — 87.4 (38.5 ) Total $ 149.6 $ — $ 9.9 $ 139.7 $ (30.6 ) December 31, 2017 Assets held for sale $ 177.8 $ — $ — $ 177.8 $ (15.0 ) Other real estate owned 18.8 — — 18.8 (4.4 ) Impaired loans 89.1 — — 89.1 (21.9 ) Total $ 285.7 $ — $ — $ 285.7 $ (41.3 ) |
Carrying and Estimated Fair Values of Financial Instruments | The carrying values and estimated fair values of financial instruments presented below exclude leases and certain other assets and liabilities, which were not required for disclosure. Financial Instruments (dollars in millions) Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total September 30, 2018 Financial Assets Cash and interest bearing deposits $ 1,367.5 $ 1,367.5 $ — $ — $ 1,367.5 Derivative assets at fair value — non-qualifying hedges 128.5 — 128.3 0.2 128.5 Derivative assets at fair value — qualifying hedges 0.8 — 0.8 — 0.8 Assets held for sale (excluding leases) 132.2 — 11.9 121.2 133.1 Loans (excluding leases) 27,999.0 — 858.7 27,260.9 28,119.6 Securities purchased under agreement to resell 200.0 — 200.0 — 200.0 Investment securities (1) 6,339.5 403.6 5,586.8 349.1 6,339.5 Indemnification assets (2) 27.2 — — 20.0 20.0 Other assets subject to fair value disclosure and unsecured counterparty receivables (3) 538.6 — — 538.6 538.6 Financial Liabilities Deposits (4) (30,847.1 ) — — (30,833.1 ) (30,833.1 ) Derivative liabilities at fair value — non-qualifying hedges (115.5 ) — (102.2 ) (13.3 ) (115.5 ) Derivative liabilities at fair value — qualifying hedges (13.6 ) — (13.6 ) — (13.6 ) Borrowings (4) (8,711.6 ) — (8,017.0 ) (830.7 ) (8,847.7 ) Credit balances of factoring clients 1,672.4 — — 1,672.4 1,672.4 Other liabilities subject to fair value disclosure (5) (689.7 ) — — (689.7 ) (689.7 ) December 31, 2017 Financial Assets Cash and interest bearing deposits $ 1,718.7 $ 1,718.7 $ — $ — $ 1,718.7 Derivative assets at fair value — non-qualifying hedges 68.5 — 68.4 0.1 68.5 Derivative assets at fair value — qualifying hedges 0.2 — 0.2 — 0.2 Assets held for sale (excluding leases) 1,011.4 — 4.7 1,044.8 1,049.5 Loans (excluding leases) 26,428.1 — 624.3 26,220.5 26,844.8 Securities purchased under agreement to resell 150.0 — 150.0 — 150.0 Investment securities (1) 6,469.9 199.2 5,583.3 687.4 6,469.9 Indemnification assets (2) 113.5 — — 87.4 87.4 Other assets subject to fair value disclosure and unsecured counterparty receivables (3) 542.2 — — 542.2 542.2 Financial Liabilities Deposits (4) (29,586.5 ) — — (29,668.6 ) (29,668.6 ) Derivative liabilities at fair value — non-qualifying hedges (68.3 ) — (54.2 ) (14.1 ) (68.3 ) Derivative liabilities at fair value — qualifying hedges (18.7 ) — (18.7 ) — (18.7 ) Borrowings (4) (9,043.8 ) — (8,281.7 ) (991.2 ) (9,272.9 ) Credit balances of factoring clients (1,468.6 ) — — (1,468.6 ) (1,468.6 ) Other liabilities subject to fair value disclosure (5) (725.2 ) — — (725.2 ) (725.2 ) (1) Level 3 fair value at September 30, 2018, includes debt securities AFS ($107.1 million), and non-marketable investments ($242.0 million). Level 3 fair value at December 31, 2017 included debt securities AFS ($385.8 million), debt securities carried at fair value with changes recorded in net income ($0.4 million), and non-marketable investments ($301.2 million). (2) The indemnification assets relating to the SFR loans purchased in the OneWest Bank Transaction were measured on the same basis as the related indemnified item, and the underlying SFR loans. The estimated fair values reflect the present value of expected reimbursements under the indemnification agreements based on the loan performance discounted at an estimated market rate, and were classified as Level 3. The indemnification assets included in the above table do not include Agency claims indemnification (the balance of which was zero at September 30, 2018 and $28.9 million at December 31, 2017), as they are not considered financial instruments. (3) Other assets subject to fair value disclosure primarily include unsecured counterparty receivables, accrued interest receivable and miscellaneous receivables. The unsecured counterparty receivables primarily consisted of amounts owed to CIT for debt discount, return of collateral and settlements resulting from market value changes to asset-backed securities underlying the TRS. The remaining assets have carrying values that approximated fair value, generally due to their short-term nature. (4) Deposits and borrowings include accrued interest, which is included in “Other liabilities”. (5) Other liabilities subject to fair value disclosure include accounts payable, accrued liabilities, customer security and maintenance deposits and miscellaneous liabilities. The fair value of these approximated carrying value. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders Equity Note [Abstract] | |
Schedule of Common Stock Activity | A roll forward of common stock is presented in the following table. Number of Shares of Common Stock Issued Less Treasury Outstanding Common Stock – December 31, 2017 207,628,491 (76,275,567 ) 131,352,924 Restricted stock issued 1,368,262 — 1,368,262 Repurchase of common stock — (21,657,560 ) (21,657,560 ) Shares held to cover taxes on vesting restricted shares and other — (540,244 ) (540,244 ) Employee stock purchase plan participation 42,551 — 42,551 Common Stock – September 30, 2018 209,039,304 (98,473,371 ) 110,565,933 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table details the components of AOCI, net of tax: Components of Accumulated Other Comprehensive Loss (dollars in millions) September 30, 2018 December 31, 2017 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ 8.0 $ (12.0 ) $ (4.0 ) $ 0.8 $ (8.8 ) $ (8.0 ) Changes in benefit plan net gain (loss) and prior service (cost)/credit (48.6 ) (1.8 ) (50.4 ) (53.6 ) (0.9 ) (54.5 ) Unrealized net losses on securities AFS (197.4 ) 52.4 (145.0 ) (39.5 ) 15.5 (24.0 ) Total accumulated other comprehensive loss $ (238.0 ) $ 38.6 $ (199.4 ) $ (92.3 ) $ 5.8 $ (86.5 ) 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 available for sale securities Total AOCI Balance as of December 31, 2017 $ (8.0 ) $ (54.5 ) $ (24.0 ) $ (86.5 ) Adoption of ASUs 2016-01 and 2018-02 (1) 3.3 0.3 (4.1 ) (0.5 ) AOCI activity before reclassifications 0.7 3.3 (105.3 ) (101.3 ) Amounts reclassified from AOCI — 0.5 (11.6 ) (11.1 ) Net current period AOCI 0.7 3.8 (116.9 ) (112.4 ) Balance as of September 30, 2018 $ (4.0 ) $ (50.4 ) $ (145.0 ) $ (199.4 ) Balance as of December 31, 2016 $ (61.4 ) $ (65.3 ) $ (13.4 ) $ (140.1 ) AOCI activity before reclassifications 28.4 0.9 12.9 42.2 Amounts reclassified from AOCI 26.2 0.7 (2.3 ) 24.6 Net current period AOCI 54.6 1.6 10.6 66.8 Balance as of September 30, 2017 $ (6.8 ) $ (63.7 ) $ (2.8 ) $ (73.3 ) (1) See Note 1 — Business and Summary of Significant Accounting Policies for information on these ASUs. |
Reclassifications out of Accumulated Other Comprehensive Income | Reclassifications Out of AOCI (dollars in millions) Quarters Ended September 30, 2018 2017 Gross Amount Tax Net Amount Gross Amount Tax Net Amount Income Statement Line Item Foreign currency translation adjustments losses $ — $ — $ — $ — $ — $ — Other non-interest income Changes in benefit plan net gain/(loss) and prior service (cost)/credit losses 0.1 (0.1 ) — 0.1 — 0.1 Operating Expenses Unrealized net gains on securities AFS (3.1 ) 0.8 (2.3 ) (3.4 ) 1.3 (2.1 ) Other non-interest income Total Reclassifications out of AOCI $ (3.0 ) $ 0.7 $ (2.3 ) $ (3.3 ) $ 1.3 $ (2.0 ) Nine Months Ended September 30, 2018 2017 Gross Amount Tax Net Amount Gross Amount Tax Net Amount Income Statement Line Item Foreign currency translation adjustment losses (1) $ — $ — $ — $ 24.1 $ 2.1 $ 26.2 Other non-interest income Changes in benefit plan net gain/(loss) and prior service (cost)/credit losses 0.6 (0.1 ) 0.5 0.8 (0.1 ) 0.7 Operating Expenses Unrealized net gains on securities AFS (15.8 ) 4.2 (11.6 ) (3.6 ) 1.3 (2.3 ) Other non-interest income Total Reclassifications out of AOCI $ (15.2 ) $ 4.1 $ (11.1 ) $ 21.3 $ 3.3 $ 24.6 (1) |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Commitments | The accompanying table summarizes credit-related commitments and guarantees, as well as purchase and funding commitments: Commitments (dollars in millions) September 30, 2018 December 31, 2017 Due to Expire Within One Year After One Year Total Outstanding Total Outstanding Financing Commitments Financing assets (1) $ 2,421.3 $ 4,061.7 $ 6,483.0 $ 6,351.1 Letters of credit Standby letters of credit 31.2 211.1 242.3 213.3 Other letters of credit 11.4 0.7 12.1 16.3 Guarantees Deferred purchase agreements 2,082.7 — 2,082.7 2,068.1 Purchase and Funding Commitments Rail and other purchase commitments (1) 393.2 33.8 427.0 222.9 (1) |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Pre-Tax Income (Loss) | The following table presents segment data related to continuing operations. Refer to Note 25 — Business Segment Information Segment Pre-tax Income (Loss) (dollars in millions) Commercial Banking Consumer Banking NSP Corporate and Other Total CIT Quarter Ended September 30, 2018 Interest income $ 338.9 $ 79.0 $ 1.4 $ 54.3 $ 473.6 Interest expense (benefit) 190.3 (41.6 ) 0.8 64.4 213.9 Provision (benefit) for credit losses 39.0 (0.9 ) — — 38.1 Rental income on operating leases 264.3 — — — 264.3 Other non-interest income 76.4 (18.1 ) 11.6 16.3 86.2 Depreciation on operating lease equipment 78.0 — — — 78.0 Maintenance and other operating lease expenses 56.6 — — — 56.6 Operating expenses and loss on debt extinguishment and deposit redemption 172.3 88.9 2.2 3.4 266.8 Income from continuing operations before provision for income taxes $ 143.4 $ 14.5 $ 10.0 $ 2.8 $ 170.7 Select Period End Balances Loans $ 24,095.7 $ 6,400.1 $ — $ — $ 30,495.8 Credit balances of factoring clients (1,672.4 ) — — — (1,672.4 ) Assets held for sale 1,336.5 11.9 32.1 — 1,380.5 Operating lease equipment, net 6,888.7 — — — 6,888.7 Quarter Ended September 30, 2017 Interest income $ 309.4 $ 92.2 $ 4.6 $ 47.8 $ 454.0 Interest expense (benefit) 131.3 (16.0 ) 3.0 58.4 176.7 Provision for credit losses 11.1 19.0 — — 30.1 Rental income on operating leases 252.3 — — — 252.3 Other non-interest income 70.9 (22.7 ) 4.9 10.2 63.3 Depreciation on operating lease equipment 71.1 — — — 71.1 Maintenance and other operating lease expenses 57.9 — — — 57.9 Operating expenses / loss on debt extinguishment and deposit redemption 168.6 106.2 9.2 46.8 330.8 Income (loss) from continuing operations before provision (benefit) for income taxes $ 192.6 $ (39.7 ) $ (2.7 ) $ (47.2 ) $ 103.0 Select Period End Balances Loans $ 22,692.6 $ 5,812.7 $ — $ — $ 28,505.3 Credit balances of factoring clients (1,698.5 ) — — — (1,698.5 ) Assets held for sale 1,208.3 865.9 87.8 — 2,162.0 Operating lease equipment, net 6,724.2 — — — 6,724.2 Segment Pre-tax Income (Loss) continued (dollars in millions) Commercial Banking Consumer Banking NSP Corporate and Other Total CIT Nine Months Ended September 30, 2018 Interest income $ 984.2 $ 249.2 $ 5.7 $ 159.3 $ 1,398.4 Interest expense (benefit) 523.6 (103.2 ) 4.3 174.9 599.6 Provision for credit losses 139.4 0.4 — — 139.8 Rental income on operating leases 779.2 — — — 779.2 Other non-interest income 227.5 30.9 13.5 54.4 326.3 Depreciation on operating lease equipment 231.6 — — — 231.6 Maintenance and other operating lease expenses 177.5 — — — 177.5 Operating expenses / loss on debt extinguishment and deposit redemption 526.8 278.6 6.6 23.0 835.0 Income from continuing operations before provision for income taxes $ 392.0 $ 104.3 $ 8.3 $ 15.8 $ 520.4 Nine Months Ended September 30, 2017 Interest income $ 933.5 $ 293.8 $ 17.8 $ 142.8 $ 1,387.9 Interest expense (benefit) 378.9 (32.1 ) 13.0 189.2 549.0 Provision for credit losses 60.1 24.1 — — 84.2 Rental income on operating leases 754.8 — — — 754.8 Other non-interest income 218.0 (9.1 ) 2.2 15.9 227.0 Depreciation on operating lease equipment 222.0 — — — 222.0 Maintenance and other operating lease expenses 165.0 — — — 165.0 Operating expenses / loss on debt extinguishment and deposit redemption 523.8 298.0 13.0 268.0 1,102.8 Income (loss) from continuing operations before provision (benefit) for income taxes $ 556.5 $ (5.3 ) $ (6.0 ) $ (298.5 ) $ 246.7 |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Narrative) (Details) | Jan. 01, 2019USD ($) | Sep. 30, 2018branch |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of branches | branch | 69 | |
Package of practical expedients | true | |
Forecast | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Gain (loss) on lease | $ 0 | |
Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of use asset and lease liability | $ 220,000,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertySubjectToOrAvailableForOperatingLeaseNet | |
Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of use asset and lease liability | $ 275,000,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertySubjectToOrAvailableForOperatingLeaseNet |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Condensed Balance Sheet Aerospace Discontinued Operations) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Assets of discontinued operation | [1] | $ 327.7 | $ 501.3 |
Liabilities of discontinued operation | [1] | 308.6 | 509.3 |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total cash and deposits, all of which is restricted | 7.7 | ||
Net Loans | 322.7 | 438.6 | |
Operating lease equipment, net | 18.4 | ||
Other assets | 5 | 36.6 | |
Assets of discontinued operation | 327.7 | 501.3 | |
Other liabilities | 95.4 | 241.1 | |
Liabilities of discontinued operation | 308.6 | 509.3 | |
Aerospace | Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Loans | 110.6 | 165.8 | |
Operating lease equipment, net | 18.4 | ||
Other assets | 0.9 | 0 | |
Assets of discontinued operation | 111.5 | 184.2 | |
Other liabilities | 1.4 | 8.8 | |
Liabilities of discontinued operation | $ 1.4 | $ 8.8 | |
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (“VIEs”) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company’s interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company’s interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Discontinued Operations (Sche_2
Discontinued Operations (Schedule of Condensed Statements of Income and Cash Flow of Aerospace Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
(Loss) gain on sale of discontinued operation, net of taxes | $ (1.3) | $ (16.3) | $ 118.6 | ||
Total income (loss) from discontinued operations, net of taxes | $ 2.1 | (3.2) | (25.1) | 214 | |
Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Interest income | 3.6 | 5.5 | 11.9 | 34.8 | |
Interest expense | 2.4 | 3.5 | 8.4 | 105.7 | |
Rental income on operating leases | 2 | 0.5 | 310.7 | ||
Other income | 4.5 | 5.7 | 14.7 | (16.4) | |
Maintenance and other operating lease expenses | 0 | 4.2 | |||
Loss on debt extinguishment | 0 | 39 | |||
Income (loss) from discontinued operations before benefit (provision) for income taxes | 2.8 | (4.4) | (12) | 164.4 | |
(Benefit) provision for income taxes | 0.7 | (2.5) | (3.2) | 69 | |
(Loss) gain on sale of discontinued operation, net of taxes | (1.3) | (16.3) | 118.6 | ||
Total income (loss) from discontinued operations, net of taxes | 2.1 | (3.2) | (25.1) | 214 | |
Net cash flows (used in) provided by operations | 11 | 6.2 | |||
Net cash flows provided by investing activities | 84.8 | 10,332.6 | |||
Aerospace | Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Interest income | 1.9 | 3 | 6.1 | 26.8 | |
Interest expense | 0.7 | 1.2 | 2.6 | 98.5 | |
Rental income on operating leases | 2 | 0.5 | 310.7 | ||
Other income | 1.7 | 0.9 | 13.4 | ||
Maintenance and other operating lease expenses | 0 | 4.2 | |||
Operating expenses | 0.5 | 1 | 1.3 | 39.6 | |
Loss on debt extinguishment | 0 | $ 39 | 39 | ||
Income (loss) from discontinued operations before benefit (provision) for income taxes | 2.4 | 2.8 | 3.6 | 169.6 | |
(Benefit) provision for income taxes | 0.7 | 0.3 | 1 | 71 | |
(Loss) gain on sale of discontinued operation, net of taxes | (1.3) | 118.6 | |||
