BANK OF AMERICA CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements—(Continued) Consolidated Statement of Cash Flows
## Table 0 ##
Investing activities
Financing activities
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 2016 Annual Report | Northern Trust Corporation 69 Corporation Liquidity The liquidity of the Corporation is managed separately from that of the Bank.
The primary sources of cash for the Corporation are issuances of debt or equity, dividend payments from the Bank and interest earned on investment securities and money market assets.
In 2016, the Corporation received $300.0 million of dividends from the Bank.
Dividends from the Bank are subject to certain restrictions, as discussed in further detail in Note 30, “Restrictions on Subsidiary Dividends and Loans or Advances,” to the consolidated financial statements provided in Item 8, “Financial Statements and Supplementary Data.
” The Corporation’s uses of cash consist mainly of dividend payments to the Corporation’s stockholders; the payment of principal and interest to note holders; repurchases of its common stock; and investments in, or loans to, its subsidiaries.
The most significant uses of cash by the Corporation during 2016 were $411.1 million of common stock repurchases and $333.0 million of common stock dividends.
The Corporation’s liquidity, defined as the amount of cash and highly marketable assets, was $757.0 million and $757.5 million at December 31, 2016 and 2015, respectively.
During, and at year-end, 2016 and 2015, these assets were comprised almost entirely of cash in a demand deposit account at the Bank or overnight money market placements, both of which were fully available to the Corporation to support its own cash flow requirements or those of its subsidiaries, as needed.
Average liquidity during 2016 and 2015 was $562.8 million and $846.2 million, respectively.
The cash flows of the Corporation are shown in Note 33, “Northern Trust Corporation (Corporation only),” to the consolidated financial statements provided in Item 8, “Financial Statements and Supplementary Data.
” A significant source of liquidity for both the Corporation and the Bank is the ability to draw funding from capital markets globally.
The credit ratings of the Corporation and the Bank as of December 31, 2016, provided below, allow Northern Trust to access capital markets on favorable terms.
TABLE 36: NORTHERN TRUST CREDIT RATINGS AS OF DECEMBER 31, 2016
## Table 1 ##
A significant downgrade in one or more of these ratings could limit Northern Trust’s access to capital markets and/or increase the rates paid for short-term borrowings, including deposits, and future long-term debt issuances.
The size of these rate increases would depend on multiple factors, including the extent of the downgrade, Northern Trust’s relative debt rating compared to other financial institutions, current market conditions, and other factors.
In addition, as discussed in Note 25, “Derivative Financial Instruments,” to the consolidated financial statements provided in Item 8, “Financial Statements and Supplementary Data,” Northern Trust enters into certain master netting arrangements with derivative counterparties that contain credit-risk-related contingent features in which the counterparty has the option to declare Northern Trust in default and accelerate cash settlement of net derivative liabilities with the counterparty in the event Northern Trust’s credit rating falls below specified levels.
The net maximum amount of these termination payments that Northern Trust could have been required to pay at December 31, 2016, was $40.7 million.
Other than these credit-riskrelated contingent derivative counterparty payments, Northern Trust had no long-term debt covenants or other credit-riskrelated payments at December 31, 2016, that would be triggered by a significant downgrade in its debt ratings.
Statements of Cash Flows For the year ended December 31, 2016, net cash provided by operating activities was $1.5 billion, primarily reflecting period earnings and decreased other operating activities.
6.
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES Activity in the loss and loss adjustment expense reserves is summarized as follows:
## Table 2 ##
We experienced minimal unfavorable reserve development of $45.1 million and $22.0 million in 2013 and 2012, respectively, compared to favorable development of $242.0 million in 2011, which is reflected as “Incurred related to prior years” in the table above.2013 ?
Approximately 80% of the unfavorable reserve development was attributable to accident year 2011, while the remaining 20% was related to accident year 2012.
The aggregate reserve development for accident years 2010 and prior was slightly favorable.  ?
About 55% of our unfavorable reserve development was in our Commercial Lines business, with the remainder split about equally between our Personal Lines business and our run-off businesses.
