CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT’S DISCUSSION AND ANALYSIS 75 Non-core assets are primarily liquidating loan and lease portfolios inconsistent with our strategic priorities, generally as a result of geographic location, industry, product type or risk level and are included in Other.
Non-core assets of $2.1 billion as of December 31, 2017 decreased $670 million, or 24%, from December 31, 2016.
Retail non-core loan balances of $1.2 billion decreased $377 million, or 25%, compared to December 31, 2016.
The largest component of our retail non-core portfolio is the home equity SBO portfolio, which totaled $691 million as of December 31, 2017, compared to $969 million as of December 31, 2016.
The SBO portfolio represented 2% of the retail real estate secured portfolio and 1% of the overall retail loan portfolio as of December 31, 2017.
The SBO portfolio is a liquidating portfolio consisting of pools of home equity loans and lines of credit purchased between 2003 and 2007.
Although our SBO portfolio consists of loans that were initially serviced by others, we now service a portion of this portfolio internally.
SBO balances serviced externally totaled $372 million and $505 million as of December 31, 2017 and 2016, respectively.
The credit profile of the SBO portfolio reflected a weighted-average refreshed FICO score of 709 and CLTV of 81% as of December 31, 2017.
The proportion of the portfolio in a second lien position was 97%, with 70% of the portfolio in out-of-footprint geographies.
SBO net recoveries of $5 million in 2017 reflected a $30 million improvement from 2016, driven by continued portfolio seasoning, recoveries from aged charge-offs, and balance liquidation.
Commercial non-core loan and lease balances of $827 million decreased $250 million, or 23%, from $1.1 billion as of December 31, 2016.
The largest component of our commercial non-core portfolio is an aircraft-related loan and lease portfolio tied to legacy-Royal Bank of Scotland Group plc aircraft leasing borrowers, which totaled $752 million as of December 31, 2017 and $917 million as of December 31, 2016.
During second quarter 2017, we recorded a $26 million pre-tax impairment write-down largely related to certain large-cabin aircraft lease assets primarily in the non-core portfolio.
Allowance for Credit Losses and Nonperforming Assets The allowance for credit losses, which consists of an ALLL and a reserve for unfunded lending commitments, is created through charges to the provision for credit losses in order to provide appropriate reserves to absorb future estimated credit losses in accordance with GAAP.
For further information on our processes to determine our allowance for credit losses, see “—Critical Accounting Estimates — Allowance for Credit Losses,” and Note 5 “Allowance for Credit Losses, Nonperforming Assets, and Concentrations of Credit Risk” to our audited Consolidated Financial Statements in Part II, Item 8 — Financial Statements and Supplementary Data, included in this report.
Summary of Loan and Lease Loss Experience The following table presents a summary of the changes to our ALLL:
## Table 0 ##
## Table 1 ##
The most significant source of cash in CFOA is customer-related activities, the largest of which is collecting cash following a product or services sale.
GE operating cash collections increased by $12.7 billion in 2008 and $12.2 billion in 2007.
These increases are consistent with the changes in comparable GE operating segment revenues, comprising Energy Infrastructure, Technology Infrastructure, NBC Universal and Consumer & Industrial.
Analyses of operating segment revenues discussed in the preceding Segment Operations section is the best way of understanding their customer-related CFOA.
The most significant operating use of cash is to pay our suppliers, employees, tax authorities and others for the wide range of materials and services necessary in a diversified global organization.
GE operating cash payments increased by $12.0 billion in 2008 and by $10.2 billion in 2007, comparable to the increases in GE total costs and expenses.
Dividends from GECS represented distribution of a portion of GECS retained earnings, including special dividends from proceeds from certain business sales, and are distinct from cash from continuing operating activities within the financial services businesses, which increased in 2008 by $6.2 billion to $31.2 billion, following an increase of $3.4 billion in 2007.
The amounts we show in GE CFOA are the total dividends, including normal dividends as well as any special dividends from excess capital, primarily resulting from GECS business sales.
Beginning in the third quarter of 2008, we reduced our dividend from GECS from 40% to 10% of GECS earnings.
GE sells customer receivables to GECS in part to fund the growth of our industrial businesses.
These transactions can result in cash generation or cash use in any given period.
The incremental cash generated or used from the sale of customer receivables (net effect) is the amount of cash received for receivables sold in a period less the amount of cash collected on receivables previously sold.
This net effect represents the cash generated or used in the period related to this activity.