Total income (loss) from discontinued operations, net of taxes | $ 1.7 | $ 1.2 | 2.6 | 217.2 | |
Repayment of debt | $ 1,000 | ||||
Net cash flows (used in) provided by operations | (4.2) | 32.7 | |||
Net cash flows provided by investing activities | $ 75.7 | $ 10,247.7 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
FDIC indemnification asset decrease | $ 0 | |
Financial Freedom | Discontinued Operations | Residential Mortgage | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Indemnification receivable from the FDIC | $ 29,000,000 | |
Reverse Mortgage | Operating Segments | Consumer Banking | One West Transaction | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Pre-tax loss on sale of reverse mortgage portfolio | $ (22,000,000) |
Discontinued Operations (Sche_3
Discontinued Operations (Schedule of Condensed Balance Sheet Financial Freedom Discontinued Operations) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Assets of discontinued operation | [1] | $ 327.7 | $ 501.3 |
Liabilities of discontinued operation | [1] | 308.6 | 509.3 |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total cash and deposits, all of which is restricted | 7.7 | ||
Net Loans | 322.7 | 438.6 | |
Operating lease equipment, net | 18.4 | ||
Other assets | 5 | 36.6 | |
Assets of discontinued operation | 327.7 | 501.3 | |
Secured borrowings | 213.2 | 268.2 | |
Other liabilities | 95.4 | 241.1 | |
Liabilities of discontinued operation | 308.6 | 509.3 | |
Financial Freedom | Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total cash and deposits, all of which is restricted | 7.7 | ||
Net Loans | 212.1 | 272.8 | |
Other assets | 4.1 | 36.6 | |
Assets of discontinued operation | 216.2 | 317.1 | |
Secured borrowings | 213.2 | 268.2 | |
Other liabilities | 94 | 232.3 | |
Liabilities of discontinued operation | 307.2 | 500.5 | |
Securitized balance of net loans | $ 198.7 | $ 267.2 | |
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (“VIEs”) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company’s interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company’s interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Discontinued Operations (Sche_4
Discontinued Operations (Schedule of Condensed Statements of Income and Cash Flow of Financial Freedom Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) gain on sale of discontinued operation, net of taxes | $ (1.3) | $ (16.3) | $ 118.6 | |
Total income (loss) from discontinued operations, net of taxes | $ 2.1 | (3.2) | (25.1) | 214 |
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest income | 3.6 | 5.5 | 11.9 | 34.8 |
Interest expense | 2.4 | 3.5 | 8.4 | 105.7 |
Other income (loss) | 4.5 | 5.7 | 14.7 | (16.4) |
Operating expenses (benefits) | 2.9 | 14.1 | 30.7 | 15.8 |
Income (loss) from discontinued operations before benefit (provision) for income taxes | 2.8 | (4.4) | (12) | 164.4 |
Benefit for income taxes | 0.7 | (2.5) | (3.2) | 69 |
(Loss) gain on sale of discontinued operation, net of taxes | (1.3) | (16.3) | 118.6 | |
Total income (loss) from discontinued operations, net of taxes | 2.1 | (3.2) | (25.1) | 214 |
Net cash flows (used in) provided by operations | 11 | 6.2 | ||
Net cash flows provided by investing activities | 84.8 | 10,332.6 | ||
Financial Freedom | Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest income | 1.7 | 2.5 | 5.8 | 8 |
Interest expense | 1.7 | 2.3 | 5.8 | 7.2 |
Other income (loss) | 2.8 | 5.7 | 13.8 | (29.8) |
Operating expenses (benefits) | 2.4 | 13.1 | 29.4 | (23.8) |
Income (loss) from discontinued operations before benefit (provision) for income taxes | 0.4 | (7.2) | (15.6) | (5.2) |
Benefit for income taxes | (2.8) | (4.2) | (2) | |
(Loss) gain on sale of discontinued operation, net of taxes | (16.3) | |||
Total income (loss) from discontinued operations, net of taxes | $ 0.4 | $ (4.4) | $ (27.7) | (3.2) |
Impairment charge | 50 | |||
Curtailment reserve, net | 111 | |||
Other servicing-related reserves | $ 40 | |||
Tax rate for discontinued operations | 39.00% | 27.00% | 38.00% | |
Net cash flows (used in) provided by operations | $ 15.2 | $ (26.5) | ||
Net cash flows provided by investing activities | $ 9.1 | $ 84.9 |
Discontinued Operations (Sche_5
Discontinued Operations (Schedule of Condensed Combined Balance Sheet of Discontinued Operations) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Assets of discontinued operation | [1] | $ 327.7 | $ 501.3 |
Liabilities of discontinued operation | [1] | 308.6 | 509.3 |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total cash and deposits | 7.7 | ||
Net Loans | 322.7 | 438.6 | |
Operating lease equipment, net | 18.4 | ||
Other assets | 5 | 36.6 | |
Assets of discontinued operation | 327.7 | 501.3 | |
Secured borrowings | 213.2 | 268.2 | |
Other liabilities | 95.4 | 241.1 | |
Liabilities of discontinued operation | $ 308.6 | $ 509.3 | |
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (“VIEs”) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company’s interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company’s interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Discontinued Operations (Sche_6
Discontinued Operations (Schedule of Condensed Combined Statements of Income and Cash Flow of Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) gain on sale of discontinued operation, net of taxes | $ (1.3) | $ (16.3) | $ 118.6 | |
Total income (loss) from discontinued operations, net of taxes | $ 2.1 | (3.2) | (25.1) | 214 |
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest income | 3.6 | 5.5 | 11.9 | 34.8 |
Interest expense | 2.4 | 3.5 | 8.4 | 105.7 |
Rental income on operating leases | 2 | 0.5 | 310.7 | |
Other income (loss) | 4.5 | 5.7 | 14.7 | (16.4) |
Maintenance and other operating lease expenses | 0 | 4.2 | ||
Operating expenses (benefits) | 2.9 | 14.1 | 30.7 | 15.8 |
Loss on debt extinguishment | 0 | 39 | ||
Income (loss) from discontinued operations before benefit (provision) for income taxes | 2.8 | (4.4) | (12) | 164.4 |
(Benefit) provision for income taxes | 0.7 | (2.5) | (3.2) | 69 |
(Loss) gain on sale of discontinued operation, net of taxes | (1.3) | (16.3) | 118.6 | |
Total income (loss) from discontinued operations, net of taxes | $ 2.1 | $ (3.2) | (25.1) | 214 |
Net cash flows provided by operations | 11 | 6.2 | ||
Net cash flows provided by investing activities | $ 84.8 | $ 10,332.6 |
Loans (Schedule of Loans by Pro
Loans (Schedule of Loans by Product) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 30,495.8 | $ 29,113.9 | $ 28,505.3 |
Loans held for sale | 204.1 | 1,095.7 | |
Loans and held for sale loans | 30,699.9 | 30,209.6 | |
Commercial Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 24,579.5 | 23,577.9 | |
Loans and held for sale loans | 24,771.7 | 23,807.9 | |
Commercial Banking | Commercial loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 22,082.7 | 20,892.1 | |
Commercial Banking | Direct financing leases and leveraged leases | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,496.8 | 2,685.8 | |
Consumer Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 5,916.3 | $ 5,536 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Millions | May 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Portfolio of reverse mortgages | [1] | $ 30,018.4 | $ 30,018.4 | $ 28,682.8 | |||
Recorded investment of TDRs | $ 84.6 | $ 84.6 | $ 103.5 | ||||
Percentage of TDRs non-accrual | 62.00% | 62.00% | 63.00% | ||||
Troubled debt restructuring related to modifications | $ 13.1 | $ 39 | $ 60.9 | $ 129.7 | |||
Troubled debt restructurings that defaulted within one year | $ 0.4 | $ 7.5 | $ 2.4 | $ 72 | |||
Troubled debt restructuring, payment deferral rate (percentage) | 32.00% | 32.00% | 31.00% | ||||
Troubled debt restructuring, covenant relief rate, other (percentage) | 68.00% | 68.00% | 69.00% | ||||
Proprietary Programs | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans in trial modification period | $ 12.2 | ||||||
Home Affordable Modification Program (HAMP) | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans in trial modification period | 0.3 | ||||||
Consumer Banking | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans with terms that permitted negative amortization, unpaid principal balance | $ 413 | $ 484 | |||||
Percentage of investments in TDR | 20.00% | 20.00% | 17.00% | ||||
Commitments to lend additional funds to borrowers whose loan terms have been modified in TDRs | $ 14.8 | $ 14.8 | $ 13.4 | ||||
Commercial Banking | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Percentage of investments in TDR | 80.00% | 80.00% | 83.00% | ||||
Other Assets | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Indemnification receivable from the FDIC | $ 27.2 | $ 27.2 | |||||
Other Non-Interest Income | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Impairment of indemnification asset | $ 21.2 | ||||||
Reverse Mortgage | Financial Freedom Transaction | Operating Segments | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Portfolio of reverse mortgages | $ 884 | ||||||
Reverse Mortgage | Financial Freedom Transaction | Other Non-Interest Income | Operating Segments | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Pre-tax gain on sale of reverse mortgage portfolio | $ 27 | ||||||
Accruing Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Recorded investment of TDRs | $ 12.3 | ||||||
Non-accruing Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Recorded investment of TDRs | $ 0.2 | ||||||
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (“VIEs”) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company’s interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company’s interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Loans (Schedule of Loans by Seg
Loans (Schedule of Loans by Segment, Based on Obligor Location) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 30,495.8 | $ 29,113.9 | $ 28,505.3 |
Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 24,095.7 | 23,159.3 | 22,692.6 |
Consumer Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 6,400.1 | 5,954.6 | $ 5,812.7 |
Domestic | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 28,918.3 | 27,323.3 | |
Domestic | Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 22,518.2 | 21,368.7 | |
Domestic | Consumer Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 6,400.1 | 5,954.6 | |
Foreign | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 1,577.5 | 1,790.6 | |
Foreign | Commercial Banking | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 1,577.5 | $ 1,790.6 |
Loans (Components of Net Invest
Loans (Components of Net Investment in Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Unearned income | $ (749.3) | $ (727.8) |
Unamortized premiums | 18.3 | 3.7 |
Accretable yield on PCI loans | (944.9) | (1,063.7) |
Net unamortized deferred costs | $ 79.8 | $ 68.7 |
Loans (Commercial Loans Includi
Loans (Commercial Loans Including Held-For-Sale Loans - By Risk Rating) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 30,699.9 | $ 30,209.6 |
Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,255.8 | 23,326.1 |
Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,242.1 | 10,052.3 |
Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,547.6 | 5,590.2 |
Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,338.6 | 7,579.8 |
Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 127.5 | 103.8 |
Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,412 | 6,820.2 |
Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,497.7 | 2,628.1 |
Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 32.1 | 63.3 |
PCI Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,758.9 | |
PCI Loans | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 42.1 | 55.7 |
PCI Loans | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5.9 | 10.6 |
PCI Loans | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 36.2 | 45.1 |
PCI Loans | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
PCI Loans | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
PCI Loans | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,716.8 | 1,905.7 |
PCI Loans | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2.1 | 2.2 |
PCI Loans | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,771.7 | 23,807.9 |
Commercial Banking | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,255.8 | 23,326.1 |
Commercial Banking | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,242.1 | 10,052.3 |
Commercial Banking | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,547.6 | 5,590.2 |
Commercial Banking | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,338.6 | 7,579.8 |
Commercial Banking | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 127.5 | 103.8 |
Commercial Banking | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 483.8 | 418.5 |
Commercial Banking | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 483.8 | 418.5 |
Commercial Banking | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 32.1 | 63.3 |
Commercial Banking | PCI Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 44.2 | 57.9 |
Commercial Banking | PCI Loans | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 42.1 | 55.7 |
Commercial Banking | PCI Loans | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5.9 | 10.6 |
Commercial Banking | PCI Loans | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 36.2 | 45.1 |
Commercial Banking | PCI Loans | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | PCI Loans | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | PCI Loans | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2.1 | 2.2 |
Commercial Banking | PCI Loans | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2.1 | 2.2 |
Commercial Banking | PCI Loans | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,385.3 | 21,055.6 |
Commercial Banking | Pass | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20,948 | 20,641.4 |
Commercial Banking | Pass | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,299 | 8,284.1 |
Commercial Banking | Pass | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,994.4 | 5,228.1 |
Commercial Banking | Pass | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,529.1 | 7,028.6 |
Commercial Banking | Pass | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 125.5 | 100.6 |
Commercial Banking | Pass | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 419.8 | 378.5 |
Commercial Banking | Pass | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 419.8 | 378.5 |
Commercial Banking | Pass | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17.5 | 35.7 |
Commercial Banking | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,376.7 | 1,065.5 |
Commercial Banking | Special Mention | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,357.9 | 1,052 |
Commercial Banking | Special Mention | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 653.5 | 640.9 |
Commercial Banking | Special Mention | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 247.5 | 139.9 |
Commercial Banking | Special Mention | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 456.1 | 269.2 |
Commercial Banking | Special Mention | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0.8 | 2 |
Commercial Banking | Special Mention | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15.7 | 5.9 |
Commercial Banking | Special Mention | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15.7 | 5.9 |
Commercial Banking | Special Mention | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3.1 | 7.6 |
Commercial Banking | Classified- accruing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,681.5 | 1,428.3 |
Commercial Banking | Classified- accruing | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,633.1 | 1,386.2 |
Commercial Banking | Classified- accruing | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,054.4 | 981.9 |
Commercial Banking | Classified- accruing | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 267.2 | 174.3 |
Commercial Banking | Classified- accruing | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 310.3 | 228.8 |