In our Personal Lines business, unfavorable development in our Agency auto channel was offset in large part by favorable development in our Direct auto channel.  ?
The unfavorable reserve development in our Agency auto business was in our IBNR reserves due to higher frequency and severity on late emerging claims, as primarily reflected in the “all other development.
” ?
Lower than anticipated severity costs on case reserves was the primary contributor to the favorable development in our Direct auto business.  ?
In our Commercial Lines business, we experienced unfavorable development due to higher frequency and severity on late emerging claims primarily in our bodily injury coverage for our truck business.  ?
In our other businesses, we experienced unfavorable development primarily due to reserve increases in our run-off professional liability group business based on recent internal actuarial reviews of our claims history.2012 ?
The unfavorable prior year reserve development was primarily attributable to accident year 2011 and to a lesser extent accident year 2010.
The aggregate reserve development for accident years 2009 and prior was favorable.
Despite overall unfavorable reserve development, we did experience favorable reserve adjustments, primarily in our loss adjustment expenses and our personal auto bodily injury reserves for accident years 2009 and 2008.  ?
Slightly more than half of the total unfavorable reserve development was attributable to our Commercial Lines business, with the remainder in our personal auto business.
In our personal auto business, unfavorable development in the Agency channel was partially offset by favorable development in the Direct channel, primarily reflecting that unfavorable development on our personal injury protection (PIP) coverage was more skewed to the Agency channel, and that our Direct business had favorable development on our collision coverage, as we experienced more subrogation recoveries in this channel.
Notes to the Consolidated Financial Statements In March 2015, we announced the pending sale of Splendour Notes to the Consolidated Financial Statements In March 2015, we announced the pending sale of Splendour of the Seas to TUI Cruises.
The sale for €188.0 million is scheduled to be completed in April 2016 in order to retain the future revenues to be generated for sailings through that date.
After the sale, TUI Cruises will lease the ship to Thomson Cruises, a subsidiary of TUI AG, which will operate the ship.
The purchase price will be financed by us under a secured credit agreement to be repaid over 10 years.
The resulting term loan will be 50% guaranteed by TUI AG and will be secured by a first mortgage on the ship.
Interest will accrue at the rate of 6.25% per annum.
We executed certain forward contracts to lock in the sales price of the ship at approximately $213 million.
We expect to recognize a gain on the sale, which we do not expect will have a material effect to our consolidated financial statements.
We have determined that Grand Bahama Shipyard Ltd.  (¡°Grand Bahama¡±), a ship repair and maintenance facility in which we have a 40% noncontrolling interest, is a VIE.
The facility serves cruise and cargo ships, oil and gas tankers, and offshore units.
We utilize this facility, among other ship repair facilities, for our regularly scheduled drydocks and certain emergency repairs as may be required.
During the year ended December 31, 2015, we made payments of $21.7 million to Grand Bahama for ship repair and maintenance services.
We have determined that we are not the primary beneficiary of this facility, as we do not have the power to direct the activities that most significantly impact the facility¡¯s economic performance.
Accordingly, we do not consolidate this entity and we account for this investment under the equity method of accounting.
As of December 31, 2015, the net book value of our investment in Grand Bahama was approximately $51.2 million, consisting of $12.6 million in equity and $38.6 million in loans.
As of December 31, 2014, the net book value of our investment in Grand Bahama was approximately $53.8 million, consisting of $7.7 million in equity and $46.1 million in loans.
These amounts represent our maximum exposure to loss.
During 2015 and 2014, we received approximately $3.1 million and $3.6 million, respectively, in principal and interest payments related to a loan in accrual status from Grand Bahama, which was paid in full during 2015.
The remaining amount of our loan to Grand Bahama is in non-accrual status and is included within Other assets in our consolidated balance sheets for which we received payments of approximately $4.4 million during 2015.
We monitor credit risk associated with this loan through our participation on Grand Bahama¡¯s board of directors along with our review of Grand Bahama¡¯s financial statements and projected cash flows.
Based on this review, we believe the risk of loss associated with the outstanding loan is not probable as of December 31, 2015.
