CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT’S DISCUSSION AND ANALYSIS 72 Our capital levels are evaluated and managed centrally, however, capital is allocated to the operating segments to support evaluation of business performance.
Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements.
We approximate that regulatory capital is equivalent to a sustainable target level for common equity tier 1 and then allocate that approximation to the segments based on economic capital.
Interest income and expense is determined based on the assets and liabilities managed by the business segment.
Because funding and asset liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used, or credit for the funds provided, to all business segment assets, liabilities and capital, respectively, using a matched-funding concept.
The residual effect on net interest income of asset/liability management, including the residual net interest income related to the funds transfer pricing process, is included in Other.
Provision for credit losses is allocated to each business segment based on actual net charge-offs that have been recognized by the business segment.
The difference between the consolidated provision for credit losses and the business segments’ net charge- offs is reflected in Other.
Noninterest income and expense directly managed by each business segment, including fees, service charges, salaries and benefits, and other direct revenues and costs are accounted for within each segment’s financial results in a manner similar to our Consolidated Financial Statements.
Occupancy costs are allocated based on utilization of facilities by the business segment.
Noninterest expenses incurred by centrally managed operations or business segments that directly support another business segment’s operations are charged to the applicable business segment based on its utilization of those services.
Income taxes are assessed to each business segment at a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Other.
Developing and applying methodologies used to allocate items among the business segments is a dynamic process.
Accordingly, financial results may be revised periodically as management systems are enhanced, methods of evaluating performance or product lines change, or our organizational structure changes.
Consumer Banking
## Table 0 ##
(1) Average loans held for sale for the year ended December 31, 2014 include loans relating to the Chicago Divestiture.
(2) Average deposits held for sale for the year ended December 31, 2014 include deposits relating to the Chicago Divestiture.
(3) Ratios include both loans and leases held for sale and deposits held for sale.
(4) Operating segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements.
We approximate that regulatory capital is equivalent to a sustainable target level for CET1 capital and then allocate that approximation to the segments based on economic capita
Notes to Consolidated Financial Statements – (Continued) (Amounts in Millions, Except Per Share Amounts) Cash Flows For 2010, we expect to contribute $25.2 and $9.2 to our foreign pension plans and domestic pension plans, respectively.
A significant portion of our contributions to the foreign pension plans relate to the U. K.  Pension Plan.
Additionally, we are in the process of modifying the schedule of employer contributions for the U. K.  Pension Plan and we expect to finalize this during 2010.
As a result, we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years.
During 2009, we contributed $31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible.
The following estimated future benefit payments, which reflect future service, as appropriate, are expected to be paid in the years indicated below.
## Table 1 ##
The estimated future payments for our postretirement benefit plans are before any estimated federal subsidies expected to be received under the Medicare Prescription Drug, Improvement and Modernization Act of 2003.
Federal subsidies are estimated to range from $0.5 in 2010 to $0.6 in 2014 and are estimated to be $2.4 for the period 2015-2019.
Savings Plans We sponsor defined contribution plans (the “Savings Plans”) that cover substantially all domestic employees.
The Savings Plans permit participants to make contributions on a pre-tax and/or after-tax basis and allows participants to choose among various investment alternatives.
We match a portion of participant contributions based upon their years of service.
Amounts expensed for the Savings Plans for 2009, 2008 and 2007 were $35.1, $29.6 and $31.4, respectively.
Expense includes a discretionary Company contribution of $3.8, $4.0 and $4.9 offset by participant forfeitures of $2.7, $7.8, $6.0 in 2009, 2008 and 2007, respectively.
In addition, we maintain defined contribution plans in various foreign countries and contributed $25.0, $28.7 and $26.7 to these plans in 2009, 2008 and 2007, respectively.
Deferred Compensation and Benefit Arrangements We have deferred compensation arrangements which (i) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation, or (ii) require us to contribute an amount to the participant’s account.
The arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions, such as completing a certain number of years of service or upon retirement or termination.
As of December 31, 2009 and 2008, the deferred compensation liability balance was $100.3 and $107.6, respectively.
Amounts expensed for deferred compensation arrangements in 2009, 2008 and 2007 were $11.6, $5.7 and $11.9, respectively.
We have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment, payable when the participant attains a certain age and after the participant’s employment has terminated.
The deferred benefit liability was $178.2 and $182.1 as of December 31, 2009 and 2008, respectively.
Amounts expensed for deferred benefit arrangements in 2009, 2008 and 2007 were $12.0, $14.9 and $15.5, respectively.
We have purchased life insurance policies on participants’ lives to assist in the funding of the related deferred compensation and deferred benefit liabilities.
As of December 31, 2009 and 2008, the cash surrender value of these policies was $119.4 and $100.2, respectively.
In addition to the life insurance policies, certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities.
These investments, along with the life insurance policies, are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit
The following table summarizes information about performance share units based on the target award amounts in the performance share unit agreements:
## Table 2 ##
1 Represents the target amount of performance share units converted to restricted stock units for the 2014–2016 performance period.
The vesting of restricted stock units is subject to the terms of the performance share unit agreements.2 The outstanding performance share units as of December 31, 2017, at the threshold award and maximum award levels were 2.2 million and 15.4 million, respectively.
The weighted-average grant date fair value of performance share units granted was $34.75 in 2017, $39.70 in 2016 and $37.99 in 2015.
The Company did not convert any performance share units into cash equivalent payments in 2015.
The Company converted performance share units of 11,052 in 2017 and 52,545 in 2016 to cash equivalent payments of $0.4 million and $1.9 million, respectively, to former employees or their beneficiaries due to certain events such as death or disability.
The following table summarizes information about nonvested performance-based restricted stock units based on the performance share units’ certified award level:
## Table 3 ##
The total intrinsic value of restricted shares that were vested and released was less than $1 million in both 2017 and 2016 and $5 million in 2015.
The total restricted share units vested and released were 3,037 in 2017, 7,101 in 2016 and 130,017 in 2015.
Time-Based Restricted Stock and Restricted Stock Unit Awards Prior to the release date, time-based restricted stock and restricted stock units granted from the 2014 Equity Plan do not entitle participants to vote or receive dividends and will be forfeited in the event of the recipient’s termination of employment, except for reasons such as death or disability.
Certain other time-based restricted stock awards entitle participants to vote and receive dividends.
The fair value of the restricted stock and restricted stock units expected to vest and be released is expensed on a straight-line basis over the vesting period.
As of December 31, 2017, the Company had outstanding nonvested time-based restricted stock, including restricted stock units, of 3,534,660, most of which do not pay dividends or have voting rights.
