CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT'S DISCUSSION AND ANALYSIS
## Table 0 ##
(1) Earnings per share information reflects a 165,582-for-1 forward stock split effective on August 22, 2014.
(2) We define “Return on average common equity” as net income (loss) divided by average common equity.
(3) Ratios for the periods above are presented on an annualized basis.
(4) We define “Return on average total assets” as net income (loss) divided by average total assets.
(5) We define “Net interest margin” as net interest income divided by average total interest-earning assets.
(6) Excludes loans held for sale of $281 million, $208 million, $262 million, $1.4 billion, $1.3 billion, $307 million, $429 million, $550 million as of December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, respectively.
(7) Excludes deposits held for sale of $5.2 billion and $5.3 billion as of March 31, 2014 and December 31, 2013, respectively.
(8) We define “Tier 1 risk-based capital ratio” as Tier 1 capital balance divided by total risk-weighted assets as defined under Basel I.
(9) We define “Total risk-based capital ratio” as total capital balance divided by total risk-weighted assets as defined under Basel I.
(10) We define “Tier 1 common equity ratio” as Tier 1 capital balance, minus preferred stock, divided by total risk-weighted assets as defined under Basel I.
(11) We define “Tier 1 leverage ratio” as Tier 1 capital balance divided by quarterly average total assets as defined under Basel I.
Capital As a bank holding company and a financial holding company, we are subject to regulation and supervision by the Federal Reserve Board.
Our primary subsidiaries are our two insured depository institutions, Citizens Bank, National Association, (“CBNA”) a national banking association whose primary federal regulator is the OCC, and Citizens Bank of Pennsylvania (“CBPA”), a Pennsylvania-charted savings bank regulated by the Department of Banking of the Commonwealth of Pennsylvania and supervised by the FDIC as its primary federal regulator.
Under the Basel I capital framework in effect for us at December 31, 2014, the Federal Reserve Board required us to maintain minimum levels with respect to our total risk-based capital, Tier 1 risk-based capital and Tier 1 leverage ratios.
The minimum standards for the total risk-based capital ratio (the ratio of our total risk-based capital, which is the sum of our Tier 1 and Tier 2 capital, as defined by Federal Reserve Board regulation, to total risk-weighted assets) and the Tier 1 risk-based capital ratio (the ratio of our Tier 1 capital to total risk-weighted assets) were 8.0% and 4.0%, respectively.
The minimum Tier 1 leverage ratio (the ratio of a banking organization’s Tier 1 capital to total adjusted quarterly average total assets, as defined for regulatory purposes) was 3.0% for bank holding companies that either had the highest supervisory rating or have implemented the Federal
Payment Solutions product revenue is derived primarily from Point of Sale solutions.
Payment Solutions service revenue is derived primarily from merchant services for small businesses that include credit card, debit card, electronic benefits, and gift card processing services; check verification, check guarantee and electronic check conversion, including automated clearing house (ACH) and Check 21 capabilities; and Web-based transaction processing services for online merchants.
Service and other revenue for this segment also includes interest earned on funds held for customers.
Fiscal 2010 Compared with Fiscal 2009 Payment Solutions total net revenue increased $22 million or 8% in fiscal 2010 compared with fiscal 2009, driven by 17% growth in the merchant customer base.
Transaction volume per merchant declined 3% in fiscal 2010 compared with fiscal 2009, reflecting continued lower levels of consumer spending.
Payment Solutions segment operating income as a percentage of related revenue increased to 21% in fiscal 2010 from 11% in fiscal 2009.
In fiscal 2010, operating income was higher due to the increase in revenue described above and decreases of about $9 million in the allocation of facilities expenses and about $8 million in staffing expenses.
Fiscal 2009 Compared with Fiscal 2008 Payment Solutions total net revenue increased $37 million or 15% in fiscal 2009 compared with fiscal 2008.
Revenue in fiscal 2009 increased due to 14% growth in our core merchant services customer base and revenue from ECHO, which we acquired in February 2008.
Transaction volume per customer was down about 8% in fiscal 2009 compared with fiscal 2008, reflecting an overall reduction in consumer spending associated with the economic environment.
Excluding revenue from ECHO, Payment Solutions segment revenue increased approximately 8% in fiscal 2009 compared with fiscal 2008.
Payment Solutions segment operating income as a percentage of related revenue decreased to 11% in fiscal 2009 from 17% in fiscal 2008.