We have determined that Skysea Holding, in which we have a 35% noncontrolling interest, is a VIE for which we are not the primary beneficiary, as we do not have the power to direct the activities that most significantly impact the entity¡¯s economic performance.
Accordingly, we do not consolidate this entity and we account for this investment under the equity method of accounting.
In addition, we and Ctrip.
com International Ltd, which also owns 35% of Skysea Holding, each provided a debt facility to a wholly owned subsidiary of Skysea Holding in the amount of $80.0 million.
Interest under these facilities, which mature in January 2030, initially accrues at a rate of 3.0% per annum with an increase of at least 0.5% every two years through maturity.
The facilities, which are pari passu to each other, are each 100% guaranteed by Skysea Holding and are secured by a first priority mortgage on the ship Golden Era, formerly known as Celebrity Century, which we sold to a wholly owned subsidiary of Skysea Holding in September 2014.
As of December 31, 2015 and December 31, 2014, our investment in Skysea Holding and its subsidiaries, including equity and loans, was approximately $99.8 million and $106.3 million, respectively.
These amounts were included within Other assets in our consolidated balance sheets and represent our maximum exposure to loss.
During 2015, Skysea Holding and its subsidiaries commenced operations through the brand SkySea Cruises.
Our share of income from investments accounted for under the equity method of accounting, including the entities discussed above, was $81.0 million, $51.6 million and $32.0 million for the years ended December 31, 2015, 2014 and 2013, respectively, and was recorded within Other income (expense).
Additionally, we received $33.3 million, $5.8 million and $5.1 million of dividends from our equity method investees for the years ended December 31, 2015, 2014 and 2013, respectively.
Also, we provide ship management and procurement services to TUI Cruises GmbH and Skysea Holding and recorded $20.2 million, $8.5 million and $9.1 million in revenues and $15.7 million, $4.0 million and $4.5 million in expenses for these services during the years ended December 31, 2015, 2014 and 2013, respectively, which was recorded within Onboard and other revenues and Other operating expenses, respectively.
Summarized financial information for our affiliates accounted for under the equity method of accounting was as follows (in thousands):
## Table 3 ##
For the period ended December 31,

<table><tr><td></td><td colspan="4">Nine Months Ended September 30</td></tr><tr><td></td><td colspan="2">2005</td><td colspan="2">2004</td></tr><tr><td> (Dollars in millions)</td><td>As Previously Reported</td><td>Restated</td><td>As Previously Reported</td><td>Restated</td></tr><tr><td> Operating activities</td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$13,118</td><td>$12,891</td><td>$10,294</td><td>$10,092</td></tr><tr><td>Reconciliation of net income to net cash provided by (used in) operating activities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Provision for credit losses</td><td>2,614</td><td>2,614</td><td>2,063</td><td>2,063</td></tr><tr><td>Gains on sales of debt securities</td><td>-1,013</td><td>-1,013</td><td>-2,022</td><td>-1,623</td></tr><tr><td>Depreciation and premises improvements amortization</td><td>716</td><td>716</td><td>723</td><td>723</td></tr><tr><td>Amortization of intangibles</td><td>613</td><td>613</td><td>455</td><td>455</td></tr><tr><td>Deferred income tax expense (benefit)</td><td>262</td><td>126</td><td>-402</td><td>-524</td></tr><tr><td>Net