Commercial Banking | Classified- accruing | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1.2 | 1.2 |
Commercial Banking | Classified- accruing | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 45.2 | 31.9 |
Commercial Banking | Classified- accruing | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 45.2 | 31.9 |
Commercial Banking | Classified- accruing | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3.2 | 10.2 |
Commercial Banking | Classified- non-accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 284 | 200.6 |
Commercial Banking | Classified- non-accrual | Commercial Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 274.7 | 190.8 |
Commercial Banking | Classified- non-accrual | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 229.3 | 134.8 |
Commercial Banking | Classified- non-accrual | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2.3 | 2.8 |
Commercial Banking | Classified- non-accrual | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 43.1 | 53.2 |
Commercial Banking | Classified- non-accrual | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Banking | Classified- non-accrual | Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1 | 0 |
Commercial Banking | Classified- non-accrual | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1 | 0 |
Commercial Banking | Classified- non-accrual | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 8.3 | $ 9.8 |
Loans (Schedule of Consumer Loa
Loans (Schedule of Consumer Loan LTV Distributions) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 30,495.8 | $ 29,113.9 | $ 28,505.3 |
Single Family Residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,916.3 | 5,536 | |
Single Family Residential | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 120.1 | 170.4 | |
Single Family Residential | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 204.3 | 302.3 | |
Single Family Residential | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 685.8 | 780.9 | |
Single Family Residential | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,905.5 | 4,281.6 | |
Single Family Residential | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0.6 | 0.8 | |
Single Family Residential | Covered Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,168.2 | 1,392.6 | |
Single Family Residential | Covered Loans | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1.4 | 2.7 | |
Single Family Residential | Covered Loans | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4.8 | 6.4 | |
Single Family Residential | Covered Loans | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 33.9 | 77.4 | |
Single Family Residential | Covered Loans | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,128.1 | 1,306.1 | |
Single Family Residential | Covered Loans | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Single Family Residential | Covered Loans | PCI Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,714.7 | 1,895.8 | |
Single Family Residential | Covered Loans | PCI Loans | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 113.8 | 160 | |
Single Family Residential | Covered Loans | PCI Loans | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 194.8 | 291.5 | |
Single Family Residential | Covered Loans | PCI Loans | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 470 | 566.2 | |
Single Family Residential | Covered Loans | PCI Loans | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 936.1 | 878.1 | |
Single Family Residential | Covered Loans | PCI Loans | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Single Family Residential | Non-covered Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,033.4 | 2,239.9 | |
Single Family Residential | Non-covered Loans | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4.9 | 7.7 | |
Single Family Residential | Non-covered Loans | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4.7 | 4.4 | |
Single Family Residential | Non-covered Loans | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 181.9 | 137.3 | |
Single Family Residential | Non-covered Loans | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,841.3 | 2,089.7 | |
Single Family Residential | Non-covered Loans | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0.6 | 0.8 | |
Single Family Residential | Non-covered Loans | PCI Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 7.7 | |
Single Family Residential | Non-covered Loans | PCI Loans | Greater than 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Single Family Residential | Non-covered Loans | PCI Loans | 101% – 125% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Single Family Residential | Non-covered Loans | PCI Loans | 80% – 100% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Single Family Residential | Non-covered Loans | PCI Loans | Less than 80% | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 7.7 | |
Single Family Residential | Non-covered Loans | PCI Loans | Not Applicable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 0 | $ 0 |
Loans (Loans Including Held For
Loans (Loans Including Held For Sale Loans - Delinquency Status) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 431.4 | |
Current | 28,509.6 | |
Total | 30,699.9 | $ 30,209.6 |
30–59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 212.4 | |
60–89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42.8 | |
90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 176.2 | |
Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 306.4 | 297.4 |
Current | 23,907.3 | 22,973 |
Total | 24,255.8 | 23,326.1 |
Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 118.9 | 53.8 |
Current | 10,117.3 | 9,987.9 |
Total | 10,242.1 | 10,052.3 |
Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38 | 12.8 |
Current | 5,473.4 | 5,532.3 |
Total | 5,547.6 | 5,590.2 |
Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 145.8 | 224.7 |
Current | 8,192.8 | 7,355.1 |
Total | 8,338.6 | 7,579.8 |
Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3.7 | 6.1 |
Current | 123.8 | 97.7 |
Total | 127.5 | 103.8 |
Commercial Banking | Legacy Consumer Mortgages | Error Related To Classification Of Current Balance Of Consumer Banking Past Due Finance And Held For Sale Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 861 | |
Commercial Banking | Other Consumer Banking | Error Related To Classification Of Current Balance Of Consumer Banking Past Due Finance And Held For Sale Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | (861) | |
Commercial Banking | 30–59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 149.9 | 189.3 |
Commercial Banking | 30–59 Days Past Due | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12.4 | 4.5 |
Commercial Banking | 30–59 Days Past Due | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30.1 | 8.7 |
Commercial Banking | 30–59 Days Past Due | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 105 | 172.2 |
Commercial Banking | 30–59 Days Past Due | Rail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2.4 | 3.9 |
Commercial Banking | 60–89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34.6 | 34.8 |
Commercial Banking | 60–89 Days Past Due | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8.5 | 0 |
Commercial Banking | 60–89 Days Past Due | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Banking | 60–89 Days Past Due | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25.1 | 33.4 |
Commercial Banking | 60–89 Days Past Due | Rail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | 1.4 |
Commercial Banking | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 121.9 | 73.3 |
Commercial Banking | 90 Days or Greater | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 98 | 49.3 |
Commercial Banking | 90 Days or Greater | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7.9 | 4.1 |
Commercial Banking | 90 Days or Greater | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15.7 | 19.1 |
Commercial Banking | 90 Days or Greater | Rail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0.3 | 0.8 |
Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 116.6 | 79.6 |
Current | 4,578.6 | 4,834.9 |
Total | 6,412 | 6,820.2 |
Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 81.2 | 69.1 |
Current | 1,118.4 | 2,219.5 |
Total | 2,914.3 | 4,192.1 |
Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35.4 | 10.5 |
Current | 3,460.2 | 2,615.4 |
Total | 3,497.7 | 2,628.1 |
Consumer Banking | 30–59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 61.1 | 36.3 |
Consumer Banking | 30–59 Days Past Due | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33.2 | 26.7 |
Consumer Banking | 30–59 Days Past Due | Other Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27.9 | 9.6 |
Consumer Banking | 60–89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8.2 | 8.1 |
Consumer Banking | 60–89 Days Past Due | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6.1 | 7.6 |
Consumer Banking | 60–89 Days Past Due | Other Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2.1 | 0.5 |
Consumer Banking | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 47.3 | 35.2 |
Consumer Banking | 90 Days or Greater | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 41.9 | 34.8 |
Consumer Banking | 90 Days or Greater | Other Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5.4 | 0.4 |
Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8.4 | 18.9 |
Current | 23.7 | 44.4 |
Total | 32.1 | 63.3 |
Non-Strategic Portfolios | 30–59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1.4 | 1.8 |
Non-Strategic Portfolios | 60–89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 7.7 |
Non-Strategic Portfolios | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7 | 9.4 |
Error Related To Classification Of Current Balance Of Consumer Banking Past Due Finance And Held For Sale Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 395.9 | |
Current | 27,852.3 | |
Total | 30,209.6 | |
Error Related To Classification Of Current Balance Of Consumer Banking Past Due Finance And Held For Sale Loans | 30–59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 227.4 | |
Error Related To Classification Of Current Balance Of Consumer Banking Past Due Finance And Held For Sale Loans | 60–89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50.6 | |
Error Related To Classification Of Current Balance Of Consumer Banking Past Due Finance And Held For Sale Loans | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 117.9 | |
PCI Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,758.9 | |
PCI Loans | Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 42.1 | 55.7 |
PCI Loans | Commercial Banking | Commercial Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 5.9 | 10.6 |
PCI Loans | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 36.2 | 45.1 |
PCI Loans | Commercial Banking | Business Capital | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
PCI Loans | Commercial Banking | Rail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
PCI Loans | Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,716.8 | 1,905.7 |
PCI Loans | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,714.7 | 1,903.5 |
PCI Loans | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 2.1 | 2.2 |
PCI Loans | Non-Strategic Portfolios | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 0 | 0 |
PCI Loans | Error Related To Classification Of Current Balance Of Consumer Banking Past Due Finance And Held For Sale Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 1,961.4 |
Loans (Loans on Non-accrual Sta
Loans (Loans on Non-accrual Status) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | $ 318.1 | $ 220.9 |
Repossessed assets and OREO | 35.8 | 54.6 |
Total non-performing assets | 353.9 | 275.5 |
Total Accruing loans past due 90 days or more | 71.4 | 31.9 |
Non- Strategic Portfolios | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 8.3 | 9.8 |
Commercial Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 274.7 | 190.8 |
Total Accruing loans past due 90 days or more | 53.6 | 11.7 |
Commercial Banking | Commercial Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 229.3 | 134.8 |
Commercial Banking | Real Estate Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 2.3 | 2.8 |
Commercial Banking | Business Capital | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 43.1 | 53.2 |
Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 35.1 | 20.3 |
Total Accruing loans past due 90 days or more | 17.8 | 20.2 |
Consumer Banking | Legacy Consumer Mortgages | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 29.4 | 19.9 |
Consumer Banking | Other Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 5.7 | 0.4 |
Held for Investment | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 303.1 | 211.1 |
Held for Investment | Non- Strategic Portfolios | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Investment | Commercial Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 268 | 190.8 |
Held for Investment | Commercial Banking | Commercial Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 222.6 | 134.8 |
Held for Investment | Commercial Banking | Real Estate Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 2.3 | 2.8 |
Held for Investment | Commercial Banking | Business Capital | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 43.1 | 53.2 |
Held for Investment | Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 35.1 | 20.3 |
Held for Investment | Consumer Banking | Legacy Consumer Mortgages | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 29.4 | 19.9 |
Held for Investment | Consumer Banking | Other Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 5.7 | 0.4 |
Held for Sale | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 15 | 9.8 |
Held for Sale | Non- Strategic Portfolios | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 8.3 | 9.8 |
Held for Sale | Commercial Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 6.7 | 0 |
Held for Sale | Commercial Banking | Commercial Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 6.7 | 0 |
Held for Sale | Commercial Banking | Real Estate Finance | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Sale | Commercial Banking | Business Capital | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Sale | Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Sale | Consumer Banking | Legacy Consumer Mortgages | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Held for Sale | Consumer Banking | Other Consumer Banking | ||
Finance Receivables Non Accrual Status By Type Of Holding [Line Items] | ||
Total non-accrual loans | $ 0 | $ 0 |
Loans (Schedule of Loans In Pro
Loans (Schedule of Loans In Process of Foreclosure and OREO) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | $ 154.5 | $ 274.6 |
Reverse Mortgage | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | 122.5 | |
Non-PCI | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | 21.1 | 140.9 |
OREO | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | 32.3 | 52.1 |
OREO | Reverse Mortgage | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | 21 | |
PCI Loans | ||
Loans In Process Of Foreclosure [Line Items] | ||
Loans in process of foreclosure | $ 133.4 | $ 133.7 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | $ 2,009.4 | $ 2,009.4 | $ 2,134.1 | ||
Unpaid principal balance, total | 2,869.2 | 2,869.2 | 3,065.7 | ||
Related allowance | 61.1 | 61.1 | 45.1 | ||
Average recorded investment, total | 2,034 | $ 2,364.4 | 2,071.4 | $ 2,455.5 | 2,391.2 |
Interest income recorded | 0.1 | 0.7 | 2.4 | ||
Interest income recognized using cash basis method | 0 | 0 | 0 | ||
PCI Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 1,758.9 | 1,758.9 | 1,961.4 | ||
Unpaid principal balance, total | 2,583.4 | 2,583.4 | 2,870.2 | ||
Related allowance | 17.4 | 17.4 | 19.1 | ||
Average recorded investment, total | 1,796.2 | 2,125.5 | 1,863.2 | 2,220.7 | 2,168.8 |
Impaired Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 250.5 | 250.5 | 172.7 | ||
Unpaid principal balance, total | 285.8 | 285.8 | 195.5 | ||