Higher fiscal 2009 revenue as described above was more than offset by a $49 million increase in segment costs and expenses.
In fiscal 2009 total segment expense included increases of about $15 million due to our February 2008 acquisition of ECHO; about $11 million for higher cost of revenue in the core merchant services business; about $7 million for higher sales and marketing expenses and about $4 million for higher product development expenses in the core merchant services business; and about $4 million for higher depreciation from infrastructure investments.
Consumer Tax
## Table 1 ##
Consumer Tax product revenue is derived primarily from TurboTax federal and state consumer and small business desktop tax return preparation software.
Consumer Tax service and other revenue is derived primarily from TurboTax Online tax return preparation services and electronic tax filing services.
Notes to the Consolidated Financial Statements U. S.  Qualified Pension Beginning in 2012, the Company initiated a lump sum payout program that gave certain terminated vested participants in certain U. S.  defined benefit pension plans the option to take a one-time lump sum cash payment in lieu of receiving a future monthly annuity.
During 2017, PPG paid $87 million in lump sum benefits to terminated vested participants who elected to participate in the program.
As the lump-sum payments were in excess of the expected 2017 service and interest costs for the qualified pension plans, PPG remeasured the periodic benefit obligation of the qualified plans and recorded a settlement charge totaling $35 million ($22 million after-tax).
U. S.  Non-qualified Pension In the first quarter 2017, PPG made lump-sum payments to certain retirees who had participated in PPG's U. S.  non-qualified pension plan (the "Nonqualified Plan") totaling approximately $40 million.
As the lump-sum payments were in excess of the expected 2017 service and interest costs for the Nonqualified Plan, PPG remeasured the periodic benefit obligation of the Nonqualified Plan as of March 1, 2017 and recorded a settlement charge totaling $22 million ($14 million after-tax).
Plan assets Each PPG sponsored defined benefit pension plan is managed in accordance with the requirements of local laws and regulations governing defined benefit pension plans for the exclusive purpose of providing pension benefits to participants and their beneficiaries.
Investment committees comprised of PPG managers have fiduciary responsibility to oversee the management of pension plan assets by third party asset managers.
Pension plan assets are held in trust by financial institutions and managed on a day-to-day basis by the asset managers.
The asset managers receive a mandate from each investment committee that is aligned with the asset allocation targets established by each investment committee to achieve the plan’s investment strategies.
The performance of the asset managers is monitored and evaluated by the investment committees throughout the year.
Pension plan assets are invested to generate investment earnings over an extended time horizon to help fund the cost of benefits promised under the plans while mitigating investment risk.
The asset allocation targets established for each pension plan are intended to diversify the investments among a variety of asset categories and among a variety of individual securities within each asset category to mitigate investment risk and provide each plan with sufficient liquidity to fund the payment of pension benefits to retirees.
The following summarizes the weighted average target pension plan asset allocation as of December 31, 2018 and 2017 for all PPG defined benefit plans:
## Table 2 ##
Other (Expense) Income, Net The following table provides details of the Company’s other income, net (dollars in millions):
## Table 3 ##
Interest and dividend income decreased in 2008 compared with 2007 and 2006 primarily due to the use of available cash and cash equivalents to retire the 5.375% Senior Notes on the date of their maturity and lower interest rates paid on the Company’s invested cash.
Net foreign exchange transaction losses increased $9.6 million in 2008 compared with 2007 primarily due to the strengthening of the U. S.  dollar during the latter part of 2008, particularly against foreign currencies in developing markets.
Other, net, includes the costs associated with the Company’s receivables securitization program.
These costs primarily relate to the losses on the sale of the undivided ownership interests in 2008, program fees, commitment fees and other associated costs which totaled $3.4 million in 2008.
The program and commitment fees and other associated costs were $0.4 million in 2007 and $0.3 million in 2006.
There were no costs related to losses on the sale of receivables interests in 2007 and 2006 since the Company did not sell any receivables interests during these years.
Income Taxes The Company’s effective income tax rate was 19.1% for 2008, 22.6% for 2007 and 31.5% for 2006.
The Company expects an effective income tax rate of approximately 27.7% for 2009.
The Company’s income tax provision for the year ended December 31, 2008 included the following benefits: ??
$3.6 million due to a change in assertion under Accounting Principles Board Opinion 23, or APB 23, with regard to certain foreign earnings; ??
