CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 152 The table below summarizes TDRs that defaulted within 12 months of their modification date during 2016, 2015 and 2014.
For purposes of this table, a payment default refers to a loan that becomes 90 days or more past due under the modified terms.
Amounts represent the loan’s recorded investment at the time of payment default.
Loan data includes loans meeting the criteria that were paid off in full, charged off, or sold prior to December 31, 2016 and 2015.
If a TDR of any loan type becomes 90 days past due after being modified, the loan is written down to the fair value of collateral less cost to sell.
The amount written off is charged to the ALLL.
## Table 0 ##
Concentrations of Credit Risk Most of the Company’s lending activity is with customers located in the New England, Mid-Atlantic and Midwest regions.
Generally, loans are collateralized by assets including real estate, inventory, accounts receivable, other personal property and investment securities.
As of December 31, 2016 and 2015, the Company had a significant amount of loans collateralized by residential and commercial real estate.
There were no significant concentration risks within the commercial loan or retail loan portfolios.
Exposure to credit losses arising from lending transactions may fluctuate with fair values of collateral supporting loans, which may not perform according to contractual agreements.
The Company’s policy is to collateralize loans to the extent necessary; however, unsecured loans are also granted on the basis of the financial strength of the applicant and the facts surrounding the transaction.
Certain loan products, including residential mortgages, home equity loans and lines of credit, and credit cards, have contractual features that may increase credit exposure to the Company in the event of an increase in interest rates or a decline in housing values.
These products include loans that exceed 90% of the value of the underlying collateral (high LTV loans), interestonly and negative amortization residential mortgages, and loans with low introductory rates.
Certain loans have more than one of these characteristics.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – (continued) (Amounts in Millions, Except Per Share Amounts) Operating income increased during 2017 when compared to 2016, comprised of a decrease in revenue of $42.1, as discussed above, a decrease in salaries and related expenses of $28.0 and a decrease in office and general expenses of $16.9.
The decrease in salaries and related expenses was primarily due to lower discretionary bonuses and incentive expense as well as a decrease in base salaries, benefits and tax.
The decrease in office and general expenses was primarily due to decreases in adjustments to contingent acquisition obligations, as compared to the prior year.
Operating income increased during 2016 when compared to 2015 due to an increase in revenue of $58.8, as discussed above, and a decrease in office and general expenses of $3.7, partially offset by an increase in salaries and related expenses of $38.8.
The increase in salaries and related expenses was attributable to an increase in base salaries, benefits and tax primarily due to increases in our workforce to support business growth over the last twelve months.
The decrease in office and general expenses was primarily due to lower production expenses related to pass-through costs, which are also reflected in revenue, for certain projects in which we acted as principal that decreased in size or did not recur during the current year.
CORPORATE AND OTHER Certain corporate and other charges are reported as a separate line item within total segment operating income and include corporate office expenses, as well as shared service center and certain other centrally managed expenses that are not fully allocated to operating divisions.
Salaries and related expenses include salaries, long-term incentives, annual bonuses and other miscellaneous benefits for corporate office employees.
Office and general expenses primarily include professional fees related to internal control compliance, financial statement audits and legal, information technology and other consulting services that are engaged and managed through the corporate office.
Office and general expenses also include rental expense and depreciation of leasehold improvements for properties occupied by corporate office employees.
A portion of centrally managed expenses are allocated to operating divisions based on a formula that uses the planned revenues of each of the operating units.
Amounts allocated also include specific charges for information technology-related projects, which are allocated based on utilization.
Corporate and other expenses decreased during 2017 by $20.6 to $126.6 compared to 2016, primarily due to lower annual incentive expense.
Corporate and other expenses increased during 2016 by $5.4 to $147.2 compared to 2015.
LIQUIDITY AND CAPITAL RESOURCES CASH FLOW OVERVIEW The following tables summarize key financial data relating to our liquidity, capital resources and uses of capital.
## Table 1 ##
1 Reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets, amortization of restricted stock and other non-cash compensation, net losses on sales of businesses and deferred income taxes.2 Reflects changes in accounts receivable, expenditures billable to clients, other current assets, accounts payable and accrued liabilities.