Related allowance | 43.7 | 43.7 | 26 | ||
Average recorded investment, total | 237.8 | 238.9 | 208.2 | 234.8 | 222.4 |
Commercial Finance | Commercial Banking | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, recorded investment | 127 | 127 | 51.9 | ||
With related allowance, recorded investment | 95.9 | 95.9 | 95.9 | ||
With no related allowance, unpaid principal balance | 153.2 | 153.2 | 72.7 | ||
With related allowance, unpaid principal balance | 103.9 | 103.9 | 96.1 | ||
Related allowance | 40 | 40 | 21.3 | ||
With no related allowance, average recorded investment | 93.2 | 64.5 | 82.3 | 61.9 | 59.9 |
With related allowance, average recorded investment | 120.2 | 154.8 | 102.8 | 146.8 | 136.6 |
Commercial Finance | Commercial Banking | PCI Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 5.9 | 5.9 | 10.6 | ||
Unpaid principal balance, total | 10.2 | 10.2 | 16.4 | ||
Related allowance | 0.5 | 0.5 | 0.7 | ||
Business Capital | Commercial Banking | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, recorded investment | 17.1 | 17.1 | 11.7 | ||
With related allowance, recorded investment | 7.7 | 7.7 | 10.5 | ||
With no related allowance, unpaid principal balance | 18.1 | 18.1 | 13.4 | ||
With related allowance, unpaid principal balance | 7.7 | 7.7 | 10.5 | ||
Related allowance | 3.3 | 3.3 | 4.3 | ||
With no related allowance, average recorded investment | 12.6 | 3.4 | 11.9 | 4.2 | 5.7 |
With related allowance, average recorded investment | 9.1 | 13.1 | 9.2 | 15.1 | 14.2 |
Real Estate Finance | Commercial Banking | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no related allowance, recorded investment | 2.3 | 2.3 | 0 | ||
With related allowance, recorded investment | 0 | 0 | 2.7 | ||
With no related allowance, unpaid principal balance | 2.4 | 2.4 | 0 | ||
With related allowance, unpaid principal balance | 0 | 0 | 2.8 | ||
Related allowance | 0 | 0 | 0.4 | ||
With no related allowance, average recorded investment | 2.4 | 0.3 | 1.2 | 0.5 | 0.4 |
With related allowance, average recorded investment | 0 | $ 2.8 | 0.7 | $ 6.3 | 5.6 |
Real Estate Finance | Commercial Banking | PCI Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 36.2 | 36.2 | 45.1 | ||
Unpaid principal balance, total | 43.2 | 43.2 | 60.1 | ||
Related allowance | 9.1 | 9.1 | 7 | ||
Other Consumer Banking | Consumer Banking | |||||
Financing Receivable, Impaired [Line Items] | |||||
With related allowance, recorded investment | 0.5 | 0.5 | |||
With related allowance, unpaid principal balance | 0.5 | 0.5 | |||
Related allowance | 0.4 | 0.4 | |||
With related allowance, average recorded investment | 0.3 | 0.1 | |||
Other Consumer Banking | Consumer Banking | PCI Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment, total | 2.1 | 2.1 | 2.2 | ||
Unpaid principal balance, total | 2.6 | 2.6 | 3 | ||
Related allowance | $ 0 | $ 0 | $ 0 |
Loans (Purchased Credit Impaire
Loans (Purchased Credit Impaired Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 2,869.2 | $ 3,065.7 |
Carrying Value | 2,009.4 | 2,134.1 |
Allowance for Loan Losses | 61.1 | 45.1 |
Commercial Banking | Commercial Finance | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for Loan Losses | 40 | 21.3 |
Commercial Banking | Real Estate Finance | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for Loan Losses | 0 | 0.4 |
Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for Loan Losses | 0.4 | |
PCI Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,583.4 | 2,870.2 |
Carrying Value | 1,758.9 | 1,961.4 |
Allowance for Loan Losses | 17.4 | 19.1 |
PCI Loans | Commercial Banking | Commercial Finance | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 10.2 | 16.4 |
Carrying Value | 5.9 | 10.6 |
Allowance for Loan Losses | 0.5 | 0.7 |
PCI Loans | Commercial Banking | Real Estate Finance | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 43.2 | 60.1 |
Carrying Value | 36.2 | 45.1 |
Allowance for Loan Losses | 9.1 | 7 |
PCI Loans | Consumer Banking | Other Consumer Banking | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2.6 | 3 |
Carrying Value | 2.1 | 2.2 |
Allowance for Loan Losses | 0 | 0 |
PCI Loans | Consumer Banking | Legacy Consumer Mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,527.4 | 2,790.7 |
Carrying Value | 1,714.7 | 1,903.5 |
Allowance for Loan Losses | $ 7.8 | $ 11.4 |
Loans (Summary of Commercial PC
Loans (Summary of Commercial PCI Loans by Credit Quality) (Details) - Commercial Banking - PCI Loans - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 42.1 | $ 55.7 |
Non- criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14.4 | 21.8 |
Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 27.7 | 33.9 |
Commercial Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5.9 | 10.6 |
Commercial Finance | Non- criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Finance | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5.9 | 10.6 |
Real Estate Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 36.2 | 45.1 |
Real Estate Finance | Non- criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14.4 | 21.8 |
Real Estate Finance | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 21.8 | $ 23.3 |
Loans (Schedule of Changes to t
Loans (Schedule of Changes to the Accretable Yield for PCI Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning Balance | $ 972.8 | $ 1,176 | $ 1,063.7 | $ 1,261.4 |
Accretion into interest income | (40.4) | (50.5) | (126) | (156.8) |
Reclassification from non-accretable difference | 13.9 | 3.6 | 14.7 | 37.3 |
Disposals and Other | (1.4) | (12.2) | (7.5) | (25) |
Ending Balance | $ 944.9 | $ 1,116.9 | $ 944.9 | $ 1,116.9 |
Allowance For Loan Losses (Sche
Allowance For Loan Losses (Schedule of Allowance for Loan Losses and Recorded Investment in Finance Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | $ 467.3 | $ 426 | $ 431.1 | $ 432.6 | |||
Provision for credit losses | 38.1 | 30.1 | 139.8 | 84.2 | |||
Other | (2) | 5.1 | (2.3) | (0.4) | |||
Gross charge-offs | (30.8) | (48.2) | (111.3) | (114.4) | |||
Recoveries | 4.8 | 6.5 | 20.1 | 17.5 | |||
Allowance balance - end of period | 477.4 | 419.5 | 477.4 | 419.5 | |||
Allowance balance | |||||||
Loans individually evaluated for impairment | $ 43.7 | $ 35.6 | |||||
Loans collectively evaluated for impairment | 416.3 | 363.1 | |||||
Allowance for loan losses | 477.4 | 426 | 477.4 | 419.5 | 477.4 | $ 431.1 | 419.5 |
Other reserves | 46.8 | 44.2 | |||||
Loans | |||||||
Loans individually evaluated for impairment | 250.5 | 246.2 | |||||
Loans collectively evaluated for impairment | 28,486.4 | 26,212.7 | |||||
Ending balance | $ 30,495.8 | 29,113.9 | $ 28,505.3 | ||||
Percent of loans to total loans | 100.00% | 100.00% | |||||
PCI Loans | OneWest Bank | |||||||
Allowance balance | |||||||
Loans acquired with deteriorated credit quality | $ 17.4 | $ 20.8 | |||||
Loans | |||||||
Loans acquired with deteriorated credit quality | 1,758.9 | 2,046.4 | |||||
Commercial Banking | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 437.8 | 397.7 | 402.2 | 408.4 | |||
Provision for credit losses | 39 | 11.1 | 139.4 | 60.1 | |||
Other | (1.9) | 4.8 | (2.2) | (0.5) | |||
Gross charge-offs | (29.4) | (27.7) | (108.6) | (92.4) | |||
Recoveries | 4.7 | 6 | 19.4 | 16.3 | |||
Allowance balance - end of period | 450.2 | 391.9 | 450.2 | 391.9 | |||
Allowance balance | |||||||
Loans individually evaluated for impairment | 43.3 | 35.6 | |||||
Loans collectively evaluated for impairment | 397.3 | 347 | |||||
Allowance for loan losses | 437.8 | 397.7 | 450.2 | 391.9 | 450.2 | 402.2 | 391.9 |
Other reserves | 46.8 | 44.2 | |||||
Loans | |||||||
Loans individually evaluated for impairment | 250 | 246.2 | |||||
Loans collectively evaluated for impairment | 23,803.6 | 22,380.6 | |||||
Ending balance | $ 24,095.7 | 23,159.3 | $ 22,692.6 | ||||
Percent of loans to total loans | 79.00% | 79.60% | |||||
Gross charge-offs charged directly into allowance for loan losses | 4 | 7.7 | 12 | 39.3 | |||
Commercial Banking | PCI Loans | OneWest Bank | |||||||
Allowance balance | |||||||
Loans acquired with deteriorated credit quality | $ 9.6 | $ 9.3 | |||||
Loans | |||||||
Loans acquired with deteriorated credit quality | 42.1 | 65.8 | |||||
Consumer Banking | |||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 29.5 | 28.3 | 28.9 | 24.2 | |||
Provision for credit losses | (0.9) | 19 | 0.4 | 24.1 | |||
Other | (0.1) | 0.3 | (0.1) | 0.1 | |||
Gross charge-offs | (1.4) | (20.5) | (2.7) | (22) | |||
Recoveries | 0.1 | 0.5 | 0.7 | 1.2 | |||
Allowance balance - end of period | 27.2 | 27.6 | 27.2 | 27.6 | |||
Allowance balance | |||||||
Loans individually evaluated for impairment | 0.4 | ||||||
Loans collectively evaluated for impairment | 19 | 16.1 | |||||
Allowance for loan losses | $ 29.5 | $ 28.3 | $ 27.2 | $ 27.6 | 27.2 | 28.9 | 27.6 |
Loans | |||||||
Loans individually evaluated for impairment | 0.5 | ||||||
Loans collectively evaluated for impairment | 4,682.8 | 3,832.1 | |||||
Ending balance | $ 6,400.1 | $ 5,954.6 | $ 5,812.7 | ||||
Percent of loans to total loans | 21.00% | 20.40% | |||||
Consumer Banking | PCI Loans | OneWest Bank | |||||||
Allowance balance | |||||||
Loans acquired with deteriorated credit quality | $ 7.8 | $ 11.5 | |||||
Loans | |||||||
Loans acquired with deteriorated credit quality | $ 1,716.8 | $ 1,980.6 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities carried at fair value with changes recorded in net income | $ 44 | $ 0.4 |
Total investment securities | 6,339.5 | 6,469.9 |
Debt securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale securities | 6,053.5 | 6,123.6 |
Securities carried at fair value with changes recorded in net income | 0.4 | |
Equity securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale securities | 44.7 | |
Securities carried at fair value with changes recorded in net income | 44 | 44.7 |
Non-marketable Investments | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | $ 242 | $ 301.2 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Investment Securities) (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | $ 6,339.5 | $ 6,469.9 |
Equity Method Investments | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | 31.6 | |
Restricted Stock of FRB and FHLB | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | 228.4 | 258.9 |
Remaining Non-Marketable Equity Investments | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | $ 13.6 | 42.3 |
Remaining Non-Marketable Equity Investments | Minimum | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Percentage of non-marketable equity method ownership interests | 3.00% | |
Other Equity Investments Measured Under the Measurement Exception | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Total investment securities | $ 10.7 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||||
Investment Holdings [Line Items] | ||||||||
Realized investment gains excluding losses from other than temporary impairment ("OTTI") | $ 4 | $ 4.1 | $ 12.3 | $ 4.6 | ||||
Cash and interest bearing deposits | 1,199.9 | [1] | 2,658.9 | 1,199.9 | [1] | 2,658.9 | $ 1,440.1 | [1] |
OTTI credit-related losses, PCI securities | 0 | $ 0.2 | 0 | $ 0.4 | ||||
Equity securities | ||||||||
Investment Holdings [Line Items] | ||||||||
Equity securities carried at fair value with changes recorded in net income, amortized cost | 46.7 | 46.7 | ||||||
Equity securities carried at fair value with changes recorded in net income, fair value | 44 | 44 | 0 | |||||
Equity securities carried at fair value with changes recorded in net income, unrealized losses | 2.7 | |||||||
Amortized cost of equity securities AFS | 45.8 | |||||||
Fair value of equity securities AFS | 44.7 | |||||||
Unrealized loss of equity securities AFS | 1.1 | |||||||
OneWest Bank | Mortgage-Backed Securities | ||||||||
Investment Holdings [Line Items] | ||||||||
Estimated fair value of purchased credit-impaired securities | 40 | 40 | 312.5 | |||||
Par value of purchased credit-impaired securities | $ 49.3 | $ 49.3 | $ 387.6 | |||||
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (“VIEs”) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company’s interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company’s interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Investment Securities (Schedu_3
Investment Securities (Schedule of Interest and Dividend Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Investment Income [Line Items] | ||||
Dividends — equity securities | $ 2.9 | $ 2.5 | $ 9 | $ 8.3 |
Total interest and dividends | 56.2 | 50.5 | 164.6 | 151 |
Investments | ||||
Net Investment Income [Line Items] | ||||
Interest income | 41.6 | 35.5 | 120.9 | 93.8 |
Interest-bearing Deposits | ||||
Net Investment Income [Line Items] | ||||
Interest income | $ 11.7 | $ 12.5 | $ 34.7 | $ 48.9 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of AFS and HTM Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | $ 6,251 | $ 6,161.9 |
Debt securities, Unrealized Gains Gross | 5.1 | 25.4 |
Debt securities, Unrealized Losses Gross | (202.6) | (63.7) |
Debt securities, Fair Value | 6,053.5 | 6,123.6 |
U.S. government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 5,300.3 | 5,010.2 |
Debt securities, Unrealized Gains Gross | 0.3 | 2.1 |
Debt securities, Unrealized Losses Gross | (191.2) | (62.1) |
Debt securities, Fair Value | 5,109.4 | 4,950.2 |
Non-agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 36.6 | 297.3 |
Debt securities, Unrealized Gains Gross | 3.4 | 21.7 |
Debt securities, Unrealized Losses Gross | 0 | (0.5) |
Debt securities, Fair Value | 40 | 318.5 |
Commercial agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 158 | |
Debt securities, Unrealized Gains Gross | 0.1 | |
Debt securities, Unrealized Losses Gross | (0.6) | |
Debt securities, Fair Value | 157.5 | |
U.S. government agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 25 | 25 |
Debt securities, Unrealized Gains Gross | 0 | 0 |
Debt securities, Unrealized Losses Gross | (0.7) | (0.2) |
Debt securities, Fair Value | 24.3 | 24.8 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 603.4 | 297.7 |
Debt securities, Unrealized Gains Gross | 0 | 0.2 |
Debt securities, Unrealized Losses Gross | (8.6) | (0.2) |
Debt securities, Fair Value | 594.8 | 297.7 |
Supranational securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 50 | 449.8 |
Debt securities, Unrealized Gains Gross | 0 | 0 |
Debt securities, Unrealized Losses Gross | (0.9) | (0.3) |
Debt securities, Fair Value | 49.1 | 449.5 |
Corporate bonds - foreign | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 65.8 | 65.7 |
Debt securities, Unrealized Gains Gross | 1.3 | 1.4 |
Debt securities, Unrealized Losses Gross | 0 | 0 |
Debt securities, Fair Value | 67.1 | 67.1 |
State & municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | 11.9 | 16.2 |
Debt securities, Unrealized Gains Gross | 0 | 0 |
Debt securities, Unrealized Losses Gross | (0.6) | (0.4) |
Debt securities, Fair Value | $ 11.3 | $ 15.8 |
Investment Securities (Schedu_4
Investment Securities (Schedule of Amortized Cost and Fair Value Maturities with Changes Recorded in Net Income) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Amortized Cost | $ 6,251 | $ 6,161.9 |
Total debt securities available-for-sale, Fair Value | $ 6,053.5 | 6,123.6 |
Weighted Average Yield | 2.68% | |
U.S. government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 5 but within 10 years, Amortized Cost | $ 222 | |
Due after 10 years, Amortized Cost | 5,078.3 | |
Debt securities, Amortized Cost | 5,300.3 | 5,010.2 |
After 5 but within 10 years, Fair Value | 215.2 | |
Due after 10 years, Fair Value | 4,894.2 | |
Total debt securities available-for-sale, Fair Value | $ 5,109.4 | 4,950.2 |
After 5 but within 10 years, Weighted Average Yield | 2.23% | |
Due after 10 years, Weighted Average Yield | 2.68% | |
Weighted Average Yield | 2.66% | |
Non-agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due after 10 years, Amortized Cost | $ 36.6 | |
Debt securities, Amortized Cost | 36.6 | 297.3 |
Due after 10 years, Fair Value | 40 | |
Total debt securities available-for-sale, Fair Value | $ 40 | 318.5 |