$2.5 million of income tax benefits recognized related to the utilization of loss carryforwards in a foreign jurisdiction for which no benefit had previously been recognized for financial reporting purposes; ??
$3.2 million of income tax benefits related to a reduction in the estimated cost of repatriating certain foreign earnings; and ??
$6.1 million of income tax benefits related to tax accruals, and related interest, for contingencies that did not materialize primarily due to the expiration of the statutes of limitations.
For 2008, the effective income tax rate was lower than the statutory U. S.  federal income tax rate of 35.0% primarily due to the lower net effective income tax rate on foreign earnings, and to a lesser extent, the items noted above.
For 2007, the effective income tax rate was lower than the statutory U. S.  federal income tax rate of 35.0% primarily due to the reversal of the tax accruals and related interest and, to a lesser extent, the lower net effective income tax rate on foreign earnings, partially offset by state income taxes.
For 2006, the effective income tax rate was lower than the statutory U. S.  federal income tax rate of 35.0% primarily due to the lower net effective income tax rate on foreign earnings, partially offset by the effect of state income taxes.
On January 1, 2007, the Company adopted the provisions of Financial Accounting Standards Board, or FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No.109, Accounting for Income Taxes.
” As a result of the implementation of FIN 48, the Company recognized no change in the liability for unrecognized tax benefits.
See Note 15, “Income Taxes,” of Notes to Consolidated Financial Statements for additional information.
Liquidity and Capital Resources The discussion that follows contains: ??
a description of the Company’s material commitments and contingencies; ??
a description of the Company’s principal sources of liquidity; ??
a description of the Company’s outstanding indebtedness; ??
an analysis of the Company’s historical cash flows and changes in working capital; ??
a description of the Company’s derivative financial instruments; and ??
a description of changes in the Company’s shareholders’ equity
(continued) Material Commitments and Contingencies Settlement Agreement and Related Costs The Company recorded a charge of $850.1 million in the fourth quarter of 2002, of which $512.5 million represents a cash payment that the Company is required to make (subject to the satisfaction of the terms and conditions of the Settlement agreement) upon the effectiveness of a plan of reorganization in the bankruptcy of W.  R.  Grace & Co.
The Company did not use cash in any period with respect to this liability.
While confirmation hearings on the PI Settlement Plan are currently scheduled for June and September 2009 (with potential pre-trial conferences currently scheduled in July), the Company does not know whether or when a final plan of reorganization will become effective or whether the final plan will be consistent with the terms of the Settlement agreement.
The Company currently expects to fund this payment by using a combination of accumulated cash and future cash flows from operations and funds available under its revolving credit facility or its accounts receivable securitization program, both described below, as well as funds available from the Company’s recently issued 12% Senior Notes.
The cash payment of $512.5 million accrues interest at a 5.5% annual rate, which is compounded annually, from December 21, 2002 to the date of payment.
The Company has recorded this accrued interest in Settlement agreement and related accrued interest on its consolidated balance sheets, and these amounts were $195.3 million at December 31, 2008 and $158.4 million at December 31, 2007.
The information set forth in Note 16, “Commitments and Contingencies,” under the caption “Settlement agreement and Related Costs” is incorporated herein by reference.
Cryovac Transaction; Contingencies Related to the Cryovac Transaction The information set forth in Note 16, “Commitments and Contingencies,” of Notes to Consolidated Financial Statements under the captions “Cryovac Transaction” and “Contingencies Related to the Cryovac Transaction” is incorporated herein by reference.
Other Litigation The information set forth in Note 16, “Commitments and Contingencies,” of Notes to Consolidated Financial Statements under the caption “Other Litigation” is incorporated herein by reference.
Contractual Obligations The following table summarizes the Company’s principal contractual obligations and sets forth the amounts of required or contingently required cash outlays in 2009 and future years (amounts in millions):
## Table 4 ##
(1) These amounts include principal maturities (at face value) only.
These amounts also include the Company’s contractual obligations under capital leases of $5.3 million in 2009, $10.0 million in 2010–2011 and $0.5 million in 2012–2013.
(2) The 2010 period includes the Company’s 3% convertible Senior Notes since the holders of these notes have the option to require the Company to repurchase the senior notes on June 30 of 2010, 2013, 2018, 2023 and 2028.
See Note 11, “Debt and Credit Facilities,” of Notes to Consolidated Financial Statements.