The incremental cash generated in GE CFOA from selling these receivables to GECS decreased GE CFOA by $0.1 billion in 2008, and increased GE CFOA by $0.3 billion and $2.0 billion in 2007 and 2006, respectively.
See Note 26 for additional information about the elimination of intercompany transactions between GE and GECS.
GECS Cash Flow GECS cash and equivalents aggregated $37.5 billion at December 31, 2008, compared with $9.4 billion at December 31, 2007.
GECS CFOA totaled $31.2 billion in 2008, compared with $25.0 billion in 2007.
The increase is primarily the result of increased collections of interest from loans and finance leases and rental income from operating leases, resulting primarily from core growth and currency exchange; and increases in cash collateral received from counterparties on derivative contracts.
These increases were partially offset by increases in interest payments resulting from increased borrowings and taxes paid.
GECS principal use of cash has been investing in assets to grow its businesses.
Of the $28.6 billion that GECS invested during 2008, $17.4 billion was used for additions to financing receivables; $13.3 billion was used to invest in new equipment, principally for lease to others; and $25.0 billion was used for acquisitions of new businesses, the largest of which were Merrill Lynch Capital, CitiCapital and Bank BPH in 2008.
This use of cash was partially offset by proceeds from dispositions of property, plant and equipment of $11.0 billion and proceeds from sales of discontinued operations and principal businesses of $10.1 billion.
GECS paid dividends to GE through a distribution of its retained earnings, including special dividends from proceeds of certain business sales.
Dividends paid to GE totaled $2.4 billion in 2008, compared with $7.3 billion in 2007.
There were no special dividends paid to GE in 2008, compared with $2.4 billion in 2007.
During 2008, GECS borrowings with maturities of 90 days or less decreased by $31.3 billion.
New borrowings of $122.5 billion having maturities longer than 90 days were added during 2008, while $67.1 billion of such long-term borrowings were retired.
Intercompany Eliminations Effects of transactions between related companies are eliminated and consist primarily of GECS dividends to GE; GE customer receivables sold to GECS; GECS services for trade receivables management and material procurement; buildings and equipment (including automobiles) leased by GE from GECS; information technology (IT) and other services sold to GECS by GE; aircraft engines manufactured by GE that are installed on aircraft purchased by GECS from third-party producers for lease to others; medical equipment manufactured by GE that is leased by GECS to others; and various investments, loans and allocations of GE corporate overhead costs.
See Note 26 for further information related to intercompany eliminations.
The lack of a current-year counterpart to last year’s $2.4 billion GECS special dividend and a $2.5 billion decrease in GECS ordinary dividend are the primary reasons for the decrease in the amount of intercompany eliminations referred to above.
will continue to seek recovery from our customers through our fuel surcharge programs and expand our fuel conservation efforts.  ?
Capital Plan – In 2009, we expect our total capital investments to be approximately $2.8 billion (which may be revised if business conditions or new laws or regulations affect our ability to generate sufficient returns on these investments).
See further discussion in this Item 7 under Liquidity and Capital Resources – Capital Plan.  ?
Financial Expectations – We are cautious about the economic environment; however, we anticipate continued pricing opportunities, network improvement, and increased productivity in 2009.
RESULTS OF OPERATIONS Operating Revenues
## Table 2 ##
Freight revenues are revenues generated by transporting freight or other materials from our six commodity groups.
Freight revenues vary with volume (carloads) and average revenue per car (ARC).
ARC is driven by changes in price, traffic mix and fuel surcharges.
As a result of contractual obligations with some of our customers, we have provided incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations, which we record as a reduction to freight revenues based on the actual or projected future shipments.
We recognize freight revenues on a percentage-ofcompletion basis as freight moves from origin to destination.
We allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them.
Other revenues include revenues earned by our subsidiaries, revenues from our commuter rail operations, and accessorial revenues, which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage.
We recognize other revenues as we perform services or meet contractual obligations.
Freight revenues from five of the six commodity groups increased during 2008, with particularly strong growth from agricultural and energy shipments.
While revenues generated from chemical and industrial products shipments grew in 2008 compared to 2007, Hurricanes Gustav and Ike reduced shipments of these commodities.
Revenues generated from automotive shipments declined versus 2007.
Greater fuel cost recoveries and core pricing improvement combined to increase ARC during 2008.
Fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic, as described below in more detail.
The severe economic downturn during the fourth quarter compounded already declining volumes experienced during the first nine months of 2008 due to ongoing weakness in certain market sectors.