Due after 10 years, Weighted Average Yield | 6.99% | |
Weighted Average Yield | 6.99% | |
Commercial agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 5 but within 10 years, Amortized Cost | $ 138.1 | |
Due after 10 years, Amortized Cost | 19.9 | |
Debt securities, Amortized Cost | 158 | |
After 5 but within 10 years, Fair Value | 137.5 | |
Due after 10 years, Fair Value | 20 | |
Total debt securities available-for-sale, Fair Value | $ 157.5 | |
After 5 but within 10 years, Weighted Average Yield | 3.24% | |
Due after 10 years, Weighted Average Yield | 2.42% | |
Weighted Average Yield | 3.14% | |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due within 1 year, Amortized Cost | $ 403.5 | |
After 1 but within 5 years, Amortized Cost | 4 | |
After 5 but within 10 years, Amortized Cost | 195.9 | |
Debt securities, Amortized Cost | 603.4 | 297.7 |
Due within 1 year, Fair Value | 403.4 | |
After 1 but within 5 years, Fair Value | 4 | |
After 5 but within 10 years, Fair Value | 187.4 | |
Total debt securities available-for-sale, Fair Value | $ 594.8 | 297.7 |
Due within 1 year, Weighted Average Yield | 1.91% | |
After 1 but within 5 years, Weighted Average Yield | 2.53% | |
After 5 but within 10 years, Weighted Average Yield | 2.51% | |
Weighted Average Yield | 2.11% | |
U.S. government agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 1 but within 5 years, Amortized Cost | $ 25 | |
Debt securities, Amortized Cost | 25 | 25 |
After 1 but within 5 years, Fair Value | 24.3 | |
Total debt securities available-for-sale, Fair Value | $ 24.3 | 24.8 |
After 1 but within 5 years, Weighted Average Yield | 2.26% | |
Weighted Average Yield | 2.26% | |
Supranational securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 1 but within 5 years, Amortized Cost | $ 50 | |
Debt securities, Amortized Cost | 50 | 449.8 |
After 1 but within 5 years, Fair Value | 49.1 | |
Total debt securities available-for-sale, Fair Value | $ 49.1 | 449.5 |
After 1 but within 5 years, Weighted Average Yield | 2.02% | |
Weighted Average Yield | 2.02% | |
State & municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due within 1 year, Amortized Cost | $ 0.1 | |
After 1 but within 5 years, Amortized Cost | 0.2 | |
Due after 10 years, Amortized Cost | 11.6 | |
Debt securities, Amortized Cost | 11.9 | 16.2 |
Due within 1 year, Fair Value | 0.1 | |
After 1 but within 5 years, Fair Value | 0.2 | |
Due after 10 years, Fair Value | 11 | |
Total debt securities available-for-sale, Fair Value | $ 11.3 | 15.8 |
Due within 1 year, Weighted Average Yield | 2.55% | |
After 1 but within 5 years, Weighted Average Yield | 2.70% | |
Due after 10 years, Weighted Average Yield | 2.40% | |
Weighted Average Yield | 2.41% | |
Corporate bonds - foreign | ||
Schedule of Available-for-sale Securities [Line Items] | ||
After 1 but within 5 years, Amortized Cost | $ 65.8 | |
Debt securities, Amortized Cost | 65.8 | 65.7 |
After 1 but within 5 years, Fair Value | 67.1 | |
Total debt securities available-for-sale, Fair Value | $ 67.1 | $ 67.1 |
After 1 but within 5 years, Weighted Average Yield | 6.11% | |
Weighted Average Yield | 6.11% |
Investment Securities (Schedu_5
Investment Securities (Schedule of AFS and HTM - Estimated Unrealized Losses) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | $ 3,879.5 | $ 4,067.7 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (98.1) | (31.6) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 1,941.2 | 1,165.4 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (104.5) | (32.1) |
U.S. government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 3,118.8 | 3,492.2 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (88) | (30.9) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 1,907.7 | 1,151.4 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (103.2) | (31.2) |
Commercial agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 114.8 | |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (0.6) | |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 0 | |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | 0 | |
U.S. government agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 0 | 24.8 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | 0 | (0.2) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 24.3 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (0.7) | 0 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 594.8 | 199.1 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (8.6) | (0.2) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 0 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | 0 | 0 |
State & municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 2.1 | 0 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | 0 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 9.2 | 13.6 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | (0.6) | (0.4) |
Supranational securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 49 | 349.5 |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | (0.9) | (0.3) |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 0 | 0 |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | $ 0 | 0 |
Non-agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value | 2.1 | |
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss | 0 | |
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value | 0.4 | |
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss | $ (0.5) |
Investment Securities (Changes
Investment Securities (Changes in Accretable Yield for Purchased Credit-Impaired Securities) (Details) - OneWest Bank - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedules [Line Items] | ||||
Beginning Balance | $ 30 | $ 152 | $ 101.7 | $ 165 |
Accretion into interest income | (1.1) | (6.2) | (7.7) | (19.1) |
Reclassifications from non-accretable difference due to improving cash flows | 0 | 0 | 0.1 | 0.5 |
Reclassifications to non-accretable difference due to decreasing cash flows | 0 | (0.2) | (1) | (0.9) |
Disposals | (15.4) | (9.8) | (79.6) | (9.7) |
Ending Balance | $ 13.5 | $ 135.8 | $ 13.5 | $ 135.8 |
Borrowings (Schedule of Long-Te
Borrowings (Schedule of Long-Term Borrowings) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 8,674.2 | $ 8,974.4 |
CIT Group Inc. | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 4,237.6 | |
Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 4,436.6 | |
Senior Unsecured | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,842.3 | 3,737.5 |
Senior Unsecured | CIT Group Inc. | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,842.3 | |
Subordinated unsecured debt | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 395.3 | |
Subordinated unsecured debt | CIT Group Inc. | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 395.3 | |
Other secured and structured financings | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 1,286.6 | 1,541.4 |
Other secured and structured financings | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 1,286.6 | |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 3,150 | $ 3,695.5 |
FHLB advances | Subsidiaries | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 3,150 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | Sep. 20, 2018USD ($) | Apr. 09, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)subsidiary | Sep. 30, 2017USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 04, 2017 | Feb. 28, 2017USD ($) | Jan. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Long-term borrowings | $ 8,674,200,000 | $ 8,674,200,000 | $ 8,974,400,000 | |||||||||
Loss on debt extinguishment and deposit redemption | 3,500,000 | $ 53,500,000 | 22,900,000 | $ 218,300,000 | ||||||||
Pledged assets | 29,600,000,000 | 29,600,000,000 | ||||||||||
Collateral specifically identified and used to calculate available borrowings | 13,600,000,000 | 13,600,000,000 | ||||||||||
Pledged assets, loans | 12,300,000,000 | 12,300,000,000 | ||||||||||
Pledged assets, operating lease assets | 1,000,000,000 | 1,000,000,000 | ||||||||||
Pledged assets, cash | 200,000,000 | 200,000,000 | ||||||||||
Pledged assets, investments | 100,000,000 | 100,000,000 | ||||||||||
FHLB advances, financing availability | 5,500,000,000 | 5,500,000,000 | ||||||||||
FHLB advances, unused and available | 2,300,000,000 | 2,300,000,000 | ||||||||||
OneWest Bank | Variable Interest Entities | HMBS Sensitizations | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured borrowings | 127,200,000 | 127,200,000 | 140,300,000 | |||||||||
Federal Reserve System ("FRB") | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term borrowings | 0 | 0 | 0 | |||||||||
Discontinued Operations | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured borrowings | $ 213,200,000 | $ 213,200,000 | 268,200,000 | |||||||||
Senior Unsecured Note, 6.00% Maturing in 2036 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.00% | 6.00% | ||||||||||
Carrying value | $ 39,600,000 | $ 39,600,000 | ||||||||||
Face amount | 51,000,000 | 51,000,000 | ||||||||||
Senior Unsecured | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term borrowings | 3,842,300,000 | 3,842,300,000 | 3,737,500,000 | |||||||||
Aggregate premium | $ 2,600,000 | $ 15,700,000 | ||||||||||
Loss on debt extinguishment and deposit redemption | 3,500,000 | $ 19,300,000 | ||||||||||
Face amount | 3,830,600,000 | 3,830,600,000 | ||||||||||
Senior Unsecured | 5.500% Senior Unsecured Notes Due February 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt repurchased | $ 383,000,000 | |||||||||||
Interest rate | 5.50% | |||||||||||
Senior Unsecured | 3.875% Senior Unsecured Notes Due February 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt repurchased | $ 500,000,000 | $ 500,000,000 | ||||||||||
Interest rate | 3.875% | 3.875% | ||||||||||
Subordinated unsecured debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term borrowings | 395,300,000 | 395,300,000 | ||||||||||
Subordinated unsecured debt | 6.125% Subordinated Unsecured Notes Due March 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.125% | |||||||||||
Face amount | $ 400,000,000 | |||||||||||
Other secured and structured financings | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term borrowings | $ 1,286,600,000 | $ 1,286,600,000 | 1,541,400,000 | |||||||||
Secured borrowings, weighted average percentage rate | 4.31% | 4.31% | ||||||||||
Weighted Average | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
FHLB advances, weighted average percentage rate | 2.37% | 2.37% | ||||||||||
Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior unsecured notes, percent of purchase price to principal amount | 98.00% | |||||||||||
Minimum | Other secured and structured financings | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured borrowings, weighted average percentage rate | 0.65% | 0.65% | ||||||||||
Maximum | Other secured and structured financings | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured borrowings, weighted average percentage rate | 5.50% | 5.50% | ||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, total commitment amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 750,000,000 | ||||||||
Revolving credit facility, maturity date | Jan. 25, 2019 | |||||||||||
Revolving credit facility, extended maturity date | Feb. 29, 2020 | |||||||||||
Tier 1 Capital minimum ratio | 9.00% | |||||||||||
Revolving credit facility, domestic operating subsidiary guarantors | subsidiary | 4 | |||||||||||
Revolving credit facility, minimum guarantor asset coverage ratio | 1.25 | 1.25 | ||||||||||
Long-term borrowings | $ 0 | $ 0 | $ 0 | |||||||||
Revolving credit facility, available draw amount | 458,000,000 | 458,000,000 | ||||||||||
Revolving Credit Facility | Maturing on January 25, 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, total commitment amount | $ 41,700,000 | $ 41,700,000 | ||||||||||
Revolving Credit Facility | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, minimum guarantor asset coverage ratio | 1 | 1 | ||||||||||
Revolving Credit Facility | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, minimum guarantor asset coverage ratio | 1.5 | 1.5 | ||||||||||
Revolving Credit Facility | LIBOR | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, applicable margin (percentage) | 2.00% | |||||||||||
Revolving Credit Facility | Base Rate | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, applicable margin (percentage) | 1.00% | |||||||||||
Letters of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, available draw amount | $ 42,000,000 | $ 42,000,000 | ||||||||||
FHLB advances, utilized for issuance of letters of credit | $ 2,300,000 | $ 2,300,000 |
Borrowings (Schedule of Senior
Borrowings (Schedule of Senior Unsecured Notes) (Details) - Senior Unsecured | Sep. 30, 2018USD ($) |
Debt Instrument [Line Items] | |
Par Value | $ 3,830,600,000 |
Weighted Average Rate (%) | 4.928% |
5.375% Senior Unsecured Notes Due May 2020 | |
Debt Instrument [Line Items] | |
Rate (%) | 5.375% |
Par Value | $ 430,600,000 |
4.125% Senior Unsecured Notes Due March 2021 | |
Debt Instrument [Line Items] | |
Rate (%) | 4.125% |
Par Value | $ 500,000,000 |
5.000% Senior Unsecured Notes Due August 2022 | |
Debt Instrument [Line Items] | |
Rate (%) | 5.00% |
Par Value | $ 1,150,000,000 |
5.000% Senior Unsecured Notes Due August 2023 | |
Debt Instrument [Line Items] | |
Rate (%) | 5.00% |
Par Value | $ 750,000,000 |
4.750% Senior Unsecured Notes Due August 2024 | |
Debt Instrument [Line Items] | |
Rate (%) | 4.75% |
Par Value | $ 500,000,000 |
5.250% Senior Unsecured Notes Due March 2025 | |
Debt Instrument [Line Items] | |
Rate (%) | 5.25% |
Par Value | $ 500,000,000 |
Borrowings (Schedule of FHLB Ad
Borrowings (Schedule of FHLB Advances with Pledged Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
FHLB Advances | $ 3,150 | $ 3,695.5 |
Pledged Assets | $ 6,602.5 | $ 6,154.1 |
Borrowings (Schedule of Structu
Borrowings (Schedule of Structured Financings and Pledged Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Assets Held-For-Sale (AHFS) | NACCO Subsidiaries | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | $ 103.5 | |
Pledged Assets | 179.5 | |
Dutch Total Return Swap (TRS) | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 462.7 | |
Pledged Assets | 854.7 | |
Commercial Banking | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 1,286.6 | $ 1,541.4 |
Pledged Assets | 4,129.5 | 4,110.6 |
Commercial Banking | Business Capital | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 697 | 768.8 |
Pledged Assets | 3,070 | 2,838.6 |
Commercial Banking | Rail | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Secured Borrowing | 589.6 | 772.6 |
Pledged Assets | $ 1,059.5 | $ 1,272 |
Borrowings (Assets and Liabilit
Borrowings (Assets and Liabilities in Unconsolidated VIEs) (Details) - Unconsolidated Variable Interest Entities (VIEs) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Partnership Investment | ||
Variable Interest Entity [Line Items] | ||
Total Assets | $ 300.7 | $ 237.4 |
Total Liabilities | 116.5 | 66.6 |
Maximum loss exposure | 300.7 | 237.4 |
Commitments to tax credit investments | Partnership Investment | ||
Variable Interest Entity [Line Items] | ||
Total Liabilities | 116.5 | 66.6 |
Debt securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 5,307 | 5,269 |
Maximum loss exposure | 5,307 | 5,269 |
Debt securities | Agency securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 5,267 | 4,950.2 |
Debt securities | Non agency securities — Other servicer | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 40 | 318.8 |
Equity securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 59.8 | 38.6 |
Equity securities | Tax credit equity investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | $ 240.9 | $ 198.8 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Fair and Notional Values of Derivative Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 19,717.8 | $ 15,264.6 |
Asset Fair Value | 129.3 | 68.7 |
Liability Fair Value | (129.1) | (87) |
Less: Gross amounts offset in the Consolidated Balance Sheets, Notional Amount | 0 | 0 |