Operating Activities Due to the seasonality of our business, we typically use cash from working capital in the first nine months of a year, with the largest impact in the first quarter, and generate cash from working capital in the fourth quarter, driven by the seasonally strong media spending by our clients.
Quarterly and annual working capital results are impacted by the fluctuating annual media spending budgets of our clients as well as their changing media spending patterns throughout each year across various countries.
outstanding at December 31, 2013 indicated that, if the U. S.  Dollar uniformly changed in value by 10 percent relative to the various currencies, with no change in the interest differentials, the fair value of those contracts would increase or decrease earnings before income taxes in periods through June 2016, depending on the direction of the change, by the following average approximate amounts (in millions):
## Table 2 ##
Any change in the fair value of foreign currency exchange forward contracts as a result of a fluctuation in a currency exchange rate is expected to be largely offset by a change in the value of the hedged transaction.
Consequently, foreign currency exchange contracts would not subject us to material risk due to exchange rate movements because gains and losses on these contracts offset gains and losses on the assets, liabilities and transactions being hedged.
We have net assets in legal entities with non-U.
S.  Dollar functional currencies of $2,295.6 million at December 31, 2013, primarily in Euros, Japanese Yen and Australian Dollars.
$1,354.3 million of the net asset exposure at December 31, 2013 relates to goodwill recorded in the Europe and Asia Pacific geographic segments.
We enter into foreign currency forward exchange contracts with terms of one month to manage currency exposures for monetary assets and liabilities denominated in a currency other than an entity’s functional currency.
As a result, foreign currency remeasurement gains/losses recognized in earnings are generally offset with gains/losses on the foreign currency forward exchange contracts in the same reporting period.
COMMODITY PRICE RISK We purchase raw material commodities such as cobalt chrome, titanium, tantalum, polymer and sterile packaging.
We enter into supply contracts generally with terms of 12 to 24 months, where available, on these commodities to alleviate the effect of market fluctuation in prices.
As part of our risk management program, we perform sensitivity analyses related to potential commodity price changes.
A 10 percent price change across all these commodities would not have a material effect on our consolidated financial position, results of operations or cash flows.
INTEREST RATE RISK In the normal course of business, we are exposed to market risk from changes in interest rates that could affect our results of operations and financial condition.
We manage our exposure to interest rate risks through our regular operations and financing activities.
We invest our cash and cash equivalents primarily in highly-rated corporate commercial paper and bank deposits.
We also have short-term and long-term investments in highlyrated corporate debt securities, U. S.  government and agency debt securities, U. S.  government treasury funds, municipal bonds, foreign government debt securities, commercial paper and certificates of deposit.
The primary investment objective is to ensure capital preservation of our invested principal funds.
Currently, we do not use derivative financial instruments in our investment portfolio.
We are exposed to interest rate risk on our debt obligations and our cash and cash equivalents.
We have multiple fixed-to-variable interest rate swap agreements that we have designated as fair value hedges of the fixed interest rate obligations on our Senior Notes due 2019 and 2021.
The total notional amounts are $250 million and $300 million for the Senior Notes due 2019 and 2021, respectively.
On the interest rate swap agreements for the Senior Notes due 2019, we receive a fixed interest rate of 4.625 percent and pay variable interest equal to the three-month LIBOR plus an average of 133 basis points.
On the interest rate swap agreements for the Senior Notes due 2021, we receive a fixed interest rate of 3.375 percent and pay variable interest equal to the three-month LIBOR plus an average of 99 basis points.
The interest rate swap agreements are intended to manage our exposure to interest rate movements by converting fixed-rate debt into variable-rate debt.
The objective of the instruments is to more closely align interest expense with interest income received on cash and cash equivalents.
These derivative instruments are designated as fair value hedges under GAAP.
Changes in the fair value of the derivative instrument are recorded in earnings and are offset by gains or losses on the underlying debt instrument.
Based upon our overall interest rate exposure as of December 31, 2013, a change of 10 percent in interest rates, assuming the principal amount outstanding remains constant, would not have a material effect on net interest expense.
This analysis does not consider the effect of the change in the level of overall economic activity that could exist in such an environment.