As a result, we moved fewer intermodal, automotive, industrial products, and chemical shipments, which more than offset volume growth from agricultural and energy shipments.
Our fuel surcharge programs (excluding index-based contract escalators that contain some provision for fuel) generated $2.3 billion in freight revenues during 2008.
Fuel surcharge revenue is not comparable to prior periods due to the implementation of new mileage-based fuel surcharge programs beginning in April 2007 for regulated traffic.
As previously disclosed in our 2006 Annual Report on Form 10-K, the STB

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="5">As of and for the Year Ended December 31,</td></tr><tr><td>(dollars in millions)</td><td>2017</td><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Allowance for Loan and Lease Losses—Beginning:</td><td colspan="5"></td></tr><tr><td>Commercial</td><td>$516</td><td>$376</td><td>$388</td><td>$361</td><td>$379</td></tr><tr><td>Commercial real estate</td><td>99</td><td>111</td><td>61</td><td>78</td><td>111</td></tr><tr><td>Leases</td><td>48</td><td>23</td><td>23</td><td>24</td><td>19</td></tr><tr><td>Qualitative<sup>-1</sup></td><td>—</td><td>86</td><td>72</td><td>35</td><td>—</td></tr><tr><td>Total commercial loans and leases</td><td>663</td><td>596</td><td>544</td><td>498</td><td>509</td></tr><tr><td>Residential mortgages</td><td>55</td><td>46</td><td>63</td><td>104</td><td>74</td></tr><tr><td>Home equity loans</td><td>24</td><td>39</td><td>50</td><td>85</td><td>82</td></tr><tr><td>Home equity lines of credit</td><td>139</td><td>132</td><td>152</td><td>159</td><td>107</td></tr><tr><td>Home equity loans serviced by others</td><td>15</td><td>29</td><td>47</td><td>85</td><td>146</td></tr><tr><td>Home equity lines of credit serviced by others</td><td>4</td><td>3</td><td>11</td><td>18</td><td>32</td></tr><tr><td>Automobile</td><td>127</td><td>106</td><td>58</td><td>23</td><td>30</td></tr><tr><td>Education</td><td>102</td><td>96</td><td>93</td><td>83</td><td>75</td></tr><tr><td>Credit cards</td><td>74</td><td>60</td><td>68</td><td>72</td><td>65</td></tr><tr><td>Other retail</td><td>33</td><td>28</td><td>32</td><td>34</td><td>46</td></tr><tr><td>Qualitative<sup>-1</sup></td><td>—</td><td>81</td><td>77</td><td>60</td><td>—</td></tr><tr><td>Total retail loans</td><td>573</td><td>620</td><td>651</td><td>723</td><td>657</td></tr><tr><td>Unallocated<sup>-1</sup>(Eliminated in 2013)</td><td>—</td><td>—</td><td>—</td><td>—</td><td>89</td></tr><tr><td>Total allowance for loan and lease losses—beginning</td><td>$1,236</td><td>$1,216</td><td>$1,195</td><td>$1,221</td><td>$1,255</td></tr></table>
<table><tr><td>December 31 (In billions)</td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Operating cash collections</td><td>$115.5</td><td>$102.8</td><td>$90.6</td></tr><tr><td>Operating cash payments</td><td>-98.8</td><td>-86.8</td><td>-76.6</td></tr><tr><td>Cash dividends from GECS</td><td>2.4</td><td>7.3</td><td>9.8</td></tr><tr><td>GE cash from operating activities (GE CFOA)</td><td>$19.1</td><td>$23.3</td><td>$23.8</td></tr></table>
<table><tr><td><i>Millions of Dollars</i></td><td><i>2008</i></td><td><i>2007</i></td><td><i>2006</i></td><td><i>% Change 2008 v 2007</i></td><td><i>% Change 2007 v 2006</i></td></tr><tr><td>Freight revenues</td><td>$17,118</td><td>$15,486</td><td>$14,791</td><td>11%</td><td>5%</td></tr><tr><td>Other revenues</td><td>852</td><td>797</td><td>787</td><td>7</td><td>1</td></tr><tr><td>Total</td><td>$17,970</td><td>$16,283</td><td>$15,578</td><td>10%</td><td>5%</td></tr></table>

Question: What is the growing rate of Other retail in the year with the most Total retail loans? (in million)
Answer: -0.26087
Reasoning program: subtract(34,46), divide(#0,46)