increase in trading and derivative instruments</td><td>-10,305</td><td>-10,503</td><td>-21,396</td><td>-22,153</td></tr><tr><td>Net increase in other assets</td><td>-3,330</td><td>-3,130</td><td>-590</td><td>-590</td></tr><tr><td>Net decrease in accrued expenses and other liabilities</td><td>-6,015</td><td>-6,015</td><td>-7,919</td><td>-7,919</td></tr><tr><td>Other operating activities, net</td><td>-6,994</td><td>-6,718</td><td>-1,043</td><td>20</td></tr><tr><td>Net cash used in operating activities</td><td>-10,334</td><td>-10,419</td><td>-19,837</td><td>-19,456</td></tr><tr><td> Investing activities</td><td></td><td></td><td></td><td></td></tr><tr><td>Net decrease in time deposits placed and other short-term investments</td><td>1,125</td><td>1,125</td><td>193</td><td>193</td></tr><tr><td>Net increase in federal funds sold and securities purchased under agreements to resell</td><td>-44,049</td><td>-44,049</td><td>-17,090</td><td>-17,090</td></tr><tr><td>Proceeds from sales of available-for-sale securities</td><td>143,079</td><td>143,079</td><td>77,860</td><td>88,425</td></tr><tr><td>Proceeds from maturities of available-for-sale securities</td><td>24,378</td><td>24,378</td><td>19,710</td><td>19,710</td></tr><tr><td>Purchases of available-for-sale securities</td><td>-202,053</td><td>-202,053</td><td>-165,359</td><td>-176,323</td></tr><tr><td>Proceeds from maturities of held-to-maturity securities</td><td>194</td><td>194</td><td>63</td><td>63</td></tr><tr><td>Proceeds from sales of loans and leases</td><td>13,059</td><td>13,059</td><td>3,192</td><td>3,192</td></tr><tr><td>Other changes in loans and leases, net</td><td>-48,730</td><td>-48,763</td><td>-18,938</td><td>-18,942</td></tr><tr><td>Additions to mortgage servicing rights, net</td><td>-663</td><td>-663</td><td>-841</td><td>-841</td></tr><tr><td>Net purchases of premises and equipment</td><td>-858</td><td>-858</td><td>-970</td><td>-970</td></tr><tr><td>Proceeds from sales of foreclosed properties</td><td>101</td><td>101</td><td>145</td><td>145</td></tr><tr><td>Investment in China Construction Bank</td><td>-2,500</td><td>-2,500</td><td>—</td><td>—</td></tr><tr><td>Net cash (paid in) acquired in business acquisitions</td><td>-118</td><td>—</td><td>5,593</td><td>5,615</td></tr><tr><td>Other investing activities, net</td><td>83</td><td>83</td><td>788</td><td>788</td></tr><tr><td>Net cash used in investing activities</td><td>-116,952</td><td>-116,867</td><td>-95,654</td><td>-96,035</td></tr><tr><td> Financing activities</td><td></td><td></td><td></td><td></td></tr><tr><td>Net increase in deposits</td><td>7,907</td><td>7,907</td><td>37,111</td><td>37,111</td></tr><tr><td>Net increase in federal funds purchased and securities sold under agreements to repurchase</td><td>97,312</td><td>97,312</td><td>59,003</td><td>59,003</td></tr><tr><td>Net increase in commercial paper and other short-term borrowings</td><td>29,057</td><td>29,057</td><td>20,424</td><td>20,424</td></tr><tr><td>Proceeds from issuance of long-term debt</td><td>17,813</td><td>17,813</td><td>19,080</td><td>19,080</td></tr><tr><td>Retirement of long-term debt</td><td>-13,076</td><td>-13,076</td><td>-11,286</td><td>-11,286</td></tr><tr><td>Proceeds from issuance of common stock</td><td>2,215</td><td>2,215</td><td>2,729</td><td>2,729</td></tr><tr><td>Common stock repurchased</td><td>-4,281</td><td>-4,281</td><td>-4,749</td><td>-4,749</td></tr><tr><td>Cash dividends paid</td><td>-5,672</td><td>-5,672</td><td>-4,640</td><td>-4,640</td></tr><tr><td>Other financing activities, net</td><td>-104</td><td>-104</td><td>-41</td><td>-41</td></tr><tr><td>Net