(3) This liability is reflected as a current liability due to the uncertainty of the timing of payment.
Interest accrues on this amount at a rate of 5.5% per annum, compounded annually, until it becomes due and payable.

<table><tr><td></td><td colspan="8">As of</td></tr><tr><td>(dollars in millions)</td><td>December 31,2014</td><td>September 30,2014</td><td>June 30,2014</td><td>March 31,2014</td><td>December 31,2013</td><td>September 30, 2013</td><td>June 30,2013</td><td>March 31, 2013</td></tr><tr><td>Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$132,857</td><td>$131,341</td><td>$130,279</td><td>$126,892</td><td>$122,154</td><td>$120,074</td><td>$117,833</td><td>$126,044</td></tr><tr><td>Loans and leases<sup>-6</sup></td><td>93,410</td><td>90,749</td><td>88,829</td><td>87,083</td><td>85,859</td><td>85,493</td><td>85,006</td><td>85,782</td></tr><tr><td>Allowance for loan and lease losses</td><td>1,195</td><td>1,201</td><td>1,210</td><td>1,259</td><td>1,221</td><td>1,219</td><td>1,200</td><td>1,219</td></tr><tr><td>Total securities</td><td>24,676</td><td>24,848</td><td>24,823</td><td>24,804</td><td>21,245</td><td>20,852</td><td>17,408</td><td>18,066</td></tr><tr><td>Goodwill</td><td>6,876</td><td>6,876</td><td>6,876</td><td>6,876</td><td>6,876</td><td>6,876</td><td>6,876</td><td>11,311</td></tr><tr><td>Total liabilities</td><td>113,589</td><td>111,958</td><td>110,682</td><td>107,450</td><td>102,958</td><td>100,661</td><td>98,223</td><td>101,837</td></tr><tr><td>Deposits<sup>-7</sup></td><td>95,707</td><td>93,463</td><td>91,656</td><td>87,462</td><td>86,903</td><td>93,930</td><td>91,361</td><td>94,628</td></tr><tr><td>Federal funds purchased and securities sold under agreements to repurchase</td><td>4,276</td><td>5,184</td><td>6,807</td><td>6,080</td><td>4,791</td><td>3,424</td><td>3,371</td><td>3,709</td></tr><tr><td>Other short-term borrowed funds</td><td>6,253</td><td>6,715</td><td>7,702</td><td>4,950</td><td>2,251</td><td>2</td><td>2</td><td>11</td></tr><tr><td>Long-term borrowed funds</td><td>4,642</td><td>2,062</td><td>1,732</td><td>1,403</td><td>1,405</td><td>1,064</td><td>732</td><td>692</td></tr><tr><td>Total stockholders’ equity</td><td>19,268</td><td>19,383</td><td>19,597</td><td>19,442</td><td>19,196</td><td>19,413</td><td>19,610</td><td>24,207</td></tr><tr><td>Other Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Asset Quality Ratios:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Allowance for loan and lease losses as a percentage of total loans and leases</td><td>1.28%</td><td>1.32%</td><td>1.36%</td><td>1.45%</td><td>1.42%</td><td>1.43%</td><td>1.41%</td><td>1.42%</td></tr><tr><td>Allowance for loan and lease losses as a percentage of nonperforming loans and leases</td><td>109</td><td>111</td><td>101</td><td>92</td><td>86</td><td>72</td><td>69</td><td>67</td></tr><tr><td>Nonperforming loans and leases as a percentage of total loans and leases</td><td>1.18</td><td>1.19</td><td>1.35</td><td>1.57</td><td>1.65</td><td>1.98</td><td>2.06</td><td>2.14</td></tr><tr><td>Capital ratios:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Tier 1 risk-based capital ratio<sup>-8</sup></td><td>12.4</td><td>12.9</td><td>13.3</td><td>13.4</td><td>13.5</td><td>14.0</td><td>14.3</td><td>14.5</td></tr><tr><td>Total risk-based capital ratio<sup>-9</sup></td><td>15.8</td><td>16.1</td><td>16.2</td><td>16.0</td><td>16.1</td><td>16.3</td><td>16.3</td><td>16.2</td></tr><tr><td>Tier 1 common equity ratio<sup>-10</sup></td><td>12.4</td><td>12.9</td><td>13.3</td><td>13.4</td><td>13.5</td><td>13.9</td><td>14.3</td><td>14.2</td></tr><tr><td>Tier 1 leverage ratio<sup>-11</sup></td><td>10.6</td><td>10.9</td><td>11.1</td><td>11.4</td><td>11.6</td><td>12.1</td><td>11.8</td><td>12.5</td></tr></table>