CREDIT RISK Financial instruments, which potentially subject us to concentrations of credit risk, are primarily cash and cash

<table><tr><td></td><td colspan="6">Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2016</td><td colspan="2">2015</td><td colspan="2">2014</td></tr><tr><td>(dollars in millions)</td><td>Number of Contracts</td><td>Balance Defaulted</td><td>Number of Contracts</td><td>Balance Defaulted</td><td>Number of Contracts</td><td>Balance Defaulted</td></tr><tr><td>Commercial</td><td>22</td><td>$13</td><td>23</td><td>$2</td><td>37</td><td>$12</td></tr><tr><td>Commercial real estate</td><td>1</td><td>—</td><td>—</td><td>—</td><td>3</td><td>1</td></tr><tr><td>Total commercial</td><td>23</td><td>13</td><td>23</td><td>2</td><td>40</td><td>13</td></tr><tr><td>Residential mortgages</td><td>187</td><td>24</td><td>168</td><td>21</td><td>301</td><td>35</td></tr><tr><td>Home equity loans</td><td>50</td><td>3</td><td>184</td><td>13</td><td>329</td><td>24</td></tr><tr><td>Home equity lines of credit</td><td>155</td><td>13</td><td>131</td><td>7</td><td>229</td><td>12</td></tr><tr><td>Home equity loans serviced by others</td><td>37</td><td>1</td><td>43</td><td>1</td><td>60</td><td>2</td></tr><tr><td>Home equity lines of credit serviced by others</td><td>17</td><td>—</td><td>22</td><td>1</td><td>20</td><td>—</td></tr><tr><td>Automobile</td><td>110</td><td>2</td><td>87</td><td>1</td><td>112</td><td>1</td></tr><tr><td>Student</td><td>59</td><td>1</td><td>171</td><td>3</td><td>355</td><td>7</td></tr><tr><td>Credit cards</td><td>433</td><td>3</td><td>455</td><td>3</td><td>579</td><td>3</td></tr><tr><td>Other retail</td><td>3</td><td>—</td><td>4</td><td>—</td><td>12</td><td>—</td></tr><tr><td>Total retail</td><td>1,051</td><td>47</td><td>1,265</td><td>50</td><td>1,997</td><td>84</td></tr><tr><td>Total</td><td>1,074</td><td>$60</td><td>1,288</td><td>$52</td><td>2,037</td><td>$97</td></tr></table>
<table><tr><td></td><td>Years ended December 31,</td></tr><tr><td>Cash Flow Data</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Net income, adjusted to reconcile to net cash provided by operating activities<sup>1</sup></td><td>$887.3</td><td>$1,023.2</td><td>$848.8</td></tr><tr><td>Net cash used in working capital<sup>2</sup></td><td>-29.9</td><td>-414.9</td><td>-99.9</td></tr><tr><td>Changes in other non-current assets and liabilities</td><td>24.4</td><td>-95.5</td><td>-60.4</td></tr><tr><td>Net cash provided by operating activities</td><td>$881.8</td><td>$512.8</td><td>$688.5</td></tr><tr><td>Net cash used in investing activities</td><td>-196.2</td><td>-263.9</td><td>-199.7</td></tr><tr><td>Net cash used in financing activities</td><td>-1,004.9</td><td>-666.4</td><td>-490.9</td></tr></table>
<table><tr><td>Currency</td><td>AverageAmount</td></tr><tr><td>Euro</td><td>$69.1</td></tr><tr><td>Swiss Franc</td><td>35.9</td></tr><tr><td>Japanese Yen</td><td>33.6</td></tr><tr><td>British Pound</td><td>14.6</td></tr><tr><td>Canadian Dollar</td><td>12.1</td></tr><tr><td>Australian Dollar</td><td>13.5</td></tr><tr><td>Korean Won</td><td>4.1</td></tr><tr><td>Swedish Krona</td><td>3.2</td></tr><tr><td>Czech Koruna</td><td>0.5</td></tr><tr><td>Thai Baht</td><td>1.2</td></tr><tr><td>Taiwan Dollars</td><td>2.4</td></tr><tr><td>South African Rand</td><td>0.8</td></tr><tr><td>Russian Rubles</td><td>2.2</td></tr><tr><td>Indian Rupees</td><td>0.9</td></tr></table>

Question: What will commercial be like in 2017 if it develops with the same increasing rate as current? (in million)
Answer: 45