cash provided by financing activities</td><td>131,171</td><td>131,171</td><td>117,631</td><td>117,631</td></tr><tr><td>Effect of exchange rate changes on cash and cash equivalents</td><td>-50</td><td>-50</td><td>28</td><td>28</td></tr><tr><td>Net increase in cash and cash equivalents</td><td>3,835</td><td>3,835</td><td>2,168</td><td>2,168</td></tr><tr><td>Cash and cash equivalents at January 1</td><td>28,936</td><td>28,936</td><td>27,084</td><td>27,084</td></tr><tr><td> Cash and cash equivalents at September 30</td><td>$32,771</td><td>$32,771</td><td>$29,252</td><td>$29,252</td></tr></table>
<table><tr><td></td><td colspan="3">CREDIT RATING</td></tr><tr><td></td><td>STANDARD &POOR’S</td><td>MOODY’S</td><td>FITCHRATINGS</td></tr><tr><td>Northern Trust Corporation:</td><td></td><td></td><td></td></tr><tr><td>Senior Debt</td><td>A+</td><td>A2</td><td>AA-</td></tr><tr><td>Subordinated Debt</td><td>A</td><td>A2</td><td>A+</td></tr><tr><td>Preferred Stock</td><td>BBB+</td><td>Baa1</td><td>BBB</td></tr><tr><td>Trust Preferred Capital Securities</td><td>BBB+</td><td>A3</td><td>BBB+</td></tr><tr><td>Outlook</td><td>Stable</td><td>Stable</td><td>Stable</td></tr><tr><td>The Northern Trust Company:</td><td></td><td></td><td></td></tr><tr><td>Short-Term Deposit</td><td>A-1+</td><td>P-1</td><td>F1+</td></tr><tr><td>Long-Term Deposit</td><td>AA-</td><td>Aa2</td><td>AA</td></tr><tr><td>Subordinated Debt</td><td>A+</td><td>A2</td><td>A+</td></tr><tr><td>Outlook</td><td>Stable</td><td>Stable</td><td>Stable</td></tr></table>
<table><tr><td>(millions)</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Balance at January 1</td><td>$7,838.4</td><td>$7,245.8</td><td>$7,071.0</td></tr><tr><td>Less reinsurance recoverables on unpaid losses</td><td>862.1</td><td>785.7</td><td>704.1</td></tr><tr><td>Net balance at January 1</td><td>6,976.3</td><td>6,460.1</td><td>6,366.9</td></tr><tr><td>Incurred related to:</td><td></td><td></td><td></td></tr><tr><td>Current year</td><td>12,427.3</td><td>11,926.0</td><td>10,876.8</td></tr><tr><td>Prior years</td><td>45.1</td><td>22.0</td><td>-242.0</td></tr><tr><td>Total incurred</td><td>12,472.4</td><td>11,948.0</td><td>10,634.8</td></tr><tr><td>Paid related to:</td><td></td><td></td><td></td></tr><tr><td>Current year</td><td>8,095.0</td><td>7,895.3</td><td>7,289.3</td></tr><tr><td>Prior years</td><td>3,919.9</td><td>3,536.5</td><td>3,252.3</td></tr><tr><td>Total paid</td><td>12,014.9</td><td>11,431.8</td><td>10,541.6</td></tr><tr><td>Net balance at December 31</td><td>7,433.8</td><td>6,976.3</td><td>6,460.1</td></tr><tr><td>Plus reinsurance recoverables on unpaid losses</td><td>1,045.9</td><td>862.1</td><td>785.7</td></tr><tr><td>Balance at December 31</td><td>$8,479.7</td><td>$7,838.4</td><td>$7,245.8</td></tr></table>
<table><tr><td></td><td colspan="2">As of December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td></tr><tr><td>Current Assets</td><td>$315,264</td><td>$325,527</td></tr><tr><td>Non Current Assets</td><td>2,246,809</td><td>1,929,182</td></tr><tr><td>Total Assets</td><td>$2,562,073</td><td>$2,254,709</td></tr><tr><td>Current Liabilities</td><td>$585,887</td><td>$513,842</td></tr><tr><td>Non Current Liabilities</td><td>1,231,262</td><td>958,988</td></tr><tr><td>Total Liabilities</td><td>$1,817,149</td><td>$1,472,830</td></tr><tr><td>Equity Attributable to:</td><td></td><td></td></tr><tr><td>Noncontrolling Interest</td><td>$1,683</td><td>$2,795</td></tr></table>

Question: What is the average amount of Current Liabilities of As of December 31, 2015, and Balance at January 1 of 2012 ?
Answer: 296566.4