The following table summarizes information about nonvested time-based restricted stock awards:

<table><tr><td></td><td colspan="2">As of and for the Year Ended December 31,</td><td></td><td></td></tr><tr><td>(dollars in millions)</td><td>2015</td><td>2014</td><td>Change</td><td>Percent</td></tr><tr><td>Net interest income</td><td>$2,198</td><td>$2,151</td><td>$47</td><td>2%</td></tr><tr><td>Noninterest income</td><td>910</td><td>899</td><td>11</td><td>1</td></tr><tr><td>Total revenue</td><td>3,108</td><td>3,050</td><td>58</td><td>2</td></tr><tr><td>Noninterest expense</td><td>2,456</td><td>2,513</td><td>-57</td><td>-2</td></tr><tr><td>Profit before provision for credit losses</td><td>652</td><td>537</td><td>115</td><td>21</td></tr><tr><td>Provision for credit losses</td><td>252</td><td>259</td><td>-7</td><td>-3</td></tr><tr><td>Income before income tax expense</td><td>400</td><td>278</td><td>122</td><td>44</td></tr><tr><td>Income tax expense</td><td>138</td><td>96</td><td>42</td><td>44</td></tr><tr><td>Net income</td><td>$262</td><td>$182</td><td>$80</td><td>44</td></tr><tr><td>Loans and leases and loans held for sale (year-end)</td><td>$53,344</td><td>$49,919</td><td>$3,425</td><td>7</td></tr><tr><td>Average Balances:</td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$52,848</td><td>$48,939</td><td>$3,909</td><td>8%</td></tr><tr><td>Loans and leases and loans held for sale<sup>-1</sup></td><td>51,484</td><td>47,745</td><td>3,739</td><td>8</td></tr><tr><td>Deposits and deposits held for sale<sup>-2</sup></td><td>69,748</td><td>68,214</td><td>1,534</td><td>2</td></tr><tr><td>Interest-earning assets</td><td>51,525</td><td>47,777</td><td>3,748</td><td>8</td></tr><tr><td>Key Performance Metrics:</td><td></td><td></td><td></td><td></td></tr><tr><td>Net interest margin</td><td>4.27%</td><td>4.50%</td><td>-23 bps</td><td>—</td></tr><tr><td>Efficiency ratio</td><td>79.02</td><td>82.39</td><td>-337 bps</td><td>—</td></tr><tr><td>Average loans to average deposits ratio<sup>-3</sup></td><td>73.81</td><td>69.99</td><td>382 bps</td><td>—</td></tr><tr><td>Return on average total tangible assets</td><td>0.50</td><td>0.37</td><td>13 bps</td><td>—</td></tr><tr><td>Return on average tangible common equity<sup>-4</sup></td><td>5.53</td><td>3.90</td><td>163 bps</td><td>—</td></tr></table>
<table><tr><td>Years</td><td>Domestic Pension Plans</td><td>Foreign Pension Plans</td><td>Postretirement Benefit Plans</td></tr><tr><td>2010</td><td>$17.2</td><td>$23.5</td><td>$5.8</td></tr><tr><td>2011</td><td>11.1</td><td>24.7</td><td>5.7</td></tr><tr><td>2012</td><td>10.8</td><td>26.4</td><td>5.7</td></tr><tr><td>2013</td><td>10.5</td><td>28.2</td><td>5.6</td></tr><tr><td>2014</td><td>10.5</td><td>32.4</td><td>5.5</td></tr><tr><td>2015 – 2019</td><td>48.5</td><td>175.3</td><td>24.8</td></tr></table>
<table><tr><td></td><td>Performance Share Units (In thousands)</td><td>Weighted-AverageGrant DateFair Value</td></tr><tr><td>Outstanding on January 1, 2017</td><td>9,773</td><td>$35.77</td></tr><tr><td>Granted</td><td>4,133</td><td>34.75</td></tr><tr><td>Conversions to restricted stock units<sup>1</sup></td><td>-4,851</td><td>32.35</td></tr><tr><td>Paid in cash equivalent</td><td>-11</td><td>34.15</td></tr><tr><td>Canceled/forfeited</td><td>-832</td><td>37.20</td></tr><tr><td>Outstanding on December 31, 2017<sup>2</sup></td><td>8,212</td><td>$37.14</td></tr></table>
<table><tr><td></td><td>Restricted Stock Units (In thousands)</td><td>Weighted-AverageGrant Date Fair Value</td></tr><tr><td>Nonvested on January 1, 2017</td><td>—</td><td>$—</td></tr><tr><td>Conversions from performance share units</td><td>7,181</td><td>32.33</td></tr><tr><td>Vested and released</td><td>-3</td><td>32.35</td></tr><tr><td>Canceled/forfeited</td><td>-430</td><td>32.30</td></tr><tr><td>Nonvested on December 31, 2017</td><td>6,748</td><td>$32.35</td></tr></table>

Question: what percentage of amounts expensed in 2009 came from discretionary company contributions?
Answer: 10.82621