Less: Gross amounts offset in the Consolidated Balance Sheets, Asset Fair Value | 0 | 0 |
Less: Gross amounts offset in the Consolidated Balance Sheets, Liability Fair Value | 0 | 0 |
Derivative Financial Instruments, Notional Amount | 0 | 0 |
Derivative Financial Instruments, Asset Fair Value | (15.8) | (18.7) |
Derivative Financial Instruments, Liability Fair Value | 15.8 | 18.7 |
Cash Collateral Pledged/(Received), Notional Amount | 0 | 0 |
Cash Collateral Pledged/ (Received), Asset Fair Value | (42) | (8.4) |
Cash Collateral Pledged/(Received), Liability Fair Value | 11 | 23 |
Total Net Derivative Fair Values, Notional Amount | 0 | 0 |
Total Net Derivative Fair Values, Asset Fair Value | 71.5 | 41.6 |
Total Net Derivative Fair Values, Liability Fair Value | (102.3) | (45.3) |
Net Amount Presented in the Consolidated Balance Sheet, Derivative assets | 129.3 | 68.7 |
Net Amount Presented in the Consolidated Balance Sheet, Derivative liabilities | (129.1) | (87) |
Variable margin balances | 12.3 | |
Variable margin balances | 2.7 | |
Derivatives designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 1,217.7 | 977.3 |
Asset Fair Value | 0.8 | 0.2 |
Liability Fair Value | (13.6) | (18.7) |
Derivatives designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 967.7 | 977.3 |
Asset Fair Value | 0.8 | 0.2 |
Liability Fair Value | (11.9) | (18.7) |
Derivatives designated as hedging instruments | Fair Value Hedges | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 250 | 0 |
Asset Fair Value | 0 | 0 |
Liability Fair Value | (1.7) | 0 |
Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 18,500.1 | 14,287.3 |
Asset Fair Value | 128.5 | 68.5 |
Liability Fair Value | (115.5) | (68.3) |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 2,614.7 | 1,375.5 |
Asset Fair Value | 20.7 | 6.9 |
Liability Fair Value | (11.1) | (14.9) |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 15,277.9 | 12,443.5 |
Asset Fair Value | 107.7 | 61.5 |
Liability Fair Value | (91.1) | (39.3) |
Derivatives not designated as hedging instruments | Other contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 607.5 | 468.3 |
Asset Fair Value | 0.1 | 0.1 |
Liability Fair Value | $ (13.3) | $ (14.1) |
Derivative Financial Instrume_4
Derivative Financial Instruments (Impact of Fair Value Qualifying Hedges (Details) - Fair Value Hedges - Qualifying Hedges - Interest Expense - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Recognized on Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net recognized on fair value hedges (No Ineffectiveness) | $ (0.8) | $ (1.8) |
Recognized on Hedged Item | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net recognized on fair value hedges (No Ineffectiveness) | $ 0.8 | $ 1.8 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Impact of Non-Qualifying Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-qualifying Hedges -income statement impact | $ 28.1 | $ 5.6 | $ 39.6 | $ (20.7) |
Non-Qualifying Hedges | Interest rate contracts | Other Non-Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-qualifying Hedges -income statement impact | 4.9 | 1.2 | 14.4 | 3.9 |
Non-Qualifying Hedges | Foreign currency forward contracts | Other Non-Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-qualifying Hedges -income statement impact | 22.2 | 5.8 | 25.1 | (22) |
Non-Qualifying Hedges | Other Contracts | Other Non-Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-qualifying Hedges -income statement impact | $ 1 | $ (1.4) | $ 0.1 | $ (2.6) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Changes in AOCI Relating to Derivatives) (Details) - Qualifying Hedges - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives - effective portion reclassified from AOCI to income | $ 0 | $ 0 | $ 0 | $ 13.4 |
Total income statement impact | 0 | 0 | 0 | 13.4 |
Derivatives - effective portion recorded in OCI | (5.6) | (33) | 33.9 | (74.7) |
Total change in OCI for period | (5.6) | (33) | 33.9 | (88.1) |
Foreign currency forward contracts | Net Investment Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives - effective portion reclassified from AOCI to income | 0 | 0 | 0 | 13.4 |
Total income statement impact | 0 | 0 | 0 | 13.4 |
Derivatives - effective portion recorded in OCI | (5.6) | (33) | 33.9 | (74.7) |
Total change in OCI for period | $ (5.6) | $ (33) | $ 33.9 | $ (88.1) |
Derivative Financial Instrume_7
Derivative Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||
Notional amount of derivative | $ 19,717,800,000 | $ 19,717,800,000 | $ 15,264,600,000 | ||
Increase (decrease) in liability | 28,100,000 | $ 5,600,000 | 39,600,000 | $ (20,700,000) | |
Dutch Total Return Swap (TRS) | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | 625,000,000 | 625,000,000 | 625,000,000 | ||
Unutilized portion of facility accounted for as a derivative | 209,700,000 | 209,700,000 | 182,400,000 | ||
Aggregate actual adjusted qualifying borrowing base outstanding | 415,300,000 | 415,300,000 | 442,600,000 | ||
Liability recorded based on Company's valuation | 13,300,000 | 13,300,000 | $ 14,100,000 | ||
Increase (decrease) in liability | $ (1,400,000) | $ 1,100,000 | $ (800,000) | $ (2,400,000) |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | $ 6,053.5 | $ 6,123.6 |
U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 24.3 | 24.8 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 594.8 | 297.7 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 6,053.5 | 6,123.6 |
Securities carried at fair value with changes recorded in net income | 44 | 0.4 |
Equity securities AFS | 44.7 | |
Total derivative assets at fair value — non-qualifying hedges | 128.5 | |
Total Assets | 6,226.8 | 6,237.4 |
Total derivative liabilities at fair value — non-qualifying hedges | (18.7) | |
Consideration holdback liability | (46) | |
FDIC True-up liability | (66.4) | (65.1) |
Total Liabilities | (195.5) | (198.1) |
Recurring | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 68.5 | |
Total derivative liabilities at fair value — non-qualifying hedges | (115.5) | (68.3) |
Recurring | Derivatives designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | (13.6) | |
Recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 61.5 | |
Total derivative liabilities at fair value — non-qualifying hedges | (91.1) | |
Recurring | Interest rate contracts | Fair Value Hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | (1.7) | |
Recurring | Interest rate contracts | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 107.7 | |
Recurring | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 20.8 | 7 |
Total derivative liabilities at fair value — non-qualifying hedges | (24.4) | (29) |
Recurring | Foreign Currency Forward Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0.8 | 0.2 |
Total derivative liabilities at fair value — non-qualifying hedges | (11.9) | |
Recurring | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | (39.3) | |
Recurring | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 5,109.4 | 4,950.2 |
Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 594.8 | 297.7 |
Recurring | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 349.3 | 875.7 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 403.4 | 199 |
Securities carried at fair value with changes recorded in net income | 0.2 | 0 |
Equity securities AFS | 0.2 | |
Total derivative assets at fair value — non-qualifying hedges | 0 | |
Total Assets | 403.6 | 199.2 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Consideration holdback liability | 0 | |
FDIC True-up liability | 0 | 0 |
Total Liabilities | 0 | 0 |
Recurring | Level 1 | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 1 | Derivatives designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 1 | Interest rate contracts | Fair Value Hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 1 | Interest rate contracts | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | |
Recurring | Level 1 | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 |
Recurring | Level 1 | Foreign Currency Forward Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 1 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 1 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 0 | 0 |
Recurring | Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 403.4 | 199 |
Recurring | Level 1 | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 5,543 | 5,538.8 |
Securities carried at fair value with changes recorded in net income | 43.8 | 0 |
Equity securities AFS | 44.5 | |
Total derivative assets at fair value — non-qualifying hedges | 128.3 | |
Total Assets | 5,715.9 | 5,651.9 |
Total derivative liabilities at fair value — non-qualifying hedges | (18.7) | |
Consideration holdback liability | 0 | |
FDIC True-up liability | 0 | 0 |
Total Liabilities | (115.8) | (72.9) |
Recurring | Level 2 | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 68.4 | |
Total derivative liabilities at fair value — non-qualifying hedges | (102.2) | (54.2) |
Recurring | Level 2 | Derivatives designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | (13.6) | |
Recurring | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 61.4 | |
Total derivative liabilities at fair value — non-qualifying hedges | (91.1) | |
Recurring | Level 2 | Interest rate contracts | Fair Value Hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | (1.7) | |
Recurring | Level 2 | Interest rate contracts | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 107.6 | |
Recurring | Level 2 | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 20.7 | 7 |
Total derivative liabilities at fair value — non-qualifying hedges | (11.1) | (14.9) |
Recurring | Level 2 | Foreign Currency Forward Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0.8 | 0.2 |
Total derivative liabilities at fair value — non-qualifying hedges | (11.9) | |
Recurring | Level 2 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | (39.3) | |
Recurring | Level 2 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 5,109.4 | 4,950 |
Recurring | Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 191.4 | 98.7 |
Recurring | Level 2 | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 242.2 | 490.1 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 107.1 | 385.8 |
Securities carried at fair value with changes recorded in net income | 0 | 0.4 |
Equity securities AFS | 0 | |
Total derivative assets at fair value — non-qualifying hedges | 0.2 | |
Total Assets | 107.3 | 386.3 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Consideration holdback liability | (46) | |
FDIC True-up liability | (66.4) | (65.1) |
Total Liabilities | (79.7) | (125.2) |
Recurring | Level 3 | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0.1 | |
Total derivative liabilities at fair value — non-qualifying hedges | (13.3) | (14.1) |
Recurring | Level 3 | Derivatives designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0.1 | |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 3 | Interest rate contracts | Fair Value Hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 3 | Interest rate contracts | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0.1 | |
Recurring | Level 3 | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0.1 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | (13.3) | (14.1) |
Recurring | Level 3 | Foreign Currency Forward Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 |
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 3 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | |
Recurring | Level 3 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 0 | 0.2 |
Recurring | Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | 0 | 0 |
Recurring | Level 3 | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, Fair Value | $ 107.1 | $ 385.6 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value Disclosure [Line Items] | ||
Borrower rate, max effective period | 90 days | |
Level 3 | ||
Fair Value Disclosure [Line Items] | ||
Face amount | $ 800 | $ 1,000 |
Level 2 | ||
Fair Value Disclosure [Line Items] | ||
Unsecured borrowings | 4,300 | 3,800 |
Face amount | $ 3,600 | $ 4,300 |
Weighted Average | Other Real Estate Owned | Level 3 | ||
Fair Value Disclosure [Line Items] | ||
Inputs used to estimate cost to sell | 6.70% | |
OneWest Bank | ||
Fair Value Disclosure [Line Items] | ||
Probable amount of holdback to be paid | $ 46 | |
OneWest Bank | Consideration Holdback Liability | ||
Fair Value Disclosure [Line Items] | ||
Reduction in cash consideration due to trailing risks | $ 116 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information about Level 3 Fair Value Measurements-Recurring) (Details) $ in Millions | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 6,226.8 | $ 6,237.4 |
Estimated fair value liabilities | (195.5) | $ (198.1) |
Level 3 | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities carried at fair value with changes recorded in net income measurement input | 31.1 | |
Level 3 | Prepayment Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities carried at fair value with changes recorded in net income measurement input | 10.9 | |
Level 3 | Default Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities carried at fair value with changes recorded in net income measurement input | 2.4 | |
Level 3 | Loss Severity | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities carried at fair value with changes recorded in net income measurement input | 59.2 | |
Level 3 | Weighted Average | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities carried at fair value with changes recorded in net income measurement input | 31.1 | |
Level 3 | Weighted Average | Prepayment Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities carried at fair value with changes recorded in net income measurement input | 10.9 | |
Level 3 | Weighted Average | Default Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities carried at fair value with changes recorded in net income measurement input | 2.4 | |
Level 3 | Weighted Average | Loss Severity | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities carried at fair value with changes recorded in net income measurement input | 59.2 | |
Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | 107.3 | $ 386.3 |
Estimated fair value liabilities | (79.7) | (125.2) |
Level 3 | Derivative Assets — Non-Qualifying | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 0.2 | |
Level 3 | Derivative Assets — Non-Qualifying | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 0.1 | |
Level 3 | FDIC True-up Liability | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability measurement input | 2.9 | |
Level 3 | FDIC True-up Liability | Minimum | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability measurement input | 3.6 | |
Level 3 | FDIC True-up Liability | Weighted Average | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability measurement input | 3.6 | 2.9 |
Level 3 | FDIC True-up Liability | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value liabilities | $ (66.4) | $ (65.1) |
Level 3 | Consideration Holdback Liability | Minimum | Measurement Input Payment Probability | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability measurement input | 0 | |
Level 3 | Consideration Holdback Liability | Maximum | Measurement Input Payment Probability | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability measurement input | 100 | |
Level 3 | Consideration Holdback Liability | Weighted Average | Measurement Input Payment Probability | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability measurement input | 48 | |
Level 3 | Consideration Holdback Liability | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value liabilities | $ (46) | |
Level 3 | Derivative Liabilities — Non-Qualifying | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value liabilities | $ (13.3) | $ (14.1) |
Level 3 | Securities — AFS | Minimum | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 3.2 | 0 |