<table><tr><td><i>(Dollars in millions)</i></td><td>Fiscal 2010</td><td>Fiscal 2009</td><td>Fiscal 2008</td><td>2010-2009 % Change</td><td> 2009-2008  % Change</td></tr><tr><td>Product revenue</td><td>$275</td><td>$256</td><td>$311</td><td></td><td></td></tr><tr><td>Service and other revenue</td><td>871</td><td>740</td><td>618</td><td></td><td></td></tr><tr><td>Total segment revenue</td><td>$1,146</td><td>$996</td><td>$929</td><td>15%</td><td>7%</td></tr><tr><td>% of total revenue</td><td>33%</td><td>32%</td><td>31%</td><td></td><td></td></tr><tr><td>Segment operating income</td><td>$746</td><td>$629</td><td>$588</td><td>19%</td><td>7%</td></tr><tr><td>% of related revenue</td><td>65%</td><td>63%</td><td>63%</td><td></td><td></td></tr></table>
<table><tr><td>Asset Category</td><td>2018</td><td>2017</td></tr><tr><td>Equity securities</td><td>15-45%</td><td>15-45%</td></tr><tr><td>Debt securities</td><td>30-65%</td><td>30-65%</td></tr><tr><td>Real estate</td><td>0-10%</td><td>0-10%</td></tr><tr><td>Other</td><td>20-40%</td><td>20-40%</td></tr></table>
<table><tr><td></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Interest and dividend income</td><td>$14.1</td><td>$19.9</td><td>$16.8</td></tr><tr><td>Net foreign exchange transaction losses</td><td>-16.0</td><td>-6.4</td><td>-4.1</td></tr><tr><td>Settlement agreement and related costs</td><td>-1.5</td><td>-0.7</td><td>-1.6</td></tr><tr><td>Advisory expenses incurred prior to ceasing work on an acquisition</td><td>—</td><td>-7.5</td><td>—</td></tr><tr><td>Loss on sale of small product line</td><td>—</td><td>-6.8</td><td>—</td></tr><tr><td>Gain on termination of forward starting interest rate swaps</td><td>—</td><td>3.7</td><td>—</td></tr><tr><td>Other, net</td><td>-8.7</td><td>9.8</td><td>10.9</td></tr><tr><td>Other (expense) income, net</td><td>$-12.1</td><td>$12.0</td><td>$22.0</td></tr></table>
<table><tr><td> </td><td colspan="5"> Payments Due by Years</td></tr><tr><td> Contractual Obligations</td><td> Total</td><td> 2009</td><td> 2010-2011</td><td> 2012-2013</td><td> Thereafter</td></tr><tr><td>Short-term borrowings</td><td>$37.6</td><td>$37.6</td><td>$—</td><td>$—</td><td>$—</td></tr><tr><td>Current portion of long-term debt exclusive of debt discounts</td><td>151.5</td><td>151.5</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Long-term debt, exclusive of debt discounts</td><td>1,292.1</td><td>—</td><td>441.4</td><td>400.6</td><td>450.1</td></tr><tr><td>Total debt-1(2)</td><td>1,481.2</td><td>189.1</td><td>441.4</td><td>400.6</td><td>450.1</td></tr><tr><td>Operating leases</td><td>151.0</td><td>32.6</td><td>48.4</td><td>28.3</td><td>41.7</td></tr><tr><td>Cash portion of the Settlement agreement, including accrued interest at December 31, 2008-3</td><td>707.8</td><td>707.8</td><td>—</td><td>—</td><td>—</td></tr><tr><td>First quarter 2009 quarterly cash dividend declared</td><td>18.9</td><td>18.9</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Accounts receivable securitization program</td><td>80.0</td><td>80.0</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other principal contractual obligations</td><td>162.3</td><td>70.1</td><td>87.0</td><td>5.2</td><td>—</td></tr><tr><td>Total contractual cash obligations</td><td>$2,601.2</td><td>$1,098.5</td><td>$576.8</td><td>$434.1</td><td>$491.8</td></tr></table>

Question: What do all Total assets sum up, excluding those negative ones in 2014? (in million)