Level 3 | Securities — AFS | Minimum | Prepayment Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 4.7 | 2.1 |
Level 3 | Securities — AFS | Minimum | Default Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 2.2 | 0 |
Level 3 | Securities — AFS | Minimum | Loss Severity | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 26.1 | 0.3 |
Level 3 | Securities — AFS | Maximum | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 6.2 | 37.1 |
Level 3 | Securities — AFS | Maximum | Prepayment Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 10.7 | 22.3 |
Level 3 | Securities — AFS | Maximum | Default Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 6.9 | 7.3 |
Level 3 | Securities — AFS | Maximum | Loss Severity | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 48.1 | 72.4 |
Level 3 | Securities — AFS | Weighted Average | Discount Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 5.6 | 4.6 |
Level 3 | Securities — AFS | Weighted Average | Prepayment Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 8 | 8.8 |
Level 3 | Securities — AFS | Weighted Average | Default Rate | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 4.7 | 3.7 |
Level 3 | Securities — AFS | Weighted Average | Loss Severity | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities — AFS measurement input | 33 | 35.3 |
Level 3 | Securities — AFS | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 107.1 | $ 385.8 |
Level 3 | Securities carried at fair value with changes recorded in net income | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value - assets | $ 0.4 | |
Level 3 | Derivative Assets — Non-Qualifying | Minimum | Borrower Rate | Internal Valuation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets — non qualifying, measurement input | 3.8 | 3 |
Level 3 | Derivative Assets — Non-Qualifying | Maximum | Borrower Rate | Internal Valuation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets — non qualifying, measurement input | 5 | 4.4 |
Level 3 | Derivative Assets — Non-Qualifying | Weighted Average | Borrower Rate | Internal Valuation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets — non qualifying, measurement input | 4.4 | 3.8 |
Fair Value (Changes in Estimate
Fair Value (Changes in Estimated Fair Value for Financial Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Liabilities — Non-Qualifying | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ (14.1) | $ (11.5) |
Included in earnings | 0.8 | (2.3) |
Included in comprehensive income | 0 | 0 |
Impairment | 0 | 0 |
Sales, paydowns, and adjustments | 0 | 0 |
Ending Balance | (13.3) | (13.8) |
FDIC True-up Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (65.1) | (61.9) |
Included in earnings | (1.3) | (2.7) |
Included in comprehensive income | 0 | 0 |
Impairment | 0 | 0 |
Sales, paydowns, and adjustments | 0 | 0 |
Ending Balance | (66.4) | (64.6) |
Consideration Holdback Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (46) | (47.2) |
Included in earnings | 8 | 0 |
Included in comprehensive income | 0 | 0 |
Impairment | 0 | 0 |
Sales, paydowns, and adjustments | 38 | 1.2 |
Ending Balance | 0 | (46) |
Securities — AFS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 385.8 | 485.5 |
Included in earnings | 13.5 | (1.4) |
Included in comprehensive income | (18) | 15.8 |
Impairment | (0.3) | |
Sales, paydowns, and adjustments | (274.2) | (88.6) |
Ending Balance | 107.1 | 411 |
Securities carried at fair value with changes recorded in net income | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0.4 | 283.5 |
Included in earnings | 0 | 15 |
Included in comprehensive income | 0 | 0 |
Impairment | 0 | |
Sales, paydowns, and adjustments | (0.4) | (50.8) |
Ending Balance | $ 0 | $ 247.7 |
Fair Value (Carrying Value of A
Fair Value (Carrying Value of Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | $ 132.2 | $ 1,011.4 |
Carrying Value | Non-Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 58.4 | 177.8 |
Other real estate owned | 3.8 | 18.8 |
Impaired loans | 87.4 | 89.1 |
Total Assets | 149.6 | 285.7 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 133.1 | 1,049.5 |
Estimated Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 11.9 | 4.7 |
Estimated Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 121.2 | 1,044.8 |
Estimated Fair Value | Non-Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 0 | 0 |
Other real estate owned | 0 | 0 |
Impaired loans | 0 | 0 |
Total Assets | 0 | 0 |
Estimated Fair Value | Non-Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 9.9 | 0 |
Other real estate owned | 0 | 0 |
Impaired loans | 0 | 0 |
Total Assets | 9.9 | 0 |
Estimated Fair Value | Non-Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 48.5 | 177.8 |
Other real estate owned | 3.8 | 18.8 |
Impaired loans | 87.4 | 89.1 |
Total Assets | 139.7 | 285.7 |
Total Gains (Losses) | Non-Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 8.9 | (15) |
Other real estate owned | (1) | (4.4) |
Impaired loans | (38.5) | (21.9) |
Total Assets | $ (30.6) | $ (41.3) |
Fair Value (Carrying and Estima
Fair Value (Carrying and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | ||
Financial Assets | |||||
Cash and interest bearing deposits | $ 1,199.9 | [1] | $ 1,440.1 | [1] | $ 2,658.9 |
Financial Liabilities | |||||
Credit balances of factoring clients | (1,672.4) | (1,468.6) | $ (1,698.5) | ||
Available-for-sale debt securities | 6,053.5 | 6,123.6 | |||
Carrying Value | |||||
Financial Assets | |||||
Cash and interest bearing deposits | 1,367.5 | 1,718.7 | |||
Assets held for sale (excluding leases) | 132.2 | 1,011.4 | |||
Loans (excluding leases) | 27,999 | 26,428.1 | |||
Securities purchased under agreement to resell | 200 | 150 | |||
Investment securities | 6,339.5 | 6,469.9 | |||
Indemnification assets | 27.2 | 113.5 | |||
Other assets subject to fair value disclosure and unsecured counterparty receivables | 538.6 | 542.2 | |||
Financial Liabilities | |||||
Deposits | (30,847.1) | (29,586.5) | |||
Borrowings | (8,711.6) | (9,043.8) | |||
Credit balances of factoring clients | 1,672.4 | (1,468.6) | |||
Other liabilities subject to fair value disclosure | (689.7) | (725.2) | |||
Carrying Value | Non-Qualifying Hedges | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 128.5 | 68.5 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | (115.5) | (68.3) | |||
Carrying Value | Qualifying Hedges | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 0.8 | 0.2 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | (13.6) | (18.7) | |||
Estimated Fair Value | |||||
Financial Assets | |||||
Cash and interest bearing deposits | 1,367.5 | 1,718.7 | |||
Assets held for sale (excluding leases) | 133.1 | 1,049.5 | |||
Loans (excluding leases) | 28,119.6 | 26,844.8 | |||
Securities purchased under agreement to resell | 200 | 150 | |||
Investment securities | 6,339.5 | 6,469.9 | |||
Indemnification assets | 20 | 87.4 | |||
Other assets subject to fair value disclosure and unsecured counterparty receivables | 538.6 | 542.2 | |||
Financial Liabilities | |||||
Deposits | (30,833.1) | (29,668.6) | |||
Borrowings | (8,847.7) | (9,272.9) | |||
Credit balances of factoring clients | 1,672.4 | (1,468.6) | |||
Other liabilities subject to fair value disclosure | (689.7) | (725.2) | |||
Estimated Fair Value | Level 1 | |||||
Financial Assets | |||||
Cash and interest bearing deposits | 1,367.5 | 1,718.7 | |||
Assets held for sale (excluding leases) | 0 | 0 | |||
Loans (excluding leases) | 0 | 0 | |||
Securities purchased under agreement to resell | 0 | 0 | |||
Investment securities | 403.6 | 199.2 | |||
Indemnification assets | 0 | 0 | |||
Other assets subject to fair value disclosure and unsecured counterparty receivables | 0 | 0 | |||
Financial Liabilities | |||||
Deposits | 0 | 0 | |||
Borrowings | 0 | 0 | |||
Credit balances of factoring clients | 0 | 0 | |||
Other liabilities subject to fair value disclosure | 0 | 0 | |||
Estimated Fair Value | Level 2 | |||||
Financial Assets | |||||
Cash and interest bearing deposits | 0 | 0 | |||
Assets held for sale (excluding leases) | 11.9 | 4.7 | |||
Loans (excluding leases) | 858.7 | 624.3 | |||
Securities purchased under agreement to resell | 200 | 150 | |||
Investment securities | 5,586.8 | 5,583.3 | |||
Indemnification assets | 0 | 0 | |||
Other assets subject to fair value disclosure and unsecured counterparty receivables | 0 | 0 | |||
Financial Liabilities | |||||
Deposits | 0 | 0 | |||
Borrowings | (8,017) | (8,281.7) | |||
Credit balances of factoring clients | 0 | 0 | |||
Other liabilities subject to fair value disclosure | 0 | 0 | |||
Estimated Fair Value | Level 3 | |||||
Financial Assets | |||||
Cash and interest bearing deposits | 0 | 0 | |||
Assets held for sale (excluding leases) | 121.2 | 1,044.8 | |||
Loans (excluding leases) | 27,260.9 | 26,220.5 | |||
Securities purchased under agreement to resell | 0 | 0 | |||
Investment securities | 349.1 | 687.4 | |||
Indemnification assets | 20 | 87.4 | |||
Other assets subject to fair value disclosure and unsecured counterparty receivables | 538.6 | 542.2 | |||
Financial Liabilities | |||||
Deposits | (30,833.1) | (29,668.6) | |||
Borrowings | (830.7) | (991.2) | |||
Credit balances of factoring clients | 1,672.4 | (1,468.6) | |||
Other liabilities subject to fair value disclosure | (689.7) | (725.2) | |||
Available-for-sale debt securities | 107.1 | 385.8 | |||
Non-marketable securities | 242 | 301.2 | |||
Debt securities carried at fair value with changes recorded in net income | 0.4 | ||||
Agency claimed indemnification assets | 0 | 28.9 | |||
Estimated Fair Value | Non-Qualifying Hedges | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 128.5 | 68.5 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | (115.5) | (68.3) | |||
Estimated Fair Value | Non-Qualifying Hedges | Level 1 | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 | |||
Estimated Fair Value | Non-Qualifying Hedges | Level 2 | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 128.3 | 68.4 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | (102.2) | (54.2) | |||
Estimated Fair Value | Non-Qualifying Hedges | Level 3 | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 0.2 | 0.1 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | (13.3) | (14.1) | |||
Estimated Fair Value | Qualifying Hedges | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 0.8 | 0.2 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | (13.6) | (18.7) | |||
Estimated Fair Value | Qualifying Hedges | Level 1 | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | 0 | 0 | |||
Estimated Fair Value | Qualifying Hedges | Level 2 | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 0.8 | 0.2 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | (13.6) | (18.7) | |||
Estimated Fair Value | Qualifying Hedges | Level 3 | |||||
Financial Assets | |||||
Total derivative assets at fair value — non-qualifying hedges | 0 | 0 | |||
Financial Liabilities | |||||
Total derivative liabilities at fair value — non-qualifying hedges | $ 0 | $ 0 | |||
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (“VIEs”) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company’s interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company’s interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Stockholder's Equity (Schedule
Stockholder's Equity (Schedule of Common Stock Activity) (Details) | 9 Months Ended |
Sep. 30, 2018shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, outstanding (in shares) | 131,352,924 |
Beginning balance, issued (in shares) | 207,628,491 |
Restricted stock issued (in shares) | 1,368,262 |
Repurchase of common stock (in shares) | (21,657,560) |
Shares held to cover taxes on vesting restricted shares and other (in shares) | (540,244) |
Employee stock purchase plan participation (in shares) | 42,551 |
Ending balance, outstanding (in shares) | 110,565,933 |
Ending balance, issued (in shares) | 209,039,304 |
Issued | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, issued (in shares) | 207,628,491 |
Restricted stock issued (in shares) | 1,368,262 |
Repurchase of common stock (in shares) | 0 |
Shares held to cover taxes on vesting restricted shares and other (in shares) | 0 |
Employee stock purchase plan participation (in shares) | 42,551 |
Ending balance, issued (in shares) | 209,039,304 |
Less Treasury | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance, outstanding (in shares) | (76,275,567) |
Restricted stock issued (in shares) | 0 |
Repurchase of common stock (in shares) | (21,657,560) |
Shares held to cover taxes on vesting restricted shares and other (in shares) | (540,244) |
Employee stock purchase plan participation (in shares) | 0 |
Ending balance, outstanding (in shares) | (98,473,371) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Equity, Class of Treasury Stock [Line Items] | |||||||
Common shares repurchases | $ 1,167.2 | $ 3,426.1 | |||||
Amounts reclassified from AOCI | $ (2.3) | $ (2) | (11.1) | 24.6 | |||
Foreign currency translation adjustments | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amounts reclassified from AOCI | 26.2 | ||||||
Other comprehensive income, tax | 1.8 | 9.2 | (3.2) | 26.3 | |||
Foreign currency translation adjustments | Other Income | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amounts reclassified from AOCI | 0 | 0 | 0 | [1] | 26.2 | [1] | |
Foreign currency translation adjustments | Other Income | Commercial Air | Discontinued Operations, Disposed of by Sale | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amounts reclassified from AOCI | $ 16.7 | 16.7 | |||||
Changes in benefit plan net gain/(loss) and prior service (cost)/credit losses | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amounts reclassified from AOCI | 0.1 | 0.5 | 0.7 | ||||
Other comprehensive income, tax | (0.9) | (0.6) | |||||
Unrealized net gains (losses) on securities AFS | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amounts reclassified from AOCI | (2.3) | (2.1) | (11.6) | (2.3) | |||
Other comprehensive income, tax | 11.4 | (2.3) | 36.9 | (6.5) | |||
Unrealized net gains (losses) on securities AFS | Other Income | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amounts reclassified from AOCI | (2.3) | $ (2.1) | (11.6) | $ (2.3) | |||
Open Market Repurchases | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Common shares repurchases | $ 290.9 | $ 556.8 | |||||
Number of shares repurchased (in shares) | 5,497,460 | 10,534,273 | |||||
Equity Tender Offer | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Common shares repurchases | $ 609 | ||||||
Number of shares repurchased (in shares) | 11,123,287 | ||||||
[1] | $16.7 million of the reclassification from AOCI during the second quarter of 2017 was a result of the sale of the Commercial Air business and is recorded in gain on sale of discontinued operations. |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss) ("AOCI")) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | $ (238) | $ (92.3) |
Income Taxes | 38.6 | 5.8 |
Net Unrealized | (199.4) | (86.5) |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | 8 | 0.8 |
Income Taxes | (12) | (8.8) |
Net Unrealized | (4) | (8) |
Changes in benefit plan net gain (loss) and prior service (cost)/credit | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | (48.6) | (53.6) |
Income Taxes | (1.8) | (0.9) |
Net Unrealized | (50.4) | (54.5) |
Unrealized net gains (losses) on securities AFS | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gross Unrealized | (197.4) | (39.5) |
Income Taxes | 52.4 | 15.5 |
Net Unrealized | $ (145) | $ (24) |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | $ 7,320 | $ 10,003.1 | |||
Adoption of ASUs 2016-01 and 2018-02 | $ 0.2 | ||||
Amounts reclassified from AOCI | $ (2.3) | $ (2) | (11.1) | 24.6 | |
Net current period AOCI | (112.4) | 66.8 | |||
Ending balance | 6,320.3 | 7,451.3 | 6,320.3 | 7,451.3 | |
Total AOCI | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (86.5) | (140.1) | |||
Adoption of ASUs 2016-01 and 2018-02 | (0.5) | (0.5) | $ (0.5) | ||
AOCI activity before reclassifications | (101.3) | 42.2 | |||
Amounts reclassified from AOCI | (11.1) | 24.6 | |||
Net current period AOCI | (112.4) | 66.8 | |||
Ending balance | (199.4) | (73.3) | (199.4) | (73.3) | |
Foreign currency translation adjustments | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (8) | (61.4) | |||
Adoption of ASUs 2016-01 and 2018-02 | 3.3 | 3.3 | |||
AOCI activity before reclassifications | 0.7 | 28.4 | |||
Amounts reclassified from AOCI | 26.2 | ||||
Net current period AOCI | 0.7 | 54.6 | |||
Ending balance | (4) | (6.8) | (4) | (6.8) | |
Changes in benefit plan net gain (loss) and prior service (cost)/credit | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (54.5) | (65.3) | |||
Adoption of ASUs 2016-01 and 2018-02 | 0.3 | 0.3 | |||
AOCI activity before reclassifications | 3.3 | 0.9 | |||
Amounts reclassified from AOCI | 0.1 | 0.5 | 0.7 | ||
Net current period AOCI | 3.8 | 1.6 | |||
Ending balance | (50.4) | (63.7) | (50.4) | (63.7) | |
Unrealized net gains (losses) on available for sale securities | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (24) | (13.4) | |||
Adoption of ASUs 2016-01 and 2018-02 | (4.1) | (4.1) | |||
AOCI activity before reclassifications | (105.3) | 12.9 | |||
Amounts reclassified from AOCI | (2.3) | (2.1) | (11.6) | (2.3) | |
Net current period AOCI | (116.9) | 10.6 | |||
Ending balance | $ (145) | $ (2.8) | $ (145) | $ (2.8) |
Stockholders' Equity (Reclassif
Stockholders' Equity (Reclassifications out of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Gross Amount | $ (3) | $ (3.3) | $ (15.2) | $ 21.3 | ||
Tax | 0.7 | 1.3 | 4.1 | 3.3 | ||
Net Amount | (2.3) | (2) | (11.1) | 24.6 | ||
Changes in benefit plan net gain/(loss) and prior service (cost)/credit losses | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net Amount | 0.1 | 0.5 | 0.7 | |||
Changes in benefit plan net gain/(loss) and prior service (cost)/credit losses | Operating Expenses | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Gross Amount | 0.1 | 0.1 | 0.6 | 0.8 | ||
Tax | (0.1) | 0 | (0.1) | (0.1) | ||
Net Amount | 0 | 0.1 | 0.5 | 0.7 | ||
Unrealized net gains (losses) on securities AFS | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net Amount | (2.3) | (2.1) | (11.6) | (2.3) | ||
Unrealized net gains (losses) on securities AFS | Other Non-Interest Income | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Gross Amount | (3.1) | (3.4) | (15.8) | (3.6) | ||
Tax | 0.8 | 1.3 | 4.2 | 1.3 | ||
Net Amount | (2.3) | (2.1) | (11.6) | (2.3) | ||
Foreign currency translation adjustments gains (losses) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net Amount | 26.2 | |||||
Foreign currency translation adjustments gains (losses) | Other Non-Interest Income | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Gross Amount | 0 | 0 | 0 | [1] | 24.1 | [1] |
Tax | 0 | 0 | 0 | [1] | 2.1 | [1] |
Net Amount | $ 0 | $ 0 | $ 0 | [1] | $ 26.2 | [1] |
[1] | $16.7 million of the reclassification from AOCI during the second quarter of 2017 was a result of the sale of the Commercial Air business and is recorded in gain on sale of discontinued operations. |
Stockholders' Equity (Reclass_2
Stockholders' Equity (Reclassifications out of AOCI) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amounts reclassified from AOCI | $ (2.3) | $ (2) | $ (11.1) | $ 24.6 | |||
Foreign currency translation adjustments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amounts reclassified from AOCI | 26.2 | ||||||
Foreign currency translation adjustments | Other Income | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amounts reclassified from AOCI | $ 0 | $ 0 | $ 0 | [1] | 26.2 | [1] | |
Foreign currency translation adjustments | Other Income | Commercial Air | Discontinued Operations, Disposed of by Sale | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amounts reclassified from AOCI | $ 16.7 | $ 16.7 | |||||
[1] | $16.7 million of the reclassification from AOCI during the second quarter of 2017 was a result of the sale of the Commercial Air business and is recorded in gain on sale of discontinued operations. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||
Effective income tax rate percentage | 24.20% | (116.30%) | 26.90% | (38.70%) | |
Income tax benefit | $ 41,300,000 | $ (119,800,000) | $ 140,000,000 | $ (95,500,000) | $ 177,400,000 |
Gross tax benefit | 234,200,000 | ||||
Capital loss | 610,500,000 | ||||
Partially offset of valuation allowance against unused portion of capital loss | $ 56,800,000 | ||||
Federal income tax rate | 21.00% | 35.00% | |||
Capital loss carryforwards valuation allowance | 15,800,000 | $ 15,800,000 | $ 39,600,000 | ||
Capital losses carry forward period | 5 years | ||||
Liability for uncertain tax positions | 13,300,000 | $ 13,300,000 | 13,500,000 | ||
Accrual for interest and penalties | 7,100,000 | 7,100,000 | $ 6,300,000 | ||
Minimum | |||||
Income Tax Contingency [Line Items] | |||||
Potential increased or decreased to tax benefits | 5,000,000 | 5,000,000 | |||
Maximum | |||||
Income Tax Contingency [Line Items] | |||||
Potential increased or decreased to tax benefits | 10,000,000 | 10,000,000 | |||
U.S. State | |||||
Income Tax Contingency [Line Items] | |||||
Net operating losses, valuation allowance | 208,600,000 | 208,600,000 | |||
Non U.S. | |||||
Income Tax Contingency [Line Items] | |||||
Deferred tax assets, valuation allowance | $ 28,600,000 | $ 28,600,000 |
Commitments (Summary of Commitm
Commitments (Summary of Commitments) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Financing assets - Due to Expire Within One Year | $ 2,421.3 | |
Financing assets - Due to Expire After One Year | 4,061.7 | |
Financing assets - Total Outstanding | 6,483 | $ 6,351.1 |
Standby letters of credit - Due to Expire Within One Year | 31.2 | |
Standby letters of credit - Due to Expire After One Year | 211.1 | |
Standby letters of credit - Total Outstanding | 242.3 | 213.3 |
Other letters of credit - Due to Expire Within One Year | 11.4 | |
Other letters of credit - Due to Expire After One Year | 0.7 | |
Other letters of credit - Total Outstanding | 12.1 | 16.3 |
Deferred purchase credit protection agreements - Due to Expire Within One Year | 2,082.7 | |
Deferred purchase credit protection agreements - Due to Expire After One Year | 0 | |
Deferred purchase credit protection agreements - Total Outstanding | 2,082.7 | 2,068.1 |
Rail and other purchase commitments - Due to Expire Within One Year | 393.2 | |
Rail and other purchase commitments - Due to Expire After One Year | 33.8 | |
Rail and other purchase commitments - Total Outstanding | $ 427 | 222.9 |
Error Related to Financing Asset and Rail and Other Purchase Commitments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Financing assets - Total Outstanding | 113.4 | |
Error Related to Financing Asset Commitments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Financing assets - Total Outstanding | 86.6 | |
Error Related to Rail and Other Purchase Commitments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Financing assets - Total Outstanding | $ 26.8 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Commitments [Line Items] | ||
Financing commitments on which criteria for funding have not been completed | $ 1,616.3 | $ 950.3 |
Financing commitments to trade finance clients that are cancelable only after a notice period, amount | 135 | 190 |
Amount of indemnification for losses by FDIC | 200 | |
Losses incurred related to indemnification asset | 134 | |
Other liabilities | 1,461.9 | 1,437.1 |
Commitments and investments that qualify for community reinvestment tax credit | 116 | 67 |
Deferred Purchase Agreements | ||
Commitments [Line Items] | ||
DPA credit protection provided to clients | 2,020 | 1,979 |
DPA credit line agreements net of deferred purchase agreement credit protection | 62 | 89 |
Other liabilities | $ 6.6 | 5.3 |
Reverse Mortgage | ||
Commitments [Line Items] | ||
FDIC required funding amount of reverse mortgages | 66 | |
Maximum | ||
Commitments [Line Items] | ||
Typical notice period | 90 days | |
Maximum | Deferred Purchase Agreements | ||
Commitments [Line Items] | ||
DPA credit line agreements, cancellation notice period | 90 days | |
Minimum | ||
Commitments [Line Items] | ||
Percent required of claim amount for loan service | 98.00% | |
Financial Freedom | Discontinued Operations | ||
Commitments [Line Items] | ||
Financing commitments | $ 24 | $ 34 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) - USD ($) $ in Millions | May 16, 2017 | Sep. 30, 2018 |
HUD OIG Investigation | Unfavorable Regulatory Action | Settled Litigation | ||
Contingencies [Line Items] | ||
Amount of settlement | $ 89 | |
Maximum | ||
Contingencies [Line Items] | ||
Amount of losses in excess of established reserves and insurance related to those matters | $ 65 |
Business Segment Information (S
Business Segment Information (Segment Pre-Tax Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||||
Segment Pre-tax Income (Loss) | ||||||||
Interest income | $ 473.6 | $ 454 | $ 1,398.4 | $ 1,387.9 | ||||
Interest expense (benefit) | 213.9 | 176.7 | 599.6 | 549 | ||||
Provision (benefit) for credit losses | 38.1 | 30.1 | 139.8 | 84.2 | ||||
Rental income on operating leases | 264.3 | 252.3 | 779.2 | 754.8 | ||||
Other non-interest income | 86.2 | 63.3 | 326.3 | 227 | ||||
Depreciation on operating lease equipment | 78 | 71.1 | 231.6 | 222 | ||||
Maintenance and other operating lease expenses | 56.6 | 57.9 | 177.5 | 165 | ||||
Operating expenses and loss on debt extinguishment and deposit redemption | 266.8 | 330.8 | 835 | 1,102.8 | ||||
Income from continuing operations before (benefit) provision for income taxes | 170.7 | 103 | 520.4 | 246.7 | ||||
Select Period End Balances | ||||||||
Loans | 30,495.8 | 28,505.3 | 30,495.8 | 28,505.3 | $ 29,113.9 | |||
Credit balances of factoring clients | (1,672.4) | (1,698.5) | (1,672.4) | (1,698.5) | (1,468.6) | |||
Assets held for sale | 1,380.5 | [1] | 2,162 | 1,380.5 | [1] | 2,162 | 2,263.1 | [1] |
Operating lease equipment, net | 6,888.7 | [1] | 6,724.2 | 6,888.7 | [1] | 6,724.2 | 6,738.9 | [1] |
Corporate and Other | ||||||||
Segment Pre-tax Income (Loss) | ||||||||
Interest income | 54.3 | 47.8 | 159.3 | 142.8 | ||||
Interest expense (benefit) | 64.4 | 58.4 | 174.9 | 189.2 | ||||
Other non-interest income | 16.3 | 10.2 | 54.4 | 15.9 | ||||
Operating expenses and loss on debt extinguishment and deposit redemption | 3.4 | 46.8 | 23 | 268 | ||||
Income from continuing operations before (benefit) provision for income taxes | 2.8 | (47.2) | 15.8 | (298.5) | ||||
Commercial Banking | ||||||||
Select Period End Balances | ||||||||
Loans | 24,095.7 | 22,692.6 | 24,095.7 | 22,692.6 | 23,159.3 | |||
Commercial Banking | Operating Segments | ||||||||
Segment Pre-tax Income (Loss) | ||||||||
Interest income | 338.9 | 309.4 | 984.2 | 933.5 | ||||
Interest expense (benefit) | 190.3 | 131.3 | 523.6 | 378.9 | ||||
Provision (benefit) for credit losses | 39 | 11.1 | 139.4 | 60.1 | ||||
Rental income on operating leases | 264.3 | 252.3 | 779.2 | 754.8 | ||||
Other non-interest income | 76.4 | 70.9 | 227.5 | 218 | ||||
Depreciation on operating lease equipment | 78 | 71.1 | 231.6 | 222 | ||||
Maintenance and other operating lease expenses | 56.6 | 57.9 | 177.5 | 165 | ||||
Operating expenses and loss on debt extinguishment and deposit redemption | 172.3 | 168.6 | 526.8 | 523.8 | ||||
Income from continuing operations before (benefit) provision for income taxes | 143.4 | 192.6 | 392 | 556.5 | ||||
Select Period End Balances | ||||||||
Loans | 24,095.7 | 22,692.6 | 24,095.7 | 22,692.6 | ||||
Credit balances of factoring clients | (1,672.4) | (1,698.5) | (1,672.4) | (1,698.5) | ||||
Assets held for sale | 1,336.5 | 1,208.3 | 1,336.5 | 1,208.3 | ||||
Operating lease equipment, net | 6,888.7 | 6,724.2 | 6,888.7 | 6,724.2 | ||||
Consumer Banking | ||||||||
Select Period End Balances | ||||||||
Loans | 6,400.1 | 5,812.7 | 6,400.1 | 5,812.7 | $ 5,954.6 | |||
Consumer Banking | Operating Segments | ||||||||
Segment Pre-tax Income (Loss) | ||||||||
Interest income | 79 | 92.2 | 249.2 | 293.8 | ||||
Interest expense (benefit) | (41.6) | (16) | (103.2) | (32.1) | ||||
Provision (benefit) for credit losses | (0.9) | 19 | 0.4 | 24.1 | ||||
Other non-interest income | (18.1) | (22.7) | 30.9 | (9.1) | ||||
Operating expenses and loss on debt extinguishment and deposit redemption | 88.9 | 106.2 | 278.6 | 298 | ||||
Income from continuing operations before (benefit) provision for income taxes | 14.5 | (39.7) | 104.3 | (5.3) | ||||
Select Period End Balances | ||||||||
Loans | 6,400.1 | 5,812.7 | 6,400.1 | 5,812.7 | ||||
Assets held for sale | 11.9 | 865.9 | 11.9 | 865.9 | ||||
NSP | Operating Segments | ||||||||
Segment Pre-tax Income (Loss) | ||||||||
Interest income | 1.4 | 4.6 | 5.7 | 17.8 | ||||
Interest expense (benefit) | 0.8 | 3 | 4.3 | 13 | ||||
Other non-interest income | 11.6 | 4.9 | 13.5 | 2.2 | ||||
Operating expenses and loss on debt extinguishment and deposit redemption | 2.2 | 9.2 | 6.6 | 13 | ||||
Income from continuing operations before (benefit) provision for income taxes | 10 | (2.7) | 8.3 | (6) | ||||
Select Period End Balances | ||||||||
Assets held for sale | $ 32.1 | $ 87.8 | $ 32.1 | $ 87.8 | ||||
[1] | The following table presents information on assets and liabilities related to Variable Interest Entities (“VIEs”) that are consolidated by the Company. The difference between VIE total assets and total liabilities represents the Company’s interests in those entities, which were eliminated in consolidation. The assets of the consolidated VIEs will be used to settle the liabilities of those entities and, except for the Company’s interest in the VIEs, are not available to the creditors of CIT or any affiliates of CIT. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Nov. 02, 2018 | Nov. 01, 2018 | Oct. 25, 2018 | Oct. 19, 2018 | Oct. 05, 2018 | Oct. 04, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||||||||
Loans | $ 30,699.9 | $ 30,209.6 | ||||||||
Proceeds from sale of commercial air | $ 10,026 | |||||||||
Assets | 49,262.4 | $ 49,278.7 | ||||||||
Loss on debt extinguishment and other deposit redemption | $ 22.9 | $ 256.6 | ||||||||
Senior Unsecured | 5.375% Senior Unsecured Notes Due May 2020 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Rate (%) | 5.375% | |||||||||
Forecast | Senior Unsecured | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Loss on debt extinguishment and other deposit redemption | $ 15 | |||||||||
Subsequent Event | Senior Unsecured | 5.375% Senior Unsecured Notes Due May 2020 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Rate (%) | 5.375% | 5.375% | ||||||||
Repayment of senior unsecured notes | $ 431 | $ 431 | ||||||||
Subsequent Event | Dutch Total Return Swap (TRS) | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Repayments of secured debt | $ 465 | |||||||||
Subsequent Event | Goldman Sachs International | Dutch Total Return Swap (TRS) | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Termination date for agreement | Nov. 2, 2018 | |||||||||
Repayments of secured debt | $ 625 | |||||||||
Minimum | Forecast | Goldman Sachs International | Dutch Total Return Swap (TRS) | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Net pretax charges on termination | (70) | |||||||||
Maximum | Forecast | Goldman Sachs International | Dutch Total Return Swap (TRS) | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Net pretax charges on termination | (75) | |||||||||
Railcar | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Loans | $ 1,200 | |||||||||
Proceeds from sale of commercial air | $ 1,100 | |||||||||
Proceeds from sale of railcar assets | $ 350 | |||||||||
Proceeds from sale of business used to repay debt | $ 300 | |||||||||
Railcar | Subsequent Event | Dutch Total Return Swap (TRS) | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Assets | $ 775 | |||||||||
Railcar | Minimum | Forecast | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Pretax gain | 30 | |||||||||
Railcar | Maximum | Forecast | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Pretax gain